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31
A.RY
roam
f>0^0
JUN 1 4 1972
treasury department
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Friday, December 12, 1941
„
Press Service
No. 29-0
Suspension of visiting hours by the Bureau of the Mint
and the Bureau of Engraving and Printing for the duration
of the war was announced today by the Treasury.
The main
Treasury building in Washington is also closed to visitors.
Under the order the following institutions are included:
Bureau of Engraving and Printing, Washington.
United States Gold Depository, Fort Knox,
Kentucky.
United States Silver Depository, West Point,
New York.
United States Mints at Philadelphia, Pennsylvania;
San Francisco, California; and Denver, Colorado.
United States Assay Offices at New York, New York,
and Seattle, Washington.
Guards- formerly used to escort visitors through the
buildings will be retained to augment present forces.
United States soldiers and marines and local police
departments are co-operating with Treasury patrols in guarding
the various buildings.
1
TREASURY DEPARTMENT
Washington
Press Service
FCffi-IMMEDIATE RELEASE,
Saturday, December 13, 1941
The President today issued a general license under
sections (a) of the Trading with the enemy Act permitting
any transaction wh i c h the Secretary of the Treasury licenses
under the freezing control orders.
»
With the outbreak of the present war, section 3(a) of
the Trading with the enemy Act became effective.
This section
prohibits any person from trading with enemy unless authorized
by the President.
As a consequence banking and business insti
tutions throughout the country refused to put through trans
actions because they might involve German, Italian or Japanese
interests.
The Treasury Department already controls transactions
involving German, Italian or Japanese interests under the
freezing orders.
Today*s action by the President integrates
the licensing procedure under section 3(a) of the Trading
with the enemy Act with that of the Treasury Department under
freezing control. The new general License provides that
transactions which the Secretary .nf the Treasury licenses
under the freezing control orders may be effected without
regard for the provisions of section 3(a) of the Trading
with the enemy Act.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Saturday, December 13, 1941
Press Service
The President today issued a general license under section
3(a) of the Trading with the enemy Act permitting any transac
tion which the Secretary of the Treasury licenses under the
freezing control orders.
With the outbreak of the present war, section 3(a) of the
Trading^with the enemy Act became effective. This section
prohibius any person from trading with enemy unless authorized
jr the President. As a consequence banking and business
institutions throughout the country refused to put through
transactions because they might involve German, Italian or
Japanese interests.
4
td
The Treasury Department a1ready controls transactions
involving German, Italian or J apanese interests under the
freezing orders. Today's acti on by the President integrates
the licensing procedure under section 3(a) of the Trading with
the enemy Act with that of the Treasury Department under freezing control. The new general license provides that transac
tions which the Secretary of the Treasury lie enses under the
freezing control orders may be effected without regard for the
provisions of section 3(a) of the Trading with the "enemy Act.
se
-oOo-
»
W
GENERAL LICENSE UNDER SECTION 3(a)
«9
of th©
TRADING WITH THE ENEMY ACT
*
By virtue of and pursuant to the authority vested
in.me by sections 3 and 5 of thé Trading with the enemy
Act, as amended, and by virtue of ail other authority
vested in me, I, FRANFLIN I). ROOSEVELT, PRESIDENT of
the UNITED STATES OF AMERICA, do prescribe the following :
A general license is hereby granted
I
licensing any transaction or act prohibited by
section 3(a) of the Trading with the enemy Act,
as amended, provided, however, that such trans
action or act is authorized by the Secretary of
the Treasury by means of regulations, rulings,
instructions, licenses or otherwise, pursuant
to Executive Order No, 8389, as amended,
FRANFLIN D. ROOSEVELT
THE 'WHITE HOUSE
December 13, 1941,
Ii. Mo r genthau, Jr,
Secretary of the Treasury
0
Francis Biddle
Attorney General of the United States
I
From;
LIEUT. STEPHENS
For Immediate Release
Secretary Morgenthau announced today that
Randolph Paul, New York attorney and Sterling lecturer on
taxation at Yale University School of Law, has been consulting
with him and other Treasury officials as a tax adviser*
He said that Mr. Paul will be appointed Tax Adviser to the
Secretary with the technical status of Assistant to the
Secretary to devote his full time to such work as soon as
his personal affairs can be arranged/wuxl lUJiiUi.
Mr. Paul, a member of the firm of Lord, Day and
Lord, is a graduate of Amherst College and the New York
Law School*
He was admitted to the bar in New York in
1914 and in New Jersey t h e / o l l o w i n g year.
^Mr.
W *-
^
Paul is tne author of three series of
"Studies in Federal Taxation," published in 1937, 1938 and
1940 of "Federal Estate and Gift Taxation," soon to be
3
published by Little, Brown and Company, and is coauthor
of "Law of Federal Income Taxation," published in 1934.
-OoO-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, December 12, 19^-1.
Press Service
No. 29-1
Secretary Morgenthau announced today that Randolph Paul,
New York attorney and Sterling lecturer on taxation at Yale
University School of Law, has been consulting with him and other
Treasury officials as a tax adviser.
He said that Mr, Paul will
be appointed Tax Adviser to the Secretary with the technical
status of Assistant to the Secretary to devote his full time to
such work as soon as his personal, affairs can be arranged.
Mr. Paul, a member of the firm of Lord, Day and Lord,
a graduate of Amherst College and the New York Law School.
is
He
was admitted to the bar in New York in 1914 and in New Jersey
the following year.
He is a Class C director of the Federal
Reserve Bank of New York.
Mr. Paul is the author of three series of “Studies in
Federal Taxation, “ published in 1937,
I 93 B and 194-0, of “Federal
Estate and G-ift Taxation, " soon to be published by Little, Brown
and Company,
and is coauthor of “Law of Federal Income Taxation,“
published in 1 9 3 ^*
- 0O 0-
)
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Fxiday, December
19^1.
Press Service
Ho. ^ 9
1%
The Treasury received on December 11,
19I+I, from
the
Government of Hungary, $19,656.32 in cash as a payment on account
of the funded indebtedness of the Hungarian Government to the
United States*
Since December
15*
1937» the Hungarian Government has
been making semiannual payments of $9*828.16 on account of its
relief indebtedness to the United States*
made, however, as of June
15,
No payment ha,d been
19^1» and. the present payment of
$19,656.32 represents the amount payable under this practice for
June 15,
19^1
and December 15, 19^1*
FOR IMMEDIATE RELEASE,
Saturdayy December 13-, 1941
Press Service
No. 29 - 2
The Treasury received on December 11, 1941,
from the Government of Hungary, $19,656.32 in cash
as a payment on account of the funded indebtedness
of the Hungarian Government to the United States.
Since December 15, 1937, the Hungarian Govern
ment has been making semi-annual payments of
$9,828.16 on account of its relief indebtedness to
the United States.
No payment had been made, however,
as of June 15., 1941, and the ore sent oavment of
$19,656.32 represents the amount payable under this
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, December 15 , 19^-1.
Press Service
No. 29-3
The Treasury Department today further relaxed to some extent
and under appropriate safeguards the tight restrictions which had
been placed uoon Japanese residing in this country. It will he
remembered that on the outbreak of war the Treasury, as a pre
cautionary measure, placed a complete stoppage on all Japanese
financial and commercial transactions and took custody of many
Japanese enterprises.
On December 1 1 , the Treasury Issued regulations governing
living expenses and wages for Japanese nationals in the United
States and regulations governing Japanese nationals engaged in
the production, marketing, and distributing of food and agricul
tural products.
The general license issued today by the Treasury unblocks
the accounts of Japanese nationals who have resided continuously
within the continental United States since June 17 , 19^0 and per
mits business enterprises within the continental United States
owned and controlled by such Japanese nationals to continue to
operate, except in those cases in which Treasury representatives
are maintained on the premises or an official Treasury notice is
posted indicating that such premises are under Government control.
It is anticipated that Treasury representatives and posted notices
will be removed from the premises of many Japanese enterprises in
which they are now maintained, thus allowing such enterprises to
resume normal operations under such general license. It is further
anticipated that special business operating licenses will be
issued to many Japanese enterprises in which Treasury representa
tives are continued to be maintained allowing such enterprises to
operate under Government surveillance.
Representatives in this country of concerné located abroad
or owned and controlled by persons located abroad are excluded
from the privileges of the general license.
The Japanese nationals who are given the benefits of today’s
license are subjected to certain reporting requirements and other
restrictions which will constitute safeguards against the abuse
of such benefits.
0O 0-
f
TREASURY DEPARTMENT
Office of the Secretary
December 15, 199-1.
9
GENERAL LICENSE NO. 68A
UNDER EXECUTIVE ORDER NO. 8389, APRIL 10,
19^0, AS AMENDED, AND REGULATIONS ISSUED
PURSUANT THERETO, RELATING- TO TRANSACTIONS
IN FOREIGN EXCHANGE, ETC.*________
I
(1)
A general license is hereby granted:
(a)
Licensing as a generally licensed national any
individual who is a national of Japan and who
has been residing only in the continental United
States at all times on and since June 17* 199-0,
and
(b)
Licensing as a generally licensed national any
partnership, association, corporation or other
organization within the continental United States
which is a national of Japan solely by reason of
the interest therein of a person or persons
licensed as generally licensed nationals pursuant
to this general license,
I
I
(2)
This general license shall not be deemed to license as a
generally licensed national:
(a)
Any individual, partnership, association, corporation
or other organization on the premises of which
the Treasury Department maintains a representative
or guard r^r on the premises of which there is posted
an official Treasury Department notice that the
premises are under the control of the United States
Government, or
(b)
Any bank, trust company, shipping, concern, steam
ship agency, or insurance company, or
»
5
)
* Part 131; - Sec. 5(b), 9o Stat, 1+15 and 966; Sec, 2 , 48 Stat. 1;
Stat, 179» Six, Order 8389, April 10, 199-0, as amended by Ex, Order
$785# J'&fr© 1^-» 19^1, Six» Order 8832» July 26, 199-1, and Ex Order
8963, December 9 , I9U1 ; Regulations, April 10, 199-0, as amended
June 19-, 199-1, and July 26, 199-1.
~ 2 -
(c)
Any person who, on or since the effective date of
the Order, has represented or acted as agent for
any person located outside the continental United
States or for any person owned or controlled hy
persons located outside the continental United
States, or
(d)
Any person who on or since the effective date of
the Order has acted or purported to act directly
or indirectly for the benefit or on behalf of any
blocked country, including the government thereof,
or any person who is a national of Japan by reason
of any fact other than that such person has been
domiciled in, or a subject or citizen of, Japan
at any time on or since the effective da.te of the
Order.
(3) A report on the appropriate series of Form TFR-300 shall
be filed with the appropriate Federal Reserve Bank within 30 days
after the date hereof with respect to the property interests of every
person licensed herein as a generally licensed national if the total
value of the property interests to be reported is $1,000 or more.
(4)
Every business enterprise licensed herein a,s a generally
licensed national shall a.lso file with the appropriate Federal Reserve
Bank within 30 days after the date hereof an affidavit setting forth
the information required by Form TFBE-l, if the total value of all
property interests of such business enterprise is in excess of $5»000,
(5)
Banking institutions within the United States effecting
payments, transfers or withdrawals in excess of $1,000 during anv
month for the account of any person licensed as a generally licensed
national hereunder, shall file promptly with the appropriate Federal
Reserve Bank a report showing the details of such transactions.
- 3 -
(6)
This general license shall not authorize any transaction
which, directly or indirectly, substantially diminishes or imperils
the assets within the continental United States of any national
of Japan or otherwise prejudicially affects the financial position
of such national within the continental United States.
(7)
As used in this general license, the term ^"business
enterprise” shall mean any individual proprietorship, partnership,
association, corporation or other organization engaged in commercial
or other "business activities within the continental United States.
S. H, Foley, Jr.
Acting Secretary of the Treasury.
"
' ^
'
‘
"
■*
"■'
,^ v v
J
♦
See Memo to Mr. Wilson
S o . 90
December 1$,
19UL.
FOR IMMEDIATE RELEASE
WASHINGTON, B. C.
The Treasury Department today (December 15) announced
plans for an organisation of RADIO MINUTE MEN In connection with the Defense Bond
and Stamp campaign.
The promotion, set up on a nation-wide basis, will consist of
one-minute talks by RADIO iflHtfTE MEM on all Treasury Department radio programs
each week, on nationally sponsored network programs and on all local radio sta
tions throughout the country.
The Treasury Department is asking a group of outstanding nationally known
Americans to act as Minute Mm on network broadcasts.
Representing the Treasury,
they will speak one minute on various programs, urging the purchase of Defense Bonds
and Stamps.
Radio Minute Men will also be selected in each city in the country to make
one minute speeches over local radio stations.
They will include prominent citi
zens, and representatives from all walks of life.
Organisation of the local RADIO
MINUTE MEM will be handled by state Defense Savings Committees throughout the country«
Q0 O0 G
V
if*
December 15, X9hX
Mr. Arthur E. Wilson
Chief, Division of Savings Bonds
Treasury Department
There is attached hereto Release Ho. 96, of which it
is requested that 100 copies be mimeographed and delivered to
Mr, McCarty, 608 Sloane Building.
The mailing order on this release is as follows t
Press Mailing U s t Mo. 1
ffroae
Muring-Met Mo« a
P a llji newspapers
Bugene W. Sloan
Executive Director
Defense Savings Staff
SPECIAL—RUSH
Date
Defense Savings Staff
Newspaper release
Attached .release__
1
$
Time-------------------- Date
H a r o l d N. G r a v e s
For release to: See memo to Mr» Wilson
December
19l|l.
FOR IMMEDIATE RELEASE
-IJAullfflltlTON U; 5*.
y <
The Treasury Department today (jlieoomtogi» Tft) announced
plans for an organization of RADIO MINUTE MEN in connection with the Defense Bond
and Stamp campaign.
The promotion, set up on a nation-wide basis, will consist of
one-minute talks by RADIO MINUTE MEN on all Treasury Department radio programs
*
each week, on nationally sponsored network programs and on all local radio sta
tions throughout the country.
The Treasury Department is asking a group of ptetsstasjae&ng nationally known
Americans to act as Minute Men on network broadcasts.
Representing the Treasury,
they will speak one minute on various programs, urging the purchase of Defense Bonds
j
and Stamps.
Radio_Mnute Jien will also be selected in each city in the country to make
one minute speeches over local radio stations.
They will include prominent citi
zens, and representatives from all walks of life.
Organization of the local RADIO
MINUTE MEN will be handled by State Defense Savings Committees throughout the country. I
OoOoO
T R E A S U R Y
D E P A R T M E N T
WASHINGTON
STAFF
December 15, I9Ì4I
Mr. Arthur E. Wilson
Chief, Division of Savings Bonds
Treasury Department
There is attached hereto Release No. % > of which it
is requested that 100 copies be mimeographed and delivered to
Mr* McCarty, 608 Sloane Building.
The mailing order on this release is as follows:
Press Mailing List No.
•Press ''
Mailing--Lis^
t 1NovDaily Nowopapcrs
rgene^w. Sloan
itive Director
Savings Staff
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, December l6 , 19^1.
Press Service
No. 29-^
The Treasury Department today announced plans for an
organization of RADIO MINUTE MEN in connection with the Defense
Bond and Stamp campaign.
The promotion, set up on a nation-wide
basis, will consist of one-minute talks by RADIO MINUTE MEN on
all Treasury Department radio programs each week, on nationally
(
sponsored network programs and on all local radio stations
throughout the country.
The Treasury Department is asking a group of nationally
known Americans to act as Minute Men on network broadcasts.
Representing the Treasury, they will speak one minute on various
programs, urging the purchase of Defense Bonds and Stamps.
RADIO MINUTE MEN will also be selected in each city in the
country to make one minute speeches over local radio stations.
They will include prominent citizens, and representatives from
all walks of life*
Organization of the local RADIO MINUTE MEN
will be handled by State Defense Savings Committees throughout
the country.
- 0O 0—
TREASURY DEPARTMENT
Washington
POE RELEASE, U O M i m NEWSPAPERS,
Tuesday. December 16« 19AX.
w
Press Servies
v / i i
The Secretary of the Treasury announced Last evening that the tenders for
1X50,000,000, or thereabouts, of 91-day Treasury bills, to be dated December 17
1941, and to nature March 18, 1942, which were offered on Deeestoer 12, were
opened at the Federal Reserve Banks on December 15*
The details of this issue are as follows:
Total applied for - $382,650,000
Total accepted
— 150,040,000
Bangs of accepted bids:
High
Low
Average price
(Excepting two tenders totaling $80,000)
- 99.950 Equivalent rate appraxlftately 0.198 percent
- 99.9X9
* *
9
0.320
*
- 99.925
*
*
*
0.295
"
(50 percent of the aaount bid for at the low price was accepted)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, December l 6 , 19*HL.
12/15 A l
--------
Press Service
No 2Q-R
5
The Secretary of the Treasury announced last evening that the
tenders for $150,000,000, or thereabouts, of 91-day Treasury bills,
to be dated December 17 , 19*1-1, and to mature March IS, 19^2, which
were offered on December 12 , were opened at the Federal Reserve
Banks on December 15 *
The details of this issue are as follows:
Total applied for - $ 3S2,650,000
Total accepted
- 150,040,000
Range of accepted bids: (Excepting two tenders totaling
$S0,000)
High - 99.950 Equivalent rate approximately 0.19 g percent
Low
- 99.919
"
"
“
0.320
»
Average
Price - 99.925
“
»
"
O .295
"
(50 percent of the amount bid for at the low price was accepted)
0O 0—
TREASURY DEPARTMENT
Washington
(The f o l l o w i n g a d d r e s s by S E C R E T A R Y M O R G E N T H A U
b e f o r e the first n a t i o n a l m e e t i n g of the D e f e n s e
S a v i n g s O r g a n i z a t i o n is s c h e d u l e d to be d e l i v e r
ed in C h i c a g o , Illinois, at 2 : 0 0 p.m., C e n t r a l
S t a n d a r d Time, W e d n e s d a y , D e c e m b e r 17, 1941, a n d
is for r e l e a s e u p o n d e l i v e r y at that t i m e . )
This n a t i o n of our s has h a d a shock, but it is
w i s e r a n d s t r o n g e r for h a v i n g h a d it.
E v e r y one
of us must be c o n s c i o u s t o day of a c l e a r e r v i s i o n
and a d e e p e r u n d e r s t a n d i n g t h a n w e ha d two w e e k s
ago.
The b o m b s on Pearl H a r b o r h a v e d e s t r o y e d m u c h
more than w h a t the c e n s o r s w o u l d call " m i l i t a r y
objectives".
They have r i p p e d ou r c o m p l a c e n c y to
shreds.
T h e y have b l a s t e d the old c o m f o r t a b l e b e l i e f
that the w i d e o c e a n s c o u l d save us f r o m harm.
They
have b l o w n a w a y the n o t i o n that b r u t a l i t y a n d d e c e i t
a n d m u r d e r in a n o t h e r p a r t of the w o r l d c o u l d n e v e r
t o u c h us in ours.
We n o w know, or ou g h t to know, that this w h o l e
w o r l d s t r u g g l e is our war, just as m u c h as it wa s
to the p e o p l e of C h u n g k i n g or W a r s a w in 1939, or to
the p e o p l e of R o t t e r d a m or L o n d o n in 1940, or to the
p e o p l e of A t h e n s a n d M o s c o w in 1941.
We n o w know,
or ought to know, that t h e r e can be no ha l f w a y
m e t h o d of f i g h t i n g an a t t e m p t to d o m i n a t e the e n t i r e
earth.
We n o w know, or o u g h t to know, that this
total w a r will require total effort on our part, w i t h
e v e r y t h i n g w e have a n d e v e r y t h i n g we are, w i t h all
our r e s o u r c e s p l e d g e d to final a n d d e c i s i v e vi c t o r y .
We in this room, the men a n d w o m e n wh o d i r e c t
the D e f e n s e S a v i n g s O r g a n i z a t i o n in the 4S States,
have b e e n w o r k i n g h a r d for m a n y m o n t h s to m o b i l i z e
our financial r e s o u r c e s in the f o r m of the p e o p l e 1s
savings.
But we have, I think, d o n e more t h a n that.
29-6
-
2
-
S ince the v e r y i n c e p t i o n of the D e f e n s e S a v i n g s
pro g r a m , it has b e e n one of our m a j o r o b j e c t i v e s to
g i v e - t h e A m e r i c a n p e o p l e a sense of t h e i r ow n d i r e c t
a n d i n e s c a p a b l e i n v o l v e m e n t in this g r e a t b a t t l e for
our wa y of life.
We h a v e t r i e d to m a k e t h e m r e a l i z e
that they w e r e not i s o l a t e d a n d c o u l d not be i s o l a t e d
f r o m a s t r u g g l e that w o u l d shape the f u t u r e of
e v e r y o n e on this planet.
We have t r i e d to give the
A m e r i c a n p e o p l e a g r e a t e r p r i d e in t h e i r o w n c o u n t r y
a n d a g r e a t e r a w a r e n e s s of the d a n g e r s that face
them.
We h a v e tried to g i v e e v e r y man, w o m a n a n d
c h i l d in this c o u n t r y a s e nse of d i r e c t p a r t i c i p a t i o n
in its de f e n s e , a f e e l i n g that t h e r e is s o m e t h i n g for
e v e r y o n e to do in a gr e a t eff o r t f r o m w h i c h e v e r y o n e
will b e n e f i t in the end.
f
L o o k i n g b a c k ov e r the past eight months, I t hink
we can all be p r o u d of w h a t has b e e n a c c o m p l i s h e d .
% believe
in all s i n c e r i t y that the d e v o t e d w o r k of
the D e f e n s e S a v i n g s staff a n d all o u r t h o u s a n d s of
v o l u n t e e r w o r k e r s t h r o u g h o u t the c o u n t r y has h e l p e d
g r e a t l y to c r y s t a l l i z e A m e r i c a n o p i nion.
I believe
that the r e s p o n s e to the b o m b s at P e a r l H a r b o r was
d e e p a n d w i d e and i m m e d i a t e p a r t l y b e c a u s e of ou r
g r o u n d w o r k in the D e f e n s e S a v i n g s p r o g r a m .
We h a v e g i v e n to m i l l i o n s a n e w sense of b e i n g
p a r t n e r s of their G o v e r n m e n t , of h a v i n g a d i r e c t
share in A m e r i c a a n d in A m e r i c a n freedoms.
To me,
it is a n a c h i e v e m e n t of far g r e a t e r p r o p o r t i o n s than
the r a i s i n g of the more t h a n 2 b i l l i o n d o l l a r s w h i c h
have ro l l e d into the T r e a s u r y s i nce the D e f e n s e B o n d s
first w e n t on sale in May.
N o w tha.t we have c l e a r e d the d e c k s for a c t i o n ,
it is u p to us to f o l l o w through, a n d that is the
m a i n p u r p o s e of my b e i n g here w i t h y o u today.
We
must f o l l o w through, not o n l y in terras of a few
- 3 -
1
i
m i l l i o n i n d i v i d u a l s or a c o u p l e of b i l l i o n d o l l a r s ,
but by a d e t e r m i n e d ef f o r t to r e a c h e v e r y i n d i v i d u a l
in this country.
Fo r total w a r s are peoples* wars;
a n d in this total w a r that has s p r e a d a r o u n d the
globe, the b a t t l e f r o n t n o w r e a c h e s intro e v e r y f a c t o r y
a n d e v e r y home.
Th e r e is no e x e m p t i o n for a n y g r o u p or a n y
section.
The N a z i s a n d the J a p a n e s e ma k e no e x c e p
tions in t h e i r c o n q uest s .
The b o m b s that fell at
Pearl H a r b o r w e r e a i m e d s t r a i g h t at e v ery one of us,
a n d w h a t e v e r the N a z i s ma y a t t e m p t in the A t l a n t i c
will be a i m e d at e v e r y one of us.
We a r e all in
this w a r together.
)
w
\
No t all of us can p i l o t a b o m b i n g p l a n e or fire
a gun f r o m the d e c k of a b a t t l e s h i p .
T h ose of us
w h o ar e too old or too y o u n g to get into u n i f o r m
will be a s k e d to w o r k l o n g e r h o u r s a n d p a y h e a v i e r
ta x e s a n d do w i t h o u t m a n y of o ur a c c u s t o m e d comforts;
but in this D e f e n s e S a v i n g s eff o r t we ar e not e v e n
b e i n g a s k e d to give our money.
We a r e dust b e i n g
a s k e d to le n d our m o n e y to the Grovernraent, to inv e s t
our s a v i n g s for victory .
That, it s e ems to me, is a
call to w h i c h e v e r y o n e will wa n t to respond.
We will
want to do it to the v e r y limit of our ab i l i t y .
We,
the people, w a n t to sh o w t h a t we a r e ready a n d e a g e r
to be of some se r v i c e to our country.
It has g iven me real e n c o u r a g e m e n t to b e t o l d
that y o u of the D e f e n s e S a / i n g s O r g a n i z a t i o n ha v e
been d i s c u s s i n g detailed plans for intensifying an d
w i d e n i n g our effort, a n d that y o u h a v e shown so m u c h
e n t h u s i a s m in th e s e me e t i n g s .
O u r p r o blem, as y o u
all know, is one of f i n a n c i n g the e n o r m o u s l y e x p a n d
ing cost of the w a r w h i l e a v o i d i n g th e i m m e n s e a n d
d a n g e r o u s evils of inflation.
I h a v e s a i d right
here in C h icago, in a t a l k to the A m e r i c a n B a n k e r s
A s s o c i a t i o n , that we a r e in r e a l i t y f i g h t i n g two
wars —
one, the great st r u g g l e on all the c o n t i n e n t s
a n d all the oceans, a n d the o t h e r the wa r a g a i n s t
}
an i n s i d i o u s en e m y here at home.
That e n e m y is
inflation.
It c r e e p s u p on u s as s t e a l t h i l y as
a thief in the dark.
As the P r e s i d e n t h a s said,
i n f l a t i o n is a f o r m of t a x a t i o n that t a kes no
a c c o u n t of the a b i l i t y to p a y a n d s t r i k e s d i r e c t l y
at the A m e r i c a n s t a n d a r d of life.
Our ;job, t h e r e
fore, is a d o u b l e one, a n d in this r e n e w e d e f f o r t
to w h i c h we of the D e f e n s e S a v i n g s staff m u s t n o w
d e d i c a t e ourselves, we mu s t m a k e sure that we deal
e f f e c t i v e l y w i t h b o t h enemies.
For that reason, it seems to me, our m a j o r
effort n o w must be d i r e c t e d p a r t i c u l a r l y at t h o s e
in all w a l k s of life who r e c e i v e r e g u l a r p a y f r o m
w a g e s a n d salaries.
I n f l a t i o n f e e d s on c u r r e n t
income, r a t h e r th a n on th e m o n e y that n o w r e s t s in
the v a u l t s of s a v i n g s banks.
It m a y seem h e a r t l e s s
to speak of e x c e s s s p e n d i n g on the p a r t of m i l l i o n s
of p e o p l e in the m i d d l e a n d low i n c o m e groups; but
in wartime, in the f a c e of a l i m i t e d an d d w i n d l i n g
s upply of c i v i l i a n goods, t h e r e is such a thing.
In wartime, e x c e s s s p e n d i n g m e a n s the b u y i n g of any
c o m m o d i t y that we c a n s a f e l y do w i t h o u t .
Therefore,
the most e f f e c t i v e c o u r s e for us, as we h a v e k n o w n
f r o m the v e r y b e g i n n i n g , has b e e n to enlist c u r r e n t
income a n d to d i v e r t e x c e s s spending, to p e r s u a d e
our p e o p l e to set a s i d e a p a r t of their pay e v e r y
p a y day in D e f e n s e B o n d s a n d Stamps.
L e t * s no w m a k e e v e r y pa y day B o n d Day.
And
w h e n I speak of r e g u l a r i n v e s t m e n t ■every pay day,
I am s p e a k i n g not o n l y of the m i l l i o n s of f a c t o r y
workers, not only of the t e a c h e r s a n d a c c o u n t a n t s ,
the c l e r k s a n d c ivic e m p l o y e e s w ho live on r e g u l a r
salaries, but a l s o of the f a r m e r s w h o are e a r n i n g
solid i n c o m e s for th e f i r s t time in m a n y y e a r s
and w h o will be the fi r s t to suffer if we a l l o w
i n f l a t i o n to get out of hand.
- 5 «
All t hese a r e the p e o p l e we m u s t reach, w i t h a
d e t e r m i n e d e ffort that will have a n impact in B e r l i n
a n d R o m e a n d Tokyo, an eff o r t that w i l l gi v e n e w h e a r t
a n d c o u r a g e to the free p e o p l e s w h o a r e f i g h t i n g on
our side e v e r y w h e r e .
I have b e e n a s k e d m a n y times w h e t h e r w e h a v e a
goal, a q u o t a for the U n i t e d States.
I have always
a v o i d e d a n s w e r i n g w i t h a m o n e y f i g u r e b e c a u s e I have
b e e n m u c h m o r e i n tereste d , firstly, in r e a c h i n g vast
n u m b e r s of i n d ividuals, and, secondly, in a b s o r b i n g
c u r r e n t i n come r a t h e r t h a n a c c u m u l a t e d s a v i n g s in
the banks.
But I will tell y o u n o w what my goal is,
wh a t our goal shall be a n d must be.
It is to r e a c h
quickly, w i t h i n the n e x t fe w months, e v e r y sin g l e
r e c i p i e n t of r e g u l a r c u r r e n t income in the U n i t e d
States, a n d to have ev e r y one of t h e s e 35 m i l l i o n
p e o p l e s e t t i n g a s i d e some p a r t of t h e i r p a y r e g u l a r l y
w i t h i n the s h o r t e s t p o s s i b l e time.
A n d w h e n I say
«some p a r t of their p a y , « I a m not t h i n k i n g m e r e l y
of a t oken c o n t r i b u t i o n .
I m e a n a real i n v e s t m e n t ,
the v e r y limit that ea c h p e r s o n can a f f o r d w i t h o u t
a c t u a l l y t a k i n g f o o d a n d o t her n e c e s s i t i e s f r o m
h i m s e l f a n d his family.
W h e n this m e e t i n g ends, I hope that this
o r g a n i z a t i o n will set to w o r k in e v e r y S t a t e a n d
ev e r y c o m m u n i t y , t h r o u g h o u t this g r e a t front line
of f r e e d o m that is the U n i t e d States, w i t h the same
d e v o t i o n a n d d e t e r m i n a t i o n that is n o w b e i n g s h o w n
by the m e n in our f i g h t i n g forces.
I have c o m p l e t e c o n f i d e n c e in the a b i l i t y of
this great group to r e a c h the goal I ha v e set for
y o u today.
We have b e e n m o r e th a n f o r t u n a t e in the
me n a n d w o m e n w h o have r a l l i e d to ou r help since
the first of May in all p a r t s of the country.
It
has b e e n a tr u l y t h r i l l i n g e x p e r i e n c e for me as
S e c r e t a r y of the T r e a s u r y to see the s u p e r b
c o o p e r a t i o n we have h a d f r o m labor a n d industry,
fr o m R e p u b l i c a n s and D e m o c r a t s , f r o m f o r e i g n - b o r n
a n d A m e r i c a n - b o r n , f r o m all the a s s o r t e d g r o u p s
a n d n a t i o n a l i t i e s of w h i c h this u n i t e d A m e r i c a n
p e o p l e is composed.
I a m g e n u i n e l y g l a d to see all o u r S t a t e l e a d e r s
a s s e m b l e d h e r e in one room, a n d to t h a n k t h e m a n d
th e i r v o l u n t e e r h e l p e r s on b e h a l f of t h e i r G o v e r n m e n t
for the w o r k they have a l r e a d y done.
N o w that the g r e a t e r a n d more i n s i s t e n t call
has come, we a r e ready to meet it.
Our organization
has b e e n set up, our p e o p l e are h a r d at work, o u r
c o u n t r y k nows w h a t D e f e n s e B o n d s a r e a n d w h a t they
do.
It is up to e a c h a n d e v ery one of us to do our
part.
O u r f i g h t i n g m e n in the P h i l i p p i n e s a n d Iceland,
in H a w a i i a n d W a k e a n d Midway, in all the p o s t s of
d a n g e r on all the seven seas, are l o o k i n g to u s to
s upply them w i t h the p l a n e s a n d g u n s they need.
The
w h o l e c o u n t r y is l o o k i n g to us, right here in th i s
room, to raise b i l l i o n s of d o l l a r s to w i n this
wa r —
a n d let n o n e of o u r e n e m i e s m a k e an y m i s t a k e
a b o u t it, w e are g o i n g to w i n it.
O u r a l l i e s in all
contin e n t s , wh o have b e e n f i g h t i n g o ur b a t t l e w i t h
our c o m m o n e n e m y for long, h a r d years, are l o o k i n g
to us, a n d a l s o the o p p r e s s e d p e o p l e s in the
c o n q u e r e d l ands wh o are n o w l i v i n g in d a r k n e s s —
they, too, are l o o k i n g to us to s w eep that d a r k n e s s
away.
It is by far the g r e a t e s t test a n d the g r a n d e s t
o p p o r t u n i t y that has ev e r come to o u r country.
We
in this room must p r o v e o u r s e l v e s w o r t h y of that
challenge.
The w o r d s that W i n s t o n C h u r c h i l l
a d d r e s s e d to his own p e o p l e a year a g o can n o w be
a p p l i e d to ours:
let us so b e a r o u r s e l v e s that if
these U n i t e d S t a t e s s h o u l d last for a t h o u s a n d
years, men w i l l still say, "This w a s their f i n e s t
h o u r .n
-00O 00-
TREASURY DEPARTMENT
/
f
'Washington»
Press Service
POR IMMEDIATS RELEASE,
Tuesday. December 16, 1941.
The Secretary of the Treasury today announced the final subscription and allotment
figures with respect to the current offering of 2 percent Treasury Bonds of 1951-55 and
2-1/2 percent Treasury Bonds of 1967-72.
Subscriptions for »5 ,000 or less where the
subscribers specified that delivery be made in registered bonds 90 days after the issue
date were allotted in full, $13,800,850 for the Treasury Bonds of 1951-55, and
$26,0A3,A50 for the Treasury Bonds of 1967-72.
3Eu addition-to the amount.allotted on
BR
pubitg-subsoriptiono for tho Treasury B m K te~of 1967-72, $103»500 lave boon allotted to.
0orernraent—investment accounts, wltldLn the $50,000,006 reservation*
Subscriptions and allotments were divided among the several Federal Reserve Dis
tricts and the Treasury as follows:
Federal Reserve
District_____ _
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Government Invest
ment Accounts
TOTAL
2-1/2* Bonds of 1967-72
Total subTotal sub
scriptions
scriptions
allotted
received
2 % Bonds of 1951-55
Total subTotal sub
scriptions
scriptions
allotted
received
$ 343,340,850
2,242,647,450
272.261.950
319,816,050
164,714,650
182 ,288,250
537.042.950
114,617,300
64,802,350
84,841,550
107 ,621,250
280 ,768,550
13,135,000
t 38,273,000
248,727,950
30,835,900
35,781,950
19 ,0 63 ,1 00
20 ,6 80,300
61.489.150
13,847,400
8,332,900
10.603.150
12,257,750
31 ,363,100
1,461,400
I
t
637,834,450
3,433,309,300
441,752,800
400,009,850
252,414,250
255.674.400
672,230,950
153,192,050
96,686,700
520,875,900
69,103,850
61,176,950
39,400,700
tel
39rM6i’5eO
403,897,250
/ 24,673,450
/ 19,642,450
/
19,475,400
/
22,989,850
51,467,900
1,035,600
122 ,166,450
118 ,588,100
148,225,550
336.961.400
6,834,400
».limi
103.500
$4*727*898*150
$532,717*850
¿i^évwjèeo
$6,979,193,95©
®
fern
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r
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y
TREASURY^ DEPARTMENT
Washington
Press Service
No. 29-7
FOR IMMEDIATE RELEASE,
Tuesday, December 16, 1941.
The Secretary of the Treasury today announced the final
subscription and allotment figures with respect to the current
offering of 2 percent Treasury Bonds of 1951-55 and 2-1/2 per
cent Treasury Bonds of 1967-72.
Subscriptions for $5,000 or less
where the subscribers specified that delivery be made in regis
tered bonds 90 days after the issue date were allotted in full,
$13,800,850 for the Treasury Bonds of 1951-55, and $26,043,450
for the Treasury Bonds of 1957-72.
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Government
Investment
Accounts
TOTAL
2% Bonds of 1951-55
Total sub
Total sub
scriptions
scriptions
received
allotted
2-l/2$ Bonds Of 1967-72
Total sub
' Total sub
scriptions
scriptions
received
allotted
5 343,340,850
2,242,647,450
272,261,950
319,816,050
164,714,650
182,288,250
537,042,950
114 ,617,300
64,802,350
84,841,550
107,621,250
280 ,768,550
13,135,000
$ 38,273,800 3 637,834,450
248,727,950 3,433,309,300
30,835,900
441,752,800
400,009,850
35,781,950
252,414,250
19,063,100
20,680,300
255,674,400
61,489,150
672,230,950
153,192,050
13,847,400
8,332,900
122 ,166,450
118 ,588,100
10 ,603,150
148,225,550
12,257,750
336,961,400
31,363,100
6,834,400
1 ,461,400
$4,727,898,150
0532,717,850 06,979,193,950
$
96,686,700
520,875,900
69,103,850
61,176,950
39,400,700
39,173,300
103,897,250
24,673,450
19,642,450
19,475,400
22,989,850
51,467,900
1 ,035,600
103,500
11,069,702,800
'S*
4 / jt A /
rffOR IMMëfflATE '"RELEASE
d—
A
i f
4A»
wuwwt
A spot check of representative# banks
'
“a‘
-v
of the nation's key cities, made
for the Treasury by £he American Bankers Association, showed Defense Bond J^ales during America's first week of war effort against the Axis powers increased 177 percent.
This tromondoua-wave of Bond buying reflected itself in all sections of the
nation.
Motivated by Japan's attack on Pearl Harbor and by the declaration of War
against the Axis,^J3ond sales were on the increase everywhere. ^Palm Beac^, Fla^ the
First National Bank reported Bond sales of #£0,£50, an increase of 8,691 per cent
over the
worth of Bonds sold in the week before the war started.
(
The Union
-dU.
Trust Company of Baltimore, Md., showed.war increased Bond sales there 3.L77 Dercent..
-
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¿ 7
TREASURY DEPARTMENT
Washington
FDR IMMEDIATE RELEASE,
Tuesday,, December 16, 19^1«
Press Service
No* 29~8
Sale of Defense Savings Bonds was boosted to an all-time
high during the first week of war, bank figures released today
by the Treasury Department revealed,
A spot check of representative banks in forty-*five of the
j
nation1s key cities, made for the Treasury by The American
Bankers Association,
showed Defense Bond sales during America's
first week of war effort against the Axis powers increased
177 percent.
This wave of Bond buying reflected itself in all sections
of the nation,
Motivated by Japan's attack on Pearl Harbor and
by the Declaration of War against the Axis, Defense Bond saleé
were on the Increase everywhere.
At Palm B.each, Florida, the
First National Bank reported Bond sales of $50,550, an increase
of £,691 percent
over the $575 worth of Bonds sold in the week
before the war started.
Maryland,
The Union Trust Company of Baltimore,
showed the war increased Bond sales there 3*^77 percent.
Six banks in Washington,
D, C., reported a jump of 159 percent,
with sales increasing from $ 3 6 6 , 1 7 5 to $9^9>325*
In Los Angeles,
the Security-First National Bank showed Bond sales increased from\
$ 3 1 6 , 0 0 0 the week before war started to $ 1 ,7 5 0 , 0 0 0 in the first
six days of war, a ^5^ percent gain.
Bank of Chicago, Illinois,
The Harris Trust and Savings
showed a 621 percent increase.
there totaled $1 BL,B 2 5 for the first week of war as against
$ 2 5 i6 5 0 in the preceding week.
- 0O 0-
Sales
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, December 17» 19^1 >-
Press Service
No,. 29-9
Secretary Morgenthau has appealed to American railroad work
ers to invest immediately in Defense Savings Bonds the
they will receive from the railroads in lump sum settlement of
wage increases dating back to last September 1 .
The Secretary*s appeal was made in letters to J, G-.. Luhrsen,
executive secretary of the Railway Labor Executives Association,
and A.. F. Whitney, president of the Brotherhood of Railroad Train
men, They were written in response to Mr, Luhrsen*s telegraphed
pledge to the Secretary of "unreserved support of the Victory pro
gram, " and a letter from Mr, Whitney offering "all-out support"
from the Trainmen,an independent organization,
Mr, Luhrsen assured the Secretary that one million railroad
workers included in the twenty unions affiliated with his associa
tion, would invest regularly a part of their earnings, now in
creased by $>300»
000 annually through the wage settlement, in
Defense Savings Bonds. Leaders of the member unions "are now en
gaged in formulating plans on a nation-wide basis...for the sys
tematic purchase" of Defense Savings Bonds and Stamps through vol
untary payroll allotment plans, Mr. Luhrsen said.
To both Mr.. Luhrsen and Mr.. Whitney, whose union has about
150,000 members, the Secretary suggested that immediate investment
of accrued back wages would " finance the building of a fleet of
heavy bombers or a battleship. ...as a direct and effective contri
bution to the victory which this nation has set itself to win."
Mr.. Morgenthau also urged that every railroad worker take
part in the systematic savings plan offered by voluntary payroll
allotments, as the easiest method for giving "continuous support
to the national war effort."
Release N o . 99
Mr. Morgenthaai also urged that every railroad worker take part
in the systematic savings plan offered by voluntary payroll allotments,
as the easiest method for giving Continuous support to the national war
effort.”
SPECIAL-RUSH
A p p ro v e d -------------- -------- *—
------ Time
Date
V i n c e n v F. C al ^^h a n
Defense Savings Staff
Newspaper release
A tta c h e d ___ FteleasjeL_Na..--99.
__ ___________
j /
Fe r d i n a n d K u h n ,Jr .
T im e----------------- D a te .
H a r o l d N. G r a v e s
r?
S,-1943r
Sos.-memo.-to.-Mr...-Wil&Qn
For release to:
00
FOR IMMEDIATE RELEASE
/i/va^UAii
WASHINGTON, D. O . / ^ A bt appeal -for immediate 1investment in Befonse Savings
C *
~
/^Bonds'
the $757000,000 they will receive from the railroads in
lump sum settlement of wage increases dating hack tofSept J
C jp ^ T .f l t a - r .y
M / v r r p n w » 1 . « « n - --------^
[The Secretaryls appeal was made in letters to J. G. Luhrsen, executive
secretary of the Railway Labor Executives Association, and A. F. Whitney, president
of the Brotherhood of Railroad Trainmen.
They were written in response to Mr. Luhrsen
telegraphed pledge to the Secretary of "unreserved support of the Victory program,11 an<
a letter from Mr. Whitney offering Hall-out support” from the Trainmen, an independent
organization.
j^Mr. Luhrsen assured the Secretary that one million railroad workers included
in the^SO^unions affiliated with his association, would^regu^r^y| i n v e s t part of thet
earnings, now increased hy $300,000,000 annually through the wage settlement, in Defenr
Savings Bonds.
Leaders of the member unions "are now engaged in formulating plans on
a nation-wide basis..• for the systematic purchase” of Defense Savings Bonds and Stamps
through voluntary payroll allotment plans, Mr. Luhrsen said.
^ T o both Mr. Luhrsen and Mr. Whitney, whose union has about 150,000 members,
the Secretary suggested that immediate investment
of accrued back wages would "finance
the building of a fleet of heavy bombers or a battleship... as a direct and effective
contribution to the victory which this nation has set itself to win.”
T R E A S U R Y
D E P A R T M E N T
WASHINGTON
STAFF
December 16, 1941
Mr. Arthur E. Wilson
Chief, Division of Savings Bonds
Treasury Department
There is attached hereto Release No* 99, of which
it is requested that 100 copies he mimeographed and
delivered to Mr. McCarty, 608 Sloane Building.
The mailing order on this release is as follows:
Press Mailing List No. 1
Press Mailing List No. 2
Labor Lists 1A, IB, 1C
SPECIAL—RUSH
A p p ro v e d ------------------------------------
VlNCENTJr'. CALLAHAN.
Defense Savings Staff
Newspaper release
Eu g e n e
Attached —
------------
S
w
Date
Time
Jh
v
.S l o a n
ty
Fe r d i n a n d K u h n ,Jr .
T im e----------------- Date
H a r o l d N. g r a v e s
1 °
Release
For release to: —
December 16, 1941
FOR IMMEDIATE RELEASE
WASHINGTON, D. 0# —
The Authors1 League of America today
notified the Treasury Department that the League has
formed an Advisory Committee to cooperate in promoting the National Defense
Savings Program,
^Hcjjgard Lindsay, League president, said that Rex Stout, author
$\
a
\f
r
of the popular Herq Wolfe stories, would serve as »chairman of the Advisory
Committee.
Members of the committee are Pearl S. Buck, whose MThe Good Earth,11
was the 1932 Pulitjjzer prize-winning novel; Russel Crouse, Broadway playwright,
Clifton Fadiman, hook reviewer for The New Yorker magazine and radio master
of ceremonies for “Information Please;“ and John P. Mar<iuand, whose H. M.
Pulham, Eso>, is a current best seller.
^ “We think it peculiarly in the interest of the writer, who can
function only in a free country, to do all we can to mobilize American men and
women in the job we have to do, “Mr. Stout said.
“We shall ask the writers
of the country to employ all their talents in urging all citizens to help
win the war by the regular purchase of Defense Savings Bonds and Stamps to
the limit of their -enunbilitiescg
T R E A S U R Y
D E P A R T M E N T
WASHINGTON
DEFENSE SAVINGS STAFF
December 16, 1941
Mr* Arthur 1* Wilson
Chief, Division of Savings Bonds
Treasury Department
There is attached hereto Release Kb* 101, of which
it is requested that 100 copies he mimeographed and
delivered to Mr* McCarty, 608 Sloane Building,
The mailing order on this release is as follows:
Press Mailing List Ho. 1
I
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, December 17» 19^-1 •'
Press Service N o . .29^10
The Authors* League of America today notified the Treasury
Department that the League has formed an Advisory Committee to
cooperate in promoting the National Defense Savings Program,
Howard Lindsay, League president,
said that Rex Stout,
author of the popular Nero Wolfe stories, would serve as chairman
of the Advisory Committee.
Members of the Committee are Pearl
S, Buck, whose " The Good Earth," was the 1932 Pulitzer prize
winning novel; Russel Crouse, Broadway playwright; Clifton Fadiman, book reviewer for the New Yorker magazine and radio master
of ceremonies for '‘Information Please, " and John P. Marquand,
whose "H. M, Pulham, Esq.",
is a current best seller.
"We think it peculiarly in the interest of the writer, who
can function only in a free country,
«
to do all we can to mobilize
American men and women in the job we have to do,
"Mr. Stout said.
"We shall ask the writers of the country to employ all their
talents in urging all citizens to help win the war by the regular
purchase of Defense Savings Bonds and Stamps to the limit of
their capacity,"
-oOo—
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, December 17, 19^1.
Press Service
No. 29-11
The Bureau of Internal Revenue has ruled, that the option to
charge to expense intangible drilling and development costs in
curred by oil and gas operators include amounts paid to an inde
pendent contractor for the drilling of a well under a footage
contract in which the consideration is fixed at a stated amount
per foot drilled, unless the contract is a 11turnkey11 one.
A "turnkey" contract, it was explained, is one that requires
the driller to furnish all labor and materials needed for the
completion of the well.
The option referred to is found in Section 19.23(m)-l 6 (1 )
of Regulations 103 relating to the Federal income tax.
In an opinion expressed by the Chief Counsel of the Bureau,
controlling decisions of the United States Board of Tax Appeals
were construed as holding that amounts paid to a contractor under
a turnkey contract must be capitalized even though the agreed con*slderation is a stated amount per foot drilled.
A footage contract is defined to include a contract to drill
a stated number of feet for a lump sum consideration as the price
per foot can be precisely determined in such a case.
The opinion states that payments to a contractor under a
contract that is neither a turnkey nor a footage contract are
capital expenditures if the contractor is an independent contrac
tor; but may be charged to expense under the option if the con
tractor is an employee or agent of the operator rather than an
independent contractor.
The opinion reviews a number of pertinent Board decisions
including I. Rudman,
B.T.A. T '
I
.ing Company, ^2
B. T. A.IO 5 7 j and W. D. Ambrose
The opinion will be published in the Internal Revenue Bulle
tin in the near future.
oQO'
PRES; RELEASE
K
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show imports of 1*0,703
head of Canadian cattle weighing 700 pounds or more each (other
than cows imported specially for dairy purposes), during the
period October 1 to December
6, 19Ul> inclusive, under the tariff
rate quota for the fourth quarter of the calendar year 19lil,
provided for in the trade agreement with Canada.
The President*s proclamation signed November 30, 19U0, pro
vided that not more than £1,720 head of this class of cattle, the
produce of Canada, entered, or withdrawn from warehouse, for con
sumption in any calendar quarter year during
19Ul shall be entitled
to the reduced rate of duty of 1-1/2 cents per pound provided in
the trade agreement.
During the period December 18 to 31> 19U1* inclusive, 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 Canadian cattle
entered or withdrawn for consumption pending fulfillment of the
quota for the fourth quarter of 19ljl-
Excessive duties deposited
on imported cattle of this class found to be within the quarterly
quota will be refunded.
(Prepared - Appeals and Protests (Quota Unit)
Bureau of Customs)
*
f
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, December IS, 19^1.
1‘2 / i T A t ------
Press Service
No, 29-12
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show imports of ^0,7^3
head of Canadian cattle weighing ~J00 pounds or more each (other
than cows imported specially for dairy purposes ), during the
period October 1, to December 6, 19^+1, inclusive, under the tariff
rate quota for the fourth quarter of the calendar year 1 9 ^ 1 ,
provided for in the trade agreement with Canada*
The P r e s i d e n t s proclamation signed November $0, 1 9 ^ 0 , pro
vided that not more than $1,720 head of this class of cattle, the
produce of Canada, entered, or withdrawn from warehouse, for con
sumption in any calendar quarter year during 1 9 ^ 1 shall be entitled
to the reduced rate of duty of 1-1/2 cents per pound provided In
the trade agreement*
|
*
)
During the period December IS to $1, 19^1, inclusive, 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 193°> °n this class of Canadian cattle
entered or withdrawn for consumption pending fulfillment of the
quota for the fourth quarter of 19^1.
Excessive duties deposited
on imported cattle of this class found to be within the quarterly
quota will be refunded.
-0 O 0-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, December IS, 19*11.
Press Service
No. 29-13
Commissioner of Internal Revenue Guy T. Helvering announced
that certain income and excess profits tax liabilities of the
Associated G-as & Electric System and of Howard C. Hopson and
various companies organized by Hopson were compromised and settled
today in the office of the Collector of Internal Revenue for the
Second New York Collection District in New York City in the amount
of # 3 ,9 5 7 ,1 2 0 .9 8 .
The liabilities were represented by jeopardy assessments and
other deficiencies in tax later determined against Hooson and his
affiliated organizations for the years 1 9 1 5 to and including 1 9 ^ 0 *
and by an unpaid balance of # 5 ,7 0 0 ,0 0 0 , plus interest, due from
*
the System under a compromise agreement entered into on July 5
1939 (covering the taxable years 1 9 2 7 to and including 1 9 3 3 ).
Reorganization proceedings under Chapter X of the Bankruptcy
Act involving the System have been pending before Judge Vincent L.
Leibell in the United States District Court for the Southern
District of New York since the early part of 1 9 ^ 0 . In January,
I9 4 I, Stanley Clarke, trustee of the Associated Gas & Electric
Company, obtained a temporary restraining order forbidding further
disposition of property belonging to the Hopson interests,
including enforcement of collecting taxes due by the Hopson
interests.
Under the settlement this restraining order was set
aside with prejudice; and in addition 73 cases pending before the
United States Board of Tax Appeals involving tax liabilities of
the Hopson interests were closed.
The sum of $ 6 .6 1 9 ,337*15 w &s paid in cash at the closing
today, the balance (# 2 ,3 3 ?, 7 $ 3 *$ 3 ) having been previously paid by
the taxpayers.
The amount of the settlement agreed upon was deter
mined after numerous lengthy conferences between representatives
of the proponents and representatives of the Treasury Department
and the Department of Justice and was considered a fair settlement
on an amicable basis of the controversies for the years in Question.
(2)
l
J
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:
i
Country of
Origin
United Kingdom ....
Canada ...........
France ............
British India .....
Netherlands .......
Switzerland ......
B e l g i u m ....... .
Japan ............
China ............
Egypt ............
Germany ...........
Italy ............
Total
1/
U n r ouriao
TOTAL IMPORTS : Established
Established
Sept. 20, 1941 *• 33-1/3% of
: TOTAL QUOTA
to
Dec. 6. 1941: Total Quota
:
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
434
231,607
12,207
—
5,482,509
244,248
1,441,152
—
75,807
M
22,747
14,796
12,853
j
■—■... -..... . nj
Imports Sept,
20, 1941, to
Dec.6.1941 1/
434
*•
—
—
—
—
—
—
B
25,443
7,088
-
1,599,886
' 434
Included in total imports, column 2.
1
0 °
f
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
(In Pounds)
Staple length 1-1/8” or more
Staple length less
but less than 1 -11 /16 "
than 1-1/8”
: Imports Sept,
: Imports Sept.
:
Established
: 20, 1941, to
: S stablished : 20, 1941, to
:
December 6. 194
Quota
•.December 6,1941
Quota
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 l/ ..........
Nigeria ..............
Other British W e s t "
Africa 2/ ..........
Algeria and Tunisia ...
Other French Africa 2/*
783,816
247,952
2,003,433
1,370,791
8,883,259
618,723
247,952
—
8,883,259
618,723
475,124
5,203
43,451,566
2 ,056,299
64,942
2,626
3,808
6,683,532
2,056,299
2
—
—
435
506
—
—
6
237
9,333
752
871
124
195
2,240
210
9,333
—
—
—
-
71,388
-
_
—
-
12,554
—
21,321
5,377
•mm
30
30,139
—
—
16,004
-
689
—
—
—
—■
29,909
2,002
1,634
—
¿5.656,420
14,516,882
9.759450Z.
Total
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
—
—
—
30
àm
—
—
—* —
8,739,869_
<
j
TREASURY ^DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, December 18, 1941.
Press Service
No, 29-14
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, 1941, to
December 6, 1941, inclusive:
COTTON PAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER TTTAN
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 1-1/8" or
Staple length less
jrnore but less than 1-11/16»
î
than 1-1/8'»
:Imports Sept. 2(
: Imports Sept,
:Established ;1941, to De:Established : 20, 1941, to
:cember 6, 1941
:December 6, 194
Quota
:
Quota
:
Country of
Origin
X:
Egypt and the Anglo43,451,566
#
783,816
Egyptian Sudan . , , . .
2,056,299
247,952
247,952
Peru
64,942
British India. . . . , . . 2,003,483
2,626
China
. 1,370,791
M e x i c o ............ .. . . 8,883,259
8,883,259
3,808
618,723
.
618,723
IB^TclZiZlIL
Union of Soviet
Socialist Republics .
475,124
210
435
Argentina.......... .. • .
5,203
506
237
Haiti . . . . ........ .
Lucciciclor
9,333
9,333
752
Honduras .............. >
Paraguay
,
871
.
124
Colombia
Iraq
.
195
29,909
2,24O
British East Africa . • ,
Netherlands East
71,388
Indies
,
12,554
Barbados
Other British West
.
21,321
30,139
Indies l/.
30
Nigeria ..............
Other British West
2,002
Africa 2/. . . . . . .
16,004
1,634
Algeria and Tunisia . . ♦
689
Other French Africa 3/ •
45
,
656.420
14,516,882
9,759,507
To tal
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria,
3/ Other than Algeria, Tunisia, and Madagascar.
-
Xj
6,683,532
2,056,299
2
6
—
30
-
8.739.869
1
(2)
COTTON Ca RD o31rh'O
R WASTE, LAP WASTE, SLIVER WASTE, AND
ROVING WA .* WIETEER OR HOT 'MANUFACTURED OR OTHERWISE ADVANCED
IN VALUE, Annual cjiiouas commencing September 20, by Countries
of Origin:
'ofal qiiotfi, provided, however, that not more than 33-1/3 percent
ot 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 ana Italy:
& '*
Country of
Origin
United Kingdom ....
Canada
France ...........
British India ....
Netherlands ......
Switzerland ......
Belgium..........
Janan ............
China .............
E g y p t .......... ..
C u b a ....... ......
Germany..........
I t a l y ........... t
Total
(in Pounds)
Established : TOTAL IMPORTS
Established :Imports Sept.
TOTAL QUOTA : Sept. 20, 1941 1 33-1 /3/0 of :20, 1941 , to
: to Dec. 6, 1941 : Total Quota :Dec. 6 . 1941 1/
i
4,323,457
239,690
227,420
69,627
434
231,607
5,482,509
1/ Included in total imports, column
-
—
-
22,747
14U/96
12,853
_
r
_
—
^
2
2.
-oOo-
»
434
75,307
12,207
_
—
68,240
44,368
38,559
341,535
17,322
8,13 5
6, 544
76,329
21,263
1,441,152
(
25,443
7,083
1,599,886
-
434
C O M M I S S I O N E R O F T H E P U B L IC D E B T
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FOR BBfXDZAEE H E I W ,
tf
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Saaretary of thè Treasury Worgentheu announced today that on «ad aitar
m :
Fanuary 1, 1942, tha additlouai dénomination of $25 (naturi ty value} of
IMitad Stata» Satin«» Sonda of Safan sa Saria» F olii ha provided, tha laau©
^
« û
pria» of tfhieh «ili ha #1S«S0. Ih explanatlon, Saoratary Morgenthau ■lutali
that a» tha naia of Safanaa Satin«» Bond» of Sorioa 1 «a» raatriatod to
individuóle, nany anali associations fouad it diffieult or impossible to
partiolpate in tha Safanaa Satin«® pro«rea, aa tha anallaat dénomination of
hond ave! lable for iaaua to tha» «a» tha $100 dénomination of Safanaa Serles
F*
With tha addition of thls dénomination^tha participation of thaaa anali
association® i® escurad•
Bond® of Safeco Series F ara 12-year bonds, iaauad on a diaaount hacia,
tha issue prie® bain« 74 partant of thoir naturity value.
If hold to naturity
tha investment yiold i® 2.53 pareant eonpoundad sanlanaually.
thaaa hond® ara radaaaahla bafora naturity, at tha option of
WmM
canora, at finad rédemption ta lues.
Bonds of Befana# Sorlo® F ara lssuod only
mm
hy tha Fadoral Reserve Bank® and tha Treasury Department, but commarei al banks
ganarally «111 hendía application®.
I m
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H
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♦J'*'-
:
lutasti»
.Mivr « rarahfc -"
mm
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, December IS, 19*11.
Press Service
No, 29-15
Secretary of the Treasury Korgenthau announced today that
on and after January 1, 19^2,
the additional denomination of $25
(maturity value) of United States Savings Bonds of Defense
Series F will be provided,
In explanation,
the issue price of which will be |1S.50-
Secretary Morgenthau said that as the sale of
Defense Savings Bonds of Series E was restricted to individuals,
many small associations found it difficult or impossible to
participate in the Defense Savings program,
as the smallest
denomination of bond available for issue to them was the $100
denomination of Defense Series F,
denomination,
With the addition of this
the participation of these small associations is
assured.
Bonds of Defense Series F are 12-year bonds,
discount basis,
maturity value.
the issue price being 7 ^ percent of their
If held to maturity the investment yield is
2,53 percent compounded semiannually.
before maturity,
values.
issued on a
These bonds are redeemable
at the option of owners,
at fixed redemption
Bonds of Defense Series F are issued only by the Federal
Reserve Banks and the Treasury Department, but commercial banks
generally will handle applications.
- 0Q 0-
When the attached release has been mimeographed, please
Hâve 10 extra copies forwarded to Miss Henry, Quota Unit, Bureau
of Customs, 404 Wilkins Bldg#, 1512 H St#, N. W#
V
-
2
-
rate applicable, importers -will be required to deposit
estimated duties at the full rate.
Excessive duties
deposited on such merchandise found to be within the quota
will be refunded.
(Prepared - Appeals and Protests (Quota Unit)
Bureau of Customs)
1
1
PRESS RELEASE
./?, / f V /
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show imports of
1,807,909,062 gallons of crude petroleum, topped crude petro
leum, and fuel oil the produce or manufacture of Venezuela
entered, or withdrawn from warehouse, for consumption during
the period January 1 to Pec ember
6, 19l*l, inclusive.
Under the terms of the Presidents proclamation of
December 28, 19l*0, not more than 1,913,01*9,600 gallons the
produce or manufacture of Venezuela may be entered, or with
drawn from warehouse, for consumption at the reduced rate of
import tax of l/l* cent per gallon provided for in the trade
agreement with Venezuela during the calendar year 191*1«
Such
imports in 19l*l in excess of the quota will be dutiable at
the full rate of import tax of l/2 cent per gallon.
In order to provide for the control of this quota the
collectors of customs have been instructed that, effective
December 22, 19l*l, entries and withdrawals for consumption
covering Venezuelan petroleum and fuel oil may be accepted
at the reduced rate, provided the merchandise is not released
pending determination of its quota status.
If release of
the merchandise is desired before determination of the
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December 19, 19^1.
12/W41
Press Service
No. 29-16
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show imports of
1 ,6 0 7 ,9 0 9 ; 0 6 5
gallons of crude petroleum,
topped crude petroleum,
and fuel oil the produce or manufacture of Venezuela entered, or
withdrawn from warehouse,
January 1
for consumption during the period
to December 6 , 19^1,
inclusive.
Under the terms of the P r e s i d e n t ^ proclamation of
December 26, 19^0, not more than 1,913» 0^-9? 600 gallons the produce
or manufacture of Venezuela may be entered, or withdrawn from
warehouse, for consumption at the reduced rate of import tax of
1/k cent per gallon;provided for in the trade agreement with
Venezuela during the calendar year 19^1.
Such imports in 19^1 in
excess of the quota will be dutiable at the full rate of import
tax of 1 / 2 cent per gallon.
In order to provide for the control of this quota the
collectors of customs have been instructed that, effective
December 22, 19^1, entries and withdrawals for consumption
covering Venezuelan petroleum and fuel oil may be accepted at
the reduced rate, provided the merchandise is not released
pending determination of its quota status.
If release of the
merchandise is desired before determination of the rate applicable,
importers will be required to deposit estimated duties at the
full rate.
Excessive duties deposited on such merchandise found
to be within the quota will be refunded.
q Oo -
xnanct
~ 3 -
on original Issue or on subsequent purchase, and the amount actually received
either upon sale or redemption at maturity during the tamable year for which
the return is made, as ordinary gain or loss*
Treasury Department Circular Ho* ¿18, 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 Heserve Bank
or Branch*
i
SSBil^tels
^Swis
T&'-'-?
|[pS|
*tjf|||
2 - « M
isais
EpSB’ffiy
2 -
*nss*
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.
mmm
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
¡gig
any or wll 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 available funds on
December 24, 1941# provided, however, any qualified depositary will be permitted to
make payment by credit for Treasury bills allotted to it for itself and its cus
tomers up to any amount for which it shall be qualified in excess of existing de
posits when so notified by the Federal Reserve Bank of its district.
SMt
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,
A- :-7;V':-;''-
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
1m.
the principal or interest thereof by any State, car 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 consideration as capital assets.
Accordingly, the owner of Treasu^
bills (other than life insurance companies) issued hereunder need include in his
i n c a m tax return only the difference between the price paid for such bills, whether
IPml
mM$?:
xssm.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December 19« 19A1_____ •
The Secretary of the Treasury, by this public notice, invites tenders
fnr *150,000,000
, or thereabouts, of
8 2 - Nay treasury bills, to be issued
on a discount basis under competitive bidding.
te dated. December
2k, 19A1
The bills of this series vn
and will mature — March 16, 1 W ?.
when the face amount will be payable without interest.
They will be issued m
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., -^astern Standard time, Monday!*.
Tenders will not be received at the Treasury Department, Washington.
Each tender
V s t 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
li»iei
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.
'mu
illott
«
Tenders from others must be accompanied by payment of 10 percent of the
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.
Im m ediately a fte r the c lo s in g hour, tenders w ill be opened a.t the Federal
b
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Friday, December 19» 1941.______
The Secretary of the Treasury, by this public notice, in
vites tenders for $ 1 5 0 ,0 0 0 ,0 0 0 , or thereabouts, of B 2 -day
Treasury bills, to be issued on a discount basis under competi
tive bidding.
The bills of this series will be dated December 24,
1 9 ^1 , and will mature March 16, 19*12, when the face amount will
be payable without interest.
They will be issued in bearer form
only, and in denominations of $ 1 ,0 0 0 , $ 5 ,0 0 0 , $1 0 ,0 0 0 , $1 0 0 , 0 0 0 ,
$5 0 0 ,0 0 0 , and $ 1 , 0 0 0 ,0 0 0 (maturity v a l u e ).
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o 1clock p. m., Eastern Stan
dard time, Monday, December 22, 194-1, Tenders will not be
received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1 ,0 0 0 , and the price offered
must be expressed on the basis of 1 0 0 , with not more than three
decimals, e. g., 99*925.
Fractions may not be used.
It is urged
that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities.
Tenders from others must be
accompanied by payment of 1 0 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
December 24, 194l, provided, however, any qualified depositary
will be permitted to make payment by credit for Treasury bills
allotted to it for itself and its customers up to any amount for
which it shall be qualified in excess of existing deposits when
so notified by the Federal Reserve Bank of its district.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption, as such, and loss from the sale or other
disposition of Treasury bills shall not have any special treat
ment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other
2 9 -1 7
-2-
excise taxes, whether Federal or State, hut 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 taxa
tion the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections 1*2 and 1 1 7 (a) (l) of the Internal Revenue Code,
as amended by Section 1 1 5 of the Revenue Act of 1 9 1 *1 , 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 considera
tion 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 subse
quent 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, .l*lg, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be
obtained from any Federal Reserve Bank or Branch.
-O0O-r
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i r
,
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^
From:
-dSL J
ME. SCHWARZ
TO*
| • • ' The Secretary
For approval, please
From:
MR. SCHWARZ
For immediate release
2 ^
r< rr!
Sa'
S e c r e t a r y M o r g e n t h a u t o d a y a n n o u n c e d that
H a r r y D. W h i t e ,
A s s i s t a n t to the S e c r e t a r y ,
has been
in
a s s i g n e d full r e s p o n s i b i l i t y f o r a l l m a t t e r s w i t h
foi
w h i c h the T r e a s u r y h a s to d e a l t h a t h a v e a b e a r i n g
Dej
on f o r e i g n r e l a t i o n s .
'Mr. W h i t e w i l l a c t as l i a i s o n b e t w e e n the
T r e a s u r y D e p a r t m e n t a n d the S t a t e D e p a r t m e n t ,
se r v e
in the c a p a c i t y o f a d v i s e r to
a l l T r e a s u r y .f o r e i g n
will
the S e c r e t a r y on
affairs matters,
a n d w i l l assume
r e s p o n s i b i l i t y for t h e m a n a g e m e n t a n d o p e r a t i o n of the
Stabilization Fund without change
in e x i s t i n g procedures.
H. M e r l e C o c h r a n , w h o h a s b e e n d i r e c t i n g operations
of th e S t a b i l i z a t i o n F u n d s i n c e S e p t e m b e r ,
1939,
has
b e e n r e c a l l e d to h i s p o s t of F o r e i g n S e r v i c e O f f i c e r
in the S t a t e D e p a r t m e n t .
OoO!h
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Saturday, December 20, 19*4-1.
Press Service
No* 2 9 -lE
Secretary Morgenthau today announced that Harry D, White,
Assistant to the Secretary, has been assigned full responsibility
for all matters with which the Treasury has to deal that have a
bearing on foreign relations.
Mr. White will act as liaison between the Treasury
Department and the State Department,
will serve in the capacity
of adviser to the Secretary on all Treasury foreign affairs
matters,
and will assume responsibility for the management and
operation of the Stabilization Fund without change in existing
procedures,
H.
Merle Cochran, who has been directing operations of
the Stabilization Fun d since September, 1939» has been recalled
to his post of Foreign Service Officer in the State Department.
-oOo
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE.
Saturday. December 20. l q l a .
Press Service
No. 29-I9
The Treasury Department today reinstated certain general
licenses under the freezing order in their application to
Japanese nationals.
On December
19^-1, all general and
specific licenses were revolted in so far as they concerned
Japanese nationals.
Public Circular No. gA,
issued today, authorizes
Japanese nationals to pay taxes and fees to the Federal and
State governments,
to deposit their funds in blocked accounts
in banks, and to engage in certain other limited types of
financial transactions under proper safeguards.
0O 0-
TREASURY DEPARTMENT
Office of the S ecretary
December 20, 1941.
CO
r~— t
PUBLIC CIRCULAR NO. 8A
UNDER EXECUTIVE ORDER NO. 8389, APRIL
10, 1940, AS
“ I m~ ENDED, AN:
.SUANT THERETO,
ISSUED PURSUANT
THERETO. RELATING TO
T hT
TRAN
1L\ FOREIGN :
EXCHANG £ 9 ETC.--*
j
j
All general licenses other than those listed
below are hereby reinstated to the extent that they
were revoked by Public Circular No. 8.
General
General
General
General
General
General
General
General
General
General
General
Li cens e
Li cens e
Li cens e
Li cens e
Li cens e
LI cens e
Li cens e
Li cens e
Li cens e
Li cens e
T
± 1 cens e
*
j
No.
No.
NoNo.
No.
No.
No.
No.
No.
No.
No.
56
58
59
60
61
63
65
66
68
69
75
E. H. FOLEY, JR.
Acting Secretary of the Treasury.
*This public circular aff ects Parts 130 and 131 and”will be
included in appendices to those narts.
Sec. 5(b), 40 Stat. 415 and 9 6 5 / Sec. 2, 48 Stat. 1; 54 Stat.
179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, Ex. Order 8832, July 26, 1941, and Ex.
Order 8963, December 9, 1941; Regulations, April 10, 1940,
as amended June 14, 1941, and July 26, 1941/
TO;
Slightly changed and
reorganized to prevent
squelching those who
really can afford to give
and yet protect those who
might he swept up by appeals
to their emotions.
Okay
- 3 -
The Secretary also called attention to the
fact that the Congress has enacted additional revenue
measures snd will undoubtedly enact further measures
under which the burden of the cost of iito: the war will
be imposed upon all of the people according to the
degree of their ability to pay such taxes.
0 0 O 00
2
Answering inquiries from a number of persons
and organizations who asked that they be permitted to
collect amounts for donation to the Government , the
Secretary repeated his explanation of June 6, 194-0»
when he said that the sole authority for determining
the method of raising money necessary to meet the
expenditures of the Government is vested in the Congress.
The Secretary said he was greatly heartened
by the numerous donations which have been made to the
Treasury and by the number of suggestions received and
believed they gave positive evidence of the spirit of
patriotism prevailing in the nation.
He added that the
Treasury would continue to receive voluntary donations
from those people who desire to make such donations
directly to the Treasury, but that the Treasury could not
authorize private persons or agencies to conduct special
campaigns to raise funds from the public for this
purpose.
The Secretary urged, however, that persons
desiring to participate in the war effort of the country
invest their funds in Defense Savings Bonds or Stamps or
in Treasury Tax Savings Notes to use in paying their
currently accruing tax liabilities.
In some cases, he
pointed out, voluntary donations obviously entail real
sacrifice on the part of the donors and such donors bear
more than their fair share of the war costs♦
? °
For Immediate Pelease
Secretary Morgenthau said today that
contributions from individuals and groups for war
purposes are being deposited in the General Fund of
the Treasury as "Donations to the Government for
National Defense."
He pointed out that such contri
butions could not be received for specific purposes
and that moneys in the General Fund are used to pay
all expenses of the Government, including those for
war activities.
The Secretary said the Treasury had
received a number of suggestions that arrangements be
set up to encourage donations to special funds to be
identified by slogans such as "Buy a bomber,"
"Give
a Christmas present to SfiSfe*1Uncle Sam" and others.
He explained that it did not appear practicable to
adopt these suggestions as a major means of financing
the Government’s requirements and added that the
principal sources of funds to the Treasury are from
taxation and the sale of public debt obligations*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, December 22, 19^-1,
'
Press Service
No. 29-20
Secretary Morgenthau said today that contributions from
individuals and groups for war purposes are being deposited
in the General Fund of the Treasury as “Donations to the
Government for National Defense."
He pointed out that such
contributions could not be received for specific purposes and
that moneys in the General Fund are used to pay all expenses
of the Government,
including those for war activities.
The Secretary said the Treasury had received a number of
suggestions that arrangements be set up to encourage donations
to special funds to be identified by slogans such as "Buy a
bomber, " "Give a Christmas present to Uncle Sam" and others.
He explained that it did not appear practicable to ado£t these
suggestions as a major means of financing the Government's
requirements and added that the principal sources of funds to
the Treasury are from taxation and the sale of public debt
obligations.
Answering inquiries from a number of persons and
organizations who asked that they be permitted to collect
amounts for donation to the Government, the Secretary repeated
his explanation of June 6, 1 9 ^ 0 , when he said that the sole
authority for determining the method of raising money necessary
to meet the expenditures of the Government is vested in the
Congress.
•The Secretary said he was greatly heartened by the
numerous donations which have been made to the Treasury and
by the number of suggestions received and believed they gave
positive evidence of the spirit of patriotism prevailing in
the nation.
He added that the Treasury would continue to
receive voluntary donations from those people who desire to
make such donations directly to the Treasury, but that the
Treasury could not authorize private persons or agencies to
conduct special campaigns to raise funds from the public for
this purpose.
-
2
-
The Secretary urged, however, that persons desiring to
participate in the war effort of the country invest their
funds in Defense Savings Bonds or Stamps or in Treasury Tax
Savings Notes to use in paying their currently accruing tax
liabilities.
In some cases, he pointed out, voluntary donations
obviously entail real sacrifice on the part of the donors and
such donors bear more than their fair share of the war costs.
The Secretary also called attention to the fact that the
Congress has enacted additional revenue measures and will
undoubtedly enact further treasures under which the burden of
the cost of the war will be imposed upon all of the people
according to the degree of their ability to pay such taxes.
-0 O 0-
(Under the plan* the purchase of defense bonds comes first on
each pay day before the railroad employee spends a single cent for anything else,
Mr. Luhrsen SHuhiim explained*
This, he said, should provide Uncle Sam with enough
money to buy a fleet of heavy bombers.
jfhis pledge of cooperation by the Rail wary Labor Executives’
Association followed an exchange: of letters and telegrams between Secretary
Moigenthau and Mr. Luhrsen, resulting in adoption of the plans for voluntary
payroll allotments and purchase of bonds with the retroactive pay
The Railway Labor Executives* Association, representing
1,100,000 railroad employes, aftiw itd membership today to
use the largest
possible share of the $75,000,000 due it in retroactive pay in the purchase of
Defense Savings Bonds*
The announcement was made by Julius G. Luhrsen, Executive
Secretary of the Association,, speaking for its chairman , Thomas C. Cashen, in
a new pledge of all-out cooperation with the Defense Savings Bond program to
Secretary Mor gent hair
The retroactive pay became available under the wage increase
agreements recently signed by the rail labor organizations and the carriers,
and is for services rendered in September, October and November.
L-—
<*^Mr • Luhrsen
t-n
jtmM; i"'ow.”d
railroad employee of the
twenty organizations comprising the association's membership is being urged to
sign up for the YPayro|l Allotment PlanX under which he agrees to have his road
set aside regularly a definite part of his pay for purchase of bonds.
The
managementshave agreed to do the bookkeeping necessary to make this plan work.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, December 23. 19^-1»_____
Press Service
No. 29-21
The Railway Labor Executives' Association,
1 ,100,000 railroad employes,
representing
urged its membership today to
use the largest possible share of the $75^000,000 due it in
retroactive pay in the purchase of Defense Savings Bonds.
The announcement was made by Julius G-. Luhrsen, Executive
Secretary of the Association, speaking for its chairman,
Thomas C, Cashen, in a new pledge of all-out cooperation with
the Defense Savings Bond program to Secretary Morgenthau.
The retroactive pay became available under the wage
increase agreements recently signed by the rail labor organi
zations and the carriers, and is for services rendered in
September, October and November.
At the same time Mr. Luhrsen announced that each railroad
employee of the twenty organizations comprising the association's
membership is being urged to sign up for the Payroll Allotment
Plan under which he agrees to have his road set aside regularly
a definite part of his pay for purchase of bonds.
The
managements have agreed to do the bookkeeping necessary to make
this plan work.
Under the plan, the purchase of defense bonds comes first
on each pay day b e f o r e ,the railroad employee spends a single
cent for anything else, Mr, Luhrsen explained.
This, he said,
should provide Uncle Sam with enough money to buy a fleet of
heavy bombers.
This pledge of cooperation by the Railway Labor Executives'
Association followed an exchange of letters and telegrams
between Secretary Morgenthau and Mr, Luhrsen, resulting in
adoption of the plans for voluntary payroll allotments and
purchase of bonds with the retroactive pay.
-0O0-
w
ROUTING- SLIP
Please d e liv e r the attached to the
persons whose names are checked in
the order in d ic a te d .
..Mr, Bell
..Miss Barr
..Mr. Bart el t
..Mr, Batchelder
..Miss Chatfield
..Mr. Cole
..Mr. Cunningham
..Dr. Dolan
..Mr. Emerson
fPi Fuller
„Mn.
Qlfjtfigev
..MrfiSill
.Mr. Ldafman
Martin
........ Miss Michener
....... .Miss M ille r
........ Mr. Murphy (H.C!
..... „„Mr. O’ Connell |
L....... Mr, Owen
........ Mrs. P otts
......... Mr. Sloan
............ Mrs. Taylor
........... .Mr. Thompson(W.i
............ Mr. Thompson(üll.
„„„„„„„.„Mr. Wesley
... „ ...... Mr. Wilson (A.B
............ Mr. W ilson (T.l
r-c;
COMMISSIONER OF THE PUBLIC DEPT
cx$-e-^
2
TO:
^ ---- VV_^LA>-^
M
From:
-
, I
MR. SCHWARZ
V■
•
1
fHEASUST DEPARTMENT
Washington
I
I#
i
FDR IMMEDIATE M I M S & ,
Tuesday. Lece&ber 23. 1941
Press Service
So. 2./- Z- ^
Secretary of the Treasury Morgentoau announced today that definitive*
of the 2-1/2 percent Treasury Bond* of 1967-72, in coupon form, will be
ready for delivery mi and after January 19, 1942, against the surrender of
full-paid interim certificate* issued October 20 and December 15, 1941, in
lieu of such bonds.
Exchanges will be governed by the provisions of
Trsasury Department Circular So. 675, dated December 15, 1941, and will be
conducted through the Federal Reserve Banks and Branches, and toe treasury
Dep&r teent, lash ington.
Special arrangements may be made between incorporated banks and trust
companies and the Federal ¡«serve Banks for the exchange of interim certifi
cates for definitive bonds for their own account and for account of their
customers, and individuals who hold interim certificate* are advised to
consult toeir own bank with respect to the exchange.
The official circular i* attached*
Si
■ t e i i
I
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, December 25, 19*4-1.
Press Service
Ncj. 29-22
Secretary of the Treasury Morgenthau announced today
that definitives of the 2-1/2 percent Treasury Bonds of 19o7-72,
in coupon form, will be ready for delivery on and after
January 19, 19*4-2,. against the surrender of full-paid interim
certificates issued October 20, and December 15, 19*41, in
lieu of such bonds.
Exchanges will be governed by the pro
visions of Treasury Department Circular No. 675> dated
December 15, 19*4-1, and will be conducted through the Federal
Reserve Banks and Branches, and the Treasury Department,
Washington,
Special arrangements may be made between incorporated
banks and trust companies and the Federal Reserve Banks for
the exchange of interim certificates for definitive bonds
for their own account and for account of their customers, and
individuals who hold interim certificates are advised to
consult their own bank with respect to the exchange.
The official circular is attached.
-oOo
A
Title 31—Money and Finance: Treasury
Chapter II—Fiscal Service
Subchapter B—BUREAU OF THE PUBLIC DEBT
PART 310—REGULATIONS GOVERNING EXCHANGES OF INTERIM CERTIFICATES OF 2 l/ 2% TREASURY
BONDS OF 1967-72 FOR DEFINITIVE COUPON BONDS
Department Ci“ . l . r No.
«75
| | ——
Bureau of the^ubfic Debt
TREASURY DEPARTMENT,
Office
of the
S ecretary,
W ash in gton , D ecem ber 1 5 ,1 9 4 1 .
To H o ld ers o f fu ll-p a id in te rim certificates of 2]/2 p ercen t T rea su ry B onds of 1967-72, banks and
tr u s t com panies in co rp o ra ted in the U n ited S ta te s u n der F ederal or S ta te law , an d a n y o th ers
con cern ed:
Sec. 310.0 Scope of regu lation s. — The provisions of this circular are hereby prescribed as the
regulations to govern the exchange of full-paid interim certificates, issued pursuant to Treasury De
partment Circulars No. 368, Revised, dated October 15, 1941 (6 FR 5289), No. 670, dated October
9, 1941 (6 FR 5150), and No. 672, dated December 4, 1941 (6 FR 6257), fo r definitive 2y2 per
cent Treasury Bonds of 1967-72, dated October 20, 1941, in bearer form with coupons covering
interest to m aturity attached (which may hereinafter be referred to as definitive coupon bonds,
definitive bonds, or definitives).*
Sec. 310.1 Official agencies. The official agencies fo r the exchange hereunder of interim certifi
cates fo r definitive coupon bonds are the Federal Reserve Banks and their Branches, and the Treas
ury Department, Division of Loans and Currency, Washington, D. C.
Sec. 310.2 E xch an ges a t official agencies. — Exchanges may be effected beginning January 19,
1942. Interim certificates to be exchanged must be presented and surrendered to an official agency,
at the risk and expense of the holders, and, unless delivered in person, should be forwarded by reg
istered mail or prepaid express. Each delivery of interim certificates must be accompanied by
appropriate w ritten advice transmitting the certificates and giving instructions fo r the delivery of
the definitives issued in exchange (see appropriate form appended to this circular). Exchanges
w ill be made on a like par amount basis, and unless other instructions are given in the advice, defin
itives of the highest possible denominations w ill be delivered. No charge fo r the exchange w ill be
made by the United States, and deliveries of definitives w ill be made w ithin the United States, its ter
ritories and possessions at the expense and risk of the United States. No deliveries elsewhere w ill
be made, nor w ill delivery of definitives be made other than to the party presenting the interim
certificates. IM P O R T A N T : SEE THE NEXT FOLLOWING SECTION FOR SPECIAL
ARRANGEMENTS FOR PRESENTATION OF INTERIM CERTIFICATES TO FEDERAL
RESERVE BANKS BY BANKS AND TRUST COMPANIES.
Sec. 310.3 S pecial a rra n g em en ts fo r banks an d tru st com panies. — It is expected that incorpo
rated banks and trust companies w ithin the United States, generally w ill offer their services to their
customers in effecting exchanges of interim certificates for definitive bonds without expense to the
holders, and, accordingly, any holders of interim certificates who avail themselves of any such offer
should, of course, present and surrender their interim certificates through such institutions. Any
such bank or trust company may arrange with the Federal Reserve Bank of its district fo r the trans
portation of interim certificates to the Federal Reserve Bank by registered mail at the expense and
risk of the United States. Full information concerning such arrangements w ill be furnished
by Federal Reserve Banks to incorporated banks and trust companies upon application. The
interim certificates forwarded by incorporated banks and trust companies to the Federal Reserve
Banks for exchange pursuant to such arrangements must be clearly stamped on the face, in indelnrv
ury
p rescrib ed in th is c irc u la r a p p ly to fu ll-p aid in te rim c ertificates th e .issue of w hit
onds o f 1967 72 p u rs u a n t to th e a u th o rity o f th e Second L ib erty B ond Act» a s am ended.
was incident to the issue of 2 % % Treaa16- 25392-1
2
ible ink, w ith a legend reading as follows : “ Presented fo r exchange fo r definitive coupon bonds by
-:
_: _____________ _______________ :
”
A ll such interim certificates so stamped shall
(N am e of b a n k o r tr u s t com pany)
thenceforth be deemed nonnegotiable and w ill be accepted by the Federal Reserve Bank only when
presented fo r exchange by or for account of the bank or trust company named thereon. Such ar
rangements may not be made w ith the Treasury Department, nor may they be made by individ
uals or institutions except as herein provided. Deliveries of definitive bonds issued upon such
exchanges w ill be made to the incorporated bank or trust company presenting the interim certificates
for exchange, and w ill be made at the expense and risk of the United States.- Incorporated banks
and trust companies, in effecting exchanges pursuant to this paragraph, act as agents of the holders
of the interim certificates and not as agents of the United States, and the United States w ill not be
responsible fo r the receipt or custody of the interim certificates or fo r the custody or delivery of the
definitive bonds by the banks or trust companies. The provisions of this section may be extended
to private banks doing a recognized banking business and approved by the Federal Reserve Bank
of the district in which located.
Sec. 310.4 A u th o r ity of F ederal R eserve B a n k s. — Federal Reserve Banks, as fiscal agents of
the United States, and their branches are authorized to perform all necessary acts w ithin the pur
view of this circular, and to carry out such instructions in connection therewith as may, from
time to time, be given by the Secretary of the Treasury.
Sec. 310.5 R eserva tio n s. — The Secretary of the Treasury reserves the right at any time or
from time to time to amend, supplement, or withdraw any or all of the provisions of this circular.
16- 25392-1
D. W. B ell,
A c tin g S e c re ta ry of the Treasury.
(Filed with the Division of the Federal Register, December 23, 1941)
i
m*r
TREASURY DEPARTMENT
Bureau
of
the
P u bl ic D e b t
Form PD 1732
FORM OF ADVICE TO ACCOMPANY FULL-PAID INTERIM CERTIFICATES OF 2 1/ 2 % TREASURY BONDS OF
1967-72 PRESENTED FOR EXCHANGE FOR DEFINITIVE COUPON BONDS
(Indicate
which)
To □ FEDERAL RESERVE BANK O F _____________..._____ ___________ ___________ ___
□ TREASURY DEPARTMENT, Division of Loans and Currency, Washington, D. C.
Pursuant to the provisions of Treasury Department Circular No. 675, dated December 15,1941,
the undersigned presents and surrenders herewith full-paid interim certificates of the 2y 2% Treasury
Bonds of 1967-72 (as listed below), and requests their exchange for a like face amount of definitive
coupon bonds (in the denominations indicated), to be delivered to the undersigned at the address
given.
Denomination
Interim certificates herewith
Number of
pieces
Serial numbers of certificates *
Face amount
Definitive bonds to be issued
Number of
Face amount
pieces
$____
$50
$
$100
$500
$1,000
$5,000
$10,000
$100,000
Total amounts (must agree)_ $-------------
$.------------
.* If space is not ample for listing, back of form or separate sheet may be used.
Signature_________________________________________
'
(P lease p r in t o r ty p e )
Address__________________________________________
(P lease p r in t o r ty p e )
Dated_____________________ 1942.
16- 25392-1
U S . GOVERNMENT PR IN T IN G O FF IC E
TREASURY BEPÀK3MS8T
Washington
Press Service
FOE RELEASE, M0E8IM} HEWSPAPERS,
Tuesday. December 23. 1941.
3
12/22A1
The Secretary of the Treasury announced last evening that the tenders for
$150,000,000, or thereabouts, of 82-day Treasury bills, to be dated December 24,
1941, and to mature March 16, 1942, 'which were offered on December 19* were
opened at the Federal Reserve Banks on December 22*
The details of this issue are as follows:
Total applied for - $352,938*000
Total accepted
- 150,174*000
Range of accepted bids:
High
Low
Average price
{Excepting two tenders totaling $220*000)
- 99.966
- 99.927
- 99.933
Equivalent rate
e
w
«
«
of the amount bid for at the
O.32O
0.295
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, December 23, 19^1 ♦
12/22/41
Press Service
No. 29-23
The Secretary of the Treasury announced last evening
that the tenders for $1 5 0 ,000,000, or thereabouts,
Treasury bills,
of $ 2-day
to be dated December 24, 19^-1, and to mature
March l6, 19^2, which were offered on December 1 9 , were opened
at the Federal Reserve Banks on December 22,
The details of this issue are as follows:
Total aoplied for - $352,93^,000
Total accepted
- 1 5 0 ,1 7 ^, 000
Range of accepted bids:
(Executing: two tenders totaling
$220,000)
High - 99.966 Equivalent rate aooroximately 0,149 percent
Low
- 99.927
"
"
‘
"
0,320
"
Average
Price - 99,933
"
M
"
0.295
H
(7 ^ percent of the amount bid for at the low price was accepted)
- 0 O 0 -
■
ij
TREASURY DEPARTMENT
INTER
O FFICE
COM M U N ICA TION
date
TO
U n d e r S e c r e t a r y B ell
FROM
George Buffington
D e c e m b e r 22, 194J
A t t a c h e d is a s u g g e s t e d p r e s s re l e a s e c o v e r i n g
the n e w issue of T r e a s u r y T a x S a v ings Notes,
states
Mr.
Broughton
that the c i r c u l a r w i l l be r e l e a s e d tomorrow,
D e c e m b e r 23.
1
-y
I s h o u l d t h e r e f o r e lifce to h a v e y o u r approval
or sugg e s t i o n s f o r the release*
o n .
SUGGESTED PRESS RELEASE
(T\
In continuing the Tax Savings Plan inaugurated in
August this year, the United States Treasury will offer shortly
another issue of Treasury Tax Savings Notes Series A and Series B,
dated January 1, 1942, due January 1,_1944.
The new notee^will he acceptable at par and accrued
interest not only in payment of Federal income taxes but may be
The new
presented in payment of estate and gift taxes as well, /notes of
both series are available in the same denominations as heretofore
with the exception of the addition to Series A of $500 and $1,000
denominations.
Beginning in January, Defense Savings stamps will be
accepted at their face value in lieu of cash as payment for
notes.
This provision permits taxpayers to accumulate Defense
Savings stamps and present them in payment of Tax Savings Notes
in any and all denominations.
Application may be made to purchase Tax Savings Notes
through local banks and savings and loan associations.
Applica
tion may also be made direct to Federal Reserve Banks and their
branches or to the United States Treasury, Washington,
^ T h e /notes provide a convenient,
D. C.
systematic means of saving to
pay Federal income, estate, and gift taxes.
Series A notes
yield approximately 1.92$ and Series B approximately .48$ when
used in payment of Federal incom^7 ystate, and gift taxes.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, December 24, 19^-1.
Press Service
N°. 29-2^
In continuing the Tax Savings Plan inaugurated in August this
year, the United States Treasury will offer shortly another issue
of Treasury Tax Savings Notes Series A and Series B, dated January
1, 19^2, due January 1, 1 9 ^ .
The new notes as well as those heretofore issued, will be
acceptable at par and accrued interest not only in payment of Fed
eral income taxes but may be presented in payment of estate and
gift taxes as well*
The new notes of both series are available
in the same denominations as heretofore with the exception of the
addition to Series A of Í500 and $1,000 denominations.,
Beginning in January, Defense Savings stamps wall be accepted
at their face value in lieu of cash qs payment for notes.
This
provision permits taxpayers to accumulate Defense Savings Stamps
and present them in payment of Tax Savings Notes in any and all
denominations.
Application may be made to purchase Tax Savings Notes through
local banks and savings and loan associations.
Application may
also be made direct to Federal Reserve/Banks and their branches
or to the United States Treasury, Washington, D. C. The notes
provide a convenient, systematic means of saving to pay Federal
income, estate, and gift taxes.
Series A notes yield approximate
ly 1 .9 2 $ and Series B approximately .
when used in payment of
Federal income, estate, and gift taxes.
-oOo-
Treasury Department
Division of Monetary Research
Date.............
To:
19
Mr. Schwarz - Room 388*
i
Mr. White has initialed the
attached, and suggests that
you have Mr. B. Bernstein
initial it also.
L. Shanahan
MR. WHITE
Branch 2058 - Room 214^
Secretary Morgenthau announced today that the arrangement
of July 14, 1937, under which the Central Bank of China has been
enabled to obtain dollar exchange under certain special conditions
has been extended for a period of six months beyond December 31,
1941« ^This arrangement is to be distinguished from the stabiliza-
'
s
tion agreement
oM-
-
.¿gf
,
nrnr concluded/earlier this year
with the Chinese Government and the Central Bank of China, which
provided for the purchase of Chinese Yuan by the United States
Stabilization Fund to the amount of $50,000,000, and for the
establishment by China of a United States Dollar-Chinese Yuan
Stabilization Fund.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE.
Wednesday, December 24, 19^1.
Press Service
No. 29-25
Secretary Morgenthau announced today that the arrangement
of July 1^, 1937, under which the Central Bank of China has been
enabled to obtain dollar exchange under certain special condi
tions, has been extended for a period of six months beyond Dec
ember 31 j 19 ^1'»
This arrangement is to be distinguished from the stabiliza
tion agreement concluded by the Secretary earlier this year with
the Chinese G-overnment and the Central Bank of China, which pro
vided for the purchase of Chinese Yuan by the United States Sta
bilization Fund to the amount of $50,000,000, and for the es
tablishment by China of a United States Dollar-Chinese Yuan
Stabilization Fund.
-oOo-
A im
-3during the taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular Ho. 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
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Reserve Banks and Branches, following which public announcement will be made by the
v Secretary of the Treasury of the amount and price range of accepted bids. Those sub-
ipi
I mit ting tenders will be advised of the acceptance or rejection thereof.
ill
•/'•*
g
The Secretary
■
of the Treasury expressly reserves the right to accept or reject any or all tenders, li
i whole or *** P8-7**, and his action in any such respect shall be final.
Payment of ac
cepted tenders at the prices offered must be made or completed at the Federal Reserve
Bank in cash or other immediately available funds on December 31, 1941, provided, how«
Bl
ever, any qualified depositary will be permitted to make payment by credit for TreasurJ
|N bills allotted to it for itself and its customers up to any amount for which it shall
be qualified in excess of existing deposits when so notified by the Federal Reserve
g g Bank of its District.
The income derived from Treasury bills, whether interest or gain from the
g sale or other disposition of the bills, shall not have any exemption, as such, and
ig; 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 | I
be subject to estate, inheritance, gift, or other excise taxes, whether Federal or
State, but shall be exempt from all taxàtion now or hereafter imposed on the principal
PS
; > or interest thereof by any State, or any of the possessions of the United States, or by]
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g
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 in- J
Ilf
g g terest.
sis
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
n
I
3$ hereunder are sold shall not be considered to accrue until such bills shall be sold,#
t redeemed or otherwise disposed of, and such bills are excluded from consideration as
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&
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 /
Pi
jK between the price paid for such bills, whether on original issue or on subsequent pur-1
4 chase, and the amount actually received either upon sale or redemption at maturity
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TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Friday, December 26, 194-1_____ •
The Secretary of the treasury, hy this nubile notice, invites tenders
for $ 150jOOP>000
, or thereabouts, of
76 -day Treasury hills, to he issued
on a discount basis under competitive bidding.
be dated
December 31, 1941
The bills of this series will
and will mature March 17, 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, December 29, 194-1,
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1,000, and the price offered must be expressed
on the basis of 100, %rith 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.
I
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 axe accompanied by [1
an express guaranty of payment by an incorporated bank or trust company
Im m ed ia tely a f t e r th e c l o s i n g h o u r , te n d e r s w i l l be op en ed a t the Federal
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December 26, 1941.
The Secretary of the Treasury, by this public notice, invites
tenders for $150,000,000, or thereabouts, of 76-day Treasury "bills,
to be issued on a discount basis under competitive bidding.
The
bills of this series will be dated December 31., 1941, and will mature
March 17, 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 }4
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o ’clock p. m,, Eastern Standard time,
Monday, December 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. 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 guarantyv.bf '
payment .by .an,.,incdrporatBd.ybank 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 o f .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
29-26
-
2
-
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 December 31,
1941, provided, however, any qualified depositary will be permitted
to make payment by credit for Treasury bills allotted to it for
itself and its customers up to any amount for which it shall be
qualified in excess of existing deposits when so notified by the
Federal Reserve Bank of its District.
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 taxés, 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) (!'
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 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.
- 60 o
PRESS RELEASE
The Bureau of Customs announced today that equal opportuni
ties will be afforded at all customs ports of entry for filing
entries and withdrawals for consumption covering molasses and
sugar sirups, not specially provided for, which contain soluble
nonsugar solids (excluding any foreign substance that may have been
added) equal to more than 6 per centum of the total soluble solids,
at the opening moment of the tariff rate quota for the calendar
year 1942, provided in the trade agreement with the United Kingdom.
The collectors of customs have been instructed that no entries
or withdrawals for consumption covering these commodities shall be
filed on January 2, 1942, before 12 noon Eastern Standard Time,
11 A. M. Central Standard Time, 10 A. M. Mountain Standard Time
and 9 A. M. Pacific Standard Time.
Entries and withdrawals for consumption covering quota class
molasses and sugar sirups may be accepted at the lower rate of
duty provided for in the trade agreement, provided delivery permit
is not released pending determination of their quota status.
If
delivery permit is desired before such determination, importers of
these commodities will be required to deposit estimated duties at
the full rate.
Excessive duties deposited on entries or withdrawals
found to be within the quota will be refunded.
(Prepared - Appeals and Protests (Quota Unit)
Bureau of Customs)
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TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, December 24, 1941.
Press Service
No. 29-27
The Bureau of Customs announced today that equal opportuni
ties will be afforded at all customs ports of entry for filing
entries and withdrawals for consumption covering molasses and
sugar sirups, not specially provided for, which contain soluble
nonsugar solids (excluding any foreign substance that may have
been added) equal to more than 6 per centum of the total soluble
solids, at the opening moment of the tariff rate quota for the
calendar year 194-2, provided in the trade agreement with the
United' Kingdom.
The collectors of customs hqve been Instructed that no
entries or withdrawals for consumption covering these commqdities
shall be filed on January 2, 1942, before 12 noon Eastern Standard
Time, 11 A. M. Central Standard Time, 10 A. M. Mountain Standard
Time and 9 A. M. Pacific Standard Time.
Entries and withdrawals for consumption covering quota class
molasses and sugar sirups may be accepted at the lower rate of
duty provided for in the trade agreement, provided delivery per
mit is not released pending determination of their quota status.
If delivery permit is desired before such determination, import
ers of these commodities will be required to deposit estimated
duties at the full rate. Excessive duties deposited on entries
or withdrawals found to be within the quota will be refunded.
oOo
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, December 24, 1941
Press Service
Servie»
No. 2 ^ - ^ /
The Minister of Denmark to the United States has informed the
Secretary of the Treasury that coupons falling due January 1, 1942, on
Kingdom of Denmark 6% External Gold Bonds, due January 1, 1942 will not
be paid in dollars if held by Denmark or persons within Denmark.
The
Danish Minister has requested the assistance of the Secretary of the
Treasury in making this limitation effective.
In view of this request, the Treasury Department today issued
Public Circular No. 9, which revokes all outstanding licenses and authori
zations to the extent that they would otherwise permit sale, presentation
for payment or redemption, or other disposition, on behalf of Denmark or
persons within Denmark, of such coupons and other Danish securities.
The text of the letter from the Danish Minister is as follows:
"I beg to inform you that the Kingdom of Denmark is
desirous of paying the coupons falling due on January 1, 1942,
of the Kingdom of Denmark 20-Year 6% External Gold Bonds.
It
is planned to exclude from payment in dollars the coupons pre
sented on behalf of Denmark or persons within Denmark.
BIt will facilitate this program if appropriate restrictions are imposed upon transactions and dealings for the
account of Denmark or persons within Denmark in Danish securities.
Accordingly, I would appreciate your imposing the necessary re
strictions .n
TREASURY DEPARTI [EUT
Washington
FOR rJMEDI ATE RELEASE
Wednesday, December 24, 1941
Press Service
No. 29-28
The Minister of Denmark to the United States has informed
the Secretary of the Treasury that coupons falling due January E 1942, on Kingdom of Denmark 5 % External Gold Bonds, due January 1,
1942 will not be paid in dollars if held by Denmark or persons
within Denmark. The Danish Minister has requested the assistance
of the Secretary of the Treasury in making this limitation effec
tive.
In view of this request, the Treasury Department today
issued Public Circular No. 9, which revokes, all outstanding
licenses and authorizations to the extent that they would othervrise permit sale, •presentation, for payment or redemption, or
other disposition, on behalf of Denmark or persons within Denmark,
of such coupons and other Danish securities.
The text of the letter from the Danish Minister is as
follows:
beg to inform you that the Kingdom of Denmark
is desirous of paying the coupons failing due on January 1,
1942, of the Kingdom of Denmark 20-Year 6 % External Gold
Bonds. It is planned to exclude from payment in dollars
the coupons presented on behalf of Denmark or persons
within Denmark.
nIt will facilitate this program if appropriate
restrictions are imposed upon transactions and dealings
for the account of Denmark or persons within Denmark in
Danish securities. Accordingly, I would appreciate your
imposing the necessary restrictions.tf
■oOo1
Truee iumired
and
fifty thousand post m presenting instructions on
filing of tax retons are being prepared by the Treasury Department
for distribution to corporations through the sixty^four offices of Cob*
lectors of Internal revenue*
The new t o schedules require the filing of returns by all single
persons taring gross incogs of |?$0 or more, .and all married person»
having gross incomes of f1,500 or sore*
{.A copy o f the fo ld e r I s attached*)
Tmimm. m p A i m m r
Weshtogtoii
Press Service
Ho*
*2ow to File lair Income 'Tax the Stopl© Way,1* a folder containing
illustrations of the proper laethod to he used in filling out the sis»»
plified income tax return Fora 1040A and a table showing; asounts payable
la various iiusooo brackets, will be made available to more than 15,000,000
potential taxpayers shortly after January 1 # the Treasury Department
announced today*
These folders will be mailed along 'with Individual Income fax re»
turns to all personas who filed during the 1941 period*
to additional six million copies are being printed for distribution
through mtserous channels to persons who will file -their first returns
during the casing period* These channels include Savings and Loan Asso
ciations, labor unions, banka and corporatioxia• The cooperation of sev
eral Government agencies and business associations is also being sought
In an effort to place the leaflet in the hands of 11 taxpayers as soon
after Hew Year*© Bay a© possible*
Tl^ .groups mentioned are being asked to inform the public that mple
quantities of the folder will be available at the offices of Collectors
of Internal Bevenue throughout the Hatlon*
Arrangements are being mads with the United States Chamber of Coaacres, tii® national Association of Manufacturers, and the toarlcan
3-ankers Association to carry & presentation of the folder in the Jan»
uaxy issues of their publications*
flic folder shows that small taxpayers using Form 1040 A will be
required to fill to only six Itents* These staple steps are shown by
numbers to the iXlustretion, and the taxpayer 1 © able to read directly
from
the table the amount of tax he will pay*
1
f\d
\
\
Washington
Press Service
Ho*
«low to Pile lour Income fax the Simple lay»1* a folder containing
illustrations of the proper method to be used la filling out the sia~
plifiod income tax return Form 10/jQA sad a table showing amounts payable
in various income brackets, will be made available to more than 15,000,000
potential taxpayers shortly after January 1 , the Treasury Department
announced today*
These folders will be mailed along with Individual Income Tax re~
turns to all persons who filed during the 1941 period*
An additional six million copies are being printed for distribution
through numerous channels to persons who will file their first returns
during the costing period* These channels Include Savings and Loan Asso
ciations, labor unions, banks sad corporations* The cooperation of sev
eral Government agencies and business .associations is also being sought
in an. effort to place the leaflet in the- hands of all taxpayers as soon
after How Year*© fey as possible*
The groups mentioned are being asked to inform the public that ample
quantities of tlm folder will be available at the offices of Collectors
of Internal .Revenue throughout the nation*
Arrangements are being made with the United States Chamber of Com
merce, the national Association of Manufacturers, and the American
Bankers Association to carry a presentation of the folder in the Jan
uary issues of their publications*
The folder shows that small taxpayers using Form 1040' A will be
required to fill in only six Items* These simple stops are shorn fey
numbers in the illustration, and the taxpayer is able to road directly
from the table the amount of tax he will pay*
Three hundred and ftf% thousand post r# presenting instructions os
the filing of tax returns are being prepared Jay" the Tresmiry Bepartseot
for distribution to corporations through the sixty-four office# of Col
lectors of Internal E©r«Biis*
The new tax schedules require the filing of return# by all single
parsons haring .gross incomes of #730 or more, and all married., persons
haring gross income# of 11,500 or more.
(A copy of the folder is attached*)
temsobï i w a k m i t
Washington
Press Service
Ko.
«low to File lour Income fax the Simple Way,« a folder containing
illustrations of the proper method to be used In filling out the sis*»
pllfied income tax return Form 1040A and a table showing amounts payable
la Various income brackets, will be made available to more than 15,000,000
potential taxpayers shortly after January 1, the Treasury Department
announced today.
These folders will be nailed along with Individual Income Tax re
turns to »11 persons who filed during the 1941 period.
An additional six million copies are being printed for distribution
through numerous channels to persons who will file their first returns
during the coming period. These channels include Savings and Doan Asso
ciations, labor unions, banks and corporations* The cooperation of sev
eral Government agencies and business associations is also being sought
in an effort to place the leaflet in the hands of .11 taxpayers as soon
after Hew Yearns Day as possible.
The groups mentioned are being asked to inform the public that ample
quantities of the folder will be available at the offices of Collectors
of Internal Revenue throughout the nation*
Arrangements are being made with the United States Chamber of Com
merce, the National Association of Manufacturers, and the American
Bankers Association to carry a presentation of the folder in the Jan
uary issues of their publications*
The folder shows that small taxpayers using Fora 1040 A will be
required, to fill in. only six items* These simple steps are shown by
numbers in the illustration, and the taxpayer is able to read directly
from the table the amount of tax he will pay.
II
iiisiii
„ y - , .
1
It-1 Single copy to be mailed to 000 now«paper*
on or about January 1, 1942, with press
release to he prepared by U. S. Treasury,
Public Halation* Division.
it)
AMD LOAM ASSOCIATIONS * Request that
Covcmor, Ftieral' ^ont loanBank System,
send 1 © coy of the folder to each saving*
and loan associaUon with covering letter
similar to the one sent out by the Federal
Deposit Insurance Corporation*
mm
(g) Arrangements have already been made with
American Banker* Association publication
"Banking* t© carry In January issue double
page presentation of folder stating in the
text of the article that additional copies
may be secured through the local office of
Collector of Internal Revenue*
f*
360,000 posters now in preparation to be distributed on )
or about January 1* 1942, by the 64 office* of the
Collector of Internal Revenue to corporation«.
3*
Ask the American Newspaper Publishers Association to
secure cooperation of all newspapers beginning January 1,
1942, In running daily tax brevities on front page above
headline a* followss
■
ONLY
DAYS TO FILE YOUR INCOME TAX RETURN
Consult the nearest Collector
of Internal Revenue
Tax Information
Bags___ _ _ _ _
Possibility is being considered of having Walt Disney
develop on® or more animated ssovie short* for distribu
tion to as many theatres as possible after January 1,
1942.
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The following reduces to writing our conversation in four offlee
yesterday*
1«
Suggest printing at least El.000.000 folders #How to
File Tour Income Tex HUE SIMPLE WAT#*
15,000,000 copies to he nailed on or about
January 6, 1942, with Individual Inooae Tax ,
Heturna»
x 6,000,000 to be available for distribution
<v
through the following channels on or about
January 1, 1942!
(a) MM..S* Request that Federal Deposit In
surance Corporation send at least one
copy with covering letter to all bants
In the country, exclusive of national
bants. Suggest that the Comptroller of
the Currency send a similar letter with
enclosure to all National bants* Cover
ing letter to state that additional
ooples are available through the local
offlee of Collector of Internal Revenue*
i
(b) M X Q .itc * Commissioner of Internal Revenue
will notify various unions that copies of
the folder are avsliable at local offices
of Collector of Internal Revenue•
(o) S$iE2SSI12Si* Request that U. 3* Chamber
of Commerce and national Association of
Manufacturers include item In their
January bulletin stating that copies of
the folder may be secured from local
offices of Collector of Internal Revenue*
§¡§1
K§K®M<ipg&
m-^ . M0SM li.»¿ai
(d) Single copies to be mailed to 4,000
business publications, house organs, and
company magetines, together with press
release, requesting that contents be pub
lished in January end February issues*
Press release and covering letter to be
prepared by Internal Revenue Department
and sent to A* E* Wilson, Chief, Division
of Savings Bonds, for mailing*
tessmter W ê imi
¥MMt
TO s
$ # s r g s BultlAfftoft
' Ssmrsfmrar tergsaitem
Mrs. tisis
i* 1 * t A i
Mr* Blotkÿb
Mr* fol#/
Ir.
Mr. ü m v m
Mr* Ha&s
Mr* tote
Mr*
’•“ "“Kir*
Mr.
Mr.
Mr.
Morris
Sotemr*
Bulliw a
Thompson
üilsi
SupplsaoBltiMs mir sottrateli» of Dseomosr &,
i t e m u e lite s m p i i f l s s I t e s # tte € o f t l s i r l t e i l n g i t e
fo lá sr “Mw lo m e Tour Xm
m
* Ta* f i s SIMPLE KA&»
effort to stimulate taxpayers to
^ JThree hundred and fifty thousand posters presenting instructions on
the filing of tax returns are being prepared by the Treasury Department
for distribution to corporations through the^S^bffices of Collectors
of Internal Revenue.
The new tax schedules require the filing of returns by all
single persons having gross incomes of $750 or more, and all married
persons having gross incomes of $1,500 or more.
(A
0 £ V
'•How to File
E>
Your Income Tax the Simple Way," a folder containing
i
j-Jy2aam ^
illustrations oji the proper method to he ompieycd in owecnt'igg the
1rkte tvn J tawf ir c f u f O
simplified^! Form 1040A and a table showing amounts payable in various
income brackets,
■péii#*, will
be made available to more than 15,000,000 potential taxpayers shortly after
January lefe, the Treasury Department announced today. ^These folders will
be mailed along with Individual Income Tax returns to all persons who
filed M00SS& during the 1941 period.
An additional six million copies are being printed for distri
bution through numerous channels to persons who will file their first
returns during the coming period.
These channels include Savings and
Loan Associations, ^.bor Imions, banks and corporations*
cocp&§
i
at
eration of acitem government agencies and business associations is^being
in an effort to place the leaflet in the hands of all taxpayers as
soon after ttw New Year^^^ossible. frtie groups mentioned are being
ofi -fAA P a fe/ef*
asked to inform the public that ample quantitiesAwill be available
Me
offices of Collectors of Internal Revenue throughout the Nation.
/Arrangements )*wtm sfam ba&ar made with the United States
Chamber
of Commerce, the National Association of Manufacturers and the American
Bankers Association to carry a presentation of the folder in the January
issued of their publications.
&
Trh^
Th^folder Itoaieerte's that^taxpayers using3B3t Form 1040A will
AM.
be required to fill^only six itemSygOdBM4jiMMM&££iiul^w» These simple steps
are shown
by numbers in the illustration, and the tax-
payer is able to read directly from the table the amount of tax he will
pay.
Three hundred and fifty thousand posters presenting instructions on
the filing of tax returns are being prepared by the Treasury Department
for distribution to corporations through the sixty-four offices of Col
lectors of Internal Revenue*
The new tax schedules require the filing of returns by all single
persons having gross incomes of $750 or more, and all married persons
having gross incomes of Si. *500 or more.
TREASURY DEPARTMENT
C b u U *
1 f
' i 7
"How to File Your Income Tax the Simple Way,” a folder containing
illustrations of the proper method to be used in filling out the sim
plified income tax return Form 1040A and a table showing amounts payable
in various income brackets, will be made available to more than 15,000,000
potential taxpayers shortly after January 1, the Treasury Department
announced today.
These folders will be mailed along with Individual Income Tax re
turns to all persons who filed during the 1941 period.
An additional six million copies are being printed for distribution
through numerous channels to persons who will file their first returns
during the coming period.
These channels include Savings and Loan Asso
ciations, labor unions, banks and corporations.
The cooperation of sev
eral Government agencies and business associations is also being sought
in an effort to place the leaflet in the hands of all taxpayers as soon
after New Year’s Day as possible.
The groups mentioned are being asked to inform the public that ample
quantities of the folder will be available at the offices of Collectors
of Internal Revenue throughout the Nation.
Arrangements are being made with the United States Chamber of Com
merce, the National Association of Manufacturers, and the American
Bankers Association to carry a presentation of the folder in the Jan
uary issues of their publications.
The folder shows that small taxpayers using Form 104.0 A will be
required to fill in only six items. These simple steps are shown by
numbers in the illustration, and the taxpayer is able to read directly
from the table the amount of tax he will pay.
THE USE
OF SIMPLIFIED INCOME TAX RETURN
EXPLAINED
PORM 1040A simplifies filing income tax returns for millions
of small taxpayers.
If you use this simple Form 1040A you can prepare your return
in a few minutes.
The filing of a return isi required by all single persons having
gross incomes of $750 or more, and for all married persons
having gross incomes of $1,500 or more.
Form 1040 A m ay be used by persons who are required to file
returns but who have gross incomes of not more than $3,000
from salaries, wages, compensation for personal services, divi
dends, interest, rent, annuities, and royalties only.
The tax shown on Forifi 1040A automatically makes provision
for deductions and family status.
The six simple steps required are shown by numbers in the
illustration on the inside! pages.
If you are not eligible to use Form 1040A, or do not choose to
use it, then you should file on Form 1040.
Illustrations of the amount of tax on 1941 incomes for persons
using Form 1040 are shown on the last page of this folder.
FORM 1040 A
Just six items
to fill in
OPTIONAL
INDIVIDUAL INCOME TAX RETURN
THISRETURNMAYBEFILEDINSTEADOFFORM1040BY
CITIZENSORRESIDENTALIENSIFGROSSINCOME
ISNOTMORETHAN$3,000ANDISONLY
FROMSOURCESSTATEDHEREON
—
PRINT NAME AND HOM E OR RESIDENTIAL ADDRESS PLAINLY BELOW
Yofir name,
address, and
occupation
PLA CE C H E C K M A R K (✓ ) IN T H E A PPL IC A B L E B LO C K □ B EL O W
Single (and not head of family) on last day of year......... LJ
Do not write in three spaces
Married but not living with husband or wife (and not
head of family) on last day of year....................... J ...... O
(Cashier's Stamp)
... ..........
(/ (Name) (Uh pveeHantsofbotlihottaapStlsift,tfdrea«jointreturn)
.....................
(County)
......................
COLUMN
A
COLUMN
B
Bui dal ite r
Yaw Us is
Y«ur t u i.
F
Incarna idkjatl talas (¡Isaa S) i*
COLUMN
A
COLUMN
B
Ovar
Sul Ml u m
Ystir las is
Yaur las is
IF
Incarna aubjact ta la s (ita* S) il
(h e r
But nat a ttr
COLUMN
A
Yaur U s is
COLUMN
B
Yaur
litla
860
81
8750
80
80
8 1 ,5 0 0
8 1 ,5 2 6
863
81
8 2 ,2 5 0
8 2 ,2 7 5
3128
775
l
0
1 ,5 2 5
1 ,3 5 0
65
2
2 ,2 7 5
2 ,3 0 0
130
63
D EPEN D EN TS ON LAST DAY O F YEAR
776
800
2
0
1 ,5 5 0
1 ,5 7 5
68
3
2 ,3 0 0
2 ,3 2 5
132
66
Lilt persons deriving their thief support from you (other than husband or wife) under 18 years of age or mentally or physically
incapable of self-support
800
825
3
0
1 ,5 7 5
1 ,6 0 0
70
5
2 .3 2 5
2 ,3 5 0
134
67
825
850
5
0
1 ,6 0 0
1 ,6 2 5
72
6
2 ,3 5 0
2 ,3 7 5
137
69
850
875
7
0
1 ,6 2 5
1 ,6 5 0
74
7
2 ,3 7 5
2 ,4 0 0
139
71
875
900
9
0
1 ,6 5 0
1 ,6 7 5
76
9
2 ,4 0 0
2 .4 2 5
141
73
900
925
11
0
1 ,6 7 5
1 ,7 0 0
78
11
2 ,4 2 5
2 ,4 5 0
143
76
926
950
14
0
1 .7 0 0
1 ,7 2 5
80
13
2 ,4 5 0
2 ,4 7 5
145
78
950
975
16
0
1 ,7 2 5
1 ,7 5 0
83
15
2 .4 7 5
2 ,5 0 0
147
80
1 ,7 5 0
1 .7 7 5
85
17
2 ,5 0 0
2 ,5 2 5
150
82
2 ,5 2 5
2 ,5 5 0
152
84
2 ,6 7 5
154
86
U If yaara of aga ar t w , gif» t N M I« luting
G R O S S IN C O M E LESS ALLOWANCE F O R D EPEN D EN TS
1. Salary, wages, and compensation for personal services............................... - .........
2. Dividends, interest, rent, annuities, and royalties.............................................. ......
3. Total...... 4 ............................. .......................................... ............................-............
4.
Less: $400 for each dependent............................................ ......... ......
(If you are the head of a family (see definition on other side) only Secauie of dtpindtrS{t) listed about, !
listed dependent txcepl one)
5. INCOME SUBJECT TO TAX........................................................................................
TA X
6. Tax to be paid (from Column A or B of table on other side)..
1/we swear (or affirm) that this return has been examined b)t me/us, and, to the best of my/our knowledge and belief, 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 this ............day o f,
. 1942.
(Signtturlandtill*ofofficeradministerineoath)
Read your tax
directly from
the table
IF YOU CHECKED ONE OF ABOVE, FIND YOUR TAX IN COLUMN B
750
List your income
Indicate your
family status
IF YOU CHECKED ONE OF ABOVE, FIND YOUR TAX IN COLUMN A
Cash-Cheeh-M . 0.
Na m «I dapandant
Subtract
your credit
for dependents
Married and living with husband or wife on last day of
year but each filing separate returns.......................... Q
Over
(Stale)
Married and living with husband on wife on last day
year, and this return includes all income of husband % /
and wife................................... ............ ........................... IFl
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
IF
Ik m m subjacl Iotas (¡lam S) it
(Street end lumber, a rare! rente)
OctlipttÌM...
Your dependents
1941
UNITED STATES
(Signature)
(Ifthiau ajointreturn,itmutibesignedbybothhusbandandwife. Itn
yesworntobeforeaproperofficerbythespousepreparingthereturn.)
