Full text of Press Releases of the United States Department of the Treasury : Volume 53

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R T
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V. T 3

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Tfi£ASÜWDEPARTMENT LIBRARY.

a r y

030

JUN 1 4 7372
Depa r tm en t

PRESS RELEASES

41-0
41-99

M a r c h 6 , 1944
M ay 16, 1944

||p||p

w r®

March 3 , 19****
,
~
STATUTORY DEBT LIMITATION
AS OF FEBRUARY 29« i q W

Urj

Section 21 of the Second Liberty Bond Act» as amended, provided that the
face amount of obligations issued under authority of that Act, *shall not exceed
in the aggregate $210 ,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
Outstanding as of February 29, 19****:
Interest-bearing:
Bonds $73,SSI,906,500
Treasury
Savings (Maturity
39,011,870,**25
value)*
Depositary
M6.135.750
Adjusted Service
718,605,957
Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

$210 ,000 ,000,000

$11^,028,518,632

30t S53tSS9,125
31,015tlSSf000

13,111,960,000

7**,981,037,125
$1S9,0 0 9 ,5 5 5 .7 5 7

Matured obligations on
which interest has ceased
Bearing no interest
D.S, Savings stamps
200,576,573
Excess profits tax refund
bonds
1,853,682

233tl39t050

202,**35.255

Face amount of obligations
issuable under above authority

1S9 ,****5 .130,062
$ 20.55M69.938

Reconcilement with Daily Statement of the United States Treasury
February 29« 19****
Total face amount of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act.
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-Mss*. etc.)
$195,926,360
Matured obligations on which
interest has ceased
7,341,490
Bearing no interest
954,**10,235
Total gross debt outstanding as of February 29 , 19****
♦Approximate maturity value* Principal amount (current
redemption value) according to preliminary public debt
statement $31,515,192,3*42

$189 ,****5 »130,062
7,**96»678,083

181 ,9**8,**51»979

1 ,1 5 3 ,1 7 3 ,5 3 5

March 6, 1944
STATUTORY DEBT LIMITATION
AS OF FEBRUARY 29. 1944.
Section 21 of the Second Liberty Bond Act, as amended, provided thdt the
face amount of obligations issued under authority of that Act, shall not exceed
in the aggregate $210,000,000,000 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

$210,000,000,000

Outstanding as of February 29, 1944?
Interest-bearing;
Bonds treasury
$73,881,906,500
Savings (Maturity
39,011,870,425
value) *
415,135,750
Depositary
718,605,957 $1.14,028,518,632
Adjusted Service
Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

30,853,889,125
31,015,188,000
1ft,111,960,000

Matured obligations on
which interest has ceased
Bearing no interest
U.S, Savings stamps
Excess profits tax refund bonds

74,981.037.135
$189,009,555,757
233,139,050

200,576,573
1,856»682

202»435,255 189,445,130»062

Face amount of obligations
issuable under above authority

$ 20,5^4,869,938

Reconcilement with Dally Statement of the United States Treasury
February 29, 1944
Total face amount of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,

$189,445,130,062

Deduct, unearned discount on Savings bonds (difference
between current redemption value and maturity value)
Add other public debt obligations outstanding but net
subject to the statutory limitation:
$195,926,860
Interest-bearing (Pre-War, etc.)
Matured obligations on which
7,841,490
interest has ceased
954,410,235
Bearing no interest
Total gross debt, outstanding as of February 29, 1944
* Approximate maturity value,. Principal amount (current
redemption value) according to preliminary public debt
statement $31,515,192,342

7,496,678,083
181,948,451,979

1,158,178,585
$183,106,630,564

Minnesota*...
Mississippi..
Missouri.... ,

72
28
79

Montana..... .
Nebraska.... .
Nevada...... .
New Hampshire.
New Jersey....
New Mexico.....
New York.......
North Carolina.
North Dakota...
Ohio.........

17
*40
*4

10
110
$

J
36H
**5

102

229

110
103

180

*42

56
*4
38
595

*41
3

136

110
12

5
l

10
2

5**

2
21

3
55

1*4
186

53
7
15
219

108
96
85

10156
92
107
139
92

10*4
135
9*4

68
102

19
91

6
2

17«

8*4

Oklahoma......
Oregon........
Pennsylvania...
Rhode Island...
South Carolina.

*42
*4*4
22*4
17

*4
*4
*48
3
3

1*4
25
12*4

73
396

6
10

26
3**

5«
5**
*423
18
33

South Dakota..
Tennessee....
Texas........
Utah... .....
Vermont......

17
*40

2
6
21
1
1

123

2*4
8*4
3

250
20

65
210
22
8

108
119
90
11*4

102

9
3
15

*41

*40

1*45
16
6
5*4
69

Virginia.....
Washington....
West Virginia.
Wisconsin....
Wyoming......

26
70

26
38I

911
70
17

8*41
75
2*4
288

380
2*4

100

360

157

186
38

136

209

126

i
98

19*4

18
1*46

10H

*4*4
130

585
289
82

312

92 .
103
89
10*4

2
11

*
*

2
12
8
$5,500

116
105

10 $
5
3,82“» 3.287
56
97
13
7
. 60S.,
360

1*4*4
1*45

19156
116

191
152

230

11
6l
185

175
1*49
12*4

29
25

18
19

106

162

87
35
1%
3

15*4
173

169
12*4

11*4

129
1.069
106
66
*40

161
“*79

160
129

*49
3**

185
223
102
336
17

163
2*47

119
127

600

896

121

135
117

*41

169

80
32

60
236

31
9*4

173
188

672

13*4

53
282

*4,665
172
37

32
*45
555

5**
56

200

52
781

156

10^
133
1*4*4
15*4
128

79>*
*4*40

130

12956
111

*4,198

126
2*4
672

137
153
133

90
99
978
80
5**

130
109
133

122

28
126

” 1*4*4
128

127

395
*40
27

121
121
125

1*43

129
122

183
75

258
12

136
130
1*40

t
Alaska..
Hawaii..
Other...
Subtotal....
Unallocated.
Grand total.

3
$ 3.202

.1 5
$ 3.187

13
5

$ 573

$ i.5“*9
-

$ 5.32“*
-15

$ 1,5^9

$ 5.309

$5,500

$ 573

67
97

2
21
1

2
$11,*410 $8,500
11
$11,*421

$8,500

296
51
13*4
13*4

2
19
10

202

$16,73“* $1*4,000
-*4

120

$16,730

120

*4
33

Office of the Secretary of the Treasury, Division of Research and Statistics.
Note:

Sales of Savings bonds and Savings notes included in this table since January 1. Figures are rounded and
do not necessarily add to totals. Percentages have been coinputed on unrounded figures.
Less than $500,000.

$1*4,000

March 4, 19*4*4.

175
63
'-

Subscriptions to Fourth W a r Lo a n Compared w i t h Quotas, b y States and b y Classes of Investors
-

FINAL. REPORT

V. ;

(Dollars are millions)
Individuals, partnerships
and personal trust accounts
Sale s

State

Series. Series Other se
F
F and G curities
Alabama........ .
Arizona..*............
Arkansas..............
California-North........
-South.... .
Colorado..............
Connecticut.......... .
Delaware..... .........
District of Columbia....
Florida...............

Corporations, associations
and other investors

H2
13
22

lHl

1
3
27
27

25
6l
7
3H
Hi

10
2
5
7

129

Georgia............ .
Idaho.................
Illinois..............
Indiana.... ...... ....
Iowa..................

H2
13
20H
gl
82

Kansas........... .
Kentucky............. .
Louisiana.............
Maine................ .
Maryland..............

51
36
38

9
9

H
9

1
Hi
12

21
H
12
28
Hg
lH
2H
6
12
H7
3H
2
78
2H
2H
21
2H
12

6
Hg

Quota

Total
$

68
18
38
18H
215
H5
96
lH

51
95
82
17

322
117
123
81
69
55
26
97

Percent
achieved
to date

Sales

Quota

All investors

Percent
achieved
to date

Sales

13U 56

20
32

93
118

17
22

209
205

88
105

225
27 H

HO
12H
19
53
6U

112

1H3

77
76
97
lHs

372
33
59
67

302

123
138
1H0
118

H67
Hg
110

82
13
887
176

118
IOH
88
93
13H

106

59
8
537
108
85

12H

56
5H
31
93

12H
103
83
10H

56
57
71
Hi
lgH

H7
H8
H2
28
98

16
368
125

H2
10

16
199
231

2H
H2
57

13155
170
1H0
113

119

123
36

Quota

13256

30
H8
Hog
H36

118

162

70
H26
H3
95
121

125
110
111
116
13H
128
122
13 b
126

60
H09
H89

139

16H

160
165

129

29
1*209

163

125

292
229

905
233
177

120
119

127

137

112
IOH

127

170
1H6
187

Percent
achieved
to date

66
280

59
191

125
100
112

129
122
122
132
113
lH7

Sales of Series E W a r Savings Bonds in the Fourth W a r Loan
Compared w i t h Quotas, b y States
FINAL REPORT
_________
State

Sales

(Dollars are millions)
Quota

Percent
achieved
to date

State

Sales

Quota

Alabama............... .
Arizona............... .
Arkansas.............. .
Calif ornia-North.........
-South.......

New Mexico............
New York.............
North Carolina........
North Dakota..........
Ohio................. .

Colorado...............
Connecticut............
Delaware...............
District of Columbia....
Florida................

Oklahoma.............. .
Oregon............ .
Pennsylvania..........
Rhode Island.......
South Carolina........

Georgia................
Idaho...............
Illinois.............. .
Indiana................
Iowa...................

South Dakota.........
Tennessee...........
Texas............ .....
Utah..................
Vermont........ ......

1^5

Kansas.................
Kentucky..........
Louisiana..............
Maine..................
Maryland.... ..... .....

Virginia..............
Washington............
West Virginia..........
Wisconsin.............
looming...............

69
26

Gk
2k

70
g

66
5

Massachusetts...........
Michigan...............
Minnesota.......... ....
Mississippi.............
Missouri...............

Territories A possessions:
Alaska............
Hawaii.............
Other........ .

2
11

Montana................
Nebraska...............
Nevada...................
New Hampshire...........
New Jersey...............

Subtotal..............

20
178

k2
kk
22k
17

kk
11
Uk
37
38

217
17

12356
95
103
181

102
II3
II5
103
98

100

lM*
IO9

130
Ik
5
^7

111
113
113

116
log

107
106
152
193
Ikl

g
7

3.202

$3,000

106

-I5

3.187

$3,000

106

Office of the Secretary of the Treasury, Division of Research and Statistics.
Note:

7
3Sk

16
6

Unallocated...........

Grand total

36U

Percent
achieved
to date

This table includes sales since January 1 . Figures are rounded and do not neces
sarily add to totals. Percentages have been computed on unrounded figures.

March k 9 1944.

PINAL REPORT
Subscriptions to Fourth W a r Loan
By issues and by classes of Investors
(In millions of dollars)

18sue

Individuals,
partnerships
and personal
trust accounts

Insurance
companies
and mutual
savings banks

Other
corporations,
associations
and investors
i

N bonds...............

Dealers
and
brokers

Total all
investors

..... ..r

*
■
“

*—1 -—

3*137

F and 0 bonds..........

573

380

1,02**

Savizgs notes..........

133

2,oU3

2,232

Certificates............

1*96

3l*2

3,931

266

5.036

2-1/1$ bonds..... .....

517

1,829

827

158

3,331

2-1/2i bonds..........

352

1,157

U03

1,920

5*309

3.^03

7,585

l»33

16,730

Total.... ............ .

3.187

Office of the Secretary of the Treasury, Division of Research and Statistics.
Note:
*

Sales of Savings bonds and Savings notes included in this table since January 1.
Figures are rounded and do not necessarily add to totals.
Less than $500,000.

March 1*, 19*&.

'it1',)

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING- NEWSPAPERS
v Sunday. March 5. 1944

Press Service
No.

The Treasury Department today made public a final report showing
participation by the various States in the Fourth War Loan. The report
covered

sales by issues and by classes of investors. The fihal figures

ijniinwniT' in the attached tables.

TREASURY DEPARTMENT
Washington

POR RELEASE, MORNING- NEWSPAPERS
Sunday, March E, 1944__________

' PRESS SERVICE
NO. 41-1

The Treasury Department today made public a final
report showing participation
Pourth War Loan.

the various States in the

The report covered sales by issues and

by classes of investors.
in the attached tables*

The final figures are set forth

PINAL REPORT
Subscriptions to Fourth War Loan
By issues and by classes of investors
(in millions of dollars)

Issue

Individuals,
partnerships
and personal
trust accounts

Insurance
companies
and mutual
savings banks

Other
corporations,
associations
and investors

Dealers
and
brokers

Totalall
investors

3.187

F and G bonds. ........

573

3so

1,02U

Savings.... ..

1S3

2 .0H3

2,232

Certificates..

k3b

3*42

3>93i

266

5,036

2-1 /*■$ bonds. ..

517

1 ,829

827

158

3*331

2-1 /2$ bonds...

352

1.157

U03

1.920

5.309

3,1«D3

7,5^5

^33

16,730

E bonds..... .

Note :
*

in this table since January 1 .
Pies of Savings bonds and Savings notes included
igures are rounded and do not necessarily add to totals.
ess than $500*000.

Sales of Series E War Savings Bonds in the Fourth War Loan
Compared with Quotas,, by States
FIFAL REPORT

Alabama...............
Xdi1S8/S» »*.»#.»>• •>► •••ô
Calif ornia-Wo'rtb-**-** *
-Soucia* ...►►
C o l o r «•»•
»ft
Connecticut..L.
.....
Delaware................
District of Columbia.,.,
Florida....^........... .

13
22
129
1^1
25
hi
7
3^
hi

-«• -•+ ■+-•♦♦
tt-♦
^-t-t«t •♦ 11'• t••♦
■JXXin.oiSf <>'■#
^ ^ t• ••*
JLiiàicirici*»*j ++? trt~£ *••
I0W£U • »». •. ..
PjP'ff-fr

b2
13
20U
SI
S2

Kansas...............
Kentucky. .
Louisiana............. »
M a i n e . »
Maryland................

51
36
3S

Ct0or*

Quota

Sales

State

31*
I3
20
llU
132

(Dollars are millions)
Percent
State
achieved
to date

12b f ~ Mas sachu setts...,.
$112
iZ b
Mi
chigan..........
97
112
Minnesota.... ....
72
.Mi ssissippi ....... »• 2S
113
107
Missouri.........
.79

109

102
87

S
30
35
37

115
11b

113
118
101
10S

Ikj

11
201

33
33

110

Sales

115
ll6
SI

Montana.......... •*- 17
Nebraska......... •» bo
b
*
¿Nevada.....
Few Hampshire.. .. •th . 10
Few Jersey....... »* 110

Quota

$10S

165
&b
2b

10^
111
113
117

106

ib 2

117

110
ib i
3b

7
117.