An income tax return is required to be filed by single persons having a gross income (item 3 above) of $750 or more and mar
ried persons having a gross income of $1,500 Or more. A husband and wife may make a joint return on this form if their combined
gross income is not more than $3,000. A separate return may be made on this form if the gross income of the one filing the re
turn is not more than $3,000. If this return is used, it must be filed with the Collector of Internal Revenue for your district on or
before March 15, .1942. The tax may be paid in equal quarterly installments commencing March 15, 1942. Pay tax. if any, to
the Collector and if payment is made by check or money order, make payable to “Collector of Internal Revenue."
\
975
1 ,0 0 0
IS
0
1 ,0 0 0
1 ,0 2 5
20
0
1 ,0 2 5
1 ,0 5 0
22
VÉ ^
I t ,0 5 0
1 ,0 7 5
24
i m
a
4 r " S
L
O
iT o o
l . '^
l > * ^ 2 9
1«Asm1»
1 ,8 2 5
1 ,8 0 0
1 ,8 2 5
1 ,8 5 0
1 ,1 0 0
t
*
'
89
1 ,8 5 0
91
1,575»
93
1 ,9 0 0
96
2 ^
k
2 ,5 5 0
24
|
2 ,5 7 5
2 .6 0 0
156
89
" I S T .S 2 .6 0 0
2 ,6 2 5
158
91
2 ,6 2 5
2 ,6 5 0
160
93
30
2 ,6 5 0
2 ,6 7 5
163
93
100
32
2 ,6 7 5
2 ,7 0 0
165
97
1 ,9 7 5
102
35
2 .7 0 0
2 .7 2 5
167
99
1 .9 7 5
2 ,0 0 0
104
3T
2 .7 2 5
2 .7 5 0
169
102
0 ^
r
■®P
f f l.1 3 0
31
0
1 ,9 0 0 "
Ì
f
1 ,1 7 5
33
0
1 .9 2 5
1 ,9 5 0
1 ,2 0 0
35
0
1 .9 5 0
1 ,2 2 5
37
0
1 ,2 2 5
1 ,2 0 0
39
0
2 ,0 0 0
2 ,0 2 6
106
39
2 ,7 5 0
2 ,7 7 5
172
104
1 ,2 5 0
1 ,2 7 5
42
0
2 .0 2 5
2 ,0 5 0
109
41
2 ,7 7 5
2 .8 0 0
174
106
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 .3 2 5
177
108
1 ,3 0 0
1 ,3 2 5
46
0
2 ,0 7 5
2 ,1 0 0
113
45
2 ,8 2 6
2 ,8 5 0
180
110
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
183
112
1 ,3 5 0
1 ,3 7 5
50
0
2 ,1 2 5
2 ,1 5 0
117
50
2 ,8 7 5
2 ,9 0 0
186
114
1 ,3 7 5
1 ,4 0 0
52
0
2 ,1 5 0
2 ,1 7 5
119
62.
2 .9 0 0
2 .9 2 5
189
117
1 ,4 0 0
1 ,4 2 5
55
0
2 ,1 7 5
2 ,2 0 0
122
64
2 ,9 2 5
2 ,9 5 0
191
119
1 ,4 2 5
1 ,4 5 0
57
0
2 ,2 0 0
2 ,2 2 5
124
66
2 ,9 3 0
2 .9 7 5
194
121
1 ,4 5 0
1 .4 Ì5
59
0
2 ,2 2 5
2 ,2 6 0
12«
58
2 ,9 7 5
3 ,0 0 0
197
123
1 ,4 7 5
1 ,5 0 0
61
0
The income to be reported in this return is gross income (not including income which is wholly exempt from income tax)
without ahy deductions. The taxes in the above table are such that they generally compensate for deductions and credits
not allowable if this form is used.
I.».COVISNUtSt MINTING C
16- 26318-1
FORM 1040 A , FRONT
FORM 1040 A , BACK
On the inside of this folder y<3Ti wulfihd a sam
ple of the new, sim plified Form 1040 A, with
directions for using it.
If you are not eligible to use the simplified
form, 1040 A, or if you prefer not to use it, then
Form 1040 must be filed.
The following table shows how much you will
have to pay in individual income tax on 1941 net
income before deduction of personal exemptions
and credit for dependents from salaries and wages
of selected sizes if y o u use Form 1040.
*Net income
fromsalary
or wages
Tax for marriedpersonliving with
Taxfor single
husbandor wife
person, not
headof
family—No
No
pend 2depend* 3depend
dependents depend 1de
ents
ents
ent
ents
$ 750_
_
_
800_
_
_
900_
_
_
$3
11
1,000_
_
_
1,100_
_
_
1,200_
_
_
1,300_
_
_
1,400_
_
_
1,500_
_
_
1,600_
_
_
1,700_
_
_
1,800_
_
_
1,900_
_
_
21
31
40
50
59
69
79
88
98
107
$6
13
23
32
_
_
2,000_
2,100_
_
_
2,200_
_
_
_
_
2,300_
2,400_
_
_
2,500_
_
_
117
127
136
146
155
165
42
52
61
71
80
90
$6
12
21
31
40
50
$6
12
_
_
3,000_
3,500_
_
_
_
_
4,000_
4,500_
_
_
221
284
347
410
138
186
249
312
98
146
197
260
58
106
154
208
5,000_
_
_
6,000_
_
_
483
649
375
521
323
453
7,000___
8,000___
9,000___
10,000___
12,000___
14,000___
16,000___
18,000___
20,000___
22,000___
24,000___
825
1,031
1,247
1,493
2,035
2,657
3,354
4,112
4,929
5,807
6,744
687
873
1,079
1,305
1,817
2,409
3,084
3,819
4,614
5,469
6,384
619
789
995
1,205
1,701
2,277
2,940
3,663
4,446
5,289
6,192
HOW
TO 1
FILE YOUR
INCOME
TAX
TH E
SIM P LE
WAY
As a service to taxpayers, I have had
prepared the attached information to
help you in filing your income tax return
for this year.
$18
66
114
162
271
219
397
551
717
911
1,117
1,597
2,157
2,805
3,516
4,287
5,118
6,009
345
483
649
827
1,033
1,497
2,041
2,673
3,372
4,131
4,950
5,829
*Net income after allowable deductions, but before
deduction of personal exemptions and credit for de
pendents.
16- 25318-1
If you wish any additional information,
I suggest you go to the nearest Collector
of Internal Revenue who, I am sure, will
be glad to answer your questions.
« *■
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, December 28, 19^-1.
Press Service
No. 29-29
12/26/il
’’Row to File Your Income Tax the Simple Way,,f a folder
containing illustrations of the propfeN^rthod to be used in
filling out the simplified income tax return Form 104-0A and a
table showing amounts payable in various income brackets, will
be made available to more than 15 ,000,000 potential taxpayers
shortly after January 1, the Treasury Department announced today,
■ These folders will be mailed along with Individual Income
Tax returns to all persons who filed during the 19^1 period.
An additional six million copies are being printed for
distribution through numerous channels to persons who will file
their first returns during the coming period. These channels
include Savings and Loan Associations, labor unions, banks and
corporations. The cooperation of several Government agencies and
business associations is also being sought in an effort to place
the leaflet in the hands of all taxpayers as soon after New Year’s
Day as possible.
The groups mentioned are being asked to inform the public
that ample quantities of the folder will be available at the
offices' of Collectors of Internal Revenue throughout the Nation,
Arrangements are being made with the United States Chamber
of Commerce, the National Association of Manufacturers, and the
American Bankers Association to carry a presentation of the folder
in the January issues of their publications.
The folder shows that small taxpayers using Form 10^-OA will
be required to fill in only six items. These simple steps are
shown by numbers in the illustration, and the taxpayer is able
to read directly from the table the amount of tax he will pay.
Three hundred and fifty thousand posters presenting instruc
tions on the filing of tax returns are being prepared by the
Treasury Department for distribution to corporations through the
sixty-four offices of Collectors of Internal Revenue.
The h-ew tax schedules require the filing of returns by all
single persons having gross incomes of 175^ or ®ore, and all
married persons having gross incomes of $1,500 or more.
(A copy of the folder is enclosed. )
— oO o—
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Satm-day«, December 2?. 19A1
Press Service
No. ¿ 7 - 3 0
The President last night issued an Executive Order freezing
Hong Kong assets in the United States.
This action was taken as the
result of the fall of Hong Kong into Japanese hands.
Under the new
Executive Order all financial and trade transactions in which Hong Kong
interests are involved are brought under the control of the Government
and criminal penalties for any violations are imposed.
The new Executive Order also provides for the automatic
freezing of the assets of any other territory in case it should be
occupied or overrun by the military, naval or other forces of the Axis.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Saturday, December 27, 1941
Press Service
No. 29-30
ihe Presiaent last night issued an Executive Order freezing
m g Kong assets in the United States.
This action was taken as the
result of the fall of Hong Kong into Japanese hands.
Under the new
Executive Order all financial and trade transactions in which
Hong Kong interests are involved are brought under the control of
the Government and criminal penalties for any violations are imposed.
The new Executive Order also provides for the automatic
freezing of the assets of any other territory in case it should be
occupied or overrun by the military, naval or other forces of the
Axis.
EXECUTIVE ORDER HO, 8998
AMENDMENT OF EXECUTIVE ORDER NO. 8389
OF APRIL 10, 1940, AS AMENDED
Ö ÌÌHM P
By virtue of the authority vested in me by Sections 3(a)
and 5(b) of the Trading with the enemy Act of October 6, 1917
(40 Stat. 415), as amended by Title III of the First War Powers
Act, 1941 (Public No. 354, 77th Congress), and by virtue of
oil other authority vested in me, I, FRANKLIN D. ROOSEVELT,
RESIDENT of the UNITED STATES OF AMERICA, do hereby amend
xecutive Order No. 8389 of April 10, 1940, as amended, in
he following respects:
(1) By changing the period at the end of subdivision
(1) of section 3 of such Order to a semi-colon and adding
the following new subdivision thereafter:
(m)
June 14, 1941—
Hong Kong.
(2)
By amending paragraph B of section 5 of such Order to
read as follows:
B.
The term »United States» means the United
States and any place subject to the jurisdiction thereof,
and the term "continental United States" means the states
of the United States, the District of Columbia, and the
Territory of Alaska; provided, however, that for the pur
poses of this Order the term "United States" shall not
be deemed to include any territory included within the
term "foreign country" as defined in paragraph D of this
section.
(3) By'substituting the following in lieu of subdivision
(iii) of paragraph D of section 5:
(iii) Any territory which on or since the effective
date of this Order is controlled or occupied by the military, naval or police forces or other authority of such
foreign country;
(iv) Any person to the extent that such person is,
or has been, or to the extent that there is reasonable
cause to believe that such person is, or has been, since
such effective date, acting or purporting to act directly
or indirectly for the benefit or on behalf of any of the
foregoing.
Hong Kong shall be deemed to be a foreign country within the
meaning of this subdivision.
THE WHITE HOUSE,
December 26, 1941
FRANKLIN D. ROOSEVELT
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Saturday, December 27, 1941
Press Service
No •
^ I
In view of the occupation of Hong Kong, and the freezing
of Hong Kong assets by the President, the Treasury Department has
issued Public Circular No# 10, which revokes certain general
licenses which specifically relate to Hong Kong#
The public
circular also has the effect of blocking the accounts of all
banks in Hong Kong and in occupied China, and of preventing the
offices in Hong Kong and occupied China of such banks from
financing trade and handling remittances between the United States
and China
TREASURY DSPART’.IEIIT
Washington
-ri A n
i 1
tat A r*PI?
Uit tX' i-t rli- .i-"in
L j jj 1il 1 ill
Service
m * O f9-31
Pre;
¿S3ITT T? A Q If
I b ' J - j i - J l l i X x O J-J
Saturday/ December 27, 1941
In view of the o ccupaticin of I:[ong Kong, and
freezing of Hong Kong assets b?r the IResident, the
Treasury Deoartment hiis issued Publies Circular T:o,
wliieli revokes certain general licenses which specifically
relate to Hong Kong.
The public circular also has the
effect of blocking the accounts of all banks in Hong Kong
and in occupied China, and of preventing the offices in
Hong Kong and occupied China of such banks from financing
trade and handling remittances between the United States
and China,
-ôOô-
TREASURY DEPARTMENT
Office of the Secretary
December 26, 1941
PUBLIC CIRCULAR NO. 10
UNDER EXECUTIVE ORDER NO. 8689, APRIL
10, 1940, AS AMENDED, AND REGULATIONS
ISSUED' PURSUANT THERETO, RELATING- TO
TRANSACTIONS IN FOREIGN EXCHANGE, ETC,»
1*
G-eneral License No. 57 is hereby revoked.
2.
The offices within Hong Kong and occupied China of
banks named in Schedule A of (General License No. 58, shall,
as of the date herepf, cease to be appointed banks, and, as
of the date hereof,
such offices shall also cease to be
generally licensed nationals within the meaning of (General
Licenses Nos, 59, 60,-or 61, a n d ’such general licenses are.
to such extent hereby revoked.
3*
.G-eneral License No. *16 is hereby amended in. thé
following respects:
4,
•„
'
*
.
.(a)
The word HHong K o n g ” is deleted from sub
division (a) cf paragraph (1) thereof; and
(b)
The words ’’Hong K o n g ” and ’’Penang*’ are
deleted from subdivision (b) of paragraph
(l) thereof,
Subparagraph (a) of paragraph (3) of G-eneral License
No. 53 is hereby amended in the following respects:
(1)
A semicolon is substituted for the period
at the end of item (x) thereof; and
(2)
The following proviso to all of the pro
visions of subparagraph (a) is added at
the end thereof*
2
P r o v i d e d ', however, that the terra g e n e r a l l y
Tieensed trade a r e a 1 shall not include any
territory which is controlled cr occupied by
the military, naval or police forces or
other authority cf Japan, Germany, or Italy,
or allies thereof. 11
D. %
BELL
Acting Secretary of the Treasury
* This public circular affects Parts 130 and 131 and will be
included in appendices to those parts.
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, Ex. Order 8832, July 26, 1941, E x r Order
8963,> December 9, 1941, and Ex, Order 8998, December 26-, 1941;
Regulations, April 10, 1940, as amended June 14, 1941, and
July,26, 1941.
-
2 ? - ;U
PRESS RELEASE
The Bureau of Customs announced today that equal opportunities
will be afforded at customs ports of entry for the filing of entries
and withdrawals for consumption covering cattle weighing 700 pounds
or more each (other than dairy cows), the produce of countries other
than Canada, at the opening moment of the quarterly quota periods
during the year 1942, provided for in the Presidents proclamation
of
December 22, 1941*
The collectors of customs have been instructed that no entries,
or withdrawals from bonded pastures, for consumption of this class
of cattle shall be filled on January 2, April 1, July 1 and October 1,
1942, before 12 Noon Eastern Standard Time, 11 A. M. Central Standard
Time, 10 A. M. Mountain Standard Time and 9 A. M. Pacific Standard Time.
Entries and withdrawals for consumption covering this class
of cattle may be accepted at the lower rate of duty of 1—i/2 cents
per pound provided for under the Canadian Trade Agreement, provided
the delivery permit is not released pending determination of their
quota status.
If delivery permit is desired before such determina
tion, importers of this class of cattle will be required to deposit
estimated duties at the full tariff rate of 3 cents per pound.
Excessive duties deposited on entries or withdrawals found to be
within the quotas will be refunded.
(Prepared — Appeals and Protests (Quota Unit)
Bureau of Customs)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, December 30, 19^1.
12/29/41
Press Service
No*
29-32
The Bureau of Customs announced today that equal oppor
tunities will be afforded at customs ports of entry for the filing
of entries and withdrawals for consumotion covering cattle
weighing 7 0 0 pounds or more each (other than dairy cows),
produce of countries other than Canada,
the
at the opening moment
of the quarterly quota periods during the year 1 9 ^-2 , provided for
in the President's proclamation of December 22-, 19^1.
The collectors of customs have been instructed that no
entries,
or withdrawals from bonded pastures,
for consumption of
this class of cattle shall be filled on January 2, April 1,
July 1 and October 1, 19^-2, before 12 Noon Eastern Standard Time,
11 A. M # Central Standard Time, 10 A. M, Mountain Standard Time
and 9 A. M* Pacific Standard Time.
Entries and withdrawals for consumption covering this class
of cattle may be accepted at the lower rate of duty of 1-1/2 cents
per pound provided for under the Canadian Trade Agreement,
pro
vided the delivery permit is not released pending determination
of their quota status.
determination,
If delivery permit is desired before such
importers of this class of cattle will be required
to deposit estimated duties at the full tariff rate of 3 cents
per pound.
Excessive duties deposited on entries or withdrawals
found to be within the quotas will be refunded*
- 0O 0 -
TREASUHX DEPARTMENT
Washington
FOR HEIEASE, MORNING NEWSPAPERS,
Tuaeday. Dacaaibar 30. 1 9 U .
Press Service
, 9,-23
12/29/tt
^7
The Secretary of the Treasury announced last evening that the tenders for
1150,000,000, or thereabouts, of 76-day Treasury bills, to be dated December 31,
1941, and to mature March 17, 1942, which were offered on December 26, were opened
at the Federal Reserve Banks on December 29«
The details of this issue are as follows s
Total applied for - $317,107,000
Total accepted
- 150,004,000
Range of accepted bids: (Excepting two tenders totaling $80,000)
High
low
Average price
-
99*961Equivalent rateapproximately
99*927
*
*
*
99*935
*
«
•
«
(65 percent ofthe amount
0.185 percent
0.346
■
0.310
*
bid for at the low price was accepted)
o O *
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, December SO, 19^1«____ _
12/2975L
Press Service
^9” 33
The Secretary of the Treasury announced last evening that the
tenders for $150,000,000,
or thereabouts,
of 76 -day Treasury bills,
to be dated December Jl, 19^1,'and to mature March 17, 19 1+2, which
were offered on December 26, were opened at the Federal Reserve
Banks on December 2 9 .
Th© details of this issue are as follox^s:
Total applied for - $317> 1°7>
Total accepted ^ - 1 5 0 ,0 0 ^ ,0 0 0
Range of accepted bids:
(Excepting two tenders totaling
$60,000)
High - 99 .9 6 1 Equivalent rate approximately O.I 65 percent
Low
- 99,927
"
"
”
'
"
Average
,
„
Price - 99*935
"
n
1
0.3‘
10
(65 percent of the amount bid for at the low price was accepted)
- 0 O 0
\ r : H
FOR IMMEDIATE RELEASE:
Secretary Morgenthau has awarded Distinguished Flying
Crosses to the pilot and crew of a Coast Guard airplane which was
landed safely at Philadelphia on October 3 after having been
severely damaged in a crash through tree tops near New Hackensack,
New York.
The Secretary, who was then head of the Coast Guard,
was a passenger in the plane.
Those receiving the crosses were the pilot, Lieutenant
William E. Sinton, Aviation Chief Machinist’s Mates Edmund T.
Preston and Lonnie Bridges, and Radioman (First Class) Stephen J.
Brodman, all of the United States Coast Guard«
TREASURY DEPARTMENT
Washington
Press Service
No. 29~3^
FOR IMMEDIATE RELEASE,
Tuesday, December 30, 19^1.
Secretary Morgenthau has awarded Distinguished Flying
Crosses to the pilot and crew of a Coast Guard airplane which
was landed safely at Philadelphia on October 3 after having
been severely damaged in a crash through tree tops near New
Hackensack, New York.
The Secretary, who was then head of
the Coast Guard, was a passenger in the plane.
Those receiving the crosses were the pilot, Lieutenant
William E. Sinton, Aviation Chief Machinist’s Mates Edmund T.
Preston and Lonnie Bridges, and Radioman (First Class) Stephen
J. Brodman,
all of the United States Coast Guard.
- 0O 0
- 3 whether on original 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 Ho* £18, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch*
v
■
I f iS i
(SB*53
mm
91
x3Q»gx
- 2 -
f
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 January 7,
1942,
provided, however, any qualified depositary will be permitted to make payment by
credit for Treasury bills allotted to it for itself and its customers up to any
amount for which it shall be qualified in excess of existing deposits when so noti- |
fied by the Federal Reserve Bank of its District.
The income derived from Treasury bills, whether Interest or gain from the j
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 prin
M
cipal or interest thereof by any State, or any of the possessions of the United
K
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 consideration as capital assets.
Accordingly, the owner of
mm
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#
lässt*.
TREASURY DEPARTMENT
Washington
FOR EELEASE, MORNING NEWSPAPERS,
Friday, January 2, 194-2_______ .
The Secretary of the treasury, hy this public notice, invites tenders
for fr 150,000,000
or thereabouts, of
7 1 -day Treasury bills, to be issued
on a discount basis under competitive bidding.
■Ha dated
January 7. 19A2
, and will mature
The bills of this series will
^arc^1.^9? 194^------------- ->
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, January 5, 1%2_±
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 tho
face amount of Treasury bills applied for, unless the tenders are accompanied ty
an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the feder^
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 2, 1 9 ^ 2 . ______
The Secretary of the Treasury, by this public notice,
invites tenders for $1 5 0 ,0 0 0 ,0 0 0 , or thereabouts,
Treasury bills,
bidding.
of 71~clay
to be issued on a discount basis under competitive
The bills of this series will be dated January 7, 19^2,
and will mature March 19, 19^2, when the face amount will be
payable without interest.
They will be issued in bearer form ; /
only, and in denominations of $1 ,0 0 0 , $ 5 ,0 0 0 , $1 0 ,0 0 0 , $1 0 0 ,0 0 0 ,
$ 5 0 0 ,0 0 0 , and $1 ,0 0 0 ,0 0 0
(maturity value),
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o'clock p. m., Eastern Stan
dard time, Monday, January 5> 19^2.
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
exoressed on the basis of 100, with not more than three decimals,
e/ g
9 9 .9 2 5 , Fractions may not be used.
It is urged that
tenders be made on the printed forms and forwarded in the special
envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities,
Tenders from others must be
accompanied by payment of 1 0 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
January 7 , 19^2, provided, however, any qualified depositary will
-
2
-
be permitted to make payment by credit for Treasury bills allotted
to it for itself and its customers up to any amount for which it
shall be qualified in excess of existing deposits when so
notified by the Federal Reserve Bank of its District.
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 taxa
tion the amount of discount at which Treasury bills are originally
sold bv the United States shall be considered to be interest.
Under Sections k2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of
Revenue Act of 19^1; 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 considera
tion 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 o r o n
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. k-l$, 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 Go-
Secretary Morgenthau tonight made public the following
comment on the statement of twenty-six Nations issued at
the White House today:
"This statement of twenty-six Nations is destined to take
its place among the immortal documents that are the mile
stones of human freedom.
It means to Americans and to all
the peoples of the world far more than a mere alliance
against a common enemy, far more than a mere agreement to
fight together without any thought of a separate peace until
victory has been achieved.
Its greatest significance is in
the statement of the principles for which we fight.
These
are the great ideals of human liberty, the rights of the
individual which government exists to protect and not to
annul.
In the denial of these rights by the forces of
aggression lies the only and the fundamental cause of this
great struggle.
Let us be clear about that.
This is a struggle of human rights against oppression.
In
the twenty-five Nations whom we join as comrades in arms there
is awake, as there is in our own land, the conscience of man
kind.
The black shadow of oppression which has plunged nation
after nation into darkness must not fall upon us, and it must
be swept away from the conquered lands where its darkness has
fallen.
It will be swept away.
We can go forward with the
firmest determination and a sure faith.”
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE.
Friday, January 2, 19^2.
Press Service
No. 29~3&
Secretary Morgenthau tonight made public the following
comment on the statement of twenty-six Nations issued at the
White House today:
Mihis statement of twenty-six Nations is destined to take
its place among the immortal documents that are the milestones
of human freedom.
It means to Americans and to all the peoples
of the world far more than a mere alliance against a common
enemy, far more than a mere agreement to fight together without
any thought of a separate peace until victory has been achieved.
Its greatest significance is in the statement of the principles
for which we fight.
These are the great ideals of human liberty,
the rights of the individual which government exists to protect
and not to annul.
In the denial of these rights by the forces
of aggression lies the only and the fundamental cause of this
great struggle.
Let us be clear about that.
’’This is a struggle of human rights against oppression.
In the twenty-five Nations whom we join as comrades in arms
there is awake, as there is in our own land, the conscience of
mankind.
The black shadow of oppression which has plunged nation
after nation into darkness must not fall upon us, and it must
be swept away from the conquered lands where its darkness has
fallen.
It will be swept away.
We can go forward with the
firmest determination and a sure faith.”
-r0 o 0 ~
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, January 4, 1942.
Press Service
No. 29-37
Secretary Morgenthau has placed at the disposal of Vice
President Wallace, chairman of the Supply, Priorities and
Allocation Board, an inventory of $200,000,000 of materials for
America’s war effort, the cache of the Department’s Foreign Funds
Control.
The itemized inventory, which included all sorts of goods
,and merchandise, machinery and equipment, will make it possible
for SPAB and other Government agencies to direct these materials,
much of which is strategic, into the allied war effort.
At the same time the Secretary indicated that the inventory
covered only a part of the strategic materials held for foreign
account and buried in warehouses, sheds and factories throughout
the country. The complete inventory, which will be furnished,to
Vice President Wallace In the next few days, probably will
represent a much larger figure.
"Ferreting out stocks of strategic materials ’lost’ in the
United States is an effective way of adding immediately to the
nation’s stock piles during a period when our supply lines abroad
are interrupted by war," the Secretary said.
"This is but one•of
the many war time measures Foreign Funds Control in the Treasury
has undertaken.11
The Secretary explained that these vital materials uncovered
by Foreign Funds Control were "lost” in the United States either
through accident or design on the part of their foreign owners.
In some cases the foreign owner could not communicate with the
United States because of communication difficulties arising out
of war conditions abroad. In ether cases the owner was the victim
of the Axis invasion and his whereabouts unknown. In still other
instances the Axis powers through “dummies" actually had bought
up the stocks for their own use before the war or had acquired
them later for the express purpose of preventing their use in the
Allied war machine. Regardless of the intent of the foreign owner
the result was the same— the supplies were not being used in our
war effort.
Typical examples of items found in the list prepared by
Foreign Funds Control and given to the Vice President included
the following:
*-2—
The following material and equipment was held
in one warehouse in the port of New York for just
one foreign owner whose identity was "unknown11:
g>9 boxes of aluminum, J0$2 pieces of aluminum, 39 6
crates of brass, 3 pieces of forgings, 1 1 7 tons of
rough forgings, 1 6 9 tons of forgings, 49 crates of
auto parts, 25 boxes of auto parts, 2 crates of
tractor Implements, 3 crates of pneumatic tools,
1 box of link belting, l4 packages of diesel equip
ment and 138 crates of machinery.
Tractors, tires, motor accessories and barley
held for G-reek accounts and valued at |l, 3 9 5 ,3 2 1 ,
machines, aluminum and molybdenite held for Fiat,
Italy*s motor car and truck company, and valued at
$266,000; merchandise from an American automobile
manufacturer consigned to Greece, $1 5 7 ;7 7 5 ; tire
fabric, $67,213; materials for Hispano Suiza, an
important engine manufacturer in Seine, France,
$¿75,9^4; steel for Holland. #79,565; automobiles
for Finnish account, #35,114; steel valued at $92,000
for French account; and leather valued at $66,063 for
French account.
Until Treasury reporting regulations under freezing control
brought the information to light and an inventory of the reports
was made, no comprehensive study of this picture was available.
The supplies were scattered in a thousand places and under ten
thousand different names.
The warehouseman or other custodian
of each parcel in many instances had forgotten that it was packed
away in an inaccessible place.
If he knew of its presence he
either did not know that it was critically needed for national
defense, or even if he did appreciate its value, he saw it only
as an insignificant amount because he did not see the thousands
of similar parcels held by others.
Today’s disclosure, however, was compiled by Foreign Funds
Control after examination of the TFR-300 census reports of foreign
property. Those required to report on this form included every
person in the United States holding foreign-owned property as well
as agents in the United States of foreign nationals having any
information regarding the holdings of their principals. This was
the most comprehensive census of foreign-owned property this
country had ever undertaken.
The reports brought the Division of Foreign Funds Control
a complete census of every foreign account over fl,000.
The
thoroughness of the census insures an adequate sweeping of every
corner of the nation for large and small quantities of materials
which might possibly benefit the nation’s war effort.
-3-
In June, 19^-1, when the United States froze all Axis assets
in the United States and the Treasury required a census of all
foreign-owned property, there was dismay in some circles because
of the detailed information Foreign Funds Control was requiring,
but this economic preparedness is now paying dividends, Treasury
officials said. More than 5^0,000 reports already have been
received and are being processed both day and night. Instead of
waiting for another six months before being able to take stock
of our foreign and enemy holdings, Foreign Funds Control already
has complete information which it is using and also making
available to other interested Government agencies.
Several months ago the Treasury performed this same task
on a much smaller scale with respect to an earlier and less
comolete census on report Form TFR-100. Strategic materials
valued at many millions of dollars were made available to the
army, navy and defense industries following their location by
the Foreign Funds Control. The success of this initial inventory
prompted the obtaining of much more complete data in connection
with the recent census on report Form TFR-300.
-oOo-
#§&
• lym
f l B g wa $*m do*
It 1§ ths first eswsrsts isst of
©ur willingiste» to task Bf §¡¡1 ssHlsrsi and sailors
and airmail*
At first sight ih# » @ m t
of monsy **
tew# to m i s s through borrowing nod t % % m may assm
itfßosiiblo, but $s 1b ths Trsssury hart strwsk tbs
word
tut of our dictionary*
tell m
With jour
a m ¡p§ag t| io ths Job.
ist ms# t t e % rssolir« t# bt worthy of
In mifsrm.
lot w® prows that
m
ft
will land to dsismt
mm right to b# fr®« ~~ that wo will four out a mightj
isrrsni of dollars *ts isfsmi lift# Xlfasrty# ImdsptataBSt
and rsllflaus frtstai . . .
«gainst »«wagt and brutal
forest staking io subjugate ths world.®
D»C
• II *
and sue tain their
fighting
to
m n
in our
m
fighting
s»n in the front lino.
ere looking to us right son.
h&m ®
Those
they ere looking
end factories, looking from, the
and Iceland, from the silent grey ships that are guarding
our shores, from all the posts of danger in all the seven
seas •** looking to us to keep them supplied and to do our
part
m
look
hack
they are doing their®.
with all
home
yy^L-r-'
Those hare the right to
A
and see us standing shoulder
to
shoulder,
sections, all groups, all the old divisions and
dissensions swept
away la our united resolve to win this
war.
I
A
all
we
I do
need
to
that purchase of Defense Bonds is
do here at home to achieve victory#
But
say that the buying of Defense bonds la the first
*
• IO -
I suggest, then, that each of us sit down this vary
g to study our family budgetj that each of us decide
least but the most that we can
y week
cu
for the purchase of
Lrg*ll jpl
t
s-.-' j
we then translate that amount Into a
our
, ten, or even fifteen percent,
stick to it
setting
without
more
, the more planes will fly,
, every bond
Lge ourselves to buy will
on
and Berlin.
tor M
ÏJ & W
Ü m
Mow is the time for all of America to line up
dl l i o n united people, using their dollars to
;'
I
- 9 -
our State organ! fiat lone are ready to tell you all about
it, and will cheerfully send someone to your factory
to explain it to you*
I am in dead earnest when I say that millions more
must take part in these payroll saving plans, and must
invest hundreds of millions of dollars more, If we are
to do our job*
Our plans at the Treasury for financing
the war are based upon the belief that the American people
will want to assume a big share of the cost of the war,
of their own free will*
The response to payroll saving
will tell us whether that belief is right or wrong.
I have such faith in the American people that I believe
they will want to do the job in the voluntary way —
it is up to you to prove it^teaaa*
,I
B-G
.
but
* 8 •
been much greater, from labor and from management alike*
I am receiving reports already of some companies in which
90 percent or more of the employees are making good use
of this easy road to voluntary saving*
In this connection
I should like to pay a sincere tribute to the labor unions
which are urging their members in all parts of the country
to get behind the Defense Saving© effort*
X
But the response from industrial workers so far is
only a beginning.
If you haven*t heard how to join in
a voluntary payroll saving plan, or if the detail© haven’t
been explained to you, or if your company has refused to
install such a plan for you, I wish you would write to
me at the Treasury Department in Washington.
It’s the
Treasury*s responsibility to tell you about payroll saving;
D-C
* 7 -
for workers to accumulate their saving« for the purchase
of Defease Bonds.
Many of you already know about these payroll saving
plans.
The most popular of them is a method by which you
or your union can tell your company how much you wish to
set aside from your pay, to be saved for Defense Bond
purchases.
you,
Your company accumulates your savings for
and w h e n you have enough to buy a Defense Bond your
company will deliver the bond to you, registered in your
own name*
That is all there
Is
to it.
Until now a very small fraction of employees have
taken
advantage of these plans, and a comparatively small
proportion of companies have agreed to provide the facilities.
Since Japan attacked us the extent of participation has
•earner put asid# a part of
©
check, erery nook, for the purchase
ISN
ips,
¡en I a a/ wa part** I do not
or
on# percent or
pay check#
tec percent car*
spare change*
This Is not a token war#
It is not a war that can be won
Each of
re can
our own good and for our
war m r
It is
m
will hare to figure orni
talee to
w
*0
g o W H I
%
last.
country tre mtkin¡
in operation in thousands of factories, and in
m r
largì
tke it » r e
- s
<
t
L
• M .fcfofrfr were a different kind of war, I should not
be speaking to you in your homes tonight about the job
<=£&&t f aeee-ere.— -jtefc-tfal s'•'t w n r 'pwopIe-Wr vra*
^ k ^ j.
very thing
that the people of this and other free countries have won
through centuries is now at stake*
You will want me, as
Secretary of the Treasury, to finance this people’s war
by going to the people themselves for the sinews of war.
t
depending primarily on
a few financiers.
I am depending on you, on each and
every one of you who may be listening to my voice this
evening.
In particular, I am depending on the
000,000
American men and women who earn regular pay*
You may ask ®fhat is the Treasury’s goal?
Treasury give us some figure to shoot at?*
goal is to make every pay day Bond Day*
C a n ’t the
The Treasury’s
It is to have
\
such huge expenditures in the coming year that even the
half billion dollar record you established in the purchase
of Defense Bonds in December will seem to be almost insig
nificant •
War is never cheap, but let me remind you that it's
a million times cheaper to w i n than to lose.
The French,
the Czechs, the people of a dozen conquered and ravaged
v/
countries, can tell us what it costs to lose* We have
made up our minds to win«
We have made up our minds to
produce and to fight with such an overwhelming number of
planes, of ships, of tanks, of guns and of trained and
fully equipped men, that the lazls and Japanese and their
kind can never again threaten our freedom«
The cost of
our war effort should frighten no one but our enemies.
ijg lit*
“■ 1 »
to
fee
at work nil night*
beringe« in
m m
llm
hi.
While there
eitle«, we ere now eeeweletla«
wp
to meet the demand
will newer
is wen*
It is important
f\/hawe to
to keep in <rar
the
Peeember jour Govern«
on the war effort as
j U t #U
Lgs Bonds.
In
ewer
to devote half of our entire national
— 2 —
they had been S
that
m m
previous months*
i l l this indicate«
and more people with moderate
m t i r W BS & k
income«
are acquiring the good habit of saving for their country.
flit rush to buy bonds was so great that in some
the supply a.f hmada ran out
for
a time*
We just
print the bonds fast enough after Pearl Harbor*
Honolulu, while the smoke 4fcem”Pe*ffliiKartell,still
places
couldn’t
In
darkened
the sky, the eitlsena of Hawaii replied to the bombs by
buying bond» ton tin.» u
fast u
b«for<y * a d * » bod- to-
aiitLoglga^tljulasid^^
tempoFar^-reeeipta^in plane of-
As a result of that » p g b /V
demonstration, and many others like it throughout the
country, we promptly placed the Bureau of Engraving and
Printing
D-€
on a three-shift 24-hour basis*
W e ’re glad that
DRAFT or SEGRETARI MORGEBTEAU’S BROADCAST
"THE JOB AHEAD*
January 4tb, 1942
1 ÉÉ
BaMBs
s#
5®ii
Tonight I oan give you proof that the country
remembers Pearl Harbor,
I am happy to report to you
4
lip
stílSlt
pfe
that Defense Bond sales in the month of December produced
more than five hundred million fighting dollars for
fighting men., Actual cash deposits from Defense Bond
sales reached the record total of $528,000,000, about
liiii
twice as much as the average for the previous seven months.
This grand response is just one sample of what our
people will do, in every field of the war effort, now
as
that they are awake and aroused to their country's danger.
It is especially good news to me that $341,000,000
of the December total came from the sale of the Series I
Bonds, the "people's bonds", that start at a price of $18.75.
The sales of Series 1 Bonds were almost three times what
1
H
1 /3 /4 2
TREASURY DEPARTMENT
Washington
(The f o l l o w i n g a d d r e s s by S E C R E T A R Y M O R G E N T H A U
od
"ini
in
II m l
T i n 1I11I 1 1 to
il urn in
,■ W e d n e s d a y ,
o ^
C e ntral
December 1 7
*and
||||M at that t i m e .)
^ - T K o / T o b A"U a cw5l11 u
§ >05
6 C£'f~iX'
o
S
(To (U r*1 6 <
d|
¿Xv^L
NTv^^o^vk
— ^ hio n a “fciun
our a has t e d a ¡l Ii u u Il , but I4r
ser a n d s t r o n■g e r for h a v i n g
| ha d it
E v e r y on<
^
must be c o n s c i o u s today of a c l e a r e r v i s i o n
m d ^ d e e p e r u n d e r s t a n d i n g th a n w e had two w ^ ^ ^ f
igo.
Tha b o m b s on Pearl H a r b o r have d e s i M y ^ m u i h
more tha,nN«(hat the c e n s o r s wouljd«»G6rlrd^
tarv
)bjectives"K T h e y c o m p ? a , c e n c y
to
hreds.
T h e ^ a ^ e ^ b l a s t e d the old codffortable bel
hat the^w^tfe o b e a n s c o u l d save u s J ^ r o m harm.
Th3y
t a v e ^ r o w n a w a y r^e n o t i o n that b r u t a l i t y a n d decea
pd' 'murder in a n o t h e r p a r t of t j f e w o r l d c o u l d nevel
o u c h us in ours.
b
We n o w know, or ou^
to know, that this whole^
v o r l d s t r u g g l e is our Wc
j u s t as m u c h as it was
o the p e o p l e of C h u n g j d n g
W a r s a w in 1939, or t o \
he p e o p l e of R o t t e r d a m or L o h d o n in 1940, or to the\
eople of A t h e n s a n i M o s c o w i n \ 9 4 l .
We n o w know,
or o ught to k n o w y a h a t t h e r e can N ^ e no half way
m e t h o d of f i g h t i n g an a t t e m p t to a & m i n a t e the entire
•irth.
We n o y l c n o w , or ought to kno^. that this
atal w a r w m
require total effort o n S n u r part, with
e v e r y t h i n g y f e have a n d e v e r y t h i n g we a r e v w i t h all
d u r
r e s o u r c e s p l e d g e d to final a n d d e c i s i v ^ victory.
in this room, the men a n d w o m e n wh o direct
e f e n s e S a v i n g s O r g a n i z a t i o n in the k S S t a t e ^
b e e n w o r k i n g h a r d for m a n y m o n t h s to m o b i l i z e d
f i n a ncial r e s o u r c e s in the f o r m of the p e o p l e d
:s
But we have. I fflink. flone more than that.
cxM~ *)/ (<T~rK
-rx^-o. ,
S+2 —
tW V,
.... * ...¡TI— w '■■■ÿ1
ThcCr
11
WÊÉQô Of fs
“i n * ,
jy O-V^r
6
^
AitO^U.a-fiL ft'YtrâLâ t<L
r t J r o a JLce-vhcjr
^
f "
-s
Treasury DEPARTMENT
Washington
(The following address "by SECRETARY BBRGrENTHAU on
'•The'Joh Ahead" is scheduled to "be broadcast over
the Columbia Broadcasting System and the Blue
Network of the National Broadcasting Company at
7:15 p. m. Eastern Standard Time, Sunday, January 4,
1942, and is for release upon delivery at that time.
It will be rebroadcast at 11:00 p. m. that evening
over the Mutual Broadcasting System.)
TREASURY DEPARTMENT
Washington
(The following address by SECRETARY MORGENTHAU
on "The Job Ahead" is scheduled to be broadcast
over the Columbia Broadcasting System and the
Blue Network of the National Broadcasting Company
at 7*15 p. m. Eastern Standard Time, Sunday,
January 4, 19^-R, and j's for release upon delivery
, at that time.
It will be rebroadcast at 1 1 : 0 0 p. m.
that evening over the Mutual Broadcasting System. )
Tonight I can give you proof that the country remembers
Pearl Harbor.
I am happy to*report to you that Defense Bond
sales in the month of December produced more than five hundred
million fighting dollars for fighting men.
Actual cash deposits
from Defense Bond sales reached the record total of $522, 0 0 0 ,0 0 0 ,
about twice as much as the average for the previous seven months,
This grand response is just one sample of what our people
will do, in every field of the war effort, now that they are
awake and aroused to their country1s danger.
It is especially good news to me that $3^-1,0 0 0 , 0 0 0 of the
December total came from the »sale of. the Series E Bonds, the
"people’s bonds", that start at a price of $12>,75*
The sales
of Series E Bonds were almost three times what they had been
>
in previous months.
All this indicates that more and more
people with moderate incomes are acquiring the good habit of
saving for their country.
The rush to buy bonds was so great that in some places the
supply ran out for a time.
We just couldn’t print the bonds
fast enough after Pearl Harbor.
In Honolulu, while the smoke
still darkened the sky, the citizens of Hawaii replied to the
bombs by buying bonds ten times as fast as before.
As a result
of that thrilling demonstration, and many others like it through
out the country, we promptly placed the Bureau of Engraving and
Printing on a three-shift 24-hour basis.
W e ’re glad that the
country is pushing us.
We like to be pushed.
The presses are
at work all night, every night.
While there still- are shortages
in some cities, we are now accumulating several w e e k s ’ advance
supply of bonds to meet the demand which, I am confident, will
never slacken until the war is von.
It is important, however, to keep in our minds the
relation between Defense Bond sales and the total amount of
2q~3g
- 2money that we have to borrow.
In December your G-overnment spent
about four times as much on the war effort as you subscribed in
Defense Savings■Bonds*
In the months to come it will spend at a
far greater and ever "increasingjcate.
You read the President's
statement of last week that we shall have to devote half of our
entire national income to the war effort.
That statement fore
shadowed such huge expenditures in the coming year that even
the half billion dollar record you established in the purchase
of Defense Bonds in December will seem to be almost insignificant
War is never cheap, but let me remind you that it's a
million times cheaper to win than to lose.
The French, the
Czechs, the people of a dozen conquered and ravaged countries,
can tell us what it costs to lose.
We have made up our minds
to win.
We have made up our minds to produce and to fight with
such an overwhelming number of planes, of ships, of tanks, of
guns and of trained and fully equipped men, that the Nazis and
Japanese and their kind can never again threaten our freedom.
The cost-.of our war effort should frighten no'one but our enemies
This is a p e o p l e ’s war.
If it were a different kind of
war, I should not be speaking to you, the people, in your homes
tonight about the job ahead.
Everything that the people of this
and other free countries have won through centuries is now at
stake.
You will want me, as Secretary of the Treasury, to
finance this people's war by going to the people themselves for
the sinews of war.
I am not going to finance it by depending
primarily on a few financiers.
I am depending on you, on each
and every one of you who may be listening to my voice this
evening.
In particular, I am depending on the 4-0,003,000
American men and women who earn regular pay.
You may ask "What is the Treasury’s goal? C a n ’t the
Treasury give us some figure to shoot at ? 11 The Treasury's goal
is to make every pay day Bond Day.
It is to have every wageearner and salary-earner put aside a part of every pay check,
every week, for the purchase of Defense Bonds and Stamps.
And
when I say "a part" I do not mean a mere token contribution of
a few nickels every week, or the mere contribution of one percent
or two percent of the weekly pay check.
This is not a token
war.
It is not a two percent war.
It is not a war that can be
won with spare change.
Each of us will have to figure out the
very most that we can set aside to buy Defense Bonds, for our .
own'good and for our country’s good, as long as the war may last.
The industrial workers of this country are making a good
start.
Voluntary payroll saving plans are now in operation in
thousands of factories, and in most of our largest business
concerns, to make it more convenient for workers to accumulate
their Savings for the purchase of Defense Bonds.
- 5 Many of you already know about these payroll saving plans.
The most popular of them is a method by which you or your union
can tell your company how much you wish to set aside from your
pay, to be saved for Defense Bond purchases.
Your company
accumulates your sayings for you, and when you have enough to
buy a Defense Bond your company will deliver the bond to you,
registered in your own name.
That is all there is to it.
Until now a very small fraction of employees have taken
advantage of these.plans, and a comparatively small proportion
of companies have agreed to provide the facilities.
Since Japan
attacked us the extent of participation has been much greater,
from labor and from management alike.
I am receiving reports
already of some companies in' which 9 ° percent or more of the •
employees are making good use of this easy road to voluntary
saving.
In this connection I should like to pay a sincere
tribute to the labor unions which are urging their members in
all parts of the country to get behind the Defense Savings effort.
But the response from Industrial workers so far is only a
beginning.
If you haven’t heard how .to Join in a voluntary pay
roll saving plan, or if the details h a v e n ’ 1 been explained to
you, or if your company has refused to install such a plan for
you, I wish you would write to me at the Treasury Department in
Washington.
It's the Treasury’s responsibility to tell you
about payroll saving; our State organizations are ready to tell
you all about it, and will cheerfully send someone to your
factory to explain it to you.
I am in dead earnest when I say that millions more must
take part in these payroll saving plans, and must invest
hundreds of millions of dollars more, if we are to do our job.
Our plans at the Treasury for financing the war are based upon
the belief that the American people will want to assume a big
share, of the cost of the war, of their own free will.
The
response to payroll saving will tell us whether that belief is
right or wrong.
I have such faith in the American people that I believe
they will want to do the job in the voluntary way -— but it
is up to ;yoti to prove it.
I suggest, then, that each of us sit down this very evening
to study our family budget; that each of us decide this very
evening, not the least but the most that we can afford every
week for the purchase of Defense Savings Bonds; that we then
translate that amount into a percentage of our pay, five, ten,
or even fifteen percent, whatever we choose, and stick to it
by setting that percentage aside week after week without fail.
Remember^ the more bonds we buy, the more planes will fly.
Remember, every bond we pledge ourselves to buy will add to the
weight of the bombs that will fall on Tokyo and Berlin.
Now is the time for all of America to line up as 1 3 0
million united people, using their dollars to support and sustain
their fighting' men in» the front line.
Those fighting men are
-4-
looking to us right now.
They are looking to us in our homes
and factories, looking from the Philippines and Iceland, from
the silent gray ships that are guarding our shores, from all
the posts of danger in all the seven seas — looking to us to
keep them supplied and to do our part as they are doing theirs.
Those men have the right to look back home and see us standing
shoulder to shoulder with all sections, all groups, all the old
divisions and dissensions swept away'in our united resolve to
win this war.
I am not suggesting that purchase of Defense Bonds is all
we need to do here at home to achieve victory.
But I do say
that the buying of Defense Bonds is the first thing we can do.
It is the first concrete test of our willingness to back up our
soldiers and sailors and airmen.
At first sight the amount of
money we have to raise through borrowing and taxes may seem
impossible, but we in.the Treasury have struck the word
"impossible" out of our dictionary.
With your help we are
going to do the job.
Let us, then, resolve to be worthy of our men in uniform.
Let us prove that we will lend to defend our right to be free —
that we will pour out a mighty torrent of dollars "to defend
life, liberty, independence and religious freedom . . . against
savage and brutal forces seeking to subjugate the world."
CONFIDENTIAL*4
Wi ï &mw
m i - m â 4 m m wfp P w
-»ff%*Siap!SP
Sal** Slac* Hay Xt 19*11« fcy iM & t
% lati* of t*mm Prit»
(lu ihoaaaais of dollar*)
Sori«* ?
Xottlh
Mtr
,S3S
* 5 7 .7 * 5
I’
m#
,7 *8
iÉ , p t
í395¿m
»yV^gÿ)
M ÿ
Aug««!
3*pt«nfc*r
ô»lofc#r
loroxa^or
fötal
.(7y
i»i«f 0
î*t*l
~^VWI,»J i
i
i
1 W0.581 ♦37,817 # 211,*20 # 3*9,«a
»*fl? 28.876 183,13* 31*,!»?
1*5.87*» i?|¡¡¡ 169,*$8 3*2,1»
127,685 265,6(6
117,603 20.31*
105,s*l w*óff
232.32Î
182,88* 22,9$} 12*.866 270,7131
109,*75 XÄ.97* 105,035 233,**71
3*1,085 33.878 15*,2*2 |2Í,Sf
<1,1**,660 t20?,682 H,U*,867 «,537,2«>
r,
V
I S E ÿ l T W
Siri*!*» of l i i f à
lourooi
iiümmiiHéWmOi11»1^
>
Ü Ü Íi
m i S ia tte tle s
AU fig u ra* oro a*po*it* wttfc iá* i N t i t r ^ o f T lo - ^ ito d S taio*
o f oroeooi* .of «st** o f B ailad S taio* sawing* im i* »
'"yi*r rr-rn<1r
r
r
j
i
ji»:
^
üü
aeowmt
^ f |E i
Figaro* lioro to «n rounded to noon»«* them* o a i o a i w ill a¿>% &*a*a*nrlly
R Ü lO lOiolO*
-o O
¿ —
The Secretary»!#: said that the Bureau of Engraving and Printing had "been
placed on a three-shift, twenty-four hour "basis to cope with the bond-huying rash
Harbor.
While there are still shortages in the supply of bonds in some cities,
he said, several weeks* advance supply is now being accumulated Ito meet the
demand which, I am confident, will never slacken until the war is won.”
"At first sight the amount of money we have to raise through borrowing and
taxes may seem impossible," said Mr. M0rgenthau, "but we in the Treasury have
struck the word
•impossible1 out of our dictionary.
With your help
we are going to do the job."
The sales figures announced tonight did not include the sales of Defense
Savings Stamps, which also reached new records in December,
9i##i£sEidMK Poliowing is a month-by-month record of the sales of all
<c
||| fjiu
0 dUrlJUAJ
three series of Defensd Savings Bo nds^fsince May 1.
^
Month
Series E
Series P
Series G
what it costs to lose.
have made up our minds to win.
have made up our
minds to produce and to fight with such an overwhelming number of plains, of
C^lfullv.3
ships, of tanks,of guns and of trained an^ecLuipped men,that the Nazis and the
Japanese and their kind can never again threaten our freedom.
MThe cost of our war effort should frighten m m
no one h u t * our enemies."
Emphasizing the j m a m m m importance of systematic saving from current income,
and particularly of the voluntary payroll saving^ plans now in operation in
thousands of factories, the Secretary said;
HI am in dead earnest when I say that millions more must take part in these
payroll saving plans, and must invest hundreds of millions of dollars!(more, if we
are to do our job.
Our plans at the Treasury for financing the war are based
upon a belief that the «American people will want to assume a big share of the cost
of the war, of their own free will.
The response to payroll saving will tell us
whether that belief is s i ^ p n s i right or wrong.
HI have such faith in the American people that I believe theji will want to dii
the job in the voluntary way— but it is vp to you to prove it.”
The Treasury*s goal, he went on, is "to make every pay day Bond Day11,
and to have "every wage-earner and salary-earner put aside a part of every
pay check, every week, for the pir chase of Defense B0nds and Stamps."
"And when I * say *a part * I do not mean a mere token contribution of a feij
nickels every week, or
m k
the mere contribution of one per cent or two per cent o
the weekly pay check,# said Mr. Morgenthau. "This is not a token war.
a two per cent war.
It is not
It is not a war that can be won with spare change,
"Bemember, the more bonds we buy, the more planes will fly.
Bemember, eve
bond we pledge ourselges to buy will add to the weight of the bombs that will fall
Tokyo and Berlin/
(
TREASURY DEPARTMENT
Washington
/■FOR RELEASE, MORNING NEWSPAPERS
{.Monday, January 5. 1942.
*‘1 / 3 / 4 2
Press Service
No. 29-39
--- 1-----------------
'^ > 0
Cash receipts at the Treasury from the sale of Defense Sayings
Bonds in December reached a total of $52»,599•000. Secretary Morgenthau
announced tonight.
This record figure for a single month comparecL wit:. receipts of
$233,^87,000 in November, and 4« almost twice as high as the average for the
seven months since Defense Savings B0nds first went on sale in May.
The
December sales boosted the total receipts since May 1 to $2,537,210,000.
Sales of the Series "E" bonds, the successors to the old
"baby bonis,"
accounted fer $3^1,085,000 of the December receipts.
This £» *"« j
more than three times an »nigh" the November s s S ® f igurejifcof
$109,1+75,000 from the sale of Series Sac E bonds, and^jj^ more than three times
the average of the
seven months since May 1.
In a nation-wide broadcast this evening Secretary Morgenthau
hailed the December figures as "just one sample of what the American people
will do, inwafevery field of the war effort, now that they are mm, awake and
aroused to their country*s ¿Larger.'’
Of «3*»*
InriTnwnr |— frhftrtr the war
effort in December^ cost about 1
A
four times as ranch as the total receipts from
ffiyv\
Defense Bonds in the month,' a n a T t ^ ^ ' ^
to come the Government
A
spend “at a far greater and ever increasing rate."
h k
The President’s
recent statement on the war production program, said the Secretary,
"foreshadowed such huge expenditures in the coming year that even the half billion
dollar record you established in the purchase of Defense Bonds in December will
seem to be almost insignificant."
"War isaw never cheap,"
said Sdcretary Morgenthau, "but let me
remind you that it’s a million times cheaper to win than to lose.
The Prench,
the Czechs, the people of a dozen conquered and ravaged countries, can M k tell us
¿X 7 - 3 /
f
Cash receipts at the Treasury from the sale of Defense Savings
Bonds in December reached a total of $521*599.000, Secretary M 0rgenthau
announced tonight.
This record figure for a single month compared!, with receipts of
$233,^87,000 in November, and 4« almost twice as high as the average for the
seven months since Defense Savings Bounds first went on sale in May,
The
December sales boosted the total receipts since May 1 to $2,537,210,000.
Sales of the Series "E" bonds, the successors to the old
"baby boms,"
accounted fbr $3^1,085,000 of the December receipts.
This ifc <*** <
figure" fidt of
more than three times eBBncdrthe November
/ fM'tua
$109,^+75,000 from the sale of Series Sk E bonds, and ^
more than three times
the average of the jBBBDEddi^ seven months since May 1.
In a nation-wide broadcast this evening Secretary Morgenthau
hailed the December figures as "just one sample of what the American people
will do, i n w A v e r y field of the war effort, now that they are K
awake and
aroused to their country*s danger,"
-ilr*Fii...ilimiiiriliiiiriiii 'rr~ ~ 'T T P T 1"* "Ti " 1 1"
effort in December cost about
A
9*
vf
1^*
w ar
four times as much as the total receipts from
c
d
p
w
t
&
g
j
j
ua
JL$
Defense Bonds in the month, I S M w i a t £n~ the months to come the Government t o o*
A
spend "at a far greater and ever increasing rate."
The Presidents
recent statement on the war production program, said the Secretary,
"foreshadowed such huge expenditures in the coming year that even the half billion
dollar record you established in the purchase of Defense Bonds in December will
seem to be almost insignificant,"
"War i s * never cheap,"
said Sdcretary Morgenthau, "but let me
remind you that it*s a million times cheaper to win than to lose.
The French,
the Czechs, the people of a dozen conquered and ravaged countries, can fcrik tell us
TREASURY DEPARTMENT
Washington
PÛK RELEASE, kOiOTIBG HEWSPAFEKS,
Monday. January 5. 1942.________
1/3/42
Pre®s Service
Eo* 29-39
Cash receipts at the Treasury from the sale of Defense Savings Bonds in
December reached a total of $528,599,000, Secretary Morgenthau announced
tonight.
This record figure for a single month compared with receipts of
$233,487,000 in November, and was almost twice as high as the average for the
seven months since Defense Savings Bonds first went on sale in May• The
December sales boosted the total receipts since May' 1 to $2,537,210,000.
Sales of the Series "E" bonds, the successors to the old “baby bonds,"
accounted for $341,085,000 of the December receipts. This was more than
three times the November figure of $109,475,000 from the sale of Series E
bonds, and was more than three times the average of the seven months since
May 1*
In a nation-wide broadcast this evening Secretary Morgenthau hailed the
December figures as "just one sample of what the American people will do,^ n
every field of the war effort, now that they are awake and aroused to their
country’s danger."
The we; effort in December, however, cost about four times as much as the
total receipts from Defense Bonds in the month, Mr. Morgenthau said, and in^
months to come the Government will spend "at a far greater and ever increasing
rate." Thé President’s recent statement on the war production^program, said
the Secretary, "foreshadowed such huge expenditures in the coming year that
even the half billion dollar record you established in the purchase of Defense
Bonds in December will seem to be almost insignificant."
"War is never cheap," said Secretary Morgenthau, "but let me remind you
that it’s a million times cheaper to win than to lose. The French, the Czechs,
the people of a dozen conquered and ravaged countries, can tell us what l
costs to lose. We have made up our minds to win. We have made up our minds
to produce and to fight with such an overwhelming number of planes of ships,
of tanks, of guns and of trained and fully equipped men, that the Nazis and
the Japanese and their kind can never again threaten our freedom.
"The cost of our war effort should frighten no one but our enemies."
%he
Emphasizing
importance of systematic saving from current income, and
particularly of the voluntary payroll saying plans now in operation m
thousands of factories, the Secretary said:
"I am in dead earnest when I say that millions more must take part in
these payroll saving plans, and must invest hundreds of millions of do ars
-
2
-
more, if we are to do our job. Our plans at the Treasury for financing the war
are based upon a belief that the American people will want to assume a big
share of the cost of the war., of their own free will. The response to payroll
saving will tell us whether that belief is right or wrong.
«1 have such faith in the American people that I believe they will want
to do the job in the voluntary way— but it is up to you to prove it."
The Treasury1s goal, he went on, is "to make eveiy pay day Bond Day", and
to have nevery wage-earner and salary-earner put aside a part of every pay
check, every week, for the purchase of Defense Bonds and Stamps."
"And when I say 'a part* I do not mean a mere token contribution of a few
nickels every week, or the mere contribution of one per cent or two per cent
of the weekly pay check," said Mr. Morgenthau. "This is not a token war. It
is not a two per cent war. It is not a war that can d© wron with spare change*
"Remember, the more bonds we buy, the more planes will fly. Remember,
every bond we pledge ourselves to buy will add to the weight of the bombs that
will fall on Tokyo and Berlin."
The Secretary said that the Bureau of Engraving and Printing had been
placed on a three-shift, twenty-four hour basis to cope with the bond-buying
rush which began to develop shortly after the Japanese attack on^Pearl Harbor.
While there are still shortages in the supply of bonds in some cities, he said,
several weeks* advance supply is now being accumulated "to meet the demand which,
I am confident, will never slacken until the war is won."
"At first sight the amount of money we have to raise through borrowing
and taxes may seem impossible," said Mr. Morgenthau, "but we in the Treasury
have struck the word ‘impossible* out of our dictionary. With your help we
are going to do the job."
The sales figures announced tonight did not include the sales of Defense
Savings Stamps, which also reached new records in December.
Following is a month-by-month record of the sales of all three series of
Defense Savings Bonds, on a basis of the issue price, in thousands of dollars,
since May 1 *
Total
Series G
Series F
Series E
Month
$
349,818
$ 211,420
$ 37,817
$ 100,581
May
314,527
183,134
28,876
102,517
June
342,132
169,498
27,359
145,274
July
265,606
127,685
20,318
117,603
August
232,327
108,987
18,099
105,241
September
270,713
124,866
22,963
122,884
October
233,487
105,035
18,978
109,475
November
528.599
154.242
33.272
341.085
December
$2.537.210
$1.184.867
$207.682
$1,144,660
Note*
Figures have been rounded to neare
add to totals.
-oQo-
thousand and will not necessarily
January ¿t 19^2
STATUTOHT DSSBT LIMITATION
AS Off D E CMBES TL. iqUl
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
$65,000,000,000
Outstanding as of December 31» 19^1 •
Int ere st—bearing $
Bonds Treasury
$33,367,393,200
Savings (Maturity
value)*
7.5>l9.06l,ltOO
63.7U6.OOO
Depositary
733.197.856
Adjusted Service
Treasury notes
12,19 4809,925
Certificates of
2.750.550.000
Indebtedness
Treasury bills
2.001.505.000
(maturity value)
$Ul,7l3,398,U56
16,950,86U ,925
$58,66U,263,38!
Matured obligations, on
which Interest has ceased
face amount of obligations
(
Tssuable^under above authority
113,U6l,Hoo
58,777,72^,781
6,222,275,219
Beconcllement with Daily Statement of the United States Treasury
December ^1 . 19^-1
Total face amount of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
as amended
Deduct, unearned discount on Savings bonds (difference
between current redemption value and maturity value)
Add other public debt obligations outstanding but not
subject to the statutory limitation:
Interest-bearing (Pre-War, etc#)
$
196,0H6,600
Matured obligations on which interest
has ceased
11,789»520
Bearing no interest
3^1,926,502
Total gross debt outstanding as of December 31» 19^1
58,777.72^.7*1
l.UO9.36U,306
$57.368,360,%5
56q.762.622
$57.93*.123.097
•Approximate maturity value. Principal amount (current redemption value)
according to preliminary public debt etatement $6,139,697,093«
f-
¥t>
0 ¿> o
January 5, 1942
STATUTORY DEBT LIMITATION
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 December 31. 19^1 !
Interest-bearing:
Bonds $33,367,393,200
Treasury
Savings (Maturity
7 ,5^9 ,061,Uoo
value)*
63,71+b,000
Depositary
Adjusted Service
733,197,856
Treasury notes ,
12 ,198,809,925
Certificates of
2,750,550,000
indebtedness
Treasury bills
2,001,505,000
(maturity value)
Matured obligations, on
which interest has ceased
$41,713,396,456
16,950,864,525
$58,664,263,361
113,461,400
58,777,724,781
Dace amount of obligations
6,222,275,219
issuable under above authority
Reconcilement with Daily Statement of the United States Treasury
December 31, 1 9 4 1
Total face amount of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
58,777,724,781
as amended
Deduct, unearned discount on Savings bonds (difference
1,409,364,306
between current redemption value and maturity value)
$57,368,360,475
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
11,789,520
569,762,622
Bearing no interest
361,926,502
$57,938,123,097
Total gross debt outstanding as of December 31» 19^1
*Approximate maturity value. Principal amount (current redemption value)
according to preliminary public debt statement $6,139,697*°93*
- 0O 029-40
-
2
-
In view of General License No* 80 issued "today the freezing
restrictions will not affect Philippine citizens within the United
States or within the generally licensed trade area*
¿T K
AFLjnrd - 1/3/42
a
y Z
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Monday, January 5f 1942
■s'
tr
J>
Press Service
t
No* 29~A1
$#
kA
In view of thejfall of Manila^ the Treasury Department today issued
Public Circular No. 11 calling attention to the fact that Philippine assets
have been automatically frozen under the December 26, 1941 amendment to the
freezing orders.
*****€*
The new public circular prescribed that! the Philippine Islands/ should
S>
be regarded as!a separate blocked country and that January 1, 1942 would be
K
regarded as the effective date of the freezing regulations as applied to the
Philippines.
This was done to facilitate the administration of freezing
control over Philippine assets and also to provide the public with specific
standards to guide their compliance with the freezing regulations relating
to the Philippines.
For all practical purposes this had the same effect as
though freezing control had been specifically extended to the Philippine
Islands on January 1, 1942.
The public circular also announced that census reports on Form TFR-300
were required to be filed with respect to Philippine assets.
ing this requirement wil}. be announced later.
Details regard
Certain general licenses relatjj
to the Philippine Islands were revoked and others w&re amended.
New general
licenses were issued dealing with problems arising out of freezing Philippine
assets.
These general licenses followed the general pattern of documents
issued in the past in connection with extending freezing control to a new
country.
Ure
mn EIS'jRY
III
DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
‘±2
Monday, January 5,
Pres: ervice
Po. 29-41
In view of the situation created by the temporary enemy
occupation of important parts of the Philippine Islands, thep
Treasury Department today issued Public Circular ho* 11 calling
attention to the fact that Philippine assets have been a..to1941 amendment to the
matically frozen under the December
freezing orders,
The
Tb ne?/ p ublic 'circular prescribed that for the purposes
of the freezing orders the Philippine Islands should be re
separate-’blocked Country ant
garded as if they ?/ere
January 1, 1942 would t regarded as die effective date of the
freezing regulations as applied to the Philippines* This was
¡f fre
freezing control over
done t o'f acilitate the administration of
Philippine assets and also to provide the public witn speciiic
standards to ~uide their compliance with the freezing regula
tions relating to the Philippines. For all practical purposes
this had the same effect as though freezing control had beenspecifically extended to the Philippine Islands on January 1,
1942.
The public circular also announced that census reports
on Form TFR-300 were required to be filed with respect to
Philippine assets,’ Details regarding this requirement will
he announced later. Certain ge neral licenses relating to the
H U PS-mi eS Islands
_lùianuo were
m M
revoked and |o .m jeLn~ were amended. New
general licenses were issued dealing ?/ith problems arising out
of freezing Philippine assets. These general licenses followed
the general pattern of documents issued in the past in connec
tion with extending freezing control to a new country.
In vie?/ of General License Mo, GO issued todajpthe
freezing restrictions will not affect Philippine citizens
within the"United States or within the generally licensed
trade area.
TKEASÖRT DEPARTMENT
Washington
Press Service
FDR RELEASE, MORNIKG REWSPAPERS,
Tuesday. January 6, 1942»_____
i/5/42
Set
3
Tbs Secretary of the Treasury announced Last evening that the tenders for
$150,000,OCX), or thereabouts, of 71-day treasury bills, to be dated January 7#
lielie
1942, and to mature March 19, 1942, which were offered on January 2, were opened
at the Federal Reserve Banks on January 5*
ipas
The details of this issue are as follows*
III!j
total applied for - 1351,600,000
total accepted
- 150,230,Ö0Ö
Range of accepted bids*
High
Low
Average price
- 99.952
- 99.934
-
«I
(Excepting two tenders totaling $640,000)
99.94O
Equivalent rate approximately 0.243 percent
»
«
«
0.335
*
*
»
*
O. 3O 4
*
(12 percent of the amount bid for at the low price was accepted)
»»it
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 6 , 194-2.
1/5/4-2
'
Press Service
No. 29-4-2
The Secretary of the Treasury announced last evening that
the tenders for $ 1 5 0 ,0 0 0 ,0 0 0 , or thereabouts,
bills,
of
Treasury
to be dated January 7 > 19^2, and to mature March 19, 194-2,
which were offered on January 2, were opened at the Federal
Reserve Banks on January 5*
The details of this issue are as follows:
Total applied for - $351» 6 0 0 , 0 0 0
Total accepted
- 150,230,000
Range of accepted bids:
(Excepting two tenders totaling
$64-0,000)
High - 99*952 Equivalent rate approximately 0.24-3 percent
Low
- 99.934.*
"
f
O .3 3 5
"
Average
Price - 99.94-0
"
n
"
0,30411
(12
percent of the amount bid for at the low price was accepted)
- 0 O 0 -
The Secretary
For approval, please*
This has been okayed by
Mr* Ihite's office*
(S*
From:
MR. SCHWARZ
>
•/?
Secretary Morgenthau announced today that the Treasury
has purchased an additional 20 million dollars of gold from
the Union of Soviet Socialist Republics.
The gold is to be
delivered within 180 days from January 3, the date of the
purchase agreement.
/
The new transaction follows two^gold purchases of last
year, one for 10 million dollars and another for 30 million
dollars.
Delivery of gold against the first purchase, made
August 16 on a 90-day basis, was completed on October 25.
The second arrangement,
consummated on October 10, called for
delivery of the gold within 180 days, by April 8, 1942.
Two-thirds of the gold involved in this transaction already
has been delivered.
Dollar assets made available by the gold transactions
are being used by the Soviet Union to purchase goods and
services in the United States in addition to materials being
obtained under the terms of the lend-lease arrangement.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, January 6 , 19*4-2.
'p reSs Service
No.
29-^3
Secretary Morgenthau announced today that the Tre asury
has purchased an additional 2 0 million dollars of gold from
the Union of Soviet Socialist Republics.
The gold is to be
delivered within ISO days from January 3> "the date of the
purchase agreement.
The new transaction follows two similar gold purchases
of last year,
one for 1 0 million dollars and another for 30
million dollars.
Delivery of gold against the first purchase,
made August 1 6 on a 90-Jay basis, was completed on October 2 5 .
The second arrangement,
consummated on October 1 0 , called for
delivery of the gold within ISO days, by April S, 19*1-2.
Two-thirds of the gold involved in this transaction already
has been delivered.
Dollar assets made available by the gold transactions
are being used by the Soviet Union to purchase goods and
services in the United States in addition to materials being
obtained under the t©rms of the lend—lease arrangement.
- 0 O 0-
f
When the attached release has been
mimeographed, please have 10 extra copies
forwarded to Miss Henry, Bureau of Customs,
Rm 404 Wilkins Bldg., 1512 H St. N. W.
ê
(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:
luuauo;
Country of
Origin
United Kingdom ....
Canada ............
France ...........
British India ....
Netherlands .......
Switzerland ......
Belgium ...........
Japan .............
China ............
Egypt ............
Germany ..........
Italy ............
Total
1/
Established
TOTAL QUOTA
......
TOTAL B1P0RTS : Established
of
Sept. 20. 19kX* '
to Dec. 27, 19ul Total ^uota
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509
Included in total imports, column 2.
33-1/3%
Imports Sept!
20, 1941, to1
27, 19ltl
1,441,152
231,
-
69,627
—
—
—
—
75,807
—
22,747
14,796
12,853
Ip
—
h3k
—
—
—
—
—
—
25,443
—
7,088
i
301,676
1,599,386
h3h
To be disseminated to
mailing list,
FOR IMMEDIATE RELEASE
January ^^19li2_____
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, 19l*l, to
December 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
(In Pounds)
Staple length less
than 1-1/8”
: Imports Sept.
:
: Established : 20 , I9I4I, to
: Dec* 27, 191*1
Quota
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 W e s t "
Africa 2/ ..........
Algeria and Tunisia ...
Other French Africa 2/*
783,8 1 6
247,952
2,003,433
1,370,791
8,883,259
618,723
475,124
5,203
237
•9,333
752
871
124
195
2 ,2 4 0
71,338
-
: Staple length 1-1/8” or more
:
but less than I-II/1 6 ”
Imports Sept,
: Established : 20 , 1 9 l*l, to
:
Quota
: Dec. 27. 19l*l
4 3 ,4 5 1 ,5 6 6
2k7,952
8,883,259
618,723
2,056,299
64,942
2 ,6 2 6
3,808
—
210
435
9,333
.-
506
—
—
—
—
29,909
12,120,239
2,056,299
—
—
3
—
—
6
—
—
—
—
—
30
m
m
-
12,554
-
30,139
-
-
21,321
5,377
.
16,004
689
_
2,002
—
1,634
-
30
■mm
45 .656.420
14,516,882
Total
9.759.507___
l/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
—•
__
lk.176.577—
TREASURY DEPARTMENT
- Washington
EOR IMMEDIATE RELEASE,
Wednesday. January 7, 1943.
Press Service
No. 29-44
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 Presidents proclamations of September 5, 1939,
and December 19, 1940, as follows, during the period September 20, 1941, to
December 27, 1941, inclusive!
COTTON HAVING A STAPLE OP 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
and the AngloEgyptian Sudan .....
P e r u .................
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/.
(In Pounds)
Staple length less
than 1-1/8”
: Imports Sept.
Established : 20, 1941, to
! Dec. 27. 1941
Quota
:Staple length i-l/8” or more
:
but less than 1-11/16”
: Imports Sept.
: Established ! 20, 1941, to
:
Quot a
: Dec. 27. 1941
783,816
247,952
2,003,483
1,370,791
8,883,259
' 618,723
247,952
A
8,883,259
618,723
43,451,566
2,056,299
64,942
2,626
3,808
475,124
5,203
237
9,333
752
871
124
195
2,240
210
9,333
-435
506
_
-
3
-
-
6
-
-
-
-
-
29,909
30
71,388
-
-
12,554
-
21,321
5,377
30
30,139
-
-
16,004
-
689
-
*
-
-
2,002
1,634
-
9.759.507
14.516.882
45.656,420
Total
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3 Other than Algeria, Tunisia, and Madagascar.
J
12,120,239
2,056,299
-
-
14.176.577
(2)
COTTON CARD STRIPS, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING- WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
commencing September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the
quotas shall be filled by cotton wastes other than card strips and comber
wastes made from cottons of 1-3/16 inches or more in staple length in the
case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany and Italy:
Country of
Origin
: Established
: TOTAL QUOTA
(In Pounds)
TOTAL IMPORTS
: Established
Sept. 20, 1941, : 33-1/3$ of
to Dec. 27. 1941: Total Quota
United Kingdom ....,. 4,323,457
Canada ............
239,690
227,420
F r a n c e ........... .
69,627
British India .....
68,240
Netherlands .......
44,388
Switzerland .......
B e l g i u m ...........
38,559
Japan .............
341,535
C h i n a .............
17,322
Egypt ........ .....
8,135
C u b a ..............
6,544
76,329
Germany ...........
Italy .............
21,263
434
231,615
5,482.509
301.676
Total
1/
1,441,152
69,627
-
—
Included in total imports, column 2.
-oOo-
-
22,747
14,796
12,853
-
-
-
434
-
75,807
-
-
Imports Sept.
20, 1941, to
Dec. 27. 1941
.
-
-
m
25,443
7,088
—
1,599,886
434
-
V
TREASURY DEPARTMENT
Washington
POR R E L E A S E , MORNING NEWSPAPERS
W ednesday. J a n u a ry 7 . 19 4 3 .
1 /6 /4 2
Press Service
N o.
(The following address by Daniel W. Bell, Under Secretary
of the Treasury, is scheduled for delivery before the
Washington Board of Trade, Mayflower Hotel, Washington,
D. C . , at 9:30 P . M . . Eastern Standard Time. Tuesday.
January 6. 19437)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Wednesday,
January
7, 19^2._____
1
1
y
f
" in
........... .
'
Press Service
No. 29-^5
.
1
(The following address hy Daniel W. Bell, Under
Secretary of the Treasury, is scheduled for
delivery before the Washington Board of Trade,
Mayflower Hotel, Washington, D. C., at 9:30 P.M
Eastern Standard Time, Tuesday, January 6, 19^2,_)
I am happy to be with you tonight because yours is an
organization typical of every American city and town,
Your group
represents the collective enterprise and experience of the Capital
City, and we in the Government look to it, and to similar groups
throughout the country, for support and understanding in this time
of crisis.
I need not tell you how much we in ,the Treasury appreciate
the good work you have done by promoting our Defense Savings
prQgraro, I have been told that the Washington Board of Trade has
organized a committee to make personal contact with its 4-,5C0
members in order to promote the sale of Defense Bonds. I am told
that your goal of a million dollars virtually has been reached*
Yours is a°splendid contribution to the Treasury’s war chest, an
outstanding example that proves America’s united resolve to win
this war.
One month has gone by since the
of December, the ’’day
that will live in infamy.” I doubt if any other single day in
all our history has brought a greater or swifter change in our
mental attitude, I doubt if any other month in all our history
has brought a greater transformation in the American scene and
in the American state of mind. Until Pearl Harbor most of us had
been looking into the immediate future through a spyglass that
had not yet^been focused. We saw the shadowy outlines of America
as an ’’arsenal of democracy,” but the picture had not yet become
clear. We talked in vague terms of helping those peoples who were
fighting our fight, but we were not yet able to see clearly that
it was really our fight.
Since December 7th, the blurred outlines have taken precise
shape. We now see our country not merely as an abstraction called
an arsenal of democracy, but we can see it develop'into a mighty
engine of war with all our resources, all our power, all our
material and moral strength becoming mobilized to bring us victory.
2~
Already we can see the American giant stirring fbom his
long sleep* We can see him throwing off the easy-going Ways of
peade and clenching his fists for the stern realities of war.
It will not be ah easy transformation. The first of mahy shocks
has come already here at home:
the production and sale of
automobiles and tires, the very symbols of our modern American
way of life, are about to be ended for the duration* Shortages
of other materials will produce similar shocks upon oub normal
living conditions. It will not bé many months before OVery citizen,
no matter how sheltered in other times, will feel the Impact of
this war upon his everyday life.
One way to measure the changes which war has brought and
will bring is to look at the financial picture. In the past 18
months — that is, from the fall of France in June 19^0 until the
end of last month — we spent about $1^-, 3^0,000,000 on defense.
In the month of December we spent close to |2,000,000,000 on the
war effort, the largest monthly war expenditure in all our history.
These figures represent actual production of materials and
equipment needed to fight a total war, yet even these figures must
be greatly increased without delay if we are to achieve the
destruction of the Axis powers and the liberation of free peoples
throughout the world.
You probably heard the President’s statement today that we
would have to spend $6 billion dollars in the fiscal year 19^3 on
the war effort — more than half of our entire National income.
We cannot produce immediately the swarms of planes and fleets of
ships and great armies of trained men which this figure represents;
we cannot reach such a rate of expenditure by waving a magic wand*.
Mere appropriations by Congress of billions piled upon billions
will not give us the armed strength that will spell victory..
Those appropriations must be translated into actual labor and
production in the factories. We must clear the decks for produc
tion on a scale which no nation has ever achieved. We shall have
to compress into two years the work which Hitler’s Germany took
seven years to accomplish. The Budget Message to be delivered to
Congress tomorrow will give us further indication of the rate of
expenditure necessary to do this.
When I stress the size of these expenditures, I do not mean
to suggest that we cannot carry them. Of course we can. We can
carry them because we Americans believe in the purposes for which
we are fighting, we believe in the danger in which our country
stands, we believe in the necessity of ridding the earth of a
hateful way of life under which our country and all its institu
tions would perish. But we cannot carry that burden unless we
accept its implications. And those are a severe curtailment of
civilian spending, a cheerful acceptance of taxes higher than we
have ever known, and a continuing effort to set aside a part of
our current income by the systematic purchase of Defense Savings
Bonds,.
-3-
The story of the Defense Savings effort is one illustration
of the transformation that Pearl Harbor has brought about in the
American mind* We planned this program long ago, we launched it
last May, when this country was still in the phase of "all aid
short of war" to the enemies of the Axis. I think we laid our
foundations carefully and weli. A field organization was created
reaching into every State and into every community. We received
wonderful help from volunteer workers in all walks of life, in all
parts of the country. Yet in the period from May 1st to
November JOth, we sold only about $2 billion worth of these
securities
a figure which, 'although large, was not enough
considering our swiftly mounting war expenditures and our growing
need for funds. We can thank the Japanese for giving our people
the shock that brought Defense Savings into its stride. In
December we sold a total of more than $52$ million worth of Defense
Bonds, twice as much as the previous monthly average. Of this
amount $>3^1 million came from the little bonds, the Series E
Bonds, which we regard as the most important of the three types;
this was a figure three times as great as the previous monthly
average for the sale of these bonds. Not only the dollar volume
but the number of individual subscribers in December made us feel
that we were selling Bonds at last at a rate comparable to the
need.
Yet the need is growing by leaps and bounds. Even half a
billion dollars a month in Bonds will not be enough in the months
to come, which will see war expenditures mounting to a monthly
rate of three, four, and ultimately five billion dollars.
I hear it said sometimes that it can’t be done. I hear it
said that a country at war, with war-time taxes and other
unaccustomed burdens cannot save at the rate that will be needed.
Let us look, however, at the record of Great Britain.
The war savings movement over there produced six hundred
million pounds in its second year of operation. Translated into
American currency, that is $2,4-00,000,000 in a year. This total
accounted for ten per cent of the British national income of six
billion pounds. Ten per cent of our National income would be
between nine and ten billion dollars. We should do much better
than the British because our limit on individual holdings of
savings securities is much higher than theirs.
England’s experience shows what one brave country can do in
the midst of war. Remember that the enemy is just twenty-one miles
from the cliffs of Dover; remember that the British have more than
three million of their men in uniform and that they are sustaining
a war effort on all the seven seas; remember also that their
cities have been bombed, their property destroyed, their taxes
increased to over Lo per cent of the National income, and their
civilian life dislocated to an extent never before known in their
history. Yet these people have managed to purchase war savings
securities of an amount equal to ten per cent of their National,
income. If England can do it, why can't we do even better?
My answer is that we can, and we will. Our people need
only the same clear realization of their country's need. But it
will take immense effort on our part to enlist our country's
savings to the same extent. That effort is already under way,
and we at the Treasury are depending upon you to put all your
weight and influence and energy behind it.
In particular we are trying to reach the 40 million men and
women"who receive regular income. Their income represents by far
the greatest source of the purchasing poitfer that must be diverted
into the Treasury and away from civilian consumption if we are to
avoid inflation in our war financing. Their income represents the
best source of funds for supplying us with the weapons we require.
The Treasury has determined to make every pay day Bond Day; that
is, it wants. *10 million people to set aside of their own free will
a part of every pay check they receive. That'part will have to be
a substantial one. As Secretary Morgenthau said the other evening
this is not a war that can be won with spare change, It is one
that will require the largest possible amount from every person
who can afford it, without actually taking food and other
necessities from his children,
Therefore, I am appealing to you as leading business men of
the District to spare no effort in this savings program. It is
our job to see that every firm, large or small, sets up savings
plans for the convenience of its employees. The District of
Columbia Defense Savings Committee is now working out a plan which
will involve direct contact with every company in this community.
The contacts will be made by men like yourselves who understand
Washington and who understand the problem involved.
I am convinced that with such a system of contacts estab
lished here and in every State of the Union, we shall soon find
the name of every wage earner on the Treasury Department's roll
of honor.
There is no time to lose. Every day that we delay with the
production of vital weapons will prolong the war. The factory
workers and managers of this country are straining every nerve to
see that American soldiers and sailors have fighter planes and
anti-aircraft guns and weapons with which to meet a powerful and
resourceful enemy. The President said a few months ago that our
production of war materials must grow until it is a mighty torrent
In the same way, the flow of dollars must increase until that too
is a mighty torrent. I am confident that you, as the leaders of
the business community in Washington, will not fail to do your
part in this effort that is so vital to the winning of the war.
I am confident of our success.
-rOOOrr
xkliSdik
- 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*
- 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.
sdtting tenders will be advised of the acceptance or rejection thereof.
Those sub.
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 I
accepted tenders at the prices offered must be made or completed at the Federal Re«
serve Bank in cash or other immediately available funds on January 14, 1942, provided,
however, any qualified depositary will be permitted to make payment by credit for
Treasury bills allotted to it for itself and its customers up to any amount for which
it shall be qualified in excess of existing deposits when so notified by the Federal
Reserve Bank of its District.
The income derived fro® 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 j
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 prin
cipal or interest thereof by any State, or any of the possessions of the United State
©r 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
i
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 re
turn only the difference between the price paid for such bills, whether on original
|
is#
TREASURY DEPARTMENT
Is
Washington
pf!S
POR RELEASE, MORNING NEWSPAPERS,
Friday, January 9« 19A2______ .
m
The Secretary of the treasury, "by this nublic notice, invites tenders
for $ 150,000,000
or thereabouts, of
91 -day Treasury hills, to he issued
on a discount basis under competitive bidding.
be dated
January 14, 1942
and will mature
It.and
The bills of this, series will
April 1$, 1942____________
when the face amount will be payable without interest.
leai
They will be issued in
bearer form only, apd 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 uu to the 1
closing hour, two o^lock n, m,, Eastern Standard time,
J
Monday, January 12, 194?, 1
Tenders will not be received at the Treasury Department, Washington,
Each tender
must be for an even multiple of $1,000, and the price offered must be expressed
on the basis of 100, with not more than three decimals, e. g., 99,925,
may not be used.
Fractions
It is urged that tenders be made on the pointed forms and for
warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi
ties,
Tenders from others must be accompanied by payment of 10 percent of the
face amount of Treasury bills applied for, unless the tenders are accompanied by
a„n express guarantjr of payment by a.n incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal«
9
Ä
11 tie
the Fp
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 9, 19^2.________
The Secretary of the Treasury, "by this public notice,
invites tenders for $150,000,.000, or thereabouts, of
Treasury bills, to be issued on a discount basis under competitive
bidding.
The bills of this series will be dated January 14-, 19^2,
and will mature April 15 , 19^2,. 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, January 12, 19$2. Tenders will not be
received at the.Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and the price offered
must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.925. Fractions may not be used. It is urged
that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 10 percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action
in any such respect shall be final. Payment of accepted tenders
at the prices offered must be made or completed at the Federal
Reserve Bank in cash or other immediately available funds on
January 1$, 19$2, provided, however, any qualified depositary will
be permitted to make payment by credit for Treasury bills allotted
to it for itself and its customers up to any amount for which it
shall be qualified in excess of existing deposits when so notified
by the Federal Reserve Bank of its district.
29~$6
2-
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption, as such, and loss from the sale or other
disposition of Treasury bills shall not have any special treatment,
as such, under Federal tax Acts now or hereafter enacted* The
bills shall be subject to estate, inheritance, gift, or other
excise taxes, whether Federal or State, but shall be exempt from
all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United
States, or by any local taxing authority. For purposes of taxation
the amount of discount at which Treasury bills are originally sold
by the United States shall be considered to be interest. Under
Sections k2 and 117 (a) (1) of the Internal Revenue Code, as
amended by Section 115
the Revenue Act of 1941, the amount of
discount at which bills issued hereunder are sold shall not be
considered to accrue until such bills shall be sold, redeemed or
otherwise disposed of, and such bills are excluded from considera
tion as capital assets. Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include
in his income tax return only the difference between the price
paid for such bills, whether on original issue or on subsequent
purchase, and the amount actually received either upon sale or
redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
Treasury Department Circular No. ^1$, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
-oQo-
2.
Th« Secretary of tha Treasury may at any tima, or fro« tino to tina,
prescribe supplemental or «Bendatory rulas and regulations governing tha offer*
lug, which will be communicated promptly to tha Federal Basare« Banks.
HENRY KOHQEHTHAB, JR.,
Secretary oí the Treasury*
«Federal Farm Mortgage Corporation for payment, the proceed« to be
applied to payment for Treasury- Bonds of 1949-51*1 if the new bonds
are desired registered in another name, «Federal Fans Mortgage Cor
poration for payment, the proceeds to be applied to payment for
Treasury Bonds of 1949-51 in the name of
... ............. *J
if the new bends are desired in coupon fora, «Federal Farm Mortgage
Corporation for payment, the proceeds to be applied to payment for
Treasury Bonds of 1949-51 in coupon fora to be delivered t o __________ «.
(b) Where 2-3/4 percent bonds are surrendered*- If the new bonds
are desired registered in the same name as the bonds surrendered,
«Federal Farm Mortgage Corporation for purchase, the principal pro
ceeds to be applied to payment for Treasury Bonds of 1949-51*1 i£
the new bonds are desired registered in another name, «Federal Farm
Mortgage Corporation for purchase, the principal proceeds to be ap
plied to payment for Treasury Bonds of 1949-51 1» the name of
...... -*t
if the new bonds are desired in coupon form, «Federal Farm Mortgage Cor*
poration for purchase, the principal proceeds to be applied to payment
for Treasury Bonds of 1949-51 in coupon form to be delivered t o ________**
7X* GENERAL PROVISIONS
x*
As fiscal agents of the United States, Federal Reserve Banks are authorised
and requested to receive subscriptions, to make allotments on the basis and up to
the amounts indicated by the Secretary of the Treasury to the Federal Reserve Bank*
of the respective districts, to is«» allotment notices, to receive payment for bond«
allotted, to make delivery of bonds on full-paid subscriptions allotted, and they W
issue interim receipts pending delivery of the definitive bonds*
4 **
tion bonds of 1942*47 In coupon form And accrued interest from September 1, 1941,
to January 15, 1942 (#10.33149 par #1,000) mill be paid following acceptance of
the bonds.
In the ease of registered bonds of either Issue, cheeks in payment of
final Interest will be drawn in accordance with the assignments on the bonds sur
rendered.
?. mjSRUfDIE OP CALLED BOMBS
1.
Coupon bonds.* 3 percent and 2-3/4 percent Federal Farm Mortgage Corpora
tion bonds of 1942-47 In coupon form tendered hereunder should be presented and
surrendered with the subscription to a Federal Reserve Bank or Branch or to the
Treasurer of the United States, Washington, 0» C.
Coupons dated July 13, 1942,
and March 1, 1942, respectively, and all coupons bearing subsequent dates, should
be attached to such bonds when surrendered, and if any such coupons are missing,
the subscription must be accompanied by cash payment equal to the faoe amount
of the missing coupons.
the holder.
The bonds must be delivered at the expense and risk of
Facilities for transportation of bends by rsglstsred mail insured
may be arranged between incorporated banks and trust eompaniss and the Federal
Reserve Banks, and holders may take advantage of such arrangements when availa
ble, utilising such incorporated banks and trust companies as their agents.
2.
Registered bonds.- 3 percent and 2-3/4 percent Federal Fara Mortgage Cor
poration bonds of 1942-47 In registered form tendered hereunder should be assigned
by the registered payees or assignees thereof in one of the forms hereafter set
forth, and thereafter should be presented and surrendered with the subscription
to a Federal Reserve Bank or Branch or to the Treasury Department, Division of
Loans and Currency, Washington, D. C*
and risk of the holder.
The bonds must be delivered at the expense
The proper forms of assignment are
(a) Where 3 percent bends are surrendered.- If the new bonds
are desired registered in the same name ae the bonde surrendered,
- 3 5«
The bonds will be subject to the general regulations of the Treasury De
partment, now or hereafter prescribed, governing United States bonds*
HI*
1«
SUBSCRIPTION AMD ALLOTMENT
Subscriptions will be received at the Federal Reserve Baziks and Branches
and at the Treasury Department, Washington, and should be accompanied by securi
ties of one or more of the issues enumerated in Section I hereof, tendered for pay
ment or purchase as the case may be, to an aggrogato par amount equal to the par
amount of Treasury Bonds of 1949-51 subscribed for hereunder*
Banking institutions
generally may submit subscriptions for account of customers, but only the Federal
Reserve Banks and the Treasury Department are authorised to act ae official agendas,
2«
The Secretary of tho Treasury reserves the right to reject any subscrip
tion, in whole or in part, to allot loss than tho amount of bonds applisd for, and
to close the books as to any or all subscriptions at any time without notice j and
any action he may take in these respects shall bs final*
tions, all subscriptions will be allotted in fbll*
Subject to these reserva
Allotment notices will be sent
out promptly upon allotment*
IF*
1*
PAYMENT
Payment at par for bonds allotted hereunder must be made on or before
January 15, 194% or on later allotment and may be made only in Treasury Notes of Sari
A-1942 or through application of tho principal proceeds of payment of 3 percent Fed
eral Farm Mortgage Corporation bonds of 1942-47# 2-3/4 percent Federal Farm Mort
gage Corporation bonds of 1942-47# or Reconstruction Finance Corporation notes of
Series R, in an aggregate par amount equal to the amount of bonds allotted here
under*
Coupons dated March 15# 1942, must be attached to Treasury Motes of Series
A-1942 when surrendered, and accrued interest from September 15, 1941# to January 15# :
1942 (15*89779 per $1,000) will be paid following acceptance of tho notes*
Coupon*
dated March 1, 1942, must bo attached to 2-3/4 percent Federal Farm Mortgage Corpora- ]
-
structlon Finance Corporation
1912, tandered for payaent in
this circular, to payment for
Tenders of Serios E notes for
11«
1*
2
-
noto« oî Borles E, maturing January 15,
accordance d t h Sections III and IV oî
Treasury bonds subacribed for hereunder.
that purpose aro lnvlted,
DESCRIPTION OF BOSDS
The bonds will bo dated January 15, 1912, and «111 bear interest frem
that data at the rate of 2 percent per annun, payable on a seaiannu&l basie cm
«June 15 and De comber 15 in each year until the principal amount bocones payable,
they «111 nature June 15, 1951# but m j be rsdeensd at the option of the United
States on and after June 15, 1919# in «haie or in part# at par and acerued inter
est, on any interest day or days, on 1 raonths * notice of redsaption given in such
m m ®r as the Secretary of the Treasury shall prescribe. In case of partial ré
demption the bonds to be redeemed «ill be detexsdned by such method as m y be
prescrlbed by the Secretaiy of the treasury,
From the date of rédemption desig-
nated in any such notice, interest on the bonds cslled for rédemption shall ceas»,
2,
The incoas derived from the bonde shall be subject to ail Federal taxes,
no« or hereafter imposed.
The bonds shall be subjeet to estáte, inheritance, gtft
or other excise taxes, whether Federal or State, but shall be exempt from ail taxa
tion no« or hereafter imposed on the principal or interest thereof by any State,
or any of ths possessions of ths United States, or by any local taxing authorlty,
3,
the bonds «ill be acceptable to seeure deposite of public moneya, but
«ill not bear the circulation privilège and «ill not be entitled to any privilège
of conversion*
4,
Bearer bonds «ith interest coupons attachsd, and bonds rsgisterod as te
principal and interest, will be issued in dénominations of $50, $100, $500, $1,000,
$5,000, $10,000 and $100,000,
Provision «ill be nade for ths interchange of bonds
of different dénominations and of coupon and reglstered bonds, and for the trenofer of reglstered bonds, umder rules and régulation* prescrlbed by ths Seeretary
of the treasury.
'
UNITED STATES OF AMERICA
2 PERCENT TREASURY SORBS OF 1949-51
Bated and bearing interest freía January 15,
1942
Due June 15, 1951
REDEEMABLE AT THE OPTION OF TIE UNITED STATES AT PAS AND ACCRUED INTEREST ON AND
AFTER JUNE 15, 1949
Interest payable June 15 and December 15
1942
TREASURY DEPARTMENT,
Department Circular No. 6?6
----
Office of the Secretary,
Washington, January 12, 1942,
Fiscal Service
Bureau of the Public Debt
X.
1.
OFFERING OF BONDS AND INVITATION FOR TENDERS
The Secretary of the Treasury, pursuant to the authority of the Second
liberty Bond Act, as amended, invites subscriptions, at par, from the people of
the United States for 2 percent bonds of the United States, designated Treasury
Bonds of 1949*51, the amount of the offering to be Halted to the aaount of
securities tendered and accepted as provided in ths following subparagraphs t
(a) Treasury Notes of Scries A-1942.-Trsasury Notes of Series
4-1942, maturing March 15, 1942, will be accepted in payment for
Treasury bonds subscribed for hereunder.
0>) 3 Percent Federal Farm Mortgage Corporation Bonds of 1942-47.The Secretary of the Treaeury offers to apply the proceeds of payasnt of
3 percent Federal Farm Mortgage Corporation bonds of 1942-47, called
for redemption on January 15, 1942, tendered for payment in accordance
with Sections III and IV of this circular, to payment for Treasury bonds
subscribed for hereunder. Tenders of 3 percent Federal Farm Mortgage
Corporation bonds of 1942-47 for that purpose are invited.
_
M
&>3/4. Percent Federal Farm Mortgage Corporation Bonds of 1912-47.The Secretary of the Treasury, on behalf of the Federal Farm Mortgage
Corporation, offers to purchase on January 15, 1 9 4 2 , at par and accrued
interest, 2-3/4 percent Federal Farm Mortgage Corporation bonds of 1942-47,
called for redemption on March 1, 1942, to the extent to which the holders
thereof subscribe for Treasury bends hereunder. Tenders of 2 -3 / 4 percent
Federal Farm Mortgage Corporation bonds of 1942-47 for that purpose are
invited.
W
Reconstruction Finance Corporation Notes of Series R.-The Secre
tary of the Treasury offers to apply the proceeds of payment of Recon-
—
2
—
Subscriptions will b© received at the Federal Reserve Banks and
Branches, and at the treasury Department, Washington. Banking institutions
generally m y submit subscriptions for account of customers, but only the
Federal Reserve Ranks and the Treasury Department are authorised to aot
as official agencies. Subscriptions should be accompanied by securities cf
one or more cf the four issues enumerated in the first paragroph of this
statement, to an aggregate par amount equal to the par amount of the nee
Treasury bonds subscribed for. Coupons dated Sanitary 15, 1942 should be
detached from the S Percent Federal Farm Mortgage Corporation bonds and the
Reconstruction Finance Corporation notes and eashed In regular course.
Following acceptance of the Treasury notes and the 2-5/4 Percent Federal
Farm Mortgage Corporation bonds, accrued interest to January 15, 1942,
about 110.55 and $5.90 per |1 ,000 respeetively, will be paid to the owners
of the securities surrendered.
The right is reserved to close the books as to any or all subscriptions
at any time without notice* Subject to the reservations set forth in the
official circular, all subscriptions will be allotted in full.
The amounts cf the four Issues now outstanding are approximately as
fellows t Treasury Motes of Series A.-1942, $426,000,000} 5 Percent Federal
Farm Mortgage Corporation bonds of 1942-47, $256,000,000; 2-5/4 Percent
Federal Farm Mortgage Corporation bonds of 1942-47, $103,000,000; and
Reconstruction Finance Corporation notes ef Series R, $510,000,000.
The text of the official circular followst
TREASURY DEPARTMENT
Washington
Press Servios
Sunday, January 11. 1942.
—1/ 10w/ « —
^
— *—
Z-/-V7
Secret:
Secretary of the Treasury Horgenthau today announced a plan for refinancing
, reflnanc:
a Treasury issue and -three corporate issues which shortly ease due for payment*
These Issues are the Treasury Metes of Series &*1942, maturing March 15, 1942,
the 5 Percent Federal Farm Mortgage Corporation bonds of 1942*47, called for
redemption on January 15, 1942, the 2*3/4 Percent Federal Farm Mortgage Corpo
ration bonds of 1942-47, called for redemption on March 1, 1942, and the
Reconstruction Finance Corporation Motes of Series R, maturing January 15, 1942»
lithe Recoil
An issue of Treasury bonds is being made available to the holders of the four
BtiringJsnu
issues enumerated on a par for par basis, with adjustments of accrued interest
M e availabl
to January 15, 1942 in the ease of the Treasury notes and the 2*3/4 Federal
far for par b
Farm Mortgage Corporation bonds.
The bases on which the securities comprising
W in t
these four Issues may be presented and accepted, and the new bends obtained,
are specifically set forth in the official circular released today*
The
boohs will be opened for the receipt of subscriptions tomorrow morning,
asth
January 12*
The Treasury boads nosr offered will be dated January 15, 1942, and will
bear interest from that date at the rata of two per cent per snnum payable en
a semi-annual baeie on June 15 and Deoember 15 in eaeh year* They will sature
June 15, 1951, but may be redeomsd, at the cptlen of the Onited States, on and
after June 15, 1949* They will be ieeued in two formes bearer bonds with
interest coupons attaohed, and bonds registered both as te principal and
intersst* Both forma will be ieeued in the dsnominations of |50, $100, $500,
♦1,000, $5,000, $10,000 and $100,000*
talar rele
f subscript!
The Tre
bear
pay
® option
[pursuant te the provieions of the Public Debt Act of 1941, interest upon thi Mìlite
bonds now offered shall not have any exemption, aa such, tinder Federal Tax Asta
now or hereafter enacted* Otherwise the securitise will be accorded the earns
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*
attac
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Sunday, January 1 1 , 1 9 ^-2 ._______ -
Press Service
No i 29-^7
l/lO/k-2
Secretary of the Treasury Morgenthau today announced a plan
for refinancing a Treasury issue and three corporate issues which
shortly come due for payment,
These issues are the Treasury Notes
of Series A-*l 9*1-2, maturing March 15; 19*1-2,. the 3 Percent Federal
Farm Mortgage Corporation bonds of 19*1-2-*1-7, called for redemption
on January 15, 19*1-2, 'the.2-3/^ Percent Federal Farm Mortgage Corpo
ration bonds of 1 9 ^ 2 ^ 7 ,
called for redemption on March 1, 19*1-2,
and the Reconstruction Finance Corporation Notes of Series R,
maturing January 15; -19*1-2*
An issue of Treasury bonds is being
made available to the holders of the four issues enumerated on a
par for par basis,
with adjustments of accrued interest to January
15; 19*1-2 in the case of the Treasury notes and the 2-3/^ Federal
Farm Mortgage Corporation bonds.
The bases on which the securities
comprising these four issues may be presented and accepted,
the new bonds obtained,
circular released today.
and
are specifically set forth in the official
The boohs will be opened for the receipt
of subscriptions tomorrow morning,
January 12.
The Treasury bonds now offered will be dated.January 15, 19*1-2,
and will bear interest from that date at the rate of two percent
per annum payable on a semi-annual basis on June 1 5 and December 1 5
in each year.
They will mature June 1 5 , 1951; but may be redeemed,
at the option of the United States, on and after June 1 5 ., 19*1-9They 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 $5°;
-2Pursuant to the provisions of the Public Debt Act of 19^1,
interest upon the bonds now offered shall not have any exemption,
as such, under Federal Tax Acts now or hereafter enacted.
Otherwise the securities will be accorded the same exemptions from taxation as are accorded other issues of Treasury bonds now outstanding’
These provisions are specifically set forth in the official circu
lar released today.
Subscriptions will be received at the Federal Reserve Banks
and Branches, and at the Treasury Department, Washington.
Banking
institutions generally may submit subscriptions for account of
customers, but only the Federal Reserve Banks and the Treasury^
Department are authorized to act as official agencies,
Subscrip
tions should be accompanied by securities of one or more of the
four issues enumerated in the first paragraph of this statement,
to an aggregate par amount equal to the par amount of the new
Treasury bonds subscribed for.
Coupons dated January IB, 19^2
should be detached from the 3 Percent Federal Farm Mortgage Corpor
ation bonds and the Reconstruction Finance Corporation notes and
cashed in regular course.
Following acceptance of the Treasury
notes and the 2 - j A Percent Federal Farm Mortgage Corporation bonds
accrued interest to January 15* 19^2, about $10.33 an& $5*9^ Pfr
$1,000 respectively, will be paid to the owners of the securities
surrendered.
The right is reserved to close the books as to any or all
subscriptions at any time without notice.
Subject to the reserva
tions set forth in the official circular, all subscriptions will
be allotted'in full.
The amounts of the four issues now outstanding are approxi
mately as follows;
Treasury Notes of Series A- 19 ^-2 , $^4-26,000,000;
3 Percent Federal Farm Mortgage Corporation bonds of 19^2-^7,
$ 236 ,000,000; 2 - 3 A Percent Federal Farm Mortgage Corporation
bonds of 19^2-14-7, $1 0 3 ,000,000; and Reconstruction Finance Corpora
tion notes of Series R, $ 3 ^ 0 ,000,000.
The text of the official circular follows;
UNITED STATES OF AMERICA
2 PERCENT TREASURY BONDS OP 1949-51
Dated and bearing interest from January 15, 1942
Dae June 15, 1951
REDEEMABLE AT THE OPTION OP THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER JUNE 15, 1949
Interest payable June 15 and December 15
1^42
Department Circular No* 676
____
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, January 12,1942.
Fiscal Service
Bureau of the Public Debt
I.
OFFERING OP BONDS AND INVITATION FOR TENDERS
1. The Secretary of the Treasuiy, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people of
the United States for 2 percent bonds of the United States, designated Treasury
Bonds of 1949-51, the amount of the offering to be limited to the amount of
securities tendered and accepted as provided in the following subparagraphs!
(a.) Treasury Notes of Series A-1942.-Treasury Notes of Series
A-1942, maturing March 15, 1942, will be accepted in payment for
Treasury bonds subscribed for hereunder.
(b ) 3 Percent Federal Farm Mortgage Corporation Bonds of 1942-47.The Secretary of the Treasury offers to apply the proceeds of payment of
3 percent Federal Farm Mortgage Corporation bonds o f ‘1942-47, called for
redemption on January 15, 1942, tendered for payment in accordance with
Sections III and IV of this circular, to payment for Treasury bonds
subscribed for hereunder.
Tenders of 3 percent Federal Farm Mortgage
Corporation bonds of 1942-47 for that purpose are invited.
(c ) 2r.3/4 Percent Federal Farm Mortgage Corporation Bonds of 1942-47 . * *
The Secretary of the Treasury, on behalf of the Federal Farm Mortgage
Corporation, offers to purchase on January 15, 1942, at par and accrued
interest, 2-3/4 percent Federal Farm Mortgage Corporation bonds of 1942-47,
called for redemption on March 1, 1942, to the extent to which the holders
thereof subscribe for Treasury bonds hereunder.
Tenders of 2-3/4 percent
Federal Farm Mortgage Corporation bonds of 1942—47 for that purpose are
invited.
(d) Reconstruction Finance Corporation Notes of Series R ,- The
Secretary of the Treasury offers to apply the proceeds of payment of
Reconstruction Finance Corporation notes of Series R, maturing January 15,
1942, tendered for payment in accordance with Sections III and IV of this
circular, to payment for Treasury bonds subscribed for hereunder.
Tenders
of Series R notes for that purpose are invited.
II.
DESCRIPTION OF BONDS
1. The Bonds will "be dated January 15, 1942, and will bear interest from
that date at the rate of 2 percent per annum, payable on a semiannual basis on
June 15 and December 15 in each year until the principal amount becomes payable.
They will mature June 15t 1951,' but may be redeemed at the option of the United
States on and after June 15, 1949, in whole or in part, at par and accrued
interest, on any interest day or days, on 4 months’ notice of redemption given in
such manner as the Secretary of the Treasury shall prescribe.
In case of partial
redemption the bonds to be redeemed will be determined by such method as may be
prescribed by the Secretary of the Treasury.
From the date of redemption desig
nated in any such notice, interest on the bonds called for redemption shall cease.
2. The income derived from the bonds shall be subject to all Federal taxes,
now or hereafter imposed.
The bonds shall be subject to estate, inheritance, gift
or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
3. The bonds will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege and will not be entitled to any privilege
of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $50, $100, $500, $1,000,
$5,000, $10,000 and $100,000.
Provision will be made for the interchange of bonds
of different denominations and of coupon and registered bonds, and for the
transfer of registered bonds, under rules and regulations prescribed by the
Secretary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United Statas bonds.
Ill,
SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and Branches
and at the Treasury Department, Washington, and should be accompanied by securities
of one or more of the issues enumerated in Section I hereof, tendered for payment
or purchase as the case may be, to an aggregate par amount equal to the par amount
of Treasury Bonds of 1949-51 subscribed for hereunder.
Banking institutions
generally may submit subscriptions for account of customers, but only the Federal
Reserve Banks and the Treasury Department are authorized to act as official
agencies.
2. The Secretary of the Treasury reserves the right to reject any subscrip
tion, 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, all subscriptions will be allotted in full.
Allotment notices will
be sent out promptly upon allotment.
-
IV.
3 -
PAYMENT
1. Payment at par for bonds allotted heretlnder must be made on or before
January 15, 1942, or on later allotment and may be made only in Treasury Notes of
Series A-1942 or through application of the principal' proceeds of payment of 3
percent Federal Farm Mortgage Corporation bonds of 1942-47, 2-3/4 percent Federal
Farm Mortgage Corporation bonds of 1942-47, or Reconstruction Finance Corporation
notes of Series R, in an aggregate par amount equal to the amount of bonds allotted
hereunder.
Coupons dated March 15, 1942, must be attached to Treasury Notes of
Series A-1942 when surrendered, and accrued interest from September 15, 1941, to
January 15, 1942 ($5.89779 per $1,000) will be naid'following acceptance of '
the notes.
Coupons dated March 1, 1942, must be attached to 2-3/4 percent
Federal Farm Mortgage Corporation bonds of 1942—47 in coupon form and accrued
interest from September 1, 1941, to January 15, 1942 ($10.33149 per $1,000) will
be paid following acceptance of the bonds.
In the cose of registered bonds of
either issue, checks in payment of final interest will be drawn in accordance with
the assignments on the bonds surrendered.
V.
SURRENDER OF CALLED BONUS
1» Coupon bonds.-3 percent and 2— 3/4 percent Federal Farm Mortgage Corpora
tion bonds of 1942-47 in coupon form tendered hereunder should be presented and
surrendered with the subscription to a Federal Reserve Bank or Branch or to the
Treasurer of the United States, Washington, D. C. Coupons dated July 15, 1942,
and March 1, 1942, respectively, and all coupons bearing subsequent dates, should
be attached to such bonds when surrendered, and if any such coupons are missing,
the subscription must be accompanied by cash payment equal to the face amount of
the missing coupons.
The bonds must be delivered at the expense and risk of the
holder.
Facilities for transportation of bonds by registered mail insured may be
arranged between incorporated banks and trust companies and the Federal Reserve
Banks, and holders may take advantage of such arrangements when available,
utilizing such incorporated banks and trust companies as their agents.
2* Registered bonds.-3 percent and 2-3/4 percent Federal Farm Mortgage
Corporation bonds of 1942-47 in registered form tendered hereunder should be
assigned by the registered payees or assignees thereof in one of the forms here
after set forth, and thereafter should be presented and surrendered with the sub
scription to a Federal Reserve Bank or Branch or to the Treasury Department,
Division of Loans and Currency, Washington, D. G. The bonds must be delivered at
the expense and risk of the holder.
The proper forms of assignment are
(a) Where 3 percent bonds are surrendered.— If the new bonds are
desired registered in the same name as the bonds surrendered, ^Federal Farm
Mortgage Corporation for payment, the proceeds to be applied to payment for
Treasury Bonds of 1949-51°; if the new bonds are desired registered in
another name, °Federal Farm Mortgage Corporation for payment, the proceeds
to be applied to payment for Treasury Bonds of 1949-51 in the name of
------— ____________» if the new bonds are desired in coupon form, °Federal
Farm Mortgage Corporation for payment, the proceeds to be applied to payment
for Treasury Bonds of 1949-51 in coppon form to be delivered to __________
- 4 (b) Where 2-3/4 percent bonds are surrendered.- If the new bonds
are desired registered in the same name as the bonds surrendered, ’’Federal
Farm Mortgage Corporation for purchase, the principal proceeds to be
applied to payment for Treasury Bonds of 1949-51” ; if the new bonds are
desired registered in another name, ’’Federal Farm Mortgage Corporation
for purchase, the principal proceeds to be applied to payment for
Treasury Bonds of 1949—51 in the name of
11* if the new
bonds are desired in coupon form, ’’Federal Farm Mortgage Corporation
for purchase, the principal proceeds to be applied to payment for
Treasury Bonds of 1949-51 in coupon form to be delivered to
.. w•
VI.
GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the Federal
Reserve Banks of the respective districts, to issue allotment notices, to receive
payment for bonds allotted, to make delivery of bonds on full-paid subscriptions
allotted, and they may issue interim receipts pending delivery of the definitive
bonds.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks.
HENRY MORGENTHAU, JR.,
Secretary of the Treasury.
COPY
In view of recurring rumors that the Government was
planning to confiscate savings accounts, Secretary Morgenthau
today entered an emphatic denial tha,t this was so.
”1 wish to state most emphatically that there are no
foundations whatever for such rumors,” Mr. Morgenthau said.
’’The Federal Government does not have under consideration any
proposal involving the confiscation of savings deposits of
this country for any purpose.
’•Furthermore,H he added, ’’any one circulating rumors
of this character is acting against the welfare of the nation.”
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, January 12, 19^2.
Press Service
No. 29-48
In view of recurring rumors that the G-overnment was
planning to confiscate savings accounts,
Secretary Morgenthau
today entered an emphatic denial that this was so.
«1 wish to state most emphatically that there are no
foundations whatever for such rumors ,*1 Mr, Morgenthau said,
“The Federal G-overnment does not have under consideration any
proposal involving the confiscation of savings deposits of
this country for any purpose,
“Furthermore,“ he added,
“any one circulating rumors of
this character is acting against the welfare of the nation.“
- 0 O 0 -
- 2 -
the «loe« of the «ubeoriptlon book«*
Announcement of the unirb of aub«orlptlona and their division mmmg the
•eves«! Federal Heserv* Metrici» *132 be »de Inter*
<
TREASURY DEPARTMENT
Washington
FOR RELEASE« MORNING NEWSPAPERS,
Tuesday. January 13« 1943,----1/12/42
Pr®«* Sendee
2 / *+7
Secretary of the Treasury Morgenthau announced last night that the subscrip
tion books for the current offering of 2 percent Treasury Bonds of 1949-51, open
to the holders of Treasury Notes of Series A-1942, Maturing March 15, 1942, the
3 percent
Federal Farm Mortgage Corporation Bonds of 1942-47, called for redemp
tion on January 15, 1942, the 2-3/4 percent Federal Farm Mortgage Corporation
bonds of 1942-47, called for redemption on March 1, 1942, and the Reconstruction
Finance Corporation notes of Series R, Maturing January 15, 1942, sill close at
the close of business Tuesday, January 13, except for the receipt of subscription!
from holders of $ 1 ^ 0 0 0 or less of the two issues of Federal F a m Mortgage Corpora
tion bonds.
The subscription books will d o s e at the d o s e of business Wednesday,
January 14, for the receipt of subscriptions of the latter class.
The offer to
apply the proceeds of payment of the 3 percent Federal F a m Mortgage Corporation
bonds and the Reconstruction Finance Corporation notes, and the offer to purchass
the 2-3/4 percent Federal F & r a Mortgage Corporation bonds, in each case the prin
cipal proceeds of payment to be applied to payment for a like par anount of the
new Treasury bonds, will also terminate at the time the books d o s e for the re
ceipt of subscriptions of the respective classes.
Many smaller holders of the bonds do not have as immediate access to their
securities, and are not as conversant with the manner of entering subscriptions,
as the larger holders, and for these reasons they are given an extra day in uhich
to take advantage of the offering.
Subscriptions of either olase addressed to a Federal Beserve Bank or Branch,
or to the Treasury Department, and plaeed in the nail before 12 o'clock aidnight
of the respective closing days, will be considered as having bean entered before
j
TREASURY DEPARTMENT
Washington
Press Service
No. 29-49
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, January 13, 1942.______
1/12/42
Secretary of the Treasury Morgenthau announced last night
that the subscription books for the current offering of 2 percent
Treasury Bonds of -1 9 Lî-9 — 5 1 , open to the holders of Treasury Notes
of Series A-1942, maturing March 1 5 , 1942, the 3 percent Federal
Farm Mortgage Corporation Bonds of 1942-47,
on January 1 5 , 1942,
called for redemption
the 2«*-3/^ percent Federal Farm Mortgage
Corporation bonds of 1942-47,
1942,
.
called for redemption on March 1,
and the Reconstruction Finance Corporation notes of Series R
maturing January 1 5 * 1942, will close at the close of business
Tuesday, January 13,
except for the receipt of subscriptions from
holders of $ 15,000 or less of the two issues of Federal Farm
Mortgage Corporation bonds.
The subscription books will close at
the close of business Wednesday,
January l4, for the receipt of
subscriptions of the latter class.
The offer to apply the pro
ceeds of payment of the 3 percent Federal Farm Mortgage Corporatioi
bonds and the Reconstruction Finance Corporation notes,
and the
offer to purchase 2-3/4 percent Federal Farm Mortgage Corporation
bonds,
in each case the principal proceeds of payment to be
applied to payment for a like par amount of the new Treasury bonds,
will also terminate at the time the books close for the receipt of
subscriptions of the respective classes,
Many smaller holders of the bonds do not have as immediate
access to their securities, and are not as conversant with the
manner of entering subscriptions, as the larger holders, and for
these reasons they are given an extra day in which to take advan
tage of the offering.
-
2
-
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 books,
Announcement of the amount of subscriptions and their
division among the several Federal Reserve Districts will be made
later.
- 0O 0-
THEASÜHT DEPARTMENT
Washington
Press Service
2 ?-
JOE HELMSE, M O H R i m NEWSPAPERS,
Tuesday« January 13. 1942*-----
1/12/42
The Secretary of the Treasury announced last evening that the tenders
for $150,000,000» or thereabouts» of 91-day Treasury bills» to be dated
January 14 and to mature April 15» 1942, which were offered on January 9»
sere opened at the Federal Reserve Banks on January 12.
The details of this issue are ae follows:
Total applied for - $384,694,000
Total accepted
- 150,047,000
Range of accepted bids:
High
10V
(Excepting one tender of $300,000)
^ 100.
- 99.963 Equivalent rate approximately 0.146 percent
*
0.119
11
Average price- 99*970
o & &
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 13. 19^2.
Press Service
No, 29-50
Î/12/Ï2
The Secretary of the Treasury announced last evening that
the tenders for $1 5 0 ,000,000, or thereabouts,
bills,
of 91~Jay Treasury
to be dated January 14- and to mature April 1 5 , 19^-2, which
were offered on January 9; were opened at the Federal Reserve
Banks on January 1 2 .
The details of this issue are as follows:
Total applied for - $ 3 ^ , 6 9 ^ , 0 0 0
Total accepted
- 150,047,000
Range of accepted bids;
(Excepting one tender of $300,000)
High - 1 0 0 ,
Low
- 99.963 Equivalent rate approximately 0 .1^6 percent
Average
Price - 99.970
u
"
?
0.119
"
-
o0 q ~
'V'
DIVIDEND PAYMENTS TO CREDITORS OF INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
December 31. 1941
_
Name and Location of Bank
Nature of
Dividend
Date
Authorized
Number and
Percentage
of Dividend
Authorized
Distribution
of Funds by
Dividend
Authorized
North Capital Savings Bk
Washington, D. C.
Final
12-15-41
4th
5 .395S 1
Park Savings Bank
Washington, D. C*
Final
12-19-41
3rd
The Will County NB of
Joliet, Illinois
Final
12-31-41
The First NB of
Ypsilanti, Michigan
Final
The First NB of
Anadarko, Oklahoma
The First NB of
Beaver Falls, Perrna.
Total
Percentage
Authorized
Dividends
to Date
Number of
Amount
Claims
m flim an tf!
Prmrad
50,700
3 6 .64$
5,857
940,600
4.18$
120,100
36.68$
11,845
2,872,500
5th
6.71$
154,500
72.71%
5 ,6 1 0
2,302,433
12-17-41
6th
6 .39 $
134,700
71.33%
5,100
2,107,400
Regular
12-3-41
1st
55.00$
327,100
55.00$
1,474
594,800
Final
12-26-41
6th
5 .33 *
43,401
95.33*
5 ,8 9 6
908,097
D0 &
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
During the month ended December 31* 194-1* authorizations
were issued to receivers for payments of dividends to the creditors
of six insolvent national banks.
Dividends so authorized will
effect total distributions of $835*501 to 35*782 claimants who
have proved claims aggregating $9,725,830, or an average payment
X
V
v
of 8.59 percent.
\\
authorized were 4*18 percent and 55*0 percent, while the smallest
The minimum and maximum percentages of dividends
and largest payments involved in dividend authorizations during the
month were $48,401 and $327,100, respectively.
Of the six dividends
authorized, one was a regular dividend payment, and five were final
dividend payments,
Dividend payments so authorized during the month
ended December 31, 1941* were as follows:
. JM »
DIVIDEND m i Œ H T S TO ©EDITORS OF INSOLVEST NATIONAL
BANKS AUTHORIZED BORIS« THE MONTH EBBED
--------------------- — J k f i ^ b e r j i . 1 9 4 1 __________
Nature of
«» .«od Locati.» o f Bang
North Capital Savings $fe
Washington, 0* C.
Park Savings Bank
Washington, D* C*
The mil County SB of
Joliet, Illinois
Dividend
Final
Final
Final
•im&ber slid
Percentage
of Bivi dead
¿.ut.
»orlZ|B<i
Distribution
of Funds by
Dividend
Authorlaed
Total
Percent&ge
Authorised
Dividends
to. Date
12-15-41
1th
5.39*
$
50,700
3 6 .64 «
5,857
910,600
i2-i9-*a
3rd
4.13«
120,100
36.68«
11,345
2/872,500
12-31-^1
5th
6.71«
151,500
7 2 .7 1 «
5,610
2,302,133
12-17-41
6th
6.39«
131,700
71.39«
5,1 0 0
2,107,400
12-3-41
lut 55.00«
327,100
35.00«
1,474
594,S00
12-26-41
6th
¿ S IA
95.33«
5,896 ^
908,097
Date
-.at.norl^d
Ihmber of
Cl»tM nt.
Amount
Claims
The First IS of
ïpsilanti, Siohig&n
The First MB of
Aiuftd&rko, Oklahoma
F in a l
Regular
Ttes first IB of
Bm m r Fall«, Penna*
Final
5.33«
'
'
tB$gm
r^s®i
2
s § i § i | m
-
trayusmr m ^ i w
Comptroller of the Currency
Washington
FOE BfiJEJUSS* iOPJflliG 1MSPAPKR8
Press Service
Baring the south «sided December 3 1 » 1 9 1 1 » authorisations
were issued to .receivers for payments of dividends to the creditors
of ©As; insolvent national banks*
Dividends so authorised will
effect total distributions of #835,501 to 35,782 claimants who
haw«* proved claims aggregating $9,725,830, or an average payment
of 8*59 percent*
gi
W*8$&M
The alnimxa arid mmx±mm -percentages of dividends
authorised were 1*18 percent and 5 5*0 percent, while the smilest
m d largest payments involved in dividend authorisations during the
mi
mzmth. were $48,101 and $327,100, respectively*
liSS
Of the sir. dividends
authorised, one m s a regular dividend payment, ant' five were final
dividend payments*
mdml DsesntMor
dividend payments m authorised during the month
3 1 , 1 9 /,1 , were
m follows!
iSi&'.lSV
»§§
mm
m$
l-j
WmMim
ypgg
mmsmm
'. :"
■■
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
No. 29-51
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, January 14, 1942,
During the month ended December 31, 1941, authorizations
were issued to receivers for payments of dividends to the
creditors of six insolvent national hanks.
Dividends so
authorized will effect total distributions of $835,501 to
35,782 claimants who have proved claims aggregating $9,725,830,
or an average payment of 8.59 percent.
The minimum and maximum
percentages of dividends authorized were 4.18 percent and 55.0
percent, while the smallest and largest payments involved in
dividend authorizations during the month were ^^9,401 and
$327,100, respectively.
Of the six dividends authorized, one
was a regular dividend payment, and five were final dividend.,
payments.
Dividend payments so authorized during the monuh
ended December 31, 1941, were as follows:
DIVIDEND PAYMENTS TO CREDITORS OP INSOLVENT NATIONAL
BANKS AUTHORIZED DURING- THE MONTH ENDED
_______________ December ^1. 1941_______ ___________
Date
Authorized
Number and
Percentage
of Dividend
Authorized
Distribution
of Punds by
Dividend
Authorized
$
Name and Location of Bank
Nature of
Dividend
North Capital Savings Bk
Washington, D.I C.
Pinal
12-15-41
4th
5-39$
Park Savings Bank
Washington, D. C.
Pinal
12-19-41
3rd
The Will County NB of
Joliet, Illinois
Pinal
The Pirst NB of
Ypsilanti, Michigan
Pinal
The Pirst NB of
Anadarko, Oklahoma
The Pirst NB ef
Beaver Palls, Penna.
Total
Percentage
Authorized
Dividends
to Date
Number of
Claimants
Amount
Claims
Proved
50,700
36.645b
5,257
940,600
4.130
/
120,100
36*62$
n,g45
2,872,500
5th
6 .7 I56
154,500
5,610
2,302,U33
12-17-41
6 th
6.39^
134,700
5,100
2,107,400
Regular
12-3-Ul
1st
55.
327,100
53.00^
i,w
594,300
Pinal
12-26-41
6 th
5.33%
43,4oi
95*33%
5,296
908,097
- 0O0-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, January 13, 1942 .
Press Service
No. Z 9 ~ ù ~ Z -
The Treasury Department, through its Foreign Funds Control
division, today announced that it had ordered the immediate
suspension of five top-flight executives of the General Aniline
and Film Corporation, under the Executive Order freezing German
assets in this country.
Until further notice the Treasury will
deny them access to the company's properties and personnel for
any purpose.
The officials involved are Rudolph Hutz, $80,000-a-year
Vice-President and Director of the Company; Hans Aickelin,
Vice-President and Production Manager of the General Aniline
Works Division of the Company; William vom Rath, Vice-President
of the Company supervising the Ozalid Division; Leopold Eckler,
Acting General Manager of the Agfa-Ansco Division of the Company;
and F. W. von Meister, General Manager of the Ozalid Division of
the Company.
All of these officials are naturalized hut have definite
j
German backgrounds and, prior to their coming to the United States,!
were identified in Germany with the I. G. Farbenindustrie. In
the judgment of the officials of the Treasury Department, these
individuals for years have personified the domination of the
Company by the German Dye Trust.
^
The Company has been operating under a Treasury business
license since last June, and its affairs have been under investi
gation by the Treasury.
The Treasury announced that additional
corrective action will be taken as the investigation proceeds
and circumstances warrant.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, January 13» 1 9 ^ 2 .
The Treasury Department,
division,
Pr*ess Service
No. 2 9 - ^ 2
through its Foreign Funds Control
today announced that it had ordered the immediate sus-
pension of five top-flight executives of the General Aniline and
Film Corporation, under the Executive Order freezing German assets
in this country.
Until further notice the Treasury will deny them
access to the company's properties and personnel for any purpose.
The officials involved are Rudolph Hutz, $S 0 ,OQQ-a-year
Vice-President and Director of the Company; Hans Aickelin, VicePresident and Production Manager of the General Aniline Works
Division of the Company; William vom Rath, Vice-President of the
Company supervising the Ozalid Division; Leopold Eckler, Acting
General Manager of the Agfa-Ansco Division of the Company; and
F. W, von Meister, General Manager of the Ozalid Division of the
Company.
All of these officials are naturalized but have definite
German backgrounds and, prior to their coming to the United States,
were identified in Germany with the I. G. Farbenindustrie.
In
the judgment of the officials of the Treasury Department, these
individuals for years have personified the domination of the
Company by the German Dye Trust.
The Company has been operating under a Treasury business
license since last June, and its affairs have been under investi
gation by the Treasury.
The Treasury announced that additional
corrective action will be taken as the investigation proceeds
and circumstances warrant.
-oOo
-
2
n
-
:
Established Quota
:Unit of : Imports as of
: Period & Country s Quantity :Quantity: Dec. 31, 19Ì0.
Commodity
Silver or black foxes,
furs, and articles:
Tails
12 months from
December 1, 19l*l
£,000
Piece
(Import quota
filled)
Paws, heads, or other
separated parts
it
£00
Pound
(Import quota
filled)
Piece plates
tt
££0
Pound
None
Articles, other than
piece plates
«
£00
Units
8
Crude petroleum, topped
crude petroleum, and
fuel oil
Calendar year
Venezuela
1,913 >0l*9>600
Netherlands
Colombia
Other Countries
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble solids
Calendar year
Gallon
£78,806,200
n
86,956,800
n
138,£87>1*00
0
1,£00,000
Gallon
(Prepared - Appeals and Protests (Quota Unit)
Bureau of Customs)
(Tariff rate
quota filled)
(Tariff rate
quota filled)
(Tariff rate
quota filled)
(Tariff rate
quota filled)
(Tariff rate
quota filled)
1
i
j
PRESS RELEASE
The Bureau of Customs announced today preliminary figures for imports of
commodities within quota limitations provided for under trade agreements, from
the beginning of the quota periods to December 31, 19l±l, inclusive, as follows;
Commodity
;
Established Quota
; Period & Country; Quantity
Cattle less than 200
pounds each
Calendar year
Cattle, 700 pounds or
more each (other than
dairy cows)
;Unit of ; Imports as of
;Quantity ; Dec. 31, 19ld.
100,000
Head
(Tariff rate
quota filled)
Quarter year from
Oct. 1, 19ul
Canada
5 1,7 2 0
Head
(Tariff rate
quota filled)
Other countries
6,212
tt
it
11
■Whole milk, fresh or sour
Calendar year
3 ,000,000
Gallon
6,360
Cream, fresh or sour
Calendar year
1 ,500,000
Gallon
1,288
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cush and rosefish
Calendar year
1 5 ,000,000
Pound
9,989,853
Sept. I?, 19iP-
90 ,000,000
Pound
9,693 ,ii66
12 months from
Sept. l£, 19i|l
60,000,000
Pound
1,017,U à
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Pound
(Unstemmed
22,000,000 equivalent)
Red Cedar shingles
Calendar year
White or Irish potatoes
Certified seed
Other
Silver or black foxes,
furs, and articles;
Foxes valued under
$250 ea. and whole
furs and skins
12 months from
2,W8,359
Square
20,528,291
(Duty-free
quota filled)
^
Month of
Ifecember 19U1
Canada
17,^00
Other than Canada 7,500
^Q„
Number
«
10,5o7
(Import quota ]
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, January 15» 19^2.
Press Service
No. 2 Q-R*2;
1/1k/H-2
The Bureau of Customs announced today preliminary figures for
imports of commodities within quota limitations provided for under
trade agreements, from the beginning of the quota periods to
December Jl, 19^1, inclusive, as follows:
»
Established Quota
î Unit of : Imports as of
: Period & Country:Quantitv ? Quantity : Dec. 31. 1941
•
Commodity
Cattle less than 200
pounds each
Calendar year
Cattle, 700 pounds or
more each (other than
dairy cows)
100,000
Head
Quarter year from
Oct. 1, 1941
Canada
51,720
Head
Other countries
6,212
ii
(Tariff rate
quota filled)
(Tariff rate
quota filled)
n
n
Whole milk, fresh or sour
Calendar year
3,000,000
CalIon
6,360
Cream, fresh or sour
Calendar year
1,500,000
CalIon
1,288
Pish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cush and rosefish
Calendar year
15,000,000
Pound
9,989,853
White or Irish potatoes
Certified seed
12 months from
Sept. 15, 1941
90,000,000
Pound
9,693,466
12 months from
Sept. 15, 1941
60,000,000
Pound
1,017,144
Other
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
22,000,000
Red Cedar shingles
Calendar year
2,488,359
Silver or black foxes,
furs, and articles:
Poxes valued under
$250 ea. and whole
furs and skins
Month of
December 1941
Canada
17,500
Other than Canada 7,500
Pound
(Unstemmed
equivalent) 20,528,291
Square
(Duty-free
quota filled)
Number
10,587
(import quota
filled)
it
-
2-
Unit of
: Imports as of
31. 1941
5,000
Piece
(import quota
filled)
Paws, heads, or other
separated parts
500
Pound
(import quota
filled)
Piece plates
550
Pound
None
Articles, other than
piece plates
500
Units
Established Quota
: Period & Country i Quantity
Commodity
Silver or black foxes,
furs, and articlesi
Tails
Crude petroleum, topped
crude petroleum, and
fuel oil
13 months from
December 1, 1941
Calendar year
Venezuela 1,913,049,600
Gallon
Netherlands
576,806,300
ti
Colombia
86,956,800
«
Other Countries
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble solids
iQuantity iDec.
138,587,400
Calendar year
1,500,000
oOo-*
Gallon
(Tariff rate
quota filled)
(Tariff rate
quota filled)
(Tariff rate
quota filled)
(Tariff rate
quota filled)
(Tariff rate
quota filled)
>
1
2
^
PRESS RELEIASE
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee authorized for entry for consumption as of
January 3, 194-2, under the quotas for the twelve months commencing
October 1, 1941, provided for in the Inter-American Coffee Agreement,
proclaimed by the President on April 15, 1941, as follows:
Country of Production
:
Quota Quantity
(Pounds)
:
:
J
Authorized for Entry
For Consumption
(Pounds)
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
1,364,853,662
4 6 2 ,698,80 2
29,358,129
11,795,051
17,626,703
22,044,457
94,298,370
78,611,627
40,355,291
3,208,883
73,098,231
31,311,581
3 ,6 6 8 ,6 7 6
36,442,699
359,475,557
124,370,827
1 1 ,10 4 ,7 8 8
1,545,858
12,062,653
15,693,328
A,653,679
20,049,424
24,896,475
671,909
2,397,344
623,014
2,587,782
6,761,513
17,213,035
1 2 ,8 1 1 ,0 3 6
19,156,274
8,934,907
3,771,864
788,169
Non-signatory Countries:
British Empire, except
Aden and Canada
Kingdom of the Netherlands
and its possessions
Aden, Yemen, and Saudi
Arabia
Other countries not
signatories of the InterAmerican Coffee Agreement
11,956,391
(Import quota filled)
-oOo(Prepared - Appeals and Protests (Quota Unit) Bureau of Customs)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Thursday, January 15» 19^2._____
l/lV^-2
Press Service
Wo. 29-5^
The Bureau of Customs announced today preliminary figures show
ing the quantities of coffee authorized for entry for consumption as
of January 3, 1 9 ^-2 , under the quotas for the twelve months commencing
October 1, 19^1, provided for in the Inter-American Coffee Agreement,
proclaimed by the President on April 15, 19^1, as follows:
;
Country of Production
Quota Quantity
(Pounds )
: Authorized for Entry
: For Consumption
:
(Pounds )
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
1,36^,253,662
40,355,291
3 ,202,223
7 3 ,098,231
3 1 ,3 1 1 , 5 8 1
3 ,668,676
36 ,442,699
35?,475,557
1 2 4 ,370,827
11,104,788
1,545,252
1 2 ,062,653
1 5 ,693 ,32 s
4 ,65 3 ,67 ?
20,049,424
24,296,475
6 7 1 ,9 ??
2,397,344
623 ,oi4
2,587,782
6,761,513
17,213,035
1 2 ,2 11 , 0 3 6
1 9 ,1 5 6 , 2 7 4
8,934,907
3,771,864
72 2 ,1 6 9
462,692,802
29,358,129
11,795,051
17,626,703
22,044,457
9 4 ,2 9 2 , 3 7 0
72 , 611,627
Non-signatory Countries:
British Empire, except
Aden and Canada
Kingdom of the Netherlands
and its possessions
Aden, Yemen, and Saudi
Arabia
Other countries not
signatories of the InterAmerican Coffee Agreement
11,956,391
-0 O 0 -
(Import quota filled
PRESS RELEASE
The Bureau of Customs announced today preliminary figures showing
the quantities of wheat and wheat flour entered, or withdrawn from ware
house, for consumption under the import quotas established in the
Presidents Proclamation of May 28, 194-1, for the twelve months com
mencing May 29, 1941, as follows:
*
9
*
*
i
Wheat flour , semolina,
crushed or cracked wheat,
and similar wheat products
: Imports
:
: Imports May 29
:Established :May 29,1941: • Established
: 1941 to Jan. 3
:to Jan.3.1942
: Quota
Quota
-.:
1942
•(Bushels)
(Bushels)
(Pounds)
(Pounds)
Wheat
Country of
Origin
Canada
795,000
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
100
Germany
100
Syria
New Zealand
—
Chile
100
Netherlands
2,000
Argentina
100
Italy
Cuba
France
1,000
—
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
100
Brazil
Union of Soviet
Socialist Republics 100
100
Belgium
795,000
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
584,371
5,836
—
5,825
-
—
-
—
—
—
-
97
-
-
—
—
—
_____
mm
4,000,000
596,129
- 0O0(Prepared - Appeals and Protests (Quota Unit) Bureau of Customs)
When this Press Release has been mimeographed ’
please send 10 copies to Room 4.O4., Wilkins
Building, Bureau of Customs*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, January IS, 1942.
1/14/42
Press Service
No, 29-55
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 20, 1941, for the twelve
months commencing May 29, 194-1, as follows;
Wheat flour, semolina,
crushed or cracked wheat,
and similar wheat products
’: 'Imports
“
Imports "
Established;May 2 9 , 194-1 Established;May 2 9 , 194-1
Quota
;to Jan. 3 ,194-2
Quota
:to Jan, 3 ,194$
(Pounds ]
(Pounds j
(Bushels )
(Bushels )
Wheat
Country of
Origin
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
795,000
-
-
600,000
79 5,0 0 0
L,ooo,ooo
—
—
—
—
_
—
T~
T_
—
—
_
m
—
m
3 ,015,000
24,000
13,000
13,000
0 ,000
75,000
l, 000
5,000
5,000
1,000
1,000
1,000
l 4 , 000
2 ,000
1 2 ,000
1,000
1,000
1,000
1,000
1,000
ij 000
1,000
1,000
1,000
1,000
-
97
-
-
—
-0O0-
58^,371
5,836
5,825
-
-
5 9 6 ,12 9
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, January 14, 1942
Press .Service
J<¡J
|U
¿;O . OQ
CjO~
At the direction of the President, the Treasury Department
acting In cooperation with the Department oi uiie Interior today
issued a general ruling under the freezing regulations imposing
a strict control over Philippine securities and impounding all
Philippine paper currency within the United States.
These■measures, taken at the request of the Philippine
Government, are designed to thwart any attempt by the(Axis to
dispose of looted Philippine assets m tne United States.
Simultaneously the Philippine Government took action to prevent
looted-assets'being liquidated •In markets outside_the United
States, It v/as pointed out that not only does this interfere
with the Axis war effort but in addition it may^contribute
materially to minimizing Axis looting in the Philippines d y
removing the incentive for such action.
Under today’s general ruling all Philippine paper currency
within the United States must be deposited In blocked currency
accounts in banks on or before February 1, 1942. Currency
rlaced in such account may be removed only with permission of
the Treasury Department under a freezing control license. ^On
or before February 15, 1942, banks must Report all Philippine
currency in their possession. All. dealings m such currency
are prohibited. This is intended to destroy any possible
Mblack market” in the United States for looted Philippine
currency which might otherwise he smuggled into the country.
The ¿renerai ruling also curbs all dealing m securities
issued by, or the obligation of, either the Philippine Governlaw unless
ment or any corporation organized under Phi lirrine
X'.X
a "clearance certificate” known as Treasury D I
ed States
TFEL-2 has been attached. Persons within the
the
clearance
holding any such securities will be able to nave
ce rtificatee attached to their securities before February 1,
1942, with a minimum, or
m inconvenience since the Federal
Reserve Banks will automatically attacii the certificates upon
V
-
2-
After February 1, 1942 the clearance certificates will be
attached to Philippine securities only after the holder has
satisfactorily explained his possession of the securities
and the reasons a clearance certificate was not attached
prior to February 1, 1942.
The Treasury Department called attention to the notice
of the Philippine Government to all holders of Philippine
securities and currency which was issued today. This notice
directed all holders of such securities and currency in all
countries except enemy countries to deposit their holdings
with banks and forward a registration report through their
bank to the New York offlop of the Philippine National Bank,
The full text of such notice in as follows:
"In order to protect bona fide holders of
Philippine currency and securities from the ef
fects which would otherwise result from the dis
position of such securities and currency which
may have been looted during the temporary-occu
pation of parts of the Philippine Islands, the
following notification is hereby given on behalf
of the Government of the Commonwealth of the
Philippines.
"All holders of Philippine paper currency
elsewhere than within the Philippine Islands are
notified to deposit such currency on or before
February I, 1942 for registration and safekeeping
in a reputable bank located outside, and organized
under the laws of a country other than, an enemy
country, or territory occupied or controlled by
an enemy. Depositors of such currency should ob
tain an appropriate receipt from such bank i d e n t i
fying the currency by kind, denomination and serial
number. Banks receiving such currency for such de
posit or holding such currency for their own account
are hereby notified to hold it in safekeeping
pending further instruction.
Each such bank
should immediately forward to the New York
agency of the Philippine Rational Panic, 25 Broad
way, Mere York, New York, a report in three counter
parts, certifying the names and addresses of the•
depositors of such currency, the date of deposit,
the amount so deposited by each depositor and the
description (including serial number) of the cur
rency so deposited. Such reports should be placed
in the mail on or before February 15, 1942. Each
counterpart should, if feasible, be dispatched by
separate means.
"All holders, outside the United States and
elsewhere than wiihin the Philippine^islandi,jjl
securities issued by, or the obligation of, either
the Government of the Commonwealth of the Philip
pines, including political subdivisions thereof,
or any corporation or other organization organized
under" the laws of that government are notified to
follow a similar procedure. Banks receiving such
securities for registration and safekeeping should
identify them as completely as possible in the/ re
ceipts given to depositors and in their reports
which are forwarded to the Row York agency of the
Philippine Rational Bank. Such reports should
include the name and address of the depositor,
date of deposit, and the description snculd in
clude the name of the issuing party, the issue,
the total number of securities, the serial or
certificate numbers> and the name of the. regis
tered owner, if any, and in appropriate cases,
the denomination.
"The Government of the Commonwealth of the
Philippines has requested the United States Treasury
Departraent and the Department of the Interior to
make appropriate provision for the registration
of Philippine government and corporate securities'
located within"the United States*, and to^adopt
such regulatory measures as will assist m carry
ing out the purposes of this notification with
respect to both currency and securities. Com
pliance with the provisions of General Ruling Ro. 10
-4issued by the United States Treasury Department,
under Executive Order ho* 8389, as amended, shall
be deemed to be compliance with the requirements
of this notice.
”A11 Philippine securities and currency not
registered pursuant to this notice will be pre
sumed by the Government of the Commonwealth of
the Philippines, in the absence of clear proof to
the contrary, to have come'under the control of
the enemy.
J. M. Elizalde
Resident Commissloner of the Philippines
to the United States.”
0Q 0
TREASURY DEPARTMENT
Office of the Secretary
January 14, 1942
GENERAL RULING- NO. 10
UNDER-EXECUTIVE ORDER NO. 8389, AS
AMENDED, AND REGULATIONS ISSUED PUR
SUANT THERETO, RELATING- TO TRANS
ACTIONS IN FOREIGN EXCHANGE,-ETC.
(1 ) The acquisition, disposition or transfer of, or other
dealing in, or with respect to, any of the following is hereby
prohibited.except as authorized by license expressly referring to
this general ruling:
(a)
Any Philippine paper currency;
(b)
Any security issued by, or the obligation of,
either the Government of the Commonwealth of
the Philippines, including political subdivi
sions thereof, or any corporation or other
organization organized under the laws of the
Philippine Islands, unless Form TFEL— 2 has been
previously attached to such security by, or
under the direction of, the Treasury Department.
Form TFEL-2 will be attached to any security referred to herein if
presented to any Federal Reserve Bank on or before February 1, 1942
accompanied by a description thereof on Form TFR-10.
Subsequent to
February 1, 1942, Form TFEL— 2 will be attached to such securities
only in the discretion of the Secretary of the Treasury and only
upon the filing of appropriate application with a Federal Reserve
Bank tracing the ox^nership of such security since January 1, 1942
and satisfactorily explaining the reasons the security was not
presented to a Federal Reserve Bank on or before February 1, 1942,
for the attachment of Form T'FEL-2.
Such form will be attached to
stamped securities of the type referred to in section 2A(l) of the
Order only pursuant to existing procedure relating to stamped se
curities.
(2) Except as authorized by license expressly referring to
this general ruling:
(a)
All Philippine paper currency held x^ithin the
United States is hereby required to be deposited
on or before February 1, 1942, in a blocked
currency account with either a domestic bank or
with the Nextf York office of the Philippine
National Bank.
(b)
The bank of deposit shall hold such currency
for the account, or pursuant to the instruc
tions, of the depositor.
- 2 (c)
On or before February 15, 1942, every bank
holding any blocked currency accounts shall
file a report on Form TFR-110 in triplicate
with the appropriate Federal Reserve Bpnk.
Ag used in this general ruling and in any other rulings, licenses,
instructions, etc., the term ‘‘blocked currency account” shall mean
an account from which no payments, transfers, or withdrawals may
b.e made, and no other transaction or dealing may be effected with
respect thereto, except pursuant to a license expressly referring I i?
to such account.
| ¿eat of
{ ¡rai Ruling
(3)
Philippine paper currency which prior to January 1, 1942
was of recognized special value to collectors of rare and unusual i ;ioa, and t
j i otter tra
currency, or which is held as part of any collection of rare and
i lection, nc
unusual currency, is hereby excluded from the provisions of this
general ruling.
! i IFEL-2 la
| i which sue
By direction of the President.
;
This
| t isaction pr
1 ilation the
l 1,
E . PI. F
A cting Secretary
e Treasury,
o(
H 17!
< i!If) k
Wet 8|
h. fw.
as
I
i
TREASURY DEPARTMENT
Office of the Secretary
1 A 1942
January Ite
^ntssin!
GENERAL LICEîTSE KO. S3 ■
EXECUTIVE ORDER NO. 8389, APRIL
10, 1940, AS AKEKDED, AND REGULATIONS
ISSUED PURSUANT THERETO, RELATING TO
TRANSACTIONS IN FOREIGN EXCHANGE, BTC.*
triplicati!
niiijy
icccunt'i
'ttttJ
'beeffs|
presslj%
A general license is hereby granted authorizing_the
detachment of coupons from securities of the type referred to in
General Ruling No’. 10, the presentation of such coupons xor colto Januarj;
rare aii| lection, and the performance of such, other acts ana effecting of
tion o l i i such other•transactions as may he necessarily incident 1,0 such
avisions #
collection, notwithstanding the fact that Treasury Department
Form TFEL-2 may not have been previously attached to the securities
from which such coupons are detached.
This general license shall not he deemed to authorize any
transaction prohibited by reason of any provision (or ruling or
regulation thereunder) of the Order other than General Ruling
fkm 1 0 .
This license shall expire at the close of business on
February 1, 1942.
le Tppâsuij!
E. II. Foley, Jr.
Acting Se cretary of the Treasury.
Fart 131; Sec. b(b)',"T(T TT7i,at. 415 and 960; ! ec. 2, 48 Stat. -Tf
54 Stat. 179; Public No. 354, 77th Congress Ex. Order 8389,
QAi
i^40,
as amended by Ex. Order 8785, June 14, 1941,
April 10, 1
Q9
July
26,
Ex. Order 88
__
_ _
H H 1941,
B H H Ex. Order 8963, December_9, 1941,
and Ex. Order 8998,“ December 26, 1941; Regulations, April 10,
1940, as amended June 14, 1941, and July 26, 1941,
T R E ASURY.DEPARTMENT
Office of the Secretary
January 14, 1942.
AMENDMENT OF GENERAL LICENSE NO. 6 8 A
UNDER EXECUTIVE ORDER NO. 8389, APRIL
10, 1940, AS AMENDED, a ND REGULATIONS
ISSUED PURSUANT THERETO, RELATING TO
TRANSACTIONS IN FOREIGN EXCHANGE, ETC.»
Paragraphs
(3) and (4) of General License No. 6 8 A are
hereby amended to read as follows:
11 (3)
A report on Series J of Form TFR-300 shall
be filed with the appropriate Federal Reserve Bank on
or before February 15, 1942, with respect to the
property interests of every person licensed herein as
a generally licensed national if the total value of
the property Interests to be reported is $¡1 , 0 0 0 or more.
11 (4)
Every business enterprise licensed herein
as a generally licensed national shall also file with
the appropriate Federal Reserve Bank on or before
February 15, 1942, an affidavit setting forth the
Information required by Form TFBE-1, if the total
value of all property interests of such business
enterprise is in excess of $5,000.M
E. H. FOLEY, JR.
Acting Secretary of the Treasury.
* Part 131; - Sec.5(b), 40 Stat. 415 and 966; Sec. 2, 48"3tat.
1; 54 Stat. 179; Public No. 354, 77th Congress; Ex. Order
8389, April 10, 1940, as amended by Ex. Order 8785, June
14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963,
December 9, 1941, and Ex. Order 8998, December 26, 1941;
Regulations, April 10, 1940, as amended June 14, 1941, and
July 26, 1941.
1
- 2 -
No information has come to the Department of any significant amount of
such valuables falling into enemy hands*
Secretary Mergenthau pointed out that High Commissioner Sayre
had been assisted in executing this program by Treasury Department
representatives who had been detailed from Washington last July to
assist the High Commissioner in administering the freezing control in
the Philippines*
The Secretary commended the courage and ability of
those people in carrying out this program.
The Treasury today, acting in cooperation with the Department
of the Interior and at the direction of the President, issued a general
ruling under the freezing regulations imposing a strict control over
Philippine securities and impounding Philippine paper currency within
the United States*
These measures, together with those taken simultaneously
by the Philippine Government, are designed to choke off the a&rket for
any assets which the Japanese may subsequently discover in their looting
operations in the Philippines*
o 0 o
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, January 14., 1942
Press Service
No* 29-57
Secretary Morgenthau disclosed today that prompt action by
American officials in the Philippines prevented many millions of dollars
worth of securities, coin, currency, bullion, jewelry and other property
from falling into the hands of the Japanese.
This is the first applica
tion of the "scorched earth policy" which any country has as yet made to
this class of valuables.
In anticipation of the temporary occupation of Manila and other
parts of the Philippines and remembering the experience of unprepared
European eountries that permitted hundreds of millions of dollars of
valuables to fall into the hands of Germany, the Secretary of the *
Treasury, in cooperation with the Secretary of the Interior and at the
direction of the President, vested in the U. S. High Commissioner the
sweeping powers of Title III of the First War Powers Aot of 1941 and
authorized him to take all necessary steps to prevent bullion, currency,
coin, checks, securities, and similar valuables from falling into enemy
hands.
The High Commissioner was authorized to destroy any of these
assets or otherwise dispose of them rather than to permit the Japanese
to acquire them.
Although it is too early to state the amount of valuables within
the Philippines which were turned over to or impounded by the High
Commissioner, it is certain that the amount runs into many millions.
T&EA 8 URT DEPARTMENT
Washington
FOR IMMEDIATE RELEASE*
Wednesday, January l^t 19^-2.
Press Service
No. 29~57
Secretary Morgenthau disclosed today that prompt action by
American officials in the Philippines prevented many millions of
dollars worth of securities, coin, currency, bullion, jewelry and
other property from falling into the hands of the Japanese.
This
is the first application of the "scorched earth policy" which any
country has as yet made to this class of valuables.
In anticipation of the temporary occupation of Manila and
other parts of the Philippines and remembering the experience of
unprepared European countries that permitted hundreds of millions
of dollars of valuables to fall into the hands of Germany, .the
Secretary of the Treasury, in cooperation with the Secretary of
the. Interior and at the direction of the President, vested In the
U. S. High Commissioner the sweeping powers of Title III of the
First War Powers Act of 19^-1 and authorized him to take all
necessary steps to prevent bullion, currency, coin, checks,
securities, and similar valuables from falling into enemy hands.
The High Commissioner was authorized to destroy any of these
assets or otherwise dispose of them rather than to permit the
Japanese to acquire them.
Although it is too early to state the amount of valuables
within the Philippines which were turned over to or Impounded by
the High Commissioner, it is certain that the amount runs into
many millions. No Information has come to the Department of any
significant amount of such valuables falling into enemy hands.
Secretary Morgenthau pointed out that .High Commissioner Sayre
had been assisted in executing this program by Treasury Department
representatives who 'had been detailed from Washington last July to
assist the High Commissioner in administering the freezing control
In the Philippines. The Secretary commended the courage and
ability df those people in- carrying out this program.
The Treasury today, acting in cooperation with the Department
of the Interior and at the direction of the President, issued a ,
general ruling under the freezing regulations imposing a strict
control over Philippine securities and Impounding Philippine paper
currency within the United States. These measures, together with
those taken simultaneously by the Philippine Government, are
designed to choke off the market for any assets which the Japanese
may subsequently discover in their looting operations in the
Philipp ines.
FOR RELEASE WHEN NOTIFIED BY MR. SCHOOLER - Co
WMlir W i
Page 2
o ' 1"' f
specific cases.
wIt is the aim of this Division to aid the amal 1
business man wherever possible,»1 Mr. Mack said.
»»When he is not
equipped to bid on prime contracts business, we will point the way
for him to bid on subcontracts.
a
ini
To this end, I have established
Section in the Division to assist the »little
man' in his problems.
»»While it is the purpose of the Division to help
the small manufacturer or dealer, he must be equipped to produce
the material to be purchased.
#
And the orders will be there.**
Ff>tì
-y
FO^JÌELEASE W
Widest possible use of the facilities of industries
whose structures have been disturbed by the war effort will be made
by the Treasury1s Procurement Division in an intensified supply
program, Director Clifton E* Mack said today*
The changes in the Division^ procedures will result
from the full, wartime purchasing powers grante
_ w
the extension
of Executive Order No* 9001, which provides all-inclusive con
tractual authority similar to that already given the War and Navy
Departments and the Maritime Commission*
Under the new authority, the Division is empowered
with the widest latitude to negotiate contracts without having to
follow peacetime procedure of advertising or competitive bidding#
The new order will enable the Division to /furtherjjdecreas^the time
necessary in buying supplies, a process which had been speeded in
the past few months to permit almost immediate contracting for
industrial supplies urgently required*
Buying strategic and critical materials^for Lend-Lease
and Defense Housing purposes as well as for the civilian needs of the
Government, the Division will be aided in many ways by the new order#
Assistance to the smaller business man and more business
for him were held out by the Director as results of this extension,
because of the flexibility of action permitted, and because it will
allow the Division to contract in the various manners needed in
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,.
Thursday, January IS, 19^-2,_____
l7lW^2
'
Press Service
No. 29-5%
Widest possible use of the facilities of industries whose
structures have been disturbed by the war effort will be made by
the Treasury1s Procurement Division in an intensified supply
program, Director Clifton E. Mach said today.
The changes in the Division’s procedures will result from
the full, wartime purchasing powers granted yesterday in the
extension of Executive Order No. J0Q1, which provides all-inclusive
contractual authority similar to that already given the War and
Navy Departments and the Maritime Commission.
Under the new authority, the Division is empowered with the
widest latitude to negotiate contracts without having to follow
peacetime procedure of advertising or competitive bidding. The
new order will enable the Division to decrease further the time
necessary in buying supplies, a process which had been speeded in
the past few months to permit almost immediate contracting for
industrial supplies urgently required.
Buying strategic and critical materials for stockpiles and
industrial materials for Lend-Lease and Defense Housing purposes
as well as for the civilian needs of the Government, the Division
will be aided in many ways by the new order.
Assistance to the smaller business man and more business for
him were held out by the Director as results of this extension,
because of the flexibility of action permitted, and because it will
allow the Division to contract in the various manners needed in
specific cases.
"It is the aim of this Division to aid the small business man
wherever possible," Mr, Mack said. "When he is not equipped to
bid on prime contracts business, we will point the wáy for him to
bid on subcontracts, To this end, I have established a Section in
the Division to assist the ’little man 1 in his problems,
"While it is the purpose of the Division to help the small
manufacturer or dealer, he must be equipped to produce the material
to be purchased. And the orders will be there.|
-oOo-
I
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
----DÜRING THE MONTH OF DECEMBER T 1Q/,T______ ________
----------
Name and Location of Bank
Date of
Failure
Total
Disbursements
to Creditors
Including
Offsets Allowed
Potomac Savings Bank of 1/
Georgetown, Washington,D.C.
1-18-34.
$
Hammond NB & Tr.Co
Hammond, Indiana
Percent
Dividends
Declared
to All
Claimants
2 ,6 9 1 ,7 0 2
81.77?
1-18-32
2,472,781
55.3?
Guardian NB of Commerce
Detroit, Michigan 1/
5-11-33
106,389,461
First National Bank
Preston, Minnesota
1 -6 -3 9
271,153
Texas National Bank
Fort Worth, Texas
2-4.-30
5 ,5 4 5 ,8 6 0
First National Bank
Clintonville, Wise. 1 /
8-16-33
1,455,558
Capital
Stock at
Date of
Failure
14 .0,00 0
- 0 -
4.
00,000
- 0 -
1 0 ,000 ,06 a
- 0 -
55,000
- 0 -
53.5?
500,000
- 0 -
8 8 .6 $
10 0 ,0 0 0
- 0 -
89.5? 2 /
$
77.45?
A/
Formerly in Conservatorship
2/
68 percent paid assenting creditors and 89*5 percent paid nonassenting creditors
in accordance with agreements.
Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to
Shareholders
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
if->?
During the month of December, 19-41, the liquidation of six
Insolvent National Banks was completed and the affairs of such receiver«
ships finally closed*
Total disbursements, including offsets allowed, to depositors
and other creditors of these six receiverships, amounted to $113,826,515,
while dividends paid to unsecured creditors amounted to an average of
87*43 percent of their claims.
Total costs of liquidation of these
receiverships averaged 3*45 percent of total collections from all sources
including offsets allowed.
Dividend distributions to all creditors of all active receiver
ships during the month of December, amounted to $622,995*
Data as to
results of liquidation of the receiverships finally closed during the
month are as follows:
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 16, 19^-2.________
I/I 5 A 2
Press Service
No. 29-59
During the month of December, 19^1, 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 $118 ,626,515 > while dividends paid to unsecured
creditors amounted to an average of 87.^3 percent of their claims.
Total costs of liquidation of these receiverships averaged 3*^5
percent of total collections from all sources including offsets
allowed.
Dividend distributions to all creditors of all active
receiverships during the month of December, amounted to $622,995*
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 DECEMBER» 194l___________
Date cf
Failure
Total
Disbursements
to Creditors
Including
Offsets Allowed
Potomac Savings Bank cf
Georgetown, Washington,D.C.
X-1S-3U
$
Hammond NB & Tr.Co
Hammend, Indiana
N»nift and location of Bank
if
Percent
Dividends
Declared
tc All
Claimants
2 ,691,702
81.77#
1-18-32
2 ,^72*721
55-3$
Guardian NB of Commerce
Detroit, Michigan 1
5-11-33
106,389,^61
First National Bank
Preston, Minnesota
1 -6-39
271*153
Texas National Bank
Fort Worth, Texas
2-4-3 0
5 ,545,860
First National Bank
Clintonville, Wise,
8- 16-33
1,455,552
J
l/
Capital
Stock at
Date of
Failure
$
Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned tc
Shareholders_____
140,000
400,000
-
0
-
-
0
-
55,000
-
G
-
53.5^
500,000
-
0
-
88.6$
100,000
- 0 -
89.5$ 2/
10 ,000,060
WMf
1 / Formerly in Conservatorship
nonassenting creditors
2/ 63 percent paid assenting creditors and S9 .5 percent paid
in accordance with agreements.
•14
PRESS RRT.K&SE
2-f - é P
The Bureau of Customs announced today preliminary figures for imports
of commodities within the quota limitations provided for under the Philippine
1 ^
Independence Act, as amended by the act of August 7, 1939, from the beginning of the quota periods to December 31, 1 9 4 1 , inclusive, as follows:
Products of
.Philippine Islands
i
i
Established Quota
Period
:
Quantity
iUnit of :Imports as of
!Quantity: Dec. 31. 19LI
Coconut d l
Calendar year
426 ,15 2 ,3 2 1 2/
Pound
Refined sugars
Calendar year
1 1 2 ,000 ,000)
Pound
)3/
1 ,792 ,000 ,000)
Pound
Sugars other than refined Calendar year
\
4 0 7 ,640,295
1,
111,795,039
fete ?»
1 ,546 ,013,6731
Products
Cordage
Period - May 1
to Dec.31,1941
Buttons of Pearl or shell Calendar year
4 ,000,000
808,544 2/
Pound
3,752,6371
Gross
802,245
I'ispfs
Cigars
Calendar year
190,246,573 2/
18 9 ,053 ,001!
Number
afcrtha!
Scrap tobacco and stemmed
and unstemmed filler
Calendar year
tobacco
i
4,280,544 2/
Pound
4,183,743 i
___________ _I k if Pearl
l/ 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.
2/ Quota adjusted pursuant to Public No. 367, 77th Congress
-oOo-
■fitto am
^lined]
|i>
^duty-free
i lor
inste
(Prepared - Appeals and Protests (Quota Unit) Bureau of Customs)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Friday, January l6 t 19^-2.______ L
Press Service
^°* 29-0O
1 7 X 571+2
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
December yi, 19^-1, inclusive, as follows*.
Products of
Phi limine Islands
:
!
:Unit of :Imports as of
:Quantity: Dec. 31. 1941
Established Quota
a
:
Quantity
Period
Coconut oil
Calendar year
426,152,321 2/ Pound
407,640,295
Refined sugars
Calendar year
112,000,000)
Pound
111,795,039
Sugars other than refined
Calendar year
1,792,000,000)
Pound
1,546,013,673
Cordage
Period - May 1
to Dec.31,1941
Pound
3,752,637
808,544 2J Gross
802,245
)U
Buttons of Pearl or shell
Calendar year
Cigars
Calendar year
Scrap tobacco and stemmed
and unstemmed filler
tobacco
Calendar year
4,000,000
190,246,573 2/ Number
4,280,544 2/ Pound
189,053,001
4,183,743
1/ The duty-free quota on Philippine sugars applies to 850,000 long tons, of
which not more than 50,000 long tons may be refined sugars.
J Quota
2
adjusted pursuant to Public No. 367, 77th Congress.
TREASURY DEPARTE
BEEInrrn
i
Washington
Press Service
. 4ve~:— S€i-G^— /£*,
i , o “p
l i i.C X ±
r c~
jl\.
C
transactions in Government securities for Tr
irrves im.eii'U accounts in
,zy;
2-/— 6/
¡asury
1U41, resulted in net purchases
cretary Lorgenthau announced today.
-OoO-
r
TREASURY
department
F IS C A L SE R V IC E
WASHINGTON
BUREAU O F ACCOU N TS
O F F IC E O F T H E C O M M IS S IO N E R
TO l ____ _
Oaring the month of December
19U1 ,
the following
market transactions took place in direct and guaranteed
securities of the Government:
Purchases
$60,00^,000
Sales
Set purchases
B U Y
U N IT E D
STA TES
S A V IN G S
^fiONDS
AND STAMPS
$60,00^,000
TREASURY DEPARTMENT
Washington
FOE IMMEDIATE RELEASE,
Thursday. January 15. 19^2.
Press Service
No 2 9 - 6 1
Market transactions in Government securities for Treasury
investment accounts in December, 19^1; resulted in net purchases
of $60,00^,000,
Secretary Morgenthau announced today,
3 for Finnish account; steel, molybdenite and machinery valued at
$5 6 2 ,000 , held for Italian account; copper wire bars valued at
$1 0 4 ,000 , held
$435,000, held
valued at $6 1 0 ,000 , held for Danish account.
In addition to these large items the census included
hundreds of small orders valued at upwards of $1 ,000 , Assembling
of this information concerning all small orders of war materials
held for foreign accounts into one compact list will enable the War
Production Board to direct not only the large quantities but the
smaller ones as well into the war* effort.
The compilation of this list climaxed a doncentrated Treasury
Department effort to sweep every corner of the nation for caches of
foreign-owned war materials which might benefit the Allied war effort.
Even before the Japanese attacked the United States, supplies of
strategic materials valued at many millions were found through the
administration of Foreign Funds Control, and these supplies have long
since been directed into the war effort.
-
2
-
The vast sum includes not only materials of war, but also
strategic materials for use in the nation's domestic economy which
is now more than ever feeling the inroads of war industry.
The
materials include not only those which war manufacturers are now
seeking but also foreign-held materials which may alleviate civilian
shortages in the coming months of war.
The complete list culminates three months of work on the
most complete census of foreign-owned property ever attempted in
the United States.
All property in the United States in which a
foreign country or national had an interest was reported on Form
TFR-300.
Although some complaints were received because of the
burden imposed in filling out the lengthy report, the Treasury's
foresight during 1941 is paying vital dividends *noWjCpThe Treasury
Department has already been able to turn over its extensive list to
those agencies which have authority to direct these materials into the war
effort.
This was accomplished less than a month after the attack on
Pearl Harbor.
have so far been filed, and the list
of foreign—owned property compiled for SPAB will reach an estimated
700 pages before it is completed.
Already nearly 400 pages have been
compiled.
Some of the materials included in the second list sent to
Vice President Wallace were a stock of toluol'
valued at
$6 7 ,000 ; trucks, tires, rubber and gasoline valued at $1 6 5 ,000 , held
TREASURY DEPARTMENT
■Washington
Press Service
No. *2.
FOR IMMEDIATE RELEASE
< M + v'
America's war effort gained momentum here today when
the Treasury Department turned over to the
iorities and
Allocation Board a second inventory of foreign-owned materials and
.. i W LjP
Ua.
APeJl*** J
eahiomenti td AuoBlement lEe '#!OT,UD0',QUO list released January 2,
K
bringing the total inventory amount to almost #4-00 ,000 ,000 , much of
which is needed for war production.
"When the final figures on this census become available
the Division of Foreign Funds Control of the Treasury Department will
have placed at the disposal of the War Production Board a list of
foreign-held materials and equipment valued at more than #700,000,000,"
Secretary Morgenthau said.
This
sum will represent the value of all foreign-
held materials and equipment in the United States which the Treasury
believes will be of value to the nation in its defense program.
Millions
of dollars worth of vital defense materials which might otherwise have
rusted or rotted in warehouses from coast to coast will be placed at
the disposal of American manufacturers.
"These materials, except for the Treasury Department's
census, might never have been made available to the nation's war
Kif 1
Jr
J
£__',P 3f" this"$ rop
erfoiLynlhiiH
«Tmr
'simply
sitting around in ware
houses, unnoticed by the owner or the warehouseman*
to the defense effort was not appreciated^" th*
Its significance
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, January 15» 19^-2,
Press Service
No-. 29-62
America's war effort gained momentum here today when the
Treasury Department turned over to the Supply Priorities and
Allocation Board a second inventory of foreign-owned materials
and equipment available in the United States to supplement the
$ 2 0 0 ,0 0 0 ,0 0 0 list released January 2 , bringing the total inventory
amount -to almost $^ 0 0 ,0 0 0 ,0 0 0 , much of which is needed for war
production.
"When the final figures on this census become available,
the Division of Foreign Funds Control of the Treasury Department
will have placed at the disposal of the War Production Board a
list of foreign-held materials and equipment valued at more than
$ 7 0 0 ,0 0 0 ,0 0 0 , Secretary Morgenthau said.
'This large sum will represent the value of all foreign-held
materials and equipment in the United States which the Treasury
believes will be of value to the nation in its defense program.
Millions of dollars worth of vital defense materials which might
otherwise have rusted or rotted in warehouses from coast to coast
will be placed at the disposal of American manufacturers.
"These materials, except for the Treasury Department’s
census, might never have been made available to the nation's war
effort," the Secretary said.
"Much of this property was simply
sitting around in warehouses, unnoticed by the owner or the
warehouseman.
Its significance to the defense effort was not
appreciated."
The vast sum includes not only materials of war, but also
strategic materials for use in the nation's domestic economy which
is now more than ever feeling the inroads of war industry.
The
materials Include not only those which war manufacturers are now
seeking but also foreign-held materials which may alleviate
civilian shortages in the coming months of war.
The complete list culminates three months of work on the most complete census of foreign-owned property ever attempted in
the United States.
All property in the United States in which a
foreign country or national had an interest was reported on Form
TFR- 3 0 0 . Although some complaints were received because of the
burden imposed in filling out the Lengthy--report, the Treasury's
- 2
,
1 q W 1s paying vital dividends now, officials
foresight during 19«. is paying
ssii*3.»
. tlirn over
The Treasury Department ^ L ^ w h i c h ^ h a L L u t h o r i t y to
its extensive 1 1 * * 0 those
effort.* This was accomplished
direct these materia l s i n t
™
eh on P e arl Harbor.
less than a month after
f U e d i and the
More than 5 2 5 , 0 0 0 reports have^olist of foreign-owned property
P leted<
will reach an
Already nearly
spab
page^have^bee^compile^ 6
Some of the t r i a l s
^toclf ofLolLruLd
in%he
m a n ufacture^f e S l f s ^ s ^ v J l u e d a t . ^ 7 ,0 0 0 ;
;
Italian account’t° steel products valued at $^ 3 5 , O W , n
lalB
Hungarian account, ®^eH ,?and. vital steel shipbuilding
account °J J f ne°f0 L i d for Danish account.
valued at $ 6 1 0 ,0 0 0 , held
-,,1(ie4 hundrede
In addition to these, large it?m | ^ ^ ^ A s s e m b l i n g
of this
o, -S '« « sss S^SSfoSeS' « « - • S f t f “ ”r
_
entr>tai Ire„ urj
Thp compilation of this ^ c o r n e ^ o f ^ t h f l nation for caches of
—oOo —
<
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.
i
<
<
<
-
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 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
January 21, 194-2________ •
xSfc
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 prindipal 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
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Friday, January 16, 194-2_____ .
The Secretary of the treasury, hy this public notice, invites tenders
for $ 150jOOQ,000
, or thereabouts, of
91 —day Treasury "bills, to "be issued
on a discount "basis under competitive bidding.
be dated
January 21, 1942_____
and will mature
The bills of this series will
April 22, 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 0 %lock p. m., Eastern Standard time, Monday, January 19» 19^2_, _M
p#
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 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
j
an express guaranty of payment by an incorporated bank or trust company.
^
Im m ed ia tely a f t e r th e c l o s i n g h o u r , te n d e r s w i l l be op ened a t th e F e d e r a l
*
7 9- l> 3
r7
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January l6, 19^2.______ _
The Secretary of the Treasury, by this public notice, invites
tenders for $150,000,000, 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 January 21, 19^-2, and will
mature April 22, 19 ^2 , ivhen the face amount will be payable without
interest.
They will be issued in bearer form only, and in denomi
nations 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 Stan
dard time, Monday, January 19, 19^2. 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.,
119*925. Fractions may not be used. It is urged that tenders be
made on the printed forms and forwarded in the special envelopes
which will be supplied by Federal Reserve Banks or Branches on
application therefor.
Tenders will be received without deposit* from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities.
Tenders from others must be
accompanied by payment of 10 percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action
in any such respect shall be final. Payment of accepted tenders
at the prices offered must be made or completed at the Federal
Reserve Bank in cash or other immediately available funds on
January 21, 19^2.
29-63
# H#
-
2
-
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption,' as such, and loss from the sale or other dis
position 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. Under
Sections 42 and 117 (a) (l) of the Internal Revenue Code, as amende;
by Section lip of the Revenue Act of 194-1, 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 dis
posed 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 sucn
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, 412, 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.
-0O0-
TREASURY DEPARTMENT
BiiTyau1oriiilemal" BfSTOItrg
Washington, D. C.
tA
For Immediate Release^
January 15, 1942 *
“*i58
IP
Commissioner of Internal Revenue Guy T. Helvering announce^ jGf#5*“
that the motor vehicle use tax stamps are now on sale at all post
if^
offices and offices of collectors of internal revenue. ( The coopera
: ¿1post
tion of the public in applying for their stamps at the earliest posjuefae»
sible date
€ a r m m\XU &
bn
The
— —
requested*A^^e cost of the stamp is #2.09 and it is
>e ea
to be affixed to the windshield unless prohibited in any case by
State traffic regulations.
The
Vehicles without windshields should
have stamps affixed at some appropriate place. X
regiilatio
affixed a
- - o 0 o - -
i
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, January 15, 19^-2,
Press Service
No. 29-o4
Commissioner of Internal Revenue Guy T. Helvering announced
today that the motor vehicle use tax stamps are now on sale at
all post offices and offices of collectors of internal revenue.
The cooperation of the public in applying for their stamps
at the earliest possible date was requested by the Commissioner.
The cost of the stamp is $ 2 . 0 9
and it is to be affixed to
the windshield unless prohibited in any case by State traffic
regulations.
Vehicles without windshields should have stamps
affixed at some appropriate place,
Internal Revenue officials
said.
oOo-
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Monday, January 26, 19^42«
Press Service
No* 2 9-65
(The following address by Julián T, Baber, United States
Secret Service, Washington, D* C,, before the convention
of the Cooperative Food Distributors of America, Sherman
Hotel, Chicago, Illinois, is scheduled for delivery at
11:30 a. m., Monday, January ¿6, 19^2.)
BEWARE OF COUNTERFEITERS ESPECIALLY NOW
During these ominous days, when our democratic way of life is imperiled by
evil forces across the seas, our chief concern is an all-out united effort
to eliminate the threat to civilization by our ruthless enemies. It is un
necessary to remind you of the grave danger we face as we oppose the Axis
triumvirate. At the same time, it may not be inappropriate to consider for
a few moments another enemy who marches in our midst without benefit of 5th
column, an enemy who recruits his regiments from the underworld for sly
attacks which menace constantly the integrity of our monetary system.
All of us, I am sure, are convinced that the finest engravers in the world
design our paper money, and that the finished product of the Bureau of En
graving and Printing surpasses in excellence the currency output of all
other governments, This satisfaction , however, should not cause us to over
look the fact that certain persons with twisted minds envisage a road to
rapid wealth by floating unauthorized issues intended to defraud our cit
izens and our government.
Unlike Hitler and Hirohito, who force printing press money on subjugated
peoples, they do not wait for war to force their assaults on the public,
(2)
Belonging to the nether strata, their connections extend throughout the
country, and even into foreign lands. Some of them are so skillful they
often lead the Secret Service over long and tortuous trails ending ulti
mately at the doors of a Federal penitentiary, ¿holly without conscience,
they preconceive their every act, and whatever success they achieve is
measured by the deliberate manner in which they engineer their unworthy
activities.
In the old days dating back to the Civil v/ar, counterfeits were printed
from steel plates engraved by master craftsmen whose handiwork flashed a
glint of such realism that a wave of hysteria swept banking circles, tel
lers and other bank employees being helpless in their attempts to detect
the bogus bills.
It is an interesting commentary that only two hand-engraved counterfeits
have appeared in the past 20 years, both being the handiwork of the same
man. The first of these unique productions showed in 1931 in New York
and circulated widely in the larger Eastern cities. Since it was fairly
deceptive, we were puzzled for a while as we formulated plans for its sup
pression, Inasmuch as engravers apply to their handiwork unwittingly the
label of their own individuality, our men consulted scores of legitimate
engravers and printers in the New York area, exhibiting specimens of the
counterfeit, hoping to find someone able to identify the counterfeiter*s
technique*.Finally, in one shop, an engraver evinced more than ordinary
interest and remarked: "That certainly looks like Billy Jones' work,"
He pointed out his reasons with adequate explanation. Agents then secured
specimens of Jones' engraving from commercial shops in which he formerly
(3)
worked., finding in them amazing similarity to certain characteristics in
the counterfeit. Jones was regarded as an accomplished craftsman, hut his
fondness for liquor removed him from the ranks of reliable workmen. In due
time- he gradually lost favor with the profession and began to consort with
shady characters, -.e arrested him soon afterward in the act of retouching
the plates from which the counterfeit was printed. Investigation revealed
he was used as a pawn by a group of Italian gangsters who picked him up
from the gutter and engaged him to embark upon a counterfeiting career.
His fellow conspirators were also arrested and sent to prison by the Secret
Service. Jones also went to prison. With the arrest of this gang, this en
graved counterfeit faded out of the picture almost immediately,
A hand-engraved $5 Silver Certificate began to circulate* in Providence,
R. I,, about two years ago, To veteran agents, it radiated the personality
of Billy Jones, seeming to flash his actual fingerprints. It so happened
Jones lived in Providence at the time. He now resides in a Federal peni
tentiary under 10-year sentence, because we arrested him a few days after
this counterfeit appeared and seized his equipment in his home.
A new order has developed in the graphic arts field in recent years with
the perfection of modern engraving and printing processes, It is now un
necessary that a counterfeiter shall be a hand-engraver, for the photo
engraving industry provides a suitable substitute. However, in embracing
this method, the counterfeiter finds a stumbling block which renders his
work ineffective in accurate reproduction of the portraits on our currency,
the latest duplicating devices being incapable of transferring to metal
plates the delicately cut engraved lines and shadow values which distin
guish genuine paper money, particularly in the portraits. The facial feat
ures are coarse and the eyes generally lack expression and vitality. For
this reason, faces on counterfeit notes are obviously strange and Hun
friendly" , echoing the base character of their unworthy sires.
The average bank teller sees daily the portraits of Washington, Jefferson,
Lincoln, Hamilton, Jackson, and perhaps Grant and Franklin, hundreds of
times. They pass before him in rapid review and it is impossible for him
to stop and examine minutely the portrait oh each note* He must accept or
reject the notes instantly. An experienced teller spots instinctively the
strange or "unfriendly" face on a counterfeit note as quickly as he iden
tifies the face of a stranger before his window. Through long years of
training, he acquires a sort of sixth sense which enables him to distinguish
between good and bad engraving and printing.
But what about the butcher, the baker, the candlestick maker?" Why are they
susceptible to the wiles of the counterfeiter? When you realize that the
general public is ignorant of the quality and character of our legal tend
er, you may understand why the average annual public loss over a U-year
period, 1933-1937» amounted to $771,000, This fraud in 1935 reached the
astounding figure of approximately one and one quarter million dollars,
when counterfeiting in this country climbed to an all-time high, exponents
of this gigantic swindle preying upon the ignorance pf an unsuspecting
people.
Few persons know our currency is printed from steel plates engraved by
hand. Except for the serial numbers and Treasury seal, every line, every
dot, every dash on each note stands up clearly and distinctly, the com
posite design representing a challenge to the finest steel engraved sub
ject in any art salon. These notes are printed on high quality distinctive
(5)
paper impregnated with tiny red and blue fibers difficult to discern at
first glance. These fibers are intended to increase the paper’s tensile
strength and durability, and contrary to popular belief they are not placed
in the paper as a protective feature. The lettering on your engraved bus
iness or personal card shows an upraised surface. Every note printed by
your government is made similarly and each specimen is a gem of the en
graving art.
It seems to be a common habit to identify paper money by the large denom
inational numerals in each corner; the color tone, artistic workmanship,
and general appearance fail to excite interest m one way or another.
Most people are prone to accept money without any of these considerations.
I am reminded of Tony Spinelli, a New Orleans grocer, who caters to a
clientele which demands the best of everything the Old French market af
fords. Tony visits the wholesale dealers daily before sun-up to replenish
his stock, shopping at various booths in an honest effort to obtain the
choicest items, fully aware his customers will inspect his offerings for
freshness and quality. One day, when his strawberries attracted more than
usual attention, a stranger purchased six baskets with a. $20 note. Now
Tony knows his trade personally, but occasionally a stranger calls, and
this strawberry sale failed to impress him until a few minutes later, when
he dispatched a clerk to a nearby bank w/ith the $20 note to be changed
for silver, When the salesman returned with the note labeled "Counterfeit",
Tony rent the air with a series of choice epithets. Like many other per
sons, Tony was unaware that counterfeits are passed by strangers in 99
out of 100 cases. In our educational campaign, we stress the warning that
(6)
nearly all counterfeiters are strangers, but that all strangers , of course,
are not counterfeiters. Since his unfortunate experience, I am sure Tony
is exercising as mutch care in handling his money, in particular money sub—
m itted by unknown persons, as he displays in selecting his fruits and veg
etables, He doubtless scans his notes a second time to reassure himself that
none of his currency bears the tell-tale distinguishing marks of the Aphony’*
bill.
lihen Frank Sernak came to this country many years ago from Poland, he es
tablished himself in the mercantile business in Coalton, a little mining
community in West Virginia, where his customers for the most part consist
ed of Hungarians and Poles employed in the bituminous field. Sernak* s weak
eyes were framed by spectacles carrying heavy lensesr A poorly dressed man
called early,one Saturday evening, when business was brisk - it was payday,
incidentally - and made a few purchases with a $20 note which Sernak ac
cepted in perfunctory manner. Walking away nonchalantly, the stranger en
tered a widow s shop two doors distant, carrying a reed basket on his left
arm. He examined a tray of neckties on the counter. A little girl, probably
15 years of age, solicited his requirements. '’I’ll take this one”, he in
dicated, as he handed the tie and a $20 note to the youthful clerk. The
tie was priced at $2. The girl marveled at his extravagant taste as she
wrapped the package neatly and handed it to her customer with the priper
change. She was delighted to have made so large a sale in the absence of
her employer.
The stranger, with basket over his arm, resumed his shopping tour by call
ing at Max Hertzburg' s butcher ship at a time when the owner was at din
ner. Hertzberg's two sons were waiting on the tradef Loitering about until
(7)
he was approached by the younger of the clerks, a lad of 16, the stranger in
quired ; "Can you change a twenty?". Receiving an affirmative response, he
made several purchases and departed with a supply of steak, bacon, and butter
and $17.50 in cash. He then strolled down the dimly lit street until he reach
ed an alley in which he abandoned basket and contents. T,Then he emerged, he
turned toward the railroad station, elated over his success in disposing of
the counterfeits so easily. Five minutes later, as the train departed, he
settled back in his seat in the smoker, puffing a stogie, and began to for
mulate his plans for another raid on an unsuspecting community,
Following their custom, the Coalton merchants visited the town’s only bank
IToniay morning to deposit their week-end collections. Always the first in
line, Sernak stood before the cashierfs window watching the banker check his
stack of notes which he flipped deftly through trained fingers. All at once
the cashier stopped to scan more carefully a $20 note» He held it to the
light and finally studied it under a small magnifying glass. ’Sorry, Mr.
Sernak", he exclaimed, "you have a phony bill here. The old man whs stunned
momentarily, but his defective eyes could now discern the note’s spurious
quality as he examined the counterfeit, As Sernak walked away, the widow
came in with her meager deposit. The cashier resolved to inspect with un
usual care the funds of other customers, convinced that where there is smoke
there must also be fire. He picked out nuite easily in the widow’s money the
$20 note with which the stranger purchased the expensive necktie, When she
realized that she, too, had been swindled out of $18 - more than one week’s
profit - she turned aside disconsolately, tears streaming down her cheeks,
muttering words of condemnation against the counterfeiter. Hertzburg was
among the last of the hank’s customers to appear. He stood silently at the
window as the cashier withdrew from his stack of notes the $20 bill which
the younger of his two sons accepted from the basket-carrying stranger.
It was again the old, old story of failure to examine money carefully. The
counterfeiter’s shrewd criminal mind directed him to execute his maneuvers
on a Saturday night with full realization his victims could not bank their
money until Monday. He chose Sernak because of the merchant’s failing eye
sight. He selected the widow’s store because the only clerk on duty was a
little slip of a girl, and in the butcher shop he waited until he could be
served by the younger of the two clerks. If his victims had given the notes
more than a casual glance, they would have observed that the Jackson port
rait appeared to be smudgy and too dark, and the border lathework and letter
ing were reproduced in amateur style. The serial numbers and Treasury seal
were printed carelessly in an off-color shade of green in common with the
back of the note. The paper was of such inferior grade that this feature
alone should have aroused suspicion.
Hollowing his discovery, the banker notified the nearest
Secret oervice
office immediately. Steps were then taken by the agent-in-charge to issue
a descriptive warning notice for distribution t
banks and police officers
in nearby cities and towns. Two weeks later, in a town less than 100 miles
from Coalton, a grocer who received a warning notice from his bank, did not
like the looks of a $20 note submitted by an unknown customer, He rushed to
the front door, locking it securely, and telephoned to police headquarters.
The stranger was so amazed by this turn of events he mode no attempt to es
cape. Officers arrested him a few minutes later and found in his possession
four counterfeit $20 notes.
(9)
Genuine notes are issued in eleven denominations, each carrying a standard
denominational portrait as follows: $1, Washington; $2, Jefferson; $5, Lin
coln; $!■', Hamilton;'$20, Jackson; $5C|, Grant; $100, Franklin; $500, McKin
ley; $1000, Cleveland* $5000, Madison; $10,000, Chase. Irrespective of other
identifying characteristics, a note should he recognized only by the port
rait it bears. If one remembers the portraits on genuine notes, he will not
be deceived by the note-raiser Who tampers with genuine currency , erasing
the corner numerals and denominational lettering and substituting in paint
or ink the artistic flourishes necessary to increase, for his purposes, the
original value of the note. He may even tear off the corners of genuine
$10, or $20 notes, and paste them over the corners of notes of smaller denom
ination. A $20 note carrying the portrait of Lincoln.must, therefore, be a
$5 note altered to represent $20, for Lincoln’s portrait appears only on a
$5 bill.
Those misguided persons who turn to coin counterfeiting are usually possess
ed of limited means. With a small outlay of cash, they are able to purchase
plaster of Paris, babbitt metal, lead, antimony, tin, and zinc. Little skill
is required to fashion a mold and pour molten metal. Counterfeit coins are
generally light in weight and produce a dull sound when dropped on a hard
surface. They tarnish ouickly and have a ’’greasy feel” when rubbed between
one’s finger tips. Molded coins fail to reproduce accurately the parallel
crevice lines on the rim edge. This characteristic is often identified in
error as the milling instead of reeding, A drop of nitric acid and nitrate
of silver applied to a counterfeit coin of base metal will produce a black
spot.
A few years ago one of our men was reminded by his wife on a Saturday ni^ht
that the cupboard was bare of maple syrup, and that the customary flannel
cakes for Sunday morning breakfast would be omitted unless he cared to visit
the neighborhood grocery and secure a can of the necessary trimmings. Not
desiring to be deprived of his favorite breakfast dish, he hurried round the
corner to a nationally known chain store and purchased the syrup, paying with
a &1 bill which happened to be the only cash in his possession at the time,
and receiving in change 75d in two coins.
On his return home, his father-in-law advised him of paying the newsboy who
called in the agent’s absence to collect for monthly delivery of the after
noon paper. The agent reached int' his pocket and reimbursed him with the
50^ coin which came from the grocery store. He then turned to the newspaper
and seated himself comfortably in his chair, only to be distracted a few
moments later by a discordant musical note. Looking up, he observed his
father-in-law seated near the radio balancing a coin on one finger and tap
ping it with his knife.
"Let me see that”, said the agent, "and where did you get it?”
”You gave it to me a few minutes ago” was the rejoinder. "That’s a good one
on me , replied the agent, "I know where it came from and I am going to see
about it immediatelyWith this, the agent dashed out of the door and sped
to the grocery store, arriving shortly after 9 p. m. A large card labeled
CLOSED was suspended in full view on the door. A few late customers were
inside completing their marketing. After trying the door knob, the agent
rapped sharply on the door and gained the manager’s attention. The manager
pointed to the sign and turned away.
The agent knocked again. The manager
again indicated that business was ended for the day. In response to further
knocking, however, he came forward and opened the door, which was held by a
small chain allowing it to swing back about 12 inches.
"I am sorry, sir”, said the manager, "but the store is closed for the day;
we are not oermitted to admit customers after 9 p. m."
"I know that”, the agent replied, "but 1 merely want to speak with you a
moment. I was in your store about 30 minutes ago and purchased a can of maole
syrup with a $1 bill, and one of your clerks gave me a 25^ coin and a 50d
coin in change. The 50^ coin is counterfeit and I am calling on you for re
imbursement ."
The manager peered through the narrow space separating him from the agent,
who had not then identified himself, and repeated in part the agent’s state
ment, "You say you were in here half an hour ago and one of my men gave you
this coin in change in your purchase of a can of syrup.” He toned the remark
in such manner as to suggest clearly he did not believe the claim.
,fHow do I knovj you obtained the coin here?” he rueried. The agent then ex
hibited his credentials and explained ho possessed no small change when he
patronized the store and there could be no mistake as to the source of the
counterfeit.
■Yell," said the manager, "since you claim you obtained the coin here, I
guess I shall have to make it good out of my own pocket," with this, he ex
tracted a 50-i coin from his purse and handed it to the agent who by this
time was beginning to lose patience and poise,, particularly because he
was held at bay by the chain which limited the door opening to about one
foot.
(12)
,rBy the way, which one of my clerks waited on you? asked the manager. This
ruery placed the agent squarely on the spot. He purchased the syrup hurried
ly and was unable to identify the salesman, although he was aware the clerk
was a young man. Among the dozen or more clerks, there were two young men.
After surveying the store employees, the agent pointed to two and said: "He
was either this man or the other one.”
”Jones, come over here” commanded the manager. Jones responded. ”Did you wait
on this man 30 minutes ago?” After a brief pause, the clerk said ”No sir, I
have never seen him before.” Obeying a nod, the other young salesman stepped
forward. ”Brown, did you sell this men a can of syrup about 30 minutes ago
and give him this counterfeit coin in change? the manager inquired. "No,-sir,
I did not wait on him” was the response. This repudiation did not increase
the agent’s stature in the presence of the manager . Acknowledgment by either
salesman meant in all likelihood that the manager would collect from the one
admitting the syrup transaction.
After accepting reimbursement from the manager, the agent advised him of the
necessity of surrendering the counterfeit which he could not retain knowing
it to be worthless. ”0h no” , the manager exclaimed, ”1 have made good the
bad coin and intend to keep this one.” His haughty attitude seemed to in
crease when the agent reminded him again of the provisions of the law re
lating to possession of counterfeit money by unauthorized persons.
‘'All right, sir” , said the agent, ’’you refuse to surrender the counterfeit
coin, but let me tell you this; if that coin is not available TTonday morning,
when I make formal demand for it, it shall be my duty to escort you to the
(13)
office of the U. S. Commissioner and file a complaint charging you with fail
ure to surrender counterfeit money.”
The agent began to think quickly. He didn*t desire to be humiliated further
by his failure to take up the coin through diplomatic process, and he also
desired to avoid a scene by summoning a policeman to assist him in his per
plexity.
"By the way” , he said suddenly, "let me initial that coin.” Taken off his
guard, the manager handed over the coin and the agent walked away jubilant
over the success of his ruse.
The agent involved in this true story knows his monoy. He should be an exoert
after 20 years of experience in the business of detecting and suppressing
counterfeiting, but in this instance he dropped his guard chiefly because
the salesman handed the change to him directly. There was no opportunity
to hear the impact of base metal against a hard surface such as the store
counter provided. The "greasy feel" of the coin should hove attracted his
attention, but the agent ignored this fairly reliable test and, in conse
quence he became a victim of an experience he will not soon forget.
I rather enjoy telling this story, because your sneaker is the agent who
dropped his guard.
aroused bv the tremendous loss sustained by the public at the hands of the
counterfeiter, Chief Frank J. Wilson, vjho assumed leadership of the Secret
Service in 1937, decided upon a bold approach to the problem by adopting
new methods in fighting counterfeiting through education instead of prose
cution. As an experiment, he sent a picked sauad of agents to New York City
Cm
)
to conduct an educational campaign intended to familiarize the retail bus
iness man and his associates with the identifying characteristics of genuine
money and the defects apparent in counterfeit money. These agents were so
engaged foh nearly four months. They lectured before 2160 meetings attended
by 93,909 persons, including merchants, small shopkeepers, bank employees,
police and postal officials. Radio talks were made and short movie subjects
dealing with the campaign were projected in line with this educational ac
tivity. Nearly one million warning notices describing counterfeit notes
were distributed through the mail and more than 100,000 clerks and sales
men were instructed orally. Before the campaign was completed, traffic in
counterfeit money in the New York area began to show a noticeable decrease
and marked reduction was also observed in other sections of the country.
The success of the campaign exceeded all expectations, with the result that
it was decided to conduct a similar program on a nationwide scale the fol
lowing year, featuring a sound motion picture "KNOW Y0T1R YONEY” and a 32page illustrated booklet of the same name containing helpful information
for the layman in detecting counterfeits. This film has been exhibited to
date before more than 6,500,000 persons, including more than 4000,000 school
children. The booklet h^s been acclaimed by thousands of public school of
ficials as an educational instrument filling a long-felt want, ’"any high
schools have accepted it _as a textbook for study in civic.s and economics
classes. The film and booklet have been major factors in the remarkable re
duction in counterfeiting activity during the past three years. The whole
sale and retail grocer have cooperated splendidly with the secret Service
in this educational campaign. Your very capable, executive" vice-president,
(15)
Mr. Lazo, has already forwarded to you a pamphlet entitled "KNOW YOTTR TK)NEY".
Many of you, I am sure, have attended meetings before which our agents have
lectured on this subject and exhibited the film. We desire to acknowledge at
this time our appreciation of the cooperation by many national advertisers
who are distributing counter displays imprinted on the back with "KNOW YOMR
MONEY'" information for the protection and information of your clerks and
other employees* We will be grateful if you, as an organization, will urge
other advertisers to adopt this procedure for the benefit of your employees
and also for your own protection against the counterfeiter.
In closing, may I cite again the overage annual loss of #771,000 from count
erfeit notes for a four-year period, 1935-1937, and point to the public loss
of $91,097 during the fiscal year ended June 30, 1941, representing a de
c e a s e of #54,347 over the previous fiscal year.
The retail grocer’s en
thusiastic support of our educational program has been a potent force in
this remarkable showing, and we ask your continued assistance in our com
mon responsibility of preserving the integrity of our currency and coinage
as ?e carry on.
* *
-
2
-
occupied countries, officials explained.
Germany had made it a
practice to issue a great variety of stamp series both for itself
and the countries which it has crushed.
The stamp racket was described as running in cycles.
First
the occupied country's regular stamps are overprinted, circulated
and sent to the Western Hemisphere for distribution to dealers and
ultimate consumption by enthusiastic American collectors.
Secondly,
an occupation stamp is introduced and sent through the same channels
used in dispensing overprinted stamps.
Finally, a series of new
German stamps for that country is issued, and within a few weeks
those stamps begin to fatten the albums of stamp collectors and
dealers in America.
Each issue is exploited to the fullest possible extent.
Whenever Nazi authorities note a drop-off in the number of stamps
sold through the underground channels to American collectors they
crank up the presses and grind out another series in order to keep
the vital flow of American exchange coming into the hands of Nazi
agents in the Western Hemisphere.
These stamps are purchased from Nazi agents by astute
C\
y
\\y
\ y
stamp dealers who operate in neutral markets and act as distributing
agents for such stamps to dealers and collectors throughout the
world.
The stfift movement of stamps from the occupied nations to
.
America is shown by the ST-*mp a
of United States dealers who
carry all the latest Axis stamp issues.
The Treasury has appealed
X.
to these groups in particular to cut off the profitable Axis stamp
racket because they are placed in a key
transaction•
spot
i n t h e ordinary stamp
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Press Service
No,
The Treasury Department announced today it has destroyed a
$20,000,000 Nazi postage stamp racket by banning the importation of
postage stamps from Axis or Axis-occupied nations.
Freezing control officials stated that the Axis, more desDerate than ever for the coveted American dollars which are necessary
to carry on a program of sabotage and treachery, has made a practice
of printing many new stamp series for the occupied nations. The
stamps would be forwarded to American stamp collectors who would in
turn pay American dollars for them. The sum of money obtained by
this racket is said to have reached $20,000,000.
The traffic was terminated by instructions to Collectors of
Customs to block the importation of stamps in which Axis and Axis##
occupied countries or their nationals have an interest.
At the same time the Treasury publicly appealed to patriotic
stamp collectors and dealers for cooperation in this program. The
Treasury also emphasized the penalty provisions which may be invoked
in any case of willful violation of the freezing regulations on the
stamp traffic.
Catering to the millions of American stamp collectors, Axis
presses have poured out many new issues of stamps for the Axis and
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, January l6, 19^-2,
Fress Service
No> 29-66
The Treasury Department announced today it has destroyed a
$20,000,000 Nazi postage stamp racket by banning the importation of
postage stamps from Axis or Axis occupied nations.
Freezing control officials stated that the Axis, more desper
ate than ever for the coveted American dollars which are necessary
to carry on a program of sabotage and trea,chery, has made a practice
of printing many new stamp series for the occupied nations. The
stamps would be forwarded to American stamp collectors who would in
turn pay American dollars for them. The sum of money obtained by
this racket is said to have reached $20,000,000.
The traffic was terminated by instructions to Collectors of
Customs to block the importation of stamps in which Axis and Axisoccupied countries or their nationals have an interest,
At the same time the Treasury publicly appealed to patriotic
stamp collectors and dealers for cooperation in this program. The
Treasury also emphasized the penalty provisions which may be invoked
in any case of willful violation of the freezing regulations on the
stamp traffic.
Catering to the millions of American stamp collectors, Axis
presses have poured out many new issues of stamps for the Axis and
occupied countries, officials explained. Germany had made it a
practice to issue a great variety of stamp series both for itself
and the countries which it has crushed.
The stamp racket was described as running in cycles. First,
the occupied country's regular stamps are overprinted, circulated
and sent to the Western Hemisphere for distribution to dealers and
ultimate consumption by enthusiastic American collectors,
Secondly,
an occupation stamp is introduced and sent through the same channels
used in dispensing overprinted stamps. Finally, a series of new
German stamps for that country is issued, and within a few weeks
those stamps begin to fatten the albums of stamp collectors and
dealers in America.
Each issue is exploited to the fullest possible extent. When
ever Nazi authorities note a drop-off in the number of stamps sold
through the underground channels to American collectors they crank
up the presses and grind out another series in order to keep the
vital flow of American exchange coming into the hands of Nazi agents
in the Western Hemisphere,
-
2
-
These stamps are purchased from Nazi dgents by astute stamp
dealers who operate iri neutral markets and act as distributing
agents for such stamps to dealers and collectors throughout the
world*
The swift movement of stamps from the occupied nations to
America is shown by the circulars of United States dealers who
carry all the latest Axis stamp issues.
The Treasury has appealed
to these groups in particular to cut off the profitable Axis stamp
racket because they are placed in a key spot in the ordinary stamp
transaction.
-0 O 0 -
January 15, 1942.
MEMORANDUM FOR THE FILE:
Mr. Arthur Watson, assistant collector of customs at
Tampa, Florida, called me by telephone at 3:15 today,
at which time he stated that his officers in Miami, Florida,
were encountering a great deal of difficulty in enforcing
the licensing provisions of the Trading with the j^iemy Act
(T. D. 50525)* Mr. Watson stated that there are more people
leaving Miami for foreign countries by air than any other
port in the U. S., and that a majority of the individuals
leaving that port arrive a few minutes before the plane is
to leave, with enormous quantities of blue prints, documents,
plans, specifications, and various types of technical communi
cations destined for Central and South American countries.
A large number of the communications contained are in
foreign language. Due to the highly technical data contained
in the baggage of these passengers, it is »impossible to examine
thaw properly with a view of permitting turn to go forward
with the passengers. In many instances he is detaining
these documents over the strong protests of their owners.
V
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p
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my
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4
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r
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Mr. Watson suggested that some stepg^be^ jjaken in
Washington to educate the traveling publitySsc '
iRe^necessity
of getting these forms of tangible communications in the
hands of customs officers in ample time to have them examined
prior to the time the traveler desires to leave the United
States. He states that he is getting good cooperation from
the airplane companies in Florida who sell tickets in that
district. However, a large number of people purchase their
tickets in other states and have no knowledge of customs
requirements Tintil a short time before they expect to leave
the United States.
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It was pointed out that the regulations
issued under the Act included written and typewritten
documents, that
time is required for the translation
of statements ini foreign languages and that
exposed
film, developed or undeveloped, must be examined by the
y
t/iVl**
For Sunday a m ’s
Co-operation of the traveling public
was asked by the Treasury Department todajl in connection
with the enforcement of section 3(c) of the Trading with
the Enemy Act, which prohibits except under license the
carrying of any form of tangible communication into or
out of the United States.
To avoid delays in making connections and
possible embarrassing incidents, Treasury officials gave
the following advice to t r a i l e r s :
1 . Refrain from carrying with you acfeHajSsr
on foreign t
documents
2
.
Wi
When
you
it absolutely necessary
to carry maps, plans, blue prints, specifications or similar
documents with you, present them as long in advance of
departure time as is possible to the office of the
Collector
Customs, where it will be determined
whether the communication msy be licensed.
^^more
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, January IS, 19^2.________
Press Service
No, 2 9 - 6 7
1 /1 6 A 2
Co-operation of the traveling public was asked by the Treasury
Department today in connection with the enforcement of section 3 C&Î
of the Trading with the Enemy Act, which prohibits except under
license the carrying of any form of tangible communication into or
out of the United States,
To avoid delays in making connections and possible embarrass
ing incidents, Treasury officials gave the following advice to
travelers *
.
1.
Refrain from carrying with you on foreign trips
any documents unless they are absolutely essential,
2.
When you find it absolutely necessary to carry maps,
plans, blue prints, specifications or similar
documents with you, present them as long in advance
of departure time as is possible to the office of
the Collector of Customs, where it will be determined
whether the communication may be licensed.
It was pointed out that the regulations issued under the Act
included written and typewritten documents, that time is required
for the translation of statements in foreign languages and that
exposed film, developed or undeveloped, must be examined by the
Customs officers before licenses can be issued.
-0 O 0 -
interests in the United States by every conceivable device, and
consequently few such enterprises are now directly owned by Axis
nationals. Crafty Germans aSt;ump%~t"o’utiliUe^ummy xorpor ations
'a
and agents in neutral countries to control their businesses here, and
in other cases family ties have given the Germans control of corporations
which, on the surface, are owned entirely by American citizens.
%
J
^ ^
X
'
- 3 -
In New York a publishing house which had printed Bundist
newspapers and magazines during the months leading up to active
American participation in the warA found Treasury agents on the spot
v.ithin a few hours after the first war news flashed over the wires.
Full cooperai
4
Government agencies
Intelligence.
v
Treasury guards have patrolled the premises of the closed
and supervised business establishments in order to prevent destruction
or removal of valuables, papers and records.
Treasury supervisory staffs, including lawyers, investigators,
bank examiners, accountants, chemists and other administrative people
have been placed i n
~ ninf if im w
plant s
harve Axis cuiiroirfriuutf^" These men read the correspondence, check the
personnel to immttmmm Axis M M p j M b M P B , and pass on all transactions,
of the concerns they supervise.
In some cases the checks are counter
signed by the Treasury representatives.
Many of these
concerns manufacture such apportaste war
materials as films for taking war photographs, drugs for the treatment
of the sick and wounded, insulation for radio sets end plastics.
One
of the factories manufactures presses for fabricating metal, particularly
aluminum, one of the most vital of all war materials.
*
......
Wily Axis businessmen learned muclijfrom
* *
^
" .0
-d r . * iL A-*-*-** i experience in
World War I when property in the United States owned by alien enemies
was seized by theluXs.^Alien Property Custodian.
In the 20-year
interval between the two wars, Axis nationals have camouflaged their
r
-
2
-
Among the firms padlocked were exporting houses which had
attempted to hold South American markets for German manufacturers,
who, since the outbreak of war in 1939, had been unable to continue
supplying South American customers with merchandise from Germany.
These brokers were buying American goods for delivery in South America
in fulfillment of German contracts.
In this way the customers in South America were kept satisfied
and the German manufacturersjjhoped to regain ¿ i s market after the war *
¥m1inn til TT*T""1" TTi"Tr,fTr,trr"'"Tn' i
South
American buyers, no longer able to deal through pro-German brokers,
now will buy from legitimate American brokers, it is believed.
Ok
The Treasury also closed large steamship companies, such as
the German dominated Hamburg—American line and the Japanese Nippon
Yusen Kaisha, known more commonly as NYK.
Six foreign banks,
including the huge Italian Banco di Napoli and the Japanese Yokohama
Specie Bank, were shut down.
By wiping out these centerpoints of
foreign finance the Treasury has obliterated the possibility of their
use for hostile Axis financial transactions.
All remaining money
conduits are tightly blocked.
Four of the Big Five families which dominate the Japanese
economy —
Mitsui, Mitsubishi, Sumitomo and Okura
found their
subsidiary concerns in the United States under lock and key and
patrolled by Treasury guards the morning following the Pearl Harbor
att ack.
TREASURY DEPARTMENT
Washington
Press Service
No.
FOR 'IMHUUIJgg' fpEBSSS
ijt\
uv
The Foreign Funds Control Division of the Treasury Department
has padlocked more than 100 German, Japanese and Italian business
/V
houses and subjected
98
*C V >
o t h e r ^ t o strict supervision since the United
attacked in the Far East.
States was
The Treasury’s action shortcircuited possible Axis sabotage on
the American industrial front by erasing focal points of enemy espionage
and other subversive activity on the American continent.
Banks, steam
ship companies, import—export firms, news agencies, trade associations
and brokerage houses, through which the Axis had sought to maintain
Its trade and financial influence in this hemisphere, were among the
S
T ^knew to be potential sources of trouble.
enterprises which the
I
a a ^
o p e ra tio n ofA nmety-eight
m a iw fa e tu L 'i.T T ,1 T in th
is being strictly supervised by the Treasury to insure
\ \ n - r n n rln n i*r**m &
the regular
flow of the vital war materials which they manufacture.
The treasury was able to take instantaneous action to avoid
any letup in production because it had controlled alien manufacturers
for several months prior to December 7, and the data necessary for
action was ready at hand the moment the Japanese loosed bombs on Pearl
Harbor.
Even before toe N i g p m a m i blit^kriyg 'began, the closed ana
A
supervised concerns werg operating under special Treasury license and
” ^^was already scrutinizing minutely all transactions those
business enterprises undertook.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, January 13, 19*12._______
Press Service
No. 29-63
The Foreign Funds Control Division of the Treasury Department
has padlocked more than 1 0 0 German, Japanese and Italian business
houses and subjected 9 & other business concerns to strict super
vision since the United States was attacked in the Far East.
The Treasury's action short-circuited possible Axis sabotage
on the American industrial front by erasing focal points of enemy
espionage and other subversive activity on the American continent
Banks, steamship companies, import-export firms, news agencies,
trade associations and brokerage houses, through which the Axis had
sought to maintain its trade and financial influence in this hemi
sphere, were among the enterprises which the Department's agents
knew to be potential sources of trouble.
Continued operation of the ninety-eight business enterprises,
many of which have important Axis connections, is being strictly
supervised by the Treasury to insure the regular flow of the vital
war materials which they manufacture.
The Treasury was able to take instantaneous action to avoid
lsiup in production because it had controlled alien manufac
turers for several months prior to December 7 , and the data
necessary for action was ready at hand the moment the Japanese
loosed bombs on Pearl Harbor.
Even before Pearl Harbor, the
closed and supervised concerns were operating under special Treasury
license and the Foreign Funds Control was already scrutinizing
minutely all transactions those business enterprises undertook.
Among the firms padlocked were exporting houses which had
attempted to hold South American markets for German manufacturers,
who, since the outbreak of war in 1 9 3 9 > Had been unable to continue
supplying South American customers with merchandise from Germany.
These brokers were buying American goods for delivery in South
America in fulfillment of German contracts.
In this way the customers in South America were kept satis
fied and the German manufacturers hoped to regain this market after
the war.
South American buyers, no longer able to deal through
pro-German brokers, now will buy from legitimate American brokers,
it is believed.
2
The Treasury also closed large steamship companies, such as
the German dominated Hamburg-American line and the Japanese Nippon
Yusen Kaisha, known more commonly as NYK.
Six foreign banks,
including the huge Italian Banco di Napoli and the Japanese
Yokohama Specie Bank, were shut down*
By wiping out these center—
points of foreign finance the Treasury has obliterated the
possibility of their use for hostile Axis financial transactions.
All remaining money conduits are tightly blocked.
Four of the Big Five families which dominate the Japanese
economy — Mitsui, Mitsubishi, Sumitomo and Okura — found their
subsidiary concerns in the United States under lock and key and
patrolled by Treasury guards the morning following the Pearl Harbor
attack*
In New York a publishing house which had printed Bundist
newspapers and magazines during the months leading up to active
American participation in the war found Treasury agents on the
spot within a few hours after the first war news flashed over the
wires,
Full cooperation in these precautions has been maintained at
all times with other Government agencies, such as the Federal
Bureau of Investigation, Naval Intelligence and Military Intelli
gence *
Treasury guards have patrolled the premises of the closed
and supervised business establishments in order to prevent
destruction or removal of valuables, papers and records.
Treasury supervisory staffs, including lawyers, investigators,
bank examiners, accountants, chemists and other administrative
people have been placed in the plants.
These men read the
correspondence, check the personnel to determine Axis connections,
and pass on all transactions, of the concerns they supervise.
In
some cases the checks are countersigned by the Treasury represen
tatives.
Many of these ninety-eight concerns manufacture such useful
war materials as films for taking war photographs, drugs for the
treatment of the sick and wounded, insulation for radio sets and
plastics.
One of the factories manufactures presses for fabri
cating metal, particularly aluminum, one of the most vital of all
war materials.
Wily Axis businessmen learned much, Treasury officials said,
from their experience in World War I when property in the United
States owned by alien enemies was seized by the United States
Alien Property Custodian.
In the 2 0 -year interval between the two
wars, Axis nationals have camouflaged their interests in the United
- sV
States by every conceivable device, and consequently few such
enterprises are now directly owned by Axis nationals.
Crafty
Germans have attempted to utilize “dummy 11 corporations and
agents in neutral countries to control their businesses here, and
in other cases family ties have given the G-ermans control of
corporations which, on the surface, are owned entirely by American
citizens,
-0O0-
2
The securities clearing organizations and qualified
member firms or corporations of securities and investment
associations which wish to qualify may do so through the
Federal Reserve Bank in the Reserve Districts where they
are located*
In a general way the basic requirements for
qualification as an issuing agent for a member firm or cor
poration is to be in good standing in its association or
exchange, and to deposit under suitable regulations with
the Federal Reserve Bank the sum of $25,000 or the equiva
lent in approved securities«
Whether or not a member firm or corporation acts as
an issuing agent will not in any way affect its continuing
to give information and to help with the sales of all series
of Defense Savings Bonds, officials of the organizations said*
-OoO-
T -f-lo
f l u
f
~y}j~K4U^
The Treasury announced today that, as a result of the
offer by officials of various securities and investment or
ganizations to aid in providing a larger number of Issuing
agents for Series E Defense Savings Bonds, arrangements have
been completed so that clearing corporations of recognized
securities exchanges and properly qualified members of the
recognized securities and investment organizations may now
be designated as such issuing agents«
The parent organizations which have been most active in
this matter are the New York Stock Exchange, the Investment
Bankers Association of America, the National Association of
Securities Dealers, Inc«, the Association of Stock Exchange
Firms, and
'th^
group* of recognized dealers in United States
securities*
The following officials of these organizations conducted
the negotiations with the Treasury Department; John S. Fleek,
President of the Investment Bankers Association of America;
Wallace H« Fulton, Executive Director of the National Assoc
iation of Securities Dealers, Inc«
5
James F. B u m s ,
Jr«, Pres
ident of the Association of Stock Exchange Firms; Emil Schram
President of the New York Stock Exchange; and Dominic W*
Rich, representing the groupX of recognized dealers in United
States Government securities«
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, January 19» '19^2.____ ___
1/17/4-2
Press Service
No. 2 9 - 6 9
The Treasury announced today "that, as a result of the offer
by officials of various securities and investment organizations to
aid in providing a larger number of issuing agents for Series E
Defense Savings Bonds,
arrangements have been completed so that
clearing corporations of recognized securities exchanges and
properly qualified members of the recognized securities and invest
ment organizations may now be designated as such issuing agents.
The parent organizations which have been most active in this
matter are the New York Stock Exchange, the Investment Bankers
Association of America, the National Association of Securities
Dealers, Inc,, the Association of Stock Exchange Firms, and -the
group of recognized dealers in United States securities.
The following officials of these organizations conducted the
negotiations with the Treasury Department*
John S, Fleek, President
of the Investment Bankers Association of America; Wallace H. Fulton,
Executive Director of the National Association of Securities
Dealers, Inc,; James F, Burns, Jr,, President of the Association
of Stock Exchange Firms; Emil Schram, President of the New York
Stock Exchange; and Dominic W. Rich, representing the group of
recognized dealers in United States Government securities,
The securities clearing organizations and qualified member
firms or corporations of securities and investment associations
which wish to qualify may do so through the Federal Reserve Bank in
the Reserve Districts where they are located.
In a general way
the basic requirements for qualification as an issuing agent for
a member firm or corporation is to be in good standing in its
association or exchange, and to deposit under suitable regulations
with the Federal Reserve Bank the sum of $-25,000 or the equivalent
in approved securities.
Whether or not a member firm or corporation acts as an
issuing agent will not in any way affect its continuing to give
information and to help with the sales of all series of Defense
Savings Bonds, officials of the organizations said.
- 0 O 0 -
0
?-•?
The Treasury announced today that, effective January 26,
1942, it
require
from its clerical employees, stepping up the present schedule
of 39 hours per week, exclusive of the luncheon period, to a
44-hour basis.
As a result, one additional hour of duty will be re
quired from Monday through Friday, with the prevailing four
hours of duty on Saturday boing left undisturbed.
The new order affects all clerical, professional, and
sub-professional employees of the Treasury Department, in both
the departmental and field services, but in view of the fact
that the Bureau of Engraving and Printing# and the(£XlT)Mint
and other institutions of the Mint Service^ are already
operating to a
extent on three 8-hour shifts each day,
the new order will not apply to these plants.
In many cases the new schedules will be put into effect
merely by extending by one hour,the time for closing.
This
will be true at the main Treasury Building, where §368 em
ployees will begin their day at 9:00 A . M . , as at present, and
remain until 5:30 P.M., with a half-hour luncheon period*
nearly every other case, an additional half-hour will be
tacked on each end of the present work day.
In
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, January 1 6 , 19^2.________
Press Service
No. 29-70
1/17752
The Treasury announced today that,
effective January 26,
1 9 *1-2 , it will require five additional h o u r s 1 work each week from
its clerical employees,
hours per week,
stepping up the present schedule of 39
exclusive of the luncheon period,
to a
hour
b asis.
As a result,
one additional hour of duty will be required
from Monday through Friday, with the prevailing four hours of duty
on Saturday left undisturbed.
The new order affects all clerical, professional,
professional employees of the Treasury Department,
and sub
in both the
departmental and field services, but in view of the fact that the
Bureau of Engraving and Printing and the United States Mint and
other institutions of the Mint Service are already operating to a
large extent on three 6 -hour shifts each day, the new order will
not apply to these plants.
In many cases the new schedules will be put into effect
merely by extending, by one hour,
the time for closing.
be true at the main Treasury Building,
begin their day at 9 :00 A.M.,
5:30
where 2 , 3 6 6
as at present,
P.M., with a half-hour luncheon period.
This will
employees will
and remain until
In nearly every other
case, an additional half-hour will be tacked on each end of the
present work day.
- 0 O 0 -
We are not straining our productive resources and
mortgaging our financial future for the sake of any mystic
\
formula of a better future*
We mortgage our future to save
our future.
We gird ourselves*
We summon our men and our
resources to work in unity that our future may be our own.
We see work to be done to make a better order here.
But we
put that aside for the moment while we take up the task of
'
making"certain that we can, when the time comes, work our own
changes in our own way and that we shall not accept what a world I
conqueror sees fit to force upon us.
On the great seal of the United States there is a phrase
which when translated means, "A new order of the ages*11 That
new order was the order of Government of, by and for the
people*
Today we hear the blasphemy, the obscenity of the
use of the words "new order" to describe a reversion to
tyranny, the abasement of mankind.
That is a system that is
old in the world, that goes back to the days when men were
just beginning their struggle away from barbarism.
There can be no new order except in the elevation of the
capacity and the dignity of man.
The concept of an order
that would swing the world back in full cycle beyond the dark
ages is an insult to God and to man*
;
Let us be ready to make any sacrifice that no such
concept be accepted and no such evil befall us*
,•
, :
-oOo*^
{
-7We might,, and I think we should,, consider seriously the
imposition of selective credit controls... Our present emer
gency is so great that there should be no room in our national
effort for speculation of any kind.... In this kind of control
the banks of America might well make themselves, as Secretary
Morgenthau suggested last month, the sentinels of the nation
in looking carefully at all applications for loans and in
granting only those which would not compete in any way with
defense production,, and particularly in denying loans for the
speculative holding of commodities..
We shall be doing many unprecedented things before this
crisis is over.. Already a system of priorities has been im
posed over a wide range of materials that used to be free for
everyone to buy and use.- The time is coming when we may have
to carry priorities and price control a big step further.
We may come in the end to a system of apportioning or ration
ing consumer use of those goods which are needed most urgently
for the defense effort.
After all, the dimensions of this world struggle are
beyond any of our previous conceptions*. The dimensions of
our own part in it are only dimly realized by nine Americans
out of ten. We have set as our task a program of production j
designed to out-produce Hitler fs Germany and all the industrial
areas which Hitler has seized...
It will do us no good in this effort to be frightened by j
words or to be dismayed by the size of the job ahead of us.
Business will have to make sacrifices, farmers will have to
make sacrifices, wage earners 'will have to make sacrifices
before xire have won the victory which is our announced goal.
I know that you are not going to be dismayed. You are
showing already by the productive achievements of your indus,tries that you are heart and soul behind this effort to make
America secure.
We cannot hope to live securely in a world dominated by ;
any group or race whose basic motive is enslavement —— the
enslavement of its own people and of every people that has
tried to progress in freedom.
I
Americans have never found it possible to be isolated ||
from the world, nor have they found it consistent with their i|
honor to be indifferent to aggression and tyranny. The world .
shrinks, and never mpre rapidly than in these recent years.
The death of free governments one by one, if our inactivity
should sanction it, holds for us the imminent peril of the
death of freedom here.
-c
4
~
are at least two others which may he mentioned briefly.
One
is the reduction of non-defense federal, state, and local
governmental expenditure*
You may have read of the first
me’eting the other day of the new committee which includes the
taxing and appropriating committees of the House and Senate,
which was formed specifically;to study the whole problem of
non-essential federal spending*
Secretary Morgenthau has been
made a member of this committee and looks to its meetings to
translate into action the recommendations for economy which he
has so often made in his publio statements.
I suggest that you
keep your eyes upon the workings of this committee and that you
also encourage your local community to make a start toward
greater economy in local government.
j
,
The last of these obvious anti-inflationary methods is
the control of prices, and I shall say only a word or two on
this subject.
We at the Treasury felt that the price control
bill as introduced into the House of Representatives had the
possibility of being a powerful weapon in the fight against
inflation.
The amendments concerning farm prices have greatly \ '||
weakened the bill, but there is no reason to be discouraged
before the bill has actually become law.
It is now before the
House and it must yet pass through the Senate, and in both
houses there is a growing desire to make the bill the most
effective instrument possible.
Certainly a determined effort
will be made to see that the bill as it finally reaches the
P r e s i d e n t s desk shall be a brake upon the rising cost of living i
and shall furnish some reassurance to the American consuming
publi c .
No one of these methods — taxation, savings, economy,
or price control
can serve by itself to prevent inflation.
Whatever we do must be compounded of many methods and cannot
be limited to the obvious methods alone.
We can all of us think of a number of less obvious
devices which might furnish added checks upon inflation. One '
of these, for example, would be the increase of our productionj
in fields that do not compete either in manpower or materials
with production for defense.
That means for one thing an in
crease in the production of food, which is needed now not only
for ourselves but for millions in England who are depending
upon us, and will be needed on a tremendous scale after the
, !
war when hundreds of millions on the Continent of Europe may be '
looking to us to keep them from starvation.
Certainly we should
never forget that millions of our own people are still underfed
and underclothed.
At a time like.this when purchasing power
!
is outrunning production, we must cut down on civilian consump
tion that would compete with defense, but we might also enlarge
civilian consumption where no such competition for raw
materials exists.
-5with funds borrowed from banks, and their sale was often
accompanied by all conceivable devices of high-pressure sales
manship.
The result was, first, that the Liberty Loans failed
to a great extent to enlist, true savings, and second, that too
many bonds were thrown on the market at a loss to the buyers
after the emergency.
We feel that the present method is sounder,
in that we limit subscriptions to
maturity value a year
in the case of the E Bonds, and that we do not sell these bonds
to banks at all.
Even though we may continue to employ as a
supplementary device more traditional financing methods, the
widest possible distribution of Savings Bonds is urgently
necessary for at least three reasons.
First, it has an important effect on national morale in
that it offers an opportunity for all citizens to participate
in the common effort.
Second, and most important, regular voluntary purchase
of Savings Bonds withdraws money from consumption expenditure
and thus relieves pressure on prices.
Third, the savings thus created will be a powerful protec
tive force against the danger of a post-war depression.
The sale of these Defense Bonds can be greatly enlarged in
the coming year.
This, can be done by spreading the sale down
to the smallest community and throughout every one of the ^6
States.
We have only begun our efforts in this direction,
I
know that you in Connecticut have made a fine record up to now
in the sale of Defense Bonds, yet I suspect that there are
many communities, even in your compact State, which do not yet
have an efficient local Defense Savings committee.
Moreover,
we shall not make a success of our Defense Savings program,
either as a check upon inflation or a contribution to American
morale, unless we make- a success of the payroll allotment plan
whereby wage earners can set aside a portion of their pay each
week to buy a bond.
Our payroll allotment plan is now in
operation in some 6,000 companies employing about 6 million
workers, but the degree of participation is not yet what we
should like it to be.
If your plant happens to be organized,
and if your workers express a desire through their union to
join in the payroll allotment scheme, I hope very much that you
as the managers will make facilities available in your cashier’s
office or elsewhere in your plant.
If your plant is not
organized, you will be doing a great service to your workers
and to your country by bringing the payroll allotment plan to
their attention and making it possible for them to save on a
systematic and regular basis.
I have mentioned increased taxes and increased Defense
Savings as two of the obvious ways to attack inflation.
There
if you, as the heads of corporations and the employers of thou
sands upon thousands of highly paid working people, could help
to distribute this folder and thus popularize the notion of
saving for taxes. These folders are available at the Treasury ]
and will be furnished to you gladly if you think you can use
them to good effect.
But the gap is growing so fast that $12 billions or even
We shall, it seems
apparent, have to tax still more heavily in the coming year.
In this effort in which all the energies of this country are •
engaged, all the people will have to bear an increased share
except perhaps those at the very bottom of the ladder who are
even now living on a subsistence, or nearly subsistence,, level.
You will remember that exemptions were lowered in the present
tax bill to $750 a year for a single man and $1500 for a married
taxpayer. Before you reach the conclusion that these exemp
tions should be still further lowered, I can only suggest that
you put yourself in the place of the married man earning $30
a week with no investments to fall back upon, with a rising cost
of living taking a share of his meager income every day. There
is a point at which the least fortunate among us simply cannot
be asked to do more. Nevertheless both price considerations
and government fiscal considerations make imperative a new tax I
program that will be as sweeping as possible, and as productive 1
of revenue as it can be made without creating severe hardships
or dangerous disturbances of our economy.
$15 billions in revenue will not close it.
Along with heavier taxation we shall have to widen and
deepen the sale of Defense Savings Bonds during the coming year.
I think you all know about these Bonds and about the Savings
Stamps which were issued so that those with the smallest amounts
of spare income could invest in small installments. The sales
of these Bonds are now approaching the $2 billion mark, only a
little over six months after the Defense Savings program was
launched. We at the Treasury regard this as a satisfactory
beginning«, We are especially encouraged to find that October
sales were more than i6 percent ahead of those for September,
that the sales of the Series E Bonds, those of the smallest
denominations, accounted for almost half of the October total,
and that the sales of Savings Stamps rose by 20 percent in
October over those of the preceding month. These are good signs,
yet I would not be frank with you if I did not say that we must
do a great deal better.
1
The solution most often pressed upon us by friends outside
of Washington is to revive the old Liberty Loan methods of
selling Government bonds. I think it may interest you to know j
why we do not believe another Liberty Loan drive would be
effective in the fight against inflation. Investment in
Liberty Bonds, as you may remember, was unlimited as to amount;
that is, a wealthy person with large amounts of idle capital
could buy these Bonds to any extent and collect handsome
interest on them. Moreover, many Liberty Bonds were purchased , 1
-
7
-
Businessmen may make high profits in a time of inflation, but
those profits are likely to prove in the end as unreal and unsub- ;
stantial as a dream. .Farmers may earn high prices for their
crops, but those high prices must always be balanced against
the deflation and bankruptcy and misery that come with a price
collapse. Labor may earn high wages in a time of inflation,
yet the rising cost of living wipes out those gains, and in fact j
may act as a flat tax upon all wages irrespective of the
individual's capacity to pay. There is no real profit for
anyone in the tempest of inflation except for those groups in
any community, happily few in number, who try to exploit an
abnormal situation fof their own gain.
We can all agre$, therefore, that inflation is dangerous
and should be avoided at all costs. But the question you may
well ask, and the question you are amply entitled to ask, is
what your Government proposes to do about it. I can assure you
from my day-to-day work at the Treasury that no problem occupies
more of the time and thought of those who direct the finance
and fiscal policies of this country.
What disturbs us particularly is the swiftly growing gap
between the amount of purchasing power in the hands of our
public and the dwindling supply of goods that can satisfy that
demand. Accordingly, we at the Treasury must think, and think
hard, how to narrow that gap, for that is one essential way to
keep inflation in check.
{
To begin with, there are certain obvious courses. We
have already seen enacted a tax bill which together with pre
viously enacted legislation should provide .some $12 billions
of revenue in the fiscal year 194-2 and a substantially greater
amount in later years. This will constitute Federal taxation
on a scale without precedent in the history of this republic.
Millions who have never before had to pay taxes will have to do
so now, and millions more will feel the added impact of this
tax burden in heavier excise taxes on many commodities in daily
use.
It is not enough to impose new taxes; it is the particular
job of the Treasury to collect them. In this connection I
should like to stress the importance of the new Tax Savings
J
Notes which were first issued in August to enable taxpayers to
save by installments for the tax payments that will become due
on March 15 . The corporations of America have been quick to
see the advantages to themselves of buying large amounts of
these notes and earning the interest that goes with them.
But more can be done to acquaint individual taxpayers with the
advantages of saving systematically and regularly to meet their
tax bills. In an effort to reach the individual taxpayer, the
Treasury recently prepared a folder called "Know Your Taxes"
^
which shows at a glance just how much every taxpayer will have
to pay under the 1.94-1 Revenue Act. It would be a real service
have "been and will be achieved through the willing devotion —
not of industry, for so impersonal a word has no meaning in this
connection —— but of the men from top to bottom, management to
so-called common laborer) who make industry work.
It is so with this problem of inflation, about which,
principally, I planned to talk with you today. If we are to
take effective steps to avert its evils we shall have to have
more than decisions of government fiscal policy or acts of
Congress. ^First, we shall need counsel in working out a wise
policy, and next we shall need understanding and cooperation in
making it effective.
What we are facing is not the sort of inflation that arises
from purely monetary causes and is the result of distrust of the
national currency. It isn't necessary, therefore, to conjure
up visions of a dollar dwindling toward the vanishing point in
purchasing power, with the printing presses working overtime to
turn out an ever-increasing supply of currency in ever—higher
denominations. We are not in the slightest danger of that sort
of inflation.
The kind of inflation of which we do stand in imminent
danger is something quite different. It is, in briefest terms,
the sort of inflation which consists of a rapid and substantial
general increase in prices caused by a great increase in money
payments a.nd therefore in purchasing pox^er, accompanied by a
lack of increase or an actual decrease in the production of
consumer goods — - in short, too many buyers and too many dollars
In the market and too few goods to be sold.
The beginnings of that sort of an inflation are already
under way. Wholesale prices of general commodities have
increased approximately 15 percent since the first of this year;
that is from 2>0 on an index of which the average of the year
1926 is 100, to approximately 92 in October. The fact that the
commodity index is still below the average for any year from
1917 to 1929 is not nearly so significant as the rapidity of
its rise in the last ten months, and even more striking and sig
nificant is the increase in the same time of about 30 percent in
the prices of 2<3 oasic commodities. These increases are at a
rate which suggests the pattern at least of the early stages of
the great price upheaval of 1915 to 1921 , when wholesale prices
went from an index level of 6$ in September, 1915 , to 166 in
June, 1920, and then dropped in just one year to § 3 . That was
a period in which the cost of living was doubled.
There is no need to tell a great audience of businessmen
of the ruinous consequences of inflation. You manufacturers of
Connecticut are only too well aware of the disorganization of
business, of the dislocation in every phase of economic life,
which accompany and follow an unrestrained rise in prices.
í5ote&
f l .
^
TREASURY DEPARTMENT
Washington
"
m °
fa €
TLi^JLeu*
y fs / 9 V i ^
Press Service ^
No.
ston
ore >the /annual
■'"tfT^onfectiVut
l/ew fiáuen Connect ipuí, ii
-GU
[mIr East er'n'St~a.ni d Time,Vvfe'dnesd¿
releal
and is
{The following a M r e s s by Herbert
Assista^t^^ecretary / o f \ h e TreafiuW, b
meet ins'of r£S\Kanuraethers /ssoepati
at^bhe Nfew /Have]
scheduled^ for i"
November I£, 19W
that timer)
I .bring youuhe greetings of Secretary Morgenoiau and his
thanks as well as mjNown for the opportunity to speak to you.
In this hour wheh the best of your energies, your brains
and your skill are being, devoted to building and to testing the
machines and the materials needed to make secure our heritage
of freedom, our political'and economic institutions are them
selves on the proving ground. While we are t/sting ships and
guns, tanks and planes, we asa testing also c/ur ability as a
nation and a people to coordinate our effort/ toward a great goal,
our ability to produce, our abxsLity to organize to prevent
economic anarchy or disaster.
In your desire to have a representative of the Secretary
of the Treasury talk to you I see s^eth/ng of much deeper sig
nificance than a purpose merely to have M speech made to you or
even to be entertained or instructed. \ t see in it the charac
teristic impulse of men who have grown/to manhood and have lived
in the free air of our democracy to dyawVcloser to their
political government in a time of anmetyXana stress. I think
it is a sound impulse and one that snows t\e health and vigor
of our system.
There has been demonstratedynere in ourNland, as nowhere
else at any time, the capacity for self-governn^ent. An inherent
part of that demonstrated capacity is the accepted tradition
and fact that there is no probl/m of government Miich is the
exclusive concern of any officer of government, bVt that all
problems, whether of routine or of emergency, whether of law, of
policy or of administration. Are the common problem^ of all
citizens, on which their voi/es should be heard and \o whose
solution their acts must giy e effect.
It is so with the piroblem of production of the materials
of defense. The fiat of yCongress and the Executive, th\
appropriation of vast sums of money, the calculations ana the
requisitions of military and naval experts, the over-all planning
by government agencies
none of these will produce the fyools,
the guns, the ships ana the airplanes we need. The great Results
we have gained so far jand the far greater production to come
14
T h e y are w i l l i n g to pa y w h a t must be p a i d —
and
'
to f orego al l -Stas© t h i n g s n e e d e d fo r o u r a r m e d forces.
W i t h o u t m u c h f l a g w a v i n g but w i t h a grim,
a p p r a i s a l of the
job t h a t lies ahead,
realistic
t h e y a w a i t the
l e a d e r s h i p of t h e A d m i n i s t r a t i o n a n d of the C o n g r e s s
to tell t h e m w h a t
t h e y m u s t do to save A m e r i c a . r That
!
t h e y w i l l do.
W e ar e g o i n g to w i n t h i s w a r .
quickly;
île h a v e
we
can't win
the r e s o urces,
fa r g r e a t e r
it easily,
the m e n and
i m p o rtance w e h a v e
W e c a n ’t w i n
but win
it w e shall,
the m a c h i n e s .
to rubber,
in the P a c i f i c ,
tin,
f o r o u r goods,
and h e m p k
Of
the d e t e r m i n a t i o n # f b r
w e a l l r e a l i z e that w e are f i g h t i n g f o r m o r e
f e w is l a n d s
it
than a
f o r m o r e than free access
r o r m o r e t h a n free m a r k e t s
or the m a i n t e n a n c e of o u r s t a n d a r d of
l i v i n g . 2. O u r stake
is f r e e d o m itself —
equality and opportunity,
to e x p a n d a n d d e v e l o p —
ind i v i d u a l
the r i g h t of t h e hu m a n soul
the d i g n i t y of man.
Then when we have won
this war,
—
G o d g r a n t that
u n d e r A m e r i c a ' s u n s e l f i s h l e a d e r s h i p the w o r l d m a y be
led a l o n g the p a t h of p e r m a n e n t p eace.
T h a t is A m e r i c a ' s d e s t i n y .
To
To that,
T h a t is our task.
i
t h i s n a t i o n is pledged I
that, w e d e d i c a t e o u r s e l v e s .
!
i
13
before
the c r e e p i n g p a r a l y s i s of
Inflation.
H o w can
j
he b u d g e t hi s r e s o u r c e s w h e n he d o e s not k n o w h o w much
he m u s t sp e n d fo r eggs today,
eggs the d a y after,
for eggs tomorrow,
f o r butter,
for
for bread?
T a x s a c r i f i c e s ar e a c c o m p a n i e d b y an u n d e r s t a n d i n g
of the c o n t r i b u t i o n that
that on e
the
Is b e i n g ma d e ,
Is d o i n g o n e ' s part
s a c r i f i c e s of
In a b i t t e r struggle.
But
b y the h e l p l e s s n e s s a n d the hopelessnei
t h a t come w i t h t r y i n g to f i g h t the
h o w far ar e w e w i l l i n g
Inflation?
a realization
In f l a t i o n are a c c o m p a n i e d o n l y by the
fear of uncertainty,
a l l this,
by
I n v i sible.
Knowing
j
to go to p r e v e n t
H o w d e e p l y sh a l l w e a s k the s u r g e o n to
cut to free us of this m a l i g n a n t g r o w t h ?
T h e w i l l i n g n e s s of the A m e r i c a n p e o p l e to submit
to s u b s t a n t i a l l y h i g h e r ta x e s
Is a t t e s t e d on al l sides.
The taxes w h i c h h a v e b e e n a n d w i l l be I m p o s e d u p o n the
American people have been
I m p o s e d a n d w i l l be v o t e d by
the d u l y e l e c t e d r e p r e s e n t a t i v e s o f the A m e r i c a n people,
The p e o p l e of A m e r i c a k n o w y o u c a n n o t p l a c e a price tag
on the f r e e d o m of spe e c h .
T h e y k n o w that no s u m is too
g r e a t to p a y f o r f r e e d o m of w o r s h i p .
T h e y k n o w that
freedom from w a n t and freedom from fear are beyond
evaluation.
j
12
letter-Jl.This w e
/
\
shall do ¿by i n c r e a s e d t a x a t i o n a n d
t h r o u g h the sale of D e f e n s e B o n d s
Now
I r e a l i z e t h a t no one r e a l l y e n j o y s p a y i n g
increased t a x e s •
But w h a t is the a l t e r n a t i v e ?
During
the last tw e l v e m o n t h s the cost of li v i n g h a s risen
m o r e than 10 p e r c e n t .
w o r k e r s of
F o r t h e gr e a t m a j o r i t y of the
this c o u n t r y that w a s e x a c t l y the same as
t h o u g h there h a d been a g r o s s p a y r o l l tax of 10 percent.
Y e t the h u g e s u m s u c h a tax w o u l d h a v e y i e l d e d has
v a n i s h e d in t h e
b o u g h t one tank,
thin a i r of
i n f l a t i o n --
one truck,
it has n o t
o r o n e revolver.
|
Though
c r u e l l y h u r t i n g the w a g e e a r n e r it ha s n o t n e t t e d the
T r e a s u r y one d o l l a r / fo r t h e h i g h e r p r i c e s h a v e materially
I n c r e a s e d the c o s t of a l l those t hings the G o v e r n m e n t
m u s t buy.
H a v i n g U n c l e S a m as a p a r t n e r J n
c h e c k o r the w a g e e n v e l o p e
s h a r i n g the salary
is f a r b e t t e r than h a v i n g
the
s p e c t r e of i n f l a t i o n as a g u e s t a t the d i n n e r table.
!
T a x i n c r e a s e s are m a n a g e a b l e b y b o t h G o v e r n m e n t and
taxpayer.
E a c h can see w h a t
is h a p p e n i n g .
The taxpayer
\
can b u d g e t his r e s o u r c e s a n d p l a n hi s s p e n d i n g w i t h a
r e a s o n a b l e d e g r e e of c e r t a i n t y .
But h e
is defenseless
- H To a p p r o a c h —
j
b u t n o t to r e a c h —
be the m a j o r o b j e c t i v e of th e
t h a t p o i n t s hould
i
C o n g r e s s in the ne x t
I
r e v e n u e bill.
<
B u t th e r e ar e o t h e r c o l l a t e r a l o b j e c t i v e s .
This
r e v e n u e b i l l s h o u l d s e e k to p r e s e r v e m o r a l e b y d i strib u tiiig
th e
ta x
bu rd en
e q u ita b ly
a n d T ilth e v e r y
^
regard
- .... ...... .......... ..—
fo r the a b i l i t y to pay.
it s h o u l d w h e r e v e r pos s i b l e
audujjherever»needed e n c o u r a g e the d i v e r s i o n of materials,
equipmentandskilled
A n d ab o v e all,
l a b o r f r o m c i v i l i a n to w a r production,
it m u s t be so d e v i s e d that
as a f o r m i d a b l e w e a p o n to
combat
it w i l l serve
j
inf l a t i o n .
,1 a m i n c l i n e d to d o u b t that the a v e r a g e p e r s o n in
this
c o u n t r y is y e t a w a r e of t h e
i m m i n e n t t h r e a t of
Gj
i n f l a t i o n or the h a v o c
it c r e ates.
C a u s e d b y an increase
in the n a t i o n a l p u r c h a s i n g p o w e r at th e v e r y time when
our war effort requires us
to r e d u c e the p r o d u c t i o n of
g o o d s for c i v i l i a n c o n s u m p t i o n ,
the cost of
l iving
it m u s t
i n e v i t a b l y start
in an u p w a r d s piral u n l e s s w e
the p r o d u c t i o n of c i v i l i a n goods,
people's excess purchasing power.
can increaa
o r a b s o r b some of the
S i n c e w e c a n n o t do the
f o r m e r w i t h o u t h a r m to o u r w a r e f f o r t w e m u s t do the
\
10
a p p r o a c h the l a r g e s t n a t i o n a l
t h e w o r l d ha s ever ach i e v e d ,
Income a n y c o u n t r y In
It w o u l d be f o l l y
not to t a k e a l a r g e r share of t h a t
Income
indeed
to p a y o u r
bills.