Hew Mexico....... •
9
364
Hew York.........
Forth Carolina... •-• 45
Forth Dakota..... .. 20
17 s
Ohio...............

7
3«&
bb

Oklahoma.........
^2
•r
»
bb
Oregon...........
22b
Pennsylvania.....
Rhode Island..... .. 17
South Carolina... ». 21

37
32

(Continued on following nage)

Percent
achieved
to date

11
m

1231
95

103
181
102

113
115
103
98

100

217

Sales of Series E War Savings Bonds in the Fourth War Loan
Compared with Qpotas, by States

(Cont’d)

FINAL REPORT

State

Sales

South Dakota............. $ 17
Tennessee...........,..,
4o
Texas..............__
lU5
Utah............... ....
l6
Vermont......... ....
6
Virginia.... ......
Washington..........
West Virginia......
Wisconsin.....
Wyoming............

Note:

69
26
70
6

Qjiota

12
37

130
Ik

(Dollars are millions)
Percent
achieved
State
to date

1W / o

109
111

113
113

^7
6k
zk

66
5

Territories &
possessions:
Alaska- ......
Hawaii......
Other... ..

Quota

Sales

2
11

1
8

ll6
108

Subtotal........ .. $3*202

$3,000

107
106
I52

Unallocated....
G-rand total..... .

-15
$3,187

Percent
achieved
to date

19y f r
l4l
______ 31________

106

—

$3,000

This table includes sales since January 1* Figures are rounded and do not neces
sarily add to totals. Percentages have been computed on unrounded figures.

106

Subscriptions to Fourth War Loan Compared with Quotas, by States and by Classes of Investors (Cont’d)
FINAL REPORT
(Dollars are millions)
All investors
: Corporations, associations;
and other investors
►
- Percent
rPercent »
;
* Percent
*
Sales
:
~
•
,. ~
i
:Quota :achieved; Sales.- Quota -.achieved ~ SaleSfQuota ;achieved
Series 1Series pother se- *u»0tal t
t
; to date
: to date:
:
: to date :
r E
*F and ft* purities_________________ •
_______________________ L
Individuals, partnerships
and personal trust accounts

State

Massachusetts».-..-.. . $ 1 1 2
18*+
Michigan.......---Minnesota..
72
28
Mi ssissippi......
Missouri....... .......«
79

17 s $; 25g
236
253
102

10 b

69$
93
98

$ 6*+9

31+9
186
38

$536

121 #
187

$827

19*+

585
289

*+*+0
200

18
l*+6

209

157

360

53
282

180

136
1 *+*+

110
12

187

5
l6

130

136

126
96

110

*+o

5
1
2
21

10 3

108

*+l
3

26
381

i*+5

156

781

191,

Montana.... .
-*.
Nebraska........... 4***
Nevada..... ..........
New Hampshire—
New Jersey

10
1 10

New Mexico... — .....
New York........----North Carolina.........
North Dakota.»...
.
Ohi o »..»........ . . ..

9
36Ì
^5
20
17g

Oklahoma...........
Oregon....
►...
P e n n s y l v a n i a . ... «
Rhode Island.«^...—
Sout h Caroldna..... ..

*+2

*+*+
22b

17
21

229

10
2

3
55

186

219

38
595

101

380

11
911

6
2

b
b

*+g
3

2
g*+

g*+l
75
2b

2gg

53
7
15

312

92
107
139
92

10*+

70
17

3 »82*+ 3 »287
^6
97
13

16
21
*+,665 *+,198
126
172

129
111

2*4

672

32
*+5
555

169
12*+
121

11 *+
129

90
99
978
80
5*+

135
91+

102

(Continued on following page)

119
127

896

*+23

10
1+1
600

169

396
26

173
188

*+2
21

191

152

lit
15*+
128
135

360

12*+
6

116

10*+#
133

31
9*+

6og

5*+
56
672

$79^

i »o 69

106
66

117

130

137
153
133
127

130
109
133

122

Subscriptions to Fourth War Loan Compared with Quotas, by States and by Classes of Investors
Final Report
(Dollars are millions)

State

Individuals, partnerships
and personal trust accounts
Sales
;
* Percent
Quota achieved
Series t Series .Other sepiotai ♦.
to date
t E
:F & G i curities ♦
r

Alabama ...... $ H2
Arizona.»....
13
Arkansas......
as
CaliforniaForth....... 1 2 9
South....... lb \

$ 21

$ 68

H
12

18
38

51
20
32

13H
93
118

27
27

28
H8

18H
215

20$
205

88
105

25
6l
7

6
10
2

lH
2H
6

H5
96
lH

Ho
12H
19

3H
Hi

5
7

12
^7

51
95

IO WS# ••*■*♦» è*r- w .#'•••

13
20H
81
82

6
1
Hi
12
17

3^
2
78
2H
2H

Kansas........
Kentucky......
Louisiana.....
Maine.........
Maryland......

51
36
38
16
Ho

9
9
6
H
9

Coloretcìg »♦§*»%
Connecticut..•
Delaware....
District of
Columbia....
Florida#•..f
Georgia....., .
Idaho.........
Illinois......
Xn& X cilici <r •

5
X

zb
12
6
H8

Corporations, associations^
and other investors
*•
•
* Percent •
Sales * Quota * achieved
Sales
to date
$

55
17
22

H2
10

All investors
j PercentJ
*' Quota . achieved
•jr to°date

170
1H0

123
36
60

225
27H

199
231

H3
119

H09
H89

H08
H36

100
112

112
77
76

H3
372
33

30
302
2H

1H3
123
138

88
H67
H8

70
H26
H3

125
110
111

53
6H

97
lH8

59
67

H2
57

lHo
118

110
162

95
121

13H

82
17
322
117
123

70
16
368
125
92

118
IOH
88
93
13H

82
13
887
176
106

59
8
537
108
85

139
160
165
163
125

16H
29
1 ,2 0 9
292
229

129
2H
905
233
177

128
122
13H
126
129

81
69
55
26
97

65
56
5H
31
93

12H
12H
103
83
10H

56
57
71
Hi
18H

H7
H8
H2
28
98

120
119
170
1H6
187

137
127
127
66
280

112
10H
96
59
191

122
122
132
113
lH 7

(Continued on following page)

13¥

93
30
H8

132$
118
125

ll6

Subscriptions to fourth War Loan Compared, with Quotas, by States and by Classes of Investors (Cont'd)
PINa L report
(Dollars are millions)

State

South Dakota.... .. $ 17
Tennessee.... * ... 1+0
Texas......... ... l*+5
Utah.......... ... l6
6
Vermont.... ... .. •
Virginia........
Washington.
...
West Virginia... ...
Wisconsin....... ...
Wyoming........ ...

$ 21
70
25O

$ 17

1 2 3 .4

gl+
3

65
210
22

I lk

5*+

102

9
3
15

10
13

79
gg

-1 5

Grand total..... $ 3 ,1 8 7

Note:

$ 2
6

21
1
1

Territories &
possessions:
2
Alaska.*.*•*
Sawaii.... ... 11
Other....... «9. •
3
Subtotal........ .$3,202
Unallocated...,. .

Corporations, associations:
All investors
and other investors
Percent
Percent
achieved
Quota:
:Sales:
:Sales :Quota.: achieved
to date
to date
»

Individuals, partnerships
and personal trust accounts
:Percent
Sales
:Quota: achieved:
Series: Series :0ther se-:
to date :
E
:f and G:curities cTotal;
2k

>$5

100

*
*

$573

$l,5to

9§

k i

1
1
2
$
1
,
5^9
$573

113
9

2
12

13
g
5
$5.32*+ $5 .500
-15

$ 9 ,3 0 9 $ 9 ,9 0 0

108
119
90

92
103
89
10*+

116
105
67
97
-

$ 19
91

$ n
6l

230

185

175
ll+9
12U

29
25

18
19

160
129

106
I3I+
60
236

162
151+
173
163

S7
35
1 U5
3

2
21

i
$11,1+10

2
$8,500
-

$11,1+21 $ 8 ,5 0 0

21+7

296
... 51
13Ì
-

131+

$
l6l
u +79
1+9
3*+

$ 2S

185

ll+3
183
75
25s

223
102
336
17

1+
33

1++1+#
128

126

121
121

395

■1+0
27

125
129
:122

136
130
ik O

202

175

$ i6 ,7 3 i+ $ ri4 ■,000

120

-1+

10
-

$ l 6 , 7 3 0 $ l l + ,0 0 0

Sales of Savings bonds and Savings notes ihcluded in this table since January 1* figures are rounded and
do not necessarily add to totals. Percentages have been computed on unrounded figures*
Less than $500,000.

120

In addition to domestic coinage, United Stages Mints
have turned out a billion and three quarter coins for
foreign governments in the 152 years.

COIN PRODUCTION OVER FIVE-YEAR PERIODS

Period

1792
1914
1919
1924
1929
1934
1939

1913
1913
1923

1928
1933
1938
1943

Face value of
U n i t e d States
Coins

N u m b e r of
Pieces of
U n i t e d States Coins

$4,364,989,930
192,624,523
451,425,980
890,153,523
196,338,375
154,762,948
446,177,467

6,014,845,791
1,647,936,833
1 ,880,284,055
1 ,390,005,172
< 741,320,500
2 ,542,722,999
7,365,606,305

$6,696,472,746

21,582,721,655

United States Mints, working ”aroufcd the clock” again
last year, Turned out moi^ iilirm fl hi 1 linn
nearly
'tov.A/K/Lj
OS-xa, /C\j0w -< At*,w /?/%*&**&' w %
/*S.-^
one-tenth^of thr totrrt- yrnrlnrti niijpf^le~piast 152 years;
while the five year defense-war boom period has accounted
for more Than one-tnird of the all-time production total*
The twa billion coins turned out lasT year exceeded
the total for the entire first World^War period of 1914-f8.
The five year period, 1939-43, saw a billion and a third
more coins produced than were turned out from 1792 to 1913.

Statisticians of the Bureau, doing a little pencil
work with an eye to the anniversary, April 2, of the
founding of the institution, carne up with a prodigious
total of 21,582,000,000 pieces of domestic coinage
turned out between 1792 and 1944.
Pace value of the ”hard money” turned out in the 152
years of operation exceeds $6,696,000,000.
Mints have operated 24 hours a day most of The time
since 1939, in order to meet The unprecedented demands of
national industrial expansion and changing business and
economic practices such as vending machine merchandising,
odd cents pricing, cash and carry selling, and excise and
sales tax levies.
Mrs. Kellie Tayloe Boss, Birector of the Mint, said
coinage for 1943 totalled 2,023,898,270 pieces, with face
value of $136,237,136.70.

Coinage of one cent pieces again

exceeded the billion mark, and this denomination accounts
for about half The total all-time coin production.

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 7, 1944»

Press Service
No. 41-2

United States Mints, working "around the clock" again
last year, turned out nearly one-tenth as many coins as
have been produced in the past 152 years; while the five
year defense-war boom period has accounted for more than
one-third of the all-time production total.
The two billion coins turned out last year exceeded
the total for the entire first World War period of 1914-18.
The five year period, 1939-43, saw a billion and a third
more coins produced than were turned out from 1792 to 1913.
Statisticians of the Bureau, doing a little pencil
work with an eye to the anniversary, April 2, of the found
ing of the institution, came up with a prodigious total of
21,582,000,000 pieces of domestic coinage turned out between
1792 and 1944.
Face value of the "hard money" turned out in the 152
years of operation exceeds $6,696,000,000*
Mints have operated 24 hours a day most of' the time
since 1939, in order to meet the unprecedented demands of
national industrial expansion and changing business^and
economic practices such as vending machine merchandising,
odd cents pricing, cash and carry selling, and excise and
sales tax levies.
Mrs. Nellie Tayloe Ross, Director of the Mint, said
coinage for 1943 totalled 2,023,898,270 pieces, with face
value of $136,237,136*70,
Coinage of one cent pieces again
exceeded the billion mark, and this denomination accounts
for about half the total all-time coin production.

In addition to domestic coinage, United States Mints
have turned out a billion and three-quarter coins for for
eign governments in the 152 years.

COIN PRODUCTION OVER FIVE-YEAR PERIODS

Period

1792
1914
1919
1924
1929
1934
1939

1913
1918
1923
1928
1933
1938
1943

Phce value of
United States
Coins

Number of
Pieces of
United States Coins

|4,364,989,930
192,624,523
451,425,980
890,153,523
196,338,375
154,762,948
446,177,467

6,014,845,791
1,647,936,833
1,880,284,055
1,390,005,172
741,320,500
2,542,722,999
7,365,606,305

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 7, 1944*

Press Service

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated March 9 and to
mature June 8 , 1944» which were offered on March 3, were opened at the Federal Reserve
Banks on March 6 .
The details of this issue are as follows:
Total applied for - $2,450,653>000
Total accepted
- 1,011,344,000
Average price

(includes $66,044,000 entered on a fixedprice basis at 99-905 end accepted in full)
- 99-905/ Equivalent rate of discount approx. 0-375)$ per annus

Range of accepted competitive bids:
High
Low

- 99*910 Equivalent rate of discount approx. 0.356$ per annum
- 99-905
*
■
*
■
*
0.376$ «
n

(31

percent of the amount bid for at the lew price was accepted)

Federal Reserve
District______

Total
Applied for

Total
Accepted

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

1 0 ,565,000
1,406,928,000
69,086,000
64 ,250,000
1 6 ,508,000
23.912.000

452 ,138,000

44 .102.000
14 ,246,000
18 ,323,000

273,780,000
5,975,000

178.174.000
134.711.000
5,975,000

26 301.000
18,840,000

15,183,000

82,370.000

45,800,000

12,450,653,000

81,011,344,000

TOTAL

6, 011,000
500 ,0 07,000
27.410.000

2 1,402,000

TREASURY DEPARTMENT
Washington
Press Service

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 7. 1944«

4 i - i
The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated March 9 and to
mature June 8 , 1944, which were offered on March 3, were opened at the Federal Reserve
Banks on March 6 .
The details of this issue are as follows:
Total applied for - $2,450,653*000
Total accepted
- 1,011,344,000
Average price

(includes $66,044,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99-905/ Equivalent rate of discount approx, 0-375* per annum

Range of accepted competitive bids:
- 99.910 Equivalent rate of discount approx. 0.356* per annum
n
u n
n
"
0.376*
"
- 99.905

High
Low

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

Federal Reserve
District

Total
Applied for

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

69,086,000
64 ,250,000
16 ,508,000
23 ,912,000
452 ,138,000
273,780,000
5,975,000
26 ,301,000
18 ,840,000
82,370,000

6 ,011,000
500,007,000
27 ,410,000
44,102,000
14 ,246,000
18 ,323,000
178,174,000
134 ,711,000
5,975,000
21 ,402,000
15 ,183,000
45.800,000

•2,450,653,000

•1,011,344,000

10 ,565,000
1 ,406 ,928,000

TOTAL

Total
Accepted
•

TREASURY DEPARTMENT
Washington
POR RELEASE, HORNING N M S PAPERS ,
Tuesday, March 7 , 194-4.._______ __

Press Service
No, 41-3

The Secretary of the Treasury announced last evening that the
tenders for $1,000,000,000,

or thereabouts,

of 91-day Treasury

bills to be dated March 9 and to mature June 8 , 1944, which were
offered on March 3, were opened at the Federal Reserve Banks on
March 6 ,
The details of this issue are as follows.*
Total applied, for - $2,450,653,000
Total accepted
- 1,011,344,000 (includes $66,044,000
entered on a fixed-price basis at 99,905 and accepted in
full )
Average price

- 99*905/ Equivalent rate of discount approx.
0*375$ per annum

Range of accepted competitive bids*
High

- 99.910 Equivalent rate of discount approx.
0 .356 $ per annum
- 99.905 Equivalent rate of discount approx,
0 .376 $ per annum

Low

(31 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for______

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco

TOTAL

10,565,000
1,406,928,000
69.086.000
64.250.000
16.508.000
23,912,000
452.138.000
273.780.000
5,975,000
26.301.000
1 8 .8 4 0 . 0 0 0
82,370.000

$2,450,653,000

Total
Accepted
$

6 , 011,000
500.007.000
2 7 ,4 1 0 , 0 0 0
44.102.000
1 4 246.000
18.323.000
178.174.000
134.711.000
5,975,000
2 1 . 4 02.000
1 5 , 1 83,000
45,800,000

$1,011,344,000

TREASURY DEPARTMENT
lashingion
FOR IMMEDIATE RELEASE,
Taesday. March 7. m ,

Press Service
v / - /

?Pene2 <wb»crtptlon book, last Thur*day, Karch 2, for the receipt of
exchange subscriptions for 2-1/2 percent Treasury Bonds of 1965-70, 2-1A percent
Treasury Bonds of 1956-59, and 1-1/2 percent Treasury Notes of Series A-1948 . The
securities eligible for exchange comprise seven different issues, as follows$
Treasury issues|
1^ Treasury Notes of Series 8-1944» maturing March 15, 1944
**T%&mTY Bond®
1944-46, called for redemption on April 15, 1944
3/455 Treasury Notes of Series A-I944 , laaturing June 15 , 1944
Igjar&l Farm Mortgage Corporation issues1
S S ? S Bonds
1944-64» called for redemption on March 15 , 1944
^
Bonds of 1944-49» called for redemption on May 15 , 1944
Reconstruction Finance Corporation issue s
1^ RFC Notes of Series W, maturing April 15 , 1944
Home Owners’ Loan Corporation issuet
3% HOLG Bonds, «Series A 1944— 52» called for redemption on May 1, 1944
Secretary Morgenthau announced today that, except for the receipt of subscriptions 1
from holders of $100,000 or less, in the aggregate, the books will dose at the close of
business tomorrow, larch 6 , for the receipt of subscriptions in payment of which notes
of any of the three maturing issues are tendered, and at the close of business Saturday
* io r the *««*tF* of subscriptions in payment of which bonds of any of the four
called issues are tendered. The subscription books will close at the close of business
Wednesday, March 15, for the receipt of subscriptions from holders of $100,000 or less
in the aggregate, ©f the securities eligible for exchange•
In view of the magnitude of this refunding operation the Secretary has allowed
substantially more time than usual for entering subscriptions. It is realized that
the securities to be exchanged, and particularly those of the four bond Issues, have
been held by the present owners for a number of years. Many of these holders are not
fully conversant with the manner of entering subscriptions, and it is felt that they
should be afforded sample time to learn the terms of the offering and to take action
looking toward the exchange of their securities*
Subscriptions addressed to a Federal Reserve Bank or Branch, or to the Treasury
Department, and placed in the m i l before 12 o ’clock midnight of the respective clos
ing days, as set forth above, will be considered as having been entered before the
close of the subscription books.
Announcement of the amount of subscriptions received and their division among
the several Federal Reserve Districts will be made when final reports are received
from the Federal Reserve Banks.

TREASURY DEPARTMENT
Washington
FOR MEDIATE RELEASE,
Tuesday, March 7, 1944»

Press Service
No. 41-4

The Treasury opened subscription books last Thursday, March 2, for the
receipt of exchange subscriptions for 2—1/2 percent Treasury Bonds of 1965-70,
2-1/4 percent Treasury Bonds of 1956-59* and 1-1/2 percent Treasury Notes of
Series A-1948# The securities eligible for exchange comprise seven different
issues, as follows:
Treasury issues:
1$ Treasury Notes of Series B-1944, maturing March 15, 1944
3-1/4$ Treasury Bonds of 1944-46, called for redemption on April 15, 1944
3/4$ Treasury Notes of Series A-1944, maturing June 15, 1944
Federal Farm Mortgage Corporation issues:
3-1/4$ FRvIC Bonds of 1944-64, called for redemption on March 15, 1944
3$ FFMC Bonds of 1944~49* called for redemption on May 15, 1944
Reconstruction Finance Corporation issue:
1$ RFC Notes of Series W, maturing April 15, 1944
Home Owners1 Loan Corporation issue:
3$ HOLC Bonds, Series A 1944-52, called for redemption on May 1, 1944
Secretary Morgenthau announced today that, except for the receipt of sub
scriptions from holders of $100,000 or less, in the aggregate, the books will
close at the close of business tomorrow, March S, for the receipt of subscriptions v
in payment of which notes of any of the three maturing issues are tendered, and at
the close of business Saturday, March 11, for the receipt of subscriptions in pay-*
ment of which bonds of any of the four called issues are tendered# The subscrip
tion books will close at the close of business Wednesday, March 15, for the receipt;
of subscriptions from holders of $100,000 or less, in the aggregate, of the securi«ties eligible for exchange.
In view of the magnitude of this refunding operation the Secretary has
allowed substantially more time than usual for entering subscriptions# It is
realized that the securities to be exchanged, and particularly those of the four
bond issues, have been held by the present owners for a number of years. Many
of these holders are not fully conversant with the manner of entering subscrip
tions, and it is felt that they should be afforded ample time to learn the terms
of the offering and to take action looking toward the exchange of their securities#
Subscriptions addressed to
Treasury Department, and placed
respective closing days, as set
entered before the close of the

a Federal Reserve Bank or Branch, or to the
in the mail before 12 o’clock midnight of the
forth above, will be considered as having been
subscription books#

Announcement of the amount of subscriptions received and their division
among the several Federal Reserve Districts will be made when final reports are
received from the Federal Reserve Banks.
o 0 o

- 2 -

♦
Commodity

Silver or black
foxes, furs,
and articles:
Foxes valued
under $250 each

Tails

:
Established Quota
__: Period and Country :__ Quantity

:
Unit
: Imports as
:
of
: of Feb. 26,
: Quantity i
1944

Month of February
Canada

17,500

Number

7,009

Other than Canada

7,500

Number

5,000

Piece

495

12 months from
Dec. 1, 1943

Paws, heads, or
other separated
parts

500

Pound

Piece plates

550

Pound

Articles, other
than piece
plates

500

Unit

-oOo«

FOR IMMEDIATE RELEASE,
March 7» 1944-_______

The Bureau of Customs announced today preliminary figures for imports of
commodities within quota limitations provided for under trade Agreements} from
the beginning of the quota periods to February 26, 1944, inclusive, as follows:
♦
e
Commodity

Unit
:Imports as
Of
Jof Feb. 26,
S Quailti tv S
1944

Established Quota
f Period and Countrv
: Quantity

Whole milk, fresh
or sour

Calendar year

3,000,000

Gallon

1,003

Cream, fresh or sour

Calendar year

1,500,000

Gallon

190

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

Calendar year

15,000,000

White or Irish
potatoes:
certified seed
Other

12 months from

Red cedar shingles

Calendar year

Pound

3,136,694

000 Pound
000 Pound

35,066,205
3,647,166

Sept. 15, 1943
90.000.
60.000.

Undetermined

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

Calendar year

22 ,000,000

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

Calendar year

1,500,000

Square^

Pound
(unstemmed
equivalent)

Gallon

215,308

Qyiota filled

11,710

TREASURY DEPARTMENT
Washington

Press Service
No. 41-5

FOR IMMEDIATE RELEASE,
Wednesday, March 8. 1944»

The Bureau of Customs announced today preliminary figures for imports of
commodities within quota limitations provided for under trade agreements, from
the beginning of the quota periods to February 36, 1944, inclusive, as followsi

Commodity

5
; Unit
:Imports as
:
Established Quota
_____i
of
:of Feb, 26,
___ ! Period and Country; Quantity
: Quantity :
1944____

Whole milk, fresh
or sour

Calendar year

3,000,000

Gallon

1,003

Cream, fresh or sour

Calendar year

1,500,000

Gallon

190

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

Calendar year

15,000,000

White or Irish
potatoes:
certified seed
Other

12 months from

Red cedar shingles

Calendar year

3,136,694

Pound

35,066,205
3,647,166

Sept. 15, 1943
90.000.
60.000.

Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
Calendar year
scrap tobacco
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6w of
total soluble
solids

Pound

Calendar year

000

000 Pound

Undetermined

22,000,000

1,500,000

Square

Pound
(unstemmed
equivalent)

Gallon

215,308

Quota filled

11,710

•

Commodity

Silver or black
foxes, furs
and articles:
Foxes valued
under $250 each
and whole furs
and skins
Tails
Paws, heads, or
other separated
parts
Piece plates
Articles, other
than piece
plates

Unit
: Imports as
of
: of Feb. 26,
:
Established Quot a
:
1944
: Period and Country : Quantity : Quantity :

Month of February
Canada

17,500

Number

7,009

Other than Canada

7,500

Number

12 months from
Pee. 1, 1943

5,000

Piece

500

Pound

495

550

Pound

500

Unit

-oOo-

FOR IMMEDIATE RELEASE,
March. 7. 1944«_______

Country of
Origin

♦
:Wheat flour, semolina, crushed
•
»
¡or cracked wheat, and similar
WHEAT
•
•
: ____wheat products__________
•
:
Imports
•
:
;
Imports
:Established ¡May 29, 1943
:Establi shed; May 29, 1943
¡to Feb* 26, 1944
Qpota
S
Qpota
;to Feb. 26,1944 :
(Pounds)
(Pounds)
(Bushels)
(Bushels)

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
Belgium
1QQ800,000

795,000
«
—
.-

—
—
**■
—
—
—

**
—
—
—
*■*
-

m
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

224*193
—
—*
—

—1
**
—

**
—
—

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

—
—
—
—
—
—
—*
—
**

—
—

—
4,000,000

m
m
ta*
mm

m
ss
—
*- ..
224,193

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE REDEASE,
Wednesday« March 8, 1944.

Press Service
No. 41-6

The Bureau of Customs announced today preliminaiy figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President's proclama^
tion of May 28, 1941, as modified by the President's proclamations of April 13,
1942, and April 29, 1943, for the 12 months commencing May 29, 1943, as follows:
WHEAT
Country of
Origin

;
Imports
Established:May 20, 1943
Quota
:to Peb. 26, 1944
(Bushels)
(Bushels)

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
Canaiy Islands
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
800,000

795,000
»

*
Mjjjt

«
-

*■*

Wheat flour, semolina, crushed
or cracked wheat, and similar
.....
wheat nroducts
Imports
Established
May 29, 1943
Quota
to Peb. 26, 1944
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

—

!»

—

4,000,000

224,193

—
795»000
-oOo-

224,193

- 2 -

- .1 •'

.
' . .. .
;
.
, : :r ; \
'
'
«
COTTOi« CARD STRIPS,/ COMBI® VASTS; ,LA? ¡VASTS, SLIVER VASTS, ADD ROVlNG WASii,
"WHETHER OR ROT MAHOTACTURED’OR OTHERWISE ADVICED fifVALUE.' Annual quotas
commencing September 20, "by Countries of Origin:
' ’
, '' k

m
'
'&]
Total quota, provided, however, that not more than 33-1/3 percent/ of the:
quotas shall "be filled hy 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, Prance, Netherlands,
Switzerland, Belgium, Germany and Italy:
(In Founds)
-; - '• ¡TOTAL IMPOSTS'"' ESTABLISHED: Import s ' Sept, 20,
'
Country of Origin : Established :Sept, 20, 1943 :33-1/3$ of :1943, to
5 ■fV-*
■
* TOTAL QUOTA ¡Feb, 26, 1944
1944
:Total Quota:Feb* 26,---....... .........
„1„„in.,mu.
1— i---- i
¿*4/
United Kingdom,.... *
OflJl&uftt
France....
British India.......
Netherlands........
Switzerland.
Belgium,............
Japan..... .
China...............
Egypt....»....*...»
Cuba............ ..
Germany.............
Italy......
TOTALS

4,323,457 4
239,690
227,420
69,627
68,240
44,388 "
38,559
341,535
17,322 <
8,135 ?
6,544
76,329
21,263

1,441,152
*

: 29,398

5,482,509

m*
_

w
«.
m
m
.
1

«*
29,398

75,807
'22,747
14,'796 ...
12,853 '
' _ ... .
T

25,443
7,088

H
"

«* ,

1,599,886 .

i»-»...................¡I....................
f T .

■

• ■

Included in total imports,-column 2*

•§/ The President’8 proclamation, signed March 31, 1942, exempts from import
quota restrictions card strips made from cottons having a staple 1-3/16
inches or more in length.

FOE IMMEDIATE RELEASE,

March 7. 1944,

—

The Bureau 6f 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'e proclamations of. September 5, 1939,
and December 19,. 1940, as follows, during the period September 20, 1.943, to
February 26, 1944;
v j.
* oOTIOir HATING A STAPLE OP LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OP LESS THAI! 3/4 INCH IN STAPLE LENGTH AND CBIEILI U S » IN THE hANUPACTURS OP BLANKETS AND BLANKETING, AND OTHER THAN LINTERS), Annual quotas
commencing September 20, by Countries of Origins
(In Pounds)

‘Country of
Origin

:
' Staple length less : Staple length l~l/8u or'more
but less than l—H/16.^
—
i______ than 1—1/81 1 ....•
i
(Imports Sept*: Established ; Imports Sept.
Qjiota
: 20, 1943» to
:Established520, 1943, to î
:
qnnt£
tFeb* 26, 1944; 4.6.656.42Q .; Feb* 26* 1944

Egypt and the Anglo—
Egyptian Sudan.........
British India...........
China.................
Mexico............ ....
Union of Soviet
Soc iali st Repub1ice*.*
Haiti........ *•*..*.'••>

British East Africa.....
Netherlands East Indies.
Other British West
:Indies 1/ .......... .
Other British West
Africa 3 /.*..*-.... .
Other French Africa .3/.
Algeria and Tunisia.....