The A m e r i c a n p e o p l e k n o w w h a t
Is at stake today,
a n d t h e y k n o w that no p r i c e can be too h i g h fo r those
p r e c i o u s f r e e d o m s w e are d e f e n d i n g .
T h e y k n o w that If
w e a r e to p r e s e r v e ou r A m e r i c a n s y s t e m w e
sh a l l p a y for
e v e r y last g u n an d p l a n e
dollar.
know,
too,
100 c e n t s on the
that every dollar paid
They
In t a x e s this y e a r
sa v e s at le a s t a n o t h e r d o l l a r In I n t e r e s t ch a r g e s over
the n e x t 5 0 y e a r s ,
that
—
f o r t h e y l e a r n e d in the
I n t erest co s t s w i l l
expenditures.
So,
too,
last w a r
In time e q u a l th e o r i g i n a l
do t h e y k n o w t h a t taxes are
the o n l y s o u r c e of r e v e n u e of o u r Government, —
the
o n l y m e a n s of p a y i n g fo r w h a t w e b u y or of r e p a y i n g
the m o n e y w e
borro?/.
O b v i o u s l y in taxes) there
w e c a n n o t go w i t h o u t
deadening
dulling corporate management,
is a p o i n t b e y o n d w h i c h
Individual
Initiative,
e n c o u r a g i n g ext r a v a g e n c e
an d I n e f f i c i e n c y a n d thus n o t o n l y r e t a r d i n g ou r w a r
e f f o r t b u t k i l l i n g th e goose that lays the g o l d e n egg.
9
F o r the f i s c a l y e a r 1 9 4 3 ~
the y e a r d u r i n g w hich
w e a n t i c i p a t e e x i s t i n g taxes to y i e l d $1 8 b i l l i o n —
A
w e e x p e c t to s p e n d on the w a r a l o n e $ 5 6 b i l l i o n .
This
w i l l e x c e e d t h e to t a l F e d e r a l e x p e n d i t u r e s fo r all
purposes during
the s i x years- f r o m 1 9 3 5 t h r o u g h 1940.
Th e n e e d to p a y as w e go
this expenditure resulted
for a l a r g e r p r o p o r t i o n of
in the r e c o m m e n d a t i o n of the
A
P r e s i d e n t that a d d i t i o n a l taxes a n d S o c i a l S e c u r i t y
c o n t r i b u t i o n s be l e v i e d to y i e l d $9 b i l l i o n m o r e a year.
B e t t e r than w o r d s
do these f i g u r e s d e s c r i b e
a w a i t i n g th e Con g r e s s .
the task
^
tU
T h e r o l e of t a x p o l i c y d u r i n g
this p e r i o d is to
b e c o m e the s e r v a n t of the w a r effort.
T h i s w a r is
b e i n g f o u g h t Aw l t h me n a n d m a c h i n e s , w i t h a i r p l a n e s
a n d ships, w i t h guns a n d tanks,;. —
( not with
t a x e s A
not w i t h dollars,
g o o d f i s c a l p o l i c y a l o n e c annot win
this w a r no m a t t e r h o w m a n y d o l l a r s
Treasury.
war,
A p o o r f i s c a l policy,
it b r i n g s into the
h o w ever,
can lose this
o r cause w a n t a n d m i s e r y a f t e r t h e v i c t o r y .
T h e p r i m a r y p u r p o s e of n e w taxes
is to raiserevenue,
to m e e t a l a r g e r p r o p o r t i o n of o u r c u r r e n t expenditures
w i t h c u r r e n t receipts,
an d thus
to r e d u c e the a mount of
b o r r o w i n g that w o u l d o t h e r w i s e be r e q u i r e d .
As we
- 8 -
F i n a n c e C o m m i t t e e s a n d the C o n g r e s s .
T r u l y do/ th e y
vindicate Democracy.
The m a g n i t u d e of the t a s k these two C o m m i t t e e s and
the C o n g r e s s n o w face
is u n p a r a l l e l l e d .
v i e w It in its p r o p e r p r o p o r t i o n s m a y
That you may
I give y o u some
r e c e n t f i s c a l history:
In the y e a r 1940, 7 , 6 0 0 , 0 0 0 income
r e t u r n s w e r e filed.
tax
In the y e a r 1941, 1 5 , 2 0 0 , 0 0 0 Income ta x
r e t u r n s w e r e filed.
In the y e a r 1942, 2 2 , 0 0 0 , 0 0 0 Income tax
r e t u r n s w i l l be filed.
In the f iscal y e a r 1940, the t o t a l gr o s s
tax yield was $5,303,000,000.
In the f i s c a l y e a r 1941, the total g r o s s
tax yield was
$7,361,000,000.
In the f i s c a l y e a r 1942, the t o t a l g r o s s
t a x y i e l d is e x p e c t e d to r e a c h $12,200,000,000.
In the f i s c a l y e a r 1943, on the b a s i s of
p r e s e n t law, w e a n t i c i p a t e a y i e l d of
$17,261,000,000.
T h u s f r o m 1 9 4 0 to 1 9 4 3 not o n l y h a v e o u r t a x receipts
b e e n trebled,
but the n u m b e r of
f i l e r s ha s al s o been t r e b l e d .
individual
B u t are these collections
a d e q u a t e f o r the t a s k w e n o w f a c e ?
a r e not.
income tax
U n f o r t u n a t e l y they
I
- 7 batteries of newsreel cameras and
While
scores of r eporters.
the c a m e r a s g r i n d a n d the J o u r n a l i s t s scr i b b l e
out t o m o r r o w ’s h e a d l i n e s ,
it is q u i t e n a t u r a l that the
n o n - a d m i n i s t r a t i o n m e m b e r s s h o u l d go a f t e r the witnesses
on a p a r t i s a n basis,
—
t h o u g h no m o r e p a r t i s a n than the
m a n n e r in w h i c h the a d m i n i s t r a t i o n m e m b e r s r u s h to the
defense of their administration.
«X*
~
k-
X
The p u b l i c h e a r i n g s end, ~ a n & th e C o m m i t t e e s go
into E x e c u t i v e S e s s i o n s .
C o a t s come off,
s l e e v e s are
r o l l e d u p a n d the C o m m i t t e e m e m b e r s g e t d o w n to work,
n o t as 15 D e m o c r a t s a n d 10 R e p u b l i c a n s ,
conscientious public servants.
b u t as 2 5 sincere,
I h a v e y e t to see but
k
one p a r t i s a n v o t e b y e i t h e r c o m m i t t e e .
I have never
k n o w n a n y g r o u p in p r i v a t e i n d u s t r y to w o r k as intensely
o r as l o n g h o u r s as th e s e two c o m m i t t e e s .
T h e s e e x e c u t i v e s e s s i o n s l a s t for w e e k s an d even
temporary absence
is a rarity.
I can t e s t i f y to thè *->'-*-*i>
h o m e w o r k the c o m m i t t e e m e m b e r s do a t n i g h t .b e c a u s e o f
the n u m b e r of ca l l s I ge t t h r o u g h *the e v e ning, a s k i n g
for additional
i n f o r m a t i o n on some s u b j e c t d i s c u s s e d
d u r i n g the day.
S u r e l y the A m e r i c a n t a x p a y e r is safe in the hands
of the H o u s e W a y s a n d M e a n s gwimrfrfcir a n d the S e n a t e
L,
-
6
-
Under the Constitution Federal Taxes can originate in
one place and in one place only, —
the House of
Representatives.“ As the Department charged with the
administration and collection of taxes,' the Treasury
is called
to cpnsult with and to advise the Congress
\When requested,^the Treasury make# recommendations^
important Issues the Treasury presses its views.
the Treasury never, never writes a tax hill.
On
But
The
Congress does that.
It might he well at this time, when the democratic
processes are under fire^for me to tell you a hit about
how this works out.
I douht very much If the average
American citizen has any appreciation of how long and
how hard the Congress works on our tax problems.
Xvt
iU. bf'+- IrM
t #4% -A tax bill^originates In the House Ways and Means
Committee*, when the Secretary of the Treasury and his
fiscal assistants are invited to appear at a public
hearing to submit such proposals and observations as
they deem worthy of Congressional consideration.
hearings, —
These
and the later hearings before the Senate
Finance Committee," are largely attended and widely
publicized^ Usually at the opening session there are
- 5 -
heritage.
M u c h is a t stake,
f o r y o u r e p r e s e n t the
v a l u e s of l i v i n g D e m o c r a c y .
I h a v e b e e n a s k e d to s p e a k t o n i g h t on the role
of F e d e r a l T a x a t i o n
in th i s time o f w a r .
I do u b t if
in a n y f i e l d of l e g i s l a t i o n D e m o c r a c y is b e t t e r
e x e m p l i f i e d t h a n in tax a t i o n .
In some q u a r t e r s there
a p p e a r s to be a f e e l i n g t h a t F e d e r a l t a x e s are a vile
type of o p p r e s s i o n ,
b r e w e d b y the T r e a s u r y a l c h e m i s t s
d u r i n g the d a r k o f the m oon,
a n d f o r c e d t h r o u g h Congress
upon a reluctant populace.
H a v i n g c h a p e r o n e d five tax
b i l l s t h r o u g h the C o n g r e s s ,
I can t e l l y o u that n o t h i n g
c o u l d be f u r t h e r f r o m the truth.
Long before
this R e p u b l i c w a s b o r n w e h a d set ideas
about taxation without representation.
t h r e a t has l o n g since d i s a p p e a r e d ,
remains,
T h o u g h su c h a
the h o s t i l i t y to it
a n d t o d a y in A m e r i c a taxes a r e i m p o s e d u p o n
t h e p e o p l e b y the p e o p l e t h e m s e l v e s , w h o a c t i n g through
th e i r ow n r e p r e s e n t a t i v e s d e t e r m i n e w h a t b u r d e n they
s h a l l a s s u m e for the n a t i o n a l g o o d .
%
P r o b a b l y in no
p h a s e of a n y t y p e of G o v e r n m e n t in the w o r l d t o d a y does
Government
depend more directly upon
the c o n s e n t of the
g o v e r n e d than in the f i e l d of A m e r i c a n F e d e r a l taxes.
- 4 t h r o u g h r e s t r i c t i o n s t h e y impose u p o n t h e m s e l v e s l
In the d e l i b e r a t i o n s of the G e n e r a l A s s e m b l y ,
m e m b e r s are free a n d e q u a l agents;
speak,
the
fr e e to think,
a c t a n d v o t e as t h e y c h o o s e —
a n s w e r a b l e only
to t h e i r c o n s t i t u e n t s a n d to t h e i r own c o n s c i e n c e s *
W e w h o h a v e so l o n g t a k e n
to fo r g e t h o w m u c h
this f o r g r a n t e d are apt
this m e a n s to us, u n t i l w e
stop
-- /
to r e m e m b e r the l i b e r t y lost a n d the f r e e d o m strangles
in the l a s t three y e a r s
Poland,
Denmark, Norway,
France,
Bulgaria,
in A u s t r i a ,
Luxembourg,
Yugoslavia,
Czechoslovakia,"
Holland,
Belgium,
A l b a n i a a n d Greece.
S u r e l y n o w is the time fo r A m e r i c a ’s t o r c h of
l i b e r t y a n d f r e e d o m to b u m
b r i g h t l y to s h o w to the
o p p r e s s e d p e o p l e s o f the w o r l d the p a t h b a c k to
Freedom,
This
Democracy,
and enlightened civilization.
is the t i m e f o r D e m o c r a c y a n d for you,
representatives,
its
to d o ev e n b e t t e r than y o u r best.
Y o u s u c c e e d m e n w h o h a v e set a s t a n d a r d for y o u an d
I w i s h to c o n g r a t u l a t e G o v e r n o r P r i c e a n d his associates
upon
their fine administration,
a n d I w i s h to e x t e n d to
G o v e r n o n - E l e c t D a r d e n a n d to y o u h i s col l e a g u e s ,
best
w i s h e s f o r a n a d m i n i s t r a t i o n w o r t h y of V i r g i n i a ’s rich
- 3 y e a r s a s a m e m b e r of ttity'ViTglwla Senate,
House of Representatives,
the N a t i o n a l
as S e c r e t a r y of the Treasury,
a n d as a m e m b e r of the U n i t e d S t a t e s S e n a t e ,
he h a s
d e v o t e d h i m s e l f to the s e r v i c e of h i s c o u ntry.
His
a c c o m p l i s h m e n t s c h a l l e n g e the r e c o r d s of h i s c o n t e m
poraries.
A s the f a t h e r of the F e d e r a l R e s e r v e System,
h e b r o u g h t s t a b i l i t y to c o m m e r c e a n d to p r i v a t e banking,
a n d w o n f o r the n a t i o n f i s c a l s e c u r i t y . . H e ' s a thinker,
a n d h e ' s a f i g h t e r too.
A s s u c h he is r e s p e c t e d ,
a p p r e c i a t e d a n d l o v e d t h r o u g h o u t the land.
w a s b o r n in L y n c h b u r g ,
Virginians,
T h o u g h he
a n d h a s a l w a y s b e e n e l e c t e d by
I s a y he b e l o n g s to a l l A m e r i c a .
A m e r i c a ' s S e n a t o r at Large,
It is a g r e a t p r i v i l e g e
H e is
-- C a r t e r Glass.
for m e
tonight on this particular occasion.
to be h e r e w i t h you
H e r e w i t h u s are
g a t h e r e d the r e c e n t l y e l e c t e d m e m b e r s of the G e n e r a l
A s s e m b l y , w h o «as»#ediiasday, a s free r e p r e s e n t a t i v e s
of a free pe o p l e ,
m e e t to c o n s t r u c t the f r a m ework
of r e s t r i c t i o n s w i t h i n w h i c h t h e m e n a n d w o m e n of
V i r g i n i a can conduct themselves
be free.
In h o w v e r y f e w p l a c e s
in w a r time a n d still
in the w o r l d a r e people
n o w a l l o w e d to r e g u l a t e a n d to r e s t r a i n t h e m s e l v e s
-
2
-
o u t s t a n d i n g l e a d e r in the H o u s e of R e p r e s e n t a t i v e s ,
n e v e r falls to ex e r t h i s v e r y c o n s i d e r a b l e
t o w a r d the a c c o m p l i s h m e n t o f
inf l u e n c e
those o b j e c t i v e s w h i c h
w i s d o m a n d v i s i o n i n d i c a t e are f o r the g o o d of the
nation.
Congressman Robertson,
House W a y s and Means Committee,
a l e a d i n g m e m b e r of the
has p r o v e d inv a l u a b l e
in h e l p i n g to s o l v e s o m e of the G o v e r n m e n t s m o s t
trying
problems.
To the U n i t e d S t a t e s S e n a t e V i r g i n i a h a s sent two
sta t e s m e n ,
H a r r y B y r d ha s set a s t a n d a r d for frankness,
i n t e l l e c t u a l h o n e s t y a n d c o u r a g e that is so n e e d e d in
t h e s e t r y i n g days.
Senate, his
H i s e a r l y e x p e r i e n c e in the Virginia
f o u r y e a r s as G o v e r n o r of this Commonwealth,
a n d h i s n i n e y e a r s as a m e m b e r of the U n i t e d S t a t e s
S e nate, h a v e g i v e n to his i n q u i r i n g m i n d o p p o r t u n i t i e s
for i n t i m a t e k n o w l e d g e of the d e t a i l e d a f f a i r s of
Government,
H i s a c c e p t a n c e o f t h o s e o p p o r t u n i t i e s has
m a d e h i m one o f the S e n a t e * s a b l e s t m e m b e r s .
V i r g i n i a c l a i m s a n o t h e r m e m b e r of the S e nate,
but
a l t h o u g h he h a s a l w a y s a b l y r e p r e s e n t e d the interests
of h i s o w n C o m m o n w e a l t h a n d o f h i s o w n c o n s t i t u e n t s ,
c h a l l e n g e V i r g i n i a ’s c l a i m u p o n him.
Fo r the last
I
I
J
w
"0 ,
I a m m o s t g r a t e f u l f o r the o p p o r t u n i t y
given me
to m e e t t o n i g h t w i t h t h i s d i s t i n g u i s h e d *
g r o u p of th e l e a d e r s of V i r g i n i a .
Virginia,
A v i s i t to
the h o m e of the P r e s i d e n t s a n d the
s t a g e u p o n w h i c h m u c h of A m e r i c a 1s m o s t v i t a l
early drama was enacted,
is a l w a y s s t i m u l a t i n g .
D u r i n g s u c h a p e r i o d as the p r e s e n t —
when
f r e e d o m t h r o u g h o u t the w o r l d is in d i r e
Je o p a r d y —
the m e m o r i e s o f w h a t V i r g i n i a has b e e n a n d w h a t
V i r g i n i a n s h a v e w r o u g h t are t r u l y i n s p i r i n g .
B u t the c o n t r i b u t i o n of this C o m m o n w e a l t h
is n o t r e s t r i c t e d to the past,
j
f o r t o d a y a the
sons o f V i r g i n i a a r e a d d i n g n e w g l o r i e s to y o u r
history,
a n d in the c o u n c i l s of the F e d e r a l
Government
t h e y m a i n t a i n the p r e s t i g e y o u r
representatives have always enjoyed.
Washington,
Drewry,
C o n g r e s s m e n Bland, Ha r r i s ,
Burch,
W
In
Satterfield,
S m i t h a n d F l a n n a g a n ha v e a g a i n and
\
a g a i n d e m o n s t r a t e d t h e i r w o r t h i n e s s to c a r r y on
your great traditions.
Congressman Woodrum,
an
IE
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS
Tuesday, January 20, 19*12,
Press Service
No. 29-71
(The following address by Assistant Secretary of the
Treasury John L. Sullivan before the biennial dinner for the
incoming General Assembly of Virginia at the John Marshall
Hotel, Richmond, Virginia, is scheduled for g p»jn,t Eastern
Standard Time, Monday, January 19» 19*12, and is for release
upon delivery at that time. )
It is a great privilege for me to be here with you to
night on this particular occasion.
Here with us are gathered
the recently elected members of the General Assembly, who on
Wednesday, as free representatives of free people, will meet
to construct the framework of restrictions within which the
men and women of Virginia can conduct themselves in war time
and still be free.
In how very few places in the world are
people now allowed to regulate and to restrain themselves
through restrictions they impose upon themselves,!
In the de
liberations of the G-eneral Assembly, the members are free and
equal agents; free to think, speak, act and vote as they choose
answerable only to their constituents and to their own con
sciences.
We who have so long taken this for granted are apt
to forget how much this means to us, until we stop to remember
the liberty lost and the freedom strangled in the last three
years in Austria, Czechoslovakia, Poland, Denmark, Norway,
Luxembourg, Holland, Belgium, France, Bulgaria, Yugoslavia,
Albania and Greece.
Surely now is the time for A m e r i c a ^ torch of liberty and
freedom to burn brightly to show to the oppressed peoples of
the world the path back to Freedom, Democracy, and enlightened
civilization.
This is the time for Democracy and for you, its
representatives, to do even better than your best.
You succeed
men who have set a standard for you.
I wish to congratulate
Governor Price and his associates upon their fine administra
tion,' and I extend to Governor-Elect Darden and to you his
colleagues best wishes for an administration worthy of Vir
g i n i a ^ rich heritage.
Much is at stake, for you represent
the values of living Democracy.
I have been asked to speak tonight on the role of Federal
Taxation in this time of war.
I doubt if in any field of leg
islation Democracy is better exemplified than in taxation.
In
some quarters there appears to be a feeling that Federal taxes
are a vile type of oppression, brewed by the Treasury alchem
ists during the dark of the moon, and forced through Congress
upon a reluctant populace.
Having chaperoned five tax bills
through the Congress, I can tell you that nothing could be
further from the truth.
2Long before this Republic was born we had set Ideas about
taxation without representation.
Though such a threat has
long since disappeared, the hostility to it remains, and to
day in America taxes are Imposed upon the people by the people
themselves, who acting through their own representatives deter
mine what burden they shall assume for the national good.
Probably in no phase of any type of Government in the world
today does Government depend more directly upon the consent of
the governed than in the field of American Federal taxes,
un
der the Constitution- Federal Taxes can originate in one place
and in one place only,— >the House of Representatives.
As the
Department charged with the administration and collection of
taxes, the Treasury is called upon to consult with and to ad
vise the Congress,
When requested,1 the Treasury makes recom
mendations.
On Important issues the Treasury presses its views.
But the Treasury never, never writes a tax bill.
The Congress
does that.
It toight be well at this time, when the democratic pro
cesses are under fire for me to tell you a bit about how this
works out.
I doubt very much if the average American citizen
has any appreciation of how long and how hard the Congress
works on our tax problems.
A tax bill originates in the House Ways and Means Committee,
when the Secretary of the Treasury and his fiscal assistants
are invited to appear at a public hearing to submit such propo
sals and observations as they deem worthy of Congressional considération.
These hearings,— and the later hearings b e f £ he
Senate Finance Committee, are largely attended and widely pub
licized.
Usually at the opening session there are batteries
of newsreel cameras and scores of reporters,
while the cameras grind and the journalists scribble out tomorrow s head
lines
it is quite natural that the non-administration members
should go after the witnesses on a partisan basis,
though no
more partisan than the manner in which the administration mem
bers rush to the defense of their administration.
The public hearings end, and the Committees go into Exec
utive Sessions.
Coats come off, sleeves a r e r o l l e d up and the
Committee members get down to work, not as fifteen Democrats
and ten Republicans, but as twenty-five sincere, conscientious
public servants.
I have yet to see but one partisan vote by
either committee.
I have never known any group in private
industry to work as intensely or as long hours as these two
committees.
These executive sessions last for weeks ^nd even.
temporary absence is a rarity.
I can testify to the home work
the committee members do at night because of the number of call
I get through the evening, asking for additional information on
some subject discussed during the day.
Surely the American taxpayer is safe in the hands of the
House Ways and Means and the Senate Finance Committees and the
Congress,
Truly do they vindicate Democracy.
3The magnitude of the task these two Committees and the
Congress now face Is unparallelled.
That you may view it in
its proper proportions may I give you some recent fiscal history:
In the year 1940,
In the year 1941,
In the year 1942,
7,600,000 income
15,200,000 income
22 ,000,000 income
taxreturns were filed,
taxreturns were filed,
taxreturns will
be filed.
In the fiscal year 1940 the total gross
yield was
In the fiscal year 1941 the total gross
yield was
In the fiscal year 1942 the total gross
yield is expected to reach
In the fiscal year 1943 on the basis of
present law we anticipate- a yield of
tax
| 5,303,000,000.
tax
§ 7,361,000,000.
tax
$1 2 ,2 0 0 ,0 0 0 ,0 0 0 .
*•
$17,261,000,000.
Thus from 1 9 ^ 0 to 19^3 n °t only have our tax receipts been
trebled but the number of individual income tax filers has also
been trebled.
But are these collections adequate for the task
we now face?
Unfortunately they are not.
For the fiscal year 19^3— the year during which we antici
pate existing taxes to yield $13 billion— we expect to spend on
the war alone $ 5 6 billion.
This will exceed the total Federal
expenditures for all purposes during the six years from 1 9 3 5
through 1 9 ^ 0 . The need to pay as we go for a larger proportion
of this expenditure resulted in the recommendation of the Presi
dent that additional taxes and Social Security contributions be
levied to yield $9 billion more a year.
Better than words do
these figures describe the task awaiting the Congress.
The role of tax policy during this period is to become
the servant of the war effort.
This war is being fought with
men and machines, with airplanes and ships, with guns and tanks,—
not with dollars, not with taxes.
A good fiscal policy alone
cannot win this war no matter how many dollars it brings into
the Treasury,
A poor fiscal policy, however, can lose this war,
or cause want and misery after the victory.
The primary purpose of new taxes is to raise revenue, to
meet a larger proportion of our current expenditures with cur
rent receipts, and thus to reduce the amount of borrowing that
would otherwise be required.
As we approach the largest nation
al income any country in the world has ever achieved it would
be folly indeed not to take a larger share of that income to
pay our bills.
The American people know what is at stake today, and they
know that no price can be too high for those precious freedoms
we are defending.
They know that if we are to preserve our
American system we shall pay for every last gun and plane 100
cents on the dollar.
They know, too, that every dollar paid
in taxes this year saves at least another dollar in interest
charges over the next J>0 years— for they learned in the last
war that interest costs will in time equal the original ex
penditures.
So too do they know that taxes are the only source
of revenue of our government— the only means of paying for
what we buy or of repaying the money we borrow.
Obviously in taxes there is a point beyond which we can
not go without deadening individual initiative, dulling cor
porate management, encouraging extravagance and inefficiency
and thus not only retarding our war effort but killing the
goose that lays the golden egg,
To approach— but not to reach—
that point should be the major objective of the Congress in
the next revenue bill.
But there are other collateral objectives.
This revenue
bill should seek to preserve morale by distributing the tax
burden equitably and with every regard for the ability to pay.
It should wherever possible and wherever needed encourage the
diversion of materials, equipment and skilled labor from civil
ian to war production.
And above all it must be so devised
that it will serve as a formidable weapon to combat inflation.
I am inclined to doubt that the average person in this
country is yet aware of the imminent threat of inflation or
the havoc it creates.
Caused by an increase in the national
purchasing power at the very time when our war effort requires
us to reduce the production of goods for civilian consumption,
it must inevitably start the cost of living in an upward spiral
unless we can increase the production of civilian goods, or ab
sorb some of the pe o p l e ’s excess purchasing power.
Since we
cannot do the former without harm to our war effort we must
do the latter.
This we shall do by increased taxation and
through the sale of Defense Bonds.
Now I realize that no one really enjoys paying increased
taxes.
But what is the alternative?
During the last twelve
months the cost of living has risen more than ten percent.
For the great majority of the workers of this country that was
exactly the same as though there had been a gross payroll tax
of ten percent.
Yet the huge sum such a tax would have yield
ed has vanished in the thin air of inflation— it has not bought
one tank, one truck, or one revolver.
Though cruelly hurting
the wage earner it has not netted the Treasury one dollar, for
the higher prices have materially increased the cost of all
those things the Government must buy.
-5Havlng Uncle Sam as a partner in sharing the salary
check;-or the wage envelope is far better than having the
spectre of inflation as a guest at the dinner table.
Tax
Increases are manageable by both Government and taxpayer.
Each can see what is happening.
The taxpayer can budget his
resources and plan his spending with a reasonable degree of
certainty.
But he is defenseless before the creeping paralysis
of inflation.
How can he budget his resources when he does
not know how much he must spend for eggs today, for eggs tomor
row, for eggs the day after, for butter, for bread?
Tax sacrifices are accompanied by an understanding of
the contribution that is being made, by a realization that
one is doing o n e ’s part in a bitter struggle.
But the sac
rifices of inflation are accompanied only by the fear of un
certainty, by the helplessness and the hopelessness that
comes with trying to fight the invisible.
Knowing all this,
how far are we willing to go to prevent inflation?
How deeply
shall we ask the surgeon to cut to free us of this malignant
growth?
The willingness of the American people to submit to sub
stantially higher taxes is attested on all sides.
The taxes
which have been and will be imposed upon the American people
have been imposed and will be voted by the duly elected repre
sentatives of the American people.
The people of America
know you cannot place a price tag on the freedom of speech.
They know that no sum is too great to pay for freedom of wor
ship.
They know that freedom from want and freedom from fear
are beyond evaluation.
They are willing to pay what must be paid— and to forego
all those things needed for our armed forces.
Without much
flag waving but with a grim, realistic appraisal of the job
that lies ahead, they await the leadership of the Administra
tion and of the Congress to tell them what they must do to
save America.
That they will do.
We are going to win this war.
We c&n’t win it quickly;
we c a n ’t win it easily, but win it we shall.
We have the re
sources, the men and the machines.
Of far greater importance
we have the determination, for we all realize that we are fight
ing for more than a few islands in the Pacific, for more than
free access to rubber, tin, and hemp, for more than free mar
kets for our goods, or the maintenance of our standard of living.
Our stake is freedom itself— Individual equality and opportunity,
the right of the human soul to expand and develop— the dignity
of man.
Then when we have won this war,— God grant that under Amer
i c a ’s unselfish leadership the world may be led along the path
of permanent peace.
That is our task.
That is America’s des
tiny.
To that, this nation is pledged.
To that we dedicate
ourselves.
-OoO-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
% a ^ i f . January IS. 1942.
press Serrice
7 tm
'
Secretary of the Treaenry l u n M M
today announoed phe final subscription and
allotment figure« with respect to the current offering of 2 percent Treasury Bonds of
1949-51.
Subscription« and allotment« were divided among the several Federal Reserve Dis
tricts and the Treasury as follows t
Federal Reserve
District______
Treasury Notes
Series A-I9A2
3 Percent
FFMC Bonds
Boston
Hew Toxic
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
I
29,451,500
272,205,600
10,500,500
13,900,400
7,121,500
1 ,595,300
8 6,159,900
106,143,000
21,766,600
7,118,700
6,931,900
512,800
32,839,800
3,556,000
4,084,900
6,389,600
932,400
7,775,300
-443.200
♦204,659,100
38,172,800
7,917,200
1,337,000
11,553,600
2,079,900
9,038,600
.
783.900
*405,657,800
2-3/4 Percent
FFMC Bonds
RFC Notes
Series R
8 2,135,800
64,021,000
6,417,700
1,452,600
2,863,400
733,400
6,398,300
1,293,100
2,009,600
2,388,700
524,100
5,537,100
„
158.500
895,933,400
8 3,410,000
2 U , 549,000
5,189,000
7,856,000
2,825,000
2,130,000
32,439,000
2,534,000
2,806,000
4,669,000
751,000
1,421,000
.
10.000
1307,539,000
Federal Reserve
District
Total Subscrip
tions Received
(Allotted in full^
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
$
U , 157,200
683,913,700
43.373.800
30,327,700
19.741.800
4 , 97M00
109,349,900
15,300,300
10,237,500
25,000,900
4,237,400
23 ,772,000
1000.600
*1,013,829,300
w
6
•TREASURY DEPARTMENT
Washington
FQKiBffiEDIATE RELEASE %
Monday, January 19, 1,942,
Press Service
No. 29-72
The Secretary of the Treasury today announced the final sub
scription and allotment figures with respect to the current offering
of 2 percent Treasury Bonds of 1949-51.
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District______
Treasury Notes
^42
Series A-19*
Boston
New Xork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City •
Dallas
San Francisco
Treasury
Total
$ 29,451,500
272,205,600
10,500,500
13,900,400
7,121,500
1,595,300
38,172,800
7,917,200
1,337,000
11,553,600
2,079,900
9,038,600
783,900
$405,657,800
3 Percent
FFMC Bonds
$ 6,159,900
106,143,000
21,766,600
7,118,700
6.931.900
512,800
32,839,800
3,556,000
4.084.900
6,389,600
932,400
7,775,300
448,200
$204,659,100
2—3/4 Percent
FFMC Bonds
RFC Notes
Series R
$ 2,135,800
64,021,000
6.417.700
1,452,600
2,863,400
733,400
6,398,300
1 ,2 9 3 ,10 0
2,009,600
2.388.700
524,100
5,537,100
158,500
$9 5 ,9 3 3 ,4 0 0
$ 3,410,000
241,549,000
5.189.000
7.856.000
2.825.000
2,130,000
32,439,000
2.534.000
2.806.000
4.669.000
751,000
1 .4 2 1.0 0 0
10,000
$307,589,000
Federal Reserve
District
Total Subscrip—
tions Received
(Allotted in full)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
I
41,157,200
683,910,700
43.873.000
30,327,700
19,741,800
4,971,500
109,849,900
15,300,300
10,237,500
25,000,900
4,287,400
23.772.000
1 . 400.600
$1,013,839,300
-OoO-
3
month's coinage was $1 1 ,6 0 3 ,0 2 0 .1 0 .The total number of
pieces for the month was 2^7,152,^-92.
Increased demands from business for coins results not
only from the defense expansion in trade,but stems also from
increased popularity of vending machines/ and application of
state sales taxes and federal admissions, excise and other
*
levies, Mrs. Ross said*
£
In addition to domestic coinage, the Mints turned out
during 394-1 more than M 2 0 $,0 0 0 ,0 0 0 pieces for other
governments.The largest order was from ^Netherlands East Indies
*0*Other
countries for which coins were stamped include
Curacao, Dominican Republic, Liberia^ and Surinam.
During the twelve months, the United States Mint at
Philadelphia produced
1
,36$,6$4,076 domestic coins worth
|6 $,410,760.45; the United States Mint at San Francisco
coine4 203,073,000 pieces worth $15,473,$50; and the United
States Mint at Denver turned out 255,729,200 coins worth
$1$, 324,900.
"fJL&
The San Francisco mint also produced^bulk of the
foreign coinage.
/
T
T)
-Ko.
^
United States Mints, working "around the clock" to meet
J n e tt#£
set new
d e m a n d s for coins a r i s i n g fro m the nation'SSpOTsiness, set
new
all-time records in production during 194*1.
Mrs. Nellie Tayloe Ross, director of the Mint, today said
the month of December also set a new record^to climax the
unprecedented operations for the calendar year.
The 194-1 production of domestic coins included 4*3,553,512
half-dollars, 111,64-2,067 quarters, and 2 6 3 ,5 3 0 , 5 5 7 dimes. The
value of the silver coins produced was $76,120,4-63,4-5.
Minor coins turned out during the year included 3 0 0 ,1 6 0 ,7 2 0
nickels and 1,105,099,100 one-cent pieces, for a total of
1,4-05,259,520 minor pieces. The total number of coins stamped
reached 1,62?, 4-66,2 7 6 ^?or a total value of $102,209,510.4-5.
These figures compare# with 1,209,4-76,962 coins worth
$5 0 ,1 5 7 ,6 5 0 . 3 2 in 194-0, the previous record.
Sharp increases in coinage of the larger pieces boosted
the value of the 194-1 output more sharply thafc comparison of
figures on pieces struck for the two years would suggest»
The 1939 figures were 674-,0 6 9 , 1 0 5 pieces worth
$35,269,l69.^0*
December 194-1 production consisted of 3,222,14*3
half dollars, 15,266,4-16 quarter8 ,3 0 ,5 3 5 , 6 3 1 dimes,
26,500,000 nickels,and 1 6 9 ,6 2 6 , 1 0 0 pennies. Total value of the
TREASURY. DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Tuesday, January 20, 19^-2.
Press Service
No. 29-73
United States Mints, working ‘'around the clock" to meet
demands for coins arising from the nation's increased business,
set new all-time records in production during 1 9 ^1 .
Mrs. Nellie Tayloe Ross, Director of the Mint, today said
the month of Decemoer also set a new record to climax the un
precedented operations for the calendar year.
The 19^1 production of domestic coins included ^3>553>&L2
half-dollars, 111,2^2,027 quarters, and 2 6 3 ,$30,557 ^ mes* The
value of the silver coins produced was $76,120,423.^5*
Minor coins turned out during the year included 3 0 0 ,1 6 0 ,720
nickels and 1 ,1 0 2 ,0 9 9 ) 1 0 0 one-cent pieces, for a total of
1 ,*K)2,259; $ 2 0 minor pieces.
The total number of coins stamped
reached 1 ,2 2 7 ,^2 6 ,2 7 6 , for a total value of $1 0 2 ,2 0 9 ,5 1 0 .^5 .
These figures compare with 1 ,209,^7 % *
$5 0 ,1 5 7 >$5 0 . 3 2 in 1 9 ^0 , the previous record.
coins worth
Sharp increases in coinage of the larger pieces boosted
the value of the 1 9 ^ 1 output more sharply than comparison of fig
ures on pieces struck for the two years would suggest.
The 1939 figures were 67^,029,105 pieces worth $3 2 ,2 2 9 ,l6 9 .$0 .
December 19^1 production consisted of 3*222,1^3
dollars,
quarters, 3 °,5 3 5 > & 3 1 dimes, 2 2 ,5 0 0 , 0 0 0 nickels, and
1 6 9 ,6 2 6 , 1 0 0 pennies.
Total value of the month's coinage was
$1 1 ,6 0 *^,0 2 0 .1 0 . The total number of pieces for the month was
1 5 ,2 6 $,Hig
^, ,^ .
2 7 152 92
Increased demands from business for coins
from the defense expansion in trade, but stems
popularity of vending machines and application
taxes and Federal admissions, excise and other
said.
results not only
also from increased
of State sales
levies, Mrs. Ross
In addition to domestic coinage, the Mints turned out during
19^1 more than 2 0 2 ,0 0 0 , 0 0 0 pieces for other governments. The
largest order was from the Netherlands East Indies for 122,691,000
pieces. Other countries for which coins were stamped include
Curacao, Dominican Republic, Liberia and Surinam.
-
D u r i n g the t w e l v e months,
2the U n i t e d States Mint
at P h i l -
?r q?u 2 ed ¿>363,634,076 domestic coins worth $6 3 , 4 1 0 7 6 0 4 r ited States Mint at San Francisco coined 2 03 073 0 0 0 *
%
ed S t a t e s ^ a i ° D e n v e r
turned out ¿55,729»200 coins worth $1 3 ,3 2 4 ,9 0 0 ,
forelgneooinage?n0lSO° “lnt alS° produoed the bulk of the
-q Oo -
TREASURY DEPARTMENT
Washington
POR REISASS, MORNING NEWSPAPERS,
Tues<tey, January 20, 1942.... .
1/19/42
Proas Service
The Secretary of the treasury announced laat evening that the tenders for
1X50,000,000, or thereabouts, of 91-day Treasury bills, to be dated January 21
and to nature April 22, 1942, which were offered cm January 16, were opened at
the Federal Reserve Banks on January 19»
The details of this issue are as followst
Total applied for - $351# 5*5,000
Total accepted
- 150,330,000
Range of accepted bids: (Excepting one tender of $200,000)
High
Low
Average pries
- 99*9*0
- 99*942
- 99.950
Equivalent rate approximately 0*079 percent
•
*
*
0.229
*
*
•
■
0.196
«
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, January 2 0 , 19*1-2
1/19/42
------- I— 2----
Press Service
No. 2 9 ~ 7 *l
The Secretary of the Treasury announced last evening that the
tenders for $1 5 0 , 0 0 0 ,0 0 0 , or thereabouts,
of 9 1 -day Treasury bills,
to be dated January 21 and to mature April 22, 1 9 *1 2 , which were
A
\
offered on January 1 6 , were opened at the Federal Reserve Banks
on January 1 9 .
The details of this issue are as follows:
Total applied for - $351,5^5,000
Total accepted
- 1 5 0 , 3 3 0 000
Range of accepted bids:
High
Low
(Excepting one tender of $2 0 0 , 0 0 0 )
“ an'nf,o Ec5ulv^lent rate approximately O.C7 9 percent
~ 99*942
"
"
0 .2 2 9
11
Average
Price - 99.95"
"
-oC'o-
11
"
0 .1 9 6
"
T R E A S U R Y
D E P A R T M E N T
WASHINGTON
O F F IC E O F
D IR E C T O R O F TH E MINT
IN REPLYING QUOTE INITIALS
January l6, 19^2
MEMORANDUM
TOs
Mr. Charles Schwarz
FROM:
Mr. Leland Howard
In reference to our telephone conversation of
this morning, I transmit to you a copy of the release
"Production of Cold and Silver in the United States in
^ l “.
As stated to you, the Bureau of Mines and the
Federal Reserve Bank have been asking for a copy of
this release and are interested in securing it. I do
not want to release it, however, to either of those
agencies or to the public until it has been approved by
you.
Whether
pine Islands will
Country, I am not
there is a remote
would not want it
DH/gd
or not the production of the Philip
be of any value to enemies of this
in a position to state. However,
possibility that the War Department
released.
Tii*o oipu t y p gp a i ^ c iit f
fe
/
PRODUCTION
OF GOLD AND SILVER IN THE UNITED STATES IN 1941
1
"f
'
' ' '
'
-
-- --
■
,
■
'
(Arrivals at United States Mints and Assay Offices and at private refineries)
The Bureau of the Mint, with the cooperation of the Bureau of Mines, has issued
the following statement of the preliminary estimate of refinery production of gold
and silver in the United States during the calendar year 1941î
:
Location
Gold
: Ounces
Silver
:
Valu!/
•
Ounces
!
•
.
Valued
4,090,785
$143,177,475
67,855,209
703,522
24,623,270
233,253
1,161,210
40,642,350
1,244,176
884,747
Totals, 19 4 1---- ---
5,955,517
208,443,095
69,332,638
49,303,209
Last year, 1940- - - -
6,003,105
210,108,700
69,585,734
49,483,189
Previous largest
production- - - ----
6,003,1052/
Continental United States Alaska- - - - - - - - - - Philippine Islands- ---- -
$210,108,7002/
'
148,252,593
165,869 '
$37,397,300^
74,961,075^/
1/ Gold valued at $35*00 per fine ounce; silver valued in 1941 at $0.711l/i the amount
per fine ounce returned to depositors of newly mined domestic silver during 1941»
2/ 1940.
2/ 1915.
( NjJ^nO
<x&
i £ 3 [is & ^ ^
\ VjBi^ cX
,30
^J
V\a M
\m
ht
TEEASUET DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday. January 21. 1942.
1/20/42
Press Service
No. 29-75
PRODUCTION OF GOLD AND SILVER IN THE UNITED STATES IN 1941
(Arrivals at United States Mints and Assay Offices and at private refineries)
The Bureau of the Mint, with the cooperation of the Bureau of Mines, has
issued the following statement of the preliminary estimate of refinery production
of gold and silver in the United States during the calendar year 1941:
:
Location
33 . I
: Ounces
Continental United States -
Gold
f
:
:
I
*
:
t
Valued/
Silver
Ounces
:
«
Walue^/
4,090,785
$143,177,475
67,855,209
$48,252,593
703,522
24,623,270
233,253
165,869
Philippine Islands - - - --- 1.161.210
40.642.350
1.244.176
884.747
Totals, 1941----------- 5,955,517
208,443,095
69,332,638
49,303,209
Last year, 1940 --- - - 6,003,105
210,108,700
69,585,734
49,483,189
Alaska - - - - - -
—
Previous largest
production -
- - - -
- - 6,003,105§/$210,108,700i/ 74,961,0753/
$37,397,3003/
ni# 1/ Gold valued at $35.00 per fine ounce; silver valued in 1941 at $0.7111/; the
jygT itfifl
amount per fine ounce returned to depositors of newly mined domestic silver
during 1941.
2/ 1940
1915.
TO:
-
2-
The Treasury also has duly acknowledged contributions
from two pets, one accompanied by a picture, and the other
sending a paw-printed check.
The accompanying letter said
that Lady Dot had received a dollar for Christmas to buy
bones with, and was sending the money to the President
instead.
The other canine donor, MMutt,w sent #5*02 from
Florida and promised to cut down on ice cream.
One of the larger donations came from employes and
the owner of two coal mining companies.
The employes
each donated a day*s pay, and the owner donated the value
of all the coal they mined.
The Treasury received $14,000
from the project.
T h is l a t t e r d o n a tio n was o n ly one o f many i n s t a n c e s
i n w h ic h p la n t and f a c t o r y w ork ers have d o n a ted a d a y 's p a y .
I n m ost c a s e s t h e s e d o n a tio n s have b een accom pan ied by a ¥\
o f th e
em ploye
Cash donations to the Government for national
defense in the six weeks since the attack on Pearl
Harbor have reached $241,572.08, the Treasury announced
today.
The tabulation covered the period from December 7
to January 16, and did not include securities, old gold
and other articles where the value has not been ascertained.
In the latter category were such items as dental work,
wedding rings and other jewelry.
The national defense fund had its spontaneous origin
in the middle of June,1940 coincident with the fall of
Prance.
Since that time a total of $286,922.15 has been
received.
Among the latest contributions is one of $83 from
an Ohio farmer, the amount of his soil conservation check.
His note said:
”1 do n ’t need it as bad as my Uncle Sam.”
A check for $16 was accompanied by New Y e a r ’s
resolutions to give up alcohol, drink more water and milk,
eat less high priced meat and more vegetables, and devote
the savings to the war effort.
Ten members of a Boy Scout troop sent in 25 cents
each.
A California lad who ”cuts lawns now and then and
makes a few cents” sent a dollar.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, Thursday., January 2 2 ,^ 1942. ,, ,
1/21/4-2
• :
-----
Press Service
No,. 2 9 - 7 6
7 1
Cash donations to the Government for national defense in the
six weeks since the attack on Pearl Harhor have reached $241,572.08,
the Treasury announced today, .
The tabulation covered the period from December 7 to
January 1 6 , and did not include securities, old gold and other
articles where the value has not been ascertained.
In the latter
category were such items as dental work, wedding rings,, and other
jewelry.
The national defense fund had its spontaneous origin In the
middle of June, 194*0, coincident with the fall of France,
Since
that time a total of $2 8 6 ,9 2 2 . 1 5 has been received.
Among the latest contributions is one of $ 8 3 from an Ohio
farmer/ the amount of his soil conservation check*
His note said;.
"I don*t need it as bad as my Uncle Sam. '*
A check for $16 was accompanied by New Year*s resolutions to
give up alcohol, drink more water and milk, eat less high priced
meat and more vegetables, and devote the savings to the war effort.
Ten members of a Boy Scout troop sent in 2 5 cents each,
A
California lad who "outs lawns now and then and makes a few cents"
sent a dollar, The Treasury also has duly acknowledged contributions from
two pets, one accompanied by a picture, and the other sending a
paw-printed check«
The accompanying letter said that Lady Dot
had received a dollar for Christmas to buy bones with,.and was
sending the money to the President instead. The other canine
donor, “Mutt,tt sent $5,02 from Florida and promised to cut down on
Ice cream.One of the larger donations came from employes and the owner
of two coal mining companies.
The employes each donated a d a y 1s
pay, and the owner donated the value of all the coal they mined,
The Treasury received $14-, 0 0 0 from the pro ject.
This latter donation was only ops of many instances in which
plant and factory workers have donated a d a y 1 s pay.
In most cases
these donations have been accompanied by an additional contribution
on the part of the employer.
-0 O0 -*
Treasury Department
Division of Monetary Research
Date..!.
To:
Mr. Schwarz
From:
Mr. Sotithard
<
....
The attached draft has "been gone over by
Mr. Hawkey and me, and we think it is satisfactory,
It is substantially the same as the draft sent to
you at noon.
number
29—77
At the top of the earlier draft, the
was written in ink.
The proposed new S~cent piece would present no ausahiiiisal
difficulties and would entail no necessity for change of design.
The coins will present a "bright, silvery color when newly struck,
"but the experts say they will gradually assume a yellowish appear—
ance after circulation.
The samples are of the same weight and diameter as the 5**cent
piece now in use, but are slightly thinner.
The coin would func
tion properly in such devices as subway turnstiles, telephone pay
stations and countless merchandise vending machines#
Mrs* Ross also announced that the Bureau of the Mint expects
to save 100,000 pounds of tin a year through a change, under pre
sent laws, in the content of the cent.
In addition, *10,000 pounds
of tin on hand are being turned over to defense industries.
The tin content of the one-cent piece has been reduced to a
trace, without affecting materially the quality or appearance of
the coin, she said.
The new cent consists, for practical purposes,
of 95 percent copper and 5 percent zinc; instead of 95 percent
copper, *4-percent zinc, and 1 percent tin, as at present.
Mint chemists are making further experiments in an effort to
save additional copperi
\
Research chemists of the United States Mint have
developed a "nickel-less nickel" that will save for defense
use annually almost a million pounds each of vital nickel and
copper, and at the same time will preserve the usefulness of the
coin in mechanical devices.
Mrs. Nellie Tayloe Ross, Director of the Mint, told
Secretary Morgenthau that the change-over can he made quickly,
after Congressional approval, to a coin half silver and half
copper, eliminating one-third of the copper and all the nickel
now used.
Legislation to authorize the change was approved this
week hy a Senate judiciary committee.
Treasury officials pointed out that the materials vitally
needed for defense are being replaced hy a metal of which the
nation has ample supply.
Of the Government1s total silver stock,
more than a hillion and a quarter ounces not currently put to
monetary uses are available for this purpose.
Only about 2 percent
of this amount would be required annually for the proposed coins.
Mint officials contemplate no move to call in outstanding
coins for melting down.
They say that the technical difficulties
are too great to warrant consideration of such salvage operations
•under present supply conditions of the metals involved.
Mrs« Ross also announced that
the bureau
expects to save 100,000 pounds of tin a year through a change,
under present laws, in the content of the
nt. In addition,
40,000 pounds* on hand are being turned to defense industries«
The tin content of the one-cent
piece has been
reduced to a trace »without affecting materially the quality or
appearance of the coin,she said. The new cent consists, for
practical purposes of
of
95
95
percent copper and
5
percent zinc; instead
percent copper, 4 percent zinc, and 1 percent tin, as at
present«
Mint dhemists are making
effort to
further experiments in an
additional
copper«
The p r o p o s e d n e w nick e l w o u l d p r e s e n t no m e c h a n i c a l N
difficulties^and would entail no necessity for change of design«
Sample coins have been struck from the ^proposed alloy« They
present a bright,silvery color when newly coined, but the
experts say they will gradually assume a yellowish appearance
after circulation«
The samples are of the same weight and
d i a l e r as the 5-cent piece now in use,but are slightly thinner
The coin w o u l d f u n c t i o n p r o p e r l y in such d e v i c e s as
turnstiles
subway
»telephone pay stations and countless merchandise
vending machines
-x~x-x~~
Z-f-
77
Research chemists of the United States Mint have
developed a "nickel-less nickel" that will save for defense
use annually almost a million pounds each of vital nickel and
copper, and at the same time will preserve the u s e f u l n e s s of the
coin in mechanical devices*
Mrs. Nellie Tayloe
Ross, Director of the Mint, told
Secretary Morgenthau that the change-over can be made quickly,
after congressional approval, to a coin half silver and half
-22-"
copper, eliminating one-third of the copper and all the nickel
now used.
Legislation to authorize the change was approved this
week by a Senliate judiciary committee.
Treasury officials pointed out that the materials vitally
needed for defense are being replaced by a metal of whlcn the
Iku cw iiiii i iniiiiirlHi
Mint officials contemplate no move to call in outstanding
coins f o r m e l t i n g down.
are too great
The y
say that the t e c h n i c a l difficulties
to w a r r a n t c o n s i d e r a t i o n of such salvage operations
u n d e r p r e s e n t supply c o n d i t i o n s
of the m e t a l s
involved.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, January 22, 1942.
Press Service
No, 29-77
Research chemists of the United States Mint have develop
ed a '‘nickel-less nickel" that will save for defense use an
nually almost a million pounds each of vital nickel and copper,
and at the same time will preserve the usefulness of the coin
in mechanical devices,
Mrs, Nellie Tayloe Ross, Director of the Mint, told Sec
retary Morgenthau that the change-over can be made quickly,
after Congressional approval, to a coin half silver and half
copper, eliminating one-third of the copper and all the nickel
now used.
Legislation to authorize the change was approved this week
by a Senate judiciary committee.
Treasury officials pointed out that the materials vitally
needed for defense are being replaced by a metal of which the
nation has ample supply. Of the Government’s total silver stock,
more than a billion and a quarter ounces not currently put to
monetary uses are available for this purpose. Only about 2 per
cent of this amount would be required annually for the proposed
coins.
Mint officials contemplate no move to call in outstanding
coins for melting down. They say that the technical difficul
ties are too great to warrant consideration of such salvage op
erations under present supply conditions of the metals involved.
The proposed new ^■'Cent piece would present no mechanical
difficulties and would entail no necessity for change of de
sign. The coins will present a bright, silvery color when
newly struck, but the experts say they will gradually assume a
yellowish appearance after circulation.
The samples are of the same weight and diameter as the S-cent
piece now in use, but are slightly thinner. The coin would
function properly in such devices as subway turnstiles, tele
phone pay stations and countless merchandise vending machines,
Mrs. Ross also announced that the Bureau of the Mint ex
pects to save 100,000 pounds of tin a year through a change,
under present laws, in the content of the cent. In addition,
40,000 pounds of tin on hand are being turned over to defense
industries.
2.
The tin content of the one-cent piece has been reduced to
without affecting materially the quality or appearance
of the coin, she said. The new cent consists, for practical
purposes, of 95 percent copper and 5 percent zinc; instead of
95 percent copper, 4 percent zinc, and 1 percent tin, as at
present,
}
Mint chemists are making further experiments in an effort
to save additional copper.
- 0O 0-
For Friday fun’s
Secretary Morgenthau announced today that he
has arranged with Walt Disney for the creation of a special
animated short color film in which Donald Duck will show
millions of income taxpayers how to prepare their returns
and how the Government will translate their payments into
the war effort*
The filit will be called ”The New Spirit” and
the Disney Studios at Burbank, California, are setting
new production records to have it ready for showing
within the next ten days in 12,000 theaters throughout
the country.
Disney »ft already has shown preliminary
sketches to Secretary Morgenthau and received the
Treasury Department’s approval of his treatment of
the subject.
The Treasury meanwhile has ordered
1,000 prints from the Technicolor laboratories, the
largest print order in that organization’s history.
Treasury tax experts «¡Sfe called upon Disney
for guidance in determining Donald D u c k ’s status and
decided Donald was the ’’head of a family” because of his
support of his three
adopted nephews, ”for whose
maintenance he has a legal and moral obligation.”
<
TREASURY DEPARTMENT
Washington
F O R RELEASE, A F T E R N O O N NEWSPAPERS,
Friday, J a n u a r y 23. 19^-2«_________ __
P r e s s Se r v i c e
No* 29-78
Secretary Morgenthau announced today that he has arranged
with Walt Disney for the creation of a special animated short
color film in which Donald Duck will show millions of Income
taxpayers how to prepare their returns and how the Government
will translate their payments into the war effort,
The film will be called “The New Spirit“ and the Disney
Studios at Burbank, California,
are setting new production records
to have it ready for showing within the next ten days in 12,000
theaters throughout the country*
Disney already has shown preliminary sketches to Secretary
Morgenthau and received the Treasury D e p a r t m e n t ^ approval of his
treatment of the subject.
The Treasury meanwhile has ordered
1,000 prints from the Technicolor laboratories, the largest print
order in that o r g anization^ history*
Treasury tax experts called upon Disney for guidance in
determining Donald D u c k !s status and decided Donald was the “head
of a family“ because of his support of his three adopted nephews,
"for whose maintenance he has a legal and moral obligation.“
-
11
-
Tills plan leaves it to the individual to decide for
himself whether he is to contribute to National saving and
thus to war production the extra amount that will be the
measure of the value he places on our liberties.
As for those liberties, there is this to be said of
thesis
If we suffer injustices, if we suffer deprivation,
if we suffer want, it is because of our sluggishness, our
want of foresight, our neglect, our concern with the trivial
and the unimportant.
More than the people of any other
nation we have been and are the masters of our destiny.
We
can remedy these defects; we can work out a democratic
pattern of industrial rule; we can make the machine our
servant rather than our master; we can achieve a better order
in our civilization.
We can do all these things if only we stand together
now to crush the enemies who are the foes alike of us and
of all we hope to attain*
0O0 -
-
10
*
The direction that effort must take is very plain
and simple*
The rule must be;
buy Defense Bonds*
Cut down expenditure; save;
It is very easy to see that when you
buy a bond you are lending the Government money to buy a
gun or a bomb or a fighting plane*
What is not so clearly
understood is that when you buy a bond in place of something
else y o u ’d like to have you are quite likely releasing the
men and the materials which make it possible for the
Government to buy a gun or a bomb or a plane that it could
not otherwise have bought at any price*
At the very least
you are reducing by that amount the buying pressure that
foments inflation*
That
is
why-we say that a dollop gnved
\\
out- /
That is why the Treasury Department is pushing so
hard the voluntary pay allotment plan for Defense Savings
and encouraging every other plan that means restraint of
individual expenditure now for the sake of security in the
future —
security for the individual, security for the
Nation, security for democracy as the protector of human
liberty.
- 9 -
Inequities in the present tax structure will need
to be remedied.
Escape from high taxes through such
loopholes as tax-exempt securities, inter-family gifts
which greatly reduce tax liability, community property
provisions which accomplish a similar effect and excessive
deductions from corporate revenue on any account should not
be permitted when all classes of the population are asked
to make patriotic sacrifices to further the war effort.
f
*^
Jr
But other devices than taxation will be needed to
restrain price rises.
We should use all means possible to
increase the supply of consumer
goods
so long as the means
adopted do not take m e n or materials from the war effort.
This is a challenge to greater efficiency in production.
The effectiveness of various means of direct price control
through price ceilings, allocations and rationing will also
have a great deal to do with determining the general course
These are indispensable instruments for dealing
with the inflation danger.
But in spite of what may be
accomplished in these lines, there will still be great
pressure on prices which can only be neutralised by patriotic
voluntary effort.
-
8
-
Theoretically it is possible and it would be desirable
if practicable to pay for the war as we go.
Practically,
there seems to be pretty general agreement that it can1t be
done.
That would mean taxation at an even higher rate than
that necessary to balance consumer production and spendable
income.
Taxation as a practicable basis can, however, have a
powerful restraining effect on prices.
It can be joined
with other devices to meet the inflation problem and
contribute to the war effort.
The present tax laws will
yield revenue less than a third the amount we expect to spend
in the next fiscal year.
enough.
From any standpoint that’s not
It would seem that we ought to increase the yield
by 50 per cent and that in fact is what the President has
recommended.
It is not going to be easy to do.
It will be
physically impossible to get all of it out of the high brackets
of individual income and out of corporate profits.
These will
have to assume a substantial share, but the increases are
bound to be felt all down the line.
- 7 -
and could find the means to do it, including-fcir’meanjk fcr
divert tfo'i-B huge■
(of preventing individuals from drawing on their
existing capital for current consumption, we could
t
- --- **-a wrl
problem.
—
ix**» —
rely
on
x— i £0 sopve the price
But this would mean taxation not only of far
greater magnitude but wholly different in character from
anything we have known heretofore.
It would in fact mean
rationing income to fit consumption needs.
system provides no mechanism for
so
Our democratic
revolutionary a
program,
even if we were willing to submit to the restriction of
individual liberties and the denial of incentive which it
would imply.
We cannot even attempt to freeze consumption
of goods currently produced at current levels for all
classes.
Too much of our population now is living below a
fair subsistence level.
by starving our workers.
We are not going to gain efficiency
We must in fact permit many, a
large class of our population that has been on a low subsistence
level, both to earn more and to spend more.
LI...mUM W J'.«WWiaW>WW U'lUJ I. II
If we were prepared to adopt so drastic a program
- 6 B u t there are q u a l i f i c a t i o n s to b e made.
first place,
the g r oss n a t i o n a l p r o d u c t
c e eds the n a t i o n a l income.
I n the
s u b s t a n t i a l l y ex
This is due to the fact that
aJj of
the gross n a t i o n a l p r o d u c t i n c l u d e s .ine g o o d s a n d services
n e c e s s a r y to m a k e n o r m a l r e p l a c e m e n t s due to w e a r a n d tear
as thoaq. which r e a c h the final consumer.
as w e l l
however,
m a n y of these r e p l a c e m e n t s w i l l be p o s t p o n e d a n d a
p o r t i o n of the g r o s s p r o d u c t w i l l
purposes.
Normal
than a p p e a r s in the
savings a n d existing
the d i f f e r e n c e b e t w e e n
available
thus b e r e l e a s e d for other
Thi s w i l l m e a n that there w i l l be m o r e c o n s u m e r
goods available
made.
Nex t year,
taxes w i l l f u r t h e r reduce
the s u pply of g o o d s a n d the i n come
to b u y them.
d iscrepancy. /
simple r e c k o n i n g just
Y e t there w i l l r e m a i n a great
7
/
T h i s d i s c r e p a n c y w o u l d n e c e s s a r i l y r e s u l t in a tremendous
i n f l a t i o n u n l e s s it c o u l d be closed.
A p r o g r a m of n ew taxes
w h i c h w o u l d b r i n g in c u r r e n t l y an equal a m o u n t would,
course,
c l ose it.
of
O t h e r f a c tors m i g h t c a use p r i c e rises,
b u t not e x cess of spe n d a b l e income.
B u t that m i g h t m e a n
taking in F e d e r a l taxes a d o l l a r o ut of e v ery three of the
i n c o m e of e v e r y p e r s o n in the l a n d —
more
than d o u b l i n g the
y i e l d of the taxes p a y a b l e n ext f i scal y e a r u n d e r the existing
ta x structure.
35
In money
figures it m i g h t m e a n a total of
to 40 b i l l i o n s as a g a i n s t an e x p e c t e d total F e deral revenue
o f some 18 b i l l i o n s for the next fiscal year.
JP«
5 •
The President has laid down a program of war production
that will call for all the ingenuity, all the managerial
ability, all the skill of fine craftsmen, all the hard labor
and sustained determination we can bring to it*
It may
fed
well be all that we can do; it is the least that we must
BÉÉ
¡2Î1SI
determine to do.
In round money figures it envisages for the next
ISSÉI
lillf
M
:KOXJ
fiscal year the completion of and payment for war goods and
services in the amount of some fifty-six billions of dollars.
‘For this same period it is thought that the
income may
¡MÊm
¡gl^gÿ
National
aei twice that amount.
When an automobile plant produces tanks instead of
mm
pleasure cars, it is still creating income payments, and
the men producing the tanks have incomes to spend just the
wskM
m
same as if they had produced automobiles.
Thus it might appear at first glance that National
income available for expenditure in the next fiscal year
would be twice as great as production for consumer use; in
other words, that there would be two dollars of spendable
income for every dollar of goods for sale.
isp
»
rf|ïi
m
m
¡1
lyN
MÈÊmmmmÊ
ÉÉfSiSIS
- 4 -
But we are woefully simplifying the problem if we
think that even in this field of paying for the war
governmental fiscal policy is the decisive factor*
not be.
It will
Voluntary action — democratic action — will be
the decisive factor*
This general conclusion has a very direct bearing on
the question I have been asked to discuss:
"Can Taxation
Stop Price Rises?/"
To this question it is possible to give a short and
simple answer, which is:
practically, no.
theoretically, perhaps yes;
Taxation alone is not sufficient, but it
can have a powerful effect and is one of several essential
devices that must be used.
At any time before the big
armament"“program got under way, an unwisely harsh tax program
devised in a premature attempt to balance the budget might
have stopped price rises, and at the same time have sent us
into an economic tailspin that would have dealt prices and
the whole economy a paralyzing blow.
TMaJLl^n±s^J^
Even in the present situation of a high level of employment
and production due to the war demand, badly chosen taxes
might have the effect of badly hampering our war production
program.
- 3 -
Production — war production — is our basic and
all-inclusive need.
Everything else must give way to it.
Every obstacle must be removed from its path.
obstacles is inflation.
One of these
We are so accustomed to thinking
of inflation in terms of the hardships and injustices which
it causes that we are apt to ignore its dislocating effects
upon the process of production.
In the grim business of
war, however, this latter effect may be the most important.
This is but one of several circumstances which make the
problem of war finance —
of how we are to pay for the war —
not a separate problem from that of production, but a part
of the problem of production itself.
It is easy to say that we can find the means to pay
for all we can produce.
But what is not so generally
understood is that what we pay and how and when we pay it is
going to affect directly the amount and quality of what we
produce.
If our fiscal policy encourages inflation, that
will interfere with production and make it more costly.
If
it encourages non-defense consumption instead of restraining
it, that will directly reduce war production wherever it
uses labor or material that could have been used to make war
supplies*
** 2 "*
We have not set up any mechanics by which the full
power of this great people can be brought to bear instantly
against malignant foes united in the effort to destroy us
and equipped with powerful and modern methods of destruction.
It is part of our system that we cannot exert our full power
except by our own voluntary efforts as individuals and
citizens of a free state.
That can be our weakness or it
can be our surpassing strength*/'
Our armed forces will fight boldly and heroically;
we can be sure of that.
But all their dash and daring, all
the superior prowess they may display on land, on sea and
in the air will count for little unless we give them
superiority in the tools and materials with which to fight.
This is preponderantly and essentially a war of
production, and we are late starters*
We have not been idle
in the last two years, but we have not done enough and our
enemies started building against us ten years earlier*
We
have even helped them stock their arsenals.
Every living American, on defense work or non-defense
work, employed or unemployed, housekeeper or mechanic, is
necessarily a part of this machinery of production.
Everyone
can add something to or take something away from the pile of
materials and weapons whose size and quality will determine
whether we win or lose.
The name of the organization under whose
auspices
we meet today has, it seems to me, been happily chosen.
It ought not to be too exclusively held,
I can think of
no better hope or wish for our country than that we, its
people — all of us, without regard to our personal circum
stances or situations — should realize our reponsibility
u-
and our opportunity to work together as the great Union
SI
United we may stand; divided we shall surely fall.
The situation is that serious.
P’l
l
1
"
for Democratic Action.
Let us not be complacent.
This is no demagogue¥s fake crisis; no business-as-usual
me
I
If we here in America can*t make democracy a more
perfect union, a union that can be more efficient in its own
defense than any tyranny, then Democracy will die; America
|.
life.
We fight for life, our own lives and our way of
-- I
emergency.
In this greater union for democratic action, the
"W r— -
as the land of a free people, a union of the free, will die.
indispensable need is for action — action not simply by the
democratic action to save democracy
to save a world in
'r !
l)l f
President or by the Army and the Navy — but action by all,
T'
which men may live as men, and may grow.
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¿H
TREASURY DEPARTMENT
Washington
(The following address by Herbert E, G-aston,
Assistant Secretary of the Treasury, is
scheduled to be delivered at 1 1 : 1 0 a .m. Eastern
Aiandard Time, Saturday. JanuarygTT,
before
the New York Conference on War and the Consumer 11
called by the Union for Democratic Action and is
for release upon delivery. }
The name of the organization under whose auspices we meet
today has,
it seems to me, been happily chosen.
be too exclusively held,
It ought not to
I can think of no better hope or wish
for our country than that we, its people —
all of us, without
regard to our personal circumstances or situations —
should
realize our responsibility and our opportunity to work together as
the great Union for Democratic Action,
United we may stand; divided we shall surely fall.
The
situation is that serious.
Let us not be complacent.
This is no
demagogue s fake crisis; no business-as-usual emergency.
We fight
for life, our own lives and our way of life.
If we here in America
can t make democracy a more perfect union, a union that can be more
efficient in its own defense than any tyranny, then Democracy will
die;
America as the land of a free people, a union of the free,
will die.
In this greater union for democratic action, the indispensable
need is for action — action not simply by the President or by the
Army and the Navy — but action by all, democratic action to save
democracy
to save a world in which men may live as men, and may
grow.
We have not set up any mechanics by which the full power of
this great people can be brought to bear instantly against malignant
foes united in the effort to destroy us and equipped with powerful
and modern methods of destruction.
It is part of our system that
we cannot exert our full power except by our own voluntary efforts
as Individuals and citizens of a free state.
That can be our
weakness or It can be our surpassing strength*
29-79
-2Our armed forces will fight boldly and heroically; we can
be sure of that.
But all their dash and daring, all the superior
prowess they may display on land, on sea and in the air will count
for little unless we give them superiority in the tools and
materials with which to fight.
This
and we are
years, but
against us
arsenals.
is preponderantly and essentially a war of production,
late starters.
We have not been idle in the last two
we have not done enough and our enemies started building
ten years earlier.* We have even helped them stock their
Every living American, on defense work or non-defense work,
employed or unemployed, housekeeper or mechanic, is necessarily a
part of this machinery of production.
Everyone can add something
to or take something away from the pile of materials and weapons
whose size and quality will determine whether we win or lose.
Production — war production — is our basic and all-inclusive
need.
Everything else must give way to it.
Every obstacle must be
removed from its path,
One of these obstacles is inflation.
We
are so accustomed to thinking of Inflation in terms of the hardships
and injustices which it causes that we are apt to ignore its
dislocating effects upon the process of production.
In the grim
business of war, however, this latter effect may be the most
important. This is but one of several circumstances which make the
problem of war finance — of how we are to pay for the war — not a
separate problem from that of production, but a part of the problem
of production itself.
It is easy to say that we can find the means to pay for all
we can produce.
But what is not so generally understood is that
what we pay and how and when we pay it is going to affect directly
the amount and quality of what we produce.
If our fiscal policy
encourages inflation, that will interfere with production and make
it more costly.
If it encourages non-defense consumption Instead
of restraining it, that will directly reduce war production wherever
it uses labor or material that could have been used to make war
supplies.
But we are woefully simplifying the problem if we think that
even in this field of paying for the war governmental fiscal policy
is the decisive factor.
It will not be.
Voluntary action —
democratic action — will be the decisive factor.
This general conclusion has a very direct bearing on the
question I have been asked to discuss:
“Can Taxation Stop Price
Rises?“
-3To this question It is possible to give a short and simple
answer, which is:
theoretically, perhaps yes; practically, no.
Taxation alone is not sufficient, but it can have a powerful effect
and is one of several essential devices that must be used.
At any
time before the big war production program got under way, an
unwisely harsh tax program devised in a premature attempt to balance
the budget might have stopped price rises, and at the same time
have sent us into an economic tailspln that would have dealt prices
and the whole economy a paralyzing blow.
Even in the present
situation of a high level of employment and production due to the
war demand, badly chosen taxes might have the effect of badly
hampering our war production program.
The President has laid down a program of war production that
will call for all the ingenuity, all the managerial ability, all
the skill of fine craftsmen, all the hard labor and sustained
determination we can bring to it.' It may well be all that we can
do; it is the least that we must determine to do.
In round money figures it envisages for the next fiscal year
the completion of and payment for war goods and services in the
amount of some fifty-six billions of dollars.
For this same period
it is thought that the National income may not much exceed twice
that amount.
When an automobile plant produces tanks instead of pleasure
cars, it is still creating income payments, and the men producing
the tanks have incomes to spend Just the same as if they had
produced automobiles.
Thus it might appear at first glance that National income
available for expenditure in the next fiscal year would be twice
as great as production for consumer use; in other words, that there
would be two dollars of spendable income for every dollar of goods
for sale.
But there are qualifications to be made.
In the first place,
the gross national product substantially exceeds the national
income.
This is due to the fact that the gross national product
includes all of .the goods and services necessary to make normal
replacements due to wear and tear as well as those which reach the
final consumer.
Next year, however, many of these replacements
will be postponed and a portion of the gross product will thus be
released for other purposes.
This will mean that there will be
more consumer goods available than appears in the simple reckoning
Just made.
Normal savings and existing taxes will further reduce
the difference between the supply of goods and the income available
to buy them.
Yet there will remain a great discrepancy.
This discrepancy would necessarily result in a tremendous
inflation unless it could be closed. A program of new taxes
which would bring in currently an equal amount would, of course,
close it. Other factors might cause price rises, but not excess
of spendable income. But that might mean taking-in.Federal taxes
a dollar out of every three of the income of every person in the
land -— more than doubling the yield of the taxes payable next
fiscal year under the existing tax structure. In money figures
it might mean a total of 35 to ^0 billions as against an expected
total Federal revenue of some 13 billions for the next fiscal year.
If we were prepared to adopt so drastic a program and could
find the means to do it, including means of preventing individuals
from drawing on their existing capital for current consumption, we
could rely on these means alone to solve the price problem. But
this would mean taxation not only of far greater magnitude but
wholly different in character from anything we have known
heretofore. It would in fact mean rationing income to fit consump-.
tion needs. Our democratic system provides no mechanism for so
revolutionary a program, even if we were willing to submit to the
restriction of individual liberties and the denial of incentive
which it would imply. We cannot even attempt to freeze consumption
of goods currently produced at current leveis for all classes. Toe
much of our population now is living beloitf a fair subsistence
level. We are not going to gain efficiency by starving our workers
We must in fact permit many, a large class of our population that
has been on a low subsistence level, both to earn more and to
spend more.
Theoretically it is possible and it would be desirable if
practicable to pay for the war as we go. Practically, there seems
to be pretty general agreement that it can’t be done. That would
mean taxation at an even higher rate than that necessary to balance
consumer production and spendable income.
'Taxation as a practicable basis can, however, have a powerful
restraining effect on prices. It can be joined with other devices'
to meet the Inflation problem and contribute to the war effort.
The present tax laws will yield revenue less than a third the
amount we expect to spend in the next fiscal year. From any
standpoint that’s not enough. It would seem that we ought to
increase the yield by 5° per cent and that in fact is what the
President has recommended. It is not going to be easy to do.
It will be physically impossible to get all of it out of the high
brackets of individual Income and out of corporate profits. These
will have to assume a substantial share, but the increases are
bound to be felt all down the line.
Inequities in the present tax structure will need to be
remedied. Escape from high taxes through such loopholes as taxexempt securities, inter-family gifts which greatly reduce tax
liability, community property provisions which accomplish a similar
effect and excessive deductions from corporate revenue on any
account should not be permitted when all classes of the population
are asked to make patriotic sacrifices to further the war effort.
-5But other devices than taxation will be needed to restrain
price rises.
We should use all means possible to increase the
suppiy of consumer goods so long as the means adopted do not take
men or materials from the war effort.
This is a challenge to
greater efficiency in ^production.
The effectiveness of various
means of direct price control through price ceilings, allocations
and rationing will also have a great deal to do with determining
the general course of prices,
These are Indispensable instruments
for dealing with the inflation danger.
But in spite of what may be
accomplished in these lines, there will still be great pressure on
prices which can only be neutralized by patriotic voluntary effort,.
The direction that effort must take is very plain and simple.
The rule must be:
Cut down expenditure; save; buy Defense Bonds,
It is very easy to see that when you buy a bond you are lending the
Government money to buy a gun or a bomb or a fighting plane.
What
1ft not so clearly understood is that when you buy a bond in place
of something else you'd like to have you are quite likely releasing
the men and the materials which make it possible for the Government
to buy a gun or a bomb or a plane that it could not otherwise have
bought at any price.
At the very least you are reducing by that
amount the buying pressure that foments inflation.
That is why the Treasury Department is pushing so hard the
voluntary payroll savings plan for Defense Bonds and encouraging
every other plan that means restraint of individual expenditure
now for the sake of security in the future — security for the
individual, security for the Nation, security for democracy as the
protector of human liberty.
This plan leaves it to the individual to decide for himself
whether he is to contribute to National saving and thus to war
production the extra amount that will be the measure of the value
he places on our liberties.
As for t h o s e liberties,
there
is this to be
said of them:
If we suffer injustices, if we suffer deprivation, if we suffer
want, it is because of our sluggishness, our want of foresight,
our neglect, our concern with the trivial and the unimportant.
More than the people of any other nation we have been and are the
masters of our destiny.
We can remedy these defects; we can work
out a democratic pattern of industrial rule; we can make the
machine our servant rather than our master; we can achieve a better
order in our civilization.
We can do all these things if only we stand together now to
crush the enemies who are the foes alike of us and of all we hope
to attain.
- o Oo-
- 3 -
and tubes, brass sheets, vast quantities of news print and other paper,
autos and trucks, locomotive parts, tin plate, copper wire, steel bars
and airplane engine spare parts.
& 0
To supplement this information, the-Foreign Funds Control
I
oanva&sod all bankers, export houses, shippers and freight handlers
to locate materials consigned to areas now overrun by Japan,
A unit was created within Foreign Funds Control to assemble
information and draft a list of war materials to be forwarded to the
War Production Board in order that it might allocate idle war materials
(j/uxtjdyt<cb-4-u-4*>
to othor All-ied war uses.
By this prompt action Foreign Funds Control made certain that
essential war supplies would not lie unused in ships* holds, docks and
warehouses.
Some of this material
was already on the Pacific and en
dangered by roving Nipponese undersea craft.
Other ships were somewhere
<
À
between eastern seacoast oorts and the west coast.
i
The stoppage of shipments to certain Far Eastern points caused
goods to pile up on the shipping piers of the west coast.
i
Military
authorities ordered the wharfs cleared to make them available for
military use.
At the request of the Army the Foreign Funds Control
helped clear the docks by issuing blanket licenses to owners and holders
of the goods, enabling them to resell the unloaded merchandise directly
from the wharfs.
Day after day the trucks of buyers carted the goods
away, and^ in spite of incoming boats constantly unloading^ the vital
piers were kept open for military uses.
\\
Amonc the shipments which were unloaded on west coast piers and
which the Treasury has reported to the War Production Board were tires
^
4
TREASURY DEPARTMENT
Press Service
No.
pT>
raRiLS
mu
T2
The Treasury Department revealed today that an estimated
$15,000,000 worth of vital war materials, originally destined for Far
Eastern areas now occupied by Japan^will be redirected into the AH 1 iwf*
le
war effort through freezing control.
At the same time it told of aiding the military authorities to
clear west coast shipping docks of Orient-bound goods which piled up
after the outbreak of war.
Both of these moves were part of the Foreign Funds Control
Division1s program to aid the war effort.
This marks the fourth time
At
clear
lied u p
Ivielon
in '
Mini
lof
at few
ffiw months that freezing control ha
in the last
dollars worth of war materials held for foreign ovmersjjbo be redirected
’easury
carl Ha:
iliLu bftu Allied m r BPPrrrtrgThe current estimate of $15,000,000 is based largely on
examination of ship cargo manifests which were reported to the Treasury1s
freezing^officials shortly after the attack on Pearl Harbor.
information from four different
.
nffi ninl ~ amassed i
" xinj ....saingsources.
oroi
Within a few hours after the attack on Pearl Harbor the
the a
¿Foreign*
-ffuwdg-eu n U ul staff was checking customs cards in order to spot cargoes
of war materials on their way to the Far last.
Leading banks and shippers
were asked to give full reports on supplies ready for shipment, and
ffereh'
por t]
1var h
tippers
lipment
mai
To'
tippers
Ai
[formati
¡erlali
customs authorities were asked to send in complete cargo manifests of
every boat In west coast ports.
1 Ware]
enàai
pevhei*'
/
TREASURY DEPARTMENT •
Washington
FOR RELEASE,
MORNING- NEWSPAPERS,
gT-ffifo January 23, 19*12._ _ _ _ _ _
Press Service
No. 29-gO
The Treasury Department revealed today that an estimated
$1 5 *000,000 worth of vital war materials,
originally destined for
Far Eastern areas now occupied by Japan, will be redirected into
the United Nations war effort through freezing control.
At the same time it told of aiding the military authorities
to clear west coast shipping docks of Orient-bound goods which
piled up after the outbreak of war.
Both of these moves were part of the Foreign Funds Control
Division's program to aid the war effort.
This marks the fourth
time in the last few months that freezing control has resulted In
diverting to the United Nations1 supply program millions of dollars
worth of war materials held for foreign owners.
The current estimate of $15,000,000 is based largely on
examination of ship cargo manifests which were reported to the
Treasury*s freezing control officials shortly after the attack on
Pearl Harbor.
Foreign Funds Control officers amassed information from four
different sources.
Within a few hours after the attack on Pearl
Harbor they were checking Customs cards in order to spot cargoes
of war materials on their way to the Far East.
Leading banks and
shippers were asked to give full reports on supplies ready for
shipment, and Customs authorities were asked to send in pomplete
cargo manifests of every boat in west’ coast ports.
To supplement this information, all bankers, export houses,
shippers and freight handlers, were canvassed to locate materials
consigned to areas now overrun by Japan.
the War Production Board in order that-It might allocate idle war
materials to United Nations war uses.
By this prompt action Foreign Funds Control made certain that
essential war supplies would not lie unused in ships1 holds, docks
and warehouses.
Some of this material was already on the Pacific
and endangered by roving Nipponese undersea craft.
Other ships were
somewhere between eastern seacoast ports and the west coast.
-
2-
Tho stoppage of shipments to certain Far Sastern points
caused goods to pile up, on the shipping piers of the west coast.
Military authorities ordered the wharfs cleared to make them
available for military use.
At the request of the Army, the
Foreign Funds control helped clear the docks by issuing blanket
licensee to owners and holders of goods, enabling them to resell
the unloaded merchandise directly from the wharfs.
Day after day
the trucks of buyers carted the goods away, and, in spite of
incoming boats constantly unloading, the vital piers were kept
open for military uses.
•
_
shipments which were unloaded on west coast piers
and which the Treasury has reported to the War Production Board
were tires and tubes, brass sheets, vast quantities of news print
and other paper, autos and trucks, locomotive parts, tin plate,
copper wire, steel bars, and airplane engine spare parts*
-oOo-
TREASURY DEPARTMENT
Washington
FOR RSLiijASxLy MORNING NEWSPAPERS,
Friday, January 23, 19^2.________
1/22/42
Press Service
No, 29-gO
The Treasury Department revealed today that an estimated
$1 5 ,000,000 worth of vital war materials, originally destined for
Far Eastern areas now occupied by Japan, will be redirected into
the United Nations war effort through freezing control.
At the same time it told of aiding the military authorities
to clear west coast shipping docks of Orient-bound goods which
piled up after the outbreak of war.
Both of these moves were part of the Foreign Funds Control
Division's program to aid the war effort.
This marks the fourth
time in the last few months that freezing control has resulted in
diverting to the United Nations' supply program millions of dollars
worth of war materials held for foreign owners.
The current estimate of $ 1 5 ,000,000 is based largely on
examination of ship cargo manifests which were reported to the
Treasury's freezing control officials shortly after the attack on
Pearl Harbor.
Foreign Funds Control officers amassed information from four
different sources.
Within a few hours after the attack on Pearl
Harbor they were checking Customs cards in order to spot cargoes
of war materials on their way to the Far East.
Leading banks and
shippers were asked to give full reports on supplies ready for
shipment, and Customs authorities were asked to send in complete
cargo manifests of every boat in west coast ports.
To supplement this information, all bankers, export houses,
shippers and freight handlers, were canvassed to locate materials
consigned to areas now overrun by Japan,
A unit was created within Foreign Funds Control to assemble
information and draft a list of war materials to be forwarded to
the War Production Board in order that it might allocate idle war
materials to United Nations war uses.
By this prompt action Foreign Funds Control made certain that
essential war supplies would not lie unused in ships' holds, docks
and warehouses.
Some of this material was already on the Pacific
and endangered by roving Nipponese undersea craft.
Other ships were
somewhere between eastern seacoast ports and the west coast.
- 2The st o p p a g e of sh i p m e n t s to ce r t a i n F a r E a s t e r n p o i n t s
caused goods to p i l e up. on the s h i p p i n g p i e r s of the west coast.
M i l i t a r y a u t h o r i t i e s o r d e r e d the w h a r f s cleared to m a k e t h e m
available for m i l i t a r y use.
At the request of the Army, the
Foreign Funds C o n trol h e l p e d clear the d o c k s b y i s s uing b l a n k e t
licenses to o w n e r s and h o l d e r s of goods, e n a b l i n g them to r e s e l l
the u n l o a d e d m e r c h a n d i s e d i r e c t l y f r o m the wharfs.
Day a f ter d a y
the trucks of b u y e r s c a r t e d the g o o d s away, and, in s p ite of
incoming coats c o n s t a n t l y unloading, the v i t a l p i e r s w e r e kept
open for m i l i t a r y uses.
A m o n g t he s h i p m e n t s w h i c h w e r e u n l o a d e d on west coast p i e r s
and w h i c h the T r e a s u r y has r e p o r t e d to the W a r P r o d u c t i o n B o a r d
were tires a nd tubes, b r a s s sheets, vast q u a n t i t i e s of n e w s p r i n t
and o t her paper, autos an d trucks, l o c o m o t i v e parts, tin plate,
copper wire, steel bars, and a i r p l a n e engine spare parts.
~ o 0o~
w m
- 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 He serve Bank or Branch.
Msm.
- 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 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
January 23. 1942,------ •
55
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
¡00
isblngl
TREASURY DEPARTMENT
Washington
peR-RED EA SET^reSN ii^i^W SPA EH RS.
-Friday*—January 25^ 1312—
.
The Secretary of the treasury, hy this public notice, invites tenders
for fr 150.0Q0.000
, or thereabouts, of
91— -day Treasury bills, to be issued
J on a discount basis under competitive bidding.
».
be dated
January 28. 1942
it
and will mature
»nomini
The bills of this series will
1ST»
Tei
ties up
April 29,, 19£|.
T XI XI
when the face amount will be payable without interest.
\W
/
They will be issued m
le Tre
pen mu
[the
bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000,
* IH
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the J
[ closing hour, two o'clock p. m., Eastern Standard time,
Monday, January 26. 1 9 * M
fede a
hich
ppllc
I
Tenders will not be received at the Treasury Department, Washington.
Each tender j
must be for an even multiple of $1,000, and the price offered musty be expressed
1 on the basis of 100, with not more than three decimals, e. g., 99.925.
may not be used.
V
Fractions I
fenks s
ealere
scolpa
Ills a
less g
It is urged that tenders be^ made on the pointed forms and for
'Ii
warded in the special envelopes which will be supplied by federal Reserve Banks
lc
or Branches on application therefor.
:the i
Eiders
le3eci
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi
ties.
V
Tenders from others must be accompanied by payment of 10 percent of tho
ccept <
stlon !
aiders
sderal
!Januj
face amount of Treasury bills applied for, unless the tenders are accompanied ty j
Un frc
We anj
an express guaranty of payment by a.n incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
teterzj
litio!
TREASURY DEPARTMENT
FOR RELEASE, MORNING NEWSPAPERS,
Washington
Friday,
The S e c r e t a r y of the Treasury,
vites tenders
bills,
The b i l l s of this
out
interest.
29,
of
9I~J-ay
in
Treasury
b a s i s u n d e r c o m p e t i t i v e bidding.
series w i l l be d a t e d J a n u a r y 26,
19*12,
19*12.________
by this publ i c notice,
for $ 150, 000, 000, or thereabouts,
to be i s s u e d on a discount
mature April
J a n u a r y 23,
19L 2,
and will
w h e n the face amou n t w ill be p a y a b l e w i t h
T h e y w i l l be i s sued in b e a r e r form only,
and in
d e n o m inations of $ 1 , 000, $ 5, 000, $ 10, 000, $ 100, 000, $ 500, 000, and
$ 1 ,000,000 ( m a t urity value).
T e n ders w i l l b e r e c e i v e d at F e d e r a l R e s e r v e B a nks a nd B r a n
ches up to the c l o s i n g hour, two o * c l o c k p, m., E a s t e r n S t a n d a r d
time, Monday, J a n u a r y 26, 19*1-2.
T e n d e r s w ill not be r e c e i v e d at
the T r e a s u r y Department, Wash i n g t o n ,
Eac h tender must be for an
even m u l t i p l e of $ 1 , 000, and the p r i c e o f f e r e d must b e e x p r e s s e d
on the b a s i s of 100, w i t h not m o r e than three decimals, e, g , ,
99.925.
Fra c t i o n s m a y not be used.
It is u r g e d that tenders be
made on the p r i n t e d forms and f o r w a r d e d in the special envelopes
which will be s u p p l i e d by Federal R e s e r v e B a n k s or B r a n c h e s on
a p p l ication therefor.
Tenders will be r e c e i v e d w i t h o u t d e p o s i t fro m i n c o r p o r a t e d
banks and trust c o m p a n i e s and from r e s p o n s i b l e and r e c o g n i z e d
dealers in inv e s t m e n t securities.
T e n ders from others must be
a c c o m p a n i e d b y p a y m e n t of 10 p e r c e n t of the face amount of T r e a s u r y
bills a p p l i e d for, u n less the tenders are a c c o m p a n i e d by an ex
press g u a r a n t y of p a y m e n t by an i n c o r p o r a t e d b a n k or trust company.
I m m e d i a t e l y a f t e r the c l o s i n g hour, tenders will be o p e n e d
at the Federal R e s e r v e B a nks a nd Branches, f o l l o w i n g w h i c h p u b
lic a nnouncement wil l be m ade b y the S e c r e t a r y of the T r e a s u r y
of the amount and p r i c e r a nge of a c c e p t e d bids.
Those submitting
tenders will b e a d v i s e d of the a c c e p t a n c e or rej e c t i o n thereof.
The Sec r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s the right to
accept or reject any or all tenders, in w h o l e or in part, and his
action in any suc h r e s p e c t shall b e final.
P a y m e n t of a c c e p t e d
tenders at the p r i c e s o f f e r e d must b e m a d e or c o m p l e t e d at the
Federal R e s e r v e B a n k in c ash or o t her i m m e d i a t e l y ava i l a b l e funds
on J a n u a r y 26, 19*12,
The income d e r i v e d from T r e a s u r y bills, w h e t h e r interest or
gain from the sale or o t her d i s p o s i t i o n of the bills, shall not
have any exemption, as such, and loss from the sale or o t h e r d i s
p o s ition of T r e a s u r y b i l l s shall not hav e any special treatment,
29-SI
-
2
-
as such, u n d e r F e d e r a l t ax A c t s n o w or h e r e a f t e r enacted.
The
bills shall b e subject to estate, inheritance, gift, or other
excise taxes, w h e t h e r Federal or State, but shall be exempt from
all taxation n o w or h e r e a f t e r i m p o s e d on the p r i n c i p a l or i n t e r
est thereof by any State, or any of the p o s s e s s i o n s of the U n i t e d
States, or b y any local t a x i n g a uthority.
F o r p u r p o s e s of t a x a
tion the amount of d i s c o u n t at w h i c h T r e a s u r y b i l l s are orisrinallv
sold b y the U n i t e d S t ates shall b e c o n s i d e r e d to be interest.
Un
der Se c t i o n 42 and 117 (a) (l) of the I n t e r n a l R e v e n u e Code, as
amended b y S e c t i o n 115 of the R e v e n u e Act of 1941, the amount of
discount at w h i c h b i l l s i s sued h e r e u n d e r are sold shall not be
considered to a c c r u e until such b i l l s shall b e sold, r e d e e m e d or
otherwise d i s p o s e d of, and such b i l l s are e x c l u d e d from c o n s i d e r a
tion as capital assets.
Accordingly, the o w ner of T r e a s u r y b i l l s
(other than life i n s u r a n c e c o m p a n i e s ) i s s u e d h e r e u n d e r n e e d in
clude in his income tax r e t u r n only the d i f f e r e n c e b e t w e e n the
price p a i d for suc h bills, w h e t h e r on o r i ginal issue or on s u b s e
quent purchase, and the amount a c t u a l l y r e c e i v e d either upon sale
or r e d e mption at m a t u r i t y d u r i n g the ta x a b l e y e a r for w h i c h the
return is made, as o r d i n a r y gain or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4lg, as amended, and this
notice, p r e s c r i b e the terms of the T r e a s u r y b i l l s and g o v e r n the
conditions of their issue.
Copies of the c i r c u l a r m a y be o b t a i n e d
from any Federal R e s e r v e B a n k or Branch.
o 0 o
"This Japanese Army creed is a joke," Mr.
Anslinger continued.
"One thousand hospital beds
at Nanking are filled with heroin-addicted soldiers
of the Japanese Army.
Illicit drug trafficking acts
like a boomerang, the purveyors of the drugs often
becoming its victims.
Many Japanese Army officers
in Manchuria have fallen victims to the drug habit.
Where Japanese influence advances, the drug traffic
and drug addiction go with it.
"These statements are supported by the minutes
of the Opium Advisory Committee for the years 1936
to 1940.
Nearly all of the members of that Com
mittee representing twenty-seven nations were of
the opinion that Japan’s aggressive dope-spreading
policy was just as definite an instrument of national
policy as her military aggression."
weakened and debauched.
We should not be far short
of the mark if we said that 90$ of all the illicit
’white drugs* of the world are of Japanese origin,
manufactured in the Japanese Concession of Tientsin,
around Tientsin, in or around Dairen or in other
cities of Manchuria, Jehol and occupied China, and
this always by Japanese or under Japanese supervi
sion.
Words would fail to describe the revolting
conditions in the dens of the Japanese Concession.”
Commissioner Anslinger quoted the following
text of a regulation appearing in a booklet which
the Japanese Military Command distributes to Japanese
soldiers:
"Paragraph 15.— The use of narcotics is
unworthy of a superior race like the Japanese.
Only inferior races, races that are decadent,
like the Chinese, Europeans and the East
Indians, are addicted to the use of narcotics.
This is why they are destined to become our
servants and eventually to disappear.
"A Japanese soldier who is guilty of using
narcotics becomes unworthy of wearing the
uniform of the Imperial Japanese Army and of
venerating our divine Emperor.”
11
-
died of narcotic addiction without any provision for
their interment.
An eye-witness who was in Mukden
in October 1936 is quoted as saying:
*Adjacent to a rag-pickers’ market
about a reeking open sewer are some fifty
or more hovels inhabited by the lowest
type of prostitutes who, in addition to
their regular occupation, also openly
dispense narcotics. The setting was
loathsome to a degree. Demonstrating
with peculiar force the relation of cause
to effect, there lay on an ash heap just
behind the narcotic brothels seven naked
corpses which had evidently been stripped
of their rags by fellow addicts. It is
generally stated that this is a daily
sight, despite regular removal of the
bodies by the Red Swastika Society.
There was offered no other explanation
than that these dead met their end
through narcotics poisoning.1
"During the last two years, there have been in
Harbin many Japanese addicts, especially among the
soldiers and officers of the Japanese Army.
During
the very severe Harbin winters, many addicts die in
the street; their corpses are left for days in the
streets, as nobody bothers to take them away; even
the dogs sometimes will not eat them.
"The Japanese Concession in Tientsin has be
come the heroin center of China proper and of the
world, and it is from here that not only the Chinese
race but all other countries of the world are being
-
10-
increase in the area sown to poppy and in opium pro
duction; and morphine factories were at once started
in Chahar by Japanese.
One factory at Kalgan was
reported to have an output of 50 kilograms of heroin
daily, a sum fifteen times the legitimate needs of
the world.
“Major General Kita, Japanese Military Attache
in Shanghai, speaking of the Inner Mongolian crisis
said, ’Reports that these Mongols are too poor to
buy tanks, armored cars and munitions are untrue, for
they have assets such as a vast opium harvest.
We
have been paid in kind.’
“The situation in Manchuria is terrifying.
The
condition in that area is now almost beyond belief.
This is the one region in the world where the govern
ing authority not only makes no effort to prevent the
abuse of narcotic drugs but actually profits by the
rapid increase of narcotic addiction.
The degradation
of the population of Manchuria through increasing use
of opium and its derivatives has come to a pass where
even Japanese newspapers published in that area have
been moved to protest.
"Press reports have stated that, in 1935, in the
principal cities of Manchuria, nearly 6,000 persons
-
9-
to Japanese firms.
In addition, a large quantity
(1,000 chests) of opium was reported as being held
in Macao to the order of the Japanese Army and Japa
nese firms, intended eventually for sale in either
South China or in Shanghai.
"A lot of 428 chests from the Singapore Maru’
arrived in Tangku and was distributed under the con
trol of a Japanese Army officer at Tientsin; 300
chests were sent to Shanghai, via Dairen, and were
taken over by the Japanese Army.
"Efforts were under way for some time to sell,
under the control of a colonel of the Japanese Army
who has been entrusted by that army with arrangements
for the sale of opium in the Shanghai region, 460,000
pounds of opium (12,000,000 shots of heroin) which was
consigned in care of the Mitsui Bussan Kaisha at
Shanghai.
"In addition to these activities by the Japanese
Army, Japan itself and all Japanese possessions are
havens for Japanese nationals engaged in the illicit
drug traffic.
"When the Japanese military forces of the regime
now functioning in Manchuria and Jehol occupied
northern^Jhahar, there immediately resulted a forced
-8
the consequences of the situation in the occupied
areas.
Japanese authorities in China are feeding
the international traffic and crossing the seas to
poison other countries as well.
HIn the Japanese-controlled, areas of China, so
great was the increase in drug addiction during a
year that enormous quantities of opium have been
imported into China to satisfy that addiction.
The
movements of opium and heroin into the Japanesecontrolled areas have been made with as much secrecy
as possible.
Japanese Concessions in China, especially that
of Tientsin, and also the Hankow Concession before
its evacuation by the Japanese authorities, consti
tute or constituted centers of illicit traffic;
Manchuria and Jehol were transformed into narcotics
arsenals; Japanese Consulates, such as that at
Chengchow in Honan, have acted as centers for the
distribution of drugs; Japanese Army lorries have
been used to transport narcotic drugs which have
poisoned Chinese by the thousands almost all over
China.
"Huge quantities of opium arrived in North China
and in Shanghai consigned to the Japanese Army and
-7
tion must make up for the inferiority of China’s
armaments.
"Lieutenant-Commander Fletcher, in the House of
Commons on December 22nd, 1938, gave a vivid descrip
tion of the position when he stated: ’Pestilence and
war are historically associated with each other, hut
it has been left to the Japanese to find a way of
making a pestilence pay for war.’
MIs it surprising that in such circumstances
the ravages of drugs are decimating the Chinese
people, to whom the Japanese military say they are
bringing 'order and peace' and ’the benefits of
friendly collaboration'?
"It is difficult to estimate the number of opium
addicts in the occupied areas; but there can be no
question that in those areas, including Manchuria
and Jehol, never at any time in their history has
the situation been so revolting, never has the per
centage of opium addicts and other drug addicts been
so high, as since they have been occupied by the
Japanese troops.
It is equally beyond question that
no such situation exists, or ever has existed, any
where else in the world.
"The Chinese people are not alone in suffering
United States from the Japanese Concession in Tientsin.
By one gang of traffickers alone, enough heroin was
smuggled into the United States to supply 10,000
addicts^or one year,
We very properly protested at
the failure of the Japanese authorities to observe
the obligation to limit the manufacture and control
the distribution of narcotics,
"Morphine and heroin were also used by the
Japanese Army as a means of destroying the bodies
and souls of the people in the areas which that army
occupied.
This is another form of chemical warfare
against the Chinese people as deadly as that of the
prohibited gases.
It is not only a violation of the
international opium Conventions to which Japan is a.
party, but also a diabolical method of killing off
the Chinese population in the occupied areas by slow
poisoning.
"Japanese authorities derive revenue from it
to cover part of the costs of their invasion.
This
method of systematic poisoning is adopted by Japan
to weaken Chinese resistance and to find traitors
among the Chinese, because drug addicts will do any
thing to obtain drugs, and are useless in the fight
against the invader, in which courage and determina-
by the government.
The Japanese now ha,ve their eyes
on this large potential revenue and if they should
conquer those Islands,
they would immediately re
establish a system of sale of opium to the Filipinos.
They are master technicians at poisoning with drugs.
wWe attacked the Japanese opium policy year
after year in the Opium Advisory Committee at Geneva
and were always joined by our Canadian, Chinese and
Egyptian colleagues, who had evidence to corroborate
our allegations.
We charged that the Japanese Army
in China had been deliberately encouraging and spread
ing the illicit use of narcotics among the Chinese,
with the inevitable result that, in the words of a
resolution of the Opium Advisory Committee, fthe
situation in those regions (in China) which are under
Japanese influences has deteriorated to an alarming
extent.f
"In all parts of Chinese territory under Japa
nese military occupation conditions were getting
steadily worse.
In North China all legal control
of the narcotic trade had ceased to exist since its
invasion by the Japanese in August 1937.
The pro
portions which the traffic had assumed could be
gauged, for example, by the shipments to the
in soy beans which arrived in the United States on
the same ship with Prince Chichibu,
the Emperor's
brother*
HWe have experienced Pearl Harbors many times
in the past in the nature of dangerous drugs from
Japan which were meant to poison the blood of the
American people.
The Treasury Department's Coast
Guard for years has trailed Japanese vessels into
and out of Honolulu and Pacific Coast ports to pre
vent dope cargoes from being thrown over the sides
of vessels to smugglers.
In order to combat this
illicit traffic further, we enacted a law in 1935
imposing heavy fines on the master or owner of any
vessel visiting our ports on which unmanifested
heroin, morphine or cocaine is found./-Aftor tfa»*»
TOSS*
prohibited the sale of smoking opium to the people
"Wherever the Japanese Army goes, the drug
traffic follows.
In every territory conquered by
the Japanese, a large part of the people become en
slaved with drugs," Commissioner Anslinger
continuing:
/
"We in the Treasury Department have been in a
war against Japanese narcotics policy and practices
for more than ten years.
Many shipments from nar
cotic factories licensed by the Japanese government
have been smuggled into the United States.
For
instance, year after year from 1920 to 1935 large
quantities of the Fujitsuri brand of
cocaine illicit
ly entered the United States, Canada, China and India.
In reply to our demands that the traffic be suppressed
we got only bland expressions and futile answers.
"Japanese penalties (an open scandal) were two
months’ imprisonment, usually suspended, and a 100
yen fine, for an offense which in this country would
carry 5 to 10 years’ imprisonment, or capital punish
ment in China.
One shipment seized in Seattle from
four Japanese totalled a million shots of morphine.
It came from a government licensed factory,
the
Japanese Pharmaceutical Establishment at Osaha.
We
also seized a large shipment of morphine concealed
2
already invaded or marked for invasion by Japan*
Under the Secretary*s policy of co-ordinating
the work of Treasury law enforcement agencies, the Bur
eau of Narcotics has had the active help of the Coast
Guard, the Bureau of Customs, the Secret Service and the
investigative units of the Bureau of Internal Revenue in
fighting the Japanese opium offensive.
years ago, an offensive in which, the weapons were nar
cotic drugs, Secretary Morgenthau said today.
The Secretary made the assertion in disclosing
details of the battle conducted by the co-ordinated law
enforcement agencies of the Treasury Department against
what he said was an illicit opium traffic engaged in by
Japan as an instrument of national policy for a decade
before Pearl Harbor*
Commissioner of Narcotics Harry J. Anslinger
reported to the Secretary that he had abundant proof
that Japan had defied international commitments by pro
moting the opium trade.
As head of the Treasury’s Bur-;
eau of Narcotics, Mr. AnsjLinger has been in constant
touch with both legal and illict trade in narcotics and
for many years collaborated closely with the late Stuart
J. Fuller, the American representative of the League of
Nations Opium Advisory Committee, in international dis
cussions«
The Narcotics chief told Secretary Morgenthau
that Japanese officials had had three obvious objectives
in their traffic: to gain revenue, to corrupt Western
nations and to weaken and enslave the peoples of lands
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Monday, Ja n u a ry 26, 19^-2.
P r e s s S e r v ic e
No. 29-32
Japan*s war on Western C i v i l i z a t i o n s t a r t e d t e n y e a r s ago,
an o f f e n s i v e in which th e weapons were n a r c o t i c d rugs, S e c r e t a r y
Morgenthau s a i d t o d a y .
The S e c r e t a r y made t h e a s s e r t i o n in d i s c l o s i n g d e t a i l s o f
t h e b a t t l e conducted by t h e c o - o r d i n a t e d law enforcement a g e n c ie s
of t h e T re a s u r y Department a g a i n s t what he s a i d was an i l l i c i t
opium t r a f f i c engaged in by Japan as an in s t r u m e n t of n a t i o n a l
p o l i c y f o r a decade b e f o r e P e a r l Harbor.
Commissioner of N a r c o t i c s Harry J . A n s l i n g e r r e p o r t e d t o the
S e c r e t a r y t h a t he had abundant p r o o f t h a t Japan had d e f i e d i n t e r
n a t i o n a l commitments by promoting t h e opium t r a d e . As head of
th e T r e a s u r y ' s Bureau of N a r c o t i c s , Mr. A n s lin g e r has been in
c o n s t a n t touc h w ith b o th l e g a l and i l l i c i t t r a d e in n a r c o t i c s and
f o r many y e a r s c o l l a b o r a t e d c l o s e l y with t h e l a t e S t u a r t J , F u l
l e r , t h e American r e p r e s e n t a t i v e of t h e League of N ations Opium
Advisory Committee, in i n t e r n a t i o n a l d i s c u s s i o n s .
The N a r c o t i c s c h i e f t o l d S e c r e t a r y Morgenthau t h a t Ja p a n e s e
o f f i c i a l s had had t h r e e obvious o b j e c t i v e s in t h e i r t r a f f i c : to
gain revenue, t o c o r r u p t Western n a t i o n s and t o weaken and en
s la v e t h e p e o p l e s of l a n d s a l r e a d y invaded o r marked f o r in v a
sio n by J a p an .
Under t h e S e c r e t a r y ' s p o l i c y of c o - o r d i n a t i n g th e work of
T re a su ry law enforcement a g e n c i e s , t h e Bureau of N a r c o t i c s has
had t h e a c t i v e h e l p o f t h e Coast Guard, t h e Bureau of Customs,
t h e S e c r e t S e r v i c e and t h e i n v e s t i g a t i v e u n i t s of t h e Bureau of
I n t e r n a l Revenue in f i g h t i n g th e Ja p a n e s e opium o f f e n s i v e .
“Wherever t h e J a p a n e s e Army goes, th e drug t r a f f i c f o l l o w s .
In every t e r r i t o r y conquered by t h e J a p a n e s e , a l a r g e p a r t of
th e people become e n s la v e d w ith d r u g s , “ Commissioner A n s lin g e r
rep o rted , continuing:
“We in t h e T re a s u r y Department have been in a war a g a i n s t
Japanese n a r c o t i c s p o l i c y and p r a c t i c e s f o r more th a n t e n y e a r s .
Many shipments from n a r c o t i c f a c t o r i e s l i c e n s e d by the Ja p a n e s e
government have been smuggled i n t o th e U n ite d S t a t e s , For i n
s t a n c e , y e a r a f t e r y e a r from 1920 t o 1935 l a r g e q u a n t i t i e s of t h e
F u j i t s u r i b rand of c o c a in e i l l i c i t l y e n t e r e d t h e U n ite d S t a t e s ,
Canada. China and I n d i a . In r e p l y to our demands t h a t t h e t r a f
f i c be s u p p r e s s e d we got only b la n d e x p r e s s i o n s and f u t i l e an
swers .
“Japanese penalties (an open scandal) were two m o n t h s ’
imprisonment, usually suspended, and a 100 yen fine, for an
offense which in this country would carry 5 to 10 y e a r s ’ imprison
ment, or capital punishment in China.
One shipment seized in
Seattle from four Japanese totalled a million shots of morphine.
It came from a government licensed factory, the Japanese
Pharmaceutical Establishment at Osaka.
We also seized a large
shipment of morphine concealed in soy beans which arrived in the
United States on the same ship with Prince Chichibu, the Emperor’s
brother.
"We have experienced Pearl Harbors many times in the past
in the nature of dangerous drugs from Japan which were meant to
poison the blood of the American people.
The Treasury Department’
Coast Guard for years has trailed Japanese vessels into and out of
Honolulu and Pacific Coast ports to prevent dope cargoes from
being thrown over the sides of vessels to smugglers*
In order
to combat this illicit traffic further, we enacted a law in 1 9 3 5
imposing heavy fines on the master or owner of any vessel
visiting our ports on which unmanifested heroin, morphine or
cocaine is found.
"When we took over the Philippine Islands we prohibited the
sale of smoking opium to the people by the government.
The
Japanese now have their eyes on this large potential revenue and
if they should conquer those Islands, they would immediately
re-establish a system of sale of opium to the Filipinos*
They
are master technicians at poisoning with drugs,
"We attacked the Japanese opium policy year after year in
the Opium Advisory Committee at Geneva and were always joined by
our Canadian, Chinese and Egyptian colleagues, who had evidence
to corroborate our allegations.
We charged that the Japanese
Army in China had been deliberately encouraging and spreading the
illicit use of narcotics among the Chinese, with the inevitable
result that, in the words of a resolution of the Opium Advisory
Committee, ’the situation in those regions (in China) which are
under Japanese influences has deteriorated to an alarming extent.’
"In all parts of Chinese territory under Japanese military
occupation conditions were getting steadily worse.
In North
China all legal control of the narcotic trade had ceased to exist
since its invasion by the Japanese in August 1937.
The propor
tions which the traffic had assumed could be gauged, for example,
by shipments to the United States from the Japanese Concession in
Tientsin.
By one gang of traffickers alone, enough heroin was
smuggled into the United States to supply 10,000 addicts for one
year.
We very properly protested at the failure of the Japanese
authorities to observe the obligation to limit the manufacture and
control the distribution of narcotics.
-3Morphine and heroin were also used by the Japanese Army as
a means of destroying the bodies and souls of the people In the
areas which that army occupied.
This is another form of chemical
warfare against the Chinese people as deadly as that of the
prohibited gases.
It is not only a violation of the international
opiuir/Conventions to which Japan is a party, but also a
diabolical method of killing off the Chinese population in the
occupied areas by slow poisoning.
MJapanese authorities derive revenue from it to cover part
of the costs of their invasion.
This method of systematic
poisoning is adopted by Japan to weaken Chinese resistance and to
find traitors among the Chinese, because drug addicts will do
anything to obtain drugs, and are useless in the fight against
the invader, in which courage and determination must make up for
the inferiority of China1s armaments.
"Lieutenant-Commander Fletcher, in the House of Commons on
December 2 2 nd, 193&* gave a vivid description of the position
when he stated:
‘Pestilence and war are historically associated
with each other, but it has been left to the Japanese to find a
way of making a pestilence pay for w a r . 1
"Is it surprising that in such circumstances the ravages of
drugs are decimating the Chinese people, to whom the Japanese
military say they are bringing ‘order and p e a c e 1 and ‘the benefits
of friendly collaboration1?
11It is difficult to estimate the number of opium addicts in
the occupied areas; but there can be no question that in those
areas, including Manchuria and Jehol, never at any time in their
history has the situation been so revolting, never has the
percentage of opium addicts and other drug addicts been so high,
as since they have been occupied by the Japanese troops.
It is
equally beyond question that no such situation exists, or ever
has existed, anywhere else in the world.
"The Chinese people are not alone in suffering the conse
quences of the situation in the occupied areas.
Japanese
authorities in China are feeding the international traffic and
crossing the seas to poison other countries as well.
"In*the Japanese-controlled areas of China, so great was
the increase in drug addiction during a year that enormous
quantities of opium have been imported into China to satisfy that
addiction.
The movements of opium and heroin into the Japanesecontrolled areas have been made with as much secrecy as possible.
Japanese Concessions in China, especially that of Tientsin,
and also the Hankow Concession before its evacuation by the
Japanese authorities, constitute or constituted centers of illicit
traffic; Manchuria and Jehol were transformed into narcotics
arsenals; Japanese Consulates, such as that at Chengchow in Honan
have acted as centers for the distribution of drugs; Japanese
Army lorries have been used to transport narcotic drugs which have
poisoned Chinese by the thousands almost all over China.
“Huge quantities of opium arrived in North China and in
Shanghai consigned to the Japanese Army and to Japanese firms.
n addition, a large quantity (l , 0 0 0 chests) of opium was reported
as being held in Macao to the order of the Japanese Army and
Japanese firms, intended eventually for sale in either South China
or in Shanghai.
r
*
MA lot of ^28> chests from the 'Singapore Maru* arrived in
Tangku and was distributed under the control of a Japanese Army
officer at Tientsin; J00 chests were sent to Shanghai, via Dairen
and were taken over by the Japanese Army.
"Efforts were under way for some time to sell, under the
control of a colonel of the Japanese Army who has been entrusted
by that army with arrangements for the sale of opium in the
Shanghai region, 460,000 pounds of opium (12,000,000 shots of
heroin) which was consigned in care of the Mitsui Bussan Kaisha
at Shanghai.
"In addition to these activities by the Japanese Army, Japan
itself and all Japanese possessions are havens for Japanese
nationals engaged in the illicit drug traffic.
"When the Japanese military forces of the regime now
functioning in Manchuria and Jehol occupied northern X h a h a r there
immediately resulted a forced increase in the area sown to poppy
and in opium production; and morphine factories were at once
started in Chahar by Japanese.
One factory at Kalgan was reported
to have an output of 5 0 kilograms of heroin daily, a sum fifteen
times the legitimate needs of the world.
Major General Kita, Japanese Military Attache in Shanghai,
speaking of the Inner Mongolian crisis said, 'Reports that these
Mongols are too poor to buy tanks, armored cars and munitions are
untrue, for they have assets such as a vast opium harvest.
We have
been paid in k i n d . '
The situation in Manchuria is terrifying.
The condition in
that area is now almost beyond belief.
This is the one region in
the world where the governing authority not only makes no effort
to* prevent the abuse of narcotic drugs but actually profits by the
rapid increase of narcotic addiction.
The degradation of the
population of Manchuria through increasing use of opium and its
-5
derivatives has come to a pass where even Japanese newspapers
published in that area have been moved to protest.
nP re s s r e p o r t s have s t a t e d t h a t , in 1935 1
“th e p r i n c i p a l
c i t i e s o f M anchuria, n e a r ly 6 ,0 0 0 p e rso n s d ie d o f n a r c o t ic a d d ic
t i o n w ith o u t any p r o v is io n f o r t h e i r in te r m e n t. An e y e -w itn e ss
who was in Mukden in O cto b er 193& I s q u o te d as sa y in g :
'Adjacent to a rag-pickers1 market about
a reeking open sewer are some fifty or more hovels
inhabited by the/lowest type of prostitutes who,
in addition to their regular occupation, also openly
dispense narcotics.
The setting was loathsome to a
degree.
Demonstrating with perculiar force the
relation of cause to effect, there lay on an ash
heap just behind the narcotic brothels seven naked
corpses which had evidently been stripped of their
rags by fellow addicts.
It is generally stated that
this is a daily sight, despite regular removal of
the bodies by the Red Swastika Society.
There was
offered no other explanation than that these dead
met their end through narcotics poisoning.'
“During the last two years, there have been in Harbin many
Japanese addicts, especially among the soldiers and officers of
the Japanese Army.
During the very severe Harbin winters, many
addicts die in the street; their corpses are left for days in the
streets, as nobody bothers to take them away; even the dogs
sometimes will not eat them.
“The Japanese Concession in Tientsin has become the heroin
center of China proper and of the world, and it is from here that
not only the Chinese race but all other countries of the world are
being weakened and debauched.
We should not be far short of the
mark if we said that ^0% of all the illicit ’white drugs' of the
world are of Japanese origin, manufactured in the Japanese
Concession of Tientsin, around Tientsin, in or around Dairen or in
other cities of M&nchuria, Jehol and occupied China, and this
always by Japanese or under Japanese supervision.
Words would
fail to describe the revolting conditions in the dens of the
Japanese Concession.”
Commissioner Anslinger quoted the following text of a
regulation appearing in a booklet which the Japanese Military
Command distributes to Japanese soldiers:
“Paragraph 1 5 . — The use of narcotics is unworthy
of a superior race like the Japanese.
Only inferior
races, races that are decadent, like the Chinese,
Europeans and the East Indians, are addicted to the use
of narcotics.
This is why they are destined to become
our servants and eventually to disappear,
-
6-
"A Japanese soldier who is guilty of using
narcotics becomes unworthy of wearing the uniform
of the Imperial Japanese Army and of venerating our
divine Emperor.“
“This Japanese Army creed l,s a joke," Mr. Anslinger con
tinued.
“One thousand hospital beds at Nanking are filled with
heroin-addicted soldiers of the Japanese Army.
Illicit drug
trafficking acts like a boomerang, the purveyors of the drugs
often becoming its Victims* Many Japanese Army officers in
Manchuria have fallen victims to .the drug habit.
Where Japanese
influence advances, the drug traffic and drug addiction go with
it.
“These statements are supported by the minutes of the Opium
Advisory Committee for the years 193^ to 19*4-0. Nearly all of the
members of that Committee representing twenty-seven nations were
of the opinion that Japan*s aggressive dope-spreading policy was
just as definite an instrument of national policy as her military
aggression.“
-oOo-
If this
Is
accoaplished it will be
a
contribution
to the financing of the war, the morale of our
people, and the rictory of our cause.
<* 24 *
I f ® Americanscan be proud of the unity
that has been shown by all sections of our
people since Pearl Barber.
is
a precious thing.
But national unity
It will be subjected to
many strains in the souths and years of trial
abet'
r this reason, with your help, I am
going to fight for the speedy removal of
any defects in the tax laws which may injure
dollars in additional revenue} I should like
the very first billion of that amount to be
obtained by closing the remaining loopholes.
'» ss
•*
th® American public has been inclined to shrug
its shoulders at the defects in our tax lawsj
yet they are not small matters, either morally
or materially, nor are they matters beyond
the control of the people themselves.
It has been difficult until now to
correct our tax laws because taxpayers have
been too few and too indifferent.
Until the
great body of American taxpayers becomes
thoroughly aroused to the injustices which
have been left on the statute books year after
year, we cannot expect to correct the laws.
The remedy lies in your hands as taxpayers.
of their income indefinitely.
In oil company
which may long ago have recovered tax free many
times the cost of the wells which it is operating
is still permitted a deduction of 27 1/2 per cent
of the gross income from those very same wells.
The allowance of percentage depletion
costs the Treasury, on the basis of existing
rates, at least $80,000,000 a year.
I have pointed out the most glaring
examples of these loopholes, but there are
others, all of them unfair to the many for
the advantage of the few, all of them dangerous
to the unity we need to win this war.
Perhaps
* £1 *
jour capital*
Headless to ®ay, you are not
permitted to deduct more than the cost of the
machine*
But you may be surprised to learn that
this is not true of mines and oil wells whose
owners are permitted oyer the years to deduct
far more than the amount of money which they
have put into the property for the conduct of
their business*
The so-called percentage
depletion provision of the income-tax law
allows these companies, not simply to deduct a
percentage of the cost of their wells and mines
each year until the entire cost has been made
good, but to deduct an arbitrary percentage
«* 30 *
a year, in addition to the revenue that is lost
because of the eoMunity-property tax privilege*
Percentage Depletion
The final loophole which I shall mention
this afternoon is one against which the Treasury
has struggled for years without avail*
If you
use a machine in your business and that machine
can be expected to last for ten years, you
are permitted to deduct each year for ten years
one-tenth of the cost of that machine*
Because
you will probably have to buy a new machine at
the end of ten years, this deduction Is a fair
and reasonable method of allowing you to recover
half of
securities to M s
he will
pay a tax of $20,926 and M s wife will pay a
tax of the same amount*
T M s couple, at the
a
reduction of $10,896 in its income-tax
under pi
loophole could
and the unfairness to the great mass of
by taxing ^acl
A
-The ■■■'a n >i>1 o <&■eigmp"lie|
1wfeyynaw^
A
tax returns
TU.
AsV^-£s&y'V''--£-''^
for^ husband and wife cos5/
i Treasury, on *■
fl X k o , 0 6 0 , 0 66
basis of
rates
t $EüliirÜMllj0UÖ*“
A
- 18 to-y*.
/^4ur4'
present law, if & husband
h t& income t
.gnè^h
m i iste»
grid1hl'ar*
A
J
uif e ^ e # IncemaEy each pays a tax on the
separate income.
progressive —
Because the income«tax rates are
that is* because the higher the
income the greater is the rate of tax —
a family
in which both husband and wife hay© income pays
less tax, in many instances, than a family
haying the same amount of income all of which
is received either by the husband or the wife,
Let us take the case of a married taxpayer
in the upper brackets haying a $100,000 Income
from securities,
Under the present law he
would pay a tax of $52,748,
But if he gives
able to escape their fair share of the load at
the expense of the married citisene in the
rest of the country.