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
*21,321
5,377

.. 22,745,346

895,717

73,576

** '
8,883,259
420,000

«
••*

«•
—

mm
mm

—

r .“

Hi
-

16,004
689
14,516,882

9,376,835

45,656,420

1/ jOther than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2 1 -Other than Gold Coast and Nigeria*
3/ Other than Algeria, Tunisia, and Madagascar.

(Over)

23,641,063

TREASURY DEPARTMENT
Washingt on
POR IMMEDIATE RELEASE,.
Wednesday.- 'March 8 .-.'1944.

Press Service
•Nov41-7- :

The Bureau of Customs announced today that preliminary reports from the'
collectors of customs show imports of cotton and cotton waste chargeable to the
quptàs eVtah'ii'she4 Ibp the Président rs proclamations of September 5, 1939,
ahï^<^mi)eri9_, l^OV'ns follows,'during the period -September 20, 1943, to
;ÿeb.ruaiÿ 26, 1944f '■
/
''
' '
COTTON HATING A STAPLE OP LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OP LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU•"FACTURE OF BLANKETS AND BLANKETING* AND-OTHER THAN LINTERS).. Annual quotas
' Consmencing September 20, by Countries of Origin:
(In Pounds)
•** *
'Ì >■"“
“Country of
Origin

’- ''
•
**

Staple length less ; Staple length l-l/8n or more
than 1-1/8«
r
but less than 1-11/161*
:
* Import s Sept. ; Established|.j.Imports Sept,
; 30, 1943* to
:Establishedï20, 1943, to *
Qpota
•:
Quota
îPeb. 86, 1944; 45,656,420, : ,peb¿ 26, .1944
‘* - , V ■
"•

Egjrpt and the Anglo22,745,346 • - •
783,816
Egypt ian Sudan.........
.
.
895,717
73,576
247,952
Peru................. *.*
.....
. -•M ■'
,
British India.......... . 2,003,483
:
1,370,791
China.»«•* •♦». * » . •
■ ¿■.. ;•• . 5,V-..'-: '~
8,883,259
8,883,259
Mexico.........
420,000
618,723
Ü ||Mm ' * •,.*«. ¿s *71:
Brazil.
Union of Soviet
—
475,124
Socialist Republics.,.«
m
5,203
A r g e n t i n a . .
—
— ■’
237
.
.
**
9,333
Ecuador.
752
Honduras..............
■—
871
Paraguay....., ...........
124
•V.
—*
195
Iraq.....................
2,240
British East Africa......
::T'■
.'|.^f
h*'
71,388
Netherlands East Indies.•
***
—
■
Barbados............... ...
Other British West
—
21,321
Indies 1/..............
—
5,377
Other British West
w
—
16,004
Africa 2/............ *
689
Other French Africa
— *
■•*Algeria and Tunisia*.*.,,
23,641,063
45,656,420
9,376,835
14,516,882
1/
2/

Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
Other than Gold Coast and Nigeria,
Other than Algeria, Tunisia, and Madagascar.

-aCOTTON CARD STRIPS, 2/ COMBER WASTE, LAP WASTE, 1§£tVEE WASTE, AND ROWING WASTE
WHETHER OR EOT MANUFACTURED OR OTHERWISE ADVANCED IN;.VALUE. ,Annual quotas
. commencing September 20, by Countries of Origin: ., .
Total quota, provided., however, that, hot rnore. than ¡33—1/3-percent of the quotas
, shall be filled by cotton'wastesvothet than card“strips 2/ 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, Switzerlahd, Belgian,
Germany and Italy:
•
(in Pounds) . ,,
■ .
‘TOTAL IMPORTS ESTABLISHED: Imports Sept. 20,
Country of Origin : Established :Sept. 20, 1943 :33-l/3$ of ;1943, to
«A______ TOTAL QUOTA. -Feb. 26, 1944
;Total .QpotatFeb. 26,, 1944 1/
1

United Kingdom..,..»
4,323,457
Canada. .. . . . . , .
239,690
France..................227,420
British India.......
69,627 '
Netherlands....... i,
68,240
Switzerland.........
44,388
B e l g i u m . . . , 38,559
Japan..,,..........
341,535
China...............
17,322
Egypt..........
8,135
Cuba..... .
6,544
76,329
Germany.,......
Italy..........
21,263
TOTALS

5,482,509

- .1,441,152
29,398
» ,'
75,807.
• 22,747
14*796
12,853.
'
,'‘
16
- ‘
•
‘25,443’
- ' ‘ 7,088.'
29,398

.' lV59St,886

Included in total imports, column 2; •

The President's proclamation, signed March 31y 1942, exempts from import
quota restrictions card strips made from cottons having a' staple Ì-3/16
inches or more in length.

-oOo'

" ''

....

'i ' ‘ "

FOR IMMEDIATE RELEASE,

March ?*.. 12.44________
The Bureau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the quotas
for the 12 months commencing October 1, 1943* provided for in the InterAmerican Coffee Agreement* proclaimed by the President on April 15* 1941*
as follows?

Country of Production

#
?
•
#

Qjiota Quantity
(Pounds) X./

Authorized for entry
for consumption
As of (Date)
?
(Pounds)

Signatory Countries?
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries?

SlIIIS
1*353,183,480
458,336*340
29,100,720
11,640,288
17,418,104
21,825,540
87*302,160
77*844,426
40,013*490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512
51,653,778

ti
t!
H
If

409,973,204
220,668,787
4,872,565
2,896,641
6,858,116
15,310,691
24,424,110
30,394,232
10,333,447
2,125,545
27,947,446
2,579,199
1,051,782
20,390,760

3,203,559

Eeb. 26, 1944
H
li
(I
II
ft
tl
n

n
h

Qjaotas as established by action of the Inter-American Coffee Board on
January 12* 1944.

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,;
Wednesday, March 8, 1944*

Press Service
No. 41-8

The Bureau of Customs announced today preliminaxy figures showing the
quantities of coffee authorized for entry for consumption under the quotas
for the 12 months commencing October 1, 1943, provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941,
as. follows:

Country of Production

:
Authorized for entry
for consumption
; Quota Quantity ::
:
(Pounds) 1/
j: As of (Date) : (Pounds)

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512
51,653,778

Feb. 26, 1944
it
It
It
It
tr
it
tt
it
ft
it
i
it
If
It

409,973,204
220,668,787
4,872,565
2,896,641
6,858,116
15,310,691
24,424,110
30,394,232
10,333,447
2,125,545
27,947,446
2,579,199
1,051,782
20,390,760
3,203,559

Quotas as established by action of the Inter-American Coffee Board on
January 12, 1944.

-oOo-

i - l

Joseph D • Nunan, Jr», Commissioner of Internal Revenue, reminded taxpqrers

today that March 15 is the last day for filing 1943 income tax returns.
»If you haven't filled out your tax blank yet," Commissioner Nunan said,

taxpayers in-the collectors' offices .
-please don't wait

any

l S S i S i r T E T t S e i s g e t t i i T S E 5 ? r * n * - ^ lineslare

getting longer*
"If you start filling out your return immediately, by getting your
figures together and following the W * *
that you can do it by yourself.

line-by-line, you probably will find

If you find you need some additional infoima-

tion or help, you*11 have time to get it*"

- 0 -

3-4-44

DATE.
Mr* Dillon

TO.

Bob:
I don *t tenow what further
clearance is necessary on this little,
reminder release, but it*s been ok'^r
everyone in the bureau»
If it*s o.k*, I *d appreciati
your mimeographing the release at the
earliest possible date, and as soon
thereafter as possibl^daflver 50£x
copies to me, B<^t6^Miss Hawkins, t

t^ cu rity bid
Thanx

FROM.

/? 1I
W

TREASURY DEPART MEN!T
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Eriday, March 10, 1944.

3-8-44

-----'

Joseph D. Nunan,

Press Service

No. 41-9

Jr., Commissioner of Internal

Revenue, reminded taxpayers today that March 13 is
the last day for filing 1943 income tax returns.
"If you ha v e n ’t filled out your tax blank yet,”
Commissioner Nunan said,
longer.

”please d o n ’t wait any

The time is getting short and the lines of

taxpayers in the collectors’ offices are getting
longer.
nIf you start filling out your return immedi
ately, by getting your figures together and follow
ing the return line-by-line, you probably will find
that you can do it by yourself.

If you find you

need some additional information or help, you'll
have time to get it.”

-oOo-

- 3 for such bills, whether on original issue or on subsequent purchase, and the amount!
actually received either upon sale or redemntion at maturity during the taxable
year for which the return is made, as frdinary gain or loss.
Treasury Department Circular No. 41B, 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 Dank or Branch.

■ygHH
i m
-

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,
Subject to these reservations, tenders for $100,000 or less from any one bidder at
99*905 entered on a fixed-price basis will;be accepted in full.

Payment of accepted

tenders at the prices offered must be made-or completed at the Federal Reserve Bank
in cash or other immediately available funds on

March 16, 1944
^

The

bills shall be subject to estate, inheritance, gift, or other excise taxes, whether
Tederal or State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by a n y 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 companies) issued hereunder
need include in his income tax return only the difference between the price paid

mm
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, March
f 1244________ •

The Secretary of the Treasury, by this public notice, invites tenders
for $1 OOP,000.000 , or thereabouts, of
91 -day Treasury bills, to be issued
l§r
W T
on a discount basis under competitive and fixed-price bidding as hereinafter pro
vided,

The bills of this series will be dated

mature

June 15. 1944

interest.

March 16, 1944
, and will
W f
, when the face amount will be payable without

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 (maturi ty value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock b. m., Eastern War time. Monday, March 13. 1944______•
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 printed forms and for

warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will- be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi
ties.

Tenders from others must be accompanied by payment of 2 percent e»f the face

amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an Incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS
Friday, March,1 0 , - 1 9 4 4 _____

The Secretary of the Treasury, by this public notice,
invites tenders for $1,000,000,000, òr thereabouts, of 91day..Treasury bills, to be issued on a discount,basis Under '
competitive and fixed-price bidding as hereinafter provided.
The bills o f ‘this series will be dated M a r c h ■1 6 1 9 4 4 , and
will mature June 15,'. 1944, when the face amount will be -pay-,
able without interest. * They will be issued in bearer form
only#...and in denominations o f $1-,000, $5,0Q&, $10.#000,
' . ."
$1Q0;
,000, .$500,000, a n d $1,000,000 (maturity, value).
:; .
.
Tenders will ,be received at 'Federal Reserve Banks arid
Branches, up to the .closing.¡.hour,' two o ’clock p . m . , Eastern
War.time, Monday, March 13,‘ 1944*
Tenders will: not be
received at thè Treasury Department, 'Washington. . Each ten
der 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 i n ■the special envelopes .which•will be sup
plied by Federal, Reserve Banks or Branches, on application
therefor.
••
■Tenders will be.received without deposit from incor
porated banks and trust companies and. from responsible and
recognized dealers in investment securities.. Tenders from;
others must be accompanied by payment of 2 percent of the
face amount of Treasury bills.applied for, unless the tenders
are accompanied by an express guaranty of payment by an incor
porated hank or trust company* .
Immediately after the closing hour, tenders will be
opened at the Federal Reserve Banks‘’&nd 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. .Subject to these reservations, ten
ders for $100,000 or less from any one bidder at 99.905
entered on a fixed-price basis will be accepted in full*
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or
other immediately available funds on March 16, 1944.

41-10

(Over)

<ph'ë"income" derived from Treasury bills, whether inter
est or gain from the sale or other disposition of the bills,
shall not ha ve any exemption, as such, and loss from.the
sale or,,other ,disposition ;of •Treasury hills" shall ’not have
any .special., treatment^ as such, under Federal tax- Acts, now
°.r. 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 thé United States, or
by any locaf./taxing' authority. For purposes of taxation the
amount of discount al .which Treasury bills are originally
sold oy 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 ,
s.ofd. shall pot 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, whetheh 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. 418, as amended, and.
this, notice, prescribe the terms -of'the Treasury bills and
govern the conditions- of their issue. Copies of the cir- , ,
cular may be obtained from any Federal Reserve Bank or Branch.

-oOo^

- 2 -

la » rehuirse snob infornati©» return® t© b t fila d anmially by sie$y
©rganitation uni*®® i t t s s p e c ific a li? ©xaueed trom f i l i a s uadar thè a*w aet.
fhosa

excusad

frcas filias Information rotura» or», la

ganarais

religione

orgcnirations nhos© asseta ©ad lisercEà» uro aot avail&bl© far tte# privato aonofii
•harahoidor® or individuala» parti cui arly ©burche» | edueational o r g m trattone

aliali
and

aojr,í3lly hura

regular faoulty» curriculum

collage®I cfcsritable organis^tioiia M

©ad etudeot

prlmarily

body»

***©& a»

m*ppcrted by contribuì ion®

©f tho generai pUblic or ®apportai, l a oboi# ©r part by

emmental f andò» sueh ai

nmrnmmltsy cunaste» hospital®» indigeni bcjfsa^ and U«&»0*{ fru tcraal bencflci ary
so cie tie s sucfc aa thè Masón®» Odd Fallosa ani ì$ighta ©f Columbus i ©ad agencie®
afeolly-omea by thè Chitad. States Coverai *©at«
All otber exeispt ©rgeslaa&lo&e must file infamati©» return® under thè new
laa»

mute

css

asrleulturai

argani?, ationa

(includine eouaty m ú

atete fai sa»

bureau®» cooperative marketing and purek&aing crg«>i*ationej, aesoeiations of

employees,
Xom

benevolent life in® »reno©

orgeniz&tlo&s»

bourée of trade, building esl

aaaociatione » busine®® laagues* eet&eiery oospanies» «feambare ©f conacree,

eivic le agües» cooperative benha» ©erteSli finsmoing and holding e Catanie® » fede?

credit

unione and otbor corporation® organinosi under seta of Contras® but set

idiolly owned by thè United S ta te s, labor orgonixations, 11terary organiseli on»,
mutuai inaurane© componi e®» mutual e eringe bentos, mutuai talephoas impani®®»
social clubs (includine country clubs and 0re©k lattar frateraities and aororiti
oertain types of teaaher®* rctircasent and «©playeas* benefioiary assestati©©® •
Aleo raqulrad t© fila ara certain religione» eharitable^ and educational organizations^such e®

rScout®,

*. o -

librarie®

and

T*W*C«&*

Joseph P. Usman, Jr*»

Cosmimimm»

of Internal Revenue» announced today that

M ay IB will bo the data by »blob information ret « m o f or the calends? year 1943
»111 bare to bo filed by » largo number of tax-exempt orgimisatioas under prerisl
of ¿¿action 11? of the newiy~eaaated Bsvemsa lot of 1943*

org#f>ia»***r1*»***> «i*tch operate cm some &m u & l ascount1ng period which la
different titan the calendar year must file these information return# by the
fifteenth day of the fifth »oath after the oioao of their annuel accounting
periods*
Forme providing for the information to be applied by the»« orgaeization#

being drafted in accordance »1th the

1m*

and »ill be made available at local

office# of the eolleetore of internal revenue*

GoB^dssioaer

«xpteined that thousand# of these ex«pt organizations

hare bees required to file information returns ever e l m # Marsh 3, 1948» and tfedt
la effect» the nee las .merely increases the «lasses of exeapt organizations whieb

me®

required to m«fee such returns*

For this reason» the filing dates already in

effect for s mm of the organinafeloas

He
at m o

«g>h*sis«& that the May 13 filing

to the additional orgfulzations i
date applies only to organization# tghlUj

tiaiB in the past' hey® received written notie® from the GmmiA&iozmr of

Internal Revenue that they are except from income tax under a specific provision
o f las*

All other corporations and organizations claiming exemption must either

file regular income taac returns on list usual Income tax dates or formally
establish their legal right to exception by obtaining written notification of
exemption from the Commissioner of Internal Revenue*
Approximately 380»000 orgmlzatioas hare received formal notice of esciptiem
from the Bureau*

Although they are exempted from tax» the new law requires

estimated 180*000 of those organizations to furnish specific information of their
gross Income» receipts and diabur seeaeat#*
filling out an "information return" •

ibis information is to be suppJJed by

Tba last requires sueh information returns to be filed annually by every axas
organization unisse It la specifically excused

filing under tba new set.

Ttioea excused from filing information returns ars, In general:

religious

organizations «boa« assets asà l i a » ara not available far the privet« benefit ol
shareholders or Individuals, particularly churches; educational organization
^ieb normally have a regular faculty, curriculum and student body, such as
and colleges; charitable organisations if primarily supported by contributions
of the general publie car apporta* in whole or part by governmental funds, sueh ai
community chests, hospitals, indigent basas and 9*3,0. i fraternal beneficiary
societies sueh as the Masons, Odd felloes and l&lghts of Columbus; sad agencies
«holly-owned by the United States Government.
All other exempt organizations must file Information returns under the new
lae, sueh ass agricultural organisations (Inciting eoussty and state fairs, farm
bureaus, cooperative marketing and purchasing organizations/^ associations of
employees, benevolent life insursG.ce organizations, boards of trade, building and
I oîhi associations, business leagues, cemetery companies, ah ambers of commerce,
civic leagues, cooperative banks, certain financing and holding companies, federal
credit unions and other corporations organized under acts of Congress but sot
wholly owned by tbs United States, labor organizations, literary organizations,
mutual insurance coapmles, mutual savings bâti», mutual telephone companies,
social d u b s (including country clubs and Orach letter fraternities and sororities!«
certain typas of teachers* retirement and employees* beneficiary associations.
Aim» required to file are certain religious, charitable^ end educational organiza
tion*^/* uch as

, libraries and Y.W.C.A.

Joaeph D. Hunan* Jr., Commissioner of Internal Revenue, announced today that!
May 15 »111 be the date by which information return* for the calendar year 1943
will hare to be filed by a large number of tax-exempt organizations under prorlsij
of Section 117 of the newly-enacted Revenue Act of 1943.

Exwz.pt

organizations which operate on some annual accounting period which

different than the © alendar year must file these inf carnation returns by the
fifteenth day of the fifth «oath after the ©lose of their annual aecounting
periods.
forms providing for the information to be supplied by these organizations ar<|
being drafted in accordance with the new law, and will be made available at loesl
offices of the collectors of internal revenue.
Commissioner Hunan ©plained that thousands of these exempt organizations
have been required to file information returns ever since March 5, 1942, and thefcj
in effect, the new law merely increases the classes of exempt organizations which
are required to nudes such returns.

For this reason, the filing dates already in

effect for base of the organizations :.twi »aemjiw Vo the additional orgcmizatiOBS.
H® emphasized that the May 15 filing date applies only to organizations whici
at sane time in the past have received written notice from the Commissioner of
Internal Revenue that they stre exempt from income tax under a specific provision
of law.

All other corporations and organizations claiming excerption must either

file regular income tax returns on the usual lucerne tax dates or formally
establish their legal right to exemption b y obtaining written notification of
exemption from the Commissioner ©f Internal Revenue.
Approximately 280,000 organizations have received formal notice of exemption
from the Bureau.

Although they are exempted from tax, the new law requires an

estimated 180,000 of these organizations to furnish specific information of their
gross income, receipts and disbursements.
filling ou1

This information is to be supplied by

2
The law requires such information returns to he filed annually b y every exsup
organization unless it is specifically excused from filing under the new act*
Those excused from filing information returns are, in general:

religious

organizations whose assets and income are not available for the private benefit of
shareholders or individuals, particularly churches; educational organizations
which normally have a regular faculty, curriculum and student body, such as schoo
and colleges; charitable organizations if primarily supported by contributions
of -the general public or supported in whole or part by governmental funds, such as
community chests, hospitals, indigent homes and U*S*0.; fraternal beneficiary
societies such as the Masons, Odd Fellows and Knights of Columbus; end agencies
wholly-owned b y the United States Government*
All other exempt organizations must file information returns under the new
law, such as: agricultural organizations (including county and state fairs, farm
bureaus, cooperative marketing and purchasing organization^, associations of
employees, benevolent life insurance organizations, boards of trade, building and
loan associations, business leagues, cemetery companies, chambers of commerce,
civic leagues, cooperative banks, certain financing and holding companies, federal
credit unions and other corporations organized under acts of Congress but not
wholly owned by the United States, labor organizations, literary organizations,
mutual insurance companies, mutual savings banks, mutual telephone companies,
social clubs (including country clubs and Greek letter fraternities and sororities
certain types of teachers* retirement and employees* beneficiary associations*
Also required to file are certain religious, charitablexand educational organiza-

>oy ^couts, libraries and Y*W*C*A*

Joseph D. Nunan, Jr*, Commissioner of Internal Revenue, announced today that
May 15 will be the date by which information returns for the calendar year 1943
will have to be filed by a large number of tax-exempt organizations under provisio
of Section 117 of the newly-enacted Revenue Act of 1943*
Exempt organizations which operate on some annual accounting period which is
d i f f e r e n t ^ S * t h e calendar year must file these information returns by the
fifteenth day of the fifth month after the close of their annual accounting
periods*
Forms providing for the information to be supplied by these organizations are
being drafted in accordance with the new law, and will be made available at local
offices of the collectors of internal revenue*
Commissioner Nunan explained that thousands of these exempt organizations
have been required to file information returns ever since March 5, 1942, and that,
in effect, the new law merely increases the classes of exempt organizations which
are required to make ■
ewwfa returns*

For this reason, the filing dates already in

effect for some of the organizations

the additional orgsnizations.

He emphasized that the May 15 filing date applies only to organizations which
at some time in the past have received written notice from the Commissioner of
Internal Revenue that they are exempt from income tax under a specific provision
of law*

All other corporations and organizations claiming exemption must either

file regular income tax returns on the usual income tax dates or formally
establish their legal right to exemption by obtaining written notification of
exemption from the Commissioner of Internal Revenue*
Approximately 280,000 organizations have received formal notice of exemption
from the Bureau*

Although they are exempted from tax, the new law requires an

estimated 180,000 of these organizations to furnish specific information of their
gross income, receipts and disbursements*
filling out an "information return"♦

This information is to be supplied by

TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS
Thursday, March 16, 19AA

Press Service
No, A l - H

3/10/44
Joseph D, Nunan, Jr,, Commissioner of Internal Revenue, announced today
that May 15 m i l be the date by which information returns for the calendar
year 19A3 will have to be filed by a large number of tax-exempt organizations
under provisions of Section 117 of the newly—enacted Revenue Act of 19A3*
Exempt organizations which operate on some annual accounting period
which is different from the calendar year must file these information returns
by the fifteenth day of the fifth month after the close of their annual
accounting periods.
Forms providing for the information to be supplied by these organizations
are being drafted in accordance with the new law, and will be made available
at local offices of the collectors of internal revenue.
Commissioner Nunan explained that thousands of these exempt organizations
have been required to file information returns ever since March 5* 19A2* a^d
that, in effect, the new law merely increases the classes of exempt organi
zations which are required to make returns, For this reason, the filing dates
already in effect for some of the organizations will also apply to the
additional organizations.
He emphasized that the May 15 filing date applies only to organizations
which at some time in the past have received written notice from the
Commissioner of Internal Revenue that they are exempt from income tax under
a specific provision of law, All other corporations and organizations claiming
exemption must either file regular income tax returns on the usual income tax
dates or formally establish their legal right to exemption by obtaining
written notification of exemption from the Commissioner of Internal Revenue,
Approximately 230,000 organizations have received formal notice of
exemption from the Bureau, Although they are exempted from tax, the new law
requires an estimated 130,000 of these organizations to furnish specific
information of their gross income, receipts and disbursements. This information
is to be supplied by filling out an "information return”.
The law requires such information returns to be filed annually by every
exempt organization unless it is specifically excused from filing under the
new act. Those excused from filing information returns are, in general:
religious organizations whose assets and income are not available for the
private benefit of shareholders or individuals, particularly churches;
educational organizations which normally have a regular faculty, curriculum
and student body, such as schools and colleges; charitable organizations if
primarily supported by contributions of the general public or supported in
whole or part by governmental funds, such as community chests, hospitals,
indigent homes and U.S,0,; fraternal beneficiary societies such as the
Masons, Odd Fellows and Knights of Columbus; and agencies wholly-owned by the
United States Government.

All other exempt organizations must file information returns under the
new law, such as: agricultural organizations (including county and state
fairs, farm bureaus, cooperative marketing and purchasing organizations),
associations of employees, bene.volent life insurance organizations, boards
of trade, building and loan associations, business leagues, cemetery companies,
chambers of commerce, civic leagues, cooperative banks, certain financing and
holding companies, federal credit unions and other' corporations organized
under acts of Congress M t not wholly owned by the United States, labor
organizations, literary organizations, mutual insurance companies, mutual
savings banks, mutual telephone companies, social clubs (including country
clubs and Greek letter fraternities and sororities), certain types of teachers'
retirement and employees' beneficiary associations* Also required to file are
certain religious, charitable, and educational organizations such as Boy: Scouts,
libraries and Y.W.C.A*

— 0 O0 **•

•But there are about 15,000,000 of us^wbo owe some tax in addition to
«bat ia taken out of e p r wages.

Thar« art t«o reasons for that*

•First, we must remember that t he tax that is withheld from wages is

always at the lowest tax rata.

. T h a M S F a , the withholding is not sufficient

to meet the total tax of wage-workers who earn enough to he liable for the
higher tax rates which apply to their higher incomes.
•Second» many of us have income fro:
rants, royalties, dividends, intsrest^Jp—

«for both these groups, the law require® a declaration to be mad« for the
purpose of estimating and paying currently any tax that is due over aid above
the tax that is withheld from wages.*
Thus, a declaration is required on or before April 15 from all citizens or
residents of the United States who expect to have during 1944— either alone or
together with a wife or husband
ly

feges subject to withholding exceeding |E,700 for a single person or

#5 ,500 for a married couple living together.
2,

Or, more than |100 income from all other sources if the total of such

income plus wages subject to withholding is (a) #500 or more for a single
person, or (b) more then $824 for a married person, or («) $1,200 or isore for
a married couple living together.
The first quarterly instalment of estimated tax shown to he due on the
declaration should be made at the time the declaration is filed and the
remainder should be paid on or before June 15, September 15, and December 15.
farmers, who receive more than 80 per cent of their income from farming,
may, if they desire, postpone the filing of declarations until December 15*
However, if they do wait until December 15, th# entire amount of the estimated
tax must be paid at that time.

Prase r o1flo<r+ f^ r viptJoseph D. Hunan» Jr*, Coaaa&issloner of Internal Revenue, announced today
that mailing has begun of the forms to be used by an estimated 15,000,000
taxpayers in filing their Declaration* of Estimated 1944 Tax, which are due
not later than April 15«
The forms (Form 1040E8) are similar in appearance end general content to
the forms used for the 1943 declarations last September and December«
are being smiled to all persons who filed declarations last fall«

They

Others who

are required to file this year may obtain copies from any Collector of Internal
Revenue.
The declaration form Itself is a printed slip 3*3/4 by 8 inches*
accompanied by two alternative woricsheets*

It is

One is a simplified worksheet Which

may be used to approximate his 1944 tax by any taxpayer whose income does not
exceed #10,000«

The other is a more detailed worksheet for the use of tax-

payers whose income exceeds $10,000 and also for persons with smaller incomes
who prefer to make a more precise calculation of their 1944 tax than can be
made from the simplified worksheet*
"These declarations", Commissioner Hunan said, "are amettesy step in the
fir m rim a~~of nnfrrinftlng rm r Innrmn t m r rYMnrtlnn nxrrtiflmrim frhir pay-as-you-go

jgasket-»

"Approximately 50,000,000 of us have just filed our annual Income tax
returns for 1943*

That took care of last year’s tax*

"How it’s time to look ahead and see that we keep up with this year’s tax.
For most taxpayers, the tax that is withheld from their wages Is sufficient to
keep them substantially paid up*

Those taxpayers have nothing further to file

until their annual returns are due in the early months of 1945*

2
"But tbare are about 15,000»000 of us whoybwe sou» tax la addition to
what is taken out of © » w a g e s .

There are too reasons for that*

"first, we saust remember that the tax that is withheld from wages is

to asset the total tax of wage-workers who earn enough to be liable for the
higher tax rates whleh apply to thalr higher incomes*
"Second, many of us bars Incan* fros
rents, royalties, dividends, interest,^! -W J ( L
"for both these groins, the lew requires a declaration to be made for the
purpose of estimating and paying currently any tax that Is due over and above
the tax that la withheld from wages*"
Thus, a declaration is required on or before April 15 from all citizens or
residents of the United States who expect to hare during 1944— either alone or
together with a wife or husband—
1*

Wages subject to withholding exceeding #2,700 for a single person or

#3,500 for a married couple living together*
2*

Or, more than #100 income from all other sources if the total of such

income plus wages subject to withholding Is (a) #900 or sore for a single
person, or (b) more than #524 for a married person, or (c) #1,200 or mors for
a married couple living together*
The first quarterly Instalment of estimated tax shown to be due on the
declaration should be made at tbs time the declaration is filed end the
remainder should be paid on or before June 15, September 13» end 9 scomber 15*
Farmers, who receive more than 30 par cent of their income from farming,
may, if they desire, postpone the filing of declarations until December 15*
However, if they do wait until December 15, the entire amount of the estimated
tax must be paid at that time*

- 0 -

9 n ^ k

.jSbeoposed-Trigf

Iffiffflr « K tf IMreS T * " -'

Joseph D. Hunan, Jr*, Gosanissioner of Internal Revenue, announced today
that »ailing has begun of the f e m e to be used by ftii sjLxii@i&sd.
taxpayers In filing their Declarations of Estimated 1944 fax, which are due
not later than April 15*
The forms (Form 1040ES) are similar in appearanee and general content to
the forms used for the 1943 declarations lest September and December*
are being mailed to all persons who filed declarations last fall*

They

Others who

are required to file this year may obtain eopies from any Collector of Internal
Revenue.
The declaration form itself is a printed elip 3*3/4 by 8 inches.
accompanied by tm

alternative worksheets.