The existence of this communi ty-property
tax privilege costs the Treasury, on the basis
Jt'S'S7
0001
of existing rates, about ^86,QQ6;-660-a year.
Separate Returns for Husband and Wife
The removal of this community-property
privilege alone would not, however, reach a
Ci
still more widespread form of avoidance* SSaeiyj—
(K
V ¿¿A
4<weM*^tBc0Bte between ■
¿ fit,
X X t y 'X
& '¿ m
*-
huwband axul jul£a« la such a manner that two
A
families having virtually the same economic
position pay vastly different taxes.
Under the
*u4
- 16 ~
have the management and control of the income
and in both cases the income is devoted to the
family purposes.
In a community-property State a husband
who earns a $10*000 salary is allowed to report
only $5*000 of that salary as his income and
his wife may report the other $5,000 as hers.
The two of them together will pay a total tax
of $965.
In the thirty-nine other States*
however* the husband who earns a $10*000 salary
must report that salary as M s
pay a tax of $1,505 on it.
income and must
Thus the married
citiaeas of nine out of forty-eight States are
- IS -
fit existence of this loophole costs the
Treasury, at present tax rates, about $200,000,000
a year.
A second source of tax discrimination
exists in the nine States having what is called
the community property system*
In a
commun!ty*preperty State the law assumes that
the income of the husband belongs equally to
the husband and wife*
let since the husband
has full management and control of the whole
income, he is, in practical effect, in no
different position fro® a husband in a
noa~comunliy~property State.
Both of them
- 14 -
no matter how high the tax rates may be for
others, a taxpayer is not obliged to contribute
anything in this hour of his country's peril, if
only he can afford to lay his hands upon a
sufficient amount of tax-exempt securities.
The Federal Government last year took a
first step toward remedying this situation by
stopping the issuance of tax-exempt Federal
securities.
Sow that we are at war, now that
the revenue needs of the Government have soared
beyond all previous conceptions, it is high time,
in m y opinion, to tax the income of State and
municipal securities —
not only the income from
future issues, but also the income from those
issues now outstanding
* 13
specific examples of tax loopholes —
and I
could name a great many more than four —
which have been allowed to remain on the statute
books at the expense of the majority of our
taxpayers*
Tax-Ixempt Securities
The first Is the continued existence of
tax-exempt securities*
At present, as you know,
the interest from State and municipal bonds is
exempt from Federal income tax*
gives
% m sr
wealthy taxpayers
This provision
w „ not from
A
some income tax, but from all income taxes*
matter how much
m oney
No
may be needed for the war,
tax Is the fiscal year that
ends is June#
Bow can the war efforts of our
reach their peak level until such a
situation
getting tl
as it Is
In
m m
we he sure
from everyone until
to make them?
we are drafting youni
to fight and risk their lives for their
country,
>ge for a few
So that you
in mind, I should like to turn now to four
-11
Yet I am
*
to say that the present
so rry
tax structure still falls short of the requirements
of equity and the insistent needs of a nation
at war.
In spite of all our efforts of recent
years our tax laws are still weakened by
loopholes; it is still possible for a few thousand
Individuals to escape their fair share of the
burden and to pass their share onto the shoulders
of the rest of us.
I asked our Treasury tax
experts the other day to compute the total
am ount
of revenue that had to be passed onto the shoulders
of other taxpayers because of the existence of
loopholes in the law.
The answer was almost a
billion dollars, about one-eighth of the entire
-
10
-
How that we are at wap, the fight becomea
more necessary than ewer.
The President has
spoken again and again of the need of ¡asking
our taxes not only effective but equitable as
well.
Only the other day, In his Budget message,
he repeated that "a fair distribution of the
war burden is necessary for national unity."
War knows no avoidance.
As the President
said, "When our enemies challenged our country
to stand up and fight they challenged each and
every one of us."
Every one of us has a direct
stake in the outcome of this war, and each of
us must, therefore, pay his fair share of the
cost.
For eight years at the Treasury I hare fought
against the remaining vestiges of unfairness
d n the statute hooks, and in almost every one
of those eight years Congress has closed some
loopholes and enacted some remedial provisions*
In the Revenue Act of 1937 there was a
whole series of reforms which mad# it impossible,
among other things, for anyone to escape
taxation by incorporating his yacht or country
estate, or by creating a personal holding company
These devices have now been outlawed*
Since
then the struggle to perfect the statutes has
gone on without stopping*
We are, however, entitled to ley down
just this one premises
that whatever hardship
may be in store, we shall face it together?
that it shall be distributed fairly and borne
by all in their fair proportion,
in
with their ability to carry it.
And that brings
accordance
me to the chief subject I should like to discuss
this afternoon.
This Administration has tried hard for
years, and with a good deal of success, to
remove tax injustices.
two kinds:
Such Injustices are of
those which permitted some to escape
their fair share of tax payments, and those
which bore down too harshly upon certain taxpayer
<, 7 «*
tradition to face the facts* however harsh the
facts may he#
You know, without
my
saying so,
that we cannot divert half of our national
income to war production without “dislocating*
our
econom y
without
my
from
it s
customary routine.
You know,
saying so, that we cannot spend forty
billion dollars in this year 1942 without
“disturbing* ordinary business and ordinary
living.
You know, too, that we cannot fight
and win a life-and-&eath struggle, a war that
encircles the whole planet, without discarding
old habits, old fears, old notions of
businisas-usual»
-
without flinching.
before, that i t ’s
6 »
Wt know, as I have said
a
million times cheaper to
win a war than to lose one.
This is not the time for me to discuss
the new tax program.
The President has said
we must have nine billion dollars in new revenue.
We have no more right to fall short of that
goal than we would have to fall short of the
President’s announced goal of sixty thousand
plane® and forty-five thousand tanks in 1942.
It will produce hardship; of course it
will*
Since when have the American people been
daunted by hardship?
It is part of our American
<■»
Involve.
m
In the near future, for example, we
shall face a new challenge of a kind which I
think too few of us have planned for or even
considered.
the war.
That is the challenge of paying for
It will come first on March 18th(
fifteen million
will be called upon to
Income taxes for the
m
&
winning
of this war.
It will come later in the
of the
increased war taxes which we
shall have to impose upon ourselves in the new
financial year.
I am confident that we shall
*
4
*
total has now passed throe billion dollars, and
the response in January has set new records in
every direction*
Whatever test m y
going to surmount it*
be given to us, we are
Whatever hardship m y
be in store for us, we are ready to take it
and give it back to our enemies & hundredfold
until victory is won*
That was the pioneer way
in the old Ohio days; that is the American way
today*
That is the way we shall keep faith
with the pioneers and with the promise of a
better world which they foresaw.
We have only just begun to fight; we have
only begun to learn what this war effort will
answered the shock
of Pearl Harbor by
ourselves to
ever confronted our
country.
1
m
that we can take
accepting and
other day, the
of
such
number of
se will be utterly unable to match us,
If any further
our
.# let any of our
ignificent response to the sale of
<3N
IP
in the
look at the
You and all the others of our 130 million
people have begun to speak In the only language
that tyrants understand —
the language of tanks
and planes, guns and ships, and men with the
courage and conviction to carry that message
all the way to Tokyo and Berlin.
fhat has happened,
I wonder, to those who
used to say that the pioneer spirit was dead?
The pioneers who opened Ohio did not let danger
or hardship daunt them} they regarded every
danger as a challenge, every hardship an
adventure.
spirit.
You in Cleveland have not lost that
It is alive and strong, here in your
State and in every State.
I am very happy to be with you in
Cleveland this afternoon, because this great
city, far from any battle line, is on© of
the places where the outcome of this war and
the future of this country Is being decided*
Here in the Cleveland area you have a
great concentration of the forges and the
assembly lines which are America fs real front
lines at this moment*
Bay and night your
industrial wheels are turning, your hammers
pounding, your fires burning, your workers
toiling, to win the war*
You in Cleveland are
showing what our free people can do when they
are aroused, and I take m y hat off to you*
TREASURY DEPARTMENT
Washington
(The following address by SECRETARY MORGENTHAU
before the Forum of the City Club of Cleveland
is scheduled .to be delivered at the Statler
Hotel in Cleveland, Ohio, at 1 P,M., Eastern
Standard Time, Saturday, January 24, 1942, and
is for release upon delivery at that time,)
I am very happy to be with you in Cleveland this after
noon, because this great city, far from any battle line, is
one of the places where the outcome of this war and the
future of this country is being decided.
Here in the Cleveland area you have a great concentra
tion of the forges and the assembly lines which are America’s
real front lines at this moment.
Day and night your indus
trial wheels are turning, your hammers pounding, your fires
burning, your workers toiling, to win the war.
You in
Cleveland are showing what our free people can do when they
are aroused, and I take my hat off to you.
You and all the others of our 130 million people have
begun to speak in the only language that tyrants understand —
the language of tanks and planes, guns and ships, and men with
the courage and conviction to carry that message all the way
to Tokyo and Berlin.
What has happened, I wonder, to those who used to say
that the pioneer spirit was dead? The pioneers who opened
Ohio did not let danger or hardship daunt them; they regarded
every danger as a challenge, every hardship an adventure.
You in Cleveland have not lost that spirit.
It is alive and
strong, here in your State and in every State.
Already we have answered the shock of Pearl Harbor by
dedicating ourselves to the greatest job that ever confronted
our country. We have shown that we can take marching orders
2 9 -8 3
-
2
-
by accepting and applauding the great task the President set
for us the other day, the task of making such an overwhelm
ing number of weapons that the Nazis and the Japanese will
be utterly unable to match us.
If any further proof of our determination were needed,
let any of our enemies look at the magnificent response to
the sale of Defense Bonds and Stamps in the past few weeks.
The t o t a l h a s now passed three billion dollars, and the
response in January has set new records in every direction.
Whatever test may be given to us, we are going to sur
mount it. Whatever hardship may be in store for us, we are
ready to^take it and give it back to our enemies a hundred
fold until victory is won.
That was the pioneer way in the
old Ohio days; that is the American way today.
That is the
way we shall keep faith with the pioneers and with the
promise of a better world which they foresaw.
We have only just begun to fight; we have only begun to
learn what this war effort will involve.
In the near future,
for example, we shall face a new challenge of a kind which I
think too few of us have planned for or even considered.
That is the challenge of paying for the war.
It will come
first on March 16th, when fifteen million Americans will be
called upon to pay income taxes for the waging and the win
ning of this war.
It will come later in the payment of the
vastly increased war taxes which we shall have to impose
upon ourselves in the new financial year.
I am confident
that we shall meet those new requirements, and any require
ments, without flinching. We know, as I have said before,
that i t ’s a million times cheaper to win a war than to lose
one.
This is not the time for me to discuss the new tax pro
gram.
The President has said that we must have nine billion
dollars in new revenue.
We have no more right to fall short
of that goal than we would have to fall short of the President’s
announced goal of sixty thousand planes and forty-five thousand
tanks in 1942.
- 3 -
It will produce hardship; of course it will.
Since
when have the American people been daunted by hardship?
It is part of our American tradition to face the facts,
however harsh the facts may be.
You know, without my say
ing so, that we cannot divert half of our national income
to war production without "dislocating” our economy from
its customary routine.
You know, without my saying so,
that we cannot spend forty billion dollars in this year
1942 without "disturbing" ordinary business and ordinary
living.
You know, too, that we cannot fight and win a
life-and-death struggle, a war that encircles the whole
planet, without discarding old habits, old fears, old
notions of business-as-usual.
We are, however, entitled to lay down just this one
premise: that whatever hardship may be in store, we shall
face it together; that it shall be distributed fairly and
borne by all in their fair proportion, in accordance with
their ability to carry it.
And that brings me to the chief
subject I should like to discuss this afternoon.
This Administration has tried hard for years, and with
a good deal of success, to remove tax injustices.
Such
injustices are of two kinds: those which permitted some to
escape their fair share of tax payments, and those which
bore down too harshly upon certain taxpayers.
For eight
years at the Treasury I have fought against the remaining
vestiges of unfairness in the statute books, and in almost
every one of those eight years Congress has closed some
loopholes and enacted some remedial provisions.
In the Revenue Act of 1937 there was a whole series of
reforms which made it impossible, among other things, for
anyone to escape taxation by incorporating his yacht or
country estate, or by creating a personal holding company.
These devices have now been outlawed.
Since then the
struggle to perfect the statutes has gone on without
stopping.
4
-
Now that we are at war, the fight becomes more neces
sary than ever.
The President has spoken again and again
of the need of making our taxes not only effective hut
equitable as well.
Only the other day, in his Budget
Message, he repeated that !,a fair distribution of the
war burden is necessary for national unity.”
War knows no avoidance.
As the President said, “When
our enemies challenged our country to stand up and fight
they challenged each and every one of u s . ” Every one of
us has a direct stake in the outcome of this war, and each
of us must,- therefore, pay his fair share of the cost.
Yet I am sorry to say that the present tax structure
still falls short of the requirements of equity and the
insistent needs of a nation at war.
In spite of all our
efforts of recent years our tax laws are still weakened by
loopholes; it is still possible for a few thousand indi
viduals to escape their fair share of the burden and to
pass their share onto the shoulders of the rest of us.
I
asked our Treasury tax experts the other day to compute the
total amount of revenue that had to be passed onto the
shoulders of other taxpayers because of the existence of
loopholes in the law.
The answer was almost a billion
dollars, about one-eighth of the entire receipts from income
tax in the fiscal year that ends in June.
How can the war
efforts of our people reach their peak level until such a
situation has been remedied? Can we be sure of getting the
maximum response from everyone until everyone feels that the
tax laws are as fair as it is humanly possible to make them?
In wartime, when we are drafting young men to fight and
risk their lives for their country, any special privilege
for a few becomes inexcusable.
So that you may know exactly what I have in mind, I
should like to turn now to four specific examples of tax
loopholes — and I could name a great many more than four -which have been allowed to remain on the statute books at
the expense of the majority of our taxpayers.
-
5
-
Tax-Exempt Securities
The first is the continued existence of tax-exempt
securities.
At present, as you know, the interest from
State and municipal bonds is exempt from Federal income
tax.
This provision gives wealthy taxpayers a possible
refuge, not from some income tax, but from all income
taxes.
No matter how much money may be needed for the
war, no matter how high the tax rates may be for others,
a taxpayer is not obliged to contribute anything in this
hour of his country’s peril, if only he can afford to
lay his hands upon a sufficient amount of tax-exempt
securities.
The Federal Government last year took a first step
toward remedying this situation by stopping the issuance
of tax-exempt Federal securities.
Now that we are at war,
now that the revenue needs of the Government have soared
beyond all previous conceptions, it is high time, in my
opinion, to tax the income of State and municipal securi
t i e s - - not only the income from future issues, but also
the income from those issues now outstanding.
The existence of this loophole costs the Treasury, at
present tax rates, about $200,000,000 a year.
Community Property
A second source of tax discrimination exists in the
nine States having what is called the community property
system.
In a community-property State the law assumes that
the income of the husband belongs equally to the husband and
wife.
Yet since the husband has full management and control
of the whole income, he is, in practical effect, in no dif
ferent position from a husband in a non-community-property
State.
Both of them have the management and control of the
income and in both cases the income is devoted to the familv
purposes.
J
In a community-property State a husband who earns
a $10,000 salary is allowed to report only $5,000 of that
salary as his income and his wife may report the other
$5,000 as hers.
The two of them together will pay a total
tax of $965.
In the thirty-nine other States, however, the
husband who earns a $10,000 salary must report that salary
as his income and must pay a tax of $l,305x on it.
Thus the
married citizens of nine out of forty-eight States are able
to escape their fair share of the load at the expense of the
married citizens in the rest of the country.
The existence of this community-property tax privilege
costs the Treasury, on the basis of existing rates, about
$55,000,000 a year.
Separate R e turns for Hu sband and Wife
The removal of this community-property privilege alone
would not, however, reach a still more widespread form of
avoidance.
I refer to the method of separating a husband’s
and w i f e ’s investment income — as distinguished from the
income they get from salary and wages — in such a manner
that two families having virtually the same economic position
pay vastly different taxes.
Under the present law, if
a husband and wife both have investment income, each pays
a tax on the separate income.
Because the income-tax rates
are progressive -- that is, because the higher the income
the greater is the rate of tax -- a family in which both
husband and wife have investment income pays less tax, in
many instances, than a family having the same amount of
income all of which is received either by the husband or the
wife.
Let us take the case of a married taxpayer in the upper
brackets having a $100,000 income from securities.
Under
the present law he would pay a tax of $52,748.
But if he
gives half of those securities to his wife, he will pay a tax
of $20,926 and his wife will pay a tax of the same amount.
This couple, at the cost of a moderate gift tax, has thus
secured a perpetual reduction of $10,896 in its income-tax
liability under present rates.
The loophole could be closed
and the unfairness to the great mass of taxpayers removed by
taxing the investment income of each married couple as a unit.
- 7 -
The use of separate tax returns for the investment
income of husband and wife costs the Treasury, on the basis
of present rates, about $260,000,000 a year, in addition to
the revenue that is lost because of the community-property
tax privilege.
Percentage Depletion
The final loophole which I shall mention this afternoon
is one against which the Treasury has struggled for years
without avail.
If you use a machine in your business and
that machine can be expected to last for ten years, you are
permitted to deduct each year for ten years one-tenth of the
cost of that machine.
Because you will probably have to buy
a new machine at the end of ten years, this deduction is a
fair and reasonable method of allowing you to recover your
capital.
Needless to say, you are not permitted to deduct
more than the cost of the machine.
But you may be surprised to learn that this is not true
of mines and oil wells whose owners are permitted over the
years to deduct far more than the amount of money which they
have put into the property for the conduct of their business.
The so-called percentage depletion provision of the incometax law allows these companies, not simply to deduct a per
centage of the cost of their wells and mines each year until
the entire cost has been made good, but to deduct an arbitrary
percentage of their income indefinitely.
An oil company which
may long ago have recovered tax free many times the cost of
the wells which it is operating is still permitted a deduction
of 27 1/2 per cent of the gross income from those very same
wells.
The allowance of percentage depletion costs the Treasury,
on the basis of existing rates, at least $80,000,000 a year.
I have pointed out the most glaring examples of these
loopholes, but there are others, all of them unfair to the
many for the advantage of the few, all of them dangerous to
the unity we need to win this war.
Perhaps the American
-
8
-
public has been inclined to shrug its shoulders at the
defects in our tax laws; yet they are not small matters,
either morally or materially, nor are they matters beyond
the control of the people themselves.
It has been difficult until now to correct our tax laws
because taxpayers have been too few and too indifferent.
Until the great body of American taxpayers becomes thoroughly
aroused to the injustices which have been left on the statute
books year after year, we cannot expect to correct the laws.
The remedy lies in your hands as taxpayers.
We Americans can be proud of the unity that has been
shown by all sections of our people since Pearl Harbor.
But national unity is a precious thing.
It will be subjected
to many strains in the months and years of trial ahead.
For
this reason, with your help, I am going to fight for the
speedy removal of any defects in the tax laws which may injure
our national morale.
We need nine billion dollars in additional revenue;
I should like the very first billion of that amount to be
obtained by closing the remaining loopholes.
If this is
accomplished it will be a contribution to the financing of
the war, the morale of our people, and the victory of our
cause.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Press Serrloe
Ho. 29-84
Monday, February 2, 1942»
1/53742
Secretary of the Treasury Morgenthau today made public the
first of a series of tabulations from "Statistics of Incase for
1939, Part 2, Compiled from Corporation Income and (Deolared Value)
Excess-profits Tax Returns and Personal Holding Company Returns,"
prepared under the direction of Commissioner of Internal Revenue
Guy T. Helvering*
The oomplete report will be published at a
later date.
RETURNS INCLUDED .
The returns oovered by these tabulations are, in general, for
the calendar year ending December 31, 1939.
However, a considerable
number of returns for a fiscal year, other than the calendar year,
ending within the period July 1939 through June 1940, are tabulated
with the oalendar year returns for 1939.
There are also included
part-year returns for which the greater part of the accounting
period falls in 1939.
Data are tabulated from Forms 1120 and 1120A filed by domestic
corporations and resident foreign corporations not exempt from tax
under seetlon 101, Internal Revenue Code as amended; also from
Form 1120L filed by domestic life insurance companies and by foreign
life insurance companies carrying on insurance business within the
-
2
-
United States or holding reserve funds upon business transacted
within the Uhlted States*
The data are tabulated froai the returns
as filed by the taxpayer* and prior to revisions that nay be made as
a result of audit by the Bureau of Internal Revenue*
Amended returns
and tentative returns are not included in the tabulations*
TAXES UNDER INTERNAL REVENUE CODE AS AMENDED
The corporation income tax rates in sections 13 and 14 of the
Internal Revenue Code as amended* became effective for taxable years
beginning after December 51* 1938* and the (declared value) excess«*
profits tax rates in section 600 of the Code as amended* became
effective for income-tax taxable years ending after «Nine 30* 1959*
Consequently* the majority of returns oovered by this statement are
filed under the provisions of the Internal Revenue Code as amended*
The corporation income and (declared value) excess-profits tax
rates are the same for all returns oovered by this statement* since
the Internal Revenue Code* approved Pebruary 10* 1939* contains the
tax rates whioh were in force on January 2* 1939— those of the
Revenue Act of 1938*
Moreover* the income and (deolared value)
excess»profits tax rates* applicable to all returns for 1959 filed
through December 31* 1940* are the same as those applicable to the
majority of returns for 1938 filed through December 51* 1939*
The name of the existing excess-profits tax in section 600 of
the Internal Revenue Code was changed to "Declared Value Excessprofits Tax*" effective Pebruary 10* 1939 (see seo* 606 of the Seoond
Revenue Act of 1940* approved October 8* 1940)*
The new name is
• 3 •
used throughout this series of tabulations» even though it did not
appear on the returns for 1939» many of whioh were filed prior to
the date of approval of the Second Revenue Aot of 1940«
NUMBER OF RETURNS, NET INCOME OR DEFICIT, TAX, AND DIVIDENDS PAID
IN CASH AND ASSETS OTHER THAN CORPORATION’S OWN STOCK
The number of corporation income and (declared value) excess«»
profits tax returns for 1939 is 515,960, of whioh 199,479 show net
income for (declared value) excess-profits tax computation of
$8,826,713,029, while 270,138 show a defioit of $2,092,147,535, and
46,343 have no inoome data (inaotive corporations).
The inoome tax
is $1,216,450,292, the (deolared value) exoess-profits tax
$15,805,962, the total tax $1,232,256,254,
The total amount of
dividends paid in oash and assets other than corporation* s own stock
is $5,746,738,970, of whioh $5,562,273,122 is reported on returns
with net inoome and $184,465,848 on returns with no net income*
Of the 199,479 returns with net income for (declared value)
excess-profits tax computation, 170,380 show only inoome tax liability,
49 show only (deolared value) excess-profits tax liability, 26,122
show both inoome tax and (deolared value) excess-profits tax liabil
ities and 2,928 show no tax liability.
As compared with 1938, the total number of returns decreased
4,541, or 0,9 percent, the number of returns with net income for
(deolared value) excess-profits tax computation increased 29,595,
or 17.4 percent, the number of returns with no net income decreased
31,010, or 10.3 percent, and the number of returns with no net income
data (inaotive corporations) decreased 3,126, or 6*3 percent*
The
net income for (declared ralue) excess-profits tax computation in
creased #2*300,733*772, or 36«3 percent* end the deficit decreased
|760*950*192* or 26*7 percent.
The income tax increased #362*872*361*
or 42*5 percent* the (declared value) excess-profits tax increased
#9*818*326* or 164*0 percent* and the total tax increased #372*690*687
or 43*4 percent*
DESCRIPTION OF TABLES
In the first of the two attached tables* there are shown* by
States and Territories and by returns with net income and with no
net income* the number of returns* total compiled receipts* net
income or deficit* income tax* (declared value) excess-profits tax*
and dividends paid in oash and assets other than corporation's own
stock*
The second table presents the following data for taxable
returns with net income* by net income olasses* cross-classified by
returns with income tax only* those with (deolared value) excessprofits tax only* and those with both types of tax*
Number of
returns* net income* income tax* and (deolared value) excess-profits
tax*
There are also shown* by net income olasses* for returns with
net income but with no tax* the number of returns and net income % and
by defioit classes* for returns with no net inoome* the number of
returns and deficit
- 5ITEM S TABULATED
"Net income" or "Deficit" is the amount reported for (declared
value) excess-profits tax computation (item 28, page 1, Forms 1120
and 1120A) and is equal to the difference between "Total inoome" and
"Total deductions" (items 14 and 27, respectively, page 1, Forms
1120 and 1120A).
The amount tabulated as "Inoome tax" represents an amount prior
to the allowance of credit claimed for inoome and profits taxes paid
to a foreign country or United States possession*
The "(Declared value) excess-profits tax" is the amount reported
as a tax liability (item 8, Schedule A, page 2, Form 1120 and item
40, page 1, Form 1120A)*
This amount is allowed as a deduction in
the computation of net inoome for inoome tax purposes and is reported
as item 29, page 1, Forms 1120 and 1120A, unless the return is
rendered on a cash basis*
If the cash basis of accounting is used,
the deduction is the amount of (declared value) excess-profits tax
aotually paid within the taxable year covered by the return*
In using the amounts of net inoome or deficit, attention is
oalled to the two special deductions from gross inoome permitted
life insurance companies under seotion 203 (a), Internal Revenue
Code as amended, relating to reserve funds required by law and
reserve ibr dividends*
On 1939 returns with net income these deduc
tions aggregate #17,344,708, and on returns with no net Inoome,
#899,758,292*
Table 1. - Corporation returns, 1939, by States and Territories and by returns with net income and with no net income» Humber of returns, total
receipts,
net Income or deficit, income tax, (declared value) excess-profits tax, and dividends paid in cash and assets other than corporation's own stock
(Honey figures in thousands of dollars)
States and Territories
n
12
,18
14
IS
16
17
18
19
20
21
2
2
23
24
25
26
27
28
29
80
31
32
33
34
35
36
37
38
39
40
41
42
48
44
45
46
47
48
49
50
51
Alabama
Alaska
Arisona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Loul siena
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraeka
Nevada
New Ha^>shire
New Jersey
New Mexico
New Torte
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Total
For footnotes, see page 8.
Total
number
of
returns 2/
3,432
274
1|422
2,479
24,097
5,355
9,286
3,109
2,710
9*450
5,425
809
1,991
55,409
11,668
7,378
4,559
4,870
6,119
5,645
6,080
23,116
15,885
10,151
2,509
14,515
2,552
4,266
904
1,484
27,820
997
122,070
6,210
2,235
24,904
5,424
4,878
25,094
3,479
5,405
2,159
4,791
15,723
2,646
1,281
6,946
10,455
4,665
14,955
1,150
515,960
Number of
returns
1,612
95
512
1,245
9,221
1,862
5,556
1,553
1,310
5,405
2,697
503
631
14,695
5,854
5,501
2,070
2,862
2,751
1,385
2,700
9,185
6,752
4,086
1,212
6,372
1,022
1,766
280
647
7,925
446
36,994
3,342
827
11,621
2,019
1,773
9,869
1,326
1,677
797
2,468
6,935
1,015
471
3,541
3,507
2,128
5,958
552
199,479
Total
compiled
receipts 4/
Returns with net income n __
Net
Incorna
(Declared
income ¡ /
tax
value)
excessprofits tax
432,537
10,464
109,438
256,203
5,093,991
528,362
1,732,237
1,498,834
626,150
605,649
888,768
261,775
104,247
11,990,379
1,668,733
945,178
571,674
906,294
750,672
320,552
1,121,800
4,402,716
6,916,261
1,868,411
215,654
3,045,740
167,891
433,791
265,237
181,117
3,031,265
64,317
27,152,888
1,432,150
77,174
7,135,306
854,524
425,617
8,345,021
590,678
434,054
85,532
848,625
2,482,033
2a, 719
108,080
1,077,092
868,062
575,469
1,857,268
47,794
25,213
1,105
6,710
14,553
454,985
46,794
149,057
428,284
46,468
40,502
69,108
28,604
9,027
700,077
117,924
52,417
27,656
65,188
52,287
25,826
117,498
311,012
609,127
111,853
11,285
240,452
ii,ea
29,724
12,644
12,707
342,294
3,747
2,536,806
114,597
2,a4
555,217
62,955
a , 982
692,260
45,698
23,107
3,828
55,267
ia,416
16,550
8,862
116,481
63,825
45,628
120,094
5,960
105,658,558
8,826,713
3,958
159
991
2,213
a , 084
6,982
22,401
38,584
6,008
5,878
10,873
3,729
1,289
105,965
18,661
8,191
8,969
10,223
7,560
3,7a
14,175
45,2 a
94,979
16,336
1,699
37,655
1,747
4,541
1,289
1,885
41,2a
524
320,448
18,» 9
347
85,885
9,235
3,ao
94,234
6,668
3,692
sa
8,865
26,294
2,262
1,271
17,866
8,860
6,745
19,245
ae
1,216,450
60
5
14
49
830
74
265
264
36
160
140
12
16
1,482
sa
139
49
136
127
108
195
714
6a
167
44
404
51
53
12
25
675
9
3,227
224
7
1,395
73
72
1,602
260
49
19
230
309
29
28
456
181
143
285
16
15,806
Dividends
paid in
cash and
assets
other than
corporation's
own stock
12,434
490
s,sa
8,204
a 6,262
29,003
80,096
348,005
28,986
18,755
38,529
18,245
e,ae
577,908
59,688
22,678
19,359
88,480
52,205
18,127
115,991
195,a e
554,585
60,529
4,909
144,703
7,294
18,958
7,624
8,057
2a, 205
1,893
1,710,547
60,599
1,157
293,710
49,715
11,574
ae,572
26,261
7,154
2,198
55,160
132,085
9,6a
4,495
59,212
54,i a
87,887
54,542
2,ae
5,562,278
Number of
returns
1,593
125
as
1,001
11,911
2,650
5,166
1,184
1,180
4,909
2,495
283
708
17,260
4,809
2,ea
2,055
2,170
2,834
1,936
2,745
12,763
7,589
4,584
1,082
6,735
1,190
2,007
406
782
17,728
422
77,258
2,591
1,018
11,940
2,850
2,a s
12,809
1,876
1,491
1,110
2,072
7,250
1,187
700
5,a9
4,985
2,190
7,257
479
270,188
Retums with no net income j j
Tota
Deficit 2/
compiled
receipts 4/
156,680
5,832
49,544
56, a 4
1,827,360
179'597
554,566
115,917
94,393
202,022
179,853
30,453
36,535
2,366,689
sa,m
a2, 329
a s ,880
165,948
265,353
154,204
422,s a
1,544,011
764,212
518^213
69,865
797,905
42,565
ia,135
11,144
57,382
l,a4,023
18^895
8,427,106
169^625
32,634
1,268,725
428,084
186,309
1,932,194
202,296
95,576
34,180
180, 7 a
964,817
67,713
59,554
211,603
285,962
152,385
465,864
16'922
27,a9,886
8,222
586
3,607
5'l93
97'551
15'751
47j909
12,415
61700
17,785
9'835
2,027
2,052
la, 006
55^043
a , 938
10^997
10, S U
14,495
11,014
58,940
120,218
72,922
42,385
4,596
69,610
Slll4
15,195
1^686
3,480
125'570
1,663
607'750
8,827
1,683
93,200
a , 966
14,586
149^259
9'336
4'a2
1,673
18^574
55j797
3,554
4Ì26S
a , 478
25^565
13,286
45^001
1,352
2,092,148
Dividends
paid in
cash and
assets
other than
corporation's
1*251
5
63
328
7,802
3'058
5^955
2*889
'264
1,263
1^158
126
188
19,440
2,548
l'l06
2*847
1,815
3^262
'267
1,827
4^984
2*314
l'884
455
3,730
'252
427
61
ia
9,758
59
36,652
'976
as
13,302
13^ 916
281
15,926
'696
294
141
2,903
8*535
195
325
2,666
2^492
615
2,878
'ill
184,466
1
2
3
4
5
6
7
8
9
10
11
u
18
14
16
18
17
18
19
<
0
n2
2
28
24
26
26
27
28
29
30
81
82
33
34
35
Tabla 2. - Corporation raturas, 1939, with nst income, ly nst income classes* Taxable, cross-classified tjjr type of tax liability, showing number of retains, net lncaem,
incone tax, and (declared value) excess-profits tax, and nontaxable, showing number of returns and net income; also corporation returns with no net
income, by deficit classes, ¿lowing number of returns and deficit
(Net income and deficit classes and money figures in thousands of dollars)
Returns with net income ¡ /
Total
Net income classes jr f
Under 1
1 under 2
2 under S
5 under 4
4 under 5
S under 10
10 under IS
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000
5,000 under 10,000
10,000 and over
Total
Nunber of
returns
Net income J j
Income tax
(Declared
value)
excessprofits tax
Number of
returns
Taxable
Income tax only
(Declared value) excess-profits tax only 5/
Net income J j
Income tax
Number of
Net inoome ¿/
(Declared
returns
value)
exceseprofits tax
73,604
24,310
14,983
10,404
7,974
21,701
10,437
6,351
5,269
9,591
6,314
4,649
1,885
1,046
943
125
93
25,650
56,177
56,901
36,105
35,759
155,145
128,035
110,340
118,469
331,879
445,564
717,816
661,577
729,305
1,997,062
887,859
2,376,090
3,086
4,179
4,584
4,279
4,254
18,895
16,028
13,933
15,357
51,124
70,006
109,372
99,151
107,679
278,974
116,779
298,970
99
148
163
163
153
685
528
420
444
1,045
1,595
2,141
1,518
1,721
3,198
1,055
934
67,224
20,882
12,479
8,501
6,590
17,550
8,530
5,156
4,250
7,606
4,928
5,626
1,483
818
790
101
86
23,157
30,203
30,687
29,543
29,554
125,504
102,459
89,678
95,712
268,909
347,721
561,912
519,655
574,458
1,692,818
704,629
2,113,747
2,826
5,654
5,711
3,560
3,571
15,479
12,937
11,594
12,465
41,470
54,512
84,596
76,982
82,652
234,972
92,088
264,158
12
2
5
4
1
11
6
1
1
2
1
1
1
4
3
12
15
4
78
75
15
23
70
85
210
386
1
2,842
25
-
-
-
199,479
8,826,713
1,216,450
15,806
170,580
7,340,544
1,000,829
49
5,322
81
Returns with net income ¡ / - Continued
Taxable - Continued
Nontaxable 6/
Both income and (declared value) excess-profits tax
Net income er deficit classes ¡ /
Under 1
1 under 2
2 under 8
3 under 4
4 under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000
5,000 under 10,000
10,000 and over
Total
Por footnotes, see page 8.
Number of
returns
5,436
2,993
2,216
1,701
1,251
3,821
1,957
1,115
966
1,653
1,311
953
571
Net income ¡ /
Income tax
186
20
7
2,181
4,355
5,504
5,865
6,615
27,133
23,714
19,282
a , 584
58,220
90,636
144,727
130,827
146,288
266,575
156,144
262,345
260
525
673
719
683
5,415
5,091
2,538
2,892
9,655
15,693
24,776
22,168
25,028
44,002
24,6a
34,812
26,122
1,370,7a
215,621
as
(Declared
value)
excessprofits tax
99
148
163
168
153
684
527
420
444
1,044
1,592
2,140
1,517
Number of
returns
3,173
1,053
954
932
453
285
198
132
339
144
79
52
130
74
69
SO
IS
16
4
-
15,775
2,928
1 ,7 a
Net income ¡ /
558
635
697
682
586
2,4a
1,787
1,565
Returns with no net
income ¡ /
Number of
retuns
Deficit 2/
5,123
10,968
10,708
8,559
35,530
27,066
-
154,828
56,596
18,844
11,568
7,896
18,157
7,038
3,794
2,294
4,745
2,423
1,386
582
187
167
18
15
150,525
129,086
346,130
134,020
258,568
112,326
8/316,481
2,092,148
i, ia
4 ,6 a
46,148
52,269
46,258
40,106
55,284
127,588
85,900
65,507
a , 126
164,899
166,724
212, 2a
(7
(7
(r
(7J
(7]
Vi
1
(7)
Í71
1
(71
1
2
-
8
-
Footnote« for Tables 1 and 2
1/
Return« filed in a State may not be a
complete coverage of all corporations
whose principal place of business is
looated therein« as a corporation may
file an inoome tax return either in
the collection district in which it
has its principal plaoe of business or
in the collection district in which it
has its principal offioe or agency,
and conversely, a tabulation for a
given State may inolude data from
returns of corporations having their
principal plaoe of business in another
State*
2/
Includes number of returns of inactive
corporations*
2/
"Wet inoome" or "Deficit" is the amount
reported for (declared value) excessprofits tax computation (item 28,
page 1, Forms 1120 and 1120A), and is
equal to the difference between "Total
income" and "Total deductions"' (items
14 and 27, respectively, page 1, F o m a
1120 and 1120A).
4/
"Total compiled receipts" corresponds
to "Total income" (item 14, page 1,
Forms 1120 and 1120A) after trans
ferring to deductions the negative
Items of inoome reported under sources of
inoome and adding "Cost of goods sold,"
"Cost of operations,"* (items 2 and 5,
respectively, page 1, Forms 1120 and
1120A) and "Wholly tax-exempt interest
on Government obligations*"
6/
Returns with (declared value) excessprofits tax liability on which "(Declared
valve) excess-profits tax" and/or
"Interest on obligations of the Doited
States subject to (declared value) excess«
profits; tax" are in excess of "Wet
for (deolared value) excess-profits tax
computation."
6/
Returns without (deolared value) excessprofits tax liability on whioh "Interest
on obligations of the United 8tates
subject to (deolared value) excessprofits tax" is in excess of "Wet
inoome for (deolared value) exoessprofits tew computation."
2/
Less than $500*
&/
Includes 46,343 returns of inactive corpo
rations*
TREASURY DEPARTMENT
Washington
FOR R E L E A SE , AFTERNOON PAPERS,
Wednesday, February A. IQ 42t
Press Servioe
No. 29-85
1/23/42
Secretary of the Treasury Morgenthau today made public the
second in the series of tabulations from "Statistics of Income for
1939, Part 2, Compiled from Corporation Income and (Declared Value)
Excess-profits Tax Returns and Personal Holding Company Returns,"
prepared under the direction of Commissioner of Internal Revenue
Guy T. Helvering.
The attached table shows hy major industrial groups and minor
industrial groups and by returns with net income and with no net
income, the number of returns, total compiled reoeipts, net income
or deficit, inoome tax, (declared value) excess-profits tax, and
dividends paid in oash and assets other than corporations own stock.
In general, corporations are classified industrially on the one
business activity which accounts for the largest percentage of "Total
receipts."
Therefore, the industrial groups oontain corporations not
engaged exclusively in the industries in whieh they are classified.
"Total reoeipts" means the sum of the following items1
Gross sales
(where Inventories are an ineome-detemlning factor); gross receipts
(where inventories are not an income-determining faotor); interest
on loans, notes, mortgages, bonds, bank deposits, etc.; taxable
interest on obligations of the United States; rents; royalties;
capital gain; gain from sale or exchange of property other than capital
iy
\
-
2
-
assets; dividends; and other income required by law to be included
in gross income*
The industrial groups for 1939 are comparable with those for
1958*
The Industrial classification tor
1939
and
1938
is based on
the Standard Industrial Classification* issued by the Division of
Statistical Standards* Bureau of the Budget* Executive Offioe of
the President*
Since the Standard Industrial Classification* as
at present designed* is on an establishment basis* oertaln modi
fications are neoessary to make it applicable to corporation inoome
tax returns which are filed on an ownership basis*
"Net inoome" or "Defioit" is the amount reported for (declared
value) excess-profits tax computation (item 28* page 1* Forms 1120
and 1120A) and is equal to
the
difference between "Total inoome"
and "Total deductions" (items 14 and 27* respectively* page 1* Forms
1120 and 1120A)*
The amount tabulated as "Income tax" represents an amount prior
to the allowance of eredit claimed for income and profits taxes paid
to a foreign country or Chited States possession*
Thr "(Deolured *»1««)
teas" la the Mount ra>
parted i* a tax liability (it«* S, lehadula A. pa*« 8, P a m
and itaa
40 ,
1180
pa*« 1 , Pam HiOA). Phis aaeuat la allowed aa a da«
duatlaa la tbs eeaputatiea ef nat ineeae far iaeane taa purpsaea
aad la raparted aa itaa
88,
page 1 , Perns
1180
a ad
11B0A,
unless
the return la readered aa a aaah baala. if the eaah basis ef
aeeeuatiag is used, tbs deduatlaa is the anetnt ef (deelared value)
exeess-prefits tax aatually paid withia the taxable year severed by
the return.
/
- 3 -
V
In analysing the data compiled from returns classified under
the minor industrial group "Life insurance companies,tt allowance
should be made for the two special deductions from gross income
permitted life insurance companies under section 203(a), Internal
Revenue Code as amended, relating to reserve funds required by law,
and reserve for dividends*
On 1939 returnr with net income these
deductions aggregate $17,344,708, and on returns with no net income,
$899,758,292.
Corporation returns, 1939, by major industrial groups and minor industrial groups and by returns with net income and with no net incomet Number of returns, total
compiled receipts, net income or deficit, income tax, (declared value) excess-profits tax, and dividends paid in cash and assets
other than corporation's own stock
(Money figures in thousands of dollars)
Total
number
of
returns 2/
12
5
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
2
2
23
Number of
returns
Total
compiled
receipts 4/
Returns with net income 3/
Net income 3/ Income
tax
515,960
14,434
2,587
117
126
142
1,451
113
638
130
2,053
5,974
5,206
768
1,916
1,586
311
199,479
3,622
353
28
17
45
182
31
50
23
505
1,892
1,656
236
818
709
106
105,658,338
1,713,324
688,506
82,418
298,557
102,713
115,762
39,319
49,537
18,136
390,621
403,427
317,290
86,137
211,353
149,867
61,284
8,826,715
250,590
134,383
6,149
70,224
10,546
27,958
12,218
7,288
507
18,257
69,695
60,240
9,456
27,407
14,509
12,875
1,216,450
36,882
18,766
839
8,741
1,598
4,517
2,008
1,063
77
2,802
10,854
9,262
1,592
4,356
2,277
2,077
19
1,774
89,347
10,144
1,926
633
3
31
43,002
5,040
875
257
201
1,482
49,-994,914
9,059,007
754,949
361,482
23
341
3,948,328
418,789
48,970
39,860
3
27
624,375
67,375
7,995
6,386
1,518
934
699
563
768,101
3,859,587
54,476
50,089
1,256
69
2,401
167
924
696
28
1,242
123
417
913,016
150,366
1,026,839
559,495
484,538
516
3,191
686
348
163
1,960
34
307
4,923
861
140
1,656
326
94
73
1,144
19
116
2,578
519
517
292
(Declared
value)
excessprofits
tax
15,806
388
184
15
4
14
150
1
5
42
71
37
33
86
61
25
Dividends
paid in
cash and
assets
other than
corporation's
own stock
Returns with no net income 3/
Deficit 3/
Number of
Total
compiled
returns
receipts 4/
Dividends
paid in
cash and
assets
other than
corporation's
own stock
5,562,273
199,291
120,457
4,552
56,359
11,113
29,§27
10,896
8,230
387
12,193
47,720
42,412
5,308
18,101
6,350
11,751
270,138
7,198
1,020
57
50
56
592
40
225
96
1,315
3,382
2,982
400
942
770
163
27,219,886
1,163,220
155,436
106,479
16,520
3,141
19,859
1,141
8,296
183,743
425,584
345,900
314,937
30,963
45,359
39,905
5,078
2,092,148
119,414
11,731
1,707
1,329
526
5,714
457
1,998
18,545
24,425
57,561
54,012
5,549
5,732
4,513
1,205
184,466
18,369
869
750
21
87
2
9
462
819
15,921
15,799
122
293
161
132
1
9,701
640
33
12
435
2,176,241
236,660
31,781
22,676
9
443
43,181
4,697
976
554
377
7,198
8,511,456
1,069,132
163,868
61,648
14
1,421
580,572
31,626
4,227
2,305
6
35,359
3,027
112
163
9,276
7,729
206
189
20,093
21,502
732
347
95,961
234,791
5,719
3,585
60
49
17
18
32,662
17,148
40,315
34,102
76,480
5,415
2,848
6,237
5,347
12,379
103
7
47
9
50
16,729
10,799
25,088
19,699
51,068
514
39
1,060
38
483
133,094
1,552
144,392
110,394
85,698
5,445
148
4,072
4,628
2,072
122
168
719
1,590
19
180,635
1,443,913
773,565
346,793
26,836
286,453
10,286
1,296,491
3,167,253
888,637
24,687
150,967
76,961
21,977
1,713
49,646
671
129,169
189,459
47,907
3,764
25,598
13,237
3,709
277
8,263
112
21,148
31,729
7,958
3
183
45
26
59
61
13
7
1,242
104
17,424
72,554
36,392
9,003
205
26,902
54
94,106
69,972
20,998
154
1,321
289
154
85
778
15
181
2,232
528
37,752
252,164
114,543
85,509
6,223
43,251
2,637
28,159
728,213
259,213
1,425
17,027
7,919
5,034
497
3,236
341
1,187
38,436
10,657
244
262
96
136
a.
28
3
13
3,151
977
24
292
101
533,858
74,810
32,189
5,281
5,466
559
307
23
9,184
908
215
181
80,117
35,804
5,577
1,938
245
281
35
100
1,325
65
655
210,948
539,331
16,630
24,974
2,889
4,210
196
136
5,182
8,558
34
645
18,916
145,708
487
8,030
433
34
35
151
115
74
69
57,553
188,760
2,967
20,637
505
3,378
6
287
1,428
6,454
72
42
22,144
5,193
561
782
35
-
36
37
574
504
280
295
202,977
207,760
12,679
15,890
2,126
2,623
50
97
5,013
6,417
285
198
55,178
40,167
3,807
2,070
40
930
38
39
484
228
262,639
12,504
2,016
56
6,029
232
85,774
4,748
210
40
12
3
4
5
6
7
8
9
10
12
U
13
14
15
16
20
21
2
2
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
25
26
27
28
29
30
31
32
Corporation returns, 1939, by major industrial groups and minor industrial groups and by returns with net income and with no net Income> Number or returns, total
compiled receipts, net income or deficit, income tax, (declared value) excess-profits tax, and dividends paid in cash and assets
other than corporation's own stock - Continued
(Money figures in thousands of dollars)
Major industrial groups and
minor industrial groups 1/ Continued
41
42
43
44
45
46
47
48
49
50
51
i52
“ 53
I
54
55
56
57
58
59
60
61
62
33
64
65
66
67
68
69
70
71
72
73
74
75
*
76
77
Manufacturing - Continued
Apparel and products made from
fabrics
Men's clothing
Women's clothing
Fur garments and accessories
Millinery
Other apparel and products made
from fabrics
Apparel and products made from
fabrics not allocable
Leather and products
Leather, tanning, currying,
and finishing
Footwear, except rubber
Other leather products
Leather and products not
allocable
Rubber products
Tires and inner tubes
Other rubber products, including
rubberised fabrics and clothing
Rubber products not allocable
Lumber and timber basic products
Logging and sawmills
Planing mills
Lumber and timber basic products
not allocable
Furniture and finished lumber
products
Furniture (wood and metal)
Partitions and fixtures
Wooden containers
Matches
Other, including cork products
Furniture and finished lumber
products not allocable
Paper and allied products
Pulp, paper, and paperboard
Pulp and paper converted products
Paper and allied products not
allocable
Printing and publishing industries
Newspapers
Periodicals
Books
Commercial printing
Other printing and publishing
Printing and publishing industries
not allocable
Chemicals and allied products
Paints, varnishes, and colors
Soap and glycerin
Drugs, toilet preparations, etc.
Rayon (raw material) and allied
products
Fertilizers
Oils, animal and vegetable, except
lubricants and cooking oils
For footnote:
page 10.
Total
number
of
returns 2/
Number of
returns
Returns with net income 3/
Total
Net income J j
Income
(Declared
compiled
tax
value)
receipts 4/
excessprofits
tax
Returns with no net income 3/
Dividends
paid in
cash and
assets
other than
corporation's
own stock
Number of
returns
Total
compiled
receipts £ /
Deficit 3/
Dividends
paid in
cash and
assets
other than
corporation's
own stock
8,513
1,770
3,508
712
559
5,725
915
1,489
267
185
1,735,791
684,325
682,066
47,319
35,870
51,644
25,999
14,087
703
491
8,302
4,259
2,234
94
65
306
198
40
6
2
19,163
10,120
4,876
63
69
4,694
855
1,980
441
370
610,205
144,576
307,185
31,099
36^154
1,490
675
235,922
9,125
1,483
57
3,792
802
63,282
2,009
81
45
474
2,157
194
1,080
50,288
992,365
1,239
46,506
187
7,605
3
130
244
22,533
266
1,050
27,911
248,375
1,197
10,449
19
317
46
313
799
1,012
196
387
477
281,784
561,658
132,642
13,400
28,369
3,803
2,219
4,654
575
63
52
15
5,014
15,590
1,537
112
405
522
38,446
155,670
52,171
1,787
6,225
2,247
26
165
124
47
48
49
S3
565
48
20
326
36
16,281
1,010,671
825,766
934
64,766
51,035
156
10,457
8,156
(10)
113
48
391
30,696
>25,849
15
219
11
2,087
73,690
29,553
189
1,687
412
3
313
299
51
277
13
1,297
858
427
183,801
1,104
617,412
449,245
166,165
13,691
41
38,288
29,594
8,662
2,296
5
5,991
4,609
1,377
64
(10)
129
100
29
4,847
1
22,844
19,928
2,917
202
6
1,552
1,040
494
43,753
385
307,099
255,629
49,249
1,262
14
20,888
18,008
2,808
3,043
2^993
50
18
2,222
72
*
494
23
2,975
1,989
951
17,601
5^750
7,067
762
816
559
280
169
9
2
14
4L
42
43
44
50
52
53
54
55
33
12
2,004
32
4
1
4,567
2,125
400
586
25
1,335
2,136
1,024
147
287
18
617
978,458
488,355
31,963
109,383
48,220
269,166
58,028
28,884
1,282
5,604
4,121
17,049
9,348
4,822
197
862
601
2,699
194
125
5
24
1
38
27,141
12,122
332
2,304
2,424
9,722
2,351
1,070
242
293
7
691
254,188
126,884
18,101
42,182
1,427
53,671
14,565
7,996
779
1,992
100
5,100
127
96
2,213
457
1,710
43
1,423
292
1,103
31,372
1,546,225
716,201
761,220
1,088
120,417
63,720
52,076
167
19,562
10,281
8,580
1
315
161
147
257
54,659
30,255
22,410
48
744
147
582
11,923
224,685
120,474
99,993
596
19,828
15,456
4,075
«
636
65
572
46
11,690
2,231
713
399
2,015
2,749
28
4,817
1,160
288
176
798
1,247
68,805
1,778,953
702,343
231,589
107,173
197,259
364,363
4,622
157,999
79,236
20,329
8,089
12,023
24,823
701
23,814
11,999
3,138
1,232
1,701
3,963
7
227
28
22
20
29
43
1,994
92,682
52,551
10,982
5,562
5,336
12,582
15
6,511
1,022
402
214
1,198
1,441
4,218
490,399
141,894
61,343
26,668
69,290
93,516
296
29,454
10,357
4,939
1,569
2,500
4,583
(10)
1,300
277
352
213
146
176
65
3,583
7,049
974
206
2,380
1,148
3,368
568
87
897
176,226
4,097,415
528,766
464,278
596,887
13,499
553,738
37,589
59,923
99,533
1,781
84,947
6,220
9,601
15,939
85
1,401
67
143
176
5,667
530,312
17,153
54,834
64,918
2,254
3,417
375
109
1,573
97,687
259,814
34,696
10,981
48,634
5,527
17,912
2,308
471
4,831
135
1,269
6
71
403
72
75
74
10
354
6
205
10,729
7,807
1,775
1,221
6
17
10,225
3,707
4
159
472
31,688
181
983
•
543
75
76
282
168
103,054
144,321
\
339,966
16,279
2,679
87
7,580
107
37,303
2,718
156
77
56
402
59
17
200
_
%i
57
58
59
60
61
62
65
64
66
67
68
69
70
Corporation re turns, 1939, by major industrial groups and minor industrial groups and by returns with net income and with no net income> Number of returns, total
compiled receipts, net income or deficit, income tax, (declared value) excess-profits tax, and dividends paid in cash and assets
other than corporation's own stock - Continued
(Money figures in thousands of dollars)
Major industrial groups and
minor industrial groups 1/ Continued
78
79
80
81
82
83
84
85
86
87
88
89
1 90
<0
' 91
92
93
94
95
96
97
98
99
100
101
102
103
104
1C5
106
107
108
109
no
Manufacturing - Continued
Chemicals and allied products Continued
Plastic materials
Industrial chemicals
Other chemicals and allied
products
Chemicals and allied products
not allocable
Petroleum and coal products
Petroleum refining
Other petroleum and coal
products
Petroleum and coal products
not allocable
Stone, clay, and glass products
Cut-stone products
Structural clay products
Pottery and porcelain products
Qlass and glass products
Cement
Concrete and gypsum products,
wall board
Abrasives and asbestos products
Stone, clay, and glass products
not allocable
Iron, steel, and products
Blast furnaces and rolling mills
Structural steel, fabricated;
ornamental metal work
Tin cans and other tinware
Hand tools and general hardware
Heating apparatus, except
electrical, and plumbers'
supplie s
Other iron, steel, and products
(not classified below)
Iron, steel, and products not
allocable
Nonferrous metals and their products
Nonferrous metal basic products
Clocks and watches
Jewelry, except costume jewelry
Other manufactures of nonferrous
metals and their alloys
Nonferrous metals and products
not allocable
Electrical machinery and equipment
Electrical equipment for public
utility, manufacturing, mining,
transportation (except
automotive) and construction use
Automotive electrical equipment
Radio apparatus and phonographs
Household electrical appliances
Other electrical machinery
Electrical machinery and equip
ment not allocable
Por footnotes, see page 10.
Returns with net income 3/
Total
number
of
returns 2/
Number of
returns
153
613
79
403
Total
compiled
receipts 4/
Net income 5/
Income
tax
Returns with no net income ¿/
(Declared
value)
excessprofits
tax
55,781
1,283,049
5,816
251,449
989
35,698
23
571
Dividends
paid in
cash and
assets
other than
corporation's
own stock
Number of
returns
2,208
162,452
71
202
Total
compiled
receipts 4/
Deficit jj/
2,814
27,639
374
2,377
26
78
79
Dividends
paid in
cash and
assets
other than
corporation's
own stock
1,333
636
282,510
30,284
4,964
227
11,937
658
36,653
2,223
85
80
744
733
571
319
350
267
298,804
4,131,S84
3,937,558
34,328
196,590
184,119
5,862
20,342
18,648
82
192
184
15,498
172,524
165,882
379
323
256
28,934
1,279,057
1,254,375
1,445
16,828
16,110
50
14,302
14,302
81
156
81
193,017
12,383
1,678
8
6,625
64
24,157
686
_
83
1,009
1,321,342
20,608
164,926
84,449
448,620
184,078
87
157,643
901
15,540
6,239
53,496
32,034
16
25,805
132
2,497
1,049
8,947
5,223
557
7
59
11
48
69
17
87,986
346
6,779
2,701
31,072
21,186
3
1,752
379
407
90
256
28
525
184,486
26,933
44,378
18,952
31,191
20,654
32
11,793
2,038
3,666
1,019
1,846
614
664
12
189
67
95
212
6
3,626
554
922
221
482
118
2
1,771
165
486
126
213
87 "
82
84
85
86
87
88
89
946
315
471
185
196,693
205,644
19,294
29,258
3,237
4,574
81
74
9,435
16,239
445
117
25,837
15,327
1,646
655
38
50
68
6,816
296
38
3,917
172
16,324
4,977,439
2,175,991
880
344,662
110,163
145
56,006
16,893
7
1,421
460
230
170,340
58,767
30
2,685
101
3,214
1,043,535
511,225
328
46,157
18,044
1,028
247
93
895
88
912
457
50
495
216,473
351,669
262,021
11,473
35,827
25,364
1,907
6,126
4,130
21
28
160
3,754
20,581
13,249
419
37
385
43,556
23,603
27,342
1,759
1,008
2,290
17
55
94
95
96
90
91
92
1,266
611
611,668
44,134
7,343
121
20,963
595
108,064
6,994
135
97
3,211
2,033
1,291,663
113,410
18,878
610
50,602
1,104
303,616
15,100
558
98
148
2,621
359
85
523
99
1,368
216
47
255
67,953
1,530,964
756,698
86,886
72,379
4,292
152,202
61,280
9,612
3,731
729
24,846
10,071
1,661
.
613
22
554
57
43
36
2,423
68,914
30,614
3,538
1,088
46
1,193
125
35
262
26,129
106,118
51,897
7,785
15,416
961
4,740
1,116
299
674
15
135
24
32
100
1,633
840
536,093
73,997
11,834
412
33,436
763
50,817
2,641
79
103
23
1,727
12
880
78,909
1,732,832
3,582
187,240
667
30,226
5
276
238
UO,162
8
784
205
135,690
10
8,707
97
494
86
294
138
601
303
40
136
67
276
619,289
71,676
218,218
114,336
459,654
88,898
12,858
11,570
12,948
38,469
14,332
2,013
2,010
2,186
6,079
109
58
35
38
35
57,264
8,710
4,693
5,990
21,838
180
40
144
65
302
21,664
9,566
55,926
11,919
54,380
1,205
592
2,714
956
2,804
75
(10)
2
19
114
58
249,659
22,498
3,606
21
11,665
53
2,235
458
-
99
101
102
104
105
106
107
108
109
110
Corporation returns, 1939, by major industrial groups and minor industrial groups and by returns tilth net income and with no net incomet Number of returns, total
compiled receipts, net income or deficit, income tax, (declared value) excess-profits tax, and dividends paid in cash and assets
other than corporation's own stock - Continued
(Honey figures in thousands of dolían)
Major industrial groups and
minor industrial groups ¿/ Continued
Ill
112
US
114
US
U6
U7
118
U9
120
• 121
I
122
123
124
125
126
127
128
129
130
151
132
133
134
155
136
137
138
139
140
Manufacturing - Continued
Machinery, except transportation
equipment and electrical
Special industry machinery
General industry machinery
Metal-working machinery,
including machine tools
Engines and turbines
Construction and mining
machinery
Agricultural machinery
Office and store machines
Household and service-industry
machines
Machinery, except transportation
equipment and electrical, not
aUocable
Automobiles and equipment, except
electrical
Automobiles, trucks, bodies, and
industrial trailers
Trailers for passenger cars
Automobile accessories and parts,
other than electrical
Automobiles and equipment,
except electrical, not allocable
Transportation equipment, except
automobiles
Railroad and railway equipment
Aircraft and parts
Ship and boat building
Motorcycles and bicycles
Other transportation equipment,
except automobiles
Transportation equipment, except
automobiles, not allocable
Other manufacturing
Ice, natural and manufactured
Manufacturing not elsewhere
classified
Manufacturing not allocable
Public utilities
Transportation ¿/
Railroads, switching, terminal,
sleeping and dining car
companies
Railway express companies
Railways, street, suburban, and
interurbanj bus lines, city
and suburban
Bus lines, interstate and
interurban
Taxicab coapanies
Trucking, interstate and
interurban
Trucking, local; and warehousing
Air transportation and allied
services
For footnotes, see page 10.
Total
numhr
of
returns 2/
Returns with net income 3/
Number of
returns
Total
compiled
receipts 4/
Net income ¿/
Income
tax
Returns with no net income ¿/
(Declared
value)
excessprofits
tax
Dividends
paid in
cash and
assets
other than
corporation's
own stock
Number of
returns
Total
compiled
receipts 4/
Deficit £/
Dividends
paid in
cash and
assets
other than
corporation's
own stock
6,299
1,322
2,331
3,289
691
1,157
3,180,661
386,651
757,915
330,945
48,115
80,205
55,254
7,725
13,209
101
170,898
29,454
39,509
2,798
595
307
1,112
363,552
73,363
101,362
23,484
4,986
6,148
1,882
286
145
757
108
472
50
356,043
114,126
49,448
12,564
8,524
2,150
405
45
19,590
5,552
258
46
23,682
15,569
1,495
2,064
74
515
3fS
317
279
183
161
353,189
535,823
301,185
34,423
32,608
36,950
5,851
5,610
6,193
55
15
4
14,849
25,255
19,809
217
185
140
40,249
51,356
14,659
2,114
1,384
105
998
182
252
102
193,679
22,211
3,544
13,344
116
14,814
985
15
U8
2,112
72
119
959
8
21
2,201
6
m
U2
113
114
US
116
U7
341
194
202,051
14,424
2,448
5,538
131
28,538
916
457
3,437,438
384,159
60,439
292
219,626
418
251,645
18,092
58
572
39
172
14
2,932,617
4,332
331,079
154
51,588
115
4
194,750
49
183
183,268
1,740
14,578
305
39
—
120
491
266
494,005
52,500
8,755
171
24,792
205
44,815
2,674
19
122
14
5
6,484
426
75
3
55
9
1,825
534
847
167
184
442
17
339
91
56
164
13
720,188
201,747
266,686
222,487
26,270
84,769
19,059
46,748
17,019
1,765
14,150
2,856
365
24
257
80
38,479
10,743
19,607
6,898
1,157
445
69
150,979
101,079
26,925
21,633
11,284
3,448
5,823
1,897
41
32
14
2,909
74
16
761
5
5,502
1,116
1
2,387
575
295
9
55,790
6,604
4
2,953
521
470
220,736
55,601
14,789
5,453
502
558
4,386
1,968
23,893
15,764
286
49,186
1,174,122
291,369
165,135
49,534
3,959,065
3,555,897
11,556
4,042
555,274
296,295
143
94
55,278
7,412
131
132
1,198
1,055
2,432
861
11,478
8,025
818
12
22
8,122
2,848
296
2
2
21
100
252
4
111
123
284
160
78
46
124
125
126
127
176
27
958,043
75,088
(10)
108,757
9,030
(10)
18,010
1,289
1,812
682
10,586
6,605
882,954
280,470
9,134,548
4,235,943
99,726
21,593
1,523,801
474,757
16,721
3,424
215,683
72,351
365
2,155,607
169,335
223,585
25
51,667
320
(10)
153,228
-
372
1
2,430,421
697
198,618
58
4,210
35
133
134
1,660
135
5
136
157
2,206
44
204
138
139
1,206
49
140
1
88
_
102
8,200
10
54
531
152,995
14,185
2,128
15
7,218
404
457,195
64,994
882
685
394
196
129,892
49,079
20,365
2,339
3,220
337
16
10,848
627
449
422
18,944
21,665
2,071
1,101
1,923
5,671
1,092
2,158
312,754
202,359
16,433
18,138
2,671
2,763
97
4,141
8,235
769
3,253
67,697
114,765
8,001
78,247
8,048
1,421
41
534
377
9,677
112
6
121
128
20
821
602
121
129
ISO
C o rp o ra tio n
.
r e t u r n s , 1 9 3 9 , b y m a jo r i n d u s t r i a l g r o u p s a n d m in o r i n d u s t r i a l g r o u p s a n d b y r e t u r n s w i t h n e t in c o m e a n d w i t h n o n e t in c o m e t
N um ber o f r e t u r n s ,
c o m p ile d r e c e i p t s , n e t in c o m e o r d e f i c i t , in c o m e t a x , ( d e c l a r e d v a l u e ) e x c e s s - p r o f i t s t a x , a n d d i v i d e n d s p a i d i n c a s h a n d a s s e t s
o t h e r t h a n c o r p o r a t i o n 's ow n s to c k - C o n tin u e d
(H o n e y f i g u r e s
M a jo r i n d u s t r i a l g ro u p s a n d
m in o r i n d u s t r i a l g ro u p s 1 / C o n tin u e d
T o ta l
num ber
of
re tu rn s 2 /
in
th o u s a n d s o f d o l l a r s )
R e t u r n s w i t h n e t in c o m e 3 /
N um ber o f
re tu rn s
T o ta l
c o m p ile d
re c e ip ts 4 /
N e t in c o m e j j /
In c o m e
ta x
/
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
P u b lic u t i l i t i e s - C o n tin u e d
T r a n s p o r ta tio n 5 / - C o n tin u e d
P ip e l i n e s 6 /
W a te r t r a n s p o r t a t i o n
O th e r tr a n s p o r ta tio n an d
a l l i e d s e rv ic e s 7 /
T ra n s p o rta tio n n o t a llo c a b le
C o m m u n ic a tio n
T e le p h o n e a n d r a d io te le p h o n e
T e le g ra p h a n d r a d io te le g r a p h
R a d io b r o a d c a s t i n g a n d s e r v i c e s
O t h e r c o m m u n ic a tio n
O th e r p u b lic u t i l i t i e s 5 /
E le c tric lig h t and pow er
O as p r o d u c tio n a n d d i s t r i b u t i o n ,
e x c e p t n a tu r a l g a s p ro d u c tio n 6 /
W a te r
P u b lic u t i l i t i e s n o t e ls e w h e re
c la s s ifie d 7 /
O th e r p u b lic u t i l i t i e s n o t
a llo c a b le
T ra d e
W h o le s a le
R e ta il
D e p a rtm e n t, g e n e r a l m e rc h a n d is e ,
d ry goods
U n ite d - p r ic e v a r ie ty s to re s
M a il-o rd e r h o u se s
Food s to re s
Package liq u o r s to re s
D ru g s t o r e s
A p p a re l
F u rn itu re an d house
fu rn is h in g s
E a tin g an d d rin k in g p la c e s
D e a le rs i n a u to m o b ile s .
a c c e s s o rie s , t i r e s , b a tte r ie s
M o to i^ -v e h ic le d e a l e r s
A c c e s s o rie s , t i r e s , and
b a tte rie s
D e a le rs i n a u to m o b ile s , e t c . ,
n o t a llo c a b le
F illin g s ta tio n s
H ard w are
L um ber a n d c o a l y a r d s
O th e r r e t a i l tr a d e
R e ta il tra d e n o t a llo c a b le
T rad e n o t a llo c a b le
S e rv ic e
P e rs o n a l s e rv ic e
H o te ls a n d o th e r lo d g in g p la c e s
L a u n d r ie s , c le a n in g a n d d y e in g
P h o to g ra p h ic s tu d io s
O th e r p e r s o n a l s e r v ic e
P e rs o n a l s e rv ic e n o t a llo c a b le
B u s in e s s s e r v ic e
A d v e rtis in g
O th e r b u s in e s s s e r v ic e
B u s in e s s s e r v ic e n o t a llo c a b le
F o r foot n o t e s ,
see p a g e 10.
256
1 ,9 5 5
138
971 -
1 ,7 3 1
2 1 8 ,7 1 0
5 1 8 ,7 9 5
2 1 2 ,0 1 9
to ta l
7 9 ,8 2 4
5 8 ,1 2 2
1 3 ,3 7 6
9 ,3 2 5
R e t u r n s w i t h n o n e t in c o m e
(D e c la re d
v a lu e )
excessp ro fits
ta x
D iv id e n d s
p a id in
c a sh and
a s s e ts
o th e r th a n
c o r p o r a t i o n 's
ow n s to c k
15
234
6 8 ,3 9 2
3 4 ,4 0 1
N um ber o f
re tu rn s
T o ta l
c o m p ile d
re c e ip ts
4 2 ,4 3 0
1 5 8 ,0 5 6
2 ,1 3 4
9 ,6 7 1
665
376
141
142
2 3 ,0 2 3
906
3 7 ,3 0 5
1 5 ,0 4 3
1 6 4 ,6 3 4
2 6 ,9 8 1
1 2 5 ,7 3 7
1 1 ,2 1 4
702
4 4 0 ,5 3 3
2 9 4 ,6 6 5
5 ,0 8 2
725
3 6 3 ,9 0 6
1 ,1 7 3
1 2 ,6 0 8
2 ,7 4 7
8 ,0 8 8
1 ,5 0 3
270
4 6 ,3 7 1
3 3 ,8 7 4
45
121
923
906
-
143
144
2 6 ,9 4 3
2 0 ,8 8 0
149
3 ,6 2 1
2 ,3 9 9
150
151
152
694
155
1 ,6 5 0
1 ,3 1 4
15
320
1
2 ,3 3 1
730
3 6 ,1 5 4
1 ,5 8 4 ,1 9 4
1 ,4 4 0 ,0 4 5
1 7 ,5 2 2
1 2 6 ,7 2 7
102
3 , 3 1 4 , «L O
2 ,5 4 0 ,7 2 2
3 1 ,7 1 0
1 ,9 8 5
4 3 7 ,2 6 5
4 1 3 ,8 1 3
3 ,2 2 7
2 0 ,2 2 3
2
6 1 1 ,7 7 9
4 9 7 ,9 4 2
5 ,1 3 9
305
4 7 ,8 0 7
4 3 ,8 5 9
559
3 ,3 8 9
(1 0 )
9 5 ,5 2 4
7 7 , ‘3 4 0
173
16
53
27
-
-
91
49
5 1 8 ,8 4 7
4 2 5 ,8 7 2
156
1 ,9 7 7
1 ,6 8 8
49
236
4
1 ,4 7 6
365
800
1 ,7 5 5
457
967
6 7 7 ,0 0 9
7 1 ,8 7 9
9 4 ,3 0 0
1 5 ,7 8 6
1 5 ,0 7 5
2 ,5 0 6
28
9
8 0 ,3 4 1
1 2 ,0 6 0
327
604
1 0 4 ,8 0 0
2 3 ,2 9 7
8 ,3 1 8
3 ,0 4 2
—
D iv id e n d s
p a id in
ca sh and
a s s e ts
o th e r th a n
c o r p o r a t i o n 's
ow n s to c k
95
812
408
3 ,8 8 5
3 ,1 7 2
74
633
6
4 ,2 4 4
1 ,2 4 6
26
%/
D e fic it 1 /
5 5 1 ,9 3 4
557
1 1 ,6 1 5
17
•
145
146
147
148
270
129
1 2 ,6 6 1
1 ,5 6 1
243
5
1 ,0 3 0
121
1 4 ,3 3 8
780
4
173
1 4 1 ,4 7 4
5 6 ,8 2 6
8 8 ,2 8 4
68
6 3 ,1 7 4
1 9 ,5 6 7
3 5 ,1 9 3
1 2 ,1 4 0
3 4 ,5 0 1 ,9 2 8
1 6 ,5 6 0 ,0 4 7
1 5 ,1 9 6 ,6 7 6
2 ,1 9 1
1 ,0 3 1 ,2 7 1
359
1 6 3 ,8 2 1
6 1 ,9 2 4
8 4 ,8 8 7
(1 0 )
2 ,6 4 5
1 ,6 1 1
766
1 ,5 4 4
4 9 9 ,7 0 9
1 8 4 ,5 0 5
2 6 4 ,7 5 4
59
7 5 ,0 3 3
1 6 ,4 5 4
5 1 ,0 8 6
3 ,4 3 1
8 ,2 4 5 ,4 4 0
3 ,2 0 4 ,6 4 0
4 ,2 2 4 ,9 2 5
356
2 1 8 ,7 1 0
6 8 ,9 2 0
1 2 2 ,2 7 5
39
1 1 ,5 1 9
4 ,7 4 3
5 ,9 1 0
6 ,1 6 9
370
274
6 ,4 9 2
1 ,7 0 2
5 ,7 0 5
1 1 ,4 7 1
3 ,0 1 6
160
92
1 ,9 0 1
654
1 ,8 0 7
4 ,5 1 8
4 ,0 3 1 ,2 6 2
9 4 3 ,2 4 3
1 1 1 ,9 0 8
3 ,0 8 4 ,5 3 7
4 5 ,0 2 4
4 4 0 ,9 0 7
2 0 2 ,1 2 6
6 9 ,2 2 8
4 ,2 5 8
6 4 ,9 7 5
778
1 3 ,4 7 8
4 1 ,3 0 5
97
4
1
111
10
26
69
9 9 ,5 6 7
4 5 ,5 3 8
2 ,3 6 6
4 0 ,9 7 3
80
6 ,3 6 0
1 5 ,5 3 0
3 ,0 4 4
202
171
4 ,3 7 9
1 ,0 0 8
3 ,7 8 2
6 ,9 4 2
3 7 9 ,9 0 2
1 0 ,2 9 1
1 7 ,4 5 0
5 8 3 ,9 5 8
4 0 ,3 1 0
1 7 1 ,9 8 0
5 0 0 ,4 9 5
1 0 ,8 9 2
423
1 ,0 7 5
9 ,5 5 5
980
4 ,6 7 6
1 ,2 7 1 ,9 0 0
5 3 ,7 4 6
1 1 ,7 5 7
731
1 0 ,6 3 3
98
2 ,0 4 9
6 ,6 3 3
1 8 ,5 5 3
512
1 ,9 0 9
32
797
10
29
462
155
156
157
158
159
160
161
5 ,4 6 7
8 ,8 4 8
2 ,4 1 5
2 ,0 3 8
5 8 1 ,7 5 3
3 5 1 ,6 2 2
2 2 ,2 7 8
1 4 ,2 5 6
5 ,5 3 1
2 ,1 5 8
69
41
7 ,4 5 5
6 ,9 8 6
2 ,9 7 7
6 ,5 5 8
1 8 6 ,8 3 1
3 7 8 ,5 6 1
209
136
162
1 3 ,5 8 3
9 1 6 ,3 4 7
5 ,1 3 5
4 ,6 6 8
1 0 ,7 9 3
9 ,6 5 5
5 9 7 ,7 7 3
5 2 6 ,9 0 2
163
2 ,1 0 4 ,8 5 6
2 ,0 0 6 ,6 7 7
2 4 ,6 1 8
3 ,4 4 0
67
6 ,9 8 2
2 2 ,0 3 4
3 ,0 4 9
59
6 ,3 7 3
5 ,3 4 5
4 ,6 9 1
8 8 0 ,5 1 5
1 2 ,1 8 4
1 0 ,7 7 0
271
267
164
385
7
607
596
5 3 ,5 0 9
1 ,2 6 7
4
165
6
1 ,1 9 8
508
3 ,6 5 7
3 ,7 8 1
986
1 7 ,0 1 0
2 7 ,0 0 1
4 ,7 1 7
2 ,1 1 2
1 ,9 5 8
137
507
3
6 ,5 8 7
2 ,8 6 6
3 ,7 1 4
7
1
7
12
85
119
55
268
531
84
39
27
1
17
(1 0 )
71
36
34
(1 0 )
2
4 ,1 8 7
973
1 0 ,0 5 8
1 6 ,0 0 6
56
2 ,3 2 3
7 6 ,2 4 9
7 4 ,0 7 5
5 2 4 ,6 0 8
4 8 2 ,5 0 9
8 1 ,3 5 9
8 1 5 ,8 7 7
1 ,4 0 2 ,7 1 8
6 2 1 ,4 2 1
3 5 2 ,3 8 4
1 9 2 ,7 4 7
1 2 ,0 2 9
6 3 ,9 7 5
285
1 7 8 ,8 8 0
7 7 ,8 1 7
1 0 0 ,7 1 2
350
146
1 ,7 9 8
5 ,2 0 8
1 1 ,9 8 2
1 9 ,8 1 4
4 ,5 9 1
2 7 ,5 1 4
9 9 ,8 7 4
4 5 ,3 8 5
3 4 ,8 2 1
6 ,4 1 4
814
3 ,3 0 8
27
1 0 ,0 6 2
4 ,2 6 3
5 ,7 7 0
28
14
47
737
674
73
866
166
167
168
169
170
171
172
1 ,0 3 9
427
9 5 ,3 3 4
2 ,5 3 5
99
2 ,0 2 0
3 ,3 4 7
8 ,3 5 5
1 4 ,8 9 5
2 ,4 0 0
1 6 ,3 6 4
4 5 ,0 0 8
1 4 ,4 8 5
4 ,7 8 ?
5 ,0 7 8
560
4 ,0 3 8
26
7 ,5 7 6
2 ,0 7 6
5 ,4 5 7
45
40
669
1 ,5 3 4
4 ,2 2 2
6 ,2 5 3
1 ,1 7 9
8 ,4 1 4
1 4 ,1 1 4
4 ,6 4 6
1 ,4 1 7
1 ,8 5 9
159
1 ,2 0 5
6
2 ,7 3 7
868
1 ,6 5 6
13
2 ,8 4 4
1 7 0 ,4 8 7
1 5 3 ,4 4 9
7 5 5 ,4 7 3
9 5 2 ,6 0 6
2 1 7 ,6 5 2
2 ,7 4 5 ,2 0 4
2 ,2 6 5 ,6 6 2
6 1 8 ,2 2 1
2 5 9 ,6 1 2
2 7 6 ,3 5 2
1 5 ,3 7 4
6 6 ,0 6 4
820
5 4 4 ,6 0 2
3 2 1 ,4 9 7
2 2 2 ,2 8 1
824
49
7 ,4 8 6
3 ,6 2 5
2 5 ,4 8 2
2 6 ,4 1 2
6 ,6 1 8
1 0 6 ,5 9 7
v
8 ,9 6 2
153
154
1 7 9 ,9 7 3
3 2 ,1 8 3
1 4 ,4 2 5
1 3 ,1 6 8
866
3 ,6 9 9
25
4 3 ,0 7 5
1 7 ,9 1 2
2 5 ,1 1 0
53
1 ,9 1 3
5 0 ,4 4 9
8 5 ,0 1 1
1 2 ,4 2 8
5 ,4 2 4
5 ,1 5 3
387
1 ,4 6 5
—
1 ,2 9 5
1 ,9 7 4
3 ,9 6 4
8 ,2 9 6
1 ,1 5 3
7 ,4 9 3
2 6 ,9 1 ( >
9 ,2 9 7
3 ,1 6 0
3 ,0 1 5
384
2 ,7 1 9
19
2 5 ,3 5 6
9 ,3 9 7
1 5 ,9 3 1
28
4 ,2 8 3
1 ,0 7 4
3 ,1 8 0
29
2 ,9 6 3
517
267
146
1
102
263
81
178
4
173
174
175
176
177
178
179
180
C o rp o ra tio n
r e t u r n s , 1 9 5 9 , b y m a j o r i n d u s t r i a l g r o u p s a n d m in o r i n d u s t r i a l g r o u p s a n d b y r e t u r n s w i t h n e t in c o m e a n d w i t h n o n e t in c o m e > N u m b e r o f r e t u r n s ,
c o m p ile d r e c e i p t s , n e t in c o m e o r d e f i c i t , in c o m e t a x , ( d e c l a r e d v a l u e ) e x c e s s - p r o f i t s t a x , a n d d i v i d e n d s p a i d i n c a s h a n d a s s e t s
o t h e r t h a n c o r p o r a t i o n 's ow n s to c k - C o n tin u e d
(M o n e y f i g u r e s
M a jo r i n d u s t r i a l g ro u p s a n d
m in o r i n d u s t r i a l g ro u p s 1 / C o n tin u e d
S e r v ic e - C o n tin u e d
A u to m o b ile r e p a i r s e r v i c e s
A m usem ent
M o tio n -p ic tu re p ro d u c tio n
M o tio n -p ic tu re th e a te r s
O th e r am usem ent
A m u sem en t n o t a l l o c a b l e
O th e r s e r v i c e , in c lu d in g s c h o o ls
S e rv ic e n o t a llo c a b le
F in a n c e , in s u ra n c e , r e a l e s t a t e ,
an d le s s o r s o f r e a l p ro p e rty
B a n k s a n d t r u s t c o m p a n ie s
M o rtg a g e a n d t i t l e c o m p a n ie s
I n v e s tm e n t t r u s t s a n d in v e s tm e n t
c o m p a n ie s
M anagem ent ty p e
F ix e d ty p e
181
182
185
184
185
186
187
188
189
190
191
192
195
194
, 195
196
197
198
199
200
201
202
205
.
204
205
206
207
208
209
210
211
212
I n s ta llm e n t in v e s tm e n t p la n s
an d g u a ra n te e d fa c e -a m o u n t
c e rtific a te s
O i l r o y a l t y c o m p a n ie s
In v e s tm e n t t r u s t s a n d in v e s tm e n t
c o m p a n ie s n o t a l l o c a b l e
H o ld in g c c o p a n te s 8 /
R a ilro a d s e c u r itie s
O th e r p u b lic u t i l i t y s e c u r i t i e s
In d is t r i a l s e c u r itie s
B ank s e c u r i t i e s
O th e r s p e c i f i e d s e c u r i t i e s
S e c u r itie s n o t s p e c ifie d
O th e r c o r p o r a tio n s h o ld in g
s e c u ritie s 9 /
S e c u r i t y a n d c o m m o d ity -e x c h a n g e
b ro k e rs an d d e a le rs
C o m n e rc ia l c r e d i t a n d f in a n c e
c o m p a n ie s
I n d u s tr ia l an d p e rs o n a l lo a n
c o m p a n ie s
O th e r f i n a n c e c o m p a n ie s
In su ra n c e c a r r i e r s , a g e n ts , e t c .
L i f e i n s u r a n c e c o m p a n ie s
I n s u r a n c e c o m p a n ie s , e x c e p t
life
A g e n ts , b r o k e r s , e t c .
R e a l e s t a t e , in c lu d in g le s s o r s
o f b u ild in g s
D e a l e r s a n d d e v e lo p m e n t
c o m p a n ie s , l e s s o r s o f
b u ild in g s , le s s e e and
ow ner o p e ra to rs o f b u ild in g s
A g e n ts , b r o k e r s , e t c .
R eal e s t a t e , in c lu d in g
le s s o r s o f b u ild in g s , n o t
a llo c a b le
L e sso rs o f r e a l p ro p e rty ,
e x c e p t b u ild in g s
A g ric u ltu ra l, f o r e s t, e t c .,
p ro p e rtie s
F o r foot n o t e s ,
see p a g e 10.
T o ta l
num ber
of
re tu rn s
in
th o u s a n d s o f d o l l a r s )
R e t u r n s w i t h n e t in c o m e
N um ber o f
re tu rn s
2 /
4 ,8 2 2
1 0 ,4 2 6
616
5 ,9 9 5
5 ,6 9 7
118
7 ,4 4 7
252
1 ,2 4 5
5 ,5 7 5
168
2 ,0 5 6
1 ,3 5 8
11
1 ,8 5 2
61
1 5 7 ,1 5 0
1 8 ,0 3 8
1 ,7 1 2
T o ta l
c o m p ile d
re c e ip ts 4 /
N e t in c o m e
5 /
to ta l
3 /
In c o n e
ta x
R e tu rn s w ith
(D e c la re d
v a lu e )
excessp ro fits
ta x
9 4 ,2 4 8
8 2 2 ,9 4 6
2 5 4 ,3 7 0
4 4 2 ,2 7 9
1 2 5 ,9 6 6
3 ,3 6 9
8 5 ,9 7 4
2 6 ,6 1 5
4 3 ,2 6 3
1 6 ,0 7 2
331
1 8 0 ,5 4 1
5 ,1 0 5
24
1 5 ,1 8 4
189
5 5 ,6 4 6
1 1 ,1 1 4
549
6 ,0 8 4 ,2 0 8
1 ,5 4 3 ,6 8 5
1 ,7 7 6 ,5 1 4
2 7 1 ,2 2 4
3 ,6 1 1
1 3 1 ,5 5 8
1 4 ,3 6 9
2 3 ,9 3 1
806
408
63
490
297
43
1 4 8 ,9 6 4
1 2 3 ,5 3 7
5 ,0 7 1
19
54
12
18
262
717
14
205
240
35
166
57
120
522
8
148
179
20
135
474
1 2 ,8 6 7
3 ,8 1 8
D iv id e n d s
p a id in
ca sh and
a s s e ts
o th e r th a n
c o r p o r a t i o n 's
ow n s t o c k
15
102
15
38
49
(1 0 )
59
1
1 ,0 2 7
3 9 ,1 0 9
1 0 ,0 0 0
2 2 ,8 1 2
6 ,2 8 3
15
7 ,0 1 8
73
483
915
256
7
1 0 0 ,7 2 2
9 3 ,9 8 4
3 ,4 6 5
2 ,8 0 7
2 ,5 9 6
86
36
16
19
1 6 ,6 2 9
73
1 ,0 2 2
IS
58
1
52
5 ,6 5 5
8 9 0 ,0 8 7
1 0 ,7 6 7
3 7 8 ,8 1 0
2 6 4 ,1 1 0
1 1 ,2 4 1
6 1 ,2 4 1
1 6 3 ,9 1 9
2 ,2 3 8
6 5 0 ,7 1 9
7 ,7 6 4
2 4 9 ,9 2 9
2 1 5 ,8 6 6
8 ,9 6 0
4 9 ,4 1 1
1 1 8 ,7 8 8
66
2 9 ,7 5 6
298
8 ,4 3 6
1 2 ,7 1 7
241
1 ,9 9 9
6 ,0 6 6
6 ,3 9 9
2 ,6 4 8
2
2 ,5 3 2
25
(1 0 )
(1 0 )
22
•
17
4
•
(1 0 )
-
N um ber o f
re tu rn s
n o n e t in c o m e
T o ta l
c o m p ile d
re c e ip ts 4 /
3 ,4 0 6
5 ,7 6 9
379
1 1 3 ,8 6 5
3 5 6 ,3 6 8
1 1 8 ,6 5 7
1 ,8 1 3
3 ,5 2 7
50
4 ,0 1 5
146
1 ,3 7 4 ,8 4 6
1 9 3 ,9 8 2
2 ,9 0 4
8 6 ,6 8 6
4 ,9 9 2
D e fic it 3 /
D iv id e n d s
p a id in
c a sh and
a s s e ts
o th e r th a n
c o r p o r a t i o n 's
ow n s t o c k
1 2 1 ,0 7 8
9 6 ,0 5 6
578
1 4 9 ,9 0 9
2 ,2 7 9
4 ,5 2 7
2 6 ,6 8 3
7 ,0 9 9
6 ,4 1 0
1 3 ,1 0 8
65
1 2 ,9 5 0
268
68
1 ,9 0 2
1 ,5 9 S
242
65
..
210
5
182
185
184
185
186
187
902
5 ,1 3 0 ,5 0 1
3 5 3 ,4 3 4
3 6 ,0 0 8
8 4 0 ,4 1 6
7 4 ,1 9 4
1 8 ,4 8 2
7 8 ,7 2 1
1 9 ,6 6 8
1 ,2 0 7
188
189
1 3 3 ,2 3 5
1 2 7 ,8 2 1
3 ,0 9 9
278
109
18
1 6 ,4 8 2
1 1 ,7 4 8
665
1 0 ,5 0 8
7 ,9 5 2
566
5 ,9 9 1
5 ,8 8 5
19
190
191
648
15
7
50
729
550
510
521
51
192
195
1 ,6 5 5
5 2 8 ,7 8 7
4 ,7 0 0
1 9 9 ,7 4 2
1 9 6 ,4 6 9
114
165
2 ,9 8 9
5 1 ,5 9 7
1 1 ,9 2 2
4 6 ,7 7 7
6 9 ,1 7 8
5
55
52
9
26
20
353
2 2 ,2 2 6
3 ,8 4 5
1 ,3 3 6
2 ,4 3 7
1 ,4 0 1
779
3 3 ,8 5 8
2 ,7 7 8
2 1 ,4 2 5
7 ,6 5 4
164
1 ,7 1 6
141
181
36
9 ,1 9 0
19«
-
195
196
197
198
199
8 ,2 3 4
930
1
25
200
3 ,5 2 1
2 ,0 9 7
2 2 7 ,8 3 3
1 7 4 ,1 5 2
7 ,5 5 6
23
1 5 5 ,4 0 8
1 ,2 5 3
1 6 ,7 7 7
5 4 ,2 3 9
2 ,7 1 8
201
2 ,2 0 5
852
9 7 ,5 2 7
1 3 ,2 5 7
1 ,7 1 1
62
7 ,2 2 0
1 ,2 5 1
5 5 ,6 5 0
1 7 ,2 7 3
1 ,2 4 9
202
2 ,6 5 1
1 ,4 1 9
2 0 6 ,5 0 1
6 1 ,4 5 9
9 ,0 6 3
25
4 6 ,6 4 8
1 ,0 5 9
1 9 ,5 0 5
3 ,5 2 7
512
205
2 ,5 0 2
2 ,8 8 8
7 ,8 9 8
730
1 ,4 9 5
524
5 ,4 0 3
137
1 1 5 ,8 9 5
4 6 ,1 4 5
1 ,6 9 0 ,1 6 5
2 8 ,7 1 5
5 1 ,6 6 5
1 3 ,6 3 9
2 1 4 ,9 2 6
3 ,5 4 9
5 ,0 3 9
1 ,9 8 4
2 4 ,5 6 8
459
14
20
69
661
1 ,3 5 0
4 ,0 7 2
519
9 ,4 9 7
1 6 ,5 8 4
1 ,4 7 1 ,5 3 9
1 ,1 7 0 ,0 4 1
2 ,0 9 2
2 6 ,4 2 5
2 9 9 ,4 4 2
1 8 7 ,2 5 1
109
1 ,3 0 0
2 4 ,0 4 8
2 2 ,1 0 2
204
205
-
1 8 ,8 2 5
1 1 ,8 0 2
1 0 4 ,5 0 9
1 ,6 7 5
1 ,2 1 8
5 ,9 5 0
623
2 ,6 4 3
1 ,5 2 0 ,2 0 9
1 4 1 ,2 4 1
1 8 9 ,4 0 6
2 1 ,9 7 1
2 1 ,0 9 5
3 ,0 1 3
4
65
8 8 ,5 5 6
1 4 ,2 7 8
503
3 ,0 5 0
2 5 6 ,9 8 4
4 4 ,5 1 5
1 0 9 ,2 4 1
2 ,9 5 0
1 ,5 6 9
577
207
208
1 0 1 ,4 0 2
2 8 ,3 1 7
8 3 0 ,5 7 7
1 5 2 ,0 6 5
1 8 ,4 0 9
321
7 4 ,1 7 8
6 4 ,5 6 2
1 ,0 2 6 ,2 9 6
2 7 7 ,0 3 0
8 ,5 0 4
9 5 ,5 0 7
5 ,8 7 3
2 6 ,1 5 5
2 ,1 5 5
7 7 3 ,7 8 7
5 5 ,8 5 3
1 2 6 ,1 4 6
5 ,7 2 1
1 7 ,6 1 1
770
299
21
7 1 ,6 9 7
2 ,3 5 0
6 1 ,1 5 2
3 ,4 2 1
9 8 9 ,5 8 8
3 6 ,7 2 2
2 7 2 ,9 3 6
4 ,0 8 5
8 ,4 4 7
57
(1 0 )
206
209
210
211
22
9
937
198
28
151
9
188
10
4 ,5 8 4
1 ,8 7 4
1 5 8 ,2 0 5
8 1 ,3 2 1
1 3 ,0 6 8
31
7 3 ,7 5 9
2 ,2 1 5
2 8 ,5 6 4
1 7 ,4 8 3
1 ,5 6 2
858
251
5 ,2 7 8
1 ,0 4 4
146
3
768
568
3 ,1 6 1
2 ,3 1 3
58
212
C o r p o r a t i o n r e t u r n s , 1 9 5 9 , b y m a j o r i n d u s t r i a l g r o u p s a n d m in o r i n d u s t r i a l g r o u p s a n d b y r e t u r n s w i t h n e t in c o m e a n d w i t h n o n e t in c o m e i
N um ber o f
c o m p ile d r e c e i p t s , n e t in c o m e o r d e f i c i t , in c o m e t a x , ( d e c l a r e d v a l u e ) e x c e s s - p r o f i t s t a x , a n d d i v i d e n d s p a i d i n c a d i a n d a s s e t s
o t h e r t h a n c o r p o r a t i o n 's ow n s to c k — C o n tin u e d
(H o n e y f i g u r e s
M a jo r i n d u s t r i a l g r o u p s a n d
m in o r i n d u s t r i a l g ro u p s A / C o n tin u e d
F in a n c e , in s u
and le s s o rs
C o n tin u e d
le s s o rs o f
b u ild in g s
M in in g , o
T o ta l
num ber
of
re tu rn s
in
2 /
T o ta l
c o m p ile d
re c e ip ts
N e t in c o m e 3 /
to ta l
th o u s a n d s o f d o l l a r s )
R e t u r n s w i t h n e t in c o m e 5 /
N um ber o f
re tu rn s
re tu rn s ,
In c o m e
ta x
R e tu rn s w ith n o n e t in c o a »
(D e c la re d
v a lu e )
excessp ro fits
ta x
4 /
D iv id e n d s
p a id in
cash and
a s s e ts
o th e r th a n
c o r p o r a t i o n 's
ow n s to c k
N um ber o f
re tu rn s
T o ta l
c o m p ile d
3 /
D e fic it 5 /
re c e ip ts
D iv id e n d s
p a id i n
ca sh and
a s s e ts
o th e r th a n
c o r p o r a t i o n 's
ow n s to c k
ra n c e , re a l e s ta te ,
o f r e a l p ro p e rty r e a l p ro p e rty , e x c e p t
- C o n tin u e d
i l , e t c ., p ro p e rtie s
R a ilro a d p r o p e r tie s
P u b lic - u tility p ro p e rtie s
O th e r r e a l p r o p e r ty , e x c e p t
b u ild in g s
le s s o r s o f r e a l p ro p e rty .
e x c e p t b u ild in g s , n o t a llo c a b le
F in a n c e , in s u r a n c e , r e a l e s t a t e ,
an d le s s o r s o f r e a l p ro p e rty
n o t a llo c a b le
C o n s tru c tio n
G en e ra l c o n tra c to rs
S p e c ia l tra d e c o n tra c to rs
C o n s tru c tio n n o t a llo c a b le
A g ric u ltu re , f o r e s tr y , and f is h e r y
A g ric u ltu re and s e rv ic e s
F o re s try
F is h e ry
N a tu re o f b u s in e s s n o t a l l o c a b l e ,
e x c e p t tra d e
A/
In
2 ,9 0 5
509
1 ,3 0 1
160
111
195
5 8 ,6 6 8
2 4 ,6 5 2
3 ,8 7 9
6 4 ,5 9 5
2 6 ,8 8 7
4 2 ,8 4 8
1 0 ,8 4 6
7 ,0 4 8
1 ,7 S 5
(1 0 )
(1 0 )
27
(1 0 )
2 6 ,6 8 6
1 ,4 4 0
1 0 ,8 5 6
7 ,7 9 7
5 5 ,1 6 6
9 ,5 4 9
84
61
8 ,4 5 9
5 ,2 4 8
4 ,1 8 5
2 ,8 0 4
24
11
912
228
55
U
176
168
95
40
3 ,8 6 6
1 ,7 0 5
227
1
1 ,6 2 8
51
464
217
8 ,6 0 8
1 7 ,1 9 6
8 ,6 6 0
8 ,4 8 1
55
9 ,3 0 0
2 ,9 9 2
5 ,6 0 0
2 ,8 1 5
2 ,7 7 2
29
467
567
100
2 5 ,7 8 8
2 6 ,7 4 2
2 3 ,2 2 5
5 ,5 0 0
4 8 ,7 6 6
7 7 9 ,0 1 5
5 0 1 ,5 7 7
2 7 6 ,2 2 a
8 ,4 0 0
519
581
2 7 ,7 5 5
7 0 ,2 4 4
5 7 ,0 2 5
1 3 ,0 5 2
187
4 0 ,4 6 1
5 7 ,2 1 2
2 ,2 4 0
1 ,0 1 0
2 ,7 4 5
1 0 ,7 0 1
8 ,7 5 4
1 ,9 3 6
15
2 ,8 5 9
2 ,6 2 4
111
104
1 0 4 ,8 9 0
1 ,4 7 0 ,6 1 6
1 ,0 5 2 ,5 6 6
4 1 4 ,0 0 8
4 ,2 4 2
4 2 0 ,1 3 1
5 8 5 ,1 2 1
1 5 ,9 0 4
2 1 ,1 0 6
1 ,2 1 0
1 9 1 ,0 7 6
1 7 3 ,5 2 4
6 ,9 3 5
1 0 ,8 1 6
2 6 ,0 6 5
5 7 ,6 7 9
2 6 ,6 8 0
1 0 ,9 5 5
46
2 7 ,9 1 2
2 5 ,1 1 8
1 8 ,1 7 8
896
7 3 ,0 0 7
5 ,5 5 0
746
5 7 ,5 9 7
g e n e ra l, c o rp o ra tio n s a re
c la s s ifie d
in d u s tria lly
on
a c t i v i t y w h ic h a c c o u n ts f o r t h e l a r g e s t p e r c e n t a g e o f
T h e re fo re , th e i n d u s tr ia l g ro u p s c o n ta in c o rp o ra tio n s
e x c l u s i v e l y i n t h e i n d u s t r i e s i n w h ic h t h e y a r e c l a s s
i n d u s t r i a l c l a s s i f i c a t i o n i s b a se d o n th e S ta n d a rd I n
C l a s s i f i c a t i o n , I s s u e d fay t h e D i v i s i o n o f S t a t i s t i c a l
o f th e B u d g e t, E x e c u tiv e O f f i c e o f t h e P r e s i d e n t .
re tu rn s o f in a c tiv e
141
151
7
17
2 2 ,2 9 0
2 0 ,1 7 6
1 ,8 6 1
5
255
5 ,9 2 6
1 0 ,4 6 1
5 ,0 0 6
5 ,4 5 4
21
5 ,7 9 7
s ,a o
359
248
4 ,0 2 1
5 ,5 8 8
•
18C
,
8 /
C o n s i s t s o f c o r p o r a t i o n s w ho a t a n y tim e d u r i n g t h e t a x a b l e y e a r ow ned
5 0 p e r c e n t o r m o re o f t h e v o t i n g s t o c k o f a n o t h e r c o r p o r a t i o n a n d w h o s e
In c o m e f r o m s u c h s t o c k w a s 5 0 p e r c e n t o r m o re o f t h e a m o u n t o f d i v i d e n d s
re c e iv e d .
9 /
C o n s is ts o f c o r p o r a tio n s ( o t h e r th a n in v e s tm e n t t r u s t s a n d in v e s tm e n t
c o m p a n ie s ) w ho ( a ) a t n o tim e d u r i n g t h e t a x a b l e y e a r o w n e d 5 0 p e r c e n t
o r m o re o f t h e v o t i n g s to c k o f a n o t h e r c o r p o r a t i o n o r ( b ) a t a n y
d u r i n g t h e t a x a b l e y e a r ow n ed 5 0 p e r c e n t o r m o re o f t h e v o t i n g s t o c k o f
a n o t h e r c o r p o r a t i o n b u t w h o s e in c o m e f r o m s u c h s t o c k w a s l e s s t h a n 5 0 p e r
c e n t o f th e am ount o f d iv id e n d s re c e iv e d .
" T o t a l c o m p ile d r e c e i p t s " c o r r e s p o n d s t o " T o t a l in c o m e " ( i t e m 1 4 , p a g e 1 ,
F o rm s 1 1 2 0 a n d 1 1 2 0 4 ) a f t e r t r a n s f e r r i n g t o d e d u c t i o n s t h e n e g a t i v e it e m s
o f in c o m e r e p o r t e d u n d e r s o u r c e s o f in c o m e a n d a d d i n g " C o s t o f g o o d s s o l d , "
" C o s t o f o p e r a t i o n s ," ( i t e m s 2 a n d 5 , r e s p e c t i v e l y , p a g e 1 , F o rm s 1 1 2 0
a n d 1 1 2 0 4 ) a n d " W h o lly ta x - e x e m p t i n t e r e s t o n G o v e rn m e n t o b l i g a t i o n s . "
5/
See n o te s
10/
L ess
th a n
$500.
218
219
220
221
225
*0tiie r tra n s p o rta tio n an d a l l i e d s e rv ic e s ” in c lu d e s t o l l ro a d s an d h » n
b r i d g e s w h ic h f o r 1 9 3 8 w e re i n c l u d e d i n " P u b l i c u t i l i t i e s n o t e ls e w h e r e
c la s s if ie d ."
4 /
2 ,8 6 2
1 ,5 0 9
1 ,0 8 5
224
1 ,5 9 2
7 /
" N e t in c o m e " o r " D e f i c i t " i s t h e a m o u n t r e p o r t e d f o r ( d e c l a r e d v a l u e )
e x c e s s - p r o f i t s t a x c o m p u ta tio n ( i t e m 2 8 , p a g e 1 , F o rm s 1 1 2 0 a n d 1 1 2 0 4 ) ,
a n d i s e q u a l t o t h e d i f f e r e n c e b e tw e e n " T o t a l in c o m e " a n d " T o t a l
d e d u c tio n s " ( i t a n s 1 4 a n d 2 7 , r e s p e c t i v e l y , p a g e 1 , F o rm s 1 1 2 0 a n d 1 1 2 0 4 ) .
217
1 2 ,2 9 6
"G as p ro d u c tio n an d d i s t r i b u t i o n , e x c e p t n a tu r a l g a s p ro d u c tio n " in c lu d e s
n a t u r a l g a s p i p e l i n e s w h ic h f o r 1 9 5 8 w e re i n c l u d e d i n " P ip e l i n e s . "
£ /
216
7
224
6 /
c o rp o ra tio n s .
214
215
5 ,5 5 2
1 ,2 6 2
th e o n e b u s in e s s
In c lu d e s num ber o f
SIS
1 ,5 7 6
1 ,0 7 6
289
11
" T o ta l r e c e ip ts ."
n o t engaged
ifie d .
The
d u s tria l
S ta n d a r d s , B u re a u
3 /
6 an d 7 b e lo w .
SI
5 ,6 8 5
5 ,1 9 9
528
156
165
951
62
505
222
£25
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS 9
Friday, February 6. 1942,
1/23/42
Press Servioe
No, 29-86
■*
Secretary of the Treasury Morgenthau today made public the third
in the series of tabulations from "Statistics of Income for 1939,
Part 2, Compiled from Corporation Income and (Declared Value) Excess«»
profits Tax Returns and Personal Holding Company Returns,* prepared
under the direction of Commissioner of Internal Revenue Guy ?• Helvering«
The following table shows by major industrial groups the number
of returns for corporations reporting income data, compiled receipts
and compiled deductions, compiled net profit or net loss, net income
or deficit, Income tax, (declared value) excess «»profits tax, total
tax, compiled net profit less total tax, and dividends paid«
In general, corporations are classified industrially on the one
business activity which accounts for the largest percentage of "Total
receipts«"
Wierefore, the industrial groups contain corporations not
engaged exclusively in the industries in whioh they are classified«
"Total receipts" means the cum of the following items t
Gross sales
(where inventories are an inoome-determining factor); gross receipts
(where inventories are not an income-determining factor); interest on
loans, notes, mortgages, bonds, bank deposits, etc.; taxable interest
on obligations of the United States; rents; royalties; oapital gain;
gain from sale or exchange of property other than oapital assets;
dividends; and other income required to be included in gross income.
-
2
-
The major Industrial groups for 1939 are comparable with those
for 1938«
The industrial classification for 1939 and 1938 is based
on the Standard Industrial Classification, issued by the Division of
Statistical Standards, Bureau of the Budget, Executive Office of the
President,
Since the Standard Industrial Classification, as at present
designed, is on an establishment basis, certain modifications are necessary to make it applicable to corporation income tax returns which
are filed on an ownership basis.
In analyzing the data compiled from returns classified under the
major industrial group insurance carriers, agents, etc«,tt allowance
should be made for the two special deductions from gross income per
mitted life insurance companies under section 203(a), Internal Revenue
Code as amended, relating to reserve funds required by law, and reserve
for dividends.
On 1939 returns with net income these deductions
aggregate $17,344,708, and on returns with no net income, $899,758,292,
In the attached table, the special deductions for life insurance
companies are included in nOther deductions,**
C o m o rm tio B r e t u r n «
1939
b y B a to r i n d u s t r i a l g ro u p s«
C o rp o ra tio n « » to m a , 1 9 5 9 , t y m a jo r
I ta a b a r o f r s t a r n s , c o s ip ile d r e c s i p t « a n d c o m p ile d d e d u c t i o n s , C ^ p i l e d
^
( < to c la w d v t i u e ) e x c e s s - p r o f i t s t a x , t o t a l t a x « a i d iv fc to n d s p a i d
n e t p r o f it o r n o t lo a n , n o t
M a jo r i n d u s t r i a l g ro u p s 1 /
i l l
in d u s tria l
g ro o p s
d tn m in o u s
c o a l,
L ig n ite ,
p e a t, a te .
In th ra e ite
M e ta l
T o ta l
and
q u a rry in g
lh a a b e r o f r a t u r n s 6 /
B e s s ip ts , ta x a b le «
G ro ss s a l s a 7 /
G ro ss r e c e ip t« f r o « o p e r a tio n s 8 /
In ts rs s t
■ a n ts a n d r o y a l t i e s 9 /
N et c a p ita l g a in 1 2 /
N ot g a in , s a le o f p ro p e rty o th e r
th a n c a p i t a l a s s e t s U /
D iv id e n d s , d o m e s tic c o r p o r a tio n s ¿ 2 /
D iv id e n d s , f o r e ig n c o r p o r a tio n « ¿ 5 /
O th e r r e c e ip t«
B s c e lp ta , p a r t i a l l y a n d w h o lly ta x -e x a m p ti
I n te r e s t on Q ev en assn t o b lig a tio n s i
S u b je c t to « x e s s s -p ro fit« ta x 1 4 /
■ h o lly ta x -e x e m p t 1 6 /
T o ta l o o a p ile d r e c e ip t« ! § /
D e d u c tio n s «
C o s t o f g o o d s c o ld 1 2 /
C o st o f o p e ra tio n s 1 8 /
C o m p e n s a tio n o f o f f i c e r »
B u t p a id o n b u s in e s s p ro p e rty
24
26
26
B s p a irs 1 2 /
B ad d e b ts
I n te r e s t p a id
T ax er p a id 2 0 /
C o n trib u tio n s o r
D e p re c ia tio n
D e p le tio n
N et c a p ita l lo s s
B et le s s , s a ls o
th a n c a p ita l a s
O th e r d e d u c tio n s
g ifts ¿ 1 /
M a n u fa c to r in g
M in in g a n d q u a r r y i n g
Pat r o l e «
to ta l
m a n u fa c
tu rin g
d in in g an d
q u a rry in g
not
a llo c a b le
(o n
est a l l i c
and
q u a rry in g
Food a n d
B ev erag es
rindred
jro d u e ts
T obaoeo
m a n u fa c
tu re s
1 ,8 2 0
5 ,2 7 4
1 ,7 6 0
474
2 ,9 7 7
297
1 ,5 7 5
119
9 ,7 5 7
1 0 ,8 2 0
8 6 ,1 8 5
4 6 9 ,6 3 1 7
1 0 1 ,5 7 5 ,7 8 6
2 2 ,2 9 5 ,8 5 5
2 ,4 4 5 ,5 9 5
2 ,5 1 8 ,9 6 5
2 1 1 ,9 7 6
2 ,4 5 6 ,0 5 1
2 9 5 ,1 6 5
8 ,8 9 8
4 1 ,8 2 9
7 ,9 9 6
7 7 5 ,5 0 1
2 0 ,5 4 5
2 ,8 7 7
5 ,5 0 6
615
1 8 2 ,0 9 8
1 0 ,6 4 1
715
4 ,9 7 1
58
7 1 0 ,2 0 6
7 1 ,5 6 4
2 ,0 5 8
1 7 ,4 8 0
968
5 4 1 ,2 7 8
1 6 1 ,2 6 7
2 ,7 8 1
1 1 ,2 9 0
6 ,1 2 6
2 2 0 ,9 4 1
2 9 ,5 2 0
422
1 ,9 5 6
206
6 ,2 2 7
1 ,8 2 6
49
126
25
5 6 ,9 6 2 ,5 4 1
1 ,1 7 6 ,8 7 7
1 0 5 ,9 9 7
1 9 6 ,8 9 8
2 5 ,4 4 9
9 ,9 5 5 ,1 5 5
7 5 ,5 6 6
9 ,0 4 5
1 6 ,7 9 4
1 ,2 5 8
1 ,6 6 2 ,1 6 1
1 3 ,0 7 0
1 ,7 6 8
4 ,0 0 1 6
177
1 ,5 0 9 ,1 8 2
2 ,4 1 6
2 ,2 0 6
2 ,4 1 0
715
1 1 4 ,9 1 0
1 ,9 0 5 ,9 4 9
2 5 0 ,0 7 7
9 9 7 ,6 9 1
6 ,6 6 5
4 1 ,5 6 8
1 ,4 5 1
5 4 ,6 0 5
521
2 6 ,5 0 6
1 ,5 5 0
9 ,7 1 5
64
678
5 ,5 6 9
9 ,5 9 5
56
1 0 ,9 0 5
154
961
2
2 ,5 6 0
138
194
1
88
1 4 ,1 9 8
5 6 6 ,9 6 5
1 2 0 ,1 0 6
2 9 e ,8 S l
1 ,5 5 9
2 7 ,6 5 9
1 8 ,7 6 8
4 5 ,5 4 4
505
5 ,4 1 1
920
9 ,5 9 4
106
4 ,6 0 5
456
1 ,9 4 8
2 ,4 2 6
659
5 ,6 1 5
62
8 ,9 1 2
5 2 0 ,1 9 2
4 4 5 ,2 5 0
1 ,8 0 7
1 ,2 1 0
617
592
212
18
6X 8
182
541
540
117
74
2
5
1 4 ,5 4 0
1 2 ,5 4 6
1 ,2 9 6
959
225
281
575
251
7 4 9 ,5 2 7
2 5 6 ,7 1 2
8 ,6 8 0
1 ,3 2 4 ,6 5 0
201*879
8 1 6 ,2 0 5
1 ,6 9 6 ,0 7 7
8 4 5 ,7 4 2
1 0 ,1 2 8 ,1 5 9
2 ,8 7 6 ,6 4 4
5 8 ,5 0 6 ,5 6 9
1 5 2 ,8 7 8 ,2 2 4
7 7 ,2 7 2 ,1 0 2
1 1 ,1 2 7 ,9 7 5
2 5 /2 ,6 9 7 ,4 5 8
1 ,6 0 5 ,5 5 8
1 ,0 9 7 ,5 4 0
7 1 5 ,0 9 5
2 ,7 9 6 ,5 0 7
5 ,9 9 5 ,4 4 5
5 0 ,7 8 0
5 ,4 4 2 ,7 1 5
4 5 7 ,6 8 6
6 4 ,8 4 7
1 ,6 0 0 ,5 8 1
1 8 4 ,5 2 5
4 7 ,0 6 8
1 6 ,4 4 6
5 4 ,4 1 9
8 ,2 4 0
5 8 ,0 3 2
1 5 2 ,2 2 4
441
1 6 2 ,2 4 2
2 1 0 ,1 5 4
895
4 8 4 ,2 6 9
1 5 ,6 1 8
5 ,7 8 9
1 ,0 6 5
1 2 .2 7 5
1 ,4 0 6
1 0 .2 7 5
4 8 ,6 7 7
179
5 5 ,5 4 7
7 4 ,1 9 2
75
1 5 6 ,5 2 0
8 ,6 0 0
1 ,2 9 2
605
5 ,4 9 5
1 ,2 9 5
8 ,1 5 5
1 1 ,8 1 9
1
6 ,5 5 6
6 ,6 1 5
6
5 6 8 ,7 8 6
5 0 ,9 4 6
9 ,6 4 6
4 ,6 6 2
1 8 ,9 2 2
1 ,8 5 9
1 2 ,0 1 5
5 4 ,8 8 5
61
5 6 ,1 8 1
1 5 ,6 8 9
247
2 5 6 ,0 2 4
9 2 ,9 7 6
2 0 ,0 5 8
8 ,0 9 5
8 ,5 5 6
2 ,2 6 0
2 5 ,8 7 9
2 8 ,6 2 2
115
7 0 ,8 6 8
1 0 5 ,4 4 0
416
1 2 9 ,9 8 5
1 6 ,8 5 2
1 0 ,0 8 1
1 ,9 4 9
8 ,9 7 5
1 ,5 9 2
5 ,6 5 7
7 ,7 4 8
85
1 4 ,6 0 9
7 ,9 0 7
125
4 ,7 9 6
1 ,5 3 0
221
64
205
48
78
474
(2 4 )
480
290
25
4 1 ,2 4 6 ,6 4 2
6 5 4 ,0 5 7
9 6 4 ,9 4 8
5 0 5 ,5 8 1
7 5 9 ,1 2 5
1 6 6 ,9 7 0
5 4 5 ,9 8 4
1 ,5 8 5 ,2 8 1
1 4 ,0 5 5
1 ,4 4 2 ,2 5 4
1 8 7 ,6 8 8
4 ,8 8 1
8 ,0 5 1 ,1 9 5
5 2 ,6 0 7
9 5 ,0 6 4
5 4 ,6 4 5
7 8 ,5 0 1
1 8 ,2 5 7
5 5 ,6 2 8
1 7 0 ,0 9 0
1 ,5 2 1
1 5 6 ,7 9 6
258
551
8 8 8 ,0 6 6
4 ,7 4 8
2 9 ,6 4 7
6 ,0 8 9
1 1 ,8 9 8
7 ,1 6 8
1 4 ,1 8 9
2 6 7 ,5 8 7
6U
8 7 ,s n .
97
127
9 6 3 ,0 8 4
1 ,8 6 4
6 ,6 9 2
1 ,5 8 5
1 ,9 0 4
545
5 ,5 5 2
9 5 ,1 2 1
161
7 ,9 4 1
4 ,0 4 8
1 ,0 8 2 ,8 7 9
1 ,2 9 2
2 9 5 ,0 7 5
164
1 1 5 ,8 1 2
10
¡2 /
f p ro p e rty o th e r
s s ts U /
22/
1 8 6 ,2 1 9
2 6 /2 0 ,2 5 2 ,7 5 5
6 ,5 2 9
2 6 2 ,5 8 7
746
5 4 ,5 7 0
550
1 2 ,5 9 5
1 ,3 1 8
6 6 ,4 9 5
2 ,0 5 9
1 1 7 ,5 0 4
1 ,4 6 9
5 0 ,1 5 1
88
1 ,4 7 2
4 5 ,6 4 0
7 ,0 4 9 ,4 5 1
8 2 2 ,1 9 1
2 5 4 ,9 6 5
9 ,7 4 0 ,0 1 7
1 ,1 9 6 ,4 8 6
2 1 9 ,8 9 9
1 ,5 6 1 ,9 0 6
7 2 0 ,4 9 8
5 4 ,7 2 6 ,2 6 7
2 ,7 4 4 ,1 5 8
9 ,7 5 6
2 2 /1 2 5 ,7 0 0 ,4 0 9
7 5 6 ,8 5 2
T o ta l c o n p ile d d e d u c tio n s
1 5 2 ,5 8 6
1 5 1 ,1 7 6
1 2 5 ,2 4 4
1 2 2 ,6 5 2
2 8 /5 ,9 8 6
2 8 /6 ,1 6 8
1 2 ,4 7 5
1 2 ,1 5 5
2 1 ,7 4 9
2 1 ,6 7 6
2 8 /1 ,0 7 6
7 ,1 7 7 ,8 1 5
6 ,7 5 4 ,5 6 6
2 8 /1 8 ,0 2 0
¿ 8 /1 8 ,0 5 8
3 /1 ,0 8 0
5 ,5 8 0 ,1 0 2
5 ,5 6 7 ,7 5 6
5 8 8 ,1 2 2
5 8 7 ,1 6 2
1 5 4 ,1 7 1
1 5 5 ,9 4 0
1 2 8 ,2 1 4
1 2 7 ,9 8 5
50
C o n p ile d n e t p r o f i t o r n e t l o s s
(1 5 l a s s 2 8 )
M e t in c o m e o r d e f i c i t 2 8 / ( 2 9 l e s s 1 2 )
51
52
In c o m e t a x
(D e c la re d v a lu e )
1 ,2 1 6 ,4 5 0
1 5 ,8 0 6
8 6 ,8 8 2
888
1 8 ,7 6 6
184
77
5
2 ,8 0 2
42
1 0 ,8 5 4
71
4 ,5 5 6
86
27
1
6 2 4 ,5 7 5
9 ,7 0 1
6 7 ,5 7 6
640
2 5 ,5 9 8
185
2 1 ,1 4 8
7
2 ,8 4 4
1 0 ,9 2 5
4 ,4 4 2
28
2 5 ,7 8 1
2 1 ,1 5 5
82
6 8 ,0 1 6
5 7 ,2 7 C
1 8 ,9 5 0
6 5 4 ,0 7 7
1 ,2 5 2 ,2 6 6
2 9 /8 ,8 5 0
1 ,5 5 0
1 7 ,5 0 7
1 0 6 ,5 9 0
1 0 7 ,0 5 9
2 9 /1 8 ,1 0 5
5 2 0 ,1 0 6
1 0 4 ,2 9 4
2 ,9 4 6 ,0 2 5
9 5 ,l i t
2 9 /1 ,1 0 3
5 ,9 4 5 ,5 5 9
1 2 1 ,5 2 6
16
849
1 5 ,0 1 2
167
6 5 ,6 4 1
1 ,5 1 1
1 8 ,5 9 4
459
2
2 ,2 0 9 ,5 6 0
5 2 ,7 7 0
2 5 9 ,6 8 7
1 ,4 7 6
7 2 ,8 1 6
3 ,9 6 1
9 4 ,1 1 9
2 1 7 , 66«
1 ,4 9 «
27
29
55
54
55
e x c e s s -p ro fit#
ta x
T o ta l ta x
C o n p ile d n e t p r o f i t l e s s t o t a l ta x
(2 9 l e s s 55)
D iv id e n d s p a id «
C ash sn d a s s e t s o th e r th a n
c o r p o r a t i o n 's ow n s t o c k
C o r p o r a t i o n 's ow n s t o c k
Tor footnotes, see pages lo end 11.
C o rp o ra tio n
re tu rn s .