It is

One is a simplified worksheet which

may be used to approximate his 1944 tax by any taxpayer whose income doss not
exceed #10,000*

the other is a mere detailed worksheet for the use of tax

payers whose income exceeds #10,000 and also for persons with smaller incomes
who prefer to make a more precise calculation of their 1944 tex than can be
made from the simplified worksheet.

"These declarations” , CoEmissioner Hunan said, "are another step in the
precast of eonverting-our-ineoae tax eoITsotioanpystsui lerihu pay-as-you-go
^ irffTt,

yC-

"Approximately 50,000,OCX) of us hare just filed our annual Income tax
r a t u m s for 1943.

That took care of last yemr'a tax.

*®ew it*s time to look ahead and see that w e keep up with this year's tax.
for most taxpayers, the tax that is withheld from their wages is sufficient to
keep them substantially paid up.

Those taxpayers have nothing further to file

until their annual returns are due in the early months of 1945.

- 2
/owe
«But there are about 15,000,000 of us who^o
we some tax in addition to
what is taken out of

wages.

There are two reasons for that*

«First, we must remember that the tax that is withheld from wages is
always at the lowest tax rate.

Till— fffiiv.iy the withholding is not sufficient

to meet the total tax of wage-workers who earn enough to be liable for the
higher tax rates which apply to their higher incomes.
«Second, many of us have income from sources where no tax is withheld—
rents, royalties, dividends, interest

Property or stock transactions, etc.

«For both these groups, the law requires a declaration to be made for the
purpose of estimating and paying currently any tax that is due over and above
the tax that is withheld from wages.«
Thus, a declaration is required on or before April 15 from all citizens or
residents of the United States who expect to have during 1944— either alone or
together with a wife or husband—
1.

Wages subject to withholding exceeding #2,700 for a single person or

#3,500 for a married couple living together.
2.

Or, more than #100 income from all other sources if the total of such

income plus wages subject to withholding is (a) #500 or more for a single
person, or (b) more than #624 for a married person, or (c) #1,200 or more for
a married couple living together*
The first quarterly instalment of estimated tax shown to be due on the
declaration should be made at the time the declaration is filed and the
remainder should be paid on or before June 15, September 15, and December 15.
Farmers, who receive more than 80 per cent of their income from farming,
may, if they desire, postpone the filing of declarations until December 15.
However, if they do wait until December 15, the entire amount of the estimated
tax must be paid at that time.

- 0 -

ft
"PPopuMfcul fruSB Tele am» 'for TrgeT,oa»-Qg. .shortly.■a f J ^ M ar»c.h.lfU.

Joseph D. Nunan, Jr*, Commissioner of Internal Revenue, announced today
that mailing has begun of the forms to be used by an estimated 15,000,000
taxpayers in filing their Declarations of Estimated 1944 Tax, which are due
not later than April 15*
The forms (Form 1040ES) are similar in appearance and general content to
the forms used for the 1943 declarations last September and December*
are being mailed to all persons who filed declarations last fall*

They

Others who

are required to file this year may obtain copies from any Collector of Internal
Revenue*
The declaration form itself is a printed slip 3-3/4 by 8 inches*
accompanied by two alternative worksheets*

It is

One is a simplified worksheet which

may be used to approximate his 1944 tax by any taxpayer whose income does not
exceed $10,000*

The other is a more detailed worksheet for the use of tax

payers whose income exceeds $10,000 and also for persons with smaller incomes
who prefer to make a more precise calculation of their 1944 tax than can be
made from the simplified worksheet*
"These declarations", Commissioner Nunan said, "are another step in the
■jMranoess«.efjmeonvertiago^a^-ineome ■‘f r a a r c o l t o o t " t h e pay-as-you-go

"Approximately 50,000,000 of us have just filed our annual income tax
returns for 1943*

That took care of last year's tax.

"Now it’s time to look ahead and see that we keep up with this year’s tax*
For most taxpayers, the tax that is withheld from their wages is sufficient to
keep them substantially paid up.

Those taxpayers have nothing further to file

until their annual returns are due in the early months of 1945*

S X W t r

March ff, 1944

Expedited revision and clearance of this release
is requested in order to make possible advance
distribution to the press and mailing to collectors
in order to assure adequate use of the release*
Will the following please read, make appropriate
suggestions and initial opposite their namss*

Mr. G* J* Schoenem

Mr-r^T•¿¿-v^inan

Thank you

Irving-'Perlmeter.

jf"
DATE.

3-10-44

Mr# Shaeffer
TO.......... ....
Charlie:
Attached press release has appro?
of the bureau and Mr» Sullivan
If otherwise o.k#, please
v
mimeograph at your earliest convenience
Distribute to the press* according to
judgment, but let Miss H^kins have at 1
100 right away, also 50 x b me, and
50 to IJeriiiau Il&t liiigi>o, 0#W#I#y Room
3452 Social Security, by special mesi
When the release goes to the
press, I suggest we also hand out copie
the forms#

FROM.

TREASURY 'DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, March 19, 1944,

3-13-44

-----------r

Press Service
No, 41-12

Joseph D, Nunan, Jr., Commissioner of Internal Revenue,
announced^today that mailing has begun of the forms to be used
by an estimated 15,000,000 taxpayers in filing their Declarati°ns of Estimated 1944 Tax, which are due not later than
April 15•
The forms (Form 1040ES) are similar in appearance and gen
eral content to the forms used for the 1943 declarations last
September and December,
They are being mailed to all persons
de°larations last fall. Others w h o are required to

Revenue S

may obtain C0Pj*es from any Collector of Internal

. , The declaration form itself is a printed slip 3-3/4 by 8
inches,
IP is accomPanie^ by two alternative worksheets.
One
is a simplified worksheet which may be used to approximate his
?fx bZ anY taxpayer whose income does not exceed §10,000,
Ihe other is a more detailed worksheet for the use of taxpayers
whose income exceeds #10,000 and also for persons with smaller
prefer, to make a more precise calculation of their
1944 tax than can be made from the simplified worksheet.
.
m

.. These declarations” , Commissioner Nunan said, "are a step
the pay-as-you-go system of income-tax collection,

ir,onm lA? Pr0Zir tely. 50y000i000 of us have
filed our annual
income tax returns for 1943»
That took care of last y e a r ’s tax.
"Now it ’s time to look ahead and see that we keep up with
fro^
•P °r *Ss t > f payers’ the tax that is withheld
n-n
+ages 1S sl?fflc:ien’b to keep them substantially paid
a ^ n i hr!+niaxpayer^ haT e nothin§ further to file until their
nnugl returns are due in the early months of 1 9 4 5 ,
in
sons fon^that
w
fRfi ’ y
s u ? f i J L + 1+ yS
to be
incomes!

ab0«t. 15,000,000 of us who will owe some tax
hat 1S taKen out of
There are two rearefflember that the tax that is withheld from
S e lowest tax rate.
The withholding is not
tax of W - w o r k e r s who earn enough
* higher tax rates which
to their hiSb «

”Second, many of us have income from sources where no tax is
withheld— rents, royalties, dividends, interest, business or pro
fessional earnings, property or stock transactions, etc,
nFor both these groups, the law requires a declaration to be
made for the purpose of estimating and paying currently any tax
that is due over and above the tax that is withheld from wages.”
Thus, a declaration is required on or before April 15 from
all citizens or residents of the United States who expect to have
during 1944--either alone or together with a wife or husband-1 . Wages subject to withholding exceeding $2,700 for a single
person or $ 3*500 for a married couple living together,

2, Or, more than $100 income from all ocher sources if the
total of such income plus wages subject to withholding is (a) $500
or more for a single person, or (b) more than $624 for a married
person, or (c) $1,200 or more for a married couple living together.
The first quarterly instalment of estimated tax shown to be
due on the declaration should be made at the time the declaration
is filed and the remainder should be paid on or before June 15,
September 15, and December 15*
Farmers, who receive more than 80 percent of their income
from farming, may, if they desire, postpone the filing of declara
tions until December 15.
However, if they do wait until December 15,
the entire amount of the estimated tax must be paid at that time.

-oOo-

TREASURY DEPARTMENT

Washington
press Service

FOR RELEASE, HORNING NEWSPAPERS,
Tuesday, March 14» 1944.________

The Secretary of the Treasury announced last evening that the tenders for
11,000,000,000, or thereabouts, of 91-day Treasury bills to be dated March 16 and to
mature June 15, 1944, which were offered on March 10, were opened at the Federal Re
serve Banks on March 13.
The details of this issue are as follows:
Total applied for - 12,094,959,000
Total accepted
- 1,016,034,000
Average price

(includes 164,950,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0.375$ per annum

Range of accepted competitive bids:
High
Low

- 99.910 Equivalent rate of discount approx. 0.356$ per annum
- 99.905
*
»
»
*
"
0.376$ «
«

(41 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapoli8
Kansas City
Dallas
San Francisco

$
24,185,000
1,364,732,000
48.391.000
43.870.000
13.470.000
14.368.000
336.579.000
92.613.000
4,935,000
33.126.000
11.135.000
107.555.000

»2,094,959,000

»1,016,034,000

TOTAL

12,651,000
596.761.000
30.042.000
42.490.000
10.963.000
10.519.000
163.650.000
45,000,000
4.935.000
26.648.000
8.185.000
64,190.000

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 14« 1944.

Press Service

F / -/ 3

The Secretary of the Treasury announced last evening that the tenders for
H ,000,000,000, or thereabouts, of 91-day Treasury bills to be dated March 16 and to
mature June 15, 1944, which were offered on March 10, were opened at the Federal Re
serve Banks on March 13.
The details of this issue are as follows:
Total applied for - $2,094,959,000
Total accepted
- 1,016,034,000
Average price

(includes $64,950,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0.375# per annum

Range of accepted competitive bids:

¡¡¡1
High
Low

- 99.910 Equivalent rate of discount approx. 0.356# per annum
- 99.905
n
»
»
»
»
0.376# n
"

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

Federal Reserve
District

Total
Applied for

Total
Accepted

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

$
24,185,000
1,364,732,000
48,391,000
43,870,000
13,470,000
14,368,000
336,579,000
92,613,000
4,935,000
33,126,000
11,135,000
107,555.000

#2,094,959,000

#1,016,034,000

TOTAL

12,651,000
596,761,000
30,042,000
42,490,000
10,963,000
10,519,000
163,650,000
45,000,000
4,935,000
26,648,000
8,185,000
64',190,000.

TREASURY DEPARTMENT
Washington
F O R RELEASE, MORNING NEWSPAPERS,
Tuesday, March 14, 1944.

Press Service
No. 41-13

The Se&retary of the Treasury announced last evening that
the tenders for $ 1 ,000 ,000,000 , or thereabouts, of 91-day
Treasury bills to be dated March 16 and to mature June 15, 1944,
which were offered on March 10,•were opened at the Federal
Reserve .Banks on March 13.
The details ;of this issue are as follows:
Total applied for - $2,094,959,000
Total accepted
- 1,016,034,000 (includes $64,950,000
entered on a fixed-price basis
at 99.905 and accepted in full)
Average price

99.905 / Equivalent rate of discount
approx. 0.375% per annum

Range of accepted competitive bids:
~ 99,910 Equivalent rate
' approx. 0.356% per
- 99.905 Equivalent rate
approx, 0.376% per

.
Jjaw

of discount
annum
of discount
annum

(41 percent of the amount bid for at the low price was, accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
New York
Philadelphia
Cle veland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco

TOTAL

24,185,000
1,364,732,000
48.391.000
43.870.000
13.470.000
14.368.000
336., 579,000
92.613.000
4,935,000
33.126.000
11.135.000
107,555.000

$2,094,959,000

12,651,000
596.761.000
30.042.000
.42,490,000
10.963.000
10.519.000
163.650.000
45,000,000
4.935.000
26.648.000
8.185.000
64.190.000

$1,016,034,000

4'
FOE IMMEDIATE RELEASE
March 14. 1944_______
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee authorized for entry for consumption under the
quotas for the 12 months commencing October 1, 1943, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
1941, as follows:

:
Country of Production $
______ _________________ :

Quota Quantity
(Pounds) 1/

:
Authorized for entry
:
for consumption
: As of (Date)
: (Pounds)

Signatory Countries:
Brazil
Colombia
Costa Bica
Cuba
Dominican Eepublic
Ecuador
£1 Salvador
Guatemala
Haití
Honduras
México
nicaragua
Perú
Venezuela
Hon-Signatory Countries:

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512
51,653,778

Mar. 4, 1944
ti
ti
ti
fl
tt
»
«
R
R
R
R
R
R
R

479,501,091
234,062,900
5,779,779
3,138,758
6,877,884
15,616,233
29,017,756
33,101,503
12,351,226
2,125,545
30,926,066
2,579,199
1,051,782
22,145,802
3,754,734

Quotas as established by action of the Inter-American Coffee Board on
January 12, 1944.

-oOo-

TREASURY DEPARTMENT
Washington
Press Service
No. 41-14

POR IMMEDIATE RELEASE,
Wednesday. March 15, 1944.

The Bureau of Customs announced today preliminaiy figures showing the
quantities of coffee authorized for entry for consumption under the quotas for
the 12 months commencing October 1, 1943, provided for in the Inter-American
Coffee Agreement, proclaimed by the President on April 15, 1941, as follows:
t

Country of Production

Quota Quantity
(pounds) 1 /

:
Authorized for entry
:
for consumption
; As of (Date) :
(Pounds)

Signâtory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non^Signatory Countries:

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512
51,653,778

it
ti
it
ti

479,501,091
234,062,900
5,779,779
3,138,758
6,877,884
15,616,233
29,017,756
33,101,503
12,351,226
2,125,545
30,926,066
2,579,199
1,051,782
22,145,802

3,754,734

Mar. 4, 1944
h

ti
it
it
ti
it
ti
it
n

Quotas as established by action of the Inter-American Coffee Board on
January 12, 1944,

oOo-

March 7* 1944

t o MR. M

Paring the month of February» 1944» the following
auirket transaction* took ple.ee 1» direct and guaranteed
securities of the Governments
Seles ##*•**#«#»##******•**♦#*#
FnrdhiUMMi * * * # * # # # # • * ♦ * • # * * * * * »

7$0*00
„,.,....PSHffi......

Kct sales *.*******♦*****#» M^OS*€^3*750*.^-

(Sg&>

Copy tos

Mi*« Heffelfinger
Mr, Shaeffer
Miss Sanford

yjef t
Gte0
3b0 ep^

Mr. Aarons (172)
Mr. AJlen (Dist).)
Mr. Barne s
Mr. Bartelt
Mr. Batchelder
Mr. Chas. Bell
)fe 1 Tf| -f-jl
l4r. E. M. Bernstein
Mr. Broughton
Mr. Burdette (2 3 5 )
Miss Burke
B & W (370 )
Miss Chauncey
Mr. Church
Mrs. Coon
Miss Cross (29 3 )
Mr, Cunningham
Mrs. Been
Mr. Belant
Mr. Dietrich
Miss Edelin
Mr s. Farr ell (U6 3 )
Miss Florin (32 7 )
Mr. Fox
Mr. Frese
Mr. Gamble
Mr. Gerardi
Mr. Greenberg
Mr. Haa s
Mr. Heahst
Mr. Heffelfinger
Miss Hodel
Mr. Howard
Mr. Hyland
Mr. Jones (fy-SO)
Mrs. Jubb (2 5 5 )
Slf

~ ta
/

Miss Kailey (253)
Mr. Kilby

Miss Lagos (260)
Mr. Landis
Mjft Lindow
Mr. Luxford
Mrs. Madden
Mrs. Martin (7 H)
Mr. Maxwell (38^)
Miss Michener
Mr. L. V. Moore
Mr. M. Moore
Miss Morris
Mr. Mulvihill
Mr. Hisonger
Mr. © ’Daniel (ty-Oj
Mrs. Potts
Mr. Habon
Mr. Reeves
Miss Rousseaux
__Mr. Schwalm
i V |k*• Shaeffer
^ M r . Slinde e
Mr. Speck
Mr. Starratt
Mr. Sullivan
Mr. W. H. Thompsoi
Mr. fickton
Mr. Tietjens
Mr. Upham
Mrs. Walker
Mr. Weber
Miss White
Mr. White
Mrs. Wondrack
Miss Workman
Mr, Ziegenfus
ji

TREASURY DEPARTMENT
Washington
POR IM E D I A T E RELEASE,
Wednesday, March 15, 1944,

During the month of February,

Press Service
N o f 41-15

1944, market

transactions in direct and guaranteed securi
ties of the Government for Treasury investment
and other accounts resulted in net sales of
$5105,073,750, Secretary Morgenthau announced
today.

-oOo

Draf t of—PreysHElelgase
"V7 ~~ /

Treasury Department

Washington, D. C*
March

1944

of co n tra cts fo r the removal and sale of Government
wastepaper to the,U nited Paperboard Company, I n c ., of
New York C ity . {The c o n tra c ts , which w ill run u n til
June 3 0 , 1946, involve Government-owned wastepaper of
various types and w ill not become e ffe c tiv e u n til A pril 1.,
This date was se le cte d as the e a r l i e s t date on which
the United Paperboard Company can reasonably be expected
to complete arrangements to handle the paper.
Treasury Department s ta te s th a t the Government
w ill receiv e in excess of $25,000 a month under the new
arrangement. Most of the items offered fo r sale w ill
bring OPA ce ilin g p ric e s .
;The United Paperboard Company was one of 6 firm s
competing fo r th is business. One of the other firm s,
o fferin g a s lig h tly higher p rice fo r c e rta in types of
paper, was d isq u alified on the basis of information
from the O ffice of P rice Administration to the e ffe c t
th at the Company has a bad record of compliance with
OPA p rice re g u la tio n s.

TREASURY DEPARTMENT
Washington

POR IMMEDIATE RELEASE,
Thursday, March 16, 1944.

Press Service
No? 41-16

The Treasury Department today announced the award of
contracts for the removal and sale of Government wastepaper to the United Paperboard Company, Inc., of New York
City..
The contracts, which will run until June 30, 1946,
involve Government-owned wastepaper of various types and
will not become effective until April 1. This date was
selected as the earliest date on which the United Paperboard Company can reasonably be expected to complete
arrangements to handle the paper.
The Treasury Department states that the Government
will receive in excess of $25,000 a month under the new
arrangement.
Most of the items offered for sale will brine;
OPA ceiling prices.
'8
The United Paperboard Company was one of 6 firms com
peting for this business.
One of the other firms, offer
ing a^slightly higher price for certain types of paper,
was^disqualified on the basis of information from the
Office of Price Administration to the effect that the Com
pany has a bad record of compliance with OPA price regula
tions.
'

-oOo

- 3 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 frdinary gain or loss.
Treasury Department Circular No, 418, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 ~
Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and price range of accepted bids.

Those

submitting tenders will be advised of the acceptance or rejection thereof.

The

Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be final.
Subject to these reservations, tenders for $100,000 or less from any one bidder at

99-905 entered on a fixed-price basis will be accepted in full.

Payment of accepted

tenders at the prices offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on

March 23. 1944
------------------ ’

The income derived from Treasury bills, whether interest or gain from
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 42 and 1 1 7 (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

owne-r of Treasury bills (other than life insurance companies), issued hereunder
need include in his income tax return only the difference between the price paid

i s m

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday* March
.
, g 17*
j * 1944

The Secretary of the Treasury, by this public notice, invites tenders
for $ 1.000.000.000 . or thereabouts* of

91-dav Treasury bills, to be issued

on a discount basis under competitive andffixed-price bidding as hereinafter pro
vided.

The bills of this series will be dated

March 23. 1944_____ , and will

mature ____June 22* 1944____ , when the face amount will be payable without
T3:
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 War time, Monday* March 20, 1944 _____ .
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 printed forms and for

warded in the special envelopes which will be suoolied 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 2 percent of the face

amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal

TREASURY DEPARTMENT
Washington

POR RELEASE, MORNING NEWSPAPERS,
Friday, March 17, 1944._________
3-16-44
.

The Secretary of.' the Treasury, by this public notice,
invites tenders for $ 1 ,000,000,000, or thereabouts, of 9 1 -day
Treasury bills, to be issued on a discount basis u n d e r _competi
tive and fixed-price bidding as hereinafter provided.
The
bills of this series will be-dated'March 23 , 1944, and will
mature June 22, 1944, when the face amount will be payable with
out interest.
They will be issued in bearer form only, and in
denominations of $ 1 ,000, $ 5 ,000, $ 1 0 ,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 War
time, Monday, March 20, 1944.
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 ex
pressed 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 spe
cial 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 2 percent of the face amount of Treas
ury 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 pub
lic announcement will be made by the Secretary of the Treasury
of the amount and price range of accepted bids.
Those sub
mitting 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.
Sub
ject to these reservations, tenders for $ 100,000 or less from
any one bidder at 99.905 entered on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices
offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on March 23, 1944.
41-17

(Over )

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, 'undep;Federa 1 tax Acts now or hereafter
enacted.
The 'bins.shall b-e 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 pos^
sessions of the U n i t e d S t a t e s , or by any local taxing authority-*
For purposes of taxation'the amount of discount at which Treas
ury bills are originally sold by the United States shall be con
sidered to be interest.
Under Sections 42 and 11.7 (a) (1) of th
Internal Revenue Code, as amended ,by Section 115 of the Revenue
Act of 1941, the amount of discount at which bills issued here-'
under 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 insur
ance companies) issued hereunder need include in his income taxreturn only t h e _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 matu
rity 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 ob
tained from any Federal Reserve Bank or Branch.

TREASURY DEPARTMENT
Washington
FOE IMMEDIATE RELEASE,
Monday, torch 20. 1911.

press Service

Secretary of the Treasury Morgenthau today announced final subscription and allotment figures with respect to the current offering of 2-1/2 percent Treasury Bonds of
1965-70, 2-1A percent Treasury Bonds of 1956-59 and 1-1/2 percent Treasury Notes of
Series A-1948, which were offered in exchange for securities of seven called or aaturing issues« Of the $4,730,000,000 outstanding securities of these issues, $3,910,800,000
or about 8 3 percent, were exchanged, as follows;
Description and Title
Treasury Issues;
1% Treasury Notes of Series B-1944
3-1A # Treasury Bonds of 1944-46
3/4$ Treasury Notes of Series A-I 9 4 4

Amount Exchanged

482,635,900
1,221,079,700
269,194,300

Federal Farm Mortgage Corporation Issues;
3 -1 /4 ^ FFMC Bonds of 1944-64
3% FFMC Bonds of 1944-49

75,904,300
700,246,550

Reconstruction Finance Corporation Issue;
1% RFC Notes of Series W

559,220,000

Romo Owners* loan Corporation Issue;
3% H0LC Bonds, Series A 1944-52

602,519,250

Subscriptions, and allotments of the new securities, were divided among the several
Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District

Treasury Bonds
of 1965-70

Treasury Bonds
of 1956-59

Treasury Motes
Series A—1948

Total
Allotted

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St« Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

$ 3 ,8 6 6 ,0 0 0
18,931,500
3,455,00$
9,794,000
4,393,000
2,282,000
11,568,000
5,541,500
1,986,000
7,596,500
1,880,000
2,142,000
1 .1 0 5 .0 0 0
$71,510,500

$10,115,000
24,939,000
3,728,500
4,820,000
22,510,000
1,110,000
11,703,500
2,231,000
2,714,000
3,123,500
1,591,000
3,118,500
1.011.500
#93,018,500

7 1 ,234,OCX)
$
2,,821,308,000
129,294,000
82,666,500
25,242,500
3 5 ,6 3 1 ,0 0 0
318,203,000
3 6 ,7 0 5 ,0 0 0
40,539,000
77,942,000
27,067,000
66,542,000
.7,831.000
hs 743,211,000

p||

f
1
I
t '
Hi 1

tyjjy

S>
h

^^T

85,513,000

2 ,8 6 8 ,1 7 8 ,5 0 0

136.477.500
97.280.500
52.145.500

39 ,026,000
3 4 1 . 474.500
44.477.500
45,239,COO
88,662,000
30,538,000
71.832.500
$3,910,800,000

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday. March .30, 1944.

Press Service
No. 41-18

Secret ary of the Treasury* Morgenthau today* announced final subscription and
allotment figures with respect to the current offering of 2-1/2 percent TreasuryBonds of 1965-70, 2-1/4 percent Treasury Bonds of 1956-59 and 1-1/2 percent Treasury
Notes of Series A—1948, which were offered in exchange for securities of seven
called or maturing issues. Of the $4,730,000,000 outstanding securities of these
issues, $3,910,800,000, or about 83 percent, were exchanged, as follows:
Description and Title

Amount Exchanged

Treasury Issues:
3* Treasury Notes of Series B-1944
3-1/4$ Treasury Bonds of 1944-46
3/4$ Treasury Notes of Series A-1944

482,635,900
1,221,079,700
269,194,300

Federal Earm Mortgage Corporation Issues:
3-1/4% FFMC Bonds of 1944-64
3$ FFMC Bonds of 1944-49

75,904,300
700,246,550

Reconstruction Finance Corporation Issue:
1$ RFC Notes of Series W

559,220,000

Home Owners* Loan Corporation Issues:
3$'H0LC Bonds, Series A 1944-52

602,519,250

Subscriptions, and allotments of the new securities, were divided among the
several Federal Reserve Districts and the Treasury as follows î
Federal Reserve
District

Treasury Bonds
of 1965-70

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

$ 3,866,000
18,931,500
3,455,000
9,794,000
4,393,000
2,282,000
11,568,000
5,541,500
1,986,000
7,596,500
1,880,000
2,142,000
1,105,000

$10,415,000
24,939,000
3,728,500
4,820,000
22,510,000
1 ,110 ,0 0 0
11,703,500
2,231,000
2,714,000
3,123,500
1,591,000
3,148,500
1,014.500

$74,540,500

$93,048,500

TOTAL

Treasury Bonds
of 1956-59

-oOo—

Treasury Notes Total
Series A-1948 Allotted
$
71,234,000 $
85,515,000
2,824,308,000
2,868,178,500
129,294,000
136,477,500
82,666,500
97,280,500
25,242,500
52,145,500
35,634,000
39,026,000
318,203,000
341,474,500
36,705,000
44,477,500
40,539,000
45,239,000
88,662,000
77,942,000
30,538,000
27,067,000
66,542,000
71,832,500
9,953,500
7.834.000
$3,743,211,000 $3,910,800,000

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 21, 1944«______ _

Press Service

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated March 23 and to
mature June 22, 1944, which were offered on March 17, were opened at the Federal Re
serve Banks on March 20.
The details of this issue are as follows:
Total appliëd for - $2,116,736,000
Total accepted
- 1,001,105,000
Average price

(includes $63,966,000 entered on a fixedprice basis at 99*905 and accepted in full)
- 99*905/ Equivalent rate of discount approx. 0.37536 per annum

Range of accepted competitive bids:
- 99-910 Equivalent rate of discount approx. 0 .35636 per annum
- 99.905
*
»
»
»
»
0.376$ w
*

High
Low

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

Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

43,780,000
1,363,515,000
41,521,000
52,460,000
13,235,000
12,005,000
344,251,000
50,423,000
14,600,000
27,220,000
26,091,000
127.635.000

$2,116,736,000

2 1 ,1 2 4 ,0 0 0
588,502,000
21,815,000
34,451,000
10,256,000
11,331,000
161,416,000
23,549,000
8,700,000
21,733,000
25,973,000
72,175.000

$1 ,001 ,105,000

TREASURY DiäPARIM&fT
Washington
FOR RSLSASE, MORNING NEWSPAPERS,
Tuesday, March 21, 1944«

Press Service
/ ^ IW

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated March 23 and to
mature June 22, 1944, which were offered on March 17, were opened at the Federal Re
serve Banks on March 20.
The details of this issue are as follows:
Total applied for - $2,116,736,000
Total accepted
- 1,001,105,000

Average price

(includes $63,966,000 entered on a fixed-

price basis at 99*905 end accepted in full)
- 99.905/ Equivalent rate of discount approx. 0*375$ per annum

Range of accepted competitive bids:
High
Low

- 99-910 Equivalent rate of discount approx, 0.356$ per annum
- 99*905
*
»
*
»
«
0.376$ w
*

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

Federal Reserve
D i s t r i c t _____

Total
Applied for

Total
Accepted______

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

43,780,000
1,363,515,000
41.521.000

TOTAL

2 1 ,124,000
588 ,582,000
2 1 ,815,000

52 460.000

34.451.000

13 ,235,000
12,005,000

1 0 .256.000
1 1 ,331,000

344.251.000
50.423.000
14.600.000
27.220.000
26.091.000
127.635.000

161,416,000
23.549.000
8,700,000
21.733.000
25.973.000
72.175.000

$2,116,736,000

$1 ,001 ,105,000

TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 21, 1944*_________

Press Service
No. 41-19

3-20-44
The Secretary of the Treasury announced last evening that the
tenders for

or thereabouts, of 91-day Treasury

$1,000,000,000,

bills to be dated March

and to mature June

1944, which were

22,

offered on March 17, were opened at the federal Reserve Banks on
March

20,

The details of this issue are as follows;
Total applied for - $2,116,736,000
Total accepted
- 1,001,105,000

(includes $63,966,000
entered on a fixed-price basis at 99*905 and accepted in
full)
Average price
- 99*905,/ Equivalent rate of discount approx.
■0.375$ per annum
Range of accepted competitive bids:
High

- 99*910 Equivalent rate of discount approx.
0.356/ per annum

Low

- 99*905 Equivalent rate of discount approx.
0.376/ per annum

(41 percent of the amount bid for at the low price was accepted
federal Reserve
District

Total
Applied for

Total
Accepted

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dei.11a s
San Francisco

41,521,000
52,460,000
1 3 ,235,000
1 2 ,005,000
344,251,000
50,423,000
14,600,000
2 7 ,220,000
26,091,000
127, 635*000

21,124,000
588,582,000
21,815,000
34,451,000
10,256,000
11,331,000
161,416,000
23,549,000
8,700,000
21.733.000
25.973.000
72 ,175,000

$2,116, 736,000

$ 1 ,001 ,105,000

43,780,000

1 ,363 ,515,000

TOTAL

-0 O0 -

TREASURY D B P A M M T
Washington

FOR RELEASE, KORtillO KSiSPAPBRS,
Wednesday, March 22* 1944»

Press Service
7 u , <//- > o

Secretary of the Treasury Morgen than today announced an offering,
through the Federal Reserve Banks, of 7/8 percent Treasury Certificates
of Indebtedness of Series B-1945, open on an exchange basis, par for par,
to holders of Treasury Certificates of Indebtedness of Series B-1944,
Maturing April 1, 1944. Cash subscriptions will not be received.
The certificates now offered will be dated April 1, 1944, and will
bear interest from that date at the rate of seven-eighths of one percent
per annum, payable semiannually on October 1, 1944, and April 1, 1945*
They will be issued in bearer form only, with two interest coupons attached,
in denominations of 11,000, 35,000, $10,000, 0100*000 and ¿1,000,000.