1 9 5 9 , t y m a jo r i n d u s t r i a l g ro u p s«
o r d e f i c i t , in c o m e t a x ,
H um ber o f r e t u r n s , c o m p ile d r e c e i p t s a n d c o m p ile d d e d u c t i o n s , c o m p ile d n e t p r o f i t o r n e t l o s s , n e t in c o m e
( d e c l a r e d v a lu e ) e x c e s s - p r o f i t s t a x , t o t a l t a x a n d d iv id e n d s p a i d - C o n tin u e d
(M oney f i g u r e s i n
th o u s a n d s o f d o l l a r s )
M a jo r i n d u s t r i a l g ro u p s
M a n u fa c tu rin g -
T e x tile -m ill
p ro d u c ts
N um ber o f
re tu rn s
6 /
A p p a re l an d
p ro d u c ts
m ade fro m
fa b ric s
le a th e r
and
p ro d u c ts
L um ber and
tim b e r
b a s ic
p ro d u c ts
R ubber
p ro d u c ts
F u m itu re
and
fin is h e d
lu m b e r
p ro d u c ts
" jj
-
C o n tin u e d
C o n tin u e d
P ap er and
a llie d
p ro d u c ts
P rin tin g
and
p u b lis h in g
in d u s trie s
C h e m ic a ls
and
a llie d
p ro d u c ts
R e n ts a n d r o y a l t i e s 9 /
N et c a p i t a l g a in 1 0 /
H et g a in , s a le o f p ro p e rty o th e r
th a n c a p ita l a s s e ts 1 1 /
D iv id e n d s , d o m e s tic c o r p o r a tio n s 1 2 /
D iv id e n d s , f o r e ig n c o r p o r a tio n s 1 5 /
O th e r r e c e ip ts
R e c e i p t s , p a r t i a l l y a n d w h o lly ta x -e x e m p t«
I n t e r e s t o n G o v e rn m e n t o b l i g a t i o n s «
S u b je c t to e x c e s s -p ro fits ta x 1 4 /
W h o lly ta x - e x e m p t 1 5 /
T o t a l c o m p ile d r e c e i p t s 1 1 /
BPS
R e p a irs 1 9 /
D e p le tio n
M et c a p i t a l l o s s 1 0 /
th a n c a p ita l a s s e ts 1 1 /
O th e r d e d u c tio n s 2 2 /
T o t a l c o m p ile d d e d u c tio n s
C o m p ile d n e t p r o f i t o r n e t l o s s
(1 5 l e s s 28)
M et In c o m e o r d e f i c i t 2 5 / ( 2 9 l e s s 1 2 )
|D e c l a r e d
v a lu e )
e x c e s s -p ro fits ta x
T o ta l ta x
C o m p ile d n e t p r o f i t l e s s t o t a l t a x
(2 9 l e s s 55)
D iv id e n d s p a id «
C ash an d a s s e t s o th e r th a n
C o r p o r a t i o n ' s o* m s t o c k
For footnotes, see pegos 10 end IX,
Iro n , s te a l.
and
p ro d u c ts
6 ,6 0 2
8 ,4 1 9
2 ,1 5 0
545
2 ,8 4 9
4 ,4 8 7
2 ,1 6 7
U , 528
6 ,7 8 5
675
5 ,5 2 5
5 ,7 5 9 ,5 0 6
8 7 ,6 2 8
4 ,2 4 4
1 2 ,6 9 2
1 ,5 9 5
2 ,2 7 9 ,4 6 4
4 9 ,6 9 2
964
4 ,1 2 0
241
1 ,2 2 1 ,1 2 7
8 ,4 4 1
1 ,2 6 5
1 ,5 6 9
114
1 ,0 6 1 ,5 9 5
1 ,6 7 6
1 ,4 9 4
5 ,4 5 1
773
8 8 2 ,8 4 4
1 7 ,2 0 5
2 ,0 5 3
5 ,5 9 4
2 ,0 0 8
1 ,2 0 9 ,1 7 5
7 ,7 4 7
1 ,6 8 2
2 ,0 6 0
622
1 ,7 5 1 ,1 8 3
5 ,6 6 2
8 ,4 1 3
5 ,1 1 4
1 ,2 6 4
2 ,0 2 5 ,1 0 1
1 8 1 ,9 4 3
4 ,4 4 1
1 2 ,7 1 2
2 ,1 9 2
4 ,1 9 7 ,5 2 2
2 9 ,4 1 6
7 ,5 5 6
1 4 ,5 1 5
2 ,4 8 5
4 ,9 6 8 ,7 7 2
2 5 4 ,9 6 1
1 5 ,0 9 7
5 8 ,8 8 6
2 ,4 1 9
1 ,4 6 3 ,4 5 8
1 4 ,2 7 2
2 ,0 4 7
5 ,1 1 4
755
1 ,7 6 4
5 ,0 9 5
955
2 0 ,8 8 6
167
1 ,1 8 9
681
9 ,1 4 4
177
1 ,2 2 7
6
6 ,6 2 1
46
4 ,5 7 8
5 ,2 6 8
5 ,5 8 2
1 ,2 6 7
2 ,4 7 9
10
1 0 ,9 4 7
554
1 ,9 0 6
556
7 ,8 7 4
496
6 ,0 0 8
1 ,0 4 1
1 0 ,7 8 5
849
1 9 ,0 5 6
1 ,2 0 4
1 9 ,5 4 4
1 ,4 0 1
7 0 ,5 0 0
1 5 ,0 2 0
1 7 ,4 7 7
1 ,1 9 6
1 0 4 ,1 6 8
4 ,8 0 5
2 1 ,0 5 7
250
7 ,5 2 0
2 , 555
9*199
1 ,5 8 2
1 9 ,1 7 1
8 ,6 6 2
2 2 ,4 6 4
717
589
215
150
125
75
71
47
205
104
484
224
695
254
1 ,5 5 9
972
1 ,6 6 2
2 ,2 8 8
540
760
691
450
1 ,5 5 9
5 ,8 9 5 ,4 6 6
2 ,5 4 5 ,9 9 6
1 ,2 4 0 ,7 4 0
1 ,0 6 4 ,5 6 1
9 2 4 ,5 1 1
1 ,2 3 2 ,6 4 6
1 ,7 7 0 ,9 1 1
2 ,2 6 9 ,5 5 2
4 ,5 5 7 ,2 2 9
5 ,4 1 0 ,6 4 2
1 ,5 0 5 ,8 2 7
6 ,0 2 0 ,9 7 5
5 ,0 5 5 ,4 4 1
5 9 ,5 6 1
6 7 ,5 4 5
1 2 ,8 9 6
5 7 ,1 4 8
8 ,7 7 4
2 1 ,2 5 6
7 7 ,4 9 7
675
9 1 ,1 4 7
11
552
1 ,8 4 1 ,5 4 7
5 9 ,2 1 8
8 0 ,7 4 5
2 6 ,0 4 1
5 ,4 5 5
7 ,2 4 8
6 ,9 2 6
2 9 ,8 5 5
508
1 0 ,7 0 4
25
171
1 ,0 1 1 ,5 8 6
4 ,2 4 5
2 5 ,9 6 4
7 ,1 0 0
7 ,8 8 1
5 ,5 1 2
4 ,2 5 2
1 9 ,2 5 6
280
1 1 ,7 1 4
45
99
7 3 6 ,5 4 8
442
8 ,5 2 5
6 ,0 5 9
1 4 ,4 4 2
5 ,6 9 7
8 ,7 1 7
4 8 ,9 0 1
164
2 7 ,6 4 0
9
55
6 7 5 ,0 5 2
1 0 ,5 9 1
2 0 ,5 8 5
2 ,7 6 5
6 ,9 2 9
4 ,1 5 2
1 0 ,0 6 5
2 3 ,1 6 4
156
2 7 ,4 5 0
2 5 ,6 2 7
259
8 9 6 ,8 1 6
2 ,9 1 5
4 0 ,4 6 6
9 ,4 2 6
1 0 ,2 6 2
5 ,5 1 0
6 ,5 5 8
2 5 ,1 0 2
277
2 1 ,2 3 9
2 ,5 9 4
202
1 ,2 6 2 ,5 0 6
2 ,8 6 6
5 7 ,6 2 8
9 ,2 1 6
5 6 ,8 3 8
1 1 ,6 2 4
2 5 ,5 0 9
5 9 ,4 8 9
551
6 4 ,6 5 4
2 ,5 5 2
196
1 ,5 5 1 ,6 1 8
9 7 ,4 7 1
1 0 0 ,6 9 4
5 2 ,1 7 1
8 ,8 6 5
1 5 ,9 5 9
1 4 ,9 6 1
5 1 ,8 9 5
1 ,1 7 8
4 6 ,5 1 9
61
565
2 ,6 4 4 ,4 8 0
7 ,2 5 6
7 5 ,0 4 7
1 5 ,5 6 8
5 5 ,5 0 5
1 2 ,4 6 5
2 0 ,4 0 0
9 6 ,5 5 0
1 ,1 2 1
1 2 3 ,4 6 2
5 ,9 1 2
580
5 ,5 5 5 ,2 7 9
1 1 7 ,5 6 6
1 4 ,4 5 5
5 2 ,9 0 2
9 0 ,5 9 0
1 5 ,4 7 1
3 7 ,5 7 5
1 7 8 ,5 9 1
621
2 6 5 ,1 5 2
1 4 1 ,2 9 5
78
963,a s
4 ,4 9 6 ,5 3 2
15*557
9 6 ,7 1 0
2 7 ,8 4 9
159*515
1 2 ,8 6 5
7 0 ,8 5 4
1 5 9 ,2 0 6
1 ,2 8 4
2 0 4 ,9 1 6
6 ,8 1 4
5 0 4 ,9 5 8
514
2 6 4 ,8 6 8
777
1 0 8 ,1 5 6
1 ,8 1 1
1 6 2 ,4 4 7
1 ,5 1 7
9 9 ,3 7 9
783
1 6 7 ,0 0 9
2 ,0 5 0
1 7 6 ,6 0 8
2 ,1 1 2
4 5 7 ,9 6 7
2 ,5 5 5
7 6 0 ,6 1 4
5 ,6 2 8
7 5 9 ,5 5 5
1 ,4 8 7
1 9 5 ,5 5 6
5 ,9 6 4
4 8 9 ,1 2 0
5 ,7 4 5 ,8 5 5
2 ,5 1 1 ,8 2 4
1 ,2 0 4 ,6 0 9
1 ,0 2 1 ,2 5 6
9 0 7 ,0 0 0
1 ,1 8 8 ,9 5 7
1 ,6 7 0 ,0 6 7
2 ,1 5 9 ,8 5 6
5 ,8 1 9 ,1 1 5
5 ,2 5 0 ,1 2 0
1 ,3 5 9 ,5 4 8
5 ,7 a , 682
1 S 1 ,6 1 5
1 5 1 ,0 2 5
5 4 ,1 7 5
5 4 ,0 4 5
5 6 ,1 5 1
5 6 ,0 5 8
6 3 ,1 2 6
6 3 ,0 7 8
1 7 ,5 0 3
1 7 ,4 0 0
4 5 ,6 8 9
4 3 ,4 6 5
1 0 0 ,8 4 3
1 0 0 ,5 8 0
1 2 9 ,5 1 6
1 2 8 ,5 4 5
5 5 8 ,1 1 4
5 5 5 ,8 2 6
1 8 0 ,5 2 2
1 7 9 ,7 6 2
1 4 6 ,2 8 0
1 4 5 ,8 4 9
2 9 8 ,5 0 6
5 1 ,7 2 9
1 ,2 4 2
8 ,5 0 2
506
7 ,6 0 5
150
1 0 ,4 5 7
115
5 ,9 9 1
129
9 ,5 4 8
194
1 9 ,5 6 2
515
2 5 ,8 1 4
227
8 4 ,9 4 7
1 ,4 0 1
2 0 ,5 4 2
192
2 5 ,8 0 5
557
5 6 ,0 0 6
5 2 ,9 7 0
8 ,6 0 6
7 ,7 3 4
1 0 ,5 7 0
6 ,1 2 0
9 ,5 4 2
1 9 ,8 7 7
2 4 ,0 4 1
8 6 ,5 4 8
2 0 ,5 5 3
2 6 ,1 6 0
5 7 ,4 2 7
1 1 8 ,6 4 2
2 5 ,5 6 5
2 8 ,5 9 7
5 2 ,5 5 6
1 1 ,5 8 3
5 4 ,1 4 7
8 0 ,9 6 7
1 0 5 ,4 7 5
4 5 1 ,7 6 6
1 5 9 ,9 8 9
1 2 0 ,1 1 9
2 4 1 ,8 6 4
7 5 ,1 2 5
2 ,4 0 4
1 9 ,7 2 5
1 ,6 5 6
2 2 ,8 5 0
1 ,5 0 5
5 1 ,0 0 9
414
2 5 ,8 8 7
550
2 7 ,5 4 3
180
5 5 ,2 9 6
427
9 3 ,9 8 2
666
sa, 581
1 8 6 ,8 2 6
220
8 8 ,6 5 0
145
1 7 1 ,5 6 8
D e d u c tio n s «
• 14
15
16
17
18
19
S to n e ,
c le y , and
g la s s
p ro d u c ts
4 ,8 1 0
R e c e ip ts , ta x a b le «
G ro ss r e c e i p t s fro m o p e r a tio n s 8 /
P e tro le u m
and c o a l
p ro d u c ts
8 ,2 3 9
9 ,5 6 2
5 S |7 1 b
6 ,5 8 2
5 5 ,5 a
5 ,2 4 5
1 0 ,0 5 8
5 5 ,8 0 0
496
a , 691
2 ,2 0 1
2 a
S ,a 7 ,a7
1 2 ,2 4 8
1 2 ,9 7 5
1*545
2 ,8 6 5
469
299,2a
1,4a
C o rp o ra tio n
r e t u r n s , 1 9 5 9 , b y m a jo r i n d u s t r i a l g r o u p s :
o r d e f i c i t , in c o n e t a x ,
B u n b e r o f r e t u r n s , c o m p ile d r e c e i p t s a n d c o » p ile d d e d u c tio n s , c o m p ile d n e t p r o f i t o r n o t l o s s , n e t I n o o a a
( d e c l a r e d r a i n s ) e x c e s s - p r o f i t s t a x , t o t a l t a x a n d d iv id e n d s p a i d - C o n tin u e d
(H o n e y f i g u r e s I n th o u s a n d s o f d o l l a r s )
M a jo r i n d u s t r i a l g r o u p s
M a n u fa c tu rin g -
1 N um ber o f
2
5
4
6
6
7
8
9
10
11
12
IS
i 14
IS
18
17
18
BBP8
19
24
25
26
27
28
29
80
51
82
55
54
55
56
re tu rn s 6 /
-
C o n tin u e d
P u b lic U t i l i t i e s
C o n tin u a d
iu tc a a o b ile s
a n d e q u ip
m e n t, e x c e p t
e le c tric a l
T ra n s p o rta s *
t l o n e q u ip
m e n t, e x c e p t
a u to m o b ile s
O t h e r m anu
fa c tu rin g
M a n u fa c tu rin g
n o t a llo c a b le
T o ta l p u b lic
u tilitie s
T ra n s p o rta
t i o n %/
T o t a l c o m p ile d
r e c e i p t s 1 ,6 /
D e d u c tio n s :
C ost o f goods a d d 1 7 /
C o st o f o p e ra tio n s 1 8 /
C o m p e n s a tio n o f o f f l o e r s
R an t p a id o n b u s in e s s p ro p e rty
R e p a irs 1 9 /
B ad d e b ts
I n t e r e s t p a id
T axes p a id 2 0 /
C o n trib u tio n s o r g i f t s 2 1 /
D e p re c ia tio n
D e p le tio n
H ot c a p ita l lo s s 1 0 /
H ot lo s s , s a le o f p ro p e rly e th e r
th a n c a p i t a l a s s e t s JJJ
O th e r d e d u c tio n s 2 2 /
T o t a l c o m p ile d d e d u c tio n s
C o m p ile d n e t p r o f i t o r n e t l o s e
(1 5 l a s s 28 )
H o t in c o m e o r d e f i c i t ¡ ¡ / ( 2 9 l e s s 1 2 )
In c o m e t a x
(D e c la re d v a in e )
e x c e s s -p ro fits ta x
T o ta l ta x
C o m p ile d n e t p r o f i t l o s s t o t a l t a x
(2 9 l e s s 5 5 )
D iv id e n d s p a id «
C ash an d a s s e ts o th e r th a n
c o r p o r a t i o n 's asm s t o c k
C o r p o r a t i o n 1 s ow n s t o c k
For footnotes, see paces 10 and li.
> \
O th e r
p u b lic
u tilitie s
E le c tric a l
m a c h in e ry
an d e q u ip -
M a c h in e ry ,
except
tra n s p o rta
t i o n e q u ip
m ent and
e le c tric a l
2 ,5 6 1
1 ,6 6 4
6 ,0 8 7
875
784
6 ,5 4 0
1 ,6 4 8
2 2 ,0 6 4
1 4 ,8 5 0
8 ,8 2 7
5 ,8 0 7
1 ,5 4 7 ,6 6 6
60 j 515
2^605
2*196
'2 6 2
1 ,8 2 6 ,5 5 1
7 ,0 1 9
5^441
4" 774
554
5 ,5 7 2 ,1 7 «
7 1 ,7 0 4
1 4 ,5 5 4
2 9 ,0 0 4
1 ,9 9 6
8 ,5 6 5 ,1 1 1
4 ,4 4 1
6 ,1 9 9
1 0 ,8 1 6
790
6 0 2 ,4 0 2
2 4 9 ,1 5 1
2 ,2 1 4
8 ,0 .9
2 ,5 0 8
1 ,1 1 5 ,9 9 5
5 1 ,5 4 1
2 ,8 4 9
6 ,6 6 2
1 ,8 1 6
8 2 0 ,7 5 1
2 ,7 2 «
858
954
91
1 4 1 ,7 6 6
1 2 ,5 8 1 ,6 7 1
9 5 ,5 2 9
9 7 ,4 6 2
5 ,7 8 9
9 2 ,8 2 5
7 ,2 7 0 ,0 8 2
6 7 ,1 8 6
4 9 ,2 0
8 ,7 9 2
8 ,9 6 2
1 ,5 2 7 ,8 4 6
9 ,1 2 6
2 5 ,4 6 8
5 0
4 4 ,9 8 0
5 ,5 8 5 ,7 4 4
2 9 ,0 7
2 4 ,7 5 4
1 ,4 6 6
145
8 ,7 9 2
5^078
9 ,5 2 7
170
1 2 ,4 2 7
5 ,6 7 2
8 ,1 4 1
987
1 0 ,8 7 9
1 0 ,5 4 4
28^752
508
4 4 ,8 1 1
5 5 ,2 9 6
1 6 ,5 1 6
702
6 ,4 5 2
578
5 ,6 9 7
267
5 ,7 5 9
5 ,7 5 0
1 1 ,5 0 0
161
1 ,5 5 6
922
1 ,8 9 8
8 ,4 8 5
2 9 5 ,2 7 9
5 ,8 4 4
5 6 ,2 5 9
4 ,7 6 2
6 9 ,5 7 9
659
5 6 ,1 0
259
1 7 8 ,7 9 7
1 ,4 8 5
5 ,2 0 5
5 ,4 8 5
4 4 ,9 0 5
5 ,8 2 0
1 6 ,8 7 2
10
517
192
858
1 ,1 5 5
2 ,0 2 0
1 ,8 5 6
540
666
455
250
268
206
120
14
4 ,8 6 8
2 ,8 5 9
5 ,8 0
1 ,8 4 8
69
112
997
•0 4
11
12
1 ,6 5 7 ,0 8 2
1 ,8 6 8 ,5 2 2
5 ,5 4 4 ,2 1 5
8 ,6 6 9 ,0 8 8
8 7 1 ,1 6 7
1 ,1 7 8 ,7 7 9
8 6 0 ,0 0 4
1 5 ,0 9 5 ,6 1 1
7 ,6 8 9 ,8 4 0
1 ,7 4 8 ,8 2 8
5 ,7 6 4 ,0 4 5
1 ,1 9 4 ,4 6 5
8 l0 8
50^772
6 ,8 5 5
1 9 ,8 8 9
5 ¡0 7 4
9 ,0 8 5
5 2 ,0 5 1
586
5 2 ,6 4 8
2^706
'i l l
1 ,2 4 1 ,6 7 9
5^090
2 7 ,5 0 6
8 ,6 9 5
2 2 ,5 8 1
5 ,5 9 7
5 ,1 8 7
4 8 ,8 1 5
642
4 7 ,5 5 8
92
111
2 ,2 4 5 ,6 7 0
1 4 ,2 2 2
8 6 ,0 5 5
1 5 ,1 7 5
5 6 ,4 2 2
1 5 ,5 6 6
1 6 ,8 0 8
8 8 ,2 5 1
1 ,2 9 5
9 7 ,2 1 9
144
496
2 ,8 1 6 ,4 9 1
2 ,7 7 7
1 7 ,1 5 9
5 ,1 5 9
5 5 ,5 6 0
7 ,5 6 9
8 ,8 4 8
6 2 ,4 7 4
1 ,6 0 5
6 7 ,7 9 9
717
66
4 5 1 ,0 5 5
1 8 5 ,5 6 1
1 5 ,5 6 6
5 ,6 2 2
1 8 ,4 7 0
900
5 ,4 1 8
2 2 ,4 6 5
122
2 9 ,6 4 0
42
44
6 9 6 ,4 8 9
1 6 ,4 5 4
4 5 ,2 8 5
1 1 ,1 7 8
1 0 ,5 6 4
7 ,1 4 «
7 ,1 2 4
2 9 ,2 7 8
457
5 2 ,6 2 0
69
219
2 2 9 ,4 2 9
1 ,5 8 6
1 1 ,9 4 8
2 ,0 4 2
2 ,7 5 6
1 ,2 S L
2 ,4 6 2
6 ,6 4 0
69
6 ,7 9 4
885
86
1 0 4 ,1 2 8
6 ,9 0 ,7 0 2
1 1 0 ,9 5 5
1 7 5 ,4 5 6
5 4 ,6 1 2
2 7 ,0 7
1 ,1 5 4 ,4 2 6
1 ,0 5 7 ,0 9 2
6 ,1 6 7
9 5 6 ,1 2 4
1 5 ,0 2 4
9 0
6 6 ,5 2 4
4 ,7 8 5 ,6 4 5
7 9 ,8 5 5
0 ,7 5 6
2 6 ,8 9 2
1 1 ,6 7 6
6 7 9 ,9 7 0
6 1 2 ,1 1 2
6 0
2 9 2 ,1 0 5
2 ,5 2 7
615
1 ,8 9 5
6 7 1 ,8 6 0
8 |1 6 7
4 5 ,5 8 5
2 ,9 8 5
5 ,7 5 5
6 8 ,6 5 4
1 4 1 ,0 7 2
781
20
7«
5 6 ,9 0 9
1 ,4 4 6 ,4 9 8
2 2 ,0 5
4 0 ,0 6
4 ,6 5 6
1 0 ,2 0 9
4 0 5 ,0 2 2
8 8 8 ,9 0 9
1 ,6 9 5
4 4 2 ,5 7 6
1 0 ,4 7 7
246
162
1 4 8 ,7 1 6
797
2 7 9 ,1 2 8
2 ,7 4 6
6 9 9 ,8 8 9
1 ,8 6 9
2 6 7 ,1 8 0
1 ,7 8 8
6 7 ,1 6 1
1 ,0 5 7
2 2 6 ,7 0 6
486
4 6 ,8 0 7
1 2 ,2 6 2
1 ,4 1 0 ,8 8 2
6 ,0 9 9
8 6 5 ,6 7 7
778
1 7 7 ,6 5 2
5 ,8 8 4
6 7 7 ,0 4 4
1 ,4 8 9 ,4 2 8
1 ,6 8 8 ,8 5 4
8 ,2 5 4 ,9 1 7
3 ,8 0 2 ,6 6 1
7 9 7 ,4 5 2
1 ,0 8 4 ,6 0 7
6 1 2 ,4 6 8
1 1 ,9 2 2 ,2 2 6
7 ,4 0 9 ,5 5 6
1 ,5 2 4 ,0 6 0
5 ,1 0 8 ,4 5 0
28
1 4 7 ,6 6 4
1 4 7 ', 4 6 2
1 7 9 ,6 6 8
1 7 8 , 555
5 0 9 ,2 9 6
5 0 7 ,4 6 1
8 6 6 ,7 2 6
6 6 6 ,0 6 7
7 5 ,7 1 5
7 5 ,4 8 5
9 4 ,1 7 2
9 5 ,9 6 7
1 7 ,6 6 «
1 7 ,5 5 2
1 ,1 7 1 ,5 8 6
1 ,1 6 8 ,5 2 7
1 8 0 ,5 0 5
1 7 8 ,4 0
4 2 4 ,7 8 8
4 2 4 ,6 6 7
6 6 6 ,0 5
5 6 5 ,4 0 9
29
4 7 ,d 0 7
65
9 5 ,6 2 4
a
R e c e ip ts , ta x a b le :
C ro ss s a le s 7 /
G ro ss r e c e ip ts fro m o p e r a tio n s 8 /
In te re s t
R e n ts a n d r o y a l t i e s 9 /
R a t c a p i t a l g a in 1 0 /
1 s t g a i n , s a l e o f p r op e r t y o t h e r
th a n c a p ita l a s s e ts 1 1 /
D iv id e n d s , d o m e s tic c o r p o r a tio n s 1 2 /
D iv id e n d s , f o r e ig n c o rp o ra tio n s 1 8 /
O th e r r e o e ip ts
R e c e i p t s , p a r t i a l l y a n d w h o lly t a x - e x a a p t:
I n t e r e s t o n O o v e rn n sn t o b lig e tlo n s i
S u b je c t to e x c e s s -p ro fits ta x 1 4 /
W h o lly t a x - e x a a p t 1 5 /
C m m ra n i c a
tio n
H o n fe rro u a
m e ta ls an d
th e ir
p ro d u c ts
2 4 ,8 4 6
*564
5 0 ,2 2 6
276
5 6 ,2 5 4
959
20,445
¡/
8 0 ,4 5 9
292
1 4 ,1 6 0
865
1 8 ,0 0
295
6 ,4 2 4
102
0 6 ,6 8 5
1 ,1 9 6
7 2 ,8 5 1
1 ,0 6 6
1 8 ,8 0 6
8 ,6 2 7
2 1 8 ,8 0
7 8 ,4 0 6
4 7 ,8 8 0
0 6 ,0 6
1
15
Id
15
16
17
IB
19
20
21
22
25
24
26
26
27
50
a
52
55
2 5 ,5 9 9
5 0 ,5 0 2
£ 6 ,2 1 5
6 0 ,7 5 2
1 4 ,5 1 5
1 2 2 ,2 5 4
1 4 9 ,1 6 «
2 5 5 ,0 6 5
5 0 5 ,9 9 1
5 9 ,2 0 0
7 5 ,8 6 7
1 4 ,0 6 9
9 5 4 ,8 0 5
1 0 6 ,8 9 9
5 7 6 ,9 0 6
4 7 0 ,6 9 7
54
6 9 ,0 4 9
'5 7 0
1 1 0 ,2 5 8
1^07
1 7 2 ,7 8 0
5 ,6 4 5
2 1 9 ,6 8 8
262
5 8 ,7 6 4
5 6 ,2 0
879
8 ,2 9 4
160
1 ,2 0 9 ,4 0
1 ,7 8 4
2 9 8 ,7 0
844
5 6 4 ,8 2 9
118
5 4 6 ,7 9 0
894
55
56
— • »w s w
s ^ r f a s r “ | -■*- - r (M o n e y f i g u r e s I n
th o u s a n d s o f d o l l a r s )
M a jo r i n d u s t r i a l
g ro u p s 1 / -
C o n tin u e d
T ra d e
il tra d e
B a tin g
F u rn itu re
and bo u se
fu rn is h
in g s
A p p a re l
D ru g
s to re s
Package
liq u o r
s to re s
Food
s to re s
M a il
o rd e r
h o u ses
U n ite d p ric e
v a rie ty
s to re s
T o ta l
re ta il
d rin k in g
p la c e s
goods
N uaber o f re tu rn s 6 /
562
265
6 ,2 8 0
1 ,6 6 2
8 ,5 9 6
6 ,0 6 0
5 ,5 9 2
8 6 ,2 7 9
1 1 ,2 6 0
8 6 ,0 2 1
5 ,5 8 9
1 8 8 ,2 0 7
1 9 ,0 0 0 ,8 7 0
5 4 5 ,0 0 5
8 0 ,8 2 4
2 2 ,4 5 6
2 ,5 8 7
1 8 ,6 8 3 ,9 2 2
8 5 9 ,1 3 9
5 7 ,9 1 0
6 2 ,8 0 4
2 ,9 0 1
4 ,2 6 8 ,1 9 8
2 6 ,1 0 6
1 8 ,0 8 8
1 8 ,5 4 8
468
9 2 8 ,7 7 6
2 ,2 4 1
1 ,2 7 8
8 ,6 8 7
1 2 6 ,1 5 4
1 ,2 9 8
81
74
86
8 ,6 2 4 ,5 9 9
2 1 ,2 7 5
902
4 ,2 3 6
642
8 2 ,7 4 5
2 ,1 9 8
6
111
18
5 9 8 ,2 6 6
5 ,C 8 6
424
1 ,8 0 5
65
1 ,7 0 1 ,2 2 2
2 7 ,1 8 1
1 ,8 5 1
6 ,5 2 5
6 8 6 ,9 8 2
1 2 ,4 1 6
2 ,4 8 4
6 5 5 ,9 0 8
,1 0 5 ,1 1 7
9 5 8 ,0 9 7
7 4 ,1 2 7
9 7 ,2 7 8
6 ,2 5 1
110
162
5 ,6 5 2
5 2 ,6 1 8
4 0 ,5 7 9
4 0 4 ,8 5 8
1 ,7 8 6
8 3 ,7 1 9
1 4 ,8 4 2
1 1 8 ,4 5 8
2 ,5 9 1
1 6 ,8 8 8
1 0 ,2 8 8
2 6 2 ,9 0 7
207
8 ,1 9 4
1
80
618
1 ,7 5 8
15
1 5 ,8 4 8
55
(2 4 )
-
46
1 ,1 7 1
(2 4 )
5 ,4 1 2
250
697
404
7 0 ,6 8 4
41
1 ,0 8 3
1 0 ,1 5 4
1 ,2 8 1
2 ,9 5 1
2 ,1 0 1
1 ,2 6 0
1 ,0 0 2
1 ,4 6 3
857
857
856
,7 4 7 ,8 6 8
1 9 ,7 6 4 ,6 8 7
1 9 ,4 2 1 ,6 0 0
4 ,4 1 1 ,1 6 5
9 5 8 ,5 8 4
,9 4 2 ,2 2 7
4 8 9 ,1 4 6
8 2 1 ,5 5 0
6 8 7 ,5 0 1
9 0 ,9 0 2
1 5 7 ,8 0 7
1 3 6 ,2 5 4
4 4 2 ,3 8 1
7 ,2 0 1
2 8 9 ,7 5 6
1 ,9 5 8
5 ,8 5 7
1 6 ,6 0 5 ,9 5 9
2 5 0 ,5 8 8
5 2 7 ,1 4 4
9 5 ,5 0 1
1 7 ,9 2 9
6 6 ,4 0 7
5 5 ,1 8 2
1 2 3 ,9 6 2
2 ,1 9 8
6 7 ,1 7 0
649
1 ,5 5 1
1 5 ,6 5 9 ,9 5 8
1 9 8 ,2 3 0
4 0 2 ,8 8 8
5 4 9 ,4 9 8
6 2 ,4 6 8
7 2 ,9 8 8
6 7 ,7 0 5
2 7 4 ,1 0 7
4 ,3 7 6
1 8 8 ,7 6 9
1 ,0 8 7
1 ,7 9 0
2 ,9 1 1 ,9 8 6
6 ,7 6 8
4 5 ,6 6 1
9 8 ,5 6 8
1 8 ,111
1 4 ,6 9 1
1 8 ,6 4 7
7 6 ,2 8 5
1 ,7 4 6
4 5 ,8 5 8
108
203
5 8 * 7 ,9 1 8
154
5 ,8 9 0
6 4 ,9 1 4
2 ,6 8 1
63
1 ,1 5 5
2 0 ,7 2 2
159
1 2 ,8 8 5
Receipts, taxable»
Gross sales 2 /
Gross receipts f r o a o p e r a t i o n s ¡ /
Interest
R e n ts a n d r o y a l t i e s S j
Net c a p i t a l g a l a
/
N e t g a in , s a le o f p r o p e r ty o th e r
th a n c a p i t a l a s s e ts 1 1 /
D iv id e n d s , d o m e s tic c o r p o r a tio n s
/
D i v i d e n d s , f o r e i g n c o r p o r a t i o n s 2 Jj/
20
22
11
12
,18
<0
' 14
15
16
17
18
19
20
21
22
28
24
25
26
27
28
O th e r r e c e i p t s
R e c e ip ts , p a r t i a l l y a n d w h o lly ta x - e x e a p ti
I n t e r e s t on G o v n n w n n t o b lig a tio n s »
S u b je c t to e x c e s s - p r o f its ta x 1 4 /
W h o lly t a x - e x a n p t 1 5 /
T o ta l c c o p ile d
re c e ip ts J6 /
D e d u c tio n s »
C o st o f goods s o ld 1 7 /
C o st o f o p e ra tio n s 1 8 /
C o n d e n s a tio n o f o f f i c e r s
R a n t p a id o n b a a in e s s p ro p e rty
R e p a irs 2 2 /
B ad d e b ts
I n t e r e s t p a id
T axes p a id 2 0 /
C o n trib u tio n s o r
D e p re c ia tio n
D e p le tio n
M et c a p i t a l l e s s
M et l e s s , s a le o
th a n c a p i t a l a s
O th e r d e d u c tio n s
T o ta l
g ifts
21/
20/
f p ro p e rty o th e r
s e ts 1 1 /
22/
coopl i e d
d e d u c tio n s
12
8
1 ,6 5 5
495
108
15
1 2 9 ,5 5 7
7 8 ,5 6 4
650
1 ,9 2 6
518
156
950
255
1 ,0 4 5
14
488
4
4
202
8 5 ,0 6 6
6
176
46
5
(2 4 )
2,888
2
2
85,691
98
8
6 3 ,6 0 8
442
4 ,8 9 6
151
170
975
(2 4 )
5 ,9 0 0
8 5 ,5 5 5
6 1 2 ,8 8 7
1 ,7 7 2 ,5 9 5
7 6 8 ,5 8 4
7 8 0 ,1 8 3
2 ,8 5 5 ,4 6 0
1 4 ,8 9 1
8 0 ,1 2 4
6 0 ,5 6 5
1 2 ,7 2 2
8 ,8 5 0
7 ,5 5 5
4 0 ,5 2 9
648
5 7 ,1 1 2
50
176
6 4 ,2 0 3
1 ,8 0 2
5 ,5 5 1
2 ,8 0 0
117
58
142
1 ,4 4 9
14
542
(2 4 )
4 2 0 ,1 5 2
5 ,4 5 6
1 6 ,8 9 5
8 1 ,8 2 4
1 ,4 4 4
569
12
5 8 8 ,5 0 2
5 ,0 5 7
8 5 ,0 9 2
2 7 ,5 1 0
2 ,0 1 9
8 ,9 0 5
4 ,6 7 6
1 4 ,2 9 4
217
5 ,4 1 8
19
96
5 7 9 ,8 6 7
4 0 ,9 5 0
2 6 ,5 2 4
5 0 ,4 5 6
6 ,1 4 9
685
2 ,5 9 0
8 ,7 4 1
124
6 ,5 7 6
44
48
1 ,1 2 1 ,5 9 2
1 2 ,5 4 3
5 9 ,4 5 3
1 1 9 ,8 5 5
8 ,6 2 0
8 ,0 2 7
4 ,4 8 5
2 3 ,3 1 5
500
1 5 ,7 3 5
57
168
586
5 8 0 ,6 0 8
285
2 6 7 ,5 5 6
548
1 8 5 ,0 1 5
17, 88«
116
1 8 ,7 0 5
57
88
1 2 ,2 5 6
> ,8 5 0 ,2 1 2
4 ,4 8 2
1 ,8 1 6 ,1 1 0
5 ,8 4 5
3 ,5 4 6 ,9 4 9
514
9 8 1 ,0 0 1
76
1 9 0 ,1 1 7
65
4 1 ,5 8 2
660
5 4 9 ,2 2 6
7
9 ,0 5 9
140
1 1 2 ,9 8 6
1 2 6 ,1 8 0
5 ,6 1 2 ,9 6 6
1 ,7 4 9 ,6 0 0
7 2 9 ,4 9 2
4 ,2 1 9 ,5 7 5
8 8 4 ,7 2 7
7 5 5 ,2 2 8
1 9 ,0 1 6 ,1 5 6
6 0 4 ,0 7 9
1 9 ,4 5 4 ,8 3 3
8 5 ,5 3 5
L,9 5 2 , 7 0 5
29
C o m p ile d n e t p r o f i t o r n o t l o s s
8 1 4 ,6 6 5
8 1 2 ,5 6 2
3 2 9 ,8 5 4
5 2 8 ,8 5 5
4 0 5 ,4 6 4
4 0 4 ,6 2 7
1 9 1 ,5 8 9
1 9 1 ,2 8 8
6 8 ,8 0 7
6 8 ,8 0 6
5 ,1 7 7
5 ,1 6 5
5 5 ,5 5 0
5 5 ,4 2 2
2 8 /2 0 2
2 8 /2 0 2
8 ,8 0 8
8 ,8 0 2
2 2 ,7 9 6
2 2 ,7 5 0
1 8 ,8 6 1
1 8 ,5 1 7
691
672
80
(1 8 l e s s 2 8 )
M et In c o n e o r d e f i c i t 2 8 / (2 9 l e s s 1 2 )
6 1 ,9 2 4
1 ,6 1 1
8 4 ,8 8 7
766
5 5 ,7 4 6
97
1 1 ,7 5 7
4
1 0 ,6 5 3
98
In c c n e ta x
(D e c la re d v a lu e )
1 6 5 ,8 2 1
2 ,6 4 5
731
81
82
2 ,0 4 9
26
6 ,6 3 5
69
5 ,5 5 1
69
2 ,1 5 8
41
2 ,1 9 9
1 1 ,7 4 1
5 ,5 9 9
8 5 ,8 4 8
6 ,7 0 2
6 5 ,5 5 5
8 5 ,6 5 5
2 ,0 7 6
1 6 6 ,4 6 7
1 6 ,0 9 5
9 ,7 6 2
2 9 /1 ,5 0 8
2 6 6 ,3 1 9
5 1 9 ,8 U
6 ,7 5 5
6 4 8 ,1 9 6
5 1 1 ,2 2 8
1 0 ,1 8 7
1 8 9 ,2 4 9
6 ,1 9 5
2 7 0 ,6 6 4
2 ,8 9 2
88
84
e x c e s s -p ro fits ta x
T o ta l ta x
C o n p ils d n e t p r o f i t l o s s
to ta l ta x
(2 9 lo s s 88)
D iv id e n d s p a id »
C ash an d a s s e t s o th e r th a n
c o r p o r a t i o n 's ow n s to c k
C o r p o r a t i o n 's ow n s t o c k
F o r fo o tn o te s ,
see p ag es 10 sa d 11.
1 0 0 ,0 7 9
582
1
111
10
1 0 ,7 4 5
2 9 /5 0 9
5 7 ,0 6 6
2 ,4 4 6
4 4 ,7 8 7
4 7 ,2 4 7
2 ,5 9 7
4 1 ,7 7 0
6 ,5 8 8
1 5 ,9 9 2
7 ,6 4 4
7 ,1 2 2
1 ,5 8 8
14
54
48
54
8
5
6
7
8
9
10
57
19
5 ,6 6 8 ,4 9 6
1,120
8
«
14
15
16
17
18
19
20
21
22
28
24
25
26
27
C o rp o ra tio n
ra ta n ia ,
1859,
by
in d u s tr ia l g ro u p s,
o r d e f i c i t , in c o m e t a x ,
» u m b e r o f r e t u r n s , c o m p ile d r e c e i p t s a n d c o m p ile d d e d u c tio n s , c o m p ile d n e t p r o f i t o r n e t l o e s ,
( d e c l a r a d v a lu e ) e x c e s s - p r o f i t s t a x , t o t a l t a x a n d d iv id e n d s p a i d - C o n tin u e d
(M o n e y f i g u r e s i n
th o u s a n d s o f d o l l a r s )
M a jo r i n d u s t r i a l g ro u p s 1 / -
T rad e R e ta il D e a le rs in
a u to m o b ile s ,
a c c e s s o rie s .
tire s ,
b a tte rie s
1
2
5
4
5
6
7
8
9
10
11
12
15
f■ 14
15
16
17
18
20
21
22
25
24
25
26
27
28
29
N um ber o f r e t u r n s 6 /
R e c e ip ts , ta x a b le .
O ró se s a le s 7 /
Qrosa r e c e i p t s f r o m o p e r a t i o n s 8 /
R e n te a n d r o y a l t i e s 9 /
N et c a p ita l g a in 1 0 /
N et g a in , s a le o f p ro p e rty o th e r
th a n c a p i t a l a a a a ta 1 1 /
D iv id e n d s , d o m s s tie c o r p o r a tio n s 2 2 /
D iv id e n d s , f o r e ig n c o r p o r a tio n s 1 5 /
O th e r r e c e ip ts
R e c e ip ts , p a r t i a l l y an d w h o lly ta x -e x e m p t,
I n t e r e s t o n O o v e la m e n t o b l i g a t i o n s .
S u b je c t to e x c e s s - p r o f its ta x 1 4 /
W h o lly ta x - e x e m p t 1 5 /
T o ta l e n f i l a d
re o e ip ts 1 6 /
D e d u c tio n s ,
C o st o f goo d s s o ld 1 7 /
C o st o f o p e ra tio n s 1 8 /
C a c c u s a tio n o f o f f ic e r s
R e n t p a id on b u s in e s s p ro p e rty
R e p a irs 1 9 /
B ad d e b ts
I n t e r e s t p a id
T ax as p a id 2 0 /
C o n trib u tio n s o r g i f t s 2 1 /
D e p re c ia tio n
D e p le tio n
N et c a p ita l lo e s 1 0 /
N et lo s s , s a le o f p ro p e rty o th e r
th a n c a p i t a l a s s e t s 1 1 /
O th e r d e d u c tio n s 2 2 /
T o ta l o o ^ lls d
d e d u c tio n s
SO
C o m p ile d n e t p r o f i t o r n e t l o s s
(1 5 l a s s 2 8 )
N e t in c o m e o r d e f i c i t 2 5 / ( 2 9 l a s s 1 2 )
51
52
In co m e t a x
(D e c la re d v a lu e )
55
54
55
56
e x c e s s -p ro fits ta x
T o ta l ta x
C o m p ile d n o t p r o f i t l o s a t o t a l t a x
(2 9 l a s a 55)
D iv id e n d s p a i d ,
C ash a n d a s s e t s o th e r th a n
c o r p o r a t i o n 's asm s t o c k
C o r p o r a t i o n 's ow n s t e a k
F o r footnotes, mmm pages 1 0 a w l 11«
F illin g
s ta tio n s
H a rd w a re
C o n tin u e d
C o n tin u e d
S e rv ic e
C o n tin u e d
L um ber
and
coal
y a rd s
n e t in c o m e
O th e r
re ta il
tra d e
R e ta il
tra d e
not
a llo c a b le
not
a llo c a b le
T o ta l
s e rv ic e
A m usem ent
s e rv ic e
s e rv i»
re p a ir
s e rv ic e s
1 0 ,4 7 8
1 ,9 6 2
5 ,5 0 8
8 ,1 8 6
1 4 ,5 4 9
2 ,5 5 2
1 5 ,9 0 7
4 1 ,0 5 0
1 5 ,9 4 5
7 ,0 2 0
4 ,6 5 1
9 ,5 4 2
2 ,9 0 0 ,8 6 4
9 1 ,8 5 5
2 ,0 0 0
191
2 5 6 ,5 5 0
6 ,1 5 6
89
2 ,5 0 7
62
2 0 2 ,5 9 7
1 ,4 5 4
786
549
17
1 ,0 4 1 ,0 2 0
1 8 ,0 2 1
2 ,6 6 7
4 ,5 1 6
541
1 ,5 5 0 ,5 9 5
5 2 ,8 8 6
5 ,7 5 2
4 ,9 6 6
276
2 8 0 ,0 7 8
6 ,7 4 8
845
1 ,4 4 5
152
5 ,4 1 8 ,8 2 4
7 5 ,9 5 4
5 ,5 9 5
1 2 ,0 5 8
795
6 8 0 ,6 8 0
2 ,8 2 6 ,5 6 2
7 ,4 1 1
7 8 ,8 5 8
2 ,4 5 6
5 6 5 ,5 0 5
8 1 8 ,8 8 8
1 ,1 2 6
5 9 ,4 5 9
957
9 0 ,9 0 0
6 1 4 ,4 5 7
1 ,1 4 2
4 ,2 0 4
596
1 5 4 ,5 1 2
6 6 ,4 7 0
IS O
5 ,0 5 6
161
5 8 ,4 8 5
1 ,0 5 5 ,6 7 9
5 ,5 1 5
2 4 ,5 0 6
586
119
576
7
2 1 ,0 5 1
117
18
44
(8 4 )
8 ,8 7 5
471
277
869
6
1 1 ,8 5 2
945
54
2 1 ,4 4 0
108
195
(2 4 )
9 ,5 9 7
1 ,5 2 6
148
(8 4 )
1 ,5 5 1
1 ,5 5 1
2 0 ,9 8 1
8 ,8 8 0
4 0 ,4 6 8
442
1 ,6 6 6
12
1 1 ,6 5 8
217
5 ,8 8 4
1 ,4 6 1
6 ,5 8 9
167
45
1 5 ,7 9 9
2 8 ,4 7 5
(8 4 )
1 ,7 6 5
597
1 4 ,4 5 7
6 ,9 7 6
1 4 ,6 5 5
25
15
92
105
95
45
78
65
81
14
206
262
528
80
157
95
5
55
51
5 ,0 2 1 ,2 0 5
2 4 6 ,7 5 6
8 0 7 ,5 2 2
1 ,0 8 0 ,0 8 1
1 ,4 5 5 ,1 1 4
2 9 9 ,0 1 1
5 ,5 6 1 ,0 8 1
5 ,6 6 8 ,5 8 0
1 ,2 5 9 ,6 4 2
7 2 5 ,4 8 2
2 0 8 ,U 0
1 ,1 5 9 ,5 1 4
2 ,4 9 4 ,6 1 6
6 6 ,8 8 0
5 7 ,7 6 4
5 2 ,5 8 5
4 ,0 2 7
8 , /4 5
1 0 ,8 0 9
2 0 ,2 6 9
256
9 ,9 6 2
256
177
1 7 6 ,7 2 8
5 ,9 4 2
5 ,5 1 5
5 ,7 5 5
2 ,0 5 1
729
747
5 ,4 0 4
8 0 5 ,6 9 9
1 2 ,4 2 2
4 0 ,0 0 8
7 ,5 6 6
4 ,1 8 5
1 0 ,6 9 2
6 ,5 6 1
1 6 ,9 0 9
221
1 2 ,8 1 8
215
455
9 9 2 ,5 5 6
2 5 ,4 7 9
5 6 ,0 2 5
5 8 ,5 9 8
4 ,0 5 5
9 ,9 1 0
6 ,4 5 7
1 9 ,9 5 4
259
1 4 ,6 6 2
504
229
2 0 8 ,8 6 7
4 ,6 5 7
9 ,9 5 4
4 ,8 9 4
875
5 ,6 5 4
1 ,6 9 9
4 ,4 5 5
66
5 , 1 SL
14
52
2 ,6 9 6 ,5 5 0
4 0 ,5 2 8
9 1 ,4 9 7
4 2 ,5 0 1
1 0 ,5 0 5
1 8 ,4 1 2
1 5 ,5 4 8
4 4 ,5 1 2
627
5 5 ,7 9 6
496
4 1 6 ,6 9 6
1 ,5 5 0 ,5 6 9
1 8 7 ,9 2 7
1 9 7 ,9 5 5
4 4 ,0 5 6
2 0 ,0 6 6
6 1 ,0 8 5
1 2 0 ,1 4 2
1 ,1 7 4
1 4 1 ,6 2 4
408
960
2 0 5 ,7 9 8
5 8 9 ,4 9 5
6 0 ,9 5 4
5 8 ,5 9 2
2 8 ,5 4 5
6 ,6 5 9
5 4 ,0 4 5
5 8 ,8 9 7
500
7 5 ,5 6 7
U S
518
6 5 ,4 2 5
5 5 5 ,2 0 4
5 6 ,7 7 1
1 7 ,4 8 2
2 ,5 2 1
4 ,9 9 1
2 ,1 5 6
1 2 ,6 9 5
257
1 4 ,1 6 5
55
212
9 4 ,4 0 8
2 8 ,1 8 2
1 2 ,6 7 7
2 2 ,2 6 7
1 ,2 8 0
1 ,0 7 9
2 ,5 5 7
5 ,1 9 8
55
6 ,4 6 2
U
65
2 1 ,4 2 5
4 5 4 ,2 6 0
5 0 ,0 8 4
8 7 ,4 5 9
9 ,5 7 5
4 ¡8 0 1
1 9 ,7 0 7
5 4 ,5 1 2
504
5 9 ,1 5 8
159
189
14
15
16
17
5 ,9 4 0
17
56
1 5 6 ,5 1 8
886
1 0 ,7 5 2
4 ,4 1 9
280
1 ,5 0 2
1 ,2 2 7
5 ,0 1 5
54
1 ,4 2 7
7
50
455
5 0 2 ,2 1 5
51
5 6 ,0 5 4
102
2 7 ,8 8 4
748
1 8 0 ,4 5 9
624
2 5 9 ,4 2 1
728
5 5 ,9 8 6
2 ,4 0 9
4 8 7 ,1 5 5
4 ,5 8 7
1 ,0 6 0 ,9 2 7
2 ,5 2 9
5 5 5 ,5 7 5
168
1 7 9 ,5 1 6
226
5 5 ,0 6 4
895
5 9 7 ,4 7 1
26
27
5 ,0 0 8 ,7 5 4
2 4 0 ,9 4 5
2 0 7 ,1 0 4
1 ,0 6 8 ,5 5 6
1 ,4 2 8 ,4 5 1
2 9 6 ,9 7 0
5 ,4 8 1 ,7 5 7
5 ,5 8 7 ,9 5 2
1 ,2 6 2 ,7 6 4
6 9 0 ,5 7 4
2 0 9 ,2 6 6
1 ,0 9 9 ,9 7 1
28
1 2 ,4 4 9
1 2 ,4 5 4
5 ,7 9 1
5 ,6 8 8
417
417
1 5 ,5 4 5
1 5 ,5 0 0
6 ,6 6 5
6 ,5 9 8
2 ,0 4 1
2 ,0 2 7
7 9 ,5 4 6
7 9 ,0 8 2
8 0 ,4 2 8
8 0 ,1 0 0
£ 3 /1 5 ,1 2 2
2 8 /1 5 ,2 0 2
5 5 ,1 0 8
5 5 ,0 1 5
“ A , 166
£ 2 /1 ,1 5 8
5 9 ,5 4 2
5 9 ,2 9 2
29
5 ,4 4 0
67
1 ,1 9 8
7
508
12
5 ,6 5 7
85
5 ,7 8 1
119
986
1 7 ,0 1 0
268
2 7 ,0 0 0 .
551
4 ,7 1 7
84
6 ,5 8 7
1 2 ,8 6 7
71
474
15
51
52
5 ,6 0 7
1 ,2 0 6
621
5 ,7 4 0
5 ,9 0 0
1 ,0 5 9
1 7 ,2 7 8
2 7 ,5 5 2
4 ,8 0 1
8 ,8 5 8
488
1 2 ,9 6 9
55
8 ,9 4 2
4 ,5 8 6
2 8 /1 0 5
9 ,8 0 5
2 ,7 6 4
1 ,0 0 2
6 2 ,0 6 6
5 5 ,0 9 6
2 9 /1 7 ,9 2 5
2 6 ,4 5 0
£ 9 /1 ,6 4 5
4 6 ,5 7 4
54
7 ,2 5 4
152
4 ,2 0 1
9
1 ,0 2 0
25
1 0 ,7 9 5
578
1 6 ,6 8 0
118
1 ,9 8 6
159
5 1 ,5 1 5
1 ,1 0 2
8 7 ,9 7 5
1 ,0 1 0
1 2 ,9 4 5
152
2 5 ,6 1 9
147
1 ,0 9 5
1
41,a u
416
55
56
22
8
(8 4 )
SB
2,o a o
222
_
1
2
5
4
5
6
7
8
9
10
11
12
U
18
19
20
21
22
25
24
25
50
102
i
C o rporation returns, 1 9 3 9 ,
JSSm ^ vS^rêicIs^^iS^r^l^1^
by
d i ^ d « “ 1» P “ 1 * ^
Continued
(Money f i gures in thousands o f dollars)
M a jo r i n d u s t r i a l g r o u p s 1 / — C o n tin u e d
S e rv ic e
2
3
4
5
6
7
8
9
10
U
12
re tu rn s 6 /
R e c e ip ts , ta x a b le i
O ro ss s a le s 7 /
G ro ss r e c e ip ts fro m o p e r a tio n s 8 /
In te re s t
R e n ts a n d r o y a l t i e s 9 /
N e t c a p i t a l g a in IQ /
N et g a in , s a le o f p ro p e rty o th e r
th a n c a p i t a l a s s e ts 1 1 /
D iv id e n d s , d o m e s tic c o r p o r a t i o n s W
D iv id e n d s , f o r e i g n c o r p o r a t i o n s J J /
O th e r r e c e i p t s
R e c e i p t s , p a r t i a l l y a n d w h o lly ta x -e x e m p t«
I n t e r e s t o n G o v e rn m e n t o b l i g a t i o n s «
S u b je c t to e x c e s s - p r o f its ta x ¿ i /
W h o lly ta x - e x e m p t 1 5 /
T o t a l c o m p ile d
re c e ip ts 1 6 /
rSPo
D e d u c tio n s «
C o s t o f go o d s s o ld XU
C o st o f o p e ra tio n s 1 8 /
C o m p e n s a tio n o f o f f i c e r s
B ent p a id on b u s in e s s p ro p e rty
R e p a irs 1 2 /
B ad d e b t s
I n t e r e s t p a id
T axes p a id £ 2 /
C o n trib u tio n s o r
D e p re c ia tio n
D e p le tio n
N et c a p ita l lo s s
N et lo s s , s a le o
th a n c a p i t a l a s
O th e r d e d u c tio n s
g ifts
21/
IQ /
f p ro p e rty o th e r
s e ts 1 1 /
22/
T o t a l c o m p ile d d e d u c tio n s
C o m p ile d n e t p r o f i t o r n e t l o o s
(IS le s s 28)
H tt l n c o t o r d i i i c i t
In c o m e t a x
(D e c la re d v a lu e )
Z£ /
(2 9 l® * s 1 2 )
e x c e s s -p ro fits
ta x
T o ta l ta x
C o ^ lle d
For footnotes,'SO* paces 10 and 11.
B anks
and
tru s t
com
p a n ie s
1l o r t g a g e
in d t i t l e
c n p a n ie s
n v e s tm e n t
.r u s t s and
n v e s tm e n t
¡c n p a n ie s
' [o ld in g
• o m p a n ie s 4 /
)th e r
;o r p o ra tio n s
m o ld in g
s e c u ri
tie s £ /
Security
and
coaakxiltyexchange
b ro k e rs
and
dealers
■ 1 6 ,1 0 6
1 ,4 5 1
768
3 ,3 5 0
2 ,1 0 3
207
1 4 2 ,5 5 2
687
5 ,8 6 7
4 8 ,6 7 2
2 6 6 ,8 6 0
1 ,6 7 6
5 ,5 9 7
531
2 ,9 8 9
4 ,0 2 7
25
17
4
8 7 ,6 7 4
2 ,9 1 6 ,2 6 2
2 ,1 4 7 ,1 3 2
1 ,7 8 7 ,1 5 2
1 5 8 ,4 3 4
2 7 8 ,3 5 4
9 0 6 ,2 2 5
9 6 ,3 6 7
1 0 8 ,6 8 6
2 0 ,8 5 3
1 5 ,5 7 3
1 4 ,5 9 0
1 ,8 2 4
1 4 ,2 2 2
2 1 ,7 0 1
1 ,2 8 2
1 1 ,6 2 7
2 8 ,6 8 2
1 5 8 ,4 5 4
2 ,9 7 1
4 ,6 6 8
5 ,5 0 5
5 ,4 8 1
3 7 ,1 1 9
2 ,9 7 8
5 ,7 8 1
8 9 ,6 7 9
4 ,5 4 7
1 ,5 7 6
1 ,9 6 6
126
935
432
5 ,5 4 4
2
18
7 5 ,0 9 8
1 ,1 1 6 ,1 8 7
7 1 ,4 7 6
1 3 7 ,4 1 6
2 ,0 5 7
2 2 ,7 4 1
575
3 6 ,2 7 7
218
832
2
4 ,2 9 8
602
1 0 9 ,8 6 1
3 ,5 1 9
1 ,4 4 3
134
6 5 4 ,5 5 0
5 8 ,6 8 5
1 1 ,5 0 7
228
1 7 6 ,2 1 8
5 ,9 1 7
3 ,0 5 9
4 1 ,5 4 6
4 ,0 8 6
42
5 ,3 6 4
1
2 9 4 ,5 6 3
4 2 3 , 514
2 4 3 ,9 0 9
2 0 1 ,9 7 2
480
1 ,4 7 4
652
537
1 ,5 3 0
524
1 ,8 4 4
2 ,4 8 2
856
5 ,3 1 6
1 ,8 9 7 ,1 2 0
5 9 ,9 3 9
2 4 4 ,6 1 0
1 5 2 ,9 7 7
9 ,2 1 4 ,7 0 9
9 2 1 ,6 8 5
7 ,5 8 2
1 6 5 ,4 4 6
3 3 0 ,4 5 0
3 0 ,3 6 6
1 2 1 ,9 3 4
2 7 ,6 8 5
1 1 ,6 4 2
2 ,2 7 3
2 ,5 3 2
2 ,7 6 0
8 ,6 9 5
96
8 ,2 9 8
107
164
1 ,2 7 8
1 ,4 9 4
757
713
44
25
80
151
1
177
4
11
6 9 ,4 7 5
1 9 5 ,9 8 1
2 6 /4 5 9 ,6 5 7
1 9 4 ,1 5 0
1 1 0 ,6 8 9
3 1 9 ,4 6 4
1 ,0 1 6 ,9 8 4
6 2 6 ,6 5 4
4 ,2 5 1
4 0 1 ,0 3 8
2 2 ,4 5 7
5 1 ,8 5 3
627
1 8 6 ,0 5 8
4 7 ,6 8 5
1 5 ,6 4 0
1 8 5 ,7 3 3
2 5 5 ,7 6 5
9 8 ,8 6 4
1 ,8 4 4
5 2 ,7 4 8
139
3 5 ,2 5 6
1 ,3 3 4
5 ,6 3 8
1 ,0 3 8
1 ,2 3 5
8 ,3 8 4
1 4 ,9 0 2
4 ,6 7 »
25
3 ,0 0 1
25
576
1 ,8 5 6
4 ,1 9 3
775
188
6 ,0 1 9
2 2 ,4 6 0
4 ,7 6 8
94
377
116
549
9 ,5 1 3
9 ,9 7 6
2 ,9 4 1
78
1 2 ,0 4 9
1 9 2 ,0 7 8
1 2 ,2 6 0
193
3 ,2 0 7
428
195
2 ,7 7 0
140
9 ,8 1 7
913
233
1 0 ,5 1 5
5 0 ,1 7 9
7 ,9 1 2
745
1 ,3 5 2
251
1 ,7 8 8
569
1 1 0 ,9 9 7
1
2 ,7 2 6
1 0 1 ,5 0 8
2 6 /4 ,3 0 0 ,9 7 7
1 9 ,7 1 2
5 9 8 ,0 4 7
4 ,7 6 1
2 7 ,7 4 6
476
5 2 ,6 2 5
369
6 1 ,2 1 4
7 ,4 6 1
2 2 /7 ,8 5 5 ,0 9 7
1 ,4 9 8 ,1 1 9
7 5 ,3 5 6
7 4 ,4 9 5
5 2 8 ,1 1 7
2 ,5 3 3
2 ,2 5 4
2 8 /7 9
2 g /7 9
1 ,3 5 9 ,6 1 2
9 3 6 ,0 9 8
3 9 9 ,0 0 1
1 9 7 ,0 2 9
2 8 /1 5 ,3 9 7
£ 3 /1 4 ,8 7 1
2 ,5 3 2
59
25
1
1 3 1 ,5 5 8
915
1 4 ,3 6 9
256
483
7
178
99
301
(2 4 )
C o m m e rc ia l
c r e d it and
fin a n c e
c o m p a n ie s
finance
c o m p a n ie s
and
p e rso n a l
lo a n
c o m p a n ie s
2 ,1 5 4
1 ,8 7 4
6 ,4 9 4
1 5 6 ,4 7 1
4 7 ,3 0 0
873
265
2 ,5 1 0
4 1 ,0 6 7
7 6 ,9 5 3
633
149
4 ,7 1 7
4 ,6 2 5
3 ,9 5 5
5 9 ,7 2 9
837
259
8 ,1 3 6
140
5 ,9 8 9
61
1 ,0 8 3
(2 4 )
2 ,9 8 5
376
6 ,7 7 5
43
1 ,3 8 4
58
45
105
92
199
2 2 6 ,0 0 7
1 2 5 ,3 9 2
6 2 ,7 2 9
13
3 ,7 4 9
1 ,9 9 0
3 ,9 1 5
732
710
1 1 ,9 6 6
3 ,9 1 9
2 ,7 8 5
14
15
16
17
18
19
2 ,4 7 8
25
5 ,8 1 0
5 ,6 7 9
1 3 ,7 4 6
4 ,5 1 5
416
1 4 ,7 8 1
2 6 ,9 4 9
6 ,5 8 8
116
2 ,0 8 1
1 ,7 9 6
4 ,7 8 7
8 ,5 2 5
4 ,3 5 5
132
7 ,7 7 7
1 6 ,1 1 9
3 ,8 2 2
4 ,5 2 2
136
2 ,4 8 3
5 5 ,1 1 9
2 ,1 4 7
6 5 ,8 9 6
3 0 4 ,5 0 0
1 0 2 ,2 1 5
9 0 ,9 5 1
9 0 ,4 1 4
6 1 7 ,5 8 5
6 1 6 ,8 6 1
2 ,8 0 7
36
2 9 ,7 5 6
22
3 0 ,6 1 6
2 6 ,7 7 1
7 ,2 7 1
189
5 ,2 2 3
4 ,5 3 9
5 ,5 7 5
90
1 ,0 2 8
20
21
22
23
101
10
870
6 ,5 9 1
57
58
202
24
25
108
8 9 ,5 2 4
134
4 7 ,4 3 6
5 ,7 6 8
3 5 ,1 2 1
26
27
1 5 3 ,6 7 7
1 6 8 ,0 5 3
9 5 ,7 1 3
7 5 ,5 1 5
1 4 2 ,3 9 5
1 3 9 ,9 1 2
2 8 /7 0 0
2 2 7 4 ,0 1 6
5 7 ,9 5 4
5 7 ,9 3 1
2 9 ,6 7 9
2 9 ,5 7 5
2 § /1 2 ,5 8 6
2 2 /1 2 ,7 8 4
7 ,5 5 6
23
1 ,7 1 1
62
9 ,0 6 5
25
5 ,0 3 9
14
1 ,9 8 4
9 ,0 8 9
5 ,0 5 8
2 ,0 0 5
11
5
1
20
1 4 ,6 2 5
2 ,8 4 3
7 ,5 7 9
25
1 3 2 ,4 7 2
2 9 ,7 7 8
2 ,5 9 1
490
1 ,7 7 2
2 9 /2 ,4 7 2
2 4 ,6 2 6
2 9 /1 4 ,5 9 0
8 8 ,1 0 7
4 8 ,8 6 5
3 8 4 ,3 7 6
1 5 4 ,8 1 6
1 ,2 2 7 ,1 4 0
5 8 7 ,6 0 7
2 9 /1 0 4
2 9 /1 3 ,8 8 7
2 2 /5 8
7 ,2 2 £
314
77
1 ,4 5 3 ,5 6 7
4 1 ,8 0 5
2 1 5 ,6 5 1
4 ,6 4 7
4 ,1 1 2
3
1 5 9 ,2 2 6
IS O
5 3 7 ,9 7 8
3 2 ,4 5 0
1 5 8 ,1 2 6
626
8 ,4 6 9
152
4 7 ,1 6 0
798
1 8 ,9 5 4
1 ,1 9 4
1 3 ,1 0 2
64
n e t p r o f it le s s t o t a l ta x
(2 9 l e s s 33)
D iv id e n d s p a id «
C ash a n d a s s e t s o th e r th a n
c o r p o r a t i o n 's ow n s t o c k
C o r p o r a t i o n 's ow n s to c k
T o ta l
fin a n c e ,
in su ra n c e ,
re a l e s ta te ,
and le s s o r s
of real
p ro p e rty
S e rv ic e
not
a llo c a b le
O th e r
s e rv ic e ,
in c lu d in g
s c h o o ls
N um ber o f
- C o n tin u e d
C o rp o ra tio n
re tu rn s ,
1939,
by m a jo r i n d u s t r i a l g ro u p s «
o r d e f i c i t , in c o m e t a x ,
H um ber o f r e t u r n s , c o m p ile d r e c e i p t s a n d c o m p ile d d e d u c t i o n s , c o m p ile d n e t p r o f i t o r n e t l o s s ,
( d s o l a r e d s a l v e ) e x c e s s - p r o f i t s t a x , t o t a l t a x a n d d i v id e n d s p a i d - C o n tin u e d
(H o n ey f i g u r e s i n
M a jo r i n d u s t r i a l g r o u p s J / F in a n c e ,
In su ra n c e
c a rrie rs ,
a g e n te , e t c .
1
2
3
4
6
6
7
8
9
10
n
12
18
O»
1 14
IS
16
17
18
19
20
21
22
28
24
28
26
27
28
29
N um ber o f r e t u r n s
6/
R e c e ip ts , ta x a b le «
G ro ss s a l e s 7 /
G ro se r e c e i p t s fro m o p e r a tio n s 8 /
In te re s t
R e n ts a n d r o y a l t i e s 9 /
M et c a p ita l g a in 1 0 /
H at g a in , s a le o f p ro p e rty o th e r
th a n c a p ita l a s s e ts 1 1 /
D iv id e n d s , d o m e s tic c o r p o r a tio n s 1 2 /
D iv id e n d s , f o r e ig n c o r p o r a tio n s 1 3 7
O th e r r e c e i p t s
R e c e i p t s , p a r t i a l l y a n d v b o l l y ta x - e x e m p t«
I n t e r e s t o n G o v e rn m e n t o b l i g a t i o n s «
S u b je c t to e x c e s s - p r o f its ta x 1 4 /
W h o lly t a x - e x e m p t 3 ,5 /
T o t a l c o m p ile d r e c e i p t s
16/
D e d u c tio n s «
C o s t o f goo d s s o ld 1 7 /
C o st o f o p e ra tio n s 1 8 /
C o m p e n s a tio n o f o f f i c e r s
R an t p a id o n b u s in e s s p ro p e rty
R e p a irs 1 9 /
B ad d e b ts
I n te r e s t p a id
T axes p a id 2 0 /
C o n trib u tio n s o r g i f t s 2 1 /
D e p re c ia tio n
D e p le tio n
N et c a p ita l lo s s 1 0 /
N et lo s s , s a le o f p ro p e rty o th e r
th a n c a p ita l a s s e ts 1 1 /
O th e r d e d u c tio n s 2 2 /
T o t a l c o m p ile d d e d u c tio n s
80
C o m p ile d n e t p r o f i t o r n e t l o s s
(1 5 l e s s 2 8 )
N e t in c o m e o r d e f i c i t 2 3 / ( 2 9 l e s s
81
82
In c o m e t a x
(D e c la re d v a lu e )
88
84
85
88
e x c e s s -p ro fits ta x
T o ta l ta x
C o m p ile d n e t p r o f i t l e s s t o t a l t a x
(2 9 l e s s 33)
D iv id e n d s p a id «
C ash a n d a s s e t s o t h e r th a n
c o r p o r a t i o n ' s ow n s t o c k
C o r p o r a t i o n ' s « am s t o c k
For footnotes, eee pages IO auod U .
12)
n e t in c o m e
th o u s a n d s o f d o lla r s )
in s u ra n c e , r e a l e s ta te , and le s s o r s o f
r e a l p r o p e r ty - C o n tin u e d
R eal e s ta te ,
F in a n c e ,
L e sso rs o f
in c lu d in g
re a l
in s u ra n c e ,
le s s o rs o f
p ro p e rty ,
re a l e s ta te ,
b u ild in g s
except
and le s s o r s
b u ild in g s
o f re a l
p ro p e rty n o t
a llo c a b le
C o n tin u e d
A g ric u ltu re , f o r e s tr y ,
C o n s tru c tio n
T o ta l
a g ric u ltu re ,
fo re s try and
fis h e ry
A g ric u ltu re
and
se rv ic e s
and fis h e ry
F o re s try
F is h e ry
N a tu re o f
b u s in e s s
not
a llo c a b le ,
except
tra d e
e
7 ,4 7 5
9 2 ,8 7 9
4 ,0 8 9
6 ,9 1 8
1 6 ,0 6 1
8 ,6 5 6
7 ,8 5 4
450
552
4 ,2 8 4
1
5 1 ,4 9 9
5 4 1 ,8 0 2
2 7 ,5 6 9
1 ,5 4 7 ,1 3 7
1 0 ,6 9 6
3 ,7 1 7
1 0 0 ,2 9 5
1 ,9 4 2
5 9 ,2 6 0
2 ,4 2 1
1 5 ,4 3 5
4 5 ,0 7 8
5 0 ,5 1 4
2 4 ,9 2 6
5 ,9 5 2
5 9 6 ,8 6 4
1 ,6 1 1 ,0 0 4
2 ,9 2 4
7 ,7 2 6
1 ,6 1 6
4 6 4 ,8 8 6
1 1 2 ,6 9 5
2 ,4 8 5
9 ,3 2 5
3 ,0 2 6
4 2 4 ,0 5 3
1 0 4 ,2 1 6
2 ,1 8 0
8 ,9 5 6
1 ,6 5 1
1 5 ,1 9 1
2 ,7 8 2
272
509
1 ,2 1 1
2 5 ,6 4 1
5 ,6 9 5
31
80
164
8 2 ,4 2 9
1 7 ,7 0 6
1^295
2 ,9 5 5
999
2
1 ,7 8 9 ,6 7 5
8 1 5 ,5 0 2
1 9 4 ,8 8 0
3 ,5 6 4
309
9 4 ,5 1 6
1 ,8 6 4
9 ,8 4 5
2 6 ,7 1 3
1 5 ,0 0 1
156
5 3 ,8 9 7
723
2 ,9 1 0
IS
1 4 ,8 0 5
1 ,8 9 5
1 9 ,6 8 0
519
6 ,5 6 7
1 ,9 4 2
6 ,2 8 9
544
1 9 ,9 1 6
739
6 ,7 6 9
1 ,5 4 9
8 ,5 7 5
436
6 ,4 7 2
1 ,5 4 7
7 ,8 1 7
2S7
265
1
555
46
52
(2 4 )
221
580
1 ,4 9 2
46
2 ,7 6 6
4 2 ,6 1 3
2 0 9 ,1 8 6
1 ,1 1 9
1 ,2 8 6
290
191
875
2 ,2 1 9
518
490
830
555
814
522
14
5
2
9
71
67
3 ,1 6 1 ,7 0 4
1 ,8 5 6 ,8 7 5
1 8 6 ,5 6 9
1 8 8 ,8 5 7
2 ,2 4 9 ,8 8 1
6 1 1 ,2 0 7
5 S B ,4 4 5
2 0 ,8 4 0
5 1 ,9 2 2
1 1 0 ,4 0 5
18
3 1 ,0 4 6
2 5 /4 6 .9 9 8
2 0 ,9 8 8
2 ,9 8 0
7 ,0 7 3
4 6 ,8 1 2
1 0 9 ,6 5 6
828
4 8 ,1 9 6
6
784
5 7 ,9 9 5
1 0 4 ,4 8 0
1 0 1 ,5 0 3
9 7 ,9 2 6
8 5 ,3 1 7
3 4 ,5 1 2
5 4 0 ,7 4 4
3 4 1 ,9 1 7
578
2 7 1 ,5 4 2
651
5 ,9 2 7
2 ,5 6 8
1 ,7 2 8
4 ,4 3 6
1 ,8 0 8
1 ,5 6 2
1 ,2 1 2
4 0 ,1 7 4
1 6 ,7 2 8
40
8 ,4 6 4
2 0 ,2 0 5
277
1 4 ,7 8 9
4 ,3 8 6
1 6 ,4 8 1
3 ,4 0 6
2 ,0 0 9
1 4 ,2 1 9
2 2 ,5 4 3
1 1 ,2 8 8
89
6 ,9 8 1
586
1 ,5 6 2
4 7 7 ,2 6 1
1 ,3 3 7 ,2 1 6
1 0 0 ,2 7 1
1 1 ,9 9 8
1 5 ,2 2 1
9 ,6 7 8
8 ,6 9 2
5 2 ,0 0 3
338
3 9 ,8 7 1
146
729
3 4 8 ,5 5 2
4 6 ,5 4 1
1 9 ,6 8 7
1 4 ,9 1 9
9 ,6 6 6
2 ,5 2 9
1 5 ,6 1 2
1 6 ,5 1 9
108
2 6 ,5 5 4
1 ,6 4 2
550
5 1 6 ,9 1 3
4 1 ,8 9 0
1 7 ,7 8 3
1 4 ,5 9 1
8 ,8 1 8
2 ,3 3 6
1 1 ,8 3 0
1 4 ,4 4 7
97
2 5 ,0 1 9
440
498
1 0 ,1 6 8
1 ,2 3 2
'7 8 5
90
144
53
1 ,4 7 9
1 ,4 4 0
9
2 ,1 3 5
1 ,2 0 1
40
2 1 ,4 7 1
5 ,4 1 9
1 ,0 6 9
257
706
157
505
452
2
1 ,5 8 0
1
12
6 6 ,7 4 1
8 ,2 4 0
5 ,5 3 7
1 ,7 5 5
969
2 ,7 2 8
3 ,4 6 0
8 ,5 6 6
20
8 ,3 1 8
281
288
14
IS
18
17
18
18
3 ,2 9 6
2 6 /2 ,7 2 1 ,8 7 0
5 5 ,7 5 8
5 2 2 ,1 4 7
1 ,6 8 0
2 1 ,6 6 4
4 ,8 3 8
4 6 ,5 6 8
1 ,0 6 8
1 8 4 ,0 9 4
2 ,1 4 1
9 5 ,6 2 4
1 ,1 6 1
9 0 ,2 0 2
846
2 ,5 5 8
155
2 ,8 6 4
2 ,4 4 9
1 8 ,0 1 2
2 7 /8 ,0 5 7 ,0 5 4
2 ,0 0 0 ,5 5 4
1 2 2 ,5 4 1
1 4 9 ,7 4 6
2 ,2 1 6 ,5 7 6
5 9 8 ,5 2 5
5 4 4 ,0 2 9
2 2 ,1 2 8
3 2 ,1 6 6
1 1 7 ,1 0 4
28
1 2 4 ,6 7 0
2 8 /8 4 ,5 1 6
2 8 /1 4 5 .6 7 9
2 8 /1 4 4 ,9 6 5
6 4 ,0 2 9
6 3 ,8 5 7
5 ,9 1 1
1 ,6 9 2
3 8 ,0 5 5
5 2 ,5 6 5
1 2 ,8 8 4
1 2 ,5 4 9
1 4 ,4 1 6
1 4 ,0 9 4
28A . 289
Z§/1,Z9Z
2 § /2 4 5
2 g /2 5 8
2 8 /6 .7 0 0
2 8 /6 ,7 6 7
29
80
2 4 ,5 6 8
69
1 8 ,4 0 9
321
1 8 ,0 6 8
51
2 ,7 4 3
29
1 0 ,7 0 0 .
467
5 ,6 8 3
141
5 ,1 9 9
151
528
7
156
5
746
18
2 4 ,6 5 7
1 8 ,7 3 0
1 3 ,0 9 9
2 ,7 7 2
1 1 ,1 6 8
5 ,8 2 5
5 ,5 3 0
536
159
764
1 0 0 ,0 5 3
2 9 /1 6 2 .4 0 9
5 0 ,9 2 9
1 ,1 3 8
2 1 ,8 8 7
7 ,0 5 9
9 ,0 8 6
2 9 A .6 2 4
2 2 /4 0 2
2 9 /7 .4 6 4
34
1 2 8 ,3 5 8
878
8 2 ,6 8 2
472
7 5 ,1 2 1
48
2 6 ,6 5 0
826
2 8 ,0 5 1
466
2 5 ,6 6 6
156
2 1 ,2 5 2
94
2 ,1 6 0
40
264
2
5 ,6 1 8
224
85
88
s
4
6
6
7
8
»
10
11
12
20
21
22
28
24
25
26
27
81
82
88
-
10
£
y
la general, corporations are classified
industrially on the one business activity
which accounts for the largest percentage
of "Total receipts«* Therefore, the
industrial groups contain corporations
not engaged exclusively in the industries
in which they are classified« The indus
trial classification is based on the
Standard Industrial Classification, issued
by the Division of Statistical Standards,
Bureau of the Budget, Executive Office of
the President«
u/
Dividends from donestic corporations subject
to taxation under Chapter 1 of the Internal
Revenue Code (oolunn 2, Schedule 0, page 5,
P o m 1120 and colons 2, Schedule E, page 2,
P o m 112QA) which is the anount used for
the eoaputatien of the dividends received
credit« Dividends from corporations
organised under the China Trade Act, 1922,
and corporations entitled to the benefits
of Section 251 of the Internal Revenue Code
(corporations receiving a large portion
of their gross incone from sources within
a possession of the United States) are
included in "Other receipts«"
2 / Includes toll roads and toll bridges which
were included in "Other public utilities"
for 1958, and excludes natural gas pipe
lines which are included in "Other
public utilities" (see note 5)«
¡J
Includes natural gas pipe lines which were
included in "Transportation" for 1938,
and excludes toll roads and toll bridges
which are included In "Transportation"
(see note 2)«
j/ Consists of corporations who at any tine
during the taxable year owned 50 percent
or note of the voting stock of another
corporation and whose inoone from such
stock was 50 percent or acre of the*
anount of dividends reoeived«
y
y
Consists of corporations (other than
investment trusts and investment
companies) who (a) at no time during
the taxable year owned 50 percent or
more of the voting stock of another
corporation or (b) at any time during
the taxable year owned 50 percent or
more of the voting stock of another
corporation but whose income from such
stock was less than 50 percent of the
amount of dividends reoeived«
Excludes number of returns of inactive
corporations«
7/ Gross sales lees returns and allowances
where inventories are ea incomedetermining factor« Por "Cost of goods
sold," see "Deductions«”
y
y
Gross receipts from operations where
inventories arc not an income-determining
factor« Por "Cost of operations," see
"Deductions«”
Consists of gross amounts received« Repairs,
interest, taxes, other expenses, deprecia
tion, and depletion are Included in the
proper deduction items«
10/ Excludes property used in trade or business
of a character which is subject to the
allowance for depreciation« Net capital
lose ie limited to #2,000 except for
eartain losses of banks and trust oaapanlea.
Consists of net gain or loss frea property
used in trade or business of a character
which is subject to the ellowance for
depreciation«
w
Reported in colusn 5, Schedule 0, page 3,
P o m 1120 and in oolunn 5, Schedule E,
page 2, P o m 112CVL, and not used for the
computation of dividends received credit.
14/ Consists of interest on United Statee savings
bonds and Treasury bonds owned in principal
mount over #5,000 reported as item 8,
page 1, Pome 1120 end 112QA«
15/ Consists of interest on obligations of States,
Territories, m d political subdivisions
thereof, the District of Columbia, and
United Statee possessions) obligations of
the United Statee issued on or before
Septsaher 1, 1917, Treasury notes, Treasury
bills, and Treasury certificates of indebted
ness) United States savings bends and
Treasury bonds owned in principal mount of
#5,000 or less) and obligations of instru
mentalities of the United States«
16/ Excludes nontaxable income other than interest
on tax exempt obligations reported la
Schedule P, page 5, P o m 1120 and in Schedule
A, page 2, P o m 112QA«
17/ Includes taxes which are reported in "Cost of
goods sold«"
}8 /
Includes taxas which are reported in "Cost of
operation e«"
19/ The oost of incidental repairs, including
labor m d aftpplies, which do net add ^
materially to the value of the property or
appreciably prolong Its life« Por 1938,
tide item was included in "Other deductions«”
20/ Excludes (1) Federal income and (dedezwd
veins) arcsse-profits taxes, (2) taxes
reported in "Cost of goods sold” and "Cost
of operations,” and (3) income mid profits
taxes paid to foreign countries and United
States possessions, claimed as a credit
against income tax«
%
*
-11 FOOTNOTES - CONTINUED
21/ Limited to 5 percent of not income before
deduction of contributions or gifts*
22/ Unlike 1938, excludes «Repairs* (sse
note 19)*
¿2/ "Net income« or «Deficit* is the amount
reported for (declared value) excessprofits tax confutation (item 28, page
1, Foma 1120 and 112Q1) and is equal
to the difference between «Total
income« and «Total deductions« (items
14 and 27, respectively, page 1,
Forms 1120 and 11201)*
24/ Less than $500*
2§/ Excludes compensation of officers of life
Insurance companies which file Form U20L.
26/ Includes special deductions of life
insurance companies relating to
reserve for dividends and reserve
funds required by law*
27/ Includes special deductions of life
insurance companies relating to
reserve for dividends and reserve
funds required by law, but excludes
compensation of officers of life
insurance companies which file Form
112QL*
28/ Compiled net loss or deficit*
29/ Compiled net loss after total tax
payment*
TREASURY DEPARTMENT
Washington
Press Service
No« 29-87
FOR RELEASE, MORNING NEWSPAPERS,f
Monday. February 9. 1942»
1 /2 3 / 4 2
Secretary of the Treasury Morgenthau today Bade public the fourth
in the series of tabulations from "Statistics of Income for 1939,
Part 2, compiled from Corporation Income and (Declared Value) Excess*
profits Tax Returns and Personal Holding Company Returns,11 prepared
under the direction of Commissioner of Internal Revenue Guy T. Helvering«
For returns with balance sheets, the first of the two attached
tables shows by major industrial groups, and the second table by total
assets classes, the following datat
Items of assets and liabilities as
of the end of the taxable year, items of compiled receipts and compiled
deductions, compiled net profit or net loss, net income or defioit,
income tax, (declared value) excess-profits tax, total tax, compiled
net profit less total tax and dividends paid.
Adjustments of assets and liabilities are made in tabulating the
data, when certain conditions appear on the balance sheet, as follows t
(l) a negative amount reported in assets is transferred to its appro
priate place under liabilities and "Total assets" and "Total liabilities"
are increased by this negative amount, (2) a defioit in surplus shown
under assets is transferred to liabilities and "Total assets" and "Total
liabilities" are decreased by the amount of the deficit, and (3) reserves
for depreciation, depletion, and bad debts when shown under liabilities
are used to reduce the corresponding asset accounts and "Total assets"
and "Total liabilities" are reduced by the amount of such reserves.
"Net capital assets" consists of net tangible and intangible
oapital assets.
Tangible assets oomprise (l) depreciable and depletable
assets (such as buildings* machinery and equipment* furniture and fix
tures* delivery equipment* and natural resources) less reserves for
depreciation and depletion* and (2) land.
Intangible assets comprise
patents* copyrights* franchises* leaseholds* formulas* goodwill* trade
marks* etc.* less reserve for depredation or amortisation.
For 1938*
net intangible assets were included in "Other assets."
"Surplus reserves" comprises reserves reported by corporations tinder
the oaption "Surplus reserves."
"8urplus and undivided profits" consists
of positive amounts of "Paid-in or oapital surplus" and "Burned surplus
and undivided profits."
If either or both of these amounts are negative
they are tabulated as "Deficit."
In general, corporations are classified industrially on the one
business activity which aoeounts for the largest percentage of "Total
receipts."
Therefore, the industrial groups contain corporations not
engaged exclusively in the industries in which they are classified.
"Total receipts" means the sum of the following items t
Gross sales
(where inventories are an income-determining factor) ; gross receipts
(where inventories are not an income-determining factor); interest on
loans* notes* mortgages* bonds* bank deposits* etc.; taxable interest on
obligations of the United States; rents; royalties; oapital gain; gain
from sale or exchange of property other than oapital assets; dividends;
and other income required to be included in gross income.
s
The major indue trial groups for 1939 are comparable with those
for 1938»
The industrial classification for 1939 and 1938 is based
on the Standard industrial Classification* issued by the Division of
Statistical Standards* Bureau of the Budget* Executive Office of the
President*
Since the Standard Industrial Classifioation* as at present
designed* is on an establishment basis* certain modifications are necessary to make it applicable to corporation income tax returns which
are filed on an ownership basis*
In analysing the data* compiled from returns classified under the
major industrial group "Insurance carriers* agents* etc**" allowance
should be made for the two special deductions from gross income per*
mitted life insurance companies under section 203(a)* Internal Revenue
Code as amended* relating to reserve funds required by law* and reserve
for dividends*
aggregate
For 1939 returns with balance sheets* these deduotlons
f 15*861* 101
on returns with net income* and $893*445*626 on
returns with no net inoome*
In the attached tables* the special deduo*
tions for life insurance companies are included in *Other deductions*"
T*blDec^be?a°1t559n
’
’
, * * aJo*'
6">»ps and by returns with net Income and with no net incone ¿/« Number of «.turns, assets and liabilities ,» of
<a,OBe f fiacal r w nearest thereto, compiled receipts aid compiled deductions, compiled net profit or loss, net income or deficit, incone tax, (declared value)
excess-profits tax, total tax, and dividends paid
_________________
(Money figures in thousands of dollars)
Major industrial groups 2/
All industrial groups
1
2
S
4
S
6
7
8
9
10
11
12
13
14
IS
16
17
18
19
20
21
22
123
24
25
26
27
28
29
50
31
52
33
34
35
36
37
38
39
40
41
42
45
44
45
46
47
48
49
50
51
62
58
54
Number of returns with balance sheets 7/
Assets«
Cash £/
Motes and accounts receivable (less
reserve for bad debts)
Inventories
Investments, Government obligations 9/
Other investments
Met capital assets 10/
Other assets ¿¿/
Total assets 12/
Liabilities«
Accounts payable
Bonds, notes, mortgages payable«
Maturity less than 1 year
Maturity 1 year or note
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves 13/
Surplus and undivided profits 14/
Less deficit 15/
Total liabilities 12/
Receipts, taxable«
Gross sales 16/
Gross receipts from operations 17/
interest
Rents and royalties 18/
Net capital gain 19/
Net gain, sale of property other than
capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 227
Other receipts
Receipts, partially and wholly tax exempt.
Interest on Government obligations«
Subject to excess-profits tax 25/
Wholly tax-exempt 24/
Total compiled receipts 25/
Deductions«
Cost of goods sold 26/
Cost of operations 27/
Compensation of officers
Rent paid on business property
Repairs 28/
Bad debts
Interest paid
Taxes paid 29/
Contributions or gifts 50/
Depreciation
Deletion
Net capital loss 19/
Net loss, sale of property other than
capital assets 20/
Other deductions 51/
Total coepiled deductions
Compiled net profit or net loss (51 less 46)
Net income or deficit
(47 less 50)
Income tax
(Declared value) excess-profits tax
Total tax
Compiled net profit less total tax (47 less 51)
Dividends paid«
C ad i and a s s e t s o t h e r » o n
c o r p o r a ti o n 's own s to c k
C o r p o r a tio n 's own s to c k
For footnotes, seo pages
Total mining and
quarrying
Mining and quarrying
Anthracite mining
Metal mining
Bituminous coal,
lignite, peat, etc.
No net
Net incese No net
Net income No net
Net income No net
Net incese No net
Net income
income
incese
income
187,920
224,839
3,557
5,930
319
776
23
89
487
1,106
1,722
1
28,106,427
5,947,125
321,100
86,921
180,279
7,857
1,919
9,420
37,360
28,850
61,849
14,479,093
17,286,305
49,690,600
61,754,509
5,956,469
206,670,943
7,962,779
3,238,997
10,116,242
51,464,291
58,491,788
2,909,140
100,130,565
314,378
255,448
82,902
977,405
2,079,929
105,765
4,114,928
235,246
85,179
27,523
284,150
2,570,266
126,714
3,215,799
74,129
152,590
49,063
669,264
958,852
65,126
2,149,303
32,695
21,486
1,083
18,496
451,065
47,896
580,579
2,558
711
601
1,231
7,000
242
14,261
22,496
10,151
6,903
57,103
246,931
20,299
375,305
38,727
18,984
15,178
99,760
363,804
10,838
604,652
78,606
20,158
5^499
89'605
680'061
19,058
92l'817
145,704
23¡036
IS'456
179'507
522¡163
16^917
961¡652
7
8
9
10
2
3
4
5
6
9,189,247
5,316,524
184,454
357,312
84,134
90,574
1,221
26,039
32,279
76,044
46,461
4,495,702
26,689,518
co,oa9,518
55,949,3 ‘
12,678,2
53,969,463
5,940,922
40,207,646
2,449,023
206,670,943
3,531,327
22,698,658
42,067,177
4,576,975
19,512,441
1,906,309
11,094,338
10,573,867
100,130,363
73,025
501,958
134,455
99,715
1,767,577
152,255
1,571,458
149,908
4,114,928
189,593
698,423
159,178
150,866
1,556,291
72,819
865,160
631,845
3,215,799
16,438
100,861
76,012
25,305
1,000,204
56,827
823,739
34,215
2,149,303
12,095
52,226
34,141
9,327
255,254
7,869
220,009
100,916
580,579
525
726
1,261
3
2,934
328
7,548
283
14,261
23,110
163,729
31,278
1,614
108,233
10,056
58,929
51,684
375,305
9,432
62,719
16,247
26,999
254,658
11,654
208,630
17,946
604,652
35,624
188'519
41j279
98^510
350¡456
19,143
267,499
155¡257
92l'ei7
38,774
106¡230
31¡859
22¡874
361¡790
45*060
391* 789
81*206
961*632
83,120,659
15,145,266
1,347,275
1,124,228
166,086
16,919,304
6,415,459
1,058,020
1,085,025
39,775
1,454,650
157,573
5,647
17,007
4,773
962,972
124,651
5,121
23,674
2,971
628,926
12,376
2,734
3,956
563
143,876
7,235
119
1,448
31
15,339
2,510
21
129
5
165,575
7,545
691
4,842
53
549,184
24,249
876
7,233
400
355,802
42'598
1*165
10'l53
'581
275,717
99^652
1*640
4*214
3,659
75,205
1,740,076
242,180
750,695
52,733
120,577
4,799
227,166
2,873
36,451
1,437
20,483
2,723
4,853
12
15,695
207
26,181
1,350
8,526
111
114
28
38
37
640
1,365
50
2,376
208
1,472
52
4,629
431
2,141
10
4,145
2,327
7¡650
52
5,642
26
26
27
28
258,859
197,194
104,167,699
56,486
240,097
26,197,241
1,367
840
1,703,082
429
350
1,139,451
608
573
685,800
9
19
154,526
13
2
18,136
199
15
181,973
525
149
388,777
193
S3
416,980
509
29
30
598,870
SI
62,611,556
6,872,801
35/1,902,741
1,066,615
850,425
417,105
1,553,026
2,867,131
29,023
2.459.456
290,739
20,846
13,395,554
3,948,046
52/717,777
493,556
229,072
268,691
1,172,482
1,048,541
1,248
918,450
136,250
39,973
865,659
92,404
28,019
5,854
51,352
5,135
20,788
61,426
412
88,218
158,170
203
722,578
84,231
17,883
10,267
22,546
4,871
36,275
69,579
22
71,597
69,945
559
575,117
7,562
4,631
836
10,927
612
7,160
25,367
178
27,551
66,732
30
107,247
5,291
1,058
218
1,313
775
3,049
23,211
1
5,664
7,294
37
12,955
1,479
500
64
139
56
75
621
(52)
606
142,527
6,596
754
533
5,554
1,210
8j071
11,117
(32)
5,937
6,486
6
266,582
17,590
S,096
1,234
10,252
503
3,424
15,467
50
16,053
8,498
33
298,252
30*213
4'296
3,364
8,525
l'309
8*204
19j075
9
19.738
7,051
'205
104,814
55¡787
10j098
2*325
2¡826
*989
7,838
15^492
*107
33,050
55^252
' 86
52
752
4,552
116,618
157,114
1,453,012 1,251,999
250,070 26/112,548
249,230 26/112,898
36,672
380
—
37,051
215,019 56/112,548
48
24,327
551,078
134,722
134,150
18,731
182
18,913
115,810
655
9,204
165,017
36/10.691
16/10,711
237
11,443
200,292
36/18,519
5SA8.334
50
25,832
370,461
18,316
18,167
2,790
39
2,829
15,487
1,605
38'220
440,066
5£/23'.Q86
56/23.119
279
43.148
330^069
68j802
68*754
10,702
69
10,771
58'031
44
45
46
47
48
49
50
36/10,691
1
1,000
17,626
509
507
77
5
82
427
120,087
853
-
387
-
47,466
'840
55
54
^463
55,043
110,745
54/14,285,378 34/5,386,623
55/95,261,863 21/27,866,968
8,905,836 36/1,669,747
8,708,642 36/1,909,844
1,202,070
IS, 387
•
1.217.457
% —
7,688,380 36/1,669,747
5,475,733
84,200
162,962
2,076
198,460
1,023
17,895
43
16
-
•
•
ISO
-
_
—
52/18,319
462
12,178
-
167
36/23,086
807
____ -1
47
U
12
15
14
15
16
17
18
19
20
21
22
25
24
53
54
55
56
37
58
59
40
41
42
45
51
52
Table 1« - Corporation returns with balance sheets, 1939, by major Industrial groups and by returns with net income and with no net income ¿/t Number of returns, assets and liabilities as of
December 51, 1959, or close of fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net profit or loss, net incoeie or deficit, income tax, (declared value)
excess-profits tax, total tax, and dividends paid - Continued
(Money figures in thousands of dollars)
Major industrial groups 2/ - Continued
Mining and quarrying - Continued
Manufacturing
Nonmetallic mining and
Mining and quarrying
Total manufacturing
Food and kindred
Beverages
Tobacco manufactures
quarrying
not allocable
products
Net income
1
2
5
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
50
51
32
35
54
55
56
57
38
59
40
41
42
45
44
45
46
47
48
50
51
52
55
54
Number of returns with balance sheets 7/
Assets]
Cash 8/
Notes and accounts receivable (less
reserve for bad debts)
Inventories
Investments, Government obligations 9/
Other investments
Net capital assets 10/
Other assets 11/
Total assets 12/
Liabilities]
Accounts payable
Bonds, notes, mortgages payable)
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves 15/
Surplus and undivided profits 14/
Less deficit 15/
Total liabilities 12/
Receipts, taxable)
Oross sales 16/
Qross receipts from operations 17/
Interest
Rents and royalties 18/
Net capital gain 19/^
Net gain, sale of property other than
capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Receipts, partially and wholly tax exempt]
Interest on Government obligations]
Subject to excess-profits tax 25/
Wholly tax-exempt 24/
Total compiled receipts 25/
Deductions)
Cost of goods sold 26/
Cost of operations 27/
Compensation of officers
Rent paid on business property
Repairs 28/
Bad debts
Interest paid
Taxes paid 29/
Contributions or gifts 50/
Depreciation
Depletion
Net capital loss 19/
Net loss, sale of property other than
capital assets 20/
Other deductions 51/
Total compiled deductions
Compiled net profit or net loss (31 less 46)
Net income or deficit 1/ (47 less 30)
Income tax
(Declared value) excess-profits tax
Total tax
Compiled net profit less total tax (47 less 51)
Dividends paid*
Cash and assets other than
corporation's own stock
Corporation's own stock
F o r footnotes, see pages 19 and 20«
No net
income
Net income
No net
income
Net income
No net
Net income
income
58,914
4,869
Net income
No net
income
1,610
4,103
Met income
No net
income
1,184
110
No net
income
784
805
22
267
41,946
59,312
3,241
582
705
4,136,561
435,458
437,977
28,110
85,946
8,178
59,484
1,879
32,582
40,059
5,584
24,226
225,271
10,550
377,364
11,689
5,145
535
7,471
86,143
4,612
118,634
877
68
20
3,417
2,840
112
7,716
1,428 6,344,534
879 9,307,195
96 1,103,607
8,059 7,579,508
42,230 18,366,445
2,239
926,916
55,637 47,764,365
1,082,691
1,685,500
53,167
770,752
4,693,718
254,976
8,974,262
576,458
1,046,115
78,953
775,501
1,941,081
101,658
4,957,722
86,071
135,167
4,288
42,917
309,578
16,959
623,089
123,127
232,542
14,636
67,658
465,298
42,486
1,031,693
35,136
61,978
886
10,366
124,667
11,125
252,536
162,458
560,608
27,115
93,644
170,215
6,229
1,979,752
7,993
8,433
398
2,511
5,360
913
27,287
19,686
16,855
674
7,756
30,680
8,995
24,534
145,903
20,548
154,419
14.957
577,564
7,243
23,094
6,899
11,321
52,964
2,405
22,269
24,417
118,634
101
742
59
186,756
18,513
548
1,457
164
164
i
2
5
4
5
6
7
8
9
5,826,787
1,003,362
356,670
82,542
96,706
32,453
71,584
2,152
10
938,513
1,391,284
390,538
955,701
3,446,410
275,669
2,010,093
1,437,108
8,974,262
205,545
375,696
159,095
652,595
1,684,629
219,420
1,373,860
49,787
4,957,722
61,749
111,108
26,050
59,678
293,115
10,234
106,614
107,997
623,089
37,483
124,027
57,518
49,131
266,555
16,690
390,804
7,219
1,051,693
39,539
48,745
12,936
18,946
85,540
2,927
48,177
56,928
252,356
14,438
98,905
44,599
127,555
421,821
23,622
278,567
1,116
1,079,752
2,557
1,516
309
3,576
10,543
101
10,567
3,832
27,287
11
2,109
20
5,312
1,301
7,716
903 1,227,500
3,992 3,863,721
1,618 1,658,757
562 4,695,184
52,100 16,585,180
55 1,888,097
7,740 14,626,877
19,811
507,740
55,637 47,764,563
52,587
9,520
75
481
41
708
475
27
18
2
5,494 47,641,551
1,197
805,305
8
88,741
84
164,874
1
19,014
7,718,365
308,057
13,720
29,126
6,130
8,853,411
52,576
8,250
13,907
891
1,015,648
15,338
709
1,734
514
1,414,788
7,506
1,465
5,156
125
259,433
4,741
304
872
52
1,276,848
2,327
2,106
2,354
698
27,456
89
16
52
14
103
922
2
1,806
17
59
(52)
727
188
1
29
10,475
341,855
119,085
240,884
3,160
17,524
551
48,415
1,030
27,251
18,648
36,957
197
528
120
6,107
326
3,344
918
8,026
159
67
2
1,515
101
4,586
458
1,804
5
97
132
115
65
210,048
4
9
45,516
13,498
(52)
11,559
6,832 49,456,641
736
734
8,146,499
1,208
877
9,015,006
85
82
1,040,662
199
250
1,440,061
24
1
247,168
369
225
1,291,674
6
9
27,875
29
4
1,450
105,888
9,883
7,655
1,357
7,197
972
2,276
6,400
78
10,924
7,485
54
25,079
6,142
2,277
555
1,622
399
1,319
1,265
5
3,495
377
51
4,468 34,655,557
1,055
421,881
142
752,908
11
219,215
189
648,099
58
117,186
259,494
55
367 1,345,064
(32)
13,706
436 1,146,772
193
122,848
9
3,022
6,093,012
180,337
198,756
78,661
86,854
47,283
78,818
226,430
265
273,713
57,471
1,543
7,165,119
19,262
74,251
27,992
70,314
14,108
27,180
146,156
1,469
116,111
194
355
831,945
9,844
17,330
6,045
7,764
5,888
7,975
23,096
45
19,696
59
167
733,942
2,054
23,955
4,474
10,401
5,395
10,155
226,821
607
29,309
61
82
149,097
2,179
5,361
1,475
1,456
1,747
3,958
39,971
4
7,769
35
40
957,522
1,787
5,547
1,587
1,815
419
5,260
92,239
160
7,603
21,753
77
1,087
181
84
114
166
849
1
317
8
2
52
55
54
55
56
57
58
59
40
41
42
45
374
22,126
182,648
27,400
27,335
4,348
84
4,432
22,969
586
7,173
48,346
¿6/4,830
36/4.839
20,316
1,158,295
8,501,749
36/355.250
36/555.984
1,974
932,250
8,596,714
418,292
417,416
67,161
626
67,787
350,50S
1,503
140,485
1,069,840
36/29,178
36/29.259
¿¿AS, 799
87
109,044
1,162,879
128,795
128,572
21,059
7
21,067
107,728
76
4,337
29,024
56/1,149
36/1.157
56/29,178
418
241,696
1,289,369
150,692
150*462
25,515
*182
25,698
124,994
495
49,399
262,967
36A5.799
56/15.800
¿6/4,850
185
1,130
320
316
24
1
25
296
6
15,624
981 5,811,233
7,952 45,530,387
36/1,120 3,926,254
36/1.120 3,914,695
—
619,682
9,608
629,290
56/1,120 5,296,964
¿¿A,149
18,093
-
293
-
250
-
236,147
2,891
38
72,439
5^961
262
93,384
13
—
•
-
-
-
-
304
304
59
38
12
3
15
79
-
35
95
1
-
8,479
14
3
-
32
3
2
2,139,320
30,210
_
36/355,250
30,807
424
1^436
_
_
_
12
15
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
50
51
44
45
46
47
48
49
SO
51
52
55
54
Table 1. - Corporation returns with balance sheets, 1959, by major industrial groups and by returns with net incase and with no net incone ¿/i Number of retains, assets and liabilities as of
Decenber 51, 1959, or close of fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net profit or loss, net income or deficit, income tax, (declared nine)
excess-profits tax, total tax, and dividends paid - Continued
(Honey figures in thousands of dollars)
Major industrial groups 2/ - Continued
Manufacturing - Continued
Textile-mill products
Net Income
1
2
5
4
5
6
7
8
9
10
11
12
15
14
15
16
17
IS
19
20
21
22
’25
24
25
26
27
28
29
50
51
52
55
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51
52
55
54
Number of returns with balance sheets 7/
Assetsi
Cash 8/
Notes and accounts receivable (less
reserve for bad debts)
Inventories
Investments, Government obligations 9/
Other investments
Net capital assets 10/
Other assets 11/
Total assets 12/
Liabilities»
Accounts payable
Bonds, notes, mortgages payable»
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves 15/
Surplus and undivided profits 14/
Less deficit 15/
Total liabilities 12/
Receipts, taxable»
Gross sales 16/
Gross receipts from operations 17/
Interest
Rents and royalties 18/
Net capital gain 19/~^
Net gain, sale of property other than
capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 227
Other receipts
Receipts, partially and wholly tax-exempt»
Interest on Government obligations»
Subject to excess-profits tax 25/
Wholly tax-exempt 24/
Total oonpiled receipts 25/
Cost .of goods sold 26/
Cost of operations 27/
Compensation of officers
Rent paid on business property
Repairs 28/
Bad debts
Interest paid
Taxes paid 29/
Contributions or gifts 50/
Depreciation
Depletion
Net capital loss 19/
Net loss, sale of property other
than capital assets 20/
Other deductions 51/
Total compiled deductions
Compiled net profit or net loss (51 less 46)
Net income or deficit 1/ (47 less 30)
Income tax
(Declared value) excess-profits tax
Total tax
Compiled net profit less total tax (47 less 51)
Dividends paid»
Cash and assets other than
corporation's own stock
Corporation’s own stock
For footnotes, see pages 19 and 20«
2,550
Apparel and products
made from fabrics
No net
Net income
income
2,069
3,647
Leather and products
No net
Net income
incesse
4,277
1,072
Rubber products
No net
income
Net income
961
322
No net
income
Lumber and timber
basic products
Met Income
199
1,248
Furniture and finished
lumber products
No net
Net income
Income
1,585
2,095
No net
incase
2,141
192,767
25,758
71,091
16,800
62,445
6,395
65,477
8,599
59,269
15,992
52,985
8,422
344,865
734,611
59,792
170,422
1,038,701
47,962
2,569,120
68,487
151,195
4,723
55,013
344,145
14,158
661,459
202,139
252,834
9,656
47,524
96,676
22,059
681,979
60,941
64,654
1,122
11,131
38,116
6,849
199,612
136,610
221,656
6,951
48,574
112,468
15,921
604,425
27,717
45,990
159
14,818
27,600
7,562
150,240
186,964
209,616
4,001
217,284
258,087
69,432
1,010,861
9,005
11,826
849
8,592
21,588
1,551
61,811
95,112
159,875
8,966
91,408
587,232
14,592
776,2S2
57,552
85^465
2,148
74,005
555,248
16,505
584,895
159,767
194,504
14*293
71,711
243*964
16,991
754,214
42,955
62,693
1^666
16*667
94*015
8,412
254,810
161,240
77,760
115,415
53,673
47,478
22,626
106,724
8,287
40,655
44,197
60,080
44,509
146,083
116,928
73,171
303,065
910,666
78,017
850,000
50,050
2,569,120
52,075
95,032
21,784
102,881
277,418
14,004
160,627
158,122
661,459
57,377
22,817
28,406
71,849
218,019
12,935
165,489
10,527
681,979
22,278
16,253
9,277
23,222
92,536
1,310
25,232
44,170
199,612
41,855
17,732
16,725
68,155
210,625
22,521
187,596
8,259
604,425
22,045
29,472
4,581
25,445
48,310
3,450
17,299
42,986
150,240
10,199
200,435
50,917
228,119
219,912
40,199
176,540
4,184
1,010,861
2,196
5,233
1,704
15,405
15,940
709
19,489
5,151
61,811
56,617
41,535
24,691
31,124
296,211
11,875
526*947
52,401
776,252
55,172
107,009
19,081
56,052
279,046
28'985
156,714
139,364
S84'895
31,885
44,551
25^586
59,012
292,545
22,855
235*477
15,557
754,214
19,431
50*535
111245
25,857
110,467
4,780
45I050
52*642
254,810
3,046,651
64,156
5,187
9,788
819
682,059
22,461
1,009
2,807
552
1,693,174
15,644
790
3,475
195
555,486
30,490
165
623
45
976,579
5,557
1,145
1,110
92
254,956
2,525
114
457
10
981,490
1,553
1,447
5,565
82
70,259
527
45
64
691
585,652
8'162
1,268
5^605
1,424
285,268
7*685
769
1,748
528
950,750
4,942
1,552
1^522
491
241,658
2^218
*558
726
100
1,109
4,105
847
15,911
643
557
106
4,675
48
1,130
677
7,150
106
58
4
1,825
129
1,143
6
5,170
47
60
(52)
1,405
50
4,528
5,265
5,586
5
50
5
1,882
885
2,162
8
6,242
562
500
2
4,514
131
1,782
*555
6,252
196
118
4
1,440
643
497
3,147,694
70
82
714,999
193
116
1,722,571
22
14
588,858
121
71
990,904
2
2
259,377
71
11
1,001,007
(52)
37
75,560
176
74
609,627
27
30
501,255
465
194
968,194
19
30
246,848
2,451,440
42,990
'52,652
8,641
51,081
5,014
13,362
60,866
667
70,555
7
215
597,264
15,794
14,124
3,892
5,787
3,628
7,685
15,898
4
20,125
4
108
1,357,696
11,620
55,136
15,951
2,606
4,711
4,381
21,552
468
7,441
14
89
458,256
24,732
23,990
9,555
801
2,597
2,444
7,908
34
3,157
10
59
799,767
1,921
19,547
4,159
6,675
2,414
2,654
15,297
276
8,807
57
62
203,428
1,811
6,195
2,765
1,175
857
1,518
3,804
5
2,766
8
29
675,242
165
7,375
5,641
15,569
3,209
8,552
44,505
162
25,556
53,865
262
1,066
596
665
2,477
350
3,555
1
1,978
9
15
434,071
250,648
4'557
6,387
1,091
2,271
1,575
5,763
8,258
9
11,074
10,951
115
692,759
815
29,426
6*190
8,471
5,697
4,027
19,185
*262
15,715
1,073
*106
189,855
1^610
10^516
3*020
ll697
1,645
2^268
5,638
14
5,504
1,519
79
1,877
239,662
2,958,807
188,887
188,589
51,594
1,254
52,828
156,059
5,561
62,282
749,956
36/34.957
36/55.039
324
71,145
604,793
36/15.956
36/15.969
56/19,978
125
128,552
910*377
57*817
57,625
9,284
*192
9,477
48*541
353
56,580
260^076
36/13*229
56/13,259
2§A,S89
509
60,544
571,546
58,081
38,007
5,948
128
6,077
32,004
887
57,649
521,211
36/19* 978
56/20r008
36/9,344
80
155,164
956,838
64,170
64,159
10,355
'112
10,468
55^702
1,732
8,585
74,950
56/l'589
36/1.626
56/15,956
88
82,693
944,375
46,529
46,457
7,598
150
7,727
38,801
388
25,975
248,721
56/9.544
56/9.346
56/34,957
139
189,351
1,671,094
51,477
51,361
8,260
505
8,566
42,911
¿6/13,2*9
69,884
648
2,192
1
18,993
1,255
518
9
22,529
1,505
226
-
30,626
99
504
316
22,558
519
3.005
31
27,003
~175
596
•
—
-
—
—
-
«
•
•
20
*,70 7
15,697
1,657
4,594
2,465
4,222
14,642
127
16,030
14,591
110
_
Table 1. - Corporation returns with- balance sheets, 1939, by major industrial groups and by returns with net income and with no net income 1/: Number of returns, assets and liabilities as of
December 31, 1939, or close of fiscal year nearest thereto, compiled receipts and coqriled deductions, compiled net profit or loss, net income or deficit, income tax, (declared value)
excess-profits tax, total tax, and dividends paid - Continued
(Honey figures in thousands of dollars)
Major industrial groups Z j - Continued
Paper and allied
producte
Net income
1
2
3
4
5
6
7
8
9
10
U
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Number of returns with balance sheets 7/
Assets:
Cash 8/
Notes and accounts receivable (less
reserve for bad debts)
Inventories
Investments, Government obligations 9/
Other investments
Net capital assets ¿0/
Other assets 11/
Total assets 12/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other.liabllities
Capital stock, preferred
Capital stock, common
Surplus reserves 13/
Surplus and undivided profits 14/
Less deficit 15/
Total liabilities 12/
Receipts, taxable:
Gross sales 16/
Gross receipts from operations 17/
Interest
Rents and royalties 18/
Net capital gain VZ!
Net gain, sale of property other than
capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Receipts, partially and wholly tax-exempt:
Interest on Government obligations:
Subject to excess-profits tax 28/
Wholly tax-exempt 24/
Total compiled receipts 25/
Cost of goods sold 26/
Cost of operations 27/
Compensation of officers
Rent paid on business property
Repairs 28/
Bad debts
Interest paid
Taxes paid 29/
Contributions or gifts 30/
Depreciation
Depletion
Net capital loss 19/
Net loss, sale of property other than
capital assets 20/
Other deductions 31/
Total oompiled deductions
Compiled net profit or net loss (31 less 46)
Net income or deficit ¿/ (47 less 30)
Income tax
(Declared value) excess-profits tax
Total tax
Compiled net profit less total tax (47 less 51)
Dividends paids
Cash and assets other than
corporation1s own stock
Corporation*s own stock
For footnotes, see pages 19 and 20«
No net
income
Printing and publishing
industries
Net income
Manufacturing - Continued
Chemicals and allied
Petroleum and coal
products
products
Net income
No net
income
5,709
3,262
No net
Net income
income
3,030
342
149
701
4,630
119,552
7,988
137,241
17,485
476,234
15,380
192,086
259,505
34,654
579,002
886,691
54,884
1,906,173
53,956
35,933
335
111,295
154,131
17,462
561,095
301,088
143,804
79,969
413,086
791,533
75,526
1,942,046
85,505
57,309
5,273
40,325
226,915
51,779
444,589
566,628
744,115
126,116
885,350
1,739,769
82,526
4,620,759
No net
income
Stone, clay, and glass
products
Net income
291
1,741
368,734
103,431
170,956
50,294
49,067
3,132
36,818
142,561
17,159
314,411
543,410
664,591
48,210
1,492,358
2,993,026
79,062
6,189,390
131,703
197,219
1,367
100,825
1,091,751
23,826
1,650,121
166,911
235,311
60,434
205,564
748,742
28,585
1,616,502
Iron, steel, and
products
No net
Net income
income
1,586
3,866
No net
income
2,502
1
15,255
415,552
50,616
2
31,454
45,933
1,249
19,460
225,850
7,997
547,198
680,200
1,160,314
68,799
689,516
2,747,121
76,857
5,838,358
117,167
352,596
5,831
59,874
773,394
14,691
1,374,168
3
4
5
6
7
8
9
24,089
85,416
27,049
163,186
74,584
346,703
42,922
346,277
140,315
93,023
769,482
159,492
41,722
279,461
44,550
557,091
567,515
58,255
481,855
9,691
1,906,173
25,978
73,950
72,797
36,125
100,186
10,736
87,586
73,511
561,093
52,709
159,531
116,028
195,140
570,938
85,802
688,145
57,231
1,942,046
57,059
62,285
50,443
57,257
178,125
6,993
106,574
128,532
444,589
119,715
260,162
121,522
562,480
1,515,806
259,478
1,488,168
51,295
4,620,739
21,362
48,620
7,684
34,058
142,155
6,507
75,151
64,048
514,411
48,250
709,438
101,029
162,325
2,957,550
127,863
1,806,804
70,147
6,189,390
145,494
321,381
50,731
126,360
530,606
73,448
336,795
75,009
1,650,121
23,008
110,610
51,548
140,397
652,786
52,081
519,265
26,215
1,616,502
127,202
16,718
64,700
785,248
16, 5.32
145,673
53,439
560,971
151,665 1,972,941
6,991
191,209
79,521 Í 1,325,476
66,457
39,843
347,198 5,838,358
315,384
126,795
29'439
84,487
424,267
21,104
350,549
157,348
1,374,168
1,508,747
3,875
7,092
3,146
1,169
206,528
1,756
1,073
1,787
94
1,606,462
106,815
5,747
10,165
1,625
396,275
65,556
585
2,575
559
3,883,552
26,109
6,598
15,128
2,373
247,075
2,498
711
822
77
5,644,085
101,652
10,155
29,620
1,969
1,149,350
99,254
2,856
8,142
448
1,281,327
8,372
1,777
4,194
593
172,442
5,509
254
830
153
4,842,823
14,737
10,792
10*775
1,380
1,024,362
6,635
900
1,813
152
394
5,825
1,041
9,258
92
106
(32)
1,441
655
18,215
1,059
15,975
185
416
1
5,266
1,130
69,236
12,972
15,555
257
273
21
1,495
857
88,194
4,808
15,578
313
10,595
2
7,844
186
7,120
2,334
7,522
42
196
(32)
1,467
1,378
18,819
8,349
19,374
160
544
20
2,617
25
26
27
28
689
241
1,541,477
5
4
212,685
1,241
937
1,766,871
109
55
469,158
1,599
2,208
4,054,462
48
75
253,352
506
745
3,896,139
34
15
1,278^355
606
416
1,314,447
24
15
180,934
1,225
743
4,930,392
110
39
1,067,153
29
30
31
1,082,694
1,324
32,199
7,370
32,808
4,596
15,572
34,363
541
55,944
1,988
157
166,850
1,519
5,254
1,770
3,888
7,195
6,474
4,873
9
8,039
541
54
1,033,775
54,946
69,680
21,289
6,942
9,662
10,224
40,699
1,106
35,032
14
366
281,213
37,901
28,904
9,967
1,816
3,929
4,451
10,477
62
10,632
47
170
2,423,655
5,305
63,756
12,842
50,498
9,902
17,070
88,869
1,096
113,681
5,099
256
180,617
1,344
10,025
2,455
1,816
2,399
2,999
6,151
14
7,291
563
94
2,541,903
63,160
11,268
53,341
66,304
11,412
26,649
143,858
621
187,875
91,462
49
832,317
40,809
2,623
18,439
24,079
2,011
9,817
30,641
(32)
66,613
42,855
25
832,046
5,047
28,367
5*069
29,271
3,994
6,357
30,149
486
50,907
1,642
157
125,755
4,268
7,001
1,204
3,675
1,211
5^625
5,282
8
10,198
525
78
3,593,535
8,000.
80,643
22,332
145,182
10,514
63,897
109,586
1,267
149,508
2,827
360
864,695
4,790
15,464
5,292
15,998
2,180
6'027
28,458
11
53,758
37
95
32
S3
34
35
36
37
58
39
40
41
42
43
1,157
150,774
1,421,267
120,210
119,970
19,482
315
19,797
100,413
334
24,458
231,219
£6/18.534
36/18.538
•
•
—
56/18,534
802
324,672
1,609,208
157,662
156,726
23,646
225
23,871
133,792
1,175
105,485
496,206
36/27.068
36/27.102
w.
548
53,622
269,938
36/16.586
36/16.661
556
163,721
1,157,769
'156,679
156'263
25,578
'350
25,928
150'7S1
682
28,314
191,825
36/10*892
36/10.906
1,236
401*673
4,590,358
340*033
339,290
55,091
1*415
56^506
283'527
2,624
83,050
1,080,480
36/43.327
36/43.366
44
45
46
47
48
49
50
£6/16,586
1,991
525,065
3,704,957
191,183
190,438
20,007
192
20,198
170,985
1,606
223,198
1,295,036
36/16.683
36/16.698
36/27,068
1,459
695,490
5,486,976
547,486
545,278
83,651
1¡373
85,024
462,461
36/43,327
52
54,571
427
117
92,133
659
1,272
1
964
22
162,030
220
153,843
2^623
712
(32)
527,106
8,217 I
_
36/16,683
14,302
86,990
145
36/10,892
641
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
51
53
54
Table 1. - Corporation returns with balance sheets, 1939, by major industrial groups and by returns with net income and with no net Income 1/: Number of returns, assets and liabilities as of
December 31, 1939, or close of fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net profit or loss, net income or deficit, income tax, (declared value)
excess-profits tax, total tax, and dividends paid - Continued
________________________________________________________________ (Money figures in thousands of dollars)___________
Major industrial groups 2/ - Continued
Manufacturing - Continued
Nonferrous metals and
Electrical machinery
Machinery, except
Automobiles and equip
Other manufacturing
Transportation
and equipment
their products
transportation equip ment, except
equipment,except
electrical
ment and electrical
automobiles
Net income
1
2
3
4
S
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
52
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Number of returns with balance sheets 7/
Assetss
Cash 8/
Notes and accounts receivable (less
reserve for bad debts)
Inventories
Investments, Government obligations £/
Other, investments
Met capital assets 10/
Other assets 11/
Total assets 12/
Liabilities!
Accounts payable
Bonds, notes, mortgages psysblei
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, comaon
Surplus reserves 13/ v
Surplus and undivided profits 14/
Less deficit 15/
Total liabilities 12/
Receipts, taxable!
Dross sales 16/
Dross receipts from operations 17/
Interest
Rents and royalties 18/
Net capital gain 19/^
Net gain, sals of property other than
capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 227
Other receipts
Receipts, partially and wholly tax-exempti
Interest on Dovenuaent obligations!
Subject to excess-profits tax 23/
Wholly tax-exempt 24/
Total compiled receipts 25/
Deductions!
Cost of goods sold 26/
Cost of operations 27/
Compensation of officers
Kent paid on business property
Repairs 28/
Bad debts
Interest paid
Taxes paid 29/
Contributions or gifts 50/
Depreciation
Depletion
Net capital loss 19/
Met loss, sale of property other than
capital assets 20/
Other deductions 31/
Total compiled deductions
Compiled net profit or net less (31 less 46)
Net Income or deficit J/ (47 less 30)
Income tax
(Declared value) excess-profits tax
Total tax
Compiled net profit less total tax (47 less 51)
Dividends paid!
Cash and assets other than
corporation's own stock
Corporation's own stock
For footnotes, see pages 19 and 20.
Net incase
No net
income
Net income
No net
income
No net
income
Net income
Net income
No net
income
Net income
No net
income
No net
income
1,344
1,092
856
724
2,616
442
376
324
405
2,332
2,684
1
93,115
3,990
157,450
6,165
378,427
27,597
478,585
17,633
165,442
52,916
91,420
12,835
2
232,822
332,282
26,941
337,710
487,603
26,279
1,536,752
13,128
33,769
240
5,243
38,474
3,675
98,519
251,739
573,839
105,262
568,944
414,186
23,569
1,672,970
19,548
a ,8 7 4
539
4,701
47,778
5,511
116,114
700,784
880,246
128,076
469,069
1,115,168
a , 023
3,732,792
91,358
154,736
3,817
56,297
215,535
21,845
5 a ,1 8 5
411,115
486,594
175,288
470,567
1,009,025
43,471
3,074,446
15,813
35,090
11,605
19,471
90,537
5,956
196,105
127,562
204,334
16,142
87,312
349,069
28,712
978,572
49, a s
54,742
1,737
64,761
198,887
7,700
410,362
166,034
197,368
26,997
ia ,8 8 6
293,986
a , 640
9 4 9 ,3 a
39,540
38,507
1,587
a , 199
155, a s
10,645
290,126
159,319
11,630
132,582
19,073
222,014
53,125
315,273
&,819
97,687
23,733
58,590
28,186
59,616
117,782
48,100
2 7 3 ,2 a
374,754
84,175
457,903
18,147
1,536,752
10,544
52,227
4,275
7,881
42,993
2,416
10,933
24,379
98, a9
50,708
58,a 7
89,030
72,583
683,283
104,082
508,097
5,915
1,672,970
10,862
14,062
4,982
13,006
46,824
2,316
34,590
29,599
116,114
64,972
179,072
163,544
401,078
1,589,667
245,530
1,117,125
49,809
5,732,792
30,480
59,471
20,926
74,386
239,850
19,560
121,553
87,947
531,183
14,192
49,464
112,246
223,987
699,453
193,821
1,475,806
9,797
5,074,446
6,012
20,626
8,653
14,645
97,816
11,128
59,463
44,056
196,105
15,066
62,211
158,283
33,026
239,691
45,468
559,622
10,481
978,572
14,745
54,189
23,020
95,303
ia , 4 0 8
57,585
95,282
54,904
410,362
25,252
43,787
40,090
93, a 4
865,076
56,864
280,037
11,879
949,531
25,867
6 3 ,a o
11,284
42,258
119,306
7,772
52,880
58,437
290,126
1,441,132
57,315
2,530
1,960
207
99,981
2,455
63
215
52
1 ,6 8 4 ,8 a
5,541
5,324
4 ,s a .
534
129,397
1,366
111
380
20
3,010,550
63,739
12,648
27,648
1,801
342,575
7,087
1,812
1,338
196
3,322,237
2,469
4,904
10, 4a
719
225,272
1,850
295
381
SO
468,501
233,406
1,171
2,607
507
128,424
14,919
942
350
1,985
895,589
17,643
2,299
4,043
1,257
198,100
12,623
532
1,430
55
129
8,744
5,078
8,956
9
44
(32)
540
124
12,386
3 ,6 a
7,038
46
41
41
1,034
796
10,500
10,173
26,060
127
379
169
2,427
232
44,349
35,259
12,536
75
462
38
763
617
3,815
363
3,075
45
2,562
7
598
197
3,359
5,741
9,458
50
399
9
1,673
25
26
27
28
298
175
1,526,524
2
1
103,542
847
1,134
1,723,762
11
2
132,449
1,959
1,766
3,167, a 9
81
70
356,259
337
541
3,434,013
1
115
229,303
411
190
714,663
24
31
149,888
235
157
939,959
33
46
214,952
29
30
51
1,109,440
6,423
25,084
5,442
19,186
2,682
8,271
29,695
580
29,993
2,700
80
80,064
1,728
5,327
1,340
684
366
759
2,237
4
2,549
5
29
1,151,997
2,073
23,344
7,088
20,744
2,566
4,484
45,294
639
43,678
90
74
101,491
970
3,610
1,532
1,758
786
6a
3,258
1
3,428
2
34
1,975,593
9,130
71,074
12,674
52,327
10,574
11,471
78,050
1,274
84,527
136
308
255,384
4,531
14,185
2,313
4,016
2,741
4,168
9,764
17
12,338
9
171
2,a9,018
965
14,079
4,510
50,443
4,146
7,685
58,216
1,495
49, a 9
717
38
192,865
1,688
2,880
610
2,975
3,182
1,097
4,105
7
8,110
28
339,560
171,492
9,760
2,804
14,528
611
2,880
17,412
118
21,421
33
23
107,787
11,482
3,386
766
3,» 5
278
2,a4
4,870
2
7,903
10
18
549,201
8,015
32,735
7,034
8,126
4,366
3,533
22,454
415
22,794
22
93
133,712
7,690
11,585
3,933
2,131
2,360
3,495
6,233
10
9,136
37
115
32
33
34
35
36
87
217
2S3, 676
1,535,966
187,797
186,663
30,125
274
30,329
157,398
440
22,673
140,635
3 6 /8 .ie6
36/8.187
•
36/8,136
1,342
528,217
2,836,495
531,124
329,358
54,982
94C
55.928
275,196
1,176
68,045
378,858
36/22.598
36/22.668
m
£6/22,598
396
238,240
3,042,469
384,544
584,004
60,414
292
60.706
323,838
854
28,301
246,702
36/17.399
36A7.a4
—
36/17,399
578
49,225
630,445
84,218
84,028
14,036
365
14.40C
69,818
1,037
16,991
160,858
56A0.970
36/11,001
Ù
36A0,970
399
173,864
833, o a
106,908
106,750
17,670
289
17,959
88,949
586
47,719
228,742
36A3.790
36A3.836
—
•
•
36AS,790
109,890
i,a e
85
(32)
170,250
3,545
1,869
219,604
262
58
37,9a
284
54,513
879
88
134,917
1,374,380
152,144
ia,968
24,813
553
25,366
126,778
68,762
370
33
12,588
107,713
36/4.371
56/4.372
—
36/4,371
135
*
3,229 |
*
'
493
T.
3
4
5
6
7
8
9
10
U
12
13
14
15
16
17
18
19
20
a
22
23
24
88
39
40
41
42
43
44
45
46
47
48
49
50
§
53
54
Table 1. - Corporation returns with balance sheets, 1939, by major industrial groups and by returns with net income and with no net Income ¿/i Number of returns, assets and liabilities as of
December 31, 1939, or close of fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net profit or loss, net income or deficit, income tax, (declared value)
excess-profits tax, total tax, and dividends paid - Continued
(Money figures in thousands of dollars)
________________________________
Manufacturing - Continued
Total public utilities
Manufacturing not
allocable
Net income
1
2
3
Number of returns with balance sheets 7/
Assetst
Cash 8/
Note8 and accounts receivable (less
4
s
Investments, Government obligations £/
6
7
8
9
10
n
12
15
14
16
16
17
18
19
20
i»
o> 22
i 23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
3d
39
40
41
42
43
44
45
46
47
49
49
SO
51
52
68
»4
Total assets 12/
Liabilitlesi
Accounts payable
Bonds, notes, mortgages payable!
Maturity less than 1 year
Maturity 1 year or sore
'Surplus and undivided profits 14/
Total liabilities ¿g/
Receipts, taxablei
Gross receipts from operations 17/
Bents and royalties IB/
let capital gain 19/
let gain, sale of property other than
Dividends, domestic corporations 21/
Dividends, foreign corporations 227
Other receipts
Receipts, partially and wholly tax-exempt!
Interest on Government obligations!
Subject to excess-profits tax 23/
Total compiled receipts 26/
Deductions!
Rent oaid on business property
Contributions or gifts 30/
Net capital loss 19/
Net loss, sale of property other than
Compiled net profit or net loss (31 less 46)
Net income or deficit i/ (47 less 30)
Income tax
(Declared value) excess-profits tax
Compiled net profit less total tax (47 less 51)
Dividends paids
Cash and assets other than
Corporation’s own stock
For footnotes, see pages 19 and 20«
668
16,632
36,654
52,531
4,359
45,420
76,804
7,872
240,273
18,686
No net
income
Net income
717
2,063
9,761
1,126,058
7,792 1,030,086
466,879
11,322
122,789
218
6,667 6,061,205
33,974 28,333,977
2,696 1,044,975
64,733 38,205,966
9,545
699,590
8,609
26,035
8,608
30,781
76,937
6,558
73,494
8,415
240,275
4,969
277,106
9,265 13,197,051
2,807 1,296,536
7,441 2,564,226
38,295 14,151,840
374,860
2,613
11,687 5,856,764
21,889
215,964
64,733 58,206,969
272,572
1,480
716
747
67
46,562
1,074
116
182
25
96,953
8,517,948
65,064
64,065
4,357
Major industrial groups 2/ - Continued
Public utilities
Communication
Transportation 3/
Net income
No net
incram
6,217
8,983
456,150
570,072
363,450
429,855
218,404
247,648
23,756
53,970
1,803,511 1,745,182
18,560,083 10,965,814
557,870
769,795
22,024,575 14,559,118
Net income
No net
income
1,572
6,633
871,769
265,754
205,284
21,279
1,695,082
15,662,677
606,707
18,828,550
108,089
152,021
55,994
1,669
2,747,571
3,757,122
59,479
6,881,945
Trade
Total trade
Other public
utilities 4/
Net Income
No net
income
2,172
1,128
16,486
447,897
20,647
11,943
82
22,473
465,032
52,952
587,597
448,211
192,482
67,150
1,588,502
13,613,041
627,626
16,984,906
16,567
257,451
Net income
No net
income
60,745
1,222
No net
income
63,882
1,283,562
217,oca
77,029 4,255,947
50,419 4,143,267
204,658
2,395
85,956 2,169,900
2,234,575 2,954,300
345,671
110,155
2,606,225 15,557,504
967,718
1,015,485
14,255
525,518
1,006,794
128,145
3,672,715
2,859,899
903,524
10
11
67,896
97,140
l
z
3
4
5
6
7
8
9
565,585
1,042,272
78,556
668,457
80,978
10*796,750 4,901,605
519,736
2,284,500
1,150,286
570,157
5,755,910 4,576,595
144,499
515,464
2,041,175 5,560,552
178,566
2,123,927
22,024,373 14,339,118
589,726
9,154,581
2,115,685
664,500
4,899,758
, 271,657
1,804,594
1,915,985
18,828,550
7.2Ï8
1,591,707
199,516
161,721
4,505,955
20,958
727,269
8,997
6,881,945
188,848
5,771
254,322 6,903^7X9
.679,284
70,861
10,679 1,852,560
184,920 5,471,612
209,404
16,091
9$,970 1,568,962
26,622
65,585
587,597 16,984,908
958,363
74,960
1,587,828 1,050,946
592,081
97,765
255,027 1,020,116
671,251 4,952,940
27,816
164,230
140,809 5,957,674
318,944
144,561
2,608,225 15,557,504
588,758
512,818
178,566
297,555
1,551,270
64,485
575,409
797,268
5,672,715
51,891
5,172,120
22,705
50,013
862
2,819
1,564,615
8,674
22,526
462
882
141,727
459
610
4
54,150
5,146,001
26,788
22,995
1,140
10,401 52,867,611
607,291
415,231
66,144
2,118
1,694
71,773
510
4,399
7,428,182
279,132
10,299
25,062
1,596
5,724
60,587
40,285
527,575
1,619
1,925
71,958
26
26
27
28
1,155,980
45,175
5,729,078
25,262
52,317
1,176
57,004
4,007,271
29,602
18,544
2,755
48
977
56
2,758
U
18
1«
16
ie
17
18
19
to
a
zz
ts
24
SO
1,482
922
1,628
42
73
(32)
254
6,252
271,510
5,314
52,555
1,520
21,597
550
22,245
2,829
49,869
65
16,486
1,272
19,557
474
18,861
228
177,727
1,485
2,548
(52)
1,063
626
5,195
45,915
5,764
15,502
117
14
279,575
5
1
48,551
4,465
2,101
9,067,540
377
707
3,877,783
5,456
1,177
4,189,057
551
659
5,298,725
67
97
1,581,047
1
14
145,567
940
827
5,297,256
2,483
44
54
453,692 54,030,304
212
175
7,818,244
29
50
51
195,784
681
9,334
1,388
2,218
926
1,810
5,177
68
5,188
142
38
34,192
770
2,478
620
525
517
637
1,105
1
1,552
245
41
70,992
4,310,546
77,365
110,436
21,840
20,408
591,046
750,424
5,060
729,148
10,194
462
30,844
2,512,228
50,010
63,072
11,585
6,902
545,822
297,420
44
195,809
2,655
404
42,251
2,488,573
51,749
44,947
17,655
6,612
214,455
258,064
346
163,599
2,340
259
22,522
2,240,802
25,077
45,238
8,307
4,933
454,103
248,905
57
122,708
184
509
1,165
566,554
6,595
52,120
1,563
4,846
66,975
150,860
773
180,986
16
55
453
88,934
1,515
10,975
1,162
764
9,159
9,188
5
17,837
4
17
27,599
1,255,258
19,022
55,369
2,643
8,950
519,615
341,500
1,941
384,563
7,837
150
6,089 26,254,246
260,505
182,491
566,148
3,619
490,844
6,858
67,959
1,916
108,479
1,205
95,402
82,560
540,147
39,528
6,598
4
212,990
55.264
1,148
2,467
1,972
78
5,987,812
52
33
54
35
56
57
58
59
40
41
42
45
SSI
36,966
258,048
21,527
21,513
3,412
102
3,515
18,00.3
104
9,415
52,000
36/3.668
36/3.669
•
•
4,453
514,585
4,215,635
56/337.853
36/358.559
1,206
426,176
5,718,191
470,846
469,669
71,519
1,035
72,554
398,292
2,772
410,073
3,585,770
36/287.047
56/287.685
-
700
161,255
1,144,440
456,608
456,511
47,679
51
47,731
388,877
46
15,717
155,554
56/8.187
36/8,201
-
1,225
284,095
2,687,746
2,947
1,635
90,796 4,598,089
476,511 53,007,476
56/42,619 1,022,829
¿6/42,673 1,020,935
162,223
*
2,506
*
164,729
838,099
36/42,619
5,585
1,154,995
8,010,804
¿6/192,661
36/192.755
“
44
45
46
47
48
49
60
“
56/192,561
a
36/3,668
5,151
871,525
7,550,577
1,516,963
1,514,862
214,212
1,177
215,389
1,301,574
8,147
150
69
-
1,161,625
1,584
34,669
52
288;240
7,181
1
488,165
8,656
•
—
36/357,853
834
—
56/287,047
363,662
113 .
-
—
16/8,187
917
(32)
609,ao
608,683
95,014
91
95,105
514,405
509,721
637
26,572
51
250,565
180,527
21,246
45,716
58,445
94,234
485
71,624
753
1,548
52
65
54
Table 1. - Corporation returns with balance sheets, 1999, by major Industrial groups and by returns with net income and with no net incase l/i Humber of returns, assets and liabilities as of
Deceaber 51, 1959, or close of fiscal year nearest thereto, ocapiled receipts and compiled deductions, oonpiled net profit or loss, net inccae or deficit, lnccae tax, (declared wains)
excess-profits tax, total tax, and dividends paid - Continued
(Honey figures In thousands of dollars)
1
2
ft
4
5
6
7
8
9
8P8È6SÎ5ÎÎ
ÉftfeÊÊSSSSRSSS
SSS
83S5
KSSBPS
SS5SKESKP
10
SS
6«
Hasher of returns with balance sheets 7/
Assets!
Cadi 8/
Votes and accounts receivable (less
rsserve for bad debts)
Inventories
Investaenta, Government obligations j j
Other investmenta
let capital assets 10/
Other assets 11/
Total assets 12/
Liabilities!
Accounts payable
Bonds, notes, mortgages payables
Maturity less than 1 year
Maturity 1 year or nore
Other liabilities
Capital stock, preferred
Capital stock, marnm
Surplus reserves 15/
Surplus and undivided profits 14/
Less deficit 1§/
Total liabilities 12/
Receipts, taxable!
Gross sales 16/
Gross receipts froa operations 17/
Interest
Msnts and royalties 18/
let capital gain ¿$/
let gain, sale of property other than
capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Receipts, partially and wholly tax-axsnpti
interest on Government obligations!
Subject to excess-profits tax 25/
Wholly tax-exenpt 24/
Total compiled receipts 25/
Deductions!
Cost of goods sold 26/
Cost of operations 27/
Caqmnaation of officers
Bent paid on business property
Repairs 28/
Bad debts
Interest paid
Taxes paid 29/
Contributions or gifts 50/
Depredation
Depletion
let oapltal loss 19/
1st loss, sale of property other than
capital aaaata 20/
Other deductions 51/
Total oonpiled deductions
Compiled net profit or net loss (51 less 46)
let income or deficit ¿/ (47 less 50)
lnccae tax
(Declared value) excess-profits tax
Total tax
CoapUad net profit leas total tax (47 less SI)
Dividends paidt
Cash and assets other than
corporation's cam stock
Corporation's own stock
For footnotes, see pages 19 and 20,
Major Industrial groups 2/ - Continued
Trade - Continued
Iholesale
Retail
Limited-price
Total retail
Department, general
Mail-order houses
Food stores
merchandise, dry goods
variety stores
let income Ho net
let income lo net
let inccae No net
let income No not
1st Income Mo net
let Income lo net
income
income
inooma
incone
Incarne
income
19,046
14,755
35,586
86
42,496
2,887
2,475
168
148
188
5,564
1,755
£39,621
96,257
598,460
100,241
2,006,710
1,804,457
78,854
1,545,651
674,174
118,510
6,615,717
588,567
547,451
6,199
142,353
240,014
50,422
1,271,042
1,904,765
1,959,552
112,257
606,258
1,979,498
197,301
7,357,869
461,599
551,794
6,281
159,290
621,754
62,059
1,942,818
1,455,395
577,903
1,192,053
415,646
560,558
462,191
186,599
460,790
2,117,458
172,820
1,585,740
165,413
6,615,717
159,429
148,176
50,096
97,401
506,674
17,668
189,558
255,664
1,271,042
295,550
497,148
350^472
493,565
2,396,515
167,799
2,078,471
113,101
7,557,869
207,920
502,070
109,182
153,591
846,894
41,793
508,691
442,970
1,942,818
2,914,312 14,575,552
137,114
171,010
5,567
31,999
4,705
46,179
597
2,01?
1
11,545
77,542
206
4,167
920
119,990
12,058
2
67,507
72,115
1,074
8,589
71,559
5,912
227,679
7,650
152,241
5,454
92,018
254,962
42,547
612,593
277
1,697
18
767
142
ft,108
52,555
12,446
825
565
6,540
1,847
58,722
1,115
2,408
145
1,225
1,709
1,194
8,715
62,442
218,886
47,068
55,808
257,554
24,989
766,766
£4,549
27,698
768
15,287
118,275
5,528
201,745
5
4
6
e
7
8
9
567,721
52,244
55,424
752
4,416
1,249
125,158
58,019
10
46,717
217,463
91,694
224,604
901,158
84,955
761,955
13,242
2,885,001
15,020
41,619
9,042
21,589
105,656
1,867
40,485
37,843
227,679
755
28,856
19,296
28,684
228,880
15,069
257,586
116
612,593
523
215
195
171
1,927
1
189
665
5,108
5,599
5,259
2,469
11,748
7,611
2,527
19,507
194
58,722
575
1,500
524
680
4,657
72
2,551
2,850
8,715
18,100
42,579
28,505
45,873
209,196
15,574
289,047
4,855
766,756
10,560
40,576
8,082
16,562
74,157
5,658
57,581
29,112
201,745
11
12
1ft
14
IS
16
17
18
19
5,778,554
118,402
5,655
15,705
725
5,892,415
21,269
16,972
16,464
580
550,887
4,104
1,064
2,019
82
918,411
2,064
1,269
8,670
8
7,456
64
4
11
*
109,696
506
65
20
18
16,125
854
18
54
18
5,038,914
4,871
787
2,744
527
529,355
8,555
UO
1,575
77
20
21
22
2S
24
1,615
16,107
10,252
212,470
776
680
6
46,785
166
8,088
12
64,005
55
106
(52)
6,451
6
1,085
10,154
1,201
am
(52)
1
15
1,471
•
15
182
450
1,670
11
11,861
127
88
2
1,859
2S
26
27
£8
956
918
16,248,049
1,546
76
55
741
3,081,259 15,069,266
112
92
5,967,287
336
552
4,020,458
22
24
564,791
8
1
942,856
7,585
8
12
111,609
5
1
17,252
488
89
5,062,591
5
19
541,528
29
50
51
15,647,441
155,891
250,850
70,806
15,582
46,075
41,646
97,081
2,061
50,064
455
909
2,575,266 10,551,970
84,506
85,553
70,487
251,210
23,035
591,454
4,058
47,225
18,862
50,250
12,696
45,159
24,622
210,544
96
4,016
159,149
16,055
190
572
559
781
2,850,500
76,997
154,878
144,580
14,055
21,075
21,295
58,698
292
46,542
462
803
2,659,646
5,116
36,201
85,668
16,859
12,499
16,485
69,562
1,718
41,195
101
155
252,142
1,101
8,480
12,185
1,178
2,064
2,068
6,619
22
5,997
2
62
580,489
5,175
48
550
464
11
5
19
90
1
75
•
4
68,012
1
1,505
295
127
646
192
866
15
405
2
10,548
560
596
218
29
279
62
172
1
78
•
2
2,595,998
2,177
18,229
47,777
8,974
2,561
4,661
50,975
618
27,841
5
65
415,674
6,418
9,869
11,054
5,596
1,207
2,592
8,906
18
8,807
41
77
52
55
54
5ft
56
57
58
59
40
41
42
45
1,128
1,477,882
15,855,887
592,162
391,245
60,879
1,507
62,587
529,775
1,288
1,531
311,114 2,765,292
14,544,507
3,142,815
36/61,554
524,760
35/61.609
524,019
—
84,481
754
•
85,215
56/61,554
459,545
2,150
721,616
4.075.699
36/106.412
36/106.504
—
—
56/106,412
255
892,915
5,818,155
202,285
201,955
55,725
96
53,819
168,466
184
84,247
374,555
36/9,563
51/9.586
—
Sg/9,565
71
187,971
873,650
69,226
69,225
11,757
4
11,740
57,486
(52)
1,557
7,794
33/211
33/211
1
5,950
18,296
56/1.045
36/1.045
«•
•
•
33/1,043
546
459,470
2,997,697
64,694
64,605
10,576
108
10,684
54,010
259
85,104
549,605
53/8.074
33/8,094
•
33/211
61
35,458
107,562
4,247
4,255
750
1
751
3,516
•
•
33/8,074
44
4ft
46
47
48
49
60
51
52
5,619
48
99,422
528
450
4
45,538
-
5
-
2,562
-
52
5
40,965
1,119
754
1
55
54
15,668,745
590,559
27,140
17,256
1,894
1,110
52,629
14,267
92,595
181,284
6,052
556
949
75
19,455
4,575
24
256,489
2,549
161,695
854,554
716,954
28,534
265,765
807,265
48,2552,883,001
em
3,442
64,270
2,662
60
1,125
20,585
157
12,790
•
10
me
49
•
em
me
T*U na! ^ ^ i i 0r^ n I!*“? " wiih.**u ?ce ahe®t8» If5»» jVJ■**>*• i«tartrl»l groups and by retains with net income end with no net Inoone 1/« Number of retains, assets and liabilities as of
Decenter 51, 1950, or dose of fiscal year nearest thereto, compiled receipts and conpiled deductions, compiled net profit or loss, net income or deficit, lnooae tax, (declared value)
excess-profits tax, total tax, and dividends paid - Continued
__________________ (Money figures in thousands of dollars)______________________
Major industrial groups %/ - Continued
Trade - Continued
Retail - Continued
Package ■iquor stores
Drug stores
Apparel
Furniture and house
Bating and drinking Dealers in automobiles,
accessories, tires,
fund,things
places
Net Income Mo net
Met income Mo net
Met incone No net
Net income No net
Net income No net
Net income No net
income
incoas
income
income
Number of retains with balance sheets 7/
595
798
1,654
2,880
4,182
5,867
2,552
2,582
1,847
5,126
5,014
4,784
Assetsi
Cash 3 /
2,105
1,595
18,437
5,174
55,418
15,411
21,143
5,512
18,942
8,775
55,522
9,011
s
Motes and accounts receivable (less
rsserve for bad debts)
920
619
19,963
5,524
152,529
54,560
277,076
75,571
4,762
8,495
99,879
42,947
4
Inventories
6,210
5,150
64,268
26,156
185,654
90,842
105,758
58,907
9,161
6,801
166,986
81^152
5
Invustmmits, Oovenssent obligations %J
1
(52)
555
150
10,843
405
2,299
715
1,182
649
1,180
'555
e
Other invastaents
158
153
7,869
2,257
44,420
16,948
14,742
9,558
22,961
15'063
15,229
6,797
7
Met capital assets 10/
2,199
2,854
41,439
17,565
101,755
58,712
55,544
25,562
86,854
84^235
95^264
41*674
Other assets 11/
411
642
5j316
1,586
15,850
7,453
8,091
4,905
5,775
6,152
15,754
8*420
9
Total assets 12/
12,004
10,791
157,827
56,192
546,249
222,111
480,435
160,507
155,565
137,612
190'514
416*600
Liabilities!
10
Accounts payable
4,621
4,814
25,162
16,402
89,077
64,154
75,525
50,959
17,752
55,281
59,595
48,628
Bonds, notes, nortgages payablei
U
Maturity less than 1 year
955
1,206
5,524
4,730
21,215
20,450
51,676
15,800
5,092
11,547
76,416
46,586
12
Maturity 1 year or nore
858
1,120
10,721
6,129
56,9 U
17,500
23,665
19,374
14,846
45j118
49,865
29^726
Other liabilities
15
681
547
6,208
2,804
28,151
11,058
73,738
16,273
7,821
9,272
12'642
26,079
14
Capital stock, preferred
151
149
16,092
2,630
57,544
20,079
55,462
15,968
10,414
12,852
5^821
15,704
15
Capital stock, n isiin
5,725
4,205
54,685
31,122
157,608
103,999
130,255
67,094
51,945
42'116
79'119
15llS05
16
Surplus reserves 15/
12
50
1,975
154
7,355
2,694
15,881
5,980
1,563
7,608
6,925
1¡840
17
Surplus and undivided profits 14/
1,502
678
42,735
6,736
161,019
56,584
109,865
25,581
47,890
14,459
75,040
19¡577
18
less deficit 15/
496
1,958
3,074
14,514
12,629
54,207
15,650
55,502
5,958
45,586
17'582
53*224
19
Total liabilities ¿2/
12,004
10,791
157,827
56,192
546,249
222,111
480,455
160,507
153,365
416'600
157,612
190'514
Receipts, taxable!
dross sales 16/
42,115
55,951
425,967
145,140 1,214,559
457,115
509,407
163,906
319,727
506,005 2,002,825
847,920
dross receipts from operations 17/
262
729
1,692
2,038
16,749
7,082
8,093
4,056
18,681
58'844
26,125
29*065
Interest
(52)
592
25
987
352
1,790
685
221
220
5,496
1,167
25
Rents and royalties 18/
82
25
1,190
558
4,688
1,535
1,636
687
1,970
2,813
1,220
*723
24
Met capital gain V3f
2
45
12
72
52
124
57
59
65
82
105
25
Met gain, sale of property other than
capital assets 20/
46
5
28
15
145
97
54
55
19
115
72
59
26
Dividends, domestic corporations 21/
(52)
(52)
1,156
13
642
54
276
128
943
9
46
505
27
Dividends, foreign corporations 22/
(52)
*
•
2
8
(52)
(32)
7
28
Other rsoelpts
95
84
5,829
1,457
25,809
8,545
54,112
8,472
1,803
2,003
14,506
6,290
Receipts, partially and wholly tax-exempt:
Interest on Oovemcent obligations!
29
Subject to excess-profits tax 25/
_
(52)
5
170
(32)
4
58
14
22
14
20
S
50
Wholly tax-exempt 24/
5
*
•
2
36
8
50
5
15
15
5
10
51
Total ooapiled receipts 25/
42,609
54,773
454,508
149,219 1,263,855
475,855
574,555
178,054
543,641
537,167 2,081,185
885,564
Deductions!
52
Cost of goods sold 26/
52,527
26,286
293,850
105,597
797,381
302,477
276,102
103,026
186,164
174,256 1,712,549
758,339
55
Cost of operations 27/
195
581
565
1,575
7,902
2,898
956
1,461
11,465
16,797
40,114
25¡564
54
Compensation of officers
2,612
2,248
8,087
7,064
56,165
21,258
21,104
10,959
10,735
15,187
17*346
59,221
55
Rent paid on buslnsss property
1,154
1,579
21,869
8,547
79,010
57,954
17,892
8,704
20,905
26,563
20^725
10^
935
36
Repairs 28/
58
45
976
386
2,745
819
1,498
461
5,03.0
2,741
1*229
2,710
57
Bad debts
24
25
526
188
5,548
2,482
6,655
2,117
215
594
5^276
5¡155
58
Interest paid
62
69
645
404
2,910
1,483
2,669
1,915
898
1,568
6,447
4*116
59
Taxes paid 29/
662
655.
5,942
2,899
16,889
6,072
11,051
2,999
8,551
14"072
8,455
5*812
40
Contributions or gifts 50/
4
8
99
16
462
54
195
20
73
51
191
42
41
Depredation
250
275
4,517
1,781
10,746
4,766
3,702
1,625
8,042
9,925
6,686
5,070
42
Depletion
(52)
5
55
16
17
2
16
4
35
42
'IBS
45
Net capital loss 19/
1
9
n
24
64
79
46
40
18
51
79
77
44
Net loss, sals of property other than
capital assets 20/
2
5
29
76
119
159
75
91
69
156
57
249
45
Other deductions 51/
4,559
3,971
84,000
24,998
263,037
111,201
210,522
52,594
79,657
94,797
208,555
88,159
46
Total ooapiled deductions
41,870
55,555
420,917
152,886 1,222,795
491,667
552,446
186,027
529,585
896*134
548,754 2,056^846
47 Caqdlsd net profit or net loss (51 less 46)
759
35/762
15,591
36/3,667
41,061
36/15,832
22,109
56/7.992
14,058
33/11,566
24'338
J6A0*769
48 Net income or deficit ¿/ (47 less 50)
759
56/762
15,587
36/3,669
41,026
33/15,859
22,079
33/8,007
33/10¡77S
14,042
33/11,570
24,328
49 Income tax
95
2,058
6,592
3,500
2,150
3,402
50 (Declared value) excess-profits tax
8
25
—
am
—
*
58
68
36
64
Total tax
101
—
am
•
2,063
6,650
3,569
2,166
3,466
52 Compiled net profit less total tax (47 less 51)
658
¿6/762
11,328
3§/5,667
34,412
33/15,852
18,540
35/7,992
11*892
33/11,666
20^872
33/10,769
Dividends paldt
55
Cash and assets other than
corporation's own stock
75
10
6,540
27
15,442
417
7,426
176
6,942
222
111
6,904
54
Corporation's own stock
14
*
(32)
27
5
47
2
44
10
152
For footnotes, see pages 19 and 20,
1
2
6
20
21
22
SI
u tu
1, - Corporation «turns »ith balsnc* sheets, 1959, by major industrial groups and by returns with net income and with no net income l/t »umber of retains, assets and liabilities as a t
nennener 51, 1959, or «lose of fiscal year nearest thereto, eonpiled receipts and compiled deductions, ecnpiled net profit or loss, net incane or deficit, ine
incone tax, (declared value)
excess-profits tax, totea tax, amt dividends paid - Continued
Tilling stations
îsfsgéfcSfti;
ÊgfcÊêsssâSïs«
jagg
sssisjag
Met income
Number of returns with balance sheets 2/
Assetst
Cash £ /
Motes and accounts receivable (less
reserve for bad debts)
Inventories
Investments, Government obligations 9/
Other investments
Met capital assets 10/
Other assets J i /
Total assets 12/
Liabilities«
Accounts payable
Bonds, notes, mortgages payable«
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves 15/
Surplus and undivided profits 14/
Less deficit 15/
Total liabilities Jg/
Receipts, taxable«
Gross sales 16/
Gross receipts from operations 17/
Interest
Rents and royalties IB/
Met capital gain 1%J
Met gain, sale of property other
than capital asseta 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 227
Other receipts
Receipts, partially and wholly tax-exempt«
Interest on Government obligations«
Subject to excess-profita tax 25/
Wholly tax-exempt 24/
Total compiled receipts 25/
Deductions«
Cost of goods sold 26/
Cost of operations 27/
Compensation of officers
Rent paid on business property
Repairs 26/
Bad debts
Interest paid
Taxes paid 29/
Contributions or gifts 50/
Depredation
Depletion
Met capital loss 19/
Net leas, sale of property other than
capital assets 20/
Other deductions 51/
Total compiled deductions
Compiled net profit or net loss (51 less 46)
Met income or deficit
(47 less 50)
(Declared value) excess-profits tax
Total tax
Compiled net profit less total tax (47 less 51)
Dividends paid«
Cash and assets ether than
corporation*s own stock
Corporation's own stock
655
Major industrial groups g / - Continued
Trade - Continued
Retail - Contitrued
Lumber and coal yards
Other retail trade
Hardware
Mo net
Met income
Income
1,072
1,276
No net
income
Met Income
No net
income
Net income
Trade r*ot allocable
Retail trade not
allocable
Net incase No net
No net
income
Net income
1,697
4,114
3,560
6,970
7,028
1,117
977
8,115
6,6a
6,275
1,148
4,612
2,056
27,948
10,892
39,468
18,227
7,200
2,554
95,4a
20,505
12,649
12,719
5,528
5,201
45,825
961
87,177
5,825
2,677
672
12,622
657
25,620
25,272
53,925
162
1,895
11,955
1,422
79,240
15,877
25,510
62
2,693
10,455
1,554
53,986
160,005
135,$61
4,202
45,628
118,742
9,545
499,751
74,250
49,143
1,106
18,707
88,717
8,417
251,212
164,457
125,875
5,885
29,796
98,801
14,208
476,470
79,218
108,970
421
56,718
76,2a
8,557
528,562
46,599
56,606
542
6,575
28,248
2,sa
127,899
21,620
14,589
255
6,681
19,989
1,599
544,474
579,498
15,567
500,628
50,060
1,585,719
117,952
114,260
1,773
45,675
145,026
15,664
458,855
15,527
6,526
11,506
10,117
58,391
46,005
94,950
72,174
15,472
10,544
214,455
109,975
2,275
5,294
5,872
1,098
41,572
1,408
19,858
1,508
87,177
2,078
5.581
1,185
565
9,879
54
2,557
4.581
25,620
8,529
4,517
2,485
1,644
35,855
405
18,756
2,255
79,240
6,080
5,583
1,911
2,685
51,844
141
8,314
12,490
55,986
52,000
29,505
14,865
19,221
227,172
4,616
150,884
16,719
499,731
27,190
56,074
8,602
18,270
127,257
2,573
41,027
59,995
58,970
23,805
29,199
135,596
11,496
65,807
88,680
528,562
9,512
7,645
7,873
6,411
a, 575
1,754
53,195
5,555
127,899
5,781
8,840
4,445
6,575
50,527
1,964
9,185
10,595
82,655
71,606
55,210
2a, 212
55,208
28,556
54,937
20,714
168,194
7,966
109,656
19,710
476,470
66,866
459,189
23,a o
473,464
42,450
1,585,719
41,408
62,572
19,087
46,s a
197,702
5,022
75,559
98,654
458,855
164,196
1,550
71
1,758
26
59,285
2,454
17
416
24
128,294
547
623
268
67,101
495
158
269
725,422
8,847
2,089
2,699
562
500,1SB
7,455
552
1,758
162
885,006
26,276
2,601
2,007
BL
424,128
20,852
1,076
2,865
202,598
2,191
635
764
154
69,862
3,550
188
643
14
2,as, 255
45,742
4,005
8,558
488
735, a 7
23,a 7
1,277
2,655
276
7
252
784
5
8,980
203
85
2,682
189
796
54
14,974
74
no
(52)
6,071
74
59
950,219
455,2a
215,842
76,222
511,268
11,689
,5a
17,656
1,566
5,216
2,976
7,a s
38
5,556
187
116
149,585
649
6,498
5,267
582
2,099
980
2,976
58
2,078
55,505
3,240
5,013
1 , 4a
260
1,459
675
1,502
342
89,467
475,221
33/17,970
33/17,976
33/17,970
26
58,656
207,285
6,559
6,547
978
52
1,050
5,529
654
4
1,909
125
106
146
(52)
1,010
91
105
168,841
120,754
466
2,890
2,915
1,779
405
588
5,971
17
2,991
8
12
21
10
1
502
10
12
51
(52)
1,579
1
(52)
62,489
46,520
1,489
2,220
2,425
214
295
528
1,217
4
869
8
27
12
6
12
668
20
(32)
(52)
68,715
75
58
747,550
7
513,062
98,186
259
,O U
2,105
156
947
751
1,804
42
825
4
15
51,595
531
4,222
2,080
116
522
466
1,114
9
567
5
552,869
5,776
26,585
4,003
2,757
6,860
5,681
11,515
176
8,416
124
207
256,495
5,444
12,557
3,179
1,583
3,671
2,554
5,292
41
4,172
74
197
650,o a
9,754
32,122
19,605
2,555
6,528
5,291
11,728
194
8,685
67
10,439
71,542
36/2,827
36/2,827
195
99,271
722,215
25,355
25,297
457
48,606
524,064
/11,022
36/11,029
56/11,022
205
160,154
904,666
25,555
25,495
3,648
114
5,762
21,791
676
8,224
6
12
8,488
65,911
36/1,422
36/1,422
4
16,712
127,777
5.590
5.590
504
7
1,205
6,571
36/1,422
SL6
3,074
56/2,827
82
3,715
21,620
971
25
42
-
9,987
356
12
11
6
1
1
(52)
151,567
17
24,655
161,267
7,574
7,471
4,186
5
55,565
36
1
112
95
111
86
3
6
21
88
169
(32)
7,258
11
12
8
25
66,866
20
220,011
65,962
1,001
i,6a
15,785
22,509
287
295
5
5,721
ia
255
2,712,989
24
27
769,697
29
2,054,834
19,262
64,068
28,585
7,152
12,156
8,597
52,522
521
25,757
125
282
582,247
16,184
25,199
12,715
3,175
5,7a
4,456
io,a 4
96
9,027
a
186
52
55
54
55
1,967
122,266
794,292
33/24,595
36/24.622
33/5,690
288
554,a 5
2,607,082
105,907
105,675
16,863
265
17,127
88,780
33/24,595
52
13
50,595
1,065
462
37
14
1,9a
19
2
6
992
7
25
155
14,054
79, a s
33/5,690
33/3,692
50
51
56
57
56
59
40
41
42
45
T a b l e 1 . - C o r p o r a t i o n r e t u r n s w i t h b a l a n c e s h e e t s , 1 9 5 9 , b y m a j o r I n d u s t r i a l g r o u p s a n d b y r e t u r n s w i t h n e t in c o m e a n d w i t h n o n e t i n c o m e l / j
N um ber o f r e t u r n s , a s s e t s a n d l i a b i l i t i e s a s o f
D e c e m b e r 5 1 , 1 9 5 9 , o r c l o s e o f f i s c a l y e a r n e a r e s t t h e r e t o , c o m p i l e d r e c e i p t s a n d c o m p ile d d e d u c t i o n s , c o m p ile d n e t p r o f i t o r l o s s , n e t t a c o a n o r d e f i o l t , in c o m e t a x , ( d e c l a r e d v a l u e )
e x c e s s - p r o f i t s t a x , t o t a l t a x , a n d d iv id e n d s p a id - C o n tin u e d
(U o n e y f i g u r e s i n t h o u s a n d s o f d o l l a r s )
M a jo r i n d u s t r i a l g ro u p e 2 / - C o n tin u e d
S3Ì38&&3&& fcftfeeêSgîSggîâîSSS {Sgg
N n a b e r o f r e t u r n s w i t h b a l a n c e s h e e t s jJ
in s e ts t
C a s h &/
N o te s a n d a o o o u n ts r e c e i v a b l e ( l e s s
re s e rv e f o r bad d e b ts )
I n v e n to rie s
I n v e s t m e n t s , G o v e rn m e n t o b l i g a t i o n s 9 /
O th e r in v e s tm e n ts
N et c a p ita l a s s e ts 1 0 /
O th e r a s s e t s 1 1 /
T o ta la s s e ts 12/
L ia b ilitie s i
A c c o u n ts p a y a b le
B o n d s, n o t e s , m o rtg a g e s p a y a b le t
M a tu rity l e s s th a n 1 y e a r
M a t u r i t y 1 y e a r o r m o re
O th e r l i a b i l i t i e s
C a p ita l s to c k , p re fe rre d
C a p ita l s to c k ,
«
S u rp lu s r e s e r v e s 1 5 /
S u r p lu s a n d u n d iv id e d p r o f i t s I d /
L ass d e f ic it I S /
T o ta l l i a b i l i t i e s 1 2 /
R e c e ip ts , ta x a b le i
O ro ss s a l e s 1 6 /
G ro s s r e c e i p t s fro m o p e r a tio n s 1 7 /
In te re s t
R e n ts a n d r o y a l t i e s 1 6 /
N et c a p i t a l g a in 1 9 /
N et g a in , s a le o f p ro p e rty o th e r th a n
c a p ita l a s s e ts 2 0 /
D iv id e n d s , d o m e s tic c o r p o r a t i o n s 2 1 /
D iv id e n d s , f o r e i g n c o r p o r a tio n s 2 5 /
O th e r r e c e i p t s
R e c e ip ts , p a r t i a l l y a n d w h o lly ta x -e x e m p t t
I n t e r e s t o n G o v e r n me n t o b l i g a t i o n s i
S u b je c t t o e x c e s s - p r o f its ta x 2 5 /
W h o lly ta x - e x e m p t 2 4 /
T o t a l c o m p ile d r e c e i p t s 2 5 /
D e d u c tio n s «
C o st o f goods s o ld 2 6 /
C o st o f o p e ra tio n s 5 7 /
C o m p e n s a tio n o f o f f i c e r s
R an t p a id o n b u s in e s s p ro p e rty
R e p a i r s ZBj
B ad d e b ts
I n te r e s t p a id
T ax es p a id 2 9 /
C o n trib u tio n s o r g i f t s 5 0 /
D e p re c ia tio n
D e p le tio n
N et capi t a l lo s s 1 9 /
N e t l o s s , s a le o f p r o p e r ty o th e r th a n
c a p ita l a s s e ts 2 0 /
O th e r d e d u c tio n s * * ? !/
T o t a l c o m p ile d d e d u c tio n s
C o m p ile d n e t p r o f i t o r n e t l o s s ( 5 1 l e s s 4 6 )
N e t in c o m e o r d e f i c i t 1 / ( 4 7 l e s s 5 0 )
In o o m e t a x
( D e c la re d v a l u e ) e x c e s s - p r o f i t s t a x
T o ta l ta x
C o m p ile d n e t p r o f i t l e s s t o t a l t a x ( 4 7 l e s s 5 1 )
D iv id e n d s p a id «
C a s h a n d a s s e t s o t h e r t h a n c o r p o r a t i o n 's
ow n s t o c k
C o r p o r a t i o n 's ow n s t o c k
Vor footnotes, see pages 19 end 20*
No n e t
in c o m e
N e t In co m e
B u s in e s s s e r v ic e
No n e t
in c o m e
N e t in c o m e
A u to m o b ile r e p a i r
s e rv ic e s
No n e t
ta c e rn e
N e t in c o m e
A m usem ent
No n e t
in c o m e
N e t in c o m e
O th e r s e r v i c e ,
s c h o o ls
No n e t
in c o m e
N e t in c o m e
in c lu d in g
No n e t
in c o m e
1 2 ,8 6 2
2 1 ,3 1 5
4 ,5 0 0
7 ,6 5 5
2 ,5 5 3
3 ,4 4 0
1 ,1 5 1
2 ,8 6 5
5 ,2 1 8
4 ,3 2 7
1 ,6 0 9
1 9 0 ,5 0 6
7 0 ,5 4 8
5 8 ,9 5 9
3 1 ,4 0 5
6 0 ,8 7 9
1 1 ,2 8 5
5 ,7 4 6
2 ,8 5 5
6 8 ,8 1 1
1 6 ,3 2 7
1 7 ,5 5 7
8 ,4 7 5
2 2 1 ,8 4 4
1 5 7 ,5 0 9
2 2 ,4 4 8
5 5 4 ,2 7 1
1 ,2 4 5 ,8 7 1
7 9 ,7 2 0
2 ,2 5 1 ,9 6 7
1 6 6 ,4 4 5
8 0 ,7 5 9
8 ,5 3 4
2 4 0 ,5 4 6
1 ,3 6 4 ,5 5 7
7 2 ,0 7 5
2 ,0 0 5 ,2 6 1
5 0 ,9 0 5
2 1 ,0 2 0
3 ,0 5 5
4 6 ,3 1 9
5 2 5 ,9 4 7
2 4 ,5 5 7
7 0 6 ,7 5 9
4 8 ,2 5 5
1 7 ,2 1 2
1 ,7 6 2
6 3 ,1 4 7
9 4 4 ,0 5 9
5 1 ,2 4 9
1 ,1 3 7 ,0 8 6
8 1 ,7 7 5
9 ,2 2 7
6 ,3 7 2
5 5 ,9 2 4
1 1 1 ,0 9 7
2 1 ,8 5 9
5 4 7 ,1 5 0
4 0 ,0 3 4
5 ,1 0 8
3 ,0 4 0
1 7 ,0 4 9
4 0 ,6 6 8
7 ,5 2 2
1 2 4 ,7 0 5
8 ,9 6 5
4 ,6 1 6
157
1 ,8 7 2
3 1 ,0 7 3
1 ,9 0 0
5 2 ,5 0 8
1 0 ,7 9 7
5 ,5 7 8
180
2 ,6 2 9
6 1 ,1 5 6
2 ,9 9 5
8 5 ,8 9 8
5 3 ,7 2 1
9 6 ,5 4 4
6 ,6 7 7
2 2 9 ,0 1 5
5 0 5 ,9 1 7
2 4 ,4 9 2
9 8 5 ,1 7 8
3 9 ,6 1 2
4 5 ,8 2 0
485
1 0 9 ,7 3 3
2 1 7 ,2 8 3
1 9 ,5 2 9
4 4 8 ,7 8 7
2 6 ,0 6 7
5 ,9 8 5
6 ,1 5 7
2 0 ,8 1 6
7 2 ,8 9 7
6 ,8 2 7
1 5 6 ,1 0 4
2 7 ,4 1 9
7 ,1 8 0
2 ,9 1 9
4 7 ,8 5 9
9 9 ,7 0 7
1 0 ,6 6 5
2 0 4 ,2 2 5
2 ,9 3 3
2 0 7 ,7 0 5
2 5 9 ,6 4 2
4 2 ,5 5 5
9 8 ,1 5 2
5 7 ,7 2 4
5 5 ,1 2 3
7 ,5 1 2
1 5 ,0 8 6
8 7 ,0 4 9
7 1 ,5 4 9
1 2 ,6 0 6
5 9 ,0 5 5
6 2 ,2 4 4
4 9 8 ,2 5 4
1 0 6 ,0 9 4
1 4 8 ,1 2 8
6 4 0 ,6 1 9
4 5 ,8 1 8
6 5 9 ,8 1 8
9 4 ,6 8 9
2 ,2 5 1 ,9 6 7
1 5 6 ,8 5 8
7 9 0 ,5 1 6
1 7 5 ,1 3 7
1 6 6 ,7 6 5
6 2 5 ,8 4 9
1 1 4 ,8 1 0
3 1 1 ,2 3 1
5 9 5 ,3 2 5
2 ,0 0 5 ,2 6 1
2 2 ,6 3 9
2 0 7 ,5 6 5
2 8 ,8 1 1
4 7 ,7 8 5
2 1 5 ,4 7 1
6 ,8 6 5
1 6 8 ,7 5 4
3 1 ,4 7 7
7 0 8 ,7 5 9
7 9 ,5 5 7
5 6 2 ,2 0 6
1 0 9 ,1 7 5
9 7 ,2 7 7
5 0 8 ,8 5 5
3 8 ,4 1 9
1 5 8 ,5 6 7
5 1 4 ,8 8 2
1 ,1 5 7 ,0 8 6
6 ,7 0 1
2 0 ,5 9 9
5 0 ,1 9 0
5 0 ,9 2 0
1 0 6 ,9 4 2
1 5 ,0 2 9
8 9 ,6 6 1
8 ,6 5 6
5 4 7 ,1 5 0
1 0 ,1 9 8
2 0 ,4 4 2
1 8 ,1 7 8
9 ,8 5 0
8 7 ,4 2 3
4 ,5 2 6
2 4 ,5 2 2
8 5 ,3 3 8
1 2 4 ,7 0 5
4 ,3 7 8
1 0 ,4 8 0
2 ,4 5 5
4 ,4 8 0
1 6 ,9 9 4
565
8 ,8 1 5
5 ,3 6 5
5 2 ,5 0 8
8 ,9 6 2
5 5 ,4 4 4
6 ,7 4 3
4 ,5 9 5
5 3 ,2 0 4
257
8 ,1 9 9
2 6 ,5 9 2
8 5 ,8 9 8
2 5 ,5 5 7
2 4 1 ,4 1 9
3 1 ,5 4 1
5 6 ,9 7 0
2 4 0 ,2 9 7
1 7 ,5 4 4
5 2 9 ,5 8 4
4 2 ,1 6 4
9 8 5 ,1 7 8
2 9 ,6 5 5
1 4 6 ,9 6 0
2 7 ,5 6 6
4 2 ,1 2 2
1 1 1 ,4 4 0
6 3 ,6 2 5
8 0 ,5 7 1
1 2 4 ,0 9 5
4 4 8 ,7 8 7
5 ,0 6 9
1 8 ,1 0 2
1 2 ,9 2 4
7 ,8 1 8
6 0 ,1 4 1
6 ,0 0 0
4 2 ,5 9 0
8 ,9 4 9
1 5 6 ,1 0 4
2 8 ,5 4 6
2 2 ,8 7 2
1 1 ,5 5 7
1 2 ,6 7 2
8 1 ,7 0 6
8 ,1 8 4
3 9 ,1 5 5
5 9 ,2 8 1
2 0 4 ,2 2 5
5 1 4 ,9 5 4
1 ,7 9 2 ,4 5 5
4 ,8 1 7
5 9 ,8 9 6
1 ,4 1 1
5 3 7 ,0 0 6
9 1 2 ,4 5 3
2 ,4 7 5
5 5 ,0 4 6
777
1 6 6 ,5 5 1
4 1 4 ,4 2 2
722
1 6 ,5 2 7
595
1 8 6 ,6 5 0
5 7 2 ,5 6 4
580
2 1 ,2 7 4
257
5 1 ,5 5 8
4 5 4 ,6 5 5
886
2 ,5 0 9
259
3 6 ,6 2 5
1 2 5 ,8 4 0
242
1 ,5 8 2
78
5 4 ,4 9 6
5 4 ,1 7 6
70
1 ,6 7 4
122
7 2 ,6 6 6
2 7 ,1 4 8
56
5 ,0 1 5
36
1 6 ,3 1 0
7 4 7 ,8 6 2
2 ,8 3 4
1 7 ,1 7 6
286
1 8 ,4 2 5
2 7 9 ,5 4 5
473
6 ,8 0 0
255
2 5 ,5 4 6
1 5 9 ,4 1 0
295
2 ,0 0 2
168
2 2 ,4 5 5
1 0 5 ,9 5 7
1 ,5 0 9
2 ,5 7 1
152
905
1 6 ,5 5 8
6 ,9 8 5
2 2 ,7 9 6
402
4 ,5 8 5
1 ,8 8 5
1 6 ,1 8 5
509
1 ,2 5 4
11
5 ,8 7 7
125
565
1
5 ,4 6 8
148
5 ,7 5 7
1 ,4 4 6
5 ,9 5 5
55
95
(5 2 )
2 ,4 7 2
136
22
(5 2 )
664
14
20
989
233
1 0 ,7 1 7
5 ,5 0 6
9 ,6 7 8
169
3 ,7 0 #
1 ,4 7 0
4 ,4 8 8
78
629
19
2 ,5 7 9
41
201
415
2 ,7 5 1
501
217
2 ,2 0 1 ,0 9 5
156
109
1 ,5 1 0 ,8 5 5
.4 5
55
6 0 6 ,5 4 2
25
28
5 8 6 ,9 1 4
79
66
5 1 9 ,0 5 8
77
29
1 6 7 ,0 9 4
5
5
9 1 ,5 6 8
(5 2 )
(5 2 )
1 0 5 ,9 4 5
45
42
8 1 0 ,6 8 6
10
8
5 1 5 ,1 4 2
150
54
1 6 8 ,7 0 8
45
45
1 5 5 ,7 1 6
1 8 8 ,0 4 2
8 1 1 ,8 2 2
1 0 8 ,1 5 6
1 1 0 ,1 5 5
2 1 ,7 7 5
8 ,4 9 0
2 6 ,6 7 4
6 5 ,1 5 5
965
7 4 ,4 2 9
257
575
2 1 1 ,7 2 0
4 6 1 ,6 6 5
6 9 ,1 5 1
7 8 ,5 7 1
2 0 ,6 9 5
1 0 ,8 4 8
5 2 ,6 7 6
5 0 ,7 7 0
156
6 2 ,6 4 2
141
450
8 7 ,5 0 0
1 9 2 ,1 9 4
5 1 ,4 4 6
2 5 ,4 9 9
1 2 ,3 8 8
5 ,2 9 5
1 0 ,9 7 2
2 4 ,2 5 9
250
5 0 ,2 5 6
51
112
1 1 0 ,2 2 5
1 8 5 ,6 8 6
2 6 ,1 2 5
2 9 ,8 7 9
1 5 ,2 9 0
5 ,0 8 8
2 2 ,1 5 4
5 2 ,8 5 6
55
4 1 ,0 1 9
55
159
5 7 ,2 7 9
2 4 9 ,1 1 1
5 8 ,1 0 5
1 0 ,8 6 9
2 ,0 1 2
2 ,1 5 2
1 ,0 2 4
9 ,1 5 0
212
1 0 ,1 6 5
29
100
2 6 ,2 1 5
7 5 ,6 2 5
1 5 ,2 2 1
5 ,5 6 5
422
2 ,6 2 2
1 ,0 7 2
2 ,8 5 1
15
3 ,5 5 5
4
97
5 9 ,0 5 5
1 4 ,6 9 8
4 ,7 6 5
8 ,8 1 8
586
447
625
2 ,0 4 9
20
3 ,5 2 6
7
14
5 0 ,1 9 4
1 0 ,8 4 0
6 ,9 1 4
1 2 ,0 7 2
822
577
1 ,5 9 8
2 ,8 8 7
12
2 ,9 2 1
3
55
8 ,4 9 6
2 9 8 ,9 6 6
1 8 ,2 6 9
6 0 ,0 2 9
5 ,8 8 4
1 ,2 9 7
1 5 ,0 4 7
2 5 ,1 4 5
451
2 6 ,5 6 2
86
74
1 0 ,8 7 9
1 4 0 ,5 5 2
1 0 ,0 8 5
2 4 ,8 4 6
5 ,0 7 4
5 ,4 0 6
6 ,1 5 4
8 ,5 7 1
45
1 1 ,4 3 3
52
84
1 4 ,6 1 9
5 6 ,0 9 0
1 5 ,2 1 7
4 ,5 5 0
1 ,0 7 5
1 ,2 8 7
986
4 ,5 0 5
49
4 ,2 5 5
85
75
1 4 ,0 6 8
5 2 ,5 5 0
1 0 ,4 7 6
6 ,1 2 7
1 ,0 7 5
1 ,1 4 2
1 ,6 4 5
5 ,7 5 8
52
3 ,6 5 5
24
67
464
6 0 9 ,7 5 9
2 ,0 2 6 ,4 9 3
1 7 4 ,6 0 0
1 7 4 ,5 8 5
2 £ ,1 5 0
500
2 6 ,4 5 0
1 4 8 ,1 7 0
2 ,9 7 4
5 9 7 ,5 8 3
1 ,4 0 0 ,0 1 9
3 6 /8 9 ,1 6 3
3 3 ^ 8 9 ,2 7 2
1 ,8 6 6
1 6 2 ,6 6 2
6 2 9 ,1 2 0
3 6 /4 2 ,2 0 6
3 ^ 4 2 ,2 5 5
56
1 1 9 ,0 6 5
4 7 9 ,5 0 2
5 9 ,7 5 6
3 9 ,6 9 0
6 ,0 2 2
70
6 ,0 9 2
3 5 ,6 6 4
104
4 4 ,6 6 8
1 7 6 ,0 2 8
5 6 /8 ,9 5 4
3 3 /8 ,9 6 2
44
5 1 ,4 2 4
1 5 4 ,0 5 5
14j 675
1 4 ,6 2 0
2 ,2 5 .*
55
2 ,5 0 6
12*367
161
5 1 ,2 6 6
1 4 6 ,0 2 5
5 6 /1 0 ,3 0 7
3 3 /1 0 ,5 5 1
5 6 /4 ,0 6 0
192
2 6 7 ,5 9 5
7 2 5 ,6 9 5
8 4 ,9 9 1
8 4 ,9 5 0
1 2 ,7 2 1
82
1 2 ,8 0 3
7 2 ,1 8 8
642
1 1 9 ,1 6 9
5 5 8 ,5 7 0
5 6 /2 3 ,4 2 8
3 j5 /2 5 ,4 S S
3 6 /8 ,9 3 4
14
1 5 ,8 2 4
8 8 ,0 4 2
3 ,5 2 6
3 ,5 2 3
468
14
482
2 ,8 4 4
201
1 8 ,9 2 6
1 0 8 ,0 0 5
5 6 /4 ,0 6 0
3 5 /4 ,0 6 0
5 § /8 9 ,1 6 S
158
1 5 6 ,3 5 0
5 7 4 ,6 7 1
5 1 ,6 7 2
5 1 ,6 1 9
4 ,6 4 2
81
4 ,7 2 5
2 6 ,9 4 8
8 2 ,0 5 3
940
2 ,7 5 5
69
1 2 ,2 6 6
128
219
64
1 ,0 1 6
-
64
-
8 8 ,7 6 0
415
—
—
-
5 § /4 2 ,2 0 6
487
____________
lI
2 3 ,0 0 1
85
mm
mm
|
am
1
5 6 /2 3 ,4 2 8
1
1 ,8 8 7
1
6 ,9 1 5
314
5 6 /1 0 ,5 0 7
99
(8 2 )
8 888 88 8 0 8 888
538
8 S 8 Í8 0 8
ggíSSKSStít:
N e t in c o m e
P e rs o n a l s e rv ic e
8 P 8 & & 5 & S S ftfeÊSSSSSgSaS 088
T o ta l s e rv ic e
1 9 3 9 . h r m a jo r i n d u s t r i a l g r o u p s a n d b y r e t u r n s w i t h n e t In co m e a n d w i t h n o n e t In c o m e l / J
“
c e l l e d d e d u c t i o n ., c o m p ile d n e t p r o f i t o r l o s s , n e / W
e x c e s s - p r o f i t s for
t a x , t o t a l t*T.
t a x , And
a n d dlvldendfl
d i r i d e n d s Dflid
p a i d — PluMlUfl
(M o n e y f i g u r e s i n t h o u s a n d s o f d o l l a r s )
4
5
6
7
8
9
10
11
12
13
14
IS
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
52
53
34
35
56
57
58
39
40
41
42
43
44
45
46
47
48
49
50
51
52
55
54
To t
footnotes, see pages 19 a n d 20*
R e t in c o m e
No n e t
in c o m e
R e t in c o m e
Ho n e t
Incase
No n e t
in c o m e
No n e t
in c a s e
51
117
5 0 ,7 4 3
7 0 ,2 0 2
1 0 ,8 0 9
4 ,5 4 0
224
2 0 ,8 9 4 ,6 1 7
4 ,6 2 2 ,8 9 6
1 8 ,8 5 5 ,6 8 0
3 ,2 5 5 ,1 1 5
1 8 ,5 8 1
4 2 .5 4 0
1 3 0 ,4 8 0
1 7 ,9 4 9
6 9 5 ,7 3 6
2 6 ,1 7 6
555
1 4 ,4 7 5 ,1 8 5
5 ,1 8 8 ,0 1 0
3 5 ,9 9 8
7 2 ,7 0 9
5 7 ,4 7 2
2 7 ,2 6 7
9 6 0 ,1 1 5
3 1 4 ,6 0 5
1 4 ,1 0 6 ,9 5 8
6 ,0 5 3 ,1 5 1
9 7 3 ,4 9 7
5 5 7 ,4 6 2
5 4 ,8 2 1 ,9 3 1
2 ,4 9 5 ,6 2 9
1 ,5 8 0 ,3 0 4
5 2 9 ,0 4 7
1 0 2 ,7 5 4
1 0 ,9 5 0 ,8 3 6
20,686
7 5 ,6 6 6
2 4 ,6 0 2
2 ,8 6 1
1 7 8 .4 1 5
2 7 ,9 4 4
3 4 5 ,2 1 9
5 7 ,6 6 9
1 5 ,6 1 9
5 5 9 .4 9 9
9 2 ,6 3 8
2 ,4 2 2 ,2 0 7
9 ,7 5 8
2 0 ,9 5 7
997
4 8 8 ,9 4 5
2 ,7 5 5 ,5 1 2
8 ,9 8 1
5 5 1 .6 8 2
1 9 4 ,3 2 9
1 6 ,4 2 0 ,1 7 6
8 3 ,3 8 6
2 5 0 ,0 5 8
1 8 .6 0 5 .7 9 7
1 ,7 2 2
1 ,9 9 3 ,4 6 4
8 ,6 2 4
3 6 ,6 7 4
2 ,3 8 1 ,2 6 0
1 0 ,2 3 8
1 7 ,4 5 1
5 8 ,8 2 8
8 ,0 3 6
1 0 ,2 2 6
8 8 ,5 5 5
212,666
1 0 3 ,7 2 1
6 5 8 ,5 5 8
1 2 4 ,7 1 3
4 6 8 ,1 9 1
6 8 0 ,5 8 6
5 1 4 ,1 5 8
3 3 7 ,1 2 7
3 9 5 ,3 4 8
. 2 ,3 8 1 ,2 6 0
415
118
51
525
940
85
2 ,4 8 8
“
129
1 ,7 0 3
115
2 ,5 6 1
1 8 ,9 1 4 ,5 6 8
1 7 ,8 0 6
1 5 ,6 4 1 ,5 3 6
3 2 ,2 2 1 ,1 4 2
8 ,1 2 0 ,3 1 1
1 ,5 7 5 ,2 6 5
9 7 .1 8 5 .2 4 5
4 ,8 6 1 ,9 7 7
2 4 ,2 1 2
9 ,9 7 2 ,5 8 2
2 7 ,8 3 2 ,3 7 7
9 ,9 7 8 ,9 5 3
1 ,4 9 6 ,9 4 5
5 8 ,7 8 8 ,8 9 9
258
899
1 ,1 8 2 ,1 4 8
1 ,5 8 6 ,3 8 3
329
62
7,545
125
270
172
158
775
16
816
100
2 ,4 8 8
543
2 ,5 9 2
137
266
1 ,2 4 2
1
418
3 ,1 3 7
2 ,5 6 1
1 ,8 3 3 ,9 6 9
7 ,6 9 4 ,9 8 2
5 2 , 0 0 6 ', 7 1 4
4 ,0 9 7 ,9 1 2
1 5 ,1 9 7 ,2 1 1
3 ,0 6 8 ,8 2 1
1 3 ,1 9 7 ,1 1 7
1 ,0 8 3 ,6 2 9
9 7 .1 8 5 .2 4 5
1 ,0 5 7 ,9 0 6
8 ,2 4 9 ,0 4 7
3 8 ,7 6 7 ,2 5 8
1 ,7 7 6 ,7 8 2
6 ,0 6 4 ,1 6 4
1 ,0 4 6 ,1 4 8
4 ,9 3 9 ,9 8 7
4 ,4 7 7 ,7 1 5
5 8 ,7 8 9 .9 5 9
4 8 ,8 6 9 ,0 5 1
2 5 0 ,4 8 7
2 ,1 1 1 ,2 8 7
5 8 3 ,8 9 4
5 ,0 5 0 ,3 4 7
5 ,1 5 4
5 4 ,8 2 1 ,9 5 1
9 ,6 1 5 ,0 5 5
1 6 1 ,1 2 4
6 0 6 ,5 7 7
2 0 0 ,0 2 8
4 9 0 ,6 2 5
1 6 2 ,3 7 1
1 0 ,9 5 0 ,8 3 6
1 6 ,1 8 6
2 8 ,7 9 7
2 6 ,2 1 1
7 ,4 0 7
5 5 ,8 0 9
7 ,2 5 2
3 1 ,0 9 1
4 ,5 7 6
1 7 8 .4 1 5
5 2 .5 4 1
3 8 1 ,4 4 7
5 6 ,1 0 6
1 9 .5 4 2
1 0 4 ,2 7 5
1 7 ,1 9 4
5 7 ,5 0 4
1 0 6 ,5 3 8
5 5 9 .4 9 9
2 0 ,1 8 0
4 0 6 ,7 9 8
4 4 ,9 1 5
5 0 6 ,1 1 5
7 0 4 ,8 4 0
1 8 9 ,1 0 5
1 ,2 3 2 ,8 1 8
2 0 6 ,8 8 6
2 ,7 3 3 ,5 0 2
4 ,6 4 2
2 2 8 ,0 0 1
5 7 ,9 1 6
2 2 6 ,0 0 2
2 8 2 ,4 5 6
3 4 ,7 2 5
2 1 4 ,0 5 2
4 8 4 ,0 4 7
5 5 1 .6 8 2
3 ,7 5 2 ,8 8 9
2 8 1 ,9 5 0
2 ,5 6 7 ,7 5 0
6 ,4 6 5 ,6 6 5
1 ,8 6 3 ,2 4 ?
5 ,5 3 7 ,3 5 2
2 0 0 ,9 4 7
1 8 .6 0 3 .7 9 7
2 ,6 9 3
1 ,9 5 0
11
9
5
207
1 ,7 8 0
12
8
1
4 8 ,7 0 5
2 ,1 2 1 ,2 7 4
1 ,1 1 5 ,6 0 2
7 5 5 ,5 0 1
1 2 8 ,9 6 4
5 3 ,8 5 2
5 4 7 ,4 3 9
1 ,0 0 0 ,9 4 7
9 3 1 ,7 1 3
2 4 ,8 4 7
2 2 2 ,7 6 1
7 2 3 ,5 5 7
7 1 ,4 1 6
9 5 ,6 5 5
5 1 ,5 7 7
1 7 4 ,5 0 5
2 4 ,1 6 5
1 2 ,0 9 5
1 4 ,7 6 1
4 ,3 3 6
1 ,7 6 7
707
5 ,6 6 0
1 0 ,5 0 0
1 2 ,6 6 4
1 ,0 8 5
1 1 ,1 6 7
1 9 ,2 7 4
982
9 ,9 7 0
3 ,0 5 7
2 ,3 3 1
295
1 ,5 9 6
2 4 ,4 7 4
1 4 5 ,7 9 9
2 ,7 1 8
4 ,2 7 6
907
6 ,8 5 8
224
918
124
6 5 4 ,3 9 6
5 6 ,1 5 7
10 J4 5 9
1 0 ,5 8 3
527
1 ,0 1 7
14
1 ,5 2 2
518
8 8 0 ,4 4 5
2 7 ,5 3 3
i
18
•
264
1
(8 2 )
4 ,9 3 0
1 ,5 3 7
1 7 ,9 5 0
476
2 5 ,3 4 4
529
4 ,6 1 5
115
272
57
2 2 ,4 4 3
6 7 ,9 2 6
1 ,6 1 7
4 4 ,9 7 7
9 ,7 5 5
1 ,2 2 6
5 ,0 1 0
2 ,0 4 5
2 3 5 ,5 0 8
1 8 0 ,0 6 9
5 ,7 9 9 ,9 6 1
5 4 ,4 0 3
2 3 7 ,6 8 6
2 ,9 6 7 ,8 3 0
2 1 7 ,5 5 8
1 5 4 ,9 9 5
1 ,5 5 1 ,0 4 6
2 4 ,4 0 0
4 5 ,8 9 4
5 4 7 ,1 5 5
285
116
2 5 ,6 0 8
194
1 ,3 5 4
5 5 ,0 9 9
655
532
1 4 5 ,4 7 0
353
1 4 3 .9 8 2
3 8 ,5 9 1
1 1 ,8 6 4
1 2 0 ,7 8 0
1 8 8 ,8 6 4
7 7 ,6 4 0
1 ,8 3 0
3 9 ,2 1 4
216
5 9 ,8 1 5
8 ,4 1 9
5 ,6 4 9
6 2 ,7 7 9
6 3 ,6 1 2
2 0 ,2 3 7
7
1 5 ,0 8 8
39
2 5 ,7 0 4
456
5 ,4 7 8
549
249
874
1 ,5 6 4
1 ,3 5 8
25
689
796
246
2 ,7 1 8
455
185
1 ,1 6 0
1 5 ,1 6 4
5 ,2 1 5
94
318
29
281
1 ,6 0 6
1 ,5 6 1
307
4
4 ,7 7 9
8 ,6 5 9
717
1 1 ,2 6 7
1 2 5 ,1 9 5
5 7 0 ,0 2 6
5 6 /2 2 ,8 9 2
3 3 /6 8 ,7 8 6
148
2 4 ,4 4 2
4 6 ,4 5 0
9 9 ,0 2 0
9 8 ,4 8 9
2 ,7 4 2
303
7 ,4 6 5
2 5 ,5 1 6
3 6 /9 ,9 4 9
f f /9 ,9 5 5
S g /5 1 5 ,5 4 5
7 ,2 8 7
4 6 5 ,9 8 1
1 ,1 0 7 ,0 6 9
4 2 5 ,9 7 7
2 6 8 .9 8 3
1 4 ,1 6 1
253
1 4 ,4 1 4
4 0 9 ,5 6 2
6 4 ,7 4 5
1 ,3 4 7
1 9 5 ,4 4 4
3 ,5 2 6
(8 2 )
(3 2 )
1 ,0 9 5
761
536
609
81
11
23
70
1
87
1
140
633
512
84
9
12
55
66
(8 2 )
1
1 ,7 2 3
4 ,7 4 8
1
871
2 ,2 7 5
182
182
55/230
M /Z 50
24
1
24
137
—
—
3 6 /2 3 0
73
*
HU
4 9 ,0 8 7
1 ,(0 1 ,4 0 9
6 7 ,2 5 8
8 6 ,5 8 5
294
9 8 ,8 5 2
5 ,2 5 7
510
81
4
8
(3 2 )
,
3 7 ,6 8 6
886
6 ,8 1 0
3 5 /'22 9 8 , 0 6 1
111111,.1 5 5
4 5 ,5 0 9
1 5 4 ,9 3 2
5 4 9 ,9 0 2
2 9 4 ,5 5 6
5 ,9 4 4
1 6 4 ,2 9 5
1 7 ,0 7 2
1 4 ,3 3 4
2 8 ,1 8 9
9 4 ,1 5 7
3 5 /1 2 4 ,7 5 7
7 4 ,2 4 5
5 9 ,2 5 5
1 4 3 ,5 4 7
4 2 6 ,4 1 6
2 9 1 ,0 7 2
210
2 1 9 ,0 2 5
4 ,4 1 9
5 4 ,6 1 7
7 0 ,4 9 5
1 1 ,6 3 6
1/ 2 , 110,868 3 4 / 1 , 9 1 2 , 7 7 5
y S , 8 9 8 ,7 1 7 W 3 , 4 8 3 ,1 7 5
5 6 /5 1 5 ,5 4 5
1 ,9 0 1 ,2 4 3
||^ 7 S 3 ,0 3 2
1 ,7 2 1 ,1 7 4
1 2 6 ,4 5 3
1 ,3 5 5 ,7 8 2
4 0 ,1 5 0
85
1 0 ,6 0 0
22
555
2
2,000
460
939
6 ,7 3 4
1 0 ,7 1 6
3 ,1 9 9
2
2 ,2 6 0
2
20
38
504
5 ,5 5 0
1 7 ,3 0 1
4 8 ,4 7 9
3 6 /1 3 ,5 8 1
f f /L 4 ,7 3 5
3 § /2 2 ,8 9 2
955
9 ,7 2 5
1 9 ,9 6 1
3 ,6 4 7
3 ,5 5 1
474
7
481
3 ,1 6 6
1 9 ,1 0 5
1 ,0 9 0
2 ,8 7 5
3
6
1 5 ,5 6 7
58
87
169
1,201
2 ,7 7 5
9 6 ,2 4 6
1 3 1 ,2 5 2
118
111
4 4 ,7 3 2
2 3 6 ,3 0 9
6 4 4 ,1 3 6
6 4 3 ,6 1 7
2 9 ,2 2 2
200
10
7
6
1 ,8 8 7
590
175
14
7 ,0 6 7
5 6 ,0 2 3
1,010
265
46
248
7 ,5 7 4
5 4 ,8 9 9
5 6 /2 7 ,3 6 6
3 § /2 7 ,5 7 2
22
35
3 6 /1 3 ,3 8 1
7 ,2 2 8
9 ,5 4 1
2 ,7 4 8
84
4 ,9 7 9
1 5 4 ,2 0 1
9 ,2 0 2
193
2 ,9 3 8
428
142
3 ,7 2 5
1 1 ,4 1 0
248
3 6 /9 ,9 4 9
5 ,9 8 8
2 9 ,2 4 4
6 1 4 ,8 9 2
5 2 8 ,3 2 4
3 2 ,4 5 0
3 6 /2 T ,S 6 6
1,110
SSSSKSKSP
2
5
N um ber o f r e t u r n s w i t h b a l a n c e s h e e t s T j
A s s e ts i
C ash 9 /
N o te s a n d a c c o u n ts r e c e i v a b l e ( l e s s
re s e rv e f o r bad d e b ts )
In v e n to rie s
I n v e s tm e n ts , G o v e rn m e n t o b l i g a t i o n s 9 /
O th e r in v e s tm e n ts
N et c a p ita l a s s e ts 1 0 /
O th e r a s s e t s U /
T o ta l a s s e ts 1 2 /
lia b ilitie s «
A c c o u n ts p a y a b le
B o n d s, n o t e s , m o rtg a g e s p a y a b le «
M a tu rity le s s th a n 1 y e a r
M a t u r i t y 1 y e a r o r m o re
O th e r l i a b i l i t i e s
C a p ita l s to c k , p re f e r r e d
C a p i t a l s t o c k , c o ra n o n
S u rp lu s r e s e r v e s 1 3 /
S u rp lu s an d u n d iv id e d p r o f i t s 1 4 /
le s s d e f ic it 1 8 /
T o ta l l i a b i l i t i e s 1 2 /
R e c e ip ts , ta x a b le «
d ro ss s a le s 1 6 /
O ro s s r e c e i p t s fro m o p e r a tio n s 1 7 /
In te re s t
R e n ts a n d r o y a l t i e s 1 8 /
N e t c a p i t a l g a i n 1 9 /~ ~ ^
R e t g a in , s a le o f p ro p e rty o th e r th a n
c a p ita l a s s e ts 2 0 /
D iv id e n d s , d o m e s tic c o r p o r a tio n s 2 1 /
D iv id e n d s , f o r e i g n c o r p o r a tio n s ¿ 2 /
O th e r r e c e i p t s
R e c e ip ts , p a r t i a l l y a n d w h o lly ta x -e x e m p t:
I n t e r e s t o n G o v ern m en t o b l i g a t i o n s «
S u b je c t to e x c e s s - p r o f its t a x 2 3 /
W h o lly ta x - e x e m p t 2 4 /
T o t a l c o m p ile d r e c e i p t s 2 5 /
- D e d u c tio n s «
C o st o f goods s o ld 2 6 /
C o st o f o p e ra tio n s 2 7 /
C o m p e n s a tio n o f o f f i c e r s
R en t p a id o n b u s in e s s p ro p e rty
R e p a irs 2 8 /
B ad d e b ts
I n t e r e s t p a id
T axes p a id 2 9 /
C o n trib u tio n s o r g i f t s 5 0 /
D e p re c ia tio n
D e p le tio n
N et c a p ita l lo s s 1 9 /
N et lo s s , s a le o f p ro p e rty o th e r th a n
c a p ita l a s s e ts 2 0 /
O th e r d e d u c tio n s - ? ! /
T o t a l c o m p ile d d e d u c tio n s
C o m p ile d n e t p r o f i t o r n e t l o s s ( 5 1 l e s s 4 6 )
N e t in c o m e o r d e f i c i t \ / (4 7 l e s s 5 0 )
In co m e t a x
(D e c la re d v a lu e ) e x c e s s - p r o f i t s t a x
T o ta l ta x
C o m p ile d n a t p r o f i t l e a s t o t a l t a x ( 4 7 l e s s 5 1 )
D iv id e n d s p a id «
C ash and a s s e ts o th e r th a n
c o r p o r a t i o n 's ow n s to c k
C o r p o r a t i o n 's ow n s t o c k
R e t In c o m e
No n e t
in c o m e
B n ld tw fl c o m p a n ie s 5 /
I n v e s tm e n t t r u s t s an d
i n v e s tm e n t c o m p a n ie s
88838
1
R e t in c o m e
No n e t
in c o m e
and le s s o r s o f r e a l p ro p e rty
M o rtg a g e a n d t i t l e
c o m p a n ie s
B anks and t r u s t
c o m p a n ie s
8388
T o ta l f in a n c e ,in s u r a n c e ,
r e a l e s ta te , and le s s o rs
o f r e a l p ro p e rty
S e rrie d n o t s Ilo o s M e
N e t in c o m e
C o n tin u e d
F in a n c e , in s u r a n c e , r e a l e s t a t e ,
C o n tin u e d
Pg8
M a jo r i n d u s t r i a l g ro u p s 2 / S e rv ic e -
R u sh er o f r e tu r n s , a s s e ts an d l i ab i l i t i e s a s o f
s o r d e f i c i t , in c o m e t a x , ( d e c l a r e d v a l u e )
SfcPiSSSSSSSSS
b a la n c e s h e e ts
¡SPg£&3&&£
_
f a b l e 1 . - C o r p o r a t i o n“ o f
D ecem ber 3 1 , 1959,
9
1
T a b le 1 . - C o r p o r a t i o n r e t u r n s w i t h b a l a n c e s h e e t s , 1 9 3 9 , b y m a jo r i n d u a t r i a l g r o u p s a n d b y r e t u r n s w i t h n e t in c o m e a n d w i t h n o n e t in c o m e
N um ber o f r e t u r n s , a s s e t s a n d l i a b i l i t i e s a s o f
D e c e m b e r 5 1 , 1 9 5 9 , o r c l o s e o f f i s c a l y e a r n e a r e s t t h e r e t o , c o m p i l e d r e c e i p t s a n d c o m p i l e d d e d u c t i o n s , c o m p i l e d n e t p r o f i t o r l o s s , n e t I n c o m e o r d e f i c i t , i n c o m e t a x ( d e c l a r e d Talus)
e x c e s s - p r o f i t s t a x , t o t a l t a x , a n d d iv id e n d s p a i d - C o n tin u e d
(M o n e y f i g u r e s i n t h o u s a n d s o f d o l l a r s )
M a jo r i n d u s t r i a l g ro u p s 2 / F in a n c e , in s u ra n c e , r e a l e s t a t e ,
O th e r c o r p o r a tio n s
h o ld in g s e c u r i t i e s 6 /
N e t in c o m e
1
2
3
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
•1 zz
25
l 24
25
h
26
27
28
29
50
31
52
35
54
55
56
37
58
59
40
41
42
45
44
45
46
47
48
49
50
51
52
55
84
N um ber o f r e t u r n s w i t h b a la n c e s h e e t s 1 /
A s s e ts «
C ash 6 /
N o te s a n d a c c o u n ts r e c e i v a b l e ( l e s s
re s e rv e f o r b ad d e b ts )
I n v e n to rie s
I n v e s tm e n ts , G o v e rn m e n t o b l i g a t i o n s 9 /
O th e r in v e s tm e n ts
N et c a p ita l a s s e ts 1 0 /
O th e r a s s e t s U /
T o ta la s s e ts 1 2 /
L ia b ilitie s i
S
A c c o u n ts p a y a b le
B o n d s, n o t e s , m o rtg a g e s p a y a b le s
M a tu rity l e s s th a n 1 y e a r
M a t u r i t y 1 y e a r o r m o re
O th e r l i a b i l i t i e s
C a p ita l s to c k , p re f e r r e d
C a p i t a l s t o c k , com m on
S u rp lu s r e s e r v e s 1 5 /
S u rp lu s a n d u n d iv id e d p r o f i t s 1 4 /
L ess d e f i c i t 1 5 /
T o ta l l i a b i l i t i e s 1 2 /
R e c e ip ts , ta x a b le »
G ro ss s a le s 1 6 /
G ro ss r e c e i p t s fro m o p e r a tio n s 1 7 /
In te re s t
R e n ts a n d r o y a l t i e s 1 8 /
N et c a p i t a l g a in IS /
N et g a in , s a le o f p ro p e rty o th e r th a n
c a p ita l a s s e ts 2 0 /
D iv id e n d s , d o m e s tic c o r p o r a tio n s 2 1 /
D iv id e n d s , f o r e i g n c o r p o r a tio n s 2 2 /
O th e r r e c e i p t s
R e c e ip ts , p a r t i a l l y a n d w h o lly ta x -e x e m p t:
I n t e r e s t o n G o v e rn m e n t o b l i g a t i o n s s
S u b je c t to e x c e s s - p r o f its ta x 2 5 /
W h o lly t a x - e x e m p t 2 4 /
T o t a l c o m p ile d r e c e i p t s 2 5 /
D e d u c tio n s »
C ost o f goods s o ld 2 6 /
C o s t o f o p e r a tio n s T il
C o m p e n s a tio n o f o f f i c e r s
R en t p a id an b u s in e s s p r o p e r ty
R e p a irs 2 8 /
B ad d e b ts
I n t e r e s t p a id
T ax es p a id 2 9 /
C o n trib u tio n s o r g i f t s 5 0 /
D e p re c ia tio n
D e p le tio n
N et c a p ita l lo s s 1 9 / ’
N et l o s s , s a le o f p ro p e rty o th e r th a n
c a p ita l a s s e ts 2 0 /
O th e r d e d u c tio n s " ? ! /
T o t a l c o m p ile d d e d u c tio n s
C o m p ile d n e t p r o f i t o r n e t l o s s ( 5 1 l e s s 4 6 )
N e t in c o m e o r d e f i c i t X / ( 4 7 l e s s 5 0 )
In c o m e t a x
( D e c la re d v a lu e ) e x c e s s - p r o f i t s t a x
T o ta l ta x
C o m p ile d n e t p r o f i t l e s s t o t a l t a x ( 4 7 l e s s 5 1 )
D iv id e n d s p a id »
C ash an d a s s e t s o th e r th a n
c o r p o r a t i o n 's ow n s t o c k
C o r p o r a t i o n 's ow n s t o c k
F b r fo o tn o te s ,
s e e p a g e s 1 9 a n d SO .
S e c u r i t y a n d c o m m o d ity exchange b ro k e rs and
d e a le rs
N e t in c o m e
No n e t
in c o m e
No n e t
In c o m e
and le s s o rs
C o m m e rc ia l c r e d i t a n d
f i n a n c e c o m p a n ie s
N e t in c o m e
C o n tin u e d
o f r e a l p r o p e r t y - C o n tin u e d
I n d u s tr ia l and p e rso n a l
l o a n c o m p a n ie s
N e t in c o m e
No n e t
in c o m e
No n e t
in c o m e
In su ra n c e c a r r i e r s ,
a g e n ts , e t c .
O th e r f in a n c e
c o m p a n ie s
N e t in c o m e
No n e t
in c o m e
N e t in c o m e
No n e t
in c o m e
1 ,9 7 9
1 ,1 3 2
829
1 ,1 2 7
1 ,5 6 2
932
1 ,4 5 5
572
462
1 ,1 6 3
3 ,0 7 2
3 ,1 2 4
1
1 4 6 ,9 5 8
2 2 ,6 2 7
7 4 ,3 1 4
6 0 ,2 6 5
1 8 9 ,8 9 9
1 0 ,7 4 2
5 1 ,2 4 8
2 ,7 0 8
2 1 ,5 5 2
1 5 ,5 0 0
4 6 6 ,9 5 1
1 ,0 0 2 ,8 2 3
2
3 3 7 ,9 9 5
5 ,4 0 4
1 0 5 ,8 2 7
5 ,4 0 9 ,3 6 6
8 3 ,0 7 1
5 1 ,1 6 8
4 ,1 1 7 ,7 9 0
1 5 6 ,7 4 7
309
2 3 ,7 7 3
1 ,5 9 7 ,5 7 9
2 6 ,9 5 6
1 5 ,0 0 7
1 ,8 4 2 ,9 9 7
9 5 ,5 5 2
5 4 ,6 8 1
—
5 4 ,6 7 6
628
2 ,4 4 7
1 2 ,8 0 1
1 ,9 1 7
2 ,5 4 5
5 7 ,7 2 1
2 0 ,7 1 5
547
1 ,5 2 5
7 5 ,0 1 5
5 8 ,8 4 6
4 ,1 8 6
1 8 1 ,9 8 1
7 6 ,1 2 1
485
3 ,8 0 0
1 5 4 ,7 8 7
1 0 4 ,1 5 3
1 8 ,0 4 9
5 7 2 ,8 9 4
—
—
7 3 ,8 1 4
1 3 6 ,4 2 1
1 5 ,8 9 8
2 1 ,7 9 2
3 6 2 ,8 7 2
4 2 4 ,5 6 2
1 ,6 1 2
1 ,6 2 6
5 5 ,7 5 7
8 ,5 1 6
5 ,8 3 7
5 2 9 ,1 5 8
3 5 ,0 1 0
•
8 2 ,7 8 0
811
528
3 4 ,9 8 2
5 ,6 7 2
2 ,5 8 7
1 3 6 ,1 0 3
1 0 6 ,6 6 5
7 1 ,6 5 5
1 8 3 ,3 5 0
7 ,5 5 1
2 3 ,3 2 0
4 5 5 ,5 2 2
1 ,6 7 5 ,3 0 8
1 ,9 8 0
3 ,9 4 6
7 9 ,8 6 8
9 ,7 8 5
1 2 ,0 4 0
1 ,9 7 2 ,8 2 7
8 9 3 ,9 8 4
2 ,2 6 7 ,1 1 6
1 2 4 ,9 1 1
5 1 1 ,9 9 4
4 ,3 7 1 ,6 1 9
7 ,2 9 8 ,2 6 0
1 9 ,8 6 7 ,0 6 1
2 8 1 ,7 8 8
1 ,0 2 0 ,2 1 9
2 9 ,5 0 5 ,1 6 2
5
4
5
6
7
1 4 2 ,4 3 7
1 6 4 ,8 9 5
1 0 4 ,4 8 5
7 5 ,7 7 0
2 0 6 ,9 2 9
1 3 ,0 1 4
2 4 ,3 4 3
6 ,9 5 1
1 0 ,9 6 2
5 3 ,2 0 9
1 0 7 ,6 0 5
5 6 ,6 0 6
10
9 4 ,8 3 2
2 5 0 ,8 9 5
2 5 ,6 5 9
3 8 6 ,1 9 6
1 ,5 7 6 ,7 9 8
1 7 3 ,9 2 0
1 ,6 4 0 ,8 5 3
1 7 3 ,8 0 1
4 ,1 1 7 ,7 9 0
1 2 6 ,6 7 9
4 0 3 ,4 6 3
6 2 ,8 8 7
2 0 1 ,4 9 0
6 0 4 ,2 9 8
1 7 4 ,8 6 8
5 1 7 ,2 4 6
4 1 2 ,8 3 0
1 ,8 4 2 ,9 9 7
8 2 ,4 9 2
1 9 ,6 5 0
2 7 ,7 8 7
5 9 ,9 7 8
7 4 ,9 4 5
1 3 ,5 3 7
1 0 2 ,2 3 3
9 ,5 6 4
4 5 5 ,5 2 2
5 1 ,4 1 4
2 2 ,9 6 5
8 2 ,1 4 3
2 2 ,5 8 6
8 1 ,1 5 5
9 ,9 1 5
1 1 1 ,0 6 4
9 4 ,1 5 9
3 6 2 ,8 7 2
9 3 0 ,8 8 8
1 4 1 ,7 4 4
9 8 ,9 8 2
1 1 3 ,4 5 2
2 6 1 ,6 7 1
6 0 ,7 7 8
1 6 0 ,0 7 5
1 ,6 9 1
1 ,9 7 2 ,8 2 7
3 3 ,0 6 9
3 5 ,1 0 4
6 ,1 2 5
1 1 ,4 1 7
2 6 ,2 4 7
8 ,5 8 1
1 4 ,1 7 6
1 1 ,6 3 0
1 3 6 ,1 0 5
1 6 5 ,1 7 8
9 0 ,2 1 7
1 6 ,0 2 3
6 5 ,7 2 3
1 0 0 ,8 0 9
8 ,5 9 4
6 0 ,1 2 7
1 ,6 7 7
5 2 9 ,1 3 8
1 5 ,2 0 8
1 4 ,6 5 9
4 ,1 2 1
5 ,9 4 0
1 3 ,6 7 1
729
4 ,0 4 5
5 ,6 0 1
5 7 ,7 2 1
5 ,9 0 9
4 ,0 2 6
1 1 ,1 1 5
1 7 ,5 7 8
8 8 ,4 9 1
1 2 ,8 1 7
4 2 ,3 8 4
1 1 ,5 0 1
1 8 1 ,9 8 1
1 1 ,0 7 5
1 3 3 ,1 3 2
4 3 ,6 6 1
2 2 ,7 1 6
9 9 ,8 4 2
1 6 ,9 6 5
1 1 7 ,9 7 1
1 0 5 ,6 7 6
5 7 2 ,8 9 4
5 ,5 3 7
6 ,9 5 7
2 ,3 0 3 ,2 4 0
1 9 ,4 0 3
5 5 5 ,1 7 2
6 ,8 0 0
1 ,3 9 4 ,1 5 5
7 ,0 4 7
4 ,3 7 1 ,6 1 9
4 ,1 2 9
5 ,7 8 0
2 8 ,0 1 4 ,2 9 0
5 ,4 9 7
2 5 4 ,5 5 8
2 ,9 5 4
1 ,2 4 4 ,4 1 7
4 1 ,0 7 0
2 9 ,5 0 5 ,1 6 2
11
2 ,7 8 3
4 ,7 1 7
2 8 ,1 7 5
2 ,7 3 6
4 ,7 6 8
444
714
7 ,7 7 8
185
464
-
—
2 ,9 9 1
9 ,4 4 3
5 ,4 3 0
248
29
1 ,7 2 8
3 6 ,9 5 1
7 1 ,1 5 9
494
155
521
5 ,1 9 6
4 ,9 7 4
126
12
4 ,2 3 5
2 ,1 4 9
426
3 1 ,5 3 0
331
447
2 ,3 3 6
5 ,5 0 2
7 ,3 0 3
479
—
3 3 ,7 1 7
1 ,9 0 5
1 ,2 6 0
1 ,1 5 4
3 ,3 4 4
1 4 5 ,3 9 6
4 0 ,2 0 0
594
231
—
5 3 ,0 9 9
2 ,5 6 4
283
769
1 ,3 3 9 ,8 3 6
4 7 ,0 9 0
1 4 ,5 5 0
2 ,1 4 0
2 4 2 ,5 8 5
7 5 4 ,6 9 6
1 7 6 ,2 5 8
1 ,1 5 9
148
1 6 1 ,0 1 7
5 ,5 6 7
2 ,0 6 5
43
4 ,9 9 2
216
837
3 1 ,3 7 1
3 ,1 2 1
31
3 ,2 5 2
9 ,8 2 6
905
11
2 ,0 5 4
223
8 ,0 6 9
140
5 ,2 9 8
26
56
(3 2 )
556
57
1 ,0 6 9
2 ,6 6 6
74
6 ,4 1 0
41
540
276
340
3
975
265
5 4 ,4 8 7
1 ,0 2 1
5 ,9 0 9
17
2 9 ,5 4 2
709
2 ,7 1 9
25
28
27
28
1 ,7 4 5
1 ,9 4 6
2 1 5 ,6 6 7
56
507
1 6 ,2 5 7
677
1 ,9 8 7
9 7 ,1 5 5
161
1 ,3 2 5
5 2 ,2 9 6
53
16
2 0 3 ,5 6 5
4
6
1 8 ,7 6 8
26
62
1 1 4 ,5 4 5
19
43
9 ,1 1 4
51
8
4 5 ,3 9 5
42
190
1 5 ,8 9 2
1 1 ,1 6 6
1 7 ,0 8 8
1 ,4 9 3 ,3 3 0
2 9 ,0 6 1
1 8 7 ,4 8 8
1 ,4 2 5 ,8 1 4
29
2 ,1 5 7
129
7 ,5 4 5
672
209
1 ,9 3 1
1 4 ,4 3 5
5 ,5 6 1
726
1 ,1 0 5
247
1 ,1 3 1
429
11
2 ,0 2 3
235
19
5 ,3 8 8
1 4 ,8 0 9
966
(5 2 )
257
1
519
-
- ~
1 ,5 5 1
4 ,1 7 6
6 ,8 2 6
3 ,7 8 7
112
6 ,1 7 2
1 4 ,0 0 4
3 ,4 4 4
99
770
1
27
389
555
1 ,3 0 8
481
18
1 ,4 2 9
1 ,9 8 7
293
1
87
5 ,5 5 5
777
2 ,1 6 9
397
107
147
698
977
8
2 ,1 9 5
52
52
575
1 ,1 7 2
1 ,5 4 0
305
590
1 1 ,7 4 2
3 ,1 5 8
1 ,7 4 4
2
5 ,2 5 5
22
165
-
1 2 ,2 4 4
8 ,4 1 9
4 ,1 3 9
119
4 ,2 7 6
2 ,0 0 6
2 ,0 0 7
6
507
S
4 ,4 1 2
2 ,7 6 9
1 ,5 3 8
2 ,6 2 6
569
67
3 ,4 2 9
1 ,9 1 6
467
5
170
(5 2 )
76
•
1 5 ,9 6 8
1 8 ,0 0 5
3 ,0 6 5
68
582
2 ,2 6 5
5 ,8 1 0
84
496
2
70
2 ,9 9 8
1 ,7 2 0
1 0 ,8 3 8
3 ,6 7 4
558
1 0 ,5 8 9
2 3 ,5 9 5
5 ,8 3 9
112
1 ,9 0 0
5
45
1 6 ,5 9 1
3 5 /5 2 .5 7 8
1 6 ,1 0 6
1 ,5 1 9
2 ,2 0 3
2 ,1 3 1
4 7 ,2 1 6
505
5 ,5 0 5
5
502
1 1 ,4 6 0
3 5 /1 3 ,7 1 0
3 ,1 6 1
1 ,5 2 8
4 ,4 2 9
4 4 ,2 8 5
5 3 ,3 1 5
12
5 6 ,4 9 0
2
184
55
54
55
56
57
58
39
40
41
42
45
252
1 2 ,6 9 1
4 8 ,5 8 6
1 6 7 ,0 8 1
1 6 5 ,1 5 5
7 ,1 7 4
22
7 ,1 9 6
1 5 9 ,8 8 5
538
1 9 ,6 6 0
4 4 ,8 3 5
3 6 /2 8 ,5 9 8
3 5 /2 9 .1 0 6
1 ,2 4 7
2 6 ,9 5 9
6 6 ,5 4 4
3 6 /1 4 ,0 4 8
3 5 /1 5 .5 7 1
2 ,2 5 5
4 ,6 9 3
1 ,0 2 7
1 1 ,2 0 3 5 4 /1 .1 5 8 ,4 5 9 5 0 . , 3 5 8 , 0 6 2
3 9 ,9 6 7 3 5 /1 ,2 8 5 ,9 4 4 3 5 /1 . 5 2 8 .8 7 2
3 6 /1 0 5 ,0 5 8
2 0 9 ,3 8 6
5 6 /2 4 ,0 7 5
5 3 /2 9 2 .5 4 6
3 6 /2 4 .2 6 5
1 9 2 ,2 9 8
_
—
2 2 ,3 2 9
•
•
66
_
2 2 ,3 9 6
3 6 /1 0 5 ,0 5 8
3 6 /2 4 ,0 7 5
1 8 6 ,9 9 0
44
45
46
47
48
49
50
3 6 /2 ,7 2 5
55
4 2 ,2 0 3
8 3 ,0 2 5
3 1 ,5 2 0
5 1 ,2 5 8
4 ,9 7 4
15
4 ,9 8 7
2 6 ,5 5 5
60
4 ,3 3 9
1 0 ,9 7 2
3 6 /1 ,8 5 8
3 6 /1 .9 0 1
3 6 /1 4 ,0 4 8
48
8 0 ,5 8 9
1 4 2 ,2 9 2
6 1 ,2 7 3
6 1 ,2 5 7
9 ,0 5 6
25
9 ,0 6 1
5 2 ,2 1 2
40
7 ,8 2 0
2 1 ,4 9 1
3 6 /2 ,7 2 3
3 6 /2 .7 2 8
S g /2 8 ,5 9 8
41
3 7 ,7 9 1
8 1 ,9 4 4
1 5 ,2 1 1
1 3 ,2 2 4
1 ,7 0 7
61
1 ,7 6 8
1 3 ,4 4 3
1 4 8 ,4 6 9
584
1 ,8 1 6
42
7 ,1 3 5
152
790
-
4 6 ,5 3 1
791
453
5
18,SU
1 ,1 6 2
102
2 3 ,7 4 4
50
55
54
—
•
—
-
-
am
5
15.
(5 2 )
207
-
26
•
•
5 § /l,8 5 8
•j
55
2 1 ,1 3 8
5 2 ,0 8 1
1 5 ,5 1 4
1 3 ,3 0 6
1 ,9 3 5
20
1 ,9 5 4
1 1 ,5 6 0
1 1 ,5 5 4
62
1 ,1 4 0
(3 2 )
1 0 3 ,8 0 0
828
8
8
12
15
14
15
16
17
18
19
20
21
22
25
24
SO
51
52
51
52
T a b l e 1 . - C o r p o r a t i o n r e t u r n « w i t h b a l a n c e s h e e t s , 1 9 5 9 , b y m a j o r i n d u s t r i a l g r o u p s a n d b y r e t u r n s w i t h n e t in c o m e a n d w i t h n o n e t i n c o m e l / j
N um ber o f r e t u r n s , a s s e t s a n d l i a b i l i t i e s a s o f
D e c e m b e r 5 1 , 1 9 3 9 , o r c l o s e o f f i s c a l y e a r n e a r e s t t h e r e t o , c o m p i l e d r e c e i p t s a n d c o m p ile d d e d u c t i o n s , c o m p i l e d n e t p r o f i t o r l o s s , n e t in c o m e o r d e f i c i t , In c o m e t a x , ( d e c l a r e d v a l u e )
e x c e s s - p r o f i t s t a x , t o t a l t a x , a n d d iv id e n d s p a i d - C o n tin u e d
(M o n e y f i g u r e s i n t h o u s a n d s o f d o l l a r s )
M a jo r i n d u s t r i a l g ro u p e 2 / F in a n c e , In s u ra n c e , r e a l e s t a t e ,
R e a l e s t a t e , in c lu d in g
le s s o r s o f b u ild in g s
N e t in c o m e
1
2
5
4
5
6
7
8
9
10
11
12
15
14
- 15
16
17
IB
19
20
• ¡0 .
«22
h 2S
• 24
25
26
27
28
29
50
51
52
55
34
55
56
57
38
59
40
41
42
43
44
45
46
47
48
49
SO
51
52
55
54
N um ber o f r e t u r n s w i t h b a la n c e s h e e t s T j
A s s e ts i
C ash 8 /
N o te s a n d a c c o u n ts r e c e i v a b l e ( l e s s
re s e rv e f o r b ad d e b ts )
I n v e n to rie s
I n v e s tm e n ts , G o v e rn m e n t o b l i g a t i o n s 9 /
N et c a p ita l a s s e ts 1 0 /
O th e r a s s e t s 1 1 /
T o ta l a s s e ts 1 2 /
L ia b ilitie s )
A c c o u n ts p a y a b le
B o n d s, n o t e s , m o rtg a g e s p a y a b le «
M a tu rity l e s s th a n 1 y e a r
M a t u r i t y 1 y e a r o r m o re
O th e r l i a b i l i t i e s
C a p ita l s to c k , p re fe rre d
C a p i t a l s t o c k , com m on
S u rp lu s r e s e r v e s 1 5 /
S u rp lu s an d u n d iv id e d p r o f i t s 1 4 /
L ass d e f ic it 1 5 /
T o ta l l i a b i l i t i e s 1Z j
R e c e ip ts , ta x a b le i
Q ro ss s a le s 1 6 /
G ro s s r e c e i p t s fro m o p e r a tio n s 1 7 /
In te re s t
R e n ts an d r o y a l t i e s 1 8 /
N et c a p i t a l g a in 1 9 /~ ^
N et g a in , s a le o f p ro p e rty o th e r th a n
c a p ita l a s s e ts 2 0 /
D iv id e n d s , d o m e s tic c o r p o r a tio n s 2 1 /
D iv id e n d s , f o r e ig n c o r p o r a tio n s ¿ 2 7
O th e r r e c e i p t s
R e c e ip ts , p a r t i a l l y a n d w h o lly ta x - e x e m p t:
I n t e r e s t o n G o v e rn m e n t o b l i g a t i o n s i
S u b je c t to e x c e s s - p r o f its ta x 2 3 /
W h o lly t a x - e x e m p t 2 4 /
T o t a l c o m p ile d r e c e i p t s 2 5 /
D e d u c tio n s i
C o st o f goods s o ld 2 6 /
C o st o f o p e ra tio n s 2 7 /
C o m p e n s a tio n o f o f f i c e r s
R en t p a id on b u s in e s s p ro p e rty
R e p a irs 2 § /
B ad d e b ts
I n t e r e s t p a id
T ax es p a id 2 9 /
C o n trib u tio n s o r g i f t s 5 0 /
D e p re c ia tio n
D e p le tio n
N et c a p ita l lo s s 1 9 /
N et l o s s , s a le o f p ro p e rty o th e r th a n
c a p ita l a s s e ts 2 0 /
O th e r d e d u c tio n s " ? ! /
T o t a l c o m p ile d d e d u c tio n s
C o m p ile d n e t p r o f i t o r n e t l o s s ( 3 1 l e s s 4 6 )
N e t in c o m e o r d e f i c i t 1 / ( 4 7 l e s s 5 0 )
In c o m e t a x
( D e c la re d v a lu e ) e x c e s s - p r o f i t s t a x
T o ta l ta x
C o m p ile d n e t p r o f i t l e s s t o t a l t a x ( 4 7 l e s s 5 1 )
D iv id e n d s p a id !
C a sh a n d a s s e t s o t h e r t h a n c o r p o r a t i o n 's
ow n s t o c k
I
C o r p o r a t i o n » a ow n s t o c k
For footnotes, see pages 19 end SO*
and
C o n tin u e d
A g ric u ltu re , f o r e s tr y an d f is h e r y
C o n s tru c tio n
T o ta l a g r ic u ltu r e ,
f o r e s tr y , and fis h e ry
F in a n c e , in s u r a n c e , r e a l
e s ta te ,a n d l e s s o r s o f r e a l
p ro p e rty n o t a llo c a b le
L e sso rs o f r e a l
p ro p e rty , e x c e p t
b u ild in g s
N e t in c o m e
No n e t
in c o m e
L e s s o rs o f r e a l p r o p e r ty - C o n tin u e d
N e t in c o m e
No n e t
in c o m e
No n e t
in c o m e
N e t in c o m e
N e t in c o m e
No n e t
in c o m e
No n e t
in c o m e
A g ric u ltu re
s e rv ic e s
N e t in c o m e
and
No n e t
in c o m e
2 5 ,0 6 4
5 1 ,4 2 1
1 ,5 2 0
1 ,7 3 5
2 ,7 5 0
3 ,5 0 2
5 ,2 9 1
8 ,8 7 1
2 ,4 9 1
4 ,5 5 7
2 ,3 0 5
4 ,0 5 7
1 5 9 ,2 4 9
1 5 2 ,2 0 5
5 6 ,2 0 5
9 ,5 7 4
6 7 ,9 6 7
2 4 ,8 7 9
1 0 7 ,6 5 4
5 8 ,6 2 5
3 6 ,2 6 0
1 5 ,3 8 7
3 2 ,4 8 5
1 1 ,2 1 5
2
5 0 3 ,6 0 4
5 ,0 3 5
5 6 ,7 8 7
5 5 4 ,0 8 4
4 ,6 7 2 ,0 0 0
9 4 ,1 2 4
5 ,8 4 4 ,8 8 2
5 0 4 ,0 1 4
1 8 ,5 5 1
2 2 ,5 6 1
1 ,0 2 0 ,7 1 6
8 ,0 0 6 ,6 7 5
1 9 0 ,0 0 6
9 ,9 1 4 ,3 0 5
5 6 ,5 8 7
3 ,2 9 2
1 3 ,6 6 9
1 2 6 ,7 1 8
1 ,8 8 5 ,8 8 1
4 5 ,4 2 4
2 ,1 6 5 ,5 7 5
3 4 ,3 7 1
1 ,1 4 5
811
7 5 ,3 9 0
9 0 2 ,6 9 1
4 0 ,7 7 3
1 ,0 6 4 ,7 5 5
5 6 5 ,0 1 7
2 ,1 5 6
7 7 ,9 0 9
4 9 8 ,6 8 8
1 8 0 ,7 2 7
1 5 ,8 1 5
1 ,2 0 8 ,2 5 9
2 8 0 ,9 8 8
2 ,5 0 3
2 0 ,4 9 6
5 2 6 ,7 0 7
2 3 2 ,3 2 2
2 1 ,9 5 8
1 ,1 0 9 ,8 5 5
5 5 0 ,9 7 0
7 5 ,8 2 4
3 0 ,0 9 3
9 4 ,3 1 6
1 8 9 ,4 1 7
3 3 ,5 6 9
8 6 1 ,8 2 3
1 9 7 ,9 9 1
4 4 ,9 9 2
1 1 ,0 4 0
5 9 ,9 2 2
1 3 6 ,2 7 5
1 9 ,5 5 9
5 0 8 ,2 0 3
5 1 ,2 5 1
8 6 ,9 7 1
2 5 ,8 6 1
1 7 5 ,4 8 7
4 0 5 ,7 0 1
2 4 ,0 0 1
8 0 3 ,5 3 2
4 8 ,3 6 9
5 0 ,9 2 6
4 ,2 3 5
1 0 0 ,1 8 0
4 6 3 ,7 3 6
1 7 ,2 3 3
6 9 8 ,0 6 6
4 5 ,9 9 2
8 2 ,0 9 5
2 5 ,2 5 9
1 6 5 ,6 5 9
5 5 8 ,8 2 4
1 4 ,2 0 4
7 2 2 ,5 1 5
4 0 ,2 0 5
4 9 ,5 9 9
4 ,0 2 1
8 2 ,4 7 0
5 7 0 ,2 7 1
1 4 ,5 5 5
5 7 2 ,1 1 6
5
4
5
1 5 2 ,8 8 8
1 0 5 ,8 4 0
8 4 ,5 7 5
8 4 ,6 9 7
6 7 ,5 1 3
10
11
1
6
7
8
9
2 9 5 ,1 1 9
7 6 2 ,3 0 1
2 0 ,3 2 5
6 7 ,6 5 5
6 8 ,6 5 7
1 1 1 ,9 5 9
1 6 1 ,2 6 2
1 9 9 ,2 9 1
2 ,2 0 4 ,5 1 3
1 6 4 ,5 8 2
1 6 4 ,1 9 5
1 ,8 0 5 ,2 5 9
8 5 ,5 8 6
1 ,1 9 5 ,3 5 2
2 6 6 ,5 9 3
5 ,8 4 4 ,8 8 2
5 5 1 ,6 5 2
5 ,6 3 3 ,1 2 5
6 2 5 ,6 4 7
4 0 2 ,1 7 9
2 ,4 9 4 ,2 7 8
2 1 2 ,3 8 9
1 ,5 7 9 ,7 5 8
2 ,1 4 7 ,0 2 3
9 ,9 1 4 ,5 0 5
2 4 ,4 5 3
6 0 4 ,1 8 7
5 5 ,6 4 2
1 0 9 ,4 2 5
9 7 7 ,9 8 8
5 2 ,0 9 5
4 2 7 ,0 7 7
8 5 ,5 9 3
2 ,1 6 5 ,5 7 5
3 8 ,1 7 3
4 7 5 ,2 5 4
7 2 ,7 8 5
5 4 ,4 5 9
4 0 9 ,8 4 9
9 ,4 6 6
1 9 0 ,1 9 5
2 5 3 ,0 5 9
1 ,0 6 4 ,7 5 5
7 6 ,5 7 7
1 8 4 ,5 3 0
8 1 ,7 5 9
7 3 ,2 0 7
4 3 7 ,4 9 7
5 1 ,5 9 5
5 4 5 ,4 5 5
1 1 0 ,8 1 9
1 ,2 0 8 ,2 5 9
6 5 ,8 0 2
2 5 9 ,5 8 0
4 3 ,9 1 2
1 5 6 ,6 2 2
4 2 4 ,5 7 3
4 4 ,1 7 4
2 6 1 ,8 1 5
2 5 8 ,5 8 4
1 ,1 0 9 ,8 5 3
4 3 ,7 2 2
5 3 ,7 5 8
1 2 5 ,9 7 7
5 5 ,4 0 0
2 3 1 ,2 4 9
2 5 ,6 1 8
2 2 9 ,1 4 7
2 2 ,3 0 8
8 6 1 ,8 2 3
5 6 ,8 5 9
6 1 ,4 6 6
5 9 ,0 6 0
2 8 ,7 7 5
1 8 6 ,2 9 0
7 ,4 2 5
8 3 ,9 8 5
1 0 8 ,5 3 9
5 0 8 ,2 0 3
5 4 ,3 9 9
5 8 ,9 8 6
2 1 ,2 9 1
1 5 ,7 5 3
5 8 1 ,2 4 7
2 2 ,7 2 2
2 0 1 ,7 7 8
5 6 ,4 8 5
8 0 5 ,5 3 2
6 7 ,5 4 2
1 5 7 ,1 5 5
3 6 ,8 4 4
5 4 ,9 2 9
3 5 7 ,5 1 0
5 ,5 1 1
1 7 6 ,5 0 9
2 0 1 ,6 8 7
6 9 8 ,0 6 6
3 3 ,6 8 4
5 5 ,4 5 2
1 8 ,9 1 5
1 1 ,1 0 2
5 4 8 ,1 8 8
22*056
1 7 8 ,4 7 2
5 0 ,0 2 9
7 2 2 ,5 1 5
6 4 ,2 8 9
1 5 7 ,4 1 9
2 7 ,2 4 1
2 5 ,4 9 9
2 8 9 ,0 2 2
4 ,3 9 7
1 2 1 ,8 0 6
1 6 5 ,0 7 0
5 7 2 ,1 1 6
2 4 ,5 3 6
1 4 7 ,1 6 6
1 2 ,5 5 0
5 6 8 ,4 2 7
5 ,7 2 7
2 2 ,4 6 6
1 7 2 ,0 7 2
1 3 ,6 4 1
6 9 0 ,3 7 9
3 ,7 5 1
3 ,1 3 0
8 4 ,5 9 2
1 ,0 7 6
4 5 ,6 1 0
956
576
9 ,8 4 1
785
9 ,5 0 0
595
8 ,9 4 9
3 4 ,1 8 6
1 9 ,5 9 6
1 4 ,8 1 3
5 ,3 2 1
6 ,5 8 7
9 ,7 5 6
9 ,6 9 2
9 ,2 8 2
2 ,4 6 9
3 3 5 ,3 5 7
1 ,0 6 7 ,1 5 9
1 ,8 9 5
4 ,0 5 0
893
2 4 3 ,5 0 6
4 7 4 ,2 4 3
977
5 ,4 6 5
676
5 2 0 ,9 4 7
6 7 ,5 7 1
1 ,6 0 0
5 ,5 6 6
1 ,5 8 8
1 2 9 ,8 5 4
5 4 ,5 4 9
853
5 ,4 7 0
1 ,5 4 7
2 9 2 ,1 6 5
6 5 ,7 1 7
1 ,5 8 4
5 ,1 9 7
899
1 1 8 ,5 2 8
5 0 ,5 0 7
755
5 ,2 5 6
668
1 5 ,4 5 4
1 0 ,2 9 2
123
1 5 ,0 1 4
1 0 ,8 0 7
4 ,2 1 8
52
1 8 ,8 1 7
505
2 ,5 1 3
5
1 2 ,9 8 1
227
249
12
1 ,5 8 8
1 ,1 4 5
1 2 ,9 5 8
442
5 ,5 1 9
471
5 ,2 6 3
62
2 ,7 4 2
1 ,1 7 7
5 ,7 3 3
270
1 4 ,1 9 9
676
554
74
5 ,4 7 5
466
5 ,2 6 2
1 ,5 3 3
4 ,6 7 3
208
1 ,5 5 9
15
3 ,5 7 2
236
4 ,9 7 7
1 ,5 3 1
4 ,5 1 7
157
1 , 550
15
3 ,0 2 4
25
26
27
28
845
849
7 9 6 ,9 6 4
255
427
9 5 6 ,8 6 4
274
175
1 5 1 ,5 9 1
12
18
2 2 ,8 0 4
672
1 ,7 8 0
1 0 1 ,5 8 1
179
425
4 6 ,7 0 8
423
522
1 ,4 2 9 ,4 5 9
94
150
7 2 9 ,6 6 9
770
159
4 0 9 ,7 5 5
58
175
1 7 5 ,2 1 8
758
148
5 7 5 ,5 2 8
55
171
1 5 8 ,2 8 4
29
50
51
1 6 ,9 3 3
5 5 ,6 1 8
4 7 ,5 8 8
5 7 ,6 4 9
2 6 ,8 8 4
5 ,0 8 8
1 0 2 ,8 5 0
1 1 8 ,8 6 9
353
1 0 0 ,9 9 2
289
884
1 7 ,8 1 5
6 0 ,4 9 0
4 4 ,4 1 2
5 4 ,4 4 2
5 0 ,9 9 6
1 9 ,1 8 5
2 1 3 ,5 4 1
1 9 9 ,7 1 2
168
1 5 5 ,6 8 4
294
3 ,8 4 5
2 ,1 3 9
1 ,1 4 5
2 ,7 1 1
1 ,3 9 3
1 ,0 8 1
195
2 3 ,0 6 9
1 1 ,7 5 5
56
4 ,8 8 9
1 5 ,5 8 6
89
429
569
1 ,4 1 0
357
402
986
1 3 ,3 0 9
2 ,9 7 9
5
3 ,3 4 1
3 ,7 4 5
146
8 ,7 5 5
2 ,4 0 4
1 0 ,2 8 5
2 ,0 5 1
1 ,0 3 0
2 ,2 3 4
9 ,0 6 3
6 ,1 5 2
82
5 ,2 8 5
563
492
5 ,9 8 3
1 ,8 1 2
5 ,5 2 1
1 ,2 1 2
909
1 1 ,5 2 4
1 2 ,6 1 6
4 ,4 2 7
5
3 ,5 8 2
206
823
2 6 4 ,3 5 4
8 6 6 ,2 5 9
5 8 ,8 2 3
6 ,0 9 5
8 ,8 6 0
2 ,9 0 8
4 ,1 5 9
2 0 ,0 3 3
269
2 6 ,4 3 5
81
311
1 9 7 ,6 6 1
4 1 3 ,7 8 9
5 6 ,8 9 1
5 ,2 5 3
5 ,9 0 0
6 ,5 4 8
4 ,1 4 9
1 0 ,8 5 0
49
1 2 ,5 2 2
44
367
2 3 3 ,4 9 5
1 8 ,8 5 1
1 0 ,5 2 7
1 1 ,9 8 1
6 ,4 8 7
1 ,1 7 1
4 ,9 1 0
8 ,7 4 8
55
1 5 ,7 0 6
807
130
1 0 4 ,4 0 7
2 1 ,0 9 3
7 ,8 5 3
2 ,4 8 9
2 ,8 1 1
1 ,2 4 1
0 ,0 6 2
6 ,7 3 2
16
9 ,9 0 1
791
548
2 1 1 ,7 6 3
1 7 ,0 9 2
9 ,4 5 6
1 1 ,8 0 7
6 ,0 8 4
1 ,1 0 7
4 ,4 7 1
7 ,9 0 5
48
1 5 ,6 2 2
524
118
9 4 ,8 5 2
1 8 ,6 5 4
7 ,0 5 4
2 ,5 4 5
2 ,5 7 9
1 ,1 1 6
6 ,7 5 8
5 ,7 7 9
12
8 ,5 7 5
112
516
52
55
54
55
56
57
58
59
40
41
42
45
1 ,1 7 1
1 7 6 ,8 1 4
6 6 9 ,9 8 2
1 2 6 ,9 8 1
1 2 6 ^ 2
1 7 ,6 1 3
266
1 7 ,8 7 9
1 0 9 ,1 0 2
4 1 ,2 2 1
3 0 1 ,2 0 3
1 ,1 6 2 ,8 0 6
3 6 /2 2 5 ,9 4 2
3 5 /2 2 6 .3 7 0
1 ,4 7 3
1 0 ,0 3 4
3 8 ,9 6 4
3 6 /1 6 ,1 6 0
3 6 /1 6 .1 7 8
3 6 /2 3 .2 9 5
296
1 0 1 ,1 7 1
1 ,3 6 0 ,0 5 5
6 9 ,4 0 4
6 9 ,0 8 2
1 0 ,5 2 2
437
'1 0 , 9 5 9
5 8 ,4 4 5
648
7 1 ,6 3 4
7 6 4 ,2 8 6
3 6 /5 4 ,6 1 8
3 6 /5 4 .7 6 8
3 6 /1 6 .1 6 0
358
2 6 ,5 3 4
7 3 ,0 8 8
2 8 ,2 9 2
2 6 ,5 1 3
2 ,6 4 5
27
2 ,6 7 2
2 5 ,6 2 1
5 ,6 2 2
1 7 ,9 6 1
7 0 ,0 0 3
3 6 /2 3 ,2 9 5
3 6 /2 3 .7 2 0
3 6 /2 2 5 ,9 4 2
132
9 ,7 6 9
7 3 ,9 8 6
7 7 ,6 0 5
7 7 ,4 5 2
1 2 ,4 4 1
20
1 2 ,4 6 0
6 5 ,1 4 5
167
5 7 ,4 6 8
5 7 0 ,3 0 4
3 9 ,4 3 2
3 9 ,2 7 3
5 ,5 0 6
129
5 ,6 3 5
3 3 ,7 9 6
6 9 ,5 2 5
206
6 ,2 0 0
148
7 1 ,5 9 5
35
943
-
2 2 ,7 6 7
231
2 ,1 5 4
12
2 6 ,3 2 2
462
1 -1 9 0
•
—
-
-
—
—
3 6 /3 4 .6 1 8
2 1 ,6 6 4
117
1 ,2 1 7
5 3 ,0 7 0
2 0 0 ,0 3 2
5 6 /2 4 ,8 1 4
3 6 /2 4 .9 8 7
—
3 6 /2 4 ,8 1 4
1 ,2 3 1
19
153
5 5 ,1 2 9
5 3 9 ,0 8 0
5 6 ,2 4 8
3 6 ,1 0 0
5 ,0 3 2
120
5 ,1 5 2
3 1 ,0 9 7
1 9 ,6 9 8
75
822
5 0 ,5 2 5
1 7 9 ,0 3 8
3 6 /2 0 ,7 5 4
3 6 /2 0 ,9 2 5
—
—
3 g /2 0 ,7 5 4
930
19
12
15
14
IS
16
17
18
19
20
21
22
25
24
44
45
46
47
48
49
SO
SI
52
55
54
T a b le 1 . - C o r p o r a t i o n r e t u r n s w i t h b a la n c e s h e e t s , 1 9 3 9 , b y m a jo r i n d u s t r i a l g ro u p s a n d b y r e t u r n s w i t h n e t In c o m e a n d w i t h n o n e t in c o m e \ / t
N um ber o f r e t u r n s , a s s e t s a n d l i a b i l i t i e s a s o f
D ecem b er 3 1 , 1 9 3 9 , o r c l o s e o f f i s c a l y e a r n e a r e s t t h e r e t o , c o m p ile d r e c e i p t s a n d c o m p ile d d e d u c t i o n s , c o m p ile d n e t p r o f i t o r l o s s , n e t in c o m e o r d e f i c i t , In c o m e t a x , ( d e c l a r e d T a l u s )
e x c e s s - p r o f i t s t a x , t o t a l t a x , a n d d iv id e n d s p a i d - C o n tin u e d
(H o n e y f i g u r e s i n t h o u s a n d s o f d o l l a r s )
M a jo r i n d u s t r i a l g ro u p s 2 / A g ric u ltu re , f o r e s tr y ,
F o re s try
N e t in c o m e
1
2
5
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
50
51
52
53
34
55
56
37
58
39
40
41
42
45
44
45
46
47
48
49
50
51
52
55
54
N u m b e r o f r e t u r n s w i t h b a l a n c e s h e e t s l’ l
A s s e ts >
C ash 6 /
N o te s a n d a c c o u n ts r e c e i v a b l e ( l e s s
r e s e rv e f o r b ad d e b ts )
In v e n to rie s
I n v e s tm e n ts , G o v e rn m e n t o b l i g a t i o n s 9 /
O th e r in v e s tm e n ts
N et c a p ita l a s s e ts 1 0 /
O th e r a s s e t s
/
T o ta l a s s e ts 1 2 /
lia b ilitie s »
A c c o u n ts p a y a b le
B o n d s, n o t e s , m o rtg a g e s p a y a b le
M a tu rity l e s s th a n 1 y e a r
M a t u r i t y 1 y e a r o r m o re
O th e r l i a b i l i t i e s
C a p ita l s to c k , p re fe rre d
C a p i t a l s t o c k , com m on
S u rp lu s r e s e r v e s 1 5 /
S u rp lu s an d u n d iv id e d p r o f i t s 1 4 /
le a s d e f ic it 1 5 /
T o ta l l i a b i l i t i e s 1 2 /
R e c e ip ts , ta x a b le t
O ro ss s a le s 1 6 /
C r o s s r e c e i p t s trem o p e r a t i o n s 1 7 /
In te re s t
B e n ts an d r o y a l t i e s 1 8 /
N e t c a p i t a l g a i n 1 9 /~ ~ ^
N et g a in , s a le o f p ro p e rty o th e r th a n
c a p ita l a s s e ts 2 0 /
D iv id e n d s , d o m e s tic c o r p o r a tio n s 2 1 /
D iv id e n d s , f o r e ig n c o r p o r a tio n s 2 2 /
O th e r r e c e i p t s
R e c e ip ts , p a r t i a l l y a n d w h o lly ta x -e x e m p t
I n t e r e s t o n G o v e rn m e n t o b l i g a t i o n s !
S u b je c t t o e x c e s s - p r o f its t a x 2 3 /
W h o lly ta x - e x e m p t 2 4 /
T o t a l c o m p ile d r e c e i p t s 2 5 /
D e d u c tio n s !
C o st o f goods so ld 2 6 /
C o st o f o p e ra tio n s 2 7 /
C o m p e n s a tio n o f o f f i c e r s
R e n t p a id o n b u s in e s s p ro p e rty
R e p a irs 2 8 /
B ad d e b ts
I n t e r e s t p a id
T ax es p a id 2 9 /
C o n trib u tio n s o r g i f t s 5 0 /
D e p re c ia tio n
D e p le tio n
N et c a p ita l lo s s 1 9 /
N e t lo s s , s a le o f p ro p e rty o th e r th a n
c a p ita l a s s e ts 2 0 /
O th e r d e d u c tio n s S i /
T o t a l c o m p ile d d e d u c tio n s
C o m p ile d n e t p r o f i t o r n e t l o s s ( 3 1 l e s s 4 6 )
N e t in c o m e o r d e f i c i t 1 / ( 4 7 l e s s 5 0 )
In o o m e t a x
(D e c la re d v a lu e ) e x c e s s - p r o f its t a x
T o ta l ta x
C o m p ile d n e t p r o f i t l e s s t o t a l t a x ( 4 7 l e s s 5 1 )
D iv id e n d s p a id !
C a s h a n d a s s e t s o t h e r t h a n c o r p o r a t i o n 's
a m s to c k
C o r p o ration18 own stock
11
1
1
For footnotes, see pages 19 and 20*
and fis h e ry
-
C o n tin u e d
C o n tin u e d
F is h e ry
No n e t
in c o m e
N e t in c o m e
No n e t
in c o m e
N a tu re o f b u s in e s s
n o t a llo c a b le , ex c e p t
tra d e
N e t in c o m e
No n e t
in o o m e
95
287
93
215
724
2 ,1 8 5
1
2 ,8 0 3
1 ,6 8 9
974
484
1 0 ,5 2 9
8 ,1 5 9
2
4 ,9 8 8
2 ,6 9 7
393
5 ,7 0 0
3 6 ,9 6 0
9 ,3 6 1
6 2 ,9 0 2
6 ,5 5 6
590
188
1 6 ,4 7 5
8 3 ,4 5 1
2 ,0 5 2
1 1 1 ,0 0 0
2 ,2 7 1
2 ,1 7 9
209
4 ,1 2 8
7 ,9 1 6
437
1 8 ,1 1 5
1 ,6 0 7
957
27
1 ,2 5 5
1 0 ,0 1 4
646
1 4 ,9 5 0
2 4 ,1 6 2
8 ,1 9 6
2 ,4 1 2
5 7 ,5 6 5
4 0 ,3 5 9
2 ,5 8 7
1 2 5 ,8 1 0
5 8 ,9 1 5
6 ,2 9 7
1 ,5 5 2
4 7 ,5 3 5
1 1 7 ,4 0 6
2 3 ,9 0 2
2 4 3 ,7 4 7
1 8 ,9 6 6
1 1 ,4 7 0
2 ,1 7 8
5 ,5 9 0
1 1 ,5 6 3
5 2 ,8 6 0
279
2 ,4 5 3
2 ,1 2 8
835
2 7 ,6 8 3
524
1 5 ,6 9 6
5 ,4 6 2
6 2 ,9 0 2
2 ,5 8 0
1 7 ,8 5 9
9 ,2 6 6
8 ,9 2 3
4 1 ,4 7 1
641
5 1 ,0 7 1
5 2 ,0 8 1
1 1 1 ,0 0 0
436
1 ,0 8 1
250
1 ,8 1 6
5 ,3 7 5
362
7 ,6 1 0
994
1 8 ,1 1 5
673
1 ,8 5 6
537
506
6 ,8 1 8
273
3 ,4 3 2
4 ,5 5 6
1 4 ,9 5 0
5 ,3 7 4
9 ,9 0 3
5 ,2 5 8
3 ,8 9 0
6 1 ,6 0 2
2 ,5 2 0
4 7 ,0 3 4
2 1 ,3 3 4
1 2 5 ,8 1 0
2 7 ,2 6 1
4 1 ,4 2 1
1 8 ,4 9 7
5 5 ,5 4 2
1 9 0 ,9 4 5
4 ,1 8 2
9 4 ,9 9 4
2 0 1 ,9 5 5
2 4 3 ,7 4 7
1 0 ,4 8 5
1 ,5 9 2
189
153
676
4 ,3 9 2
1 ,1 2 7
76
175
552
1 8 ,3 0 1
2 ,2 6 2
26
36
13
7 ,1 1 4
2 ,9 1 5
5
42
147
5 5 ,2 1 0
8 ,8 8 9
765
1 ,6 9 8
706
2 2 ,6 5 1
5 ,8 9 8
589
1 ,1 4 9
256
206
257
1
184
29
8
22
(5 2 )
308
22
29
(5 2 )
172
40
245
1 ,1 1 1
15
1 ,5 6 7
183
280
31
844
11
2
1 5 ,5 5 6
2
1
6 ,6 4 8
1
9
2 0 ,8 7 1
1
(5 2 )
1 0 ,2 8 6
44
52
7 0 ,0 6 4
19
14
5 1 ,6 9 5
29
SO
31
6 ,5 7 5
647
285
22
74
8
361
587
6
1 ,6 2 1
483
8
3 ,5 9 3
555
401
65
67
44
1 ,0 8 7
795
5
473
678
27
1 5 ,5 5 7
1 ,1 1 2
588
152
329
56
78
257
1
463
(5 2 )
5
5 ,9 8 2
1 ,9 0 4
417
79
565
81
217
158
1
855
1
5
4 3 ,7 2 5
3 ,9 2 2
2 ,9 5 4
901
547
394
651
1 ,5 9 8
15
1 ,4 6 4
162
36
1 9 ,3 1 1
2 ,8 5 8
1 ,9 2 9
694
583
1 ,7 5 5
1 ,8 1 9
1 ,4 5 5
4
1 ,6 1 7
52
157
32
S3
34
35
36
57
58
59
40
41
42
45
6
867
1 1 ,5 4 7
2 ,1 8 9
2 ,1 8 7
522
6
528
1 ,8 6 1
278
1 ,4 8 7
9 ,5 5 5
3 6 /2 ,9 0 7
3 6 /2 .9 0 9
117
1 ,2 6 0
1 1 ,4 3 9
5 6 /1 ,1 5 5
3 3 /1 ,1 5 5
26
8 ,6 4 7
6 5 ,0 4 2
5 ,0 4 1
5 ,0 0 9
670
16
686
4 ,5 5 5
725
6 ,5 7 5
5 9 ,2 8 9
5 6 /7 ,5 9 6
3 6 /7 ,6 1 0
44
45
46
47
48
49
3 § /2 ,9 0 7
7
1 ,4 7 2
1 9 ,8 7 7
994
985
153
5
156
838
1 ,7 2 9
40
289
-
237
2
11
-
2,564
1 ,0 1 4
49
9
-
•
•
•
3 6 /1 ,1 5 3
•
5 6 /7 ,5 9 6
5
4
5
6
7
8
9
10
11
12
IS
14
15
16
17
18
19
20
21
22
28
24
25
26
27
28
50
51
52
55
54
T a b le
2. -
C o rp o ra tio n r e tu r n s w ith b a la n c e s h e e ts , 1 9 3 9 , b y t o t a l a s s e t s c l a s e e s t
N um ber o f r e t u r n s , a s s e t s a n d l i a b i l i t i e s a e o f D ecem b er 5 1 , 1 9 5 9 , o r c l o s e
o f f i s c a l y e a r n e a r e s t t h e r e t o , c o m p ile d r e c e i p t s a n d c o m p ile d d e d u c t i o n s , c o m p ile d n e t p r o f i t o r n e t l o s s , n e t in o o m e o r
d e f i c i t , ln c c s M t a x , ( d e c l a r e d v a l u e ) e x c e s s - p r o f i t s t a x , t o t a l t a x , a n d d i v i d e n d s p a i d
( T o t a l a s s e t s c l a s s e s a n d M oney f i g u r e s i n
th o u s a n d s o f d o l l a r s )
T o ta l a s s e ts c la s s e s 1 2 /
T o ta l
1
2
5
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
22
25
. 24
1 25
s
l 26
27
28
29
50
31
52
33
54
55
56
37
38
59
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
N um ber o f r e t u r n s w i t h b a l a n c e s h e e t s 2 /
A s s e ts t
C adi 8 /
N o te s a n d a c c o u n ts r e c e i v a b l e ( l e s s
re s e rv e f o r b ad d e b ts )
In v e n to rie s
I n v e s tm e n ts , G o v e rn m e n t o b l i g a t i o n s 9 /
O th e r in v e s tm e n ts
N et c a p ita l a s s e ts 1 0 /
O th e r a s s e t s 1 1 /
T o ta l a s s e ts A S /
L ia b ilitie s «
A c c o u n ts p a y a b le
B o n d s, n o t e s , M o rtg a g e s p a y a b le «
U a tu rlty le s s th a n 1 y e a r
M a t u r i t y 1 y e a r o r m o re
O th e r l i a b i l i t i e s
C a p ita l s to c k , p re fe rre d
C a p i t a l s t o c k , com non
S u rp lu s r e s e r v e s 1 5 /
S u rp lu s an d u n d iv id e d p r o f i t s 1 4 /
L ess d e f ic it 1 5 /
T o ta l l i a b i l i t i e s 1 2 /
R e c e ip ts , ta x a b le *
O ro ss s a le s 1 6 /
G ro ss r e c e i p t s fro m o p e r a tio n s 1 7 /
In te re s t
R e n ts a n d r o y a l t i e s 1 8 /
N e t c a p i t a l g a i n V i/
N e t g a in , s a le o f p r o p e r ty o th e r th a n
c a p ita l a s s e ts 2 0 /
D iv id e n d s , d o m e s tic c o r p o r a tio n s 2 1 /
D iv id e n d s , f o r e i g n c o r p o r a tio n s 2 2 /
O th e r r e c e i p t s
R e c e i p t s , p a r t i a l l y a n d w h o lly ta x -e x e m p t«
I n t e r e s t o n G ove m i e n t o b lig a tio n s «
S u b je c t to e x c e s s - p r o f its t a x 2 5 /
W h o lly ta x - e x e m p t 2 4 /
T o ta l c o m p ile d r e c e i p t s 2 5 /
D e d u c tio n s «
C o st o f g o o d s s o ld 2 6 /
C o st o f o p e ra tio n s 2 7 /
C o m p e n s a tio n o f o f f i c e r s 3 5 /
R en t p a id on b u s in e s s p ro p e rty
R e p a irs 2 8 /
B ad d e b ts
I n t e r e s t p a id
T ax es p a id 2 9 /
C o n trib u tio n s o r g i f t s 5 0 /
D e p re c ia tio n
D e p le tio n
N et c a p ita l lo s s ¿ 2 /
N e t l o s s , s a le o f p r o p e r ty o th e r th a n
c a p ita l a s s e ts 2 0 /
O th e r d e d u c tio n s 5 1 / $ 4 /
T o ta l c o m p ile d d e d u c tio n s 5 5 /
C o m p ile d n e t p r o f i t o r n e t l o s s ( 3 1 l e s s 4 6 )
N e t in c o m e o r d e f i c i t A / ( 4 7 l e s s 3 0 )
In co m e t a x
(D e c la re d v a lu e ) e x c e s s - p r o f i t s t a x
T o ta l ta x
C o e p ile d n e t p r o f i t l e s s t o t a l t a x (4 7 l e s s 5 1)
D iv id e n d s p a id «
C ash an d a s s e t s o th e r th a n
c o r p o r a t i o n 's o u n s to c k
C o r p o r a t i o n 's ow n s t o c k
T o r f o o t n o t e s , s e e p a g e s 19 and 2 0 -
U n d er 50
SO u n d e r 1 0 0
100 u n d er
250
250 u n d e r
500
500 u n d e r
1 ,0 0 0
1 ,0 0 0 u n d e r
5 ,0 0 0
5 ,0 0 0 u n d e r
1 0 ,0 0 0
1 0 ,0 0 0 u n d e r
5 0 ,0 0 0
5 0 ,0 0 0 u n d e r
1 0 0 ,0 0 0
1 0 0 ,0 0 0 a n d
over
4 1 2 ,7 5 9
2 2 6 ,8 7 7
6 0 ,2 5 6
5 8 ,1 1 9
2 7 ,4 4 7
1 7 ,2 3 2
1 7 ,5 3 7
2 ,5 3 7
2 ,2 1 7
342
595
1
5 4 ,0 5 3 ,5 5 2
3 3 6 ,6 7 5
2 7 6 ,5 4 5
6 2 2 ,3 1 8
8 1 2 ,1 6 3
1 ,2 2 7 ,5 5 5
4 ,1 4 4 ,3 5 6
2 ,0 5 1 ,3 6 8
5 ,4 8 5 ,2 6 1
2 ,4 3 8 ,1 7 5
1 6 ,6 7 9 ,1 6 2
2
5 9 ,4 5 0 ,5 1 8
1 7 ,7 1 8 ,0 9 0
2 7 ,5 5 2 ,5 4 7
8 1 ,1 5 4 ,8 9 1
1 0 0 ,2 2 6 ,0 9 7
6 ,8 4 5 ,6 1 0
3 0 6 ,8 0 1 ,3 0 6
9 6 9 ,0 1 0
7 4 3 ,5 3 8
1 2 ,5 0 9
1 8 6 ,1 5 8
1 ,7 3 9 ,2 1 8
1 5 3 ,8 4 2
4 ,1 4 0 ,9 2 7
9 3 3 ,3 8 0
6 6 1 ,3 5 5
2 3 ,3 6 4
2 4 7 ,7 5 3
2 ,0 1 1 ,2 1 6
1 3 8 ,4 3 8
4 ,2 9 2 ,0 4 8
1 ,9 2 1 ,6 7 1
1 ,2 4 5 ,9 5 5
1 2 2 ,8 6 6
7 1 5 ,7 5 4
4 ,2 8 7 ,1 9 6
2 7 4 ,5 4 9
9 ,1 8 8 ,2 8 9
2 ,0 6 4 ,0 6 5
1 ,1 3 0 ,2 8 7
2 7 9 ,5 9 2
1 ,0 2 2 ,8 9 0
4 ,0 9 1 ,6 6 0
2 4 8 ,4 0 8
9 ,6 4 8 ,8 6 6
2 ,4 8 5 ,5 0 1
1 ,2 3 9 ,7 4 7
5 5 4 ,4 7 3
1 ,5 5 9 ,9 2 1
4 ,6 9 8 ,5 5 0
2 9 0 ,0 2 5
1 2 ,0 5 5 ,5 5 2
6 ,7 7 0 ,4 4 0
5 ,1 4 0 ,2 5 5
2 ,4 2 2 ,4 3 8
6 ,4 6 4 ,8 9 7
1 2 ,4 0 4 ,4 1 2
8 0 3 ,0 7 5
3 6 ,1 4 9 ,8 5 2
2 ,7 7 2 ,9 5 5
1 ,2 4 5 ,5 7 5
1 ,3 6 4 ,0 1 0
3 ,7 9 9 ,8 0 7
5 ,9 9 2 ,1 3 2
4 0 9 ,3 3 2
1 7 ,6 1 3 ,1 6 0
6 ,1 8 6 ^ 1 4 7
5 ,0 0 6 ,8 5 3
3 ,7 4 7 ,1 2 8
1 1 ,4 0 8 ,8 2 1
1 4 ,8 8 7 ,0 7 3
1 ,0 4 3 ,8 7 4
4 5 ,7 6 7 ,1 5 7
2 ,5 2 8 ,5 6 9
1 ,3 4 3 ,6 9 8
1 ,6 6 6 ,1 7 4
5 ,7 7 1 ,5 4 7
9 ,2 4 8 ,3 8 2
7 4 4 ,0 2 2
2 5 ,7 4 0 ,5 6 5
1 2 ,8 1 8 ,9 9 9
3 ,9 6 0 ,8 3 1
1 7 ,1 6 0 ,1 9 3
4 9 ,9 7 9 ,3 8 2
4 0 ,8 6 6 ,2 7 8
2 ,7 4 0 ,0 4 5
1 4 4 ,2 0 4 ,8 9 1
3
4
5
6
7
8
9
1 4 ,5 0 5 ,7 7 1
1 ,1 3 8 ,1 6 8
7 5 5 ,2 8 9
1 ,2 8 3 ,1 8 8
9 6 8 ,2 5 8
9 8 0 ,6 1 6
2 ,2 8 9 ,2 4 5
8 9 7 ,8 4 5
1 ,9 0 5 ,0 4 7
8 4 9 ,4 8 8
3 ,4 4 2 ,6 8 3
10
8 ,0 2 7 ,0 2 9
4 9 ,3 8 8 ,1 5 6
9 8 ,0 1 6 ,5 1 9
1 7 ,2 5 5 ,3 0 2
7 3 ,4 8 1 ,9 0 4
7 ,8 4 7 ,2 3 1
5 1 ,3 0 1 ,9 8 5
1 5 ,0 2 2 ,3 9 0
3 0 6 ,8 0 1 ,3 0 6
4 7 7 ,0 5 5
7 3 5 ,U O
5 1 7 ,2 4 2
1 8 1 ,2 2 5
2 ,6 2 2 ,1 7 7
3 0 ,6 0 1
5 5 0 ,2 8 3
1 ,9 1 0 ,9 1 3
4 ,1 4 0 ,9 2 7
5 7 0 ,6 1 7
8 5 3 ,4 7 4
2 5 8 ,8 1 8
1 7 6 ,0 1 3
1 ,9 1 0 ,1 6 5
5 6 ,6 1 4
6 8 6 ,6 5 6
7 S 5 ,5 7 5
4 ,2 9 2 ,0 4 8
6 7 0 ,2 4 1
1 ,9 3 6 ,6 8 6
7 7 1 ,2 3 6
4 5 7 ,6 5 5
5 ,5 8 3 ,5 8 4
9 6 ,3 1 2
1 ,6 6 4 ,1 9 5
1 ,2 7 4 ,7 8 7
9 ,1 8 8 ,2 8 9
6 2 1 ,2 7 6
1 ,8 1 9 ,5 4 5
1 ,4 3 0 ,7 8 7
5 5 7 ,7 2 1
3 ,2 3 8 ,4 4 4
1 2 4 ,3 3 5
1 ,8 9 7 ,0 8 4
1 ,0 0 8 ,3 8 4
9 ,6 4 8 ,8 6 6
6 7 8 ,2 0 7
2 ,0 1 2 ,2 0 9
2 ,5 0 6 ,2 2 4
7 2 5 ,4 2 0
3 ,6 1 2 ,4 4 0
2 0 0 ,3 7 2
2 ,5 2 0 ,2 0 5
1 ,1 8 0 ,1 4 1
1 2 ,0 5 5 ,5 5 2
1 ,4 9 3 ,1 9 5
5 ,2 3 2 ,2 4 5
9 ,2 5 1 ,2 2 7
2 ,3 0 4 ,9 7 7
9 ,2 6 7 ,8 0 7
7 7 4 ,2 9 5
7 ,8 3 3 ,5 8 9
2 ,2 9 6 ,7 2 6
5 6 ,1 4 9 ,8 5 2
5 4 7 ,5 5 9
2 ,6 4 5 ,4 1 1
4 ,7 2 6 ,6 5 2
1 ,1 2 9 ,3 9 1
4 ,2 4 3 ,4 7 6
4 6 2 ,1 1 1
4 ,0 0 6 ,6 7 2
1 ,0 4 5 ,9 5 8
1 7 ,6 1 3 ,1 6 0
9 3 5 ,2 1 ?
6 ,9 7 1 ,8 4 4
1 2 ,8 4 0 ,8 6 6
3 ,2 8 2 ,3 4 3
1 0 ,3 6 8 ,9 8 7
1 ,5 0 8 ,5 7 0
9 ,5 4 7 ,0 4 7
1 ,5 9 0 ,7 6 5
4 5 ,7 6 7 ,1 5 7
4 1 6 ,1 7 2
5 ,2 5 2 ,3 9 4
5 ,9 7 6 ,7 5 2
1 ,9 0 5 ,8 2 4
5 ,U 7 , 560
8 9 4 ,2 4 9
4 ,0 8 1 ,8 5 3
7 5 2 ,7 0 2
2 5 ,7 4 0 ,5 6 5
1 ,8 1 7 ,5 0 9
2 1 ,9 2 9 ,4 4 2
5 9 ,9 3 7 ,5 1 4
6 ,5 3 4 ,7 5 8
2 9 ,5 1 7 ,2 6 6
3 ,7 1 9 ,7 7 1
1 8 ,5 1 4 ,4 4 1
1 ,2 0 8 ,4 3 8
1 4 4 ,2 0 4 ,8 9 1
U
12
IS
14
IS
16
17
18
19
1 0 0 ,0 5 9 ,9 4 3
2 1 ,5 6 0 ,7 2 5
2 ,4 0 5 ,2 9 5
2 ,2 0 7 ,2 5 3
2 0 5 ,8 6 0
7 ,6 3 0 ,0 2 6
1 ,7 9 5 ,0 1 1
1 4 ,8 8 7
1 5 1 ,7 8 8
7 ,3 3 0
5 ,7 4 7 ,9 0 7
9 2 1 ,7 5 1
1 5 ,6 7 8
1 3 6 ,1 5 1
4 ,2 9 6
9 ,6 7 8 ,4 3 9
1 ,4 0 9 ,6 9 3
4 8 ,1 7 1
2 7 6 ,8 5 4
7 ,9 2 9
7 ,7 8 9 ,4 9 2
1 ,1 0 7 ,2 3 8
7 1 ,7 9 1
2 2 6 ,7 9 6
7 ,4 5 3
7 ,9 5 2 ,0 6 4
9 7 0 ,3 6 8
1 0 2 ,7 8 9
2 1 6 ,9 9 4
1 1 ,0 7 1
1 7 ,6 7 5 ,2 9 2
2 ,1 7 0 ,2 8 8
3 1 5 ,2 3 5
4 1 8 ,5 9 2
5 6 ,6 9 1
6 ,4 9 9 ,2 3 3
9 9 3 ,8 7 8
1 3 1 ,6 3 6
1 5 0 ,9 8 1
1 8 ,1 7 3
1 4 ,8 9 1 ,0 6 1
5 ,1 4 1 ,9 9 4
3 0 7 ,5 6 1
2 1 5 ,O U
3 3 ,8 1 1
5 ,3 6 3 ,9 2 4
1 ,7 1 8 ,4 7 5
1 4 4 ,5 4 9
9 6 ,5 0 8
1 2 ,8 5 5
1 6 ,8 3 4 ,5 0 5
7 ,3 3 2 ,0 5 0
1 ,2 5 2 ,9 9 9
3 1 7 ,5 7 7
6 6 ,2 5 3
20
21
22
23
24
1 0 7 ,9 5 7
1 ,8 6 0 ,4 5 4
2 4 6 ,9 7 9
9 7 7 ,8 5 9
9 ,9 4 1
4 ,4 0 1
376
8 2 ,5 4 3
6 ,5 4 7
5 ,4 2 6
64
6 4 ,0 7 4
1 0 ,3 5 2
1 3 ,9 2 3
1 ,3 1 9
1 1 0 ,8 5 6
1 5 ,2 0 4
1 9 ,3 9 5
902
8 6 ,9 0 2
1 4 ,2 0 2
3 3 ,4 2 7
1 ,4 9 1
8 8 ,9 2 8
2 4 ,2 6 3
1 6 5 ,2 7 9
1 1 ,2 8 1
1 9 6 ,2 1 0
8 ,2 9 0
9 0 ,9 3 6
7 ,2 2 3
8 4 ,8 1 4
9 ,4 9 6
3 1 8 ,7 4 9
4 5 ,2 8 1
1 2 8 ,5 4 1
4 ,9 5 5
1 6 5 ,5 8 8
4 1 ,8 0 4
4 5 ,5 1 6
4 ,6 8 7
1 ,0 4 5 ,5 3 2
1 5 7 ,2 3 7
8 9 ,4 7 5
25
26
27
28
5 1 5 ,3 4 4
4 3 7 ,2 9 1
1 5 0 ,3 6 4 ,9 4 0
182
228
9 ,6 9 6 ,7 1 2
326
297
6 ,9 0 0 ,4 9 8
2 ,0 0 9
1 ,5 8 9
1 1 ,5 6 1 ,1 3 5 ,
4 ,4 4 5
5 ,4 8 2
9 ,3 5 5 ,0 9 9
7 ,7 1 3
1 2 ,3 1 9
9 ,3 9 1 ,5 6 5
3 3 ,0 7 5
4 7 ,0 0 7
2 1 ,0 9 1 ,2 1 5
1 8 ,4 8 6
2 2 ,6 3 4
8 ,0 2 6 ,2 8 4
4 8 ,1 2 8
5 9 ,4 0 7
1 9 ,1 9 9 ,0 4 1
1 8 ,5 0 9
2 4 ,4 4 9
7 ,6 3 7 ,1 2 9
1 8 2 ,4 7 1
2 6 5 ,8 7 9
2 7 ,5 2 6 ,4 6 4
29
SO
31
7 6 ,0 0 7 ,0 7 0
1 0 ,8 2 0 ,8 4 7
2 ,6 2 0 ,5 1 8
1 ,5 6 0 ,1 7 1
1 ,0 7 9 ,4 9 8
6 8 5 ,7 9 4
2 ,7 2 5 ,5 0 8
3 ,9 1 5 ,6 7 2
3 0 ,2 7 1
3 ,5 7 7 ,9 0 5
4 2 6 ,9 8 9
6 0 ,8 1 9
5 ,9 2 6 ,2 2 6
1 ,0 0 0 ,5 1 1
6 1 3 ,1 0 5
3 0 2 ,5 2 8
4 4 ,1 8 4
5 3 ,4 1 6
5 4 ,2 9 5
1 5 6 ,5 3 1
1 ,3 9 5
1 3 7 ,2 5 0
4 ,2 6 0
5 ,4 3 9
4 ,5 5 6 ,2 5 1
5 2 3 ,6 6 9
5 1 6 ,7 6 1
1 1 9 ,4 9 3
5 2 ,3 7 7
3 8 ,3 3 0
5 6 ,0 9 6
1 2 2 ,3 8 5
1 ,1 1 1
1 0 8 ,2 4 4
4 ,6 0 9
3 ,3 8 2
7 ,6 3 1 ,8 7 9
8 1 3 ,5 6 9
4 3 5 ,1 9 6
1 6 0 ,4 4 7
5 8 ,6 1 8
6 2 ,1 2 9
1 1 9 ,2 1 7
2 2 8 ,0 5 4
2 ,0 7 5
1 9 6 ,4 6 7
9 ,8 0 6
8 ,2 2 2
6 ,0 6 3 ,0 4 5
6 4 7 ,2 4 9
2 8 8 ,6 9 2
1 0 6 ,4 2 0
5 8 ,3 0 9
5 2 ,0 7 6
1 1 3 ,1 9 9
2 1 6 ,1 2 9
1 ,7 7 5
1 7 6 ,7 1 6
1 2 ,7 0 3
4 ,2 8 2
6 ,1 5 6 ,1 7 5
5 1 7 ,3 0 0
2 3 3 ,9 6 3
1 0 0 ,5 5 7
6 4 ,1 2 5
5 2 ,6 6 0
1 2 9 ,7 7 3
2 3 4 ,5 6 9
2 ,0 2 9
1 9 7 ,3 0 7
1 7 ,2 5 5
5 ,2 7 3
1 5 ,5 9 7 ,6 4 3
1 ,0 1 8 ,5 9 1
3 5 8 ,8 6 1
2 1 0 ,7 0 9
1 7 2 ,2 3 1
1 1 5 ,7 6 7
3 2 3 ,6 2 7
6 1 6 ,1 0 0
5 ,8 7 4
4 9 8 ,9 3 7
6 2 ,5 9 5
1 6 ,6 8 0
4 ,7 6 9 ,7 2 4
4 0 0 ,5 8 2
9 2 ,9 1 0
7 2 ,2 5 9
8 3 ,0 7 7
5 7 ,0 2 7
1 4 9 ,2 3 3
2 6 4 ,5 9 8
2 ,6 6 8
2 2 8 ,6 7 1
5 2 ,6 3 9
4 ,6 4 2
1 0 ,9 4 6 ,0 1 6
1 ,2 8 2 ,1 8 0
1 4 8 ,5 5 6
1 5 4 ,7 7 1
2 1 1 ,3 2 2
8 5 ,4 8 5
3 7 4 ,2 6 9
5 9 8 ,6 7 2
5 ,3 3 4
5 8 8 ,3 2 6
8 2 ,5 5 9
9 ,6 6 3
3 ,8 6 7 ,2 8 6
6 4 7 ,4 7 1
4 0 ,5 4 7
7 9 ,1 7 6
7 3 ,9 9 2
3 1 ,0 4 8
2 5 7 ,6 2 5
3 5 7 ,4 8 4
2 ,U 4
2 7 6 ,1 8 8
4 4 ,1 5 2
464
1 2 ,7 1 2 ,8 7 6
3 ,9 6 9 ,7 2 5
9 1 ,9 2 6
2 5 4 ,0 1 2
2 8 1 ,2 6 5
1 3 7 ,8 5 5
1 ,1 4 8 ,1 7 6
1 ,1 2 1 ,1 5 0
5 ,8 9 8
9 6 9 ,7 9 9
1 5 6 ,4 3 2
2 ,7 7 3
82
33
34
35
36
37
38
39
40
41
42
43
1 4 5 ,7 8 8
1 9 ,6 7 2 ,0 0 1
1 2 3 ,1 2 8 ,8 5 1
7 ,2 5 6 ,0 8 9
6 ,7 9 8 ,7 9 8
1 ,2 0 2 ,0 7 0
1 5 ,5 8 7
1 ,2 1 7 ,4 5 7
6 ,0 1 8 ,6 3 2
1 6 ,5 6 7
1 ,5 0 1 ,3 0 7
9 ,8 1 7 ,0 1 3
1 6 /1 2 0 ,5 0 1
3 6 /1 2 0 ,5 2 9
1 7 ,1 6 6
1 ,0 7 6
1 8 ,2 4 2
1 7 /1 3 8 ,5 4 3
7 ,7 0 8
9 8 9 ,4 8 0
6 ,8 5 9 ,8 9 4
4 0 ,6 0 4
4 0 ,3 0 7
2 0 ,1 1 9
887
2 1 ,0 0 5
1 9 ,5 9 9
1 0 ,9 0 6
1 ,6 3 1 ,2 4 0
1 1 ,3 6 7 ,8 2 6
1 9 5 ,3 0 9
1 9 1 ,7 2 0
4 9 ,8 4 0
1 ,4 8 4
5 1 ,3 2 5
1 4 1 ,9 8 5
1 6 ,6 3 7
1 ,3 2 9 ,8 6 1
9 ,0 8 7 ,0 9 5
2 4 8 ,0 0 4
2 4 2 ,5 2 1
5 7 ,8 7 5
1 ,4 2 8
5 9 ,3 0 1
1 8 8 ,7 0 5
1 5 ,2 3 6
1 ,3 5 1 ,3 4 0
9 ,0 7 5 ,3 3 9
3 1 6 ,0 2 6
3 0 3 ,7 0 7
7 0 ,9 2 3
1 ,4 5 6
7 2 ,3 8 0
2 4 3 ,6 4 6
3 3 ,2 7 0
3 ,1 5 6 ,2 5 9
1 9 ,9 8 7 ,1 4 2
1 ,1 0 4 ,0 7 1
1 ,0 5 7 ,0 6 3
2 0 7 ,0 8 7
3 ,7 4 9
2 1 0 ,8 3 6
8 9 3 ,2 3 5
1 4 ,5 6 9
1 ,3 1 3 ,1 5 4
7 ,4 8 5 ,5 3 5
5 4 0 ,7 5 1
5 1 8 ,1 1 7
9 5 ,1 8 4
1 ,3 1 3
9 6 ,4 9 7
4 4 4 ,2 5 4
2 0 ,6 6 0
5 ,1 2 6 ,4 7 7
1 7 ,6 3 4 ,2 9 0
1 ,5 6 4 ,7 5 1
1 ,5 0 5 ,3 4 5
2 4 5 ,2 8 8
2 ,3 1 3
2 4 5 ,6 0 1
1 ,3 1 9 ,1 5 0
3 ,0 4 5
1 ,8 0 7 ,6 4 2
6 ,9 8 8 ,1 8 8
6 4 8 ,9 4 6
6 2 4 ,4 9 6
1 0 5 ,8 1 2
670
1 0 6 ,4 8 2
5 4 2 ,4 6 3
9 ,3 8 8
3 ,9 6 5 ,2 6 1
2 4 ,8 2 6 ,5 3 5
2 ,6 9 9 ,9 2 9
2 ,4 3 6 ,0 5 0
3 3 4 ,7 7 8
1 ,0 1 2
3 3 5 ,7 8 9
2 ,3 6 4 ,1 4 0
44
45
46
47
48
49
50
51
52
5 ,6 3 8 ,6 9 5
8 6 ,2 7 7
4 9 ,1 9 8
942
5 4 ,4 4 4
857
1 3 8 ,1 3 0
2 ,8 9 2
1 7 4 ,8 9 9
4 ,9 6 5
2 1 8 ,6 4 2
5 ,7 7 0
3 7 2 ,6 2 2
1 0 ,5 2 1
1 ,1 5 4 ,2 7 4
4 ,7 1 7
5 4 8 ,3 5 2
7 ,9 1 5
2 ,1 8 7 ,7 8 4
2 8 ,7 1 8
53
54
7 4 0 ,4 0 0
1 8 ,9 9 9
FOOTNOTES
"Net income" or "Deficit" is the amount
reported for (declared value) excessprofits tax computation (item 28, page 1,
Forms 1120 and 112OA) and is equal to the
difference between "Total Income" and
"Total deductions" (items 14 and 27,
respectively, page 1, Forms 1120 and
1120A).
In general, corporations are classified
industrially on the one business activity
which accounts for the largest percentage
of "Total receipts." Therefore, the
industrial groups contain corporations
not engaged exclusively in the industries
in which they are classified. The indus
trial classification is based on the
Standard Industrial Classification,
issued by the Division of Statistical
Standards, Bureau of the Budget,
Executive Office of the President.
Includes toll roads and toll bridges which
were included in "Other public utilities"
for 1938, and excludes natural gas pipe
lines which are included in "Other public
utilities" (see note 4).
Includes natural gas pipe lines which were
included in "Transportation" for 1958,
and excludes toll roads and toll bridges
which are included in "Transportation"
(see note 5).
Consists of corporations who at ary time
during the taxable year owned 50 percent
or more of the voting stock of another
corporation and whose income from such
stock was 50 percent or more of the amount
of dividends received.
Consists of corporations (other than invest
ment trusts and investment companies) who
(a) at no time during the taxable year
owned 50 percent or more of the voting
stock of »other corporation or (b) at
any time during the taxable year owned 50
percent or more of the voting stock of
another corporation but whose income from
such stock was less than 50 percent of
the amount of dividends received.
Excludes number of returns of inactive
corporations and number of returns with
fragmentary balance sheet data.
Includes cash in till and deposits in
bank.
Consists of obligations of States,
Territories, and political subdivisions
thereof, the District of Columbia, and
United States possessions; obligations
of the United States; and obligations of
instrumentalities of the United States.
¡10/ Unlike 1938, includes intangibles.
IX/ Unlike 1938, excludes intangibles.
12/ Adjustments of assets and liabilities are
made in tabulating the data, when certain
conditions appear on the balance sheet, as
followst (1) a negative amount reported
in assets is transferred to its appropriate
place under liabilities and "Total assets"
and "Total liabilities" arm increased by
this negative amount, (2) a deficit in
surplus shown under assets is transferred
to liabilities and "Total assets" and
"Total liabilities" are decreased by the
amount of the deficit, and (3) reserves
for depreciation, depletion, and bad debts
when shown under liabilities are used to
reduce corresponding asset accounts and
"Total assets" and "Total liabilities" are
reduced by the amount of such reserves.
13/ Consists of reserves reported by corporations
under the caption "Surplus reserves" (item
13, Schedule 0, page 5, Form 1120, and
Schedule U, page 4, Form 1120A).
w
Consists of positive amounts of "Paid-in or
capital surplus" and "Earned surplus and
undivided profits" (items 15 and 16,
Schedule 0, page 5, Form 1120 and Schedule
H, page 4, Form 1120A).
15/ Consists of negative amounts of "Paid-in
or capital surplus* and "Earned surplus
and undivided profits" (items 15 and 16,
Schedule 0, page 5, Form 1120 and Schedule
M, page 4, Form 1120A).
16/ Gross sales lass returns and allowances
where inventories are an income-deteraining
factor. For "Cost of goods sold,” sea
"Deductions."
17/ Gross receipts from operations wrhere inven
toriés are not an incase-determining factor.
For "Cost of operations," see "Deductions."
18/ Consists of gross amounts received. Repairs,
interest, taxes, other expenses, deprecia
tion, and depletion at« included in the
proper deduction items.
19/ Excludes property used in trade or business
of a character which is subject to the
allowance for depreciation. Net capital
loss is limited to $2,000, except for
certain losses of banks and trust
companies.
20/ Consists of net gain or loss from property
used in trade or business of a character
which is subject to the allowance for
depreciation.
-
20 -
FOOTNOTES - CONTINUED
2^./ Dividends from domestic corporations sub
ject to taxation under Chapter 1 of the
Internal Revenue Code (column 2,
Schedule 0, page 3, Form 1120 and column
2, Schedule E, page 2, Form 112OA) which
is the amount used for the computation
of the dividends received credit. Divi
dends from corporations organized under
the China Trade Act, 1922, and corpo
rations entitled to the benefits of
Section 251 of the Internal Revenue Code
(corporations receiving a large portion
of their gross income from sources with
in a possession of the United States) are
included in "Other receipts."
22/ Reported in column 5, Schedule G, page 3,
Form 1120 and in column 3, Schedule E,
page 2, Form 112QA, and not used for
the computation of dividends received
credit.
28/ The oo8t of incidental repairs, including
labor and supplies, which do not add
materially to the value of the property
or appreciably prolong its life. For
1938, this item was included in "Other
deductions."
291 Excludes (1) Federal income and (declared
value) excess-profits taxes, (2) taxes
reported in "Cost of goods sold" and
"Cost of operations," and (3) income ahd
profits taxes, paid to foreign countries
and United States possessions, claimed
as a credit against income tax.
50/ Limited to 5 percent of net income before
deduction of contributions or gifts.
51/ Unlike 1938, excludes "Repairs" (see
note 28).
52/ Less than $500.
23/ Consists of Interest on United States
savings bonds and Treasury bonds owned
in principal amount over $5,000
reported as item 8, page 1, Forms 1120
and U20A.
24/ Consists of interest on obligations of
States, Territories, and political sub
divisions thereof, the District of
Columbia, and United States possessions;
obligations of the United States issued
on or before September 1, 1917, Treasury
note8, Treasury bills, and Treasury
certificates of indebtedness; United
States savings bonds and Treasury bonds
owned in principal amount of $5,000 or
less; and obligations of instrumentalities
of the United States.
25/ Excludes nontaxable income other than
interest on tax-exempt obligations reported
in Schedule P, page 5, Form 1120 and in
Schedule A, page 2, Form U20A.
26/ Includes taxes which are reported in "Cost
of goods sold."
27/ Includes taxes which are reported in "Cost
of operations."
55/ Excludes compensation of officers of life
insurance companies which file Form
1120L.
34/ Includes special deductions of life
Insurance companies relating to reserve
for dividends and reserve funds required
by law.
35/ Includes special deductions of life
insurance companies relating to reserve
for dividends and reserve funds required
by law, but excludes compensation of
officers of life insurance companies
which file Form 1120L.
36/ Compiled net loss or deficit.
57/ Compiled net loss after total tax payment.
(
2
Commission to Great Britain and Sweden in 1938,
He was a
member of the General Staff of the United States Army in
the World War, 1917-18, serving as Assistant Director of
Purchase, Storage and Traffic.
Trained as an electrical engineer and now a life
member of the corporation and a member of the executive com
mittee of the Massachusetts Institute of Technology, from
which he was graduated in 1895, Mr. Swope has devoted much
attention to industrial and labor problems.
He is the
author of "Stabilization of Industry," published in 1931 and
often referred to as "the Swope plan" of. industrial organi
zation.
.
Secretary Morgenthau today announced the appointment ,
of Gerard Swope to be a Special Assistant to the Secretary
<
of the Treasury.
Mr* Swope is to act as general adviser to the Secretary
on a great variety of business problems that arise in the
conduct of the Department.
In accepting the position in the Treasury Department,
to which he will devote his full time, Mr. Swope is resigning
the Chairmanship of the New York City Housing Authority, which
he has held for the last two years, and also his directorship
in the National City Bank of New York.
Mr. Swope,who retired as President of the General
Electric Company on January 1, 1940, has long been active in
public affairs.
He was a member of the Industrial Advisory
Board of the National Recovery Administration in 1933, first
Chairman of the Business Advisory Council for the Department
of Commerce, Chairman of the Coal Arbitration Board and a
member of the first National Labor Board in the same year, a
member of the P r e s i d e n t s Advisory Council on Social Security
in 1937 and 1938 and Chairman of the Industrial Relations
;
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday, January 24, 1942._____
Press Service
No. 29-gg
1/23/42
Secretary Morgenthau today announced the appointment of
Gerard Swope to be a Special Assistant to the Secretary of the
Treasury.
Mr. Swope is to act as general adviser to the Secretary
on a great variety of business problems that arise in the conduct
of the Department.,
In accepting the position in the Treasury Department, to
xirhich he will devote his full time, Mr. Swope is resigning the
Chairmanship of the New York City Housing Authority, which he
has held for the last two years, and also his directorship in
the National City Bank of New York.
Mr. Swope, who retired as President of the General Electric
Company on January 1, 1940, has long been active in public affairs.
He was a member of the Industrial Advisory Board of the National
Recovery Administration in 1933» first Chairman of the Business
Advisory Council for the Department of Commerce, Chairman of the
Coal Arbitration Board and a member of the first National Labor
Board in the same year, a member of the President^ Advisory
Council on Social Security in 1937 an& 193$ and Chairman of the
Industrial Relations Commission to Great Britain and Sweden in
193 S. He was a member of the General Staff of the United States
Army in the World War, 1917-1S* serving as Assistant Director of
Purchase, Storage and Traffic,
Trained as an electrical engineer and now a life member of
the corporation and a member of the executive committee of the
Massachusetts Institute of Technology, from which he was graduated
in 12>95> Mr, Swope has devoted much attention to industrial and
labor problems. He is the author of “Stabilization of Industry,”
published in 1931 and often referred to as “the Swope plan" of
industrial organization.
~o0o-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, January 23, 19^2.
Press Service
No. 29-^9
The Treasury, through its Division of Foreign
Funds Control,
announced today the denial of an application for a license to
authorize the Silesian-American Corporation and its trustees to
obtain a loan from European interests for the purpose of paying
the Silesian-American Corporation 7$ bonds which matured on
August 1, 19^1.
Other applications to obtain funds from the same sources
previously had been denied.
~oOo-
a M
c - M
For Monday am’s
Irving Berlin has written another song
for the Treasury Department*
”1 Paid My Income Tax Today,” the copyright
J3een_
of which Im M h has’/tcurned over to Secretary Morgenthau,
has^jj|p> just come off the presses as a companion piece
to Berlin’s "Any Bonds Today?”
The Treasury’s first patriotic song was
written by request.
But, on a visit to Yfashington
several weeks ago, Berlin learned about the Department ’s
intensive preparations for unprecedented income tax
-^popula r'”5! une
collections this spring, and volunteered to do a/%^pg^
on the subject.
^he words of the new song are as follows:
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G NEWSPAPERS,
MONDAY, J a n u a r y 26, 19*4-2.
P r e s s Se r v i c e
No. 2 9 -90
I r v i n g B e r l i n h as w r i t t e n a n o t h e r song f o r the T r e a s u r y
Departments
"I P a i d M y I n c o m e T a x T o d a y , “ the c o p yright of w h i c h has
been t u r n e d ove r to S e c r e t a r y M o r g enthau, has just come o ff the
p r e s s e s as a c o m p a n i o n p i e c e to B e r l i n * s "Any B o n d s Today?"
The T r e a s u r y * s first p a t r i o t i c song was w r i t t e n by request.
But, on a visit to W a s h i n g t o n several weeks ago, B e r l i n l e a r n e d
about the D e p a r t m e n t * s intensive p r e p a r a t i o n s for u n p r e c e d e n t e d
income t a x c o l l e c t i o n s this spring, a n d v o l u n t e e r e d to do a
“p o p u l a r “ tune on the subject.
The words
of the n e w song are as follows:
VERSE
I said to m y U n c l e Sam
“O l d M an Taxes, h e r e I a m , “
A n d he w as g l a d to see me.
Mr. Small Fry, yes indeed,
L o w e r b r a o k e t s that*s my speed,
B ut he was g l a d to see me,
1st CHORUS
I PAID M Y INCOME TAX T O D A Y .
I n e v e r felt so p r o u d before,
To b e right t h ere
w i t h the m i l l i o n s more
W h o p a i d t h eir income t a x today,
I* m s q u a r e d u p w i t h the U . S #A.
Y o u see t h o s e b o m b e r s in the sky,
R o c k e f e l l e r h e l p e d to b u i l d them,
So did I.
I P A I D M Y I N C O M E T A X TODAY.
2nd CHORUS
I P A I D M Y I N C O M E T A X TODAY.
A t h o u s a n d p l a n e s to b o m b Berlin.
T h e y *11 all b e p a i d for, and I c h i p p e d in,
That c e r t ' n l y m a k e s me feel okay,
Ten t h o u s a n d m o r e and that ain*t hay!
W e must pay for this w ar somehow,
U n c l e Sam was w o r r i e d but h e isn*t now,
I P A I D M Y I N C O M E T A X TODAY,
2.
3 rd CHORUS
I P A I D M Y I N COME T A X T O D A Y .
I never cared what Congress s p e n t .
But n o w I *11 w a t c h over e v ’ry cent,
E x a m i n e e v ’ry b i l l they pay,
T h e y * 11 h a v e to let me hav e my say
I w r o t e the T r e a s u r y to go slo w
Careful, Mr, H e n r y Junior, t h a t ’s m y dough.
I PAID MY INCOME TAX T O D A Y «
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I Paid My Income Tax Today
By IRVING BERLIN
M oderately B right Bounce Tempo
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Copyright 1 9 4 2 by HENRY MORGENTHAU Jr, Secretary o f the Treasury, W ashington, D. C.
A ll R ights Reserved In clu d in gth e Right o f Public Performance for Profit.
International Copyright Secured,
Made in U. S.A.
2nd CHORUS
I paid my Income Tax today,
A thousand planes to bomb Berlin.
They’ll a ll be paid for, and I chipped in,
That cert’nly makes me feel okay.
Ten thousand more and that ain’t hay!
We must pay for this war somehow,
Uncle Sam was worried but he isn’t now,
I paid my Income Tax today.
3rd CHORUS
I paid my Income Tax today,
I never cared what Congress spent.
But now i ’l l watch over ev ry cent,
Examine ev’ry b ill they pay,
They’ll have to let me have my say
I wrote the Treasury to go slow
Careful, Mr. Henry Junior, that’s my dough,
I paid my Income Tax today.
C opyright 1942 by Henry Morgenthau Jr., Secretary of the Treasury, W ashington, D.C.
1 Paid e tc . - 4
1
4
"The p r o g r a m f S H B B ^ a v o i d s
d e l a y s a ll along
<
t h e lin e b y e x p e d i t i n g p u r c h a s e s a n d d e l i v e r i e s . ”
In a d d i t i o n t o s p e e d in p u r c h a s i n g a n d delivery,
Mr. M a c k s a i d t h e G o v e r n m e n t w o u l d b e n e f i t f r o m t h e stand
p o i n t of p r i c e as a r e s u l t o f p l a c e m e n t o f l a r g e quantity
o r d e r s at on e t i m e i n s t e a d o f s m a l l o r d e r s o v e r a p e r i o d ^ ^ J
In p l a n n i n g t h e o f f i c e f u r n i t u r e p u r c h a s i n g
p r o g r a m a n d i t s ope r a t i o n ,
J o h n M.
0
Dibrell rf~Yhn
B r o w e r a n d Edwin R.
of t h e W a r P r o d u c t i o n
Board have been working a c t i v e l y ^
Mr. D i b r e l l ha s
b e e n d e t a i l e d to t h e Division,
in l a y i n g t h e g r o u n d w o r k a n d d e v e l o p i n g
___ _
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between the
fto v er s a
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cooperation
a g en o i o o a g i « t h e D i v i s i o n ^ - - ^ —
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a n d assisted
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¿T© v e'h o tn&ydk 6-
1/23/42
on.
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4
3
1.
Obtaining estimates of requirements of the
armed services and Executive departmentsy and agencies for
a six-month period.
2.
Broadening of specifications for wooden
desks and files formerly purchased, retaining a satis
factory standard of quality which can be made by most
manufacturers in the industry.
3. R evision of normal purchasing procedure and
eliminating all possible routine to permit placement of
orders received from the services on the day on which
they arrive.
4*
Setting up within the D i ^ i o n
o f a control
p l a n w h i c h sets f o r t h t h e a m o u n t o f p r o d u c t i o n
each m a n u
f a c t u r e r is a b l e to d e v o t e t o G o v e r n m e n t a l orders,
f o r w h i c h h e h a s r e c e i v e d a n award.
an d
Thi s a l l o c a t i o n p r o
g r a m p r o v i d e s an o p p o r t u n i t y to s p r e a d t h e p u r c h a s e orders
f o r o f f i c e f u r n i t u r e as w i d e l y as p o s s i b l e a m o n g qualified
manufacturers.
c o m m e n t i n g on t h i s s t r e a m l i n e d b u y i n g technique,
P r o c u r e m e n t D i r e c t o r C l i f t o n E. M a c k d e c l a r e d tha t speed
is its essence.
"A r e q u i s i t i o n f r o m t h e A r m y o r N a v y or a n y
o t h e r F e d e r a l a g e n c y in e f f e c t w i l l be n o w a r e q u i s i t i o n
f or m e r c h a n d i s e w h i c h is a c t u a l l y on t h e p r o d u c t i o n line
a n d in t h e p r o c e s s
of b e i n g t u r n e d o
x
r
t
J
'
&
2
c i e n t l y b r o a d e n e d t o m a k e p o s s i b l e t h e p r o c u r e m e n t of
a r t i c l e s o f a s a t i s f a c t o r y s t a n d a r d of q u a l i t y w h i c h
c o u l d b e p r o d u c e d by m o s t o f t h e m a n u f a c t u r e r s in t h e
i n d u stry.
A l t h o u g h c o n t r a c t s w i l l b e a w a r d e d on a c o m
p e t i t i v e basis,
orders will be spread through the in
dustry to take full advantage of existing facilities)^
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p i’ogi"gg^miiCTi"T5r' m r a i i u iti u r flyui'ecaYy'iTOTgdflTmtrs
olfeey / ^
To e f fect r e q u i r e d c o n s e r v a t i o n of m e tals
c r i t i c a l l y needed,
e s p e c i a l l y steel,
w o o d is b e i n g su b
s t i t u t e d w h e r e v e r p o s s i b l e i n b u y i n g o f f i c e furniture.
Thi s is i n l i n e w i t h d i r e c t i v e s
o f t h e Army,
N a v y and
t h e O f f i c e o f P r o d u c t i o n M a n a g e m e n t to m i n i m i z e t h e c o n
s u m p t i o n of m a t e r i a l s
e s s e n t i a l to t h e p r o s e c u t i o n of
t h e war.
C o n c u r r e n t l y w i t h t h e c a l l i n g fo r q u o t a t i o n s
on w o o d files,
w o r k was g o i n g a h e a d on m e e t i n g
r e q u i r e m e n t s o f w o o d chairs.
estimated
A t a m e e t i n g h e l d here,
c h a i r m a n u f a c t u r e r s w e r e t o l d of n e w s p e c i f i c a t i o n s and
w e r e a s k e d for s u g g e s t i o n s .
S t eps t o s p e e d p r o c u r e m e n t of o f f i c e furniture
a n d to a v o i d u n n e c e s s a r y c o m p l i c a t i o n s w i t h i n agencies
o f t h e G o v e r n m e n t t h e m s e l v e s were;
Moving quickly to speed purchases,
the
T r e a s u r y fs P r o c u r e m e n t D i v i s i o n p r e p a r e d t o d a y to
place with wood office furniture manufacturers
w h i c h before t h e year-end may exceed their
1939
orders
sales
of $48,000,000.
Into this operation went the D i v i s i o n s new
s t r e a m l i n e d b u y i n g t e c h n i q u e to
d e l i v e r y of
office furniture urgently required by t he armed ser
vices and other Federal agencies.
One of t he first steps
in t h e h u g e f u r n i t u r e
b u y i n g p r o g r a m w a s t h e c a l l last w e e k f o r q u o t a t i o n s on
approximately
150,000
the Government,
w o o d f i les to m e e t t h e n e e d s of
p a r t i c u l a r l y t h e m i l i t a r y forces,
the next six months.
for
Q u o t a t i o n s a n d o t h e r info r m a t i o n
r e q u e s t e d w i l l be t h e b a sis "for t h e a w a r d o f contracts.
Under authority granted by the President,
is ¿-empowered t o m a k e p u r c h a s e s
t h e Di v i s i o n
b y d i r e c t n e g o t iation,
b y s i m p l y w r i t i n g o r t e l e p h o n i n g m a n u f a c t u r e r s f or prices
on s p e c i f i e d a r t i c l e s .
S i n c e G o v e r n m e n t a l r e q u i r e m e n t s f o r o f f i c e furniture for
1942
w i 11 u n a u u b U u d l y ^ e x c e e d t h e s a l e s of the
e n t i r e i n d u s t r y in 1939,
s p e c i f i c a t i o n s a r e b e i n g suffi-
TREASURY DEPARTMENT
Washington.
FOR RELEASE, M O R N I N G NEWSPAPERS,
Monday, J a n u a r y 26, 19^-2.
P r ess S e r vice
No. 29-91
Moving quickly to speed purchases,
the Treasury’s Procure-
ment Division Prepared today to place with wood office furniture
manufacturers orders which before the year-end may exceed their
1939
sales of $4-8, 000, 000.
Into this o p e r a t i o n w ent the D i v i s i o n ’s n e w s t r e a m l i n e d
b u y i n g t e c h n i q u e to exped i t e d e l i v e r y of o f f i c e f u r n i t u r e u r g e n t l y
r e q u i r e d b y the a r m e d services and other F e d e r a l agencies.
On e of the first steps in the h u g e f u r n i t u r e b u y i n g p r o g r a m
was the call last w e e k for q u o t ations on a p p r o x i m a t e l y 150,000
w o o d files to mee t the n e e d s of the Government, p a r t i c u l a r l y the
m i l i t a r y forces, for the next s ix months.
Q u o t a t i o n s a n d o t her
i n f o r m a t i o n r e o u e s t e d will b e the b a s i s fo r t he a w a r d of c o n t r a c t s
U n d e r a u t h o r i t y g r a n t e d b y the President, the D i v i s i o n is n o w em
p o w e r e d to m a k e p u r c h a s e s by direct negotiation, by s i m p l y w r i t
ing or t e l e p h o n i n g m a n u f a c t u r e r s for p r i c e s on s p e c i f i e d articles.
S i nce G o v e r n m e n t a l
requirements
for o f f i c e f u r n i t u r e for
are expected to exceed the sales of the entire industry in
1 9 3 9 » specifications are being sufficiently broadened to make
possible the procurement of articles of a satisfactory standard
of quality which could be produced by most of the manufacturers
in the industry.
Although contracts will be awarded on a com
petitive basis, orders will be spread through the industry to
take full advantage of existing facilities.
To effect r e q u i r e d c o n s e r v a t i o n of m e tals c r i t i c a l l y needed,
e s p e c i a l l y steel, w o o d is b e i n g s u b s t i t u t e d w h e r e v e r p o s s i b l e in
b u y i n g o f f i c e f urniture.
This is in line w i t h d i r e c t i v e s of the
Army, N a v y and O f f i c e of P r o d u c t i o n M a n a g e m e n t to m i n i m i z e the
c o n s u m p t i o n of m a t e r i a l s ess e n t i a l to the p r o s e c u t i o n of the war.
C o n c u r r e n t l y w i t h the c a l l i n g for q u o t a t i o n s on w o o d files,
w o r k was g o i n g a h e a d on m e e t i n g e s t i m a t e d r e q u i r e m e n t s of w o o d
chairs.
At a m e e t i n g h e l d here, c h air m a n u f a c t u r e r s w ere tol d
of n e w s p e c i f i c a t i o n s and w e r e a s k e d for suggestions.
Steps to s p e e d p r o c u r e m e n t of o f f i c e f u r n i t u r e and to a v o i d
u n n e c e s s a r y c o m p l i c a t i o n s w i t h i n a g e n c i e s of the G o v e r n m e n t t h e m
selves w e r e ’
.
2.
1 . O b t a i n i n g est i m a t e s of r e q u i r e m e n t s of the a r m e d services
an d E x e c u t i v e d e p a r t m e n t s and a g e n c i e s for a s i x - m o n t h period.
2. B r o a d e n i n g of s p e c i f i c a t i o n s for w o o d e n d e s k s and files
f o r m e r l y purchased,-, r e t a i n i n g a s a t i s f a c t o r y s t a n d a r d of q u a l i t y
w h i c h can be m a d e b y most m a n u f a c t u r e r s in the industry f-
3. R e v i s i o n of n o r m a l p u r c h a s i n g p r o c e d u r e and e l i m i n a t i n g
all p o s s i b l e r o u t i n e to p e r m i t p l a c e m e n t of orders r e c e i v e d from
the services on the day on w h i c h they arrive.
k. S e t ting up w i t h i n the D i v i s i o n of a c o n trol p lan w h i c h
sets f o rth the amount of p r o d u c t i o n each m a n u f a c t u r e r is able to
d e v o t e to G o v e r n m e n t a l orders, a n d for w h i c h he h a s r e c e i v e d an
award.
This a l l o c a t i o n p r o g r a m p r o v i d e s an o p p o r t u n i t y to s p read
the p u r c h a s e o r d e r s for o f f i c e f u r n i t u r e as w i d e l y as p o s s i b l e
among qualified manufacturers.
C o m m e n t i n g on this s t r e a m l i n e d b u y i n g technique, P r o c u r e m e n t
D i r e c t o r C l i f t o n E. M a c k d e c l a r e d that s p e e d is its essence,
"A r e q u i s i t i o n f r o m the A r m y or Nav y or any o t her Federal
agency in effect wil l be n o w a r e q u i s i t i o n for m e r c h a n d i s e w h i c h
is a c t u a l l y on the p r o d u c t i o n lin e and in the p r o c e s s of b e i n g
t u r n e d o u t , “ he said.
“The p r o g r a m a v o i d s d e lays all a l o n g the line b y e x p e d i t i n g
p u r c h a s e s and d e l i v e r i e s . “
In a d d i t i o n to s p e e d in p u r c h a s i n g and delivery, Mr. M a c k
said the Gove r n m e n t w o u l d b e n e f i t f r o m the stan d p o i n t of p r i c e
as a result of p l a c e m e n t of l a r g e q u a n t i t y orders at one time
i n s t e a d of small o r d e r s o v e r a p e r i o d of months.
In p l a n n i n g the o f f i c e f u r n i t u r e p u r c h a s i n g p r o g r a m an d its
operation, J o h n M, B r o w e r and E d w i n R. D i brell o f the W a r P r o
d u c t i o n B o a r d h a v e b e e n w o r k i n g a c t i v e l y w i t h the T r e a s u r y P r o
curement Division,
Mr, D i b r e l l has b e e n d e t a i l e d to the Division,
a nd a s s i s t e d in l a y i n g the g r o u n d w o r k and d e v e l o p i n g close c o o p
e r a tion b e t w e e n the D i v i s i o n a nd o t h e r G o v e r n m e n t agencies,
-oOo-
The women of America who have glorified
our past and prayed for our future will respond
to the needs of the day as American women have
always answered their country's call.
(Air fathers handed down to us from their
fathers a mighty nation, strong and united,
fearing no enemy, bowing to no master, and
yielding to no force.
we are the temporary trustees of this
proud inheritance.
It is for us to pass it
on to (hit children as we received it — » strong
and free.
This we shall do.
I
3
These taxes sill soon be increased to
all-out proportions*
They will impose
Sjcriflees on everyjom
os*
Yet we welcome
them because we are resolved to profit from the
examples of those other peoples who taxed them
selves too little and too late —
and who lost
all*
Let us remember that today taxes serve a
vital purpose* the purpose of self preservation,
the purpose of preserving the American concept
of freedomt
Freedom of Speech, Freedom
at
worship, Freedom from Want, and Freedom fro® Fear*
No one knows how long this war will last*
But of this much I am sure:
Whether it lasts
two years or five, those years will see America
at its best*
Men will fight and die for those
principles that have made America worth living
in and worth dying for*
From these figures you css judge whether
a sales tax Is nece^^ary to bring hose to our
people the necessity and the cost of bringing
our enemies to their knees.
I have talked to you at such length about
the sales tax because I look upon It as the start
of a vicious spiral of rising prices.
I know
that you* who ara leaders of your communities,
can warn every household in the country against
this threat. And I earnestly hope that you will
do so.
Speedy and extensive discussion by the
women of America will make our country increasingly
awars of its dangers*
In conclusion, I want to ask you to think of
the United States as your home —
as the very house
in which you and your family live their lives.
If you lose it, you loseererythlng.
the taxes you pay now are literally to secure
protection and to pay insurance on your own home.
s. These Higher wages would mean
higher prices for the goods you buy
would go up and up and up*
the line* causing higher
still more
Another argument advanced for a sales tax
Is that it would give all the people an opportunity
to contribute directly to tide nation’s war
we believe they now have this opportunity*
a married couple without
$34*50 a week pays an Income tax*
Surely we do nol
wish to impose taxes on
in 1940 -
7#b0O»i
\
in 1941 - 15*200*000
tax returns
In 1942 - 22*000*000
tax returns t
surely these figures
opportunity to contribute to
that all the
fe
10
In varying «ays and degreis, tha same thing
Is true of tha medicine that you buy at the drug
store and the food from the butcher or grocer.
The price Is higher, even if nominally there's
no sales tax added to these exempted articles.
Some sales tax advocates suggest that it be
levied on manufacturers or wholesalers instead
of retailers.
I'll grant that this would simplify
the administration of the tax.
disadvantages.
But it also has its
Let's take a carpet,
example.
The wholesaler pays the tax when he buys from the
manufacturer.
Naturally he adds that tax-plus
something for profit on the tax — when he sells
to tha retailer.
Then the retailer does exactly
the same thing when he sells the carpet to you.
lhat's tin result?
instead of one —
Tou pay two price increases
and each increase is larger than
the amount of the tax.
Any type of sales tax will increase the cost
of living and make effective price control exceedingly
difficult if not in fact impossible.
The increased
cost in living would cause labor to seek and obtain
c \ - CL,
adds those taxes, plus something for profit,
onto the sales price of the clothes which he
made.
And when you or your husband buy those
clothes, you pay an Increased price for them
even if it isn't marked on the ticket as a
sales tax.
Federal^State-aad^local tax load is already out of
proportion with that of their economically sore fortunate
fellows*
Some people who favor the sales tax believe that its
oppressive result on the poor can be avoided by exempting
food, clothing and medicines*
But let me point out that
under our war program a preponderant part of our civilian
production is going to be in these very essentials*
If
they are excluded from the tax, there won*t be very much
left to tax*
If they are not excluded, the burden of the
tax falls too heavily on those who can least afford to
pay it
the individuals living on $14*50 a week*
As a matter of fact, even if it were feasible to exempt
certain necessities, I very much question whether the
exemption would prevent price increases in these articles*
For example, take the case of a clothing manufacturer*
He would pay a sales tax on the materials he bought and on
:' %'■
...
his machines* These added taxes constitute for him another
cost of doing business and naturally, like any businessman,
he wants to earn a profit on this additional investment.
So he
We know also that
a
sale« tax would be a difficult
and expensive tax to collect# whereas increases in the
rates of existing taxes would not require more than a
nominal increase in administrative costs*
The federal
government already has the machinery set up and in
action for collecting the other kinds of taxes#
But we
have no machinery set up# no mm trained for collecting
a sales tax*
1® should have to establish a whole new
tax organisation different from and in addition to our
existing tax organisation*
That is a big job* the
expense of which would eat heavily into the m tim r slim
revenue that a moderate sales tax would bring into the
Treasury*
We also feel that a sales tax Is undesirable because
it works a disproportionate hardship on the low-income
group® who are least able to stand it —
the people who
spend substantially all their income on the very
necessities of life*
The Treasury believes that# insofar^)
as possible, it is sound policy to guard against dispro
portionate increases in the tax burden on these low-income
groups*
There is much evidence that their combined
7
our total additional tax noads —
$7 billion.
WW
0
41
T M s Increase is due partly to increased production
and higher national income —
and partly to tax legisla
tion enacted by a courageous Congress during the last
two years«
But we cannot hope that a national income
already at the
$100
much farther.
Further government income must be
billion level will continue to rise
primarily from new taxes and higher tax rates.
This will not be easy on any of us, but it can be
And
‘
done, - M t we all know that this is no time to oomplain
of tax burdens when so »any Americans are contributing
all their energies and even their lives to the Nation's
great task.
Tiia 5S2SL®*
America arrange the
You spend the family money.
and what to do without.
family budgets.
You decide what to have
You decide how much is to be
taken out of each pay envelope or salary chock and put
away for savings —
and taxes.
So on behalf of your Government, I ask you, as the
leaders of the women of America, to cooperate b y seeing
to it that Income taxes are paid promptly.
And I cannot
urge you too strongly to persuade your members everywhere
to pay entirely with borrowed money would be merely
to postpone the day of reckoning*
Tax«« may seem
painfult In reality they are relatively painless*
For
*31 other method® of paying for the war mean the
accumulation of a debt to burden America for decades to
come*
They .mean a heavy and continuing cost in the
future* but no smaller hardship now«
haphazard ri *'
They mean a
; planned distribution of the
The task before us is unparalleled*
War
expenditures alone in the coming fiscal year will be
$36*000*000*000*
That is more than the combined Federal
Government expenditures for all purposes in the six
year® from 1936 through 1940*
For tunately we have made a start toward meeting
this tremendous cost*
The Federal Government,s receipts
will have more than tripled in the space of three
years| rising from $5,303*000*000 in fiscal 1940* to an
estimated $17*861*000*000 in fiscal 1943 under existing
■ W W IIinrin iMfii i H iin l n J I i i
tax
LAWS
k
to control the rising course of prices and keep
the cost of living within reasonable bounds*
You women who are the economists and the purchasing
agents of the families of the nation don't need any
argument from me to convince you how important
that is* You've already seen the price of almost
everything you buy start upward.
You are paying
more today —
for the food on
considerably more —
your family's table and the clothes on your family's
backs than you did a year ago*
You have seen the
coat of living increase more than*10& in the last
year*
This is serious, but a far greater increase
impends unless we can prevent it*
one of our
best weapons against this very real war-tine danger
is to pay for the war as little
as possible on
credit, as much as possible with cash.
And that means TAXES.
*■
J
5
sore of them than they can put Into the air.
W® are going to win it with stronger, heavier
tanks —
with bigger guns — with more battleships
and cruisers and destroyers and submarines*
We are going to win with millions of soldiers
and sailors better trained, better fed, better
clothed, and better armed than our enemies*
And we are going to win with the bravery and
sacrifice and faith of a hundred and thirty million
free people laboring as one to "secure the blessing
of liberty to ourselves and to our posterity".
It is our Job in the Treasury to raise the
money to finance this titanic effort*
require a great deal of money.
It will
But no American
questions that it is worth a very high price and
very great sacrifice to preserve our civilization.
Part of the cost of war will be financed by
borrowing.
That is, by the sale of bonds which
must be repaid in years of peace.
But, insofar as is possible, we should pay for
this
tot
as we go along.
When we do this we help
2
And so it is eminently proper that you
thoughtful« earnest citizens« who have grown
up in the free air of our democracy« should thus
draw closer to your government in a
time if
crisis and anxiety« to consult with us who are«
in a very real sense« your servants.
This is a tJJm of crisis*
Through no fault
of its own. America is again engaged in a great
war to determine whether this nation or any nation
dedicated to freedom can endure.
The tragic fate of Austria« Czechoslovakia«
Poland« Denmark« and Norway ~~ of Luxembourg,
Holland, Belgium and France —
of Roumanla,
Bulgaria, Yugoslavia, Albania and Greece — *
warns us of the penalty of losing.
But we are not going to lose,
we are going
to win this war.
We are going to win it with bigger and faster
P&anes than the enemy has, and scores of thousands
I
m
honored that you have asked rae to speak
to you at this most momentous meeting In all the
history of the General Federation of women’s Clubs.
More than that, 1 am grateful for the opportunity
to discuss with you national problems of great
Importance*
We at the Treasury have a message which we
believe ought to bo delivered to every woman In
the United States,
fe hope that as representative
women of the nation you will carry this message to
your membership In every city and town and village.
America has demonstrated a capacity for
self-government unequalled in any age or In any
nation.
Part and parcel of that ability to govern
ourselves, without dictation from super-parties or
supermen, is the American tradition that no proPlea
of government is the exclusive concern of any officer
of government —
but rather that it is the common
problem of every citizen.
-2-
And so it is eminently proper that you thoughtful,
earnest citizens, who have grown up in the free air of our
democracy, should thus draw closer to your government in a
time of crisis and anxiety,
to consult with us who are, in a
very real sense, your servants.
This .is a time of crisis.
Through no fault of its own,
America is again engaged in a great war to determine whether
this nation or any nation dedicated to freedom can endure.
The tragic fate of Austria, Czechoslovakia, Poland,
Denmark and Norway —
of Luxembourg, Holland, Belgium and
France —
of Roumania, Bulgaria, Yougoslavia, Albania and
Greece —
warns us of the penalty of losing.
are not going to lose.
We are going to win this war.
We are going to win it with bigger and faster planes
than the enemy has, and scores of thousands more of them than
they can put into the air.
We are going to win it with stronger, heavier tanks —
'Vnx^CT'JL
with bigger guns — with^battleships and cruisers and ^destroyers
and submarines.
We are going to win with millions of soldiers and
sailors better trained, better fed, better clothed, and better
armed than thair enemies.
And we are going to win with the bravery and sacrifice
and faith of a hundred and thirty million free people laboring
as one to Hsecure the blessing of liberty to ourselves and to
our posterity".
-3-
It is our job in the Treasury to raise the money to
finance this titanic effort*
It will require a great deal of
Part of the cost of war will be financed by borrowing*
That is, by the sale of bonds which must be repaid in years of
peace*
But, insofar as is possible, we should pay for this war
as we go along.
When
course
of prices and keep the cost of living 4 m m within reasonable
bounds.
You women who are the economists and the purchasing
agents of the families of the nation don't need any argument
from me to convince you how important that is*
You've already
seen the price of almost everything you buy start upward.
XQJiim^aeen
8u g a r
g O jT ^ r -T if’te e»- pounds;
fronriT^nro^gjr ^
-fr o m
You.- are
p a y i n g mor e t o d a y — c o n s i d e r a b l y m o r e — for the f o o d on y o u r
family's
table a n d the c l o t h e s
d i d a y e a r a g o . / ^ S o far ,this
•
on y o u r f a m i l y ' s b a c k s than you
1-g— not-y-eryngeri^a-— b ut
One of our best weapons against this very real
war-time danger is to pay for the war as little as possible on
credit, as much as possible with cash.
And that means TAXES
-3-
It is our job in the Treasury to raise the money to
finance this titanic effort*
money*
It will require a great deal of
But no American questions that it is worth a verv hicrh
price^to flcftve i
our futtirn for ourocilvoo* pAJb&ii/NAj*^ ^
a
.
Part of the cost of war will be financed by borrowing*
That is, by the sale of bonds which must be repaid in years of
peace*
But, inaofar as is possible, we should pay for this war
as we go along.
And that means TAXES.
as we go along.
When we do this we control the rising eoure«
of prices and keep the cost of living t e
bounds.
within reasonable
You women who are the economists and the purchasing
agents of the families of the nation don't need any argument
from me to convince you how important that is.
You've already
seen the price of almost everything you buy start upward.
1Yft
paf.o4;nan
s ugar from
jtffflp
^
8;
^
You.- are
paying more today— considerably more— for the food on your
family's table and the clothes on your family's backs than you
did a year ago./Kjlo far .thlo 1 b net very TTtrrlbuQ. but ik-ls
threatajai*g.
One of our best weapons against this very real
war-time danger is to pay for the war as little as possible on
credit, as much as possible with cash.
And that means TAXES*
V
(s\ u a ,
\*r\ r*.
Draft for an a
before the
ant Secretary Sullivan
Lon of Women*s Clubs
January 26, 1942
* * * * * * * * *
I am honored that you have asked me to speak to you at
Federation of Women*s Clubs*
More than that, I am grateful
for the opportunity to discuss with you national problems ot
great importance.
We at the Treasury have a message which we bell
' *>
to be delivered to every woman in the United State
;es. 3fett_the
un*iSL
representative^of the nation*»' yommi,
carry fciaett message
to your membership in every city and town and village.
America has demonstrated a capacity for self-government
unequalled in any age or in any nation.
Part and parcel of
that ability to govern ourselves, without dictation from super
parties or supermen, is the American tradition that no problem
of government is the exclusive concern of any officer of
government -- but rather that it is the common problem of
every citizen.
^
A
,
O p u ^ i TREASURY DEPARTANT
? Washington
1 (/
Press Service
No.
FOR RELEASE f AFTERNOON NEWSPAPERS,
__Tii g s
Q
^
Cx^^^ar:
"S"wpt omb»1*■■30, "4£4rK
M r
(The following address by John L. Sullivan, Assistant
Secretary, before the l rtmi?1 ■..Nornting■<)f 1the1
—
-- . p^r \ n 11 | |■^r^ri rf Tnrm °~nn 1
. a í * * n t is scheduled
for delivery at IS.GO-yxm., Oeia t r c ^ Standard Time,
t
W
Tuo□flayy September SO, lOhlb» ),
r
T
M
1 ''
T
!
mi b
U
pii»....IM»‘ friuuu
¿
I'trt!.
/ ¿fej
'
f
|II
iw ij/i r rrn
nf
Plfìfìting W j J t hr-¥^
l/am especially grateful for the/opportunity to discussy^tl
you intergovernmental tax relations.
Scarcely a day^asseA
fin our tax work at the Treas/ry that Federal-Stater relations
in some a r o O f taxation da^iot come up for consideration,
"hey will /doubtless require even more attrition as defense
financing efforts k^ep /ace with o u r g r o w i n g needs.
The Treasury is M v i n p the pu^Plem of tax coordination
extensive study Jus* nnw hnd ^propose here to outline the
general point of vi si f-pom^nrlvs^h we are approaching the
as ’’putting int 11
Tne die •J- vr\9:
subject.
harmonious relat/ori^
and that
anu
uucil we!
uo^;
our objective:
harmonious heiaifionship among Federal, Stìnte, and municipal /
x
]
Av
/
taxing and fiscal operations.
/
In stri/ing for that goal w| cannot ignore the historical
\
/
d W e l o p m e n y of our political institutions.
\
I
Because of thi
j
background there may be instances where the attaining
m m
V _ U A
..i j _
,
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Saturday« January 2k-, 19^-2,
Press Service
No. 29-92
(The following address by John L. Sullivan, Assistant
Secretary, before the G-eneral Federation of Women's
Clubs In Washington, D.C., is scheduled for delivery
at 1 p.m., Eastern Standard Time, Saturday, January
2 li, 1914-2 , and is for release upon delivery at that
time. )
I am honored that you have aslTed me to speak to you at
this most momentous meeting in all the history of the General
Federation of Women^s Clubs.
More than that, I am grateful
for the opportunity to discuss with you national problems of
great importance.
We at the Treasury have a message which we believe ought
to be delivered to every woman in the United States.
We hope
that as representative women of the nation you will carry this
message to your membership in every city and town and village.
America has demonstrated a capacity for self-government
unequalled in any age or in any nation.
Part and parcel of that
ability to govern ourselves, without dictation from super-parties
or supermen, is the American tradition that no problem of govern
ment is the exclusive concern of any officer of government— but
rather that it is the common problem of every citizen.
And so it is eminently proper that you thoughtful, earnest
citizens, who have grown up in the free air of our democracy,
should thus draw closer to your government in a time of crisis
and anxiety, to consult with us who are, in a very real sense,
your servants.
This i_s a time of crisis.
Through no fault of its own,
America is again engaged in a great war to determine whether
this nation or any nation dedicated to freedom can endure.
The tragic fate of Austria, Czechoslovakia, Poland, Denmark,
and Norway— of Luxembourg, Holland, Belgium and France of
Roumania, Bulgaria, Yugoslavia, Albania, and Greece— warns us
of the penalty of losing.
But we are not going to lose.
We are going to win this war.
2.
We sire going to win it with bigger and faster planes than
the enemy has, and scores of thousands more of them than they
can put into the air.
We are going to win it with stronger, heavier tanks— with
bigger guns— with more battleships and cruisers and destroyers
and submarines.
We are going to win with millions of soldiers and sailors
better trained, better fed, better clothed, and better armed
than our enemies.
And we are going to win with the bravery and sacrifice and
faith of a hundred and thirty million free people laboring as
one to “secure the blessing of liberty to ourselves and to our
posterity.M
It is our job in the Treasury to raise the money to finance
this titanic effort,
It will require a great deal of money. But
no American questions that it is worth a very high price and very
great sacrifice to preserve our civilization.
Part of the cost of war will be financed by borrowing.
That
is, by the sale of bonds which must be repaid in years of peace.
But, insofar as is possible, we should pay for this war as
we go along.
When we do this we help to control the rising course
of prices and keep the cost of living within reasonable bounds.
You women who are the economists and the purchasing agents of the
families of the nation don't need any argument from me to convince
you how important that is. Y o u ’ve already seen the price of al
most everything you buy start upward.
You are paying more today—
considerably more— for the food on your family's table and the
clothes on your family's backs than you did a year ago. You have
seen the cost of living increase more than \0% in the last year.
This is serious, but a far greater increase impends unless we
can prevent it,
One of our best weapons against this very real
war-time danger is to pay for the war as little as possible on
credit, as much as possible with cash.
And that means TAXES.
To pay entirely with borrowed money would be merely to post
pone the day of reckoning.
Taxes may seem painful; in reality
they are relatively painless.
For all other methods of paying for
the war mean the accumulation of a debt to burden America for
decades to come,
They mean a heavy and continuing cost in the
future, but no smaller hardship now.
They mean a haphazard
rather than a planned distribution of the burden,
3The task before us Is unparalleled.
War expenditures alone
in the coming fiscal year will be * 5 6 .0 0 0 ,0 0 0 , 0 0 0 . T h a t is more
than the combined Federal Government expenditures for all pur
poses in the six years from 1 9 3 5 through 1 9 * 0 .
Fortunately we have made a start toward meeting ^ « v e ^ o r e
mendous cost.
The Federal Government’s receipts will have more
than tripled in the space of three years; rising from
|5 3 0 3 ,0 0 0 , 0 0 0 in fiscal 1 9 *1 0 , to an estimated §17,261,
,
in*fiscal i9^3 under existing tax laws.
This increase is due partly to Increased Production and
higher national income— and partly to tax legislation enacte
by a courageous Congress during the last two years,
cannot hope that a national income already
billion
level will continue to rise much farther.
further g
.
income must be primarily from new taxes and higher tax rates.
This will not be easy on any of us, but it can
And we all know that this is no time to
and
when so many Americans are contriouting all their energies
even their lives to the Nation s great task.
The women of America arrange the family budgets.
«»fiiiFSsw-.
I-.»
out. You decide how much
You spend
is to be taken out or eaca p x
or salary check and put away for s a v m g s - a n d taxes.
So on behalf of your Government,
S i.
X ask you,
income as it comes i n .
Uo to this point I have been speaking primarily of ^ c o m e
taxes 1 In our opinion, they represent sound government finane1
oolicy.' They are levied against those citizens who
afford to pay, and the better-to-do men and women pay high
rates and larger taxes than the less fortunate.
But there are other taxes, notably the sales tax,
««
at the Treasury are reluctant to see incorporated in
pmlain
n L n of fexation.
I should like to take a few minutes to explain
? vmi and through y o u to the women of your communities, why.
Trefsui-y regards i L ' s a l e s Tax as a "last resort" measure.
4,
First of all, we are not convinced that it would be effec
tive in raising a very great amount of revenue.
Tax experts
have estimated that a 2% tax on the sale of everything except
food, clothes, and medicines would bring in only about $ 5 0 0
million.
True, that is a great deal of money— but it Is a
relatively small fraction of our total additional tax needs—
$7 billion.
We know also that a sales tax would be a difficult and ex
pensive tax to collect, whereas increases in the rates of exist
ing taxes would not require more than a nominal increase in ad
ministrative costs.
The Federal government already has the
machinery set up and in action for collecting the other kinds
of taxes.
But we have no machinery set up, no men trained for
collecting a sales tax.
We should have to establish a whole
new tax organization different from and in addition to our ex
isting tax organization.
That is a big Job, the expense of
which would eat heavily into the comparatively slim revenue
that a moderate sales tax would bring into the Treasury.
We also feel that a s.ales tax is undesirable because it
works a disproportionate hardship on the low-income groups who
are least able to stand it— the people who spend substantially
all their income on the very necessities of life.
The Treasury
believes that, insofar as possible, it is sound policy to guard
against disproportionate increases in the tax burden on these
low-income groups.
There is much evidence that their combined
Federal-State-and-local tax load is already out of proportion
with that of their economically more fortunate fellows.
Some people who favor the sales tax believe that its op
pressive result on the poor can be avoided by exempting food,
clothing and medicines.
But let me point out that under our
war program a preponderant part of our civilian production l
going to be in these very essentials.
If they are excluded
from the tax, there w o n ’t be very much left., to tax,. If they
are not excluded, the burden of the tax falls too heavily on
those who can least afford to pay it— the individuals living on
$1 ^ . 5 0 a week.
As a matter of fact, even if it were feasible to exempt
certain necessities, I very much question whether the exemption
would prevent price increases in these articles.
For example, take the case of a clothing manufacturer.
He
would pay a sales tax on the materials he bought and on his
machines.
These added taxes constitute for him another cost of
doing business and naturally, like any businessman, he w ants to
earn a profit on this additional investment.
So he adds those
taxes, plus something for profit, onto the sales price of the
clothes which he made.
And when you or your husband buy those
clothes, you pay an increased price for them even if it isn t
marked on the ticket as a sales tax,
5In varying ways and degrees, the same thing is true of the
medicine that you "buy at the drug store and the food from the
butcher or grocer.
The price is higher, even if nominally
there’s no sales tax added to these exempted articles.
Some sales tax advocates suggest that it be levied on manu
facturers or wholesalers instead of retailers.
I ’ll grant that
this would simplify the administration of the tax.
But it also
has its disadvantages.
L e t ’s take a carpet, for example.
The
wholesaler pays the tax when he buys from the manufacturer.
Naturally he adds that tax— plus something for profit on the
tax— when he sells to the retailer.
Then the retailer does ex
actly the same thing when he sells the carpet to you.
W h a t ’s
the result?
You pay two price increases instead of one— and
each increase is larger than the amount of the tax.
Any type of sales tax will increase the cost of living and
make effective price control exceedingly difficult if not in
fact impossible.
The increased cost in living would cause
labor to seek and obtain higher wages.
These higher wages
would mean higher prices for the goods you buy— and thus the
spiral would go up and up and up, increasing prices all along
the line, causing higher war costs and bigger deficits* and
necessitating still more taxes.
Another argument advanced for a sales tax is that it would
give all the people an opportunity to contribute directly to
the nation’s war chest.
We believe they now have this opportunity.
Today a married couple without dependents earning tydy.vv
a week pays an income tax.
A single person earning $14.50 a
week pays an income tax.
Surely we do not wish to impose taxes
on those earning less than these amounts.
In 1940—
7 ,6 0 0 , 0 0 0
Income tax returns were filed.
In 1 9 L 1 — 15,200,000 income tax returns were filed.
In 1942__2 2 ,0 0 0 , 0 0 0
income tax returns will be filed.
Surely these figures show that all the people above a sub
sistence level have already been given the opportunity to con
tribute to the Federal G-overnment.
From these figures you can judge whether a sales tax is
necessary to bring home to our people the necessity and the cost
of bringing our enemies to their knees.
I have talked to you at such length about the sales tax
iecause I look upon it as the start of a vicious sP ^ a l of risng prices.
I know that you, who are leaders Of yo
.
:an warn every household in the country against ■
tnis threat,
und I earnestly hope that you will do so.
Speedy and extensiv
liscussion by the women of America will make our country l
sreasingly aware of its dangers.
’
6.
In conclusion, I want to ask you to think of the United
States as your home— as the very house in which you and your
family live their lives.
If you lose it, you lose everything.
The taxes you pay now are literally to secure protection
and to pay insurance on your own home.
These taxes will soon he increased to all-out proportions.
Thev will impose sacrifices on everyone of us.
Yet we welcome
them because we are resolved to profit from the examples of
those other peoples who taxed themselves too little and too
late— and who lost all.
Let us remember that today taxes serve a vital purpose, the
Duroose of self preservation, the purpose of preserving the Amer
ioan concept of freedom:
Freedom of Speech, Freedom.of Worship,
Freedom from Want, and Freedom from Fear.
No one knows how long this war will last.
But
much I am sure: Whether it lasts two years or five, those years
will see America at its best.
Men will fight and die for those
principles that have made America worth living in and worth
dying for.
The women of America who have glorified our
j^erifor the future will . respond to the needs of the day as Ameri
can women have always answered their country s call.
Our fathers handed down to us from their :
nation, strong and united, fearing no enemy, bowing to no master,
and yielding to no force.
We are the temporary trustees of this proud
It is for us to pass it on to our children as we received i t strong and free.
This we shall do.
-0O0-
TREASURY DEPARTMENT
Washington
(The following address by SECRETARY MORGENTHAU before
the Defense Rally of the United Automobile Workers is
scheduled to be delivered at the State Fair Coliseum
in Detroit, Michigan, at *4- P. M #, Eastern Standard
Time, Sunday, January 25, 19^2, and is for release
upon delivery at that time. )
It is a good and wholesome experience for any official from
Washington to come here to Detroit to meet a great audience of
automobile workers. We in Washington are much too accustomed to
think that we sit at the very center of the war effort. For the
past few weeks we have seen our Capital City become, in a sense,
the capital of the world, the scene of wartime planning on a
world-wide scale. The officials and admirals and generals of
many countries are working together in Washington at this very
moment, planning the military, naval, and economic strategy that
will bring Japan and Germany to their knees.
Yet all our strategy, no matter how brilliant, cannot accomp
lish its decisive purpose until the materials of victory have
rolled from America!s assembly lines. All the individual daring
and bravery of our men in uniform cannot win the war unless they
are backed by the mass production of the implements of war. The
real heart of the war effort is, therefore, not in Washington but
right here in your workshops and factories. The big push begins
here. The great offensive against the Axis is under way here in
your State of Michigan, next door to you in Ohio and Pennsylvania,
and wherever the skill and energy of working men and women are
producing the weapons of victory. You in this hall are in the
front lines in this phase of the war, and I am genuinely proud to
be here among you today.
This is not the first time that I have been privileged to
visit the Detroit industrial area in recent months. Some of you
know that I had the pleasure of attending a meeting of shop *»
stewards at Pontiac in November. I came back to Washington from
that meeting heartened and invigorated as seldom before. In that
one evening I heard more sound common sense than I had heard in
many meetings, in Washington or elsewhere. From that day I have
been convinced that American labor has been ahead of all of us in
its willingness to produce armaments to win the war, whatever the
sacrifices, whatever the consequences.
There is every reason for the rank and file of American labor
to be out in the forefront in its understanding of the war and in
its response to wartime needs. In the first place, this is a
people’s war, to an extent never before known in any of the great
struggles of human history. This war is a people’s uprising
against tyrants who are trying to push us back into the Dark Ages.
It is being fought by the people and it can only be won by the
people’s efforts, by your efforts. Upon your skill, your sweat,
your willingness to dedicate yourselves to war production, the
ultimate outcome will very largely depend.
29-93
-2-
In the second place, this is a war against the enemies
of the free labor movement in this and every other country.
Nobody needs to stand before any group of labor men and women in
this country to tell it what Fascism means. When the Blackshirts
bullied their way to power in Italy twenty years ago, when others
praised Mussolini for making the trains run on time, American
labor instantly knew Fascism for what it was. When Hitler crushed
Germany's trade unions, you of American labor knew at once that
he would crush yours if he ever had the chance.
Labor has never been dazzled by the military accomplishments
of the dictators. Labor has never made the mistake of imagining
that Fascism was in any sense a “new order" or that its medieval
tyrannies could supply us with any guideposts to our own future.
Now, at last, the life-and-death struggle has come, just as the
rank and file of labor foresaw that it would. As Hitler said —
truthfully, for once!— "two worlds are in conflict; one of them
must break asunder." We can tell him now that it is his world,
not ours, which will break and die.
But there is a third and still more compelling reason why
labor has an Immeasurable stake in this war. Labor in this
country and elsewhere looks to a better world, a freer and a more
secure future. Everything that labor has fought for a hundred
years to attain will be lost forever if the dictators shouxd win.
Everything that labor seeks, for its children and its children s
children, is bound up with the success of the free countries in
the present struggle.
I think I can describe those aims in a very few w°rds Wy
telling you about a great picture in the Grand Central Station In
New York. It is a unique picture because it happens to be the
biggest phot-mural in the world; we of the Treasury put it there
to help the sale of Defense Bonds and Stamps, and we made It big
enough to cover an entire wall of the Station concourse, so that
everybody could see it.
But what makes me so proud of it is not its size, but its
message and its spirit. The first of its three huge photographs
shows an American farmer and his land, and the caption under It
says "That we may defend the land we love.
The second Is a
panel of children's faces, with the caption, That these may face
a future unafraid." And the last shows a worker looking up a t a
factory, and under it is the caption, That we may build a better
world."
Those happen to be the objectives of the Defense Savings
Bond campaign, but I also know that they are the objectives. of
American labor, and they are the greatest of the alms for which
we are fighting this war.
-3
It may seem unfeeling of *e ®^yn 0f°y“unha?& temporarily lost
Rnnds to Sin audience in which
Jf
,
^ ¿vm, because oj
your Jobs, suddenly Und through f fault of^your «
I
fhp ohanffe—oVcr
war
suffei“
know
w S t you into
the
D eproduct!
t r a l t a r e a h a v e b>>000
eensu
f f e r iing
g in ^temporary
when
unemployment, W
I wish as
4 » » . and when those
vour -Giants will be bach in rux Pt
-up hack at your benches
of you who are walking the stree L ask or expect any of you who
h L e more
Certainly 1 would ne^er ^ 8^ ° a t!m?s
We have a slogan
are out of a Job ^ T^ ® ^ f | Ve°fpayday Bond Day." That does
not^apply6toUthose who have no payday
^/^dri^i^means
S
and Shelter from his
S
^
lftr
a
aS S ^ c ? . 5 ^
family«
$
The other day a
elaborate sales promotion
¿Sft these
|mong the(American
p e o p l o f Wbeing he°ld up to pu b U c ^ i d i c u ! ^ ^ y o n e
who did
not^buy a ^ l n d ^ V e i l e d that w ^ p f i e H h ^ t i f ^
countenance anything
0f intimidating k m e r l c & n s ,«,tvp th e
5 “ ™.»?»“ “ '"* ” ”
tr',p° ” 4 ’ ”
PI'8” ' b „, for « . . . «ho “
“ 0“ 1 1 "
» « n i V S S ”
; » »
good Jobs at good w?Se®’DPPei e You who are working In the Detroit
^
fo^war! * &
v
~
^
”.'.rfiSndS
srLSKSVs
know that those who :^ n t t ^ s e ^ s h ^ ^ t h a i ^ t h o s e who
S S “ not*S«?ferihSeW»J
K ? " r 4 :“
S
"
i
i
^
n
e
^
?SfSesM” oiSp...
bond. w l U bring
I am often ashed three ‘f ^ ^ ^ f i r s t
m ust, X S
|u f
b e i n ??o - Tlif f n- e rT^
^
r
t
e
^
S
l
•
^
is, "Gan I get my
a y U - a « ^
sixty days from the date ^
^ ^ ^ a n s w e r ' is that we at the
happens if L ^ f cf ef e3 bond a n f its owner; we can supply
Treasury have a record of every
lf and we will be glad to
vou With another lf y ° ^ ; ai£p Treasury if you wish us to heep i
kpeo vour bond for you at the ireasu y
j lose money on these
sltl for you.
The third question £ .
« & * * * Bonds?* The
bond»
ih.s.bojds,
^
^
% & l
iSt“=rSn?r!=£
S £ S , * 3 i
“ ?f? S lf h S l n lnp.i!r.nt“
* r ' - t . 1»
SS,*“ *"
&’^
J 3 i r u r ' - r iffai.’sS £ » - . dollar, and the longer you
value.
«fe
Moreover, Defense Bonds not only help to pay for the guns
and tanks and planes that will win the war; they also pay for
labor, your labor. Every time you buy a $75 "bond you pay for
the services of a skilled worker for an entire week; every time
you buy a Bond or even a Defense Stamp you are enabling the United
States Government to pay you for your work, and you are hastening
the day when our fighting men will be able to carry the war to
Tokyo and Berlin.
About a month ago two of your brothers in the Dodge local,
Mr. Rubin and Mr. Swetz, came to see me in Washington, to discuss
ways and means of hastening the conversion of their plants to war
production. Together we accomplished something, because those two
men had the Initiative to come to my office, and also because of
the fine cooperation of Mr. Patterson, the Undersecretary of War,
Mr. Stettinius, the Lend-Lease Administrator, and Mr. K. T. Keller,
of the Chrysler Corporation.
But what I shall always remember about that meeting is the
spirit that your representatives showed. I argued then, and I
have said it for months to everyone who would listen, that the only
way to arm this country in time was to order the complete and
immediate stoppage of all automobile production, and the quickest
possible conversion of the plants. Your representatives knew that
that would mean Immediate unemployment for great numbers of men;
yet when I asked them how they felt about it they answered, without
a moment*s hesitation, HWe can take it; we want it done.M
That was just a sample of the spirit I have found among
American labor ever since we at the Treasury started the Defense
Savings program. It is a sample of the spirit that the whole
country has discovered in the weeks since Pearl Harbor. It is the
spirit that is going to win the war.
I said in Cleveland yesterday that the pioneers who settled
this Middle Western country did not let danger or hardship
frighten them. They regarded every danger as a challenge, every
hardship as an adventure. That is the spirit with which you are
meeting this crisis, the greatest that free men have ever undergone.
You workers of Detroit are in the forefront of the fight,
and I am confident that you will see it through until the fight
is won.
•oOo-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Monday, January 26, 19^2#
Press Service
The Treasury Department announced today that a staff of
Treasury representatives under Thurman Hill, Special Assistant to
General Counsel of the Treasury Department
has begun an investigation of the records and personnel of^American
Bosch Corporation -whose main plant is located at Springfield,
Massachusetts*
The majority of the capital stock of the American
Bosch Corporation is beneficially owned by foreign interests*
Accordingly, the corporation is under the freezing control of the
Treasury Department*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, January 26 , 19^-2.
Press Service
No. 29-9^
The Treasury Department announced today that a staff of
Treasury representatives under Thurman Hill, Special Assistant
to the General Counsel of the Treasury Department, has begun
an investigation of the records and personnel of the American
Bosch Corporation, whose main plant is located at Springfield,
Massachusetts.
The majority of the capital stock of the
American Bosch Corporation is beneficially owned by foreign
Interests.
Accordingly, the corporation is under the freezing
control of the Treasury Department.
-oOo-
2T-T6
'DerpaTtmerrtriihat
i
he n a t i o n * s l e a d i n g i n v e s t m e n t o r g a n i z a t i o n s h a v e offered
h e i r s e r v i c e s e n t i r e l y on a v o l u n t e e r b a s i s to a c q u a i n t in
v e s t o r s w i t h the G o v e r n m e n t * s p l a n o f s a v i n g f o r taxes by the
purchase, of T r e a s u r y T a x S a v i n g s Notes., a nd to a i d in the^ sale
The o f f e r o f c o o p e r a t i o n was m a d e at a m e e t i n g w i t h
T r e a s u r y o f f i c i a l s b y J a m e s F. Burns, Jr., P r e s i d e n t of the
A s s o c i a t i o n of Stock E x c h a n g e F i r m s * W a l l a c e H. Fulton,
E x e c u t i v e D i r e c t o r of the N a t i o n a l A s s o c i a t i o n of Securities
Dealers* E m i l Schram, P r e s i d e n t of t h e N e w Y o r k S t o c k Exchange;
a n d J o h n S. Fleek, P r e s i d e n t of the I n v e s t m e n t B a n k e r s A s s o c i a
t i o n of A m e r i c a .
These investment organizations represent
s o m e 3 , 500 m e m b e r firms in a l l p a r t s of the U n i t e d States with
a n e s t i m a t e d sales p e r s o n n e l t o t a l i n g a b o u t 20,000.
The T r e a s u r y h as a c c e p t e d this o f f e r a n d ha s p r i n t e d a
s p e c i a l f o l d e r to h e l p t h e m e x p l a i n to i n v e s t o r s the r e a sons
w h y t h e y s h o u l d i n v e s t f u n d s r e g u l a r l y f or f u t u r e t ax payments,
p a r t i c u l a r l y F e d e r a l i n c o m e taxes, g i f t taxes, a n d estate taxes.
The r e p r e s e n t a t i v e s o f the v a r i o u s firms r e p r e s e n t e d by
the c o o p e r a t i n g a s s o c i a t i o n s w i l l p o i n t out to c l i e n t s the
d e s i r a b i l i t y o f these T a x S a v ings N o t e s as an i m p o r t a n t part
o f a w e l l - b a l a n c e d i n v e s t m e n t plan.
In l e t t e r s to t h eir mem b e r s , the I n v e s t m e n t Bankers
A s s o c i a t i o n , N a t i o n a l A s s o c i a t i o n of S e c u r i t i e s Dealers, the
N e w Y o r k S t o c k Exchange, and the A s s o c i a t i o n of S t o c k Exchange
F i r m s say:
^ T h e f a c i l i t i e s of the I n d u s t r y are a g a i n p l a c e d at
the d i s p o s a l of the U n i t e d S t a t e s G-overnment and
the T r e a s u r y D e p a r t m e n t for the p u r p o s e of a c q u a i n t
i ng the p u b l i c w i t h the a d v a n t a g e s of p u r c h a s i n g Tax
Savings Notes.
¿iThese n o t e s o f f e r an o p p o r t u n i t y to r e n d e r a w o r t h
w h i l e I n v e s t m e n t s e r v i c e to ou r c u s t o m e r s and, at
the same time, c o n t r i b u t e m a t e r i a l l y , t h r o u g h our
s p e c i a l i z e d k n o w l e d g e a n d e x p e r i e n c e , to the nation's
w a r effort.
It is g o o d i n v e s t m e n t a d vice to urge
p e o p l e to set a s i d e for tax p a y m e n t s a p o r t i o n of
I n c o m e as it is r e c e ived. 11
9
TREASURY DEPARTMENT
Washington
F O R RELEASE,
M O R N I N G NEWSPAPERS,
Press Service
No- 29~95
Tuesday. January 27. 19^2,______
1/26/4-2
The nation's leading investment organizations have offered
their services entirely on a volunteer basis to acquaint investors
with the Government's plan of saving for taxes by the
of
Treasury Tax Savings Notes, and to aid in the sale of the Notes,
Secretary Morgenthau announced today.
The offer of cooperation was made at a meeting with Treasury
officials by James F. Burns, Jr., President of the Association of
Stock Exchange Firms; Wallace H Fulton, Executive Director of the
National Association of Securities Dealers,
Sc^ ® | dent of t^e
of the New York Stock Exchange; and John S. Fleek, President or
Investment Bankers Association'of *»erloa
These :investment
organizations represent some 3,500 member firms l ^ a l l p a r
United States with an estimated sales personnel totaling about
20, 000.
The Treasury has accepted this offer and has printed a special
folder to help8them explain^to investors the reason why they should
invest funds regularly for future tax payments, particularly feaerar
income taxes, gift taxes, and estate taxes.
The -renresentatives of the various firms represented by the
cooperating assoc?afions will point out to clients the desirability
of these t I x Savings Notes as an Important part of a well-balance
investment plan.
In letters to their members, the Investment Bankers Associatio
National Association of Securities Dealers, the New York Stock
Exchange, and the Association of Stock Exchange Firms say:
"The facilities of the Industry are again Placed at
the disposal of the United States Government and the
Treasury Department for the purpose of acquainting the
public with the advantages of purchasing Tax Savings o
"These Notes offer an opportunity to render a worthwhile
investment service to our customers end, &t the
time, contribute materially, through our specialized
knowledge and experience, to the nation s war e _ a^ide
It is good investment advice to urge
for tax payments a portion of Income as it
-0O0-
i§|1
Roosevelt, yet the uoyd "impossible* had been «trunk out
1
of his dictionary*
he proved it*
Nothing was impossible to him,
end
He ie proving it today end evei^ day*
*
In the ««me nay the road ahead of our country must
seem dark at times*
fa as a nation have been struck a
blow while we were not looking*
Our whole world has
been stricken with the disease of conquest and tyranny
4
which we shall have to stamp out before we can live in
¿JBlff
peace and happiness and well-being again*
pHS \
4
But If anyone
should ever have his doubts, if anyone should suppose
for one moment that the job is too big for us, let him
think of the example of Franklin Roosevelt, and then
carry on*
i
D-B
4
trip» together.
of its.
Than, too, he was a n inspiration to all
Chen other« grumbled, he was
always
cheerful;
w h e n others hen their doubts, he was always optialstic.
I remember particularly one cold autism day w h e n he spoke
14 tines from a n open car«
This was the stricken nan
whoa we had accompanied to C a m Springs only a few years
before.
Be was winning his fight,
i# was waging his war
Ctr-Lwlth every ounce of energy and determination within him.
r
i Thin
determination to heat all hardships, to conquer
*11 handicaps, is being created la these United States
daj V
day* Mr* Hitler, Mr. Mussolini, and Mr* Mikado/
1
A
*
v
.
I want you to taka a look at the spirit of W a r » Springs ,
'
^or ***** *8 ^
spirit of Anerioa today and it is something
which you can never beat, so »attar hoar long you try*
Mai^y times in those early days at W a r ® Springs the
road ahead most have seamed dark and painful to Franklin
D-B
i
toward one another, an attitude toward life which
subsequently came to be known as the "spirit of Wars
Springs**1
In reality that was the spirit of Franklin Roosevelt.
He blew the breath of life and courage into that place
through the example he set, through the reserves a t
courage that he summoned*
Be had already made up his
mind that he had "nothing to fear but fear itself.1* 7
Be never spoke to me then about the disease that
struck him, nor has he spoken about it since,
fighting his fight alone.
s
*7 *
fie was
He was determined to show
that he could take it, with the ssSne grim and gay spirit that
.jjl
the people of London showed when a different kind of scourge
fell upon them.
In later years when Franklin Roosevelt had re-entered
state politics Is Mew York, we went on a number of campaign
D-B
DRAFT OF SECRETARY MORGENTHAU'S BROADCAST
FOR THE 11!ANTILE PARALYSIS CAMPAIGN,
JANUARY 26, 1942.
Tonight I should like to speak to you for
a
very
few minutes, not as Secretary of the Treasury, but as
an old friend and neighbor of Franklin Roosevelt.
I feel
very deeply that it will help our country to surmount
the dangers ana obstacles of this hour if all of us
remember how Franklin Roosevelt conquered the obstacles
that at one time shadowed his whole life.
It is more than twenty years since the President
was stricken with infantile paralysis.
The very first
TRa^/.
.cf/x.*.*
year that he went to Warm Springs, sar went with him.
It did not take us long to discover that he had brought
a new spirit to -arm Springs.
winter, we
a m
Even in the very first
that the patients there had a certain
cheerful optimism, a kindly and helpful relationship
(The f o l l o w i n g t a l k b y S E C R E T A R Y M O R G E N T H A U
on b e h a l f o f t h e " P r e s i d e n t * s B i r t h d a y cele*b r a t i o n ’'is s c h e d u l e d to b e b r o a d c a s t o v e r
t h e B l u e N e t w o r k at 10145 P*m»t E a s t e r n
S t a n d a r d Time, J a n u a r y 26, 1942, a n d T s for
r e l e a s e u p o n d e l i v e r y at t h a t t i m e 71
*
f
«
w
4
TREASURY DEPARTMENT
Washington
(The following talk by SECRETARY MORG-ENTHAU on
behalf of the ‘'President *s Birthday celebration"
is scheduled to be broadcast over the Blue
Network at 10:^5 P. m . t Eastern Standard T i m e ,
January 267 19^-2, and is for release upon
delivery at that tlmeTl
Tonight I should like to speak to you for a very few
minutes, not as Secretary of the Treasury, but as an. old friend
and neighbor of Franklin Roosevelt,
I feel very deeply that it
will help our country to surmount the dangers and obstacles of
this hour If all of us remember how Franklin Roosevelt conquered
the obstacles that at one time shadowed his whole life.
It is more than twenty years since the President was
stricken with infantile paralysis.
The very first year that
he went to Warm Springs, Mrs. Morgenthau and I went with him.
It did not take us long to discover that he had brought a new
spirit to Warm Springs.
Even In the very first winter, we saw
that the patients there had a certain cheerful optimism, a kindly
and helpful relationship toward one another, an attitude toward
life which subsequently came to be known as the "spirit of Warm
Springs."
In reality that was the spirit of Franklin Roosevelt.
He
blew the breath of life and courage Into that place through the
example he set, through the reserves of courage that he summoned.
He had already made up his mind that he had "nothing to fear but
fear itself."
He never spoke to me then about the disease that struck him,
nor has he spoken about It since.
He was fighting his fight alone
He was determined to show that he could take it, with the same
grim and gay spirit that the people of London showed when a
different kind of scourge fell upon them.
In later years when Franklin Roosevelt had re-entered
state politics in New York, we went on a number of campaign
trips together.
Then, too, he was an inspiration to all of us.
When others grumbled, he was always cheerful; when others had
their doubts, he was always optimistic.
i remember particularly
one cold autumn day when he spoke lU- times from an open ca^ #
This was the stricken man whom we had accompanied to Warm bprings
only a few years before.
He was winning his fight.
He was
waging his war with every ounce of the energy and determination
within him.
29-96
-
2-
This determination to beat all hardships, to conquer all
handicaps, is being created in these United States day by day.
Now, listen, Mr. Hitler, Mr. Mussolini, and Mr. Mikado .1
I want you to take a look at the spirit of Warm Springs, for
that is the spirit of Amerida today and it is something which
you can never beat, no matter how long you try.
Many times in those early days at Warm Springs the road
ahead must have seemed dark and painful to Franklin Roosevelt,
yet the word “impossible” had been struck out of his dictionary.
Nothing was impossible to him, and he proved it.
He is proving
it today and every day.
In the same way the road ahead of our country must seem
dark at times.
We as a nation have been struck a blow while
we were not looking.
Our whole world has been stricken with the
disease of conquest and tyranny, a disease which we shall have
to stamp out before we can live in peace and happiness and
well-being again.
But if anyone should ever have his doubts,
if anyone should suppose for one moment that the job is too big
for us, let him think of the example of Franklin Roosevelt, and
then carry on.
-0O0-
TREASURT DSPABTHHiT
Washington
FOR RELEASE, HORHIHO KEWSPAPERS,
Tutydnr. Jwnary 27. 1942.
1/26/42
T im
Ft m * Servlet
Secretary of ths Treasury announc'd last evening that ths tenders far
$150,000,000, or thereabout', of 91-day treasury bills, to be dated January 28
and to nature April 29» 1942, which were offered on January 23, were opened at
the Federal Reserve Banks on January 26«
tbs details of this issue are ae follows t
total applied for - $371,501,000
total aeeepted
- 150,074,000
Range of scoeptsd bidet
High
Low
Average pries
(Rxeepting two tenders totaling $105,000)
- 99*975 Equivalent rate approximately 0*099 percent
- 99.934
«
«
*
0.261
«
- 99.942
»
»
*
0.231
■
(15 percent of ths anount bid for at the low prise was acosptsd)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday. January 27, 1 9 ^ 2 . .....
Press Service
N o - 29~97
1/26 A T
The Secretary of the Treasury announced last evening that
the tenders for $ 1 5 0 ,000,000, or thereabouts,
hills,
of
Treasury
to he dated January 2$ and to mature April 29, 19^2, which
were offered on January 23, were opened at the Federal Reserve
Banks on January 2 6 ..
The details of this issue are as follows:
Total applied for
$37^> 501, 0 00
Total accepted
- 150,07^,000
Range of accepted bids:
High Low
Average
Price (15
99*975
99*934
(Excepting two tenders totaling
$ 1 0 5 ,0 0 0 )
Equivalent rate approximately 0.0^9 percent
0 .2 6 1
"
"
O.2 3 1
99 9^2
•
percent of the amount hid for at the low price was accepted)
-o 0 o~
PRESS RELEASE
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show imports of cattle
weighing 700 pounds or more each (other than cows imported
specially for dairy purposes), under the tariff rate quotas
for the first quarter of the calendar year 1942, provided for
in the trade agreement with Canada, as allocated between Canada
and other foreign countries in the Presidents proclamation of
December 22, 1941, &s follows:
Established Quota
First Quarter 1942
Canada
Other foreign
countries
Head
51,720
8,280
Entered, or Withdrawn from
Warehouse, for Consumption
Jan. 1 to 17. 1942. Incl.
21,5^0 Head
(Tariff rate quota filled)
(Prepared — Appeals and Protests (Quota Unit) Bureau of Customs)»
TREASURY DEPARTMENT
Washington
Press Service
No. 29-98
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, January 2g, 1942.
1/27/4-2
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show imports of cattle
weighing 7 0 0 pounds or more each (other than cows imported
specially for dairy purposes ), under the tariff rate quotas for
the first quarter of the calendar year 1 9 ^ 2 , provided for in the
trade agreement with Canada,
as allocated "between Canada and
other foreign countries in the President's proclamation of
December 22, 19^-1 > a-8 follows*.
Established Quota
First Quarter 19*12
Canada
Other foreign
countries
Entered, or Withdrawn from
Warehouse, for Consumption
Jan. 1 to 17. 19*12. Incl,_
Head
51,720
8,280
-o 0 o~
21,580 Head
(Tariff rate quota filled)
<3
For Immediate Release
Secretary Morgenthau today witnessed a
screening of the first completed print of the Treasury*s
new Donald Duck income tax picture, **The New Spirit,**/and
gave his approval for release of the film this weekend.
Between that time and March 16, millions
of Americans will see the fast-moving color short, in
which Donald learns of the vital importance to the nation’s
war effort of prompt tax payments.
The Office of the
Co-ordinator of Government Films has arranged with the
War Activities Committee of the Motion Picture Industry
for distribution of the film to 1 2 , 0 0 0 theaters in that
p er iod •
Walt Disney broke all of his production
records, leading his crew of artists and technicians in
working around the clock seven days a week, in order to
get the picture set for a maximum number of showing before
the income tax deadline•
They turned out in less than
two months a finished product that normally requires at
least six months.
ooOoo
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, January 27, 19^2^
presS S ®rvice
N o - 29-99
Secretary Morgenthau today witnessed a screening of the
first completed print of the Treasury's new Donald Duck Income tax
picture,
MThe New Spirit,” and gave his approval for release of
the film this weekend.
Between that time and March 16, millions of Americans will
see the fast-moving color short,
in which Donald learns of the
vital Importance to the nation's war effort of prompt tax payments,
The Office of the Co-ordinator of Government Films has arranged
with the War Activities Committee of the Motion Picture Industry
for distribution of the film to 12,000 theaters in that period.
Walt Disney broke all of his production records, leading
his crew of artists and technicians in working around the clock
seven days a week,
in order to get the picture set for a maximum
number of showings before the income tax deadline.
They turned
out in less than two months a finished product that normally
requires at least six months.
oOo
@FedFRASER