Fursuant to the provisions of the Public Debt Act of 1941, interest
upon the certificates now offered shall not have any exemption, as such,
under Federal tax Acts now or hereafter enacted. The full provisions
relating to taxability are set forth in the official circular released
today.
Subscriptions will be received at the Federal Reserve Banks and
Branches and at the Treasury Department, Washington, and should be
accompanied by a like face amount of the suitcoring certificate®. Subject
to the usual reservations, all subscriptions will be allotted in full.
There are now outstanding $5,251»000,000 of the Series B-1944
certificates.
The text of the official circular follows:

TREASURY DEPARTMENT
Washington

FOR RELEASE* MORNING NEWSPAPERS*
Wednesday, March 22« 1944-____

Press Service
No. 41-20

Secretary of the Treasury Morgenthau today announced an offering*
through the Federal Reserve Banks, of 7/8 percent Treasury Certificates
of Indebtedness of Sériés B-1945* open on an exchange basis* par for par*
to holders of Treasury Certificates of Indebtedness of Series B-1944*
maturing April 1* 1944* Cash subscriptions will not be received.
The Certificates now offered will be dated April 1* 1944* and will
bear interest from that date at the rate of seven-eighths of one percent
per annum* payable semiannually on October 1* 1944* and April 1* 1945*
They will be issued in bearer form only* with two interest coupons attached
in denominations of $1 *000* $5*000* $10 *000* $100*000 and $1 *000*000.

Pursuant to the provisions of the Public Debt Act of 1941* interest
upon the certificates now offered shall not have any exemption* as such*
under Federal tax Acts now or hereafter enacted. The full provisions
relating to taxability are set forth in the official circular released
today.
Subscriptions will be received at the Federal Reserve Banks and
Branches and at the Treasury Department* Washington* and should be
accompanied by a like face amount of the maturing certificates. Subject
to the usual reservations* all subscriptions will be allotted in full.
There are now outstanding $5*251*000*000 of the Series B-1944
certificates.

The text of the official circular follows;

DTCtED STATES OF AMERICA

7/5» PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES B-1945
Dated and bearing interest from April 1, 1944

1944 •

Due .Anr.il 1, 1945

•

TREASURY DEPARTMENT,
Office of X h e Secretary, »
Washington, March 22, 1944.

Department Circular No. 737

__ _
Fiscal Service.
Bureau of the Public Debt

I. OFFERING OF CERTIFICATES

*
1.

The Secretary of th«* Treasury, pursuant to the authority-of the Second

Liberty Btnd Act, as amended, invites subscriptions, at oar, from the.people of the
United States for certificates of indebtedness, of the United;States, designated

7/8 percent Treasury Certificates of Indebtedness of Series B-1945, in exchange for
Treasury Certificates of Indebtedness of Series B-1944, maturing. April 1, 1944.
IX
1.

r)po0pTPTjorT OE CERTIFICATES

The certificates will be dated April

that date at the rate of
1944, and April 1, 1945.

T jf&

,. 1944 i and will bear interest from

percent p p t annum, payable semiannually on October 1,

They will mature April 1, 1945, and will not bo subject

to call for redemption prior to maturity.
2.

The income derived from, the certificates shall be subject to all Federal

taxes, now or hereafter imposed.

The certificates shall be subject to estate, in

heritance, 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 ,Ttilted States, or by any local taxing
authority.
3.

The certificates will•'be acceptable to secure deposits of public moneys.

They will not be acceptable in payment of taxes.
4.

Bearer certificates with interest coupons attached yill be issued in denom

inations of *1,000, f-5,000, f'10,000, *100,000 and $1,^00,000.

The certificates wil^

not be issued in registered form.
5.

Thp certificates.will’be subject to the general regulations of the Treasury

Department, now or hereafter prescribed, governing United States certificates.

... - 2 ,^-,, .

III.
1.

SUB'SCRIRTTW

AND -Afl/OIMW

F' -rr

Subscriptions will be received at- the Federal ‘Deserve Ban^'s:and Branches

and at the Treasury Department, Washington. .Banking institutions generally may sub
mit subscriptions for account'of customers, but only the Federal Deserve' Banks and
the Treasury Department are authorized to act as official agencies 1
2.

The Secretary of the Treasury reserves the rinht to reject any subscription,

in whole or in part, to allot less than the amount of- certificates abelied for', and
to close the books as to any or all subscriptions at-any. b*"me without notic^: and
any action he may take in these respects shall be final. ;Subject to' these reserva
tions, all subscrintions will be allotted in full.

Allotment notices will be'sent

out promotly upon allotment,
•
1.

IV.

PA^CFNT

Payment at par for certificates allotted hereunder must be made on or before

April 1, 1944, or on later allotment, and may be made only in Treasury Certificates
of Indebtedness of Series R-1944, maturing April 1, 1944, which will be accepted at
par, and should accompany the subscriotion.
V.
1.

GF^FAI PROVISIONS

As fiscal agents of the United States, Federal Reserve Banks are authorized

and reouested to receive subscriptions, to make allotments on the basis and up to thg
amounts indicated by the Secretary of the Treasury to the Federal Deserve Banks of
the respective districts, to issue allotment notices, to receive oayment for certifi
cates allotted, to make delivery of certificates on full-^paid subscriptions allotted,
and they may issue interim receipts oending deliver^ of the definitive certificates.
2..

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

scribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks.

HONRT ’-ORGFNTHAUI JF.,
Secretary of the Treasury.

Department or .Agency

Quota
(35/a one
month* s
Pay Roll)

Nat ’ 1 Capital Park & Planning Coni.
1,686
Amer. Battle Monuments Contnission
70
Veterans Administration........ # 2,653,936
Coordinator, Inter-Amer. Affairs..
80,716
Office of War Information.......
298,415
Div. of Central Adm. Services, cs ja
269,683
Smithsonian Institution •
38,313
Bureau of the Bulget ....
67,613
National Archives .......
27,419
General Accounting Office •••••••»
760,250
Railroad. Retirement Board
112,732
State D e p a r t m e n t .......... ......
259 009
Office of Civilian Defense .......
—29,261
■—
Federal Power Comnission •••••••••
67,376
Foreign ¿Sconomic Administration ••
344,223
Public Health S e r v i c e ............ 4?
778,134
National Capital Housing Authority
16,959
Federal Conru lications Comnission
187,000
Government Printing O f f i c e ......
474 856
Sm
n 1 1 Al" IVot*
P I ü V ltc P
n v w v w w f 4 /\vt
<i/>
Smaller
War Plants
Corporation
36,938
Howard U n i v e r s i t y ....... .
26,706
Arciiitect of the Capitol ••••••
28,038
District of Columbia Government
1,002,159
St. SLizabeths Hospital
•••••
94,197
IVeedmen's Hospital ...
12,841
Board, Investigation & Research
5.900
T o t a l .......................... 61,807,339
Civilian Employees of:
War Department ................. * 50,-000,000

.............. .* 35.000.000

A£S^>ubtotai..... ...............

Tutal .........................

85.000.000
146,807,339

Sales
(including pay roll deductions)
Departmental
Field
Total
1,859

1,859

57,935,217
39.525.425
97.460.642
168.968.802

60,562,636
41.033..788
101,596.424
191.547.646

Tn audition to Hie aBóve, sales were rrœule to ûhilurrfeH“^ ï ;:stliHSl^as~^oi4t»wsi«

..............

ja m

Navy ...... .............. .

S M

MarineC^iS
.........
Coast Guard » . . , . . . # • • • • • • • •

Subtptal *•'.■•

è-.

whbw
lutai1 •••••••••••••••••••••••##

•.'"J•
'':y~;

^¿Incomplete H e l d reports.
pOC w]No quotas were set lbr War and Navy Departments.

110.3

-o-

406,171 2,430,481
83,322
2,726
82,601
230,961
85,380
196,622
39,815
-o*
68,501
■o26,790
795
763,978
-o73,101
40,040
254,285
4,724
259,009
28,238
—o—
28,238
41,568
22,378
63,946
313,243
-o313,243
100.900
601,650
702,550
-o14,972
14,972
68,403
89,352
157,755
398.900
398,900
30,891
30,891
non
21,287
21,519
738,825
51,966
you
6,708
6,708
2.853
2.853
18,443,062 71,508,160 89,951,222

2,627,419
1.508.363
4.135.782
22,578,844

At-

taine^

.640.827

320^188, 47^

Quotas shown are tentative only.

107.1

106.9
106.6
105.1
104.6
103.9
101.3

100.6
.

100.5
Ï00.4
100.0

96.5
94.9
91.0
90.3
88.3

34.4
84.0
33.6

79.7
76.7
73.7

55.2
52.2
48 4
1/45.5
.

W
j&Ü
làÏL

).5

Department or .Agency

The White House .................
Office of Censorship.... .......
National Gallery of A r t ..... .
Office of Strategic Services ....
Off. Sdent. Resea. & Dev...... .
Panama Railroad ..........
Office of Price Administration •••
The Panama C a n a l .....

Quota
(35fo one
month's
Play Roll)

$7,394
758,100
15,315
130,412
52,054
68,528
(,314,619
770,069
.,656,769
»,913,500
,538,023
Offioe of Vocational Riehabilitation
3,272
Post Office Department .......... ] ,614,422
Petroleun Administration for War •
145,705
Interstate Conraeroe Commission ..,
189,133
Offioe of Defense Transportation •¥■ 381,679
Bureau of Selective Service
,175,896
Alien Property Custodian....... .
100,508
Tax Court of the UftLted States ...
14,323
Federal Deposit Insurance Coip....
127,554
Federal Trade Comnission........
52,133
National War labor B o a r d ....... .
139,193
Federal Reserve B o a r d ...... •••••
47,067
Amer. Print. House for the Blind. •
4,639
Office, Administrator, F.W.A. ....
166,801
,638,914
,785,053
Tariff Commission ................
32,176
Employees' Compensation Com......
38,169
Social Security B o a r d ..... ......*
589,182
Public Roads Administration ..«•••
170,624
National Mediation Board •••••••.•
4,805
Maritime Com. & War Ship. Admin..•
,079,617
Civil Aeronautics Board .........
32,354
Securities & Exchange Commission •
121,500
Library of Congress .............
75,829
198,982
War Relocation Authority........
472,231
Labor Department................
,208,126
Interior Department ......... .
Nat'1 Advis. Com. for Aeronautics
323,694
Reconstruction Finance Corporation
813,930
Food & Drug Administration.... . .,-fr
77,140
Office of Education ••••••••••••••
55,355
.849,478
,428,597
Export-Inport Bank of Washington .
6,606
Civil Service Comnission •••••••••
473,329
Public Buildings Administration .•
444,356
War Manpower Comnission....... ..
,701,260
National Labor Relations Board .. .-t*
69,924

Sales
(including pay roll deductions)
Depart
mental
Field
Total
$32,263
94,084
49,421
364,315
83,945
-o456,127
18,718
1,596,226
2,020,329
476,394
5,198
148,020
110,842
163,513
91,539
21,025
147,197
20,102
54,529
71,913
36,908
64,683
6,362
226,886
2,185,710
1,226,735
41,138
37,004
377,342
57,276
6,181
340,000
40,552
114,368
93,793
18,614
181,693
411,761
9,832
625,169
64,625
64,386
1,022,980
530,686
7,456
203,338
456,799
165,930
35,330

—o—
$32,263
2,959,624
3,053,708
38
49,459
23,850
388,165
29,565
113,510
145,740
145,740
6 ,336,464
6,792,591
1 ,335,255
1,353,973
1 ,106,900
2,703,126
7 ,608,844
9,629,173
1 ,982,898
2,459,292
—o—
5,198
27 ,823,424 27,971,444
114,748
" 225,590
117,806
281,319
475,737
567,276
1 ,702,407
1,723,432
-o147,197
-o20,102
122,975
177,504
-o71,913
154,755
191,663
-o64,683
-o6,362
-o226,886
—o—
2,185,710
.109,375
6,336,110
5;
1,327
42,465
13,166
50,170
769,572
392,230
222,842
165,566
"»O*.
6,181
035,721
1,375,721
1,
-o40,552
37,144
151,512
-o93,793
243,452
224,838
562,613
380,920
2,616,091
204,330
2,
383,357
373,525
961,515
336,346
91,000
26,375
-o64,386
2,149,877
1, 126,897
2,797,702
2, 267,016
-o7,456
530,083
326,745
493,030
36,231
1,883,874
1, 717,944
77,399
42,069

436,
402.1
322,
322,
218,
212,
204,
175,
163,
162,
159,
158,
158,
154,
148,Ì
148,
146.1

146.1
140,
139,
137.1
137,
137,
137,
136,
133,4;
132.4
132,(
131,4!
130.6
130.6
128.6!
127.4]
125.31
124.7
123.7
122.3
119.1
118.5
118.4
118.1
118.0
116.3
116.2
115.2
112.9

112.0
111.0
110.7

representing the le g is la tiv e branch of the Government.
was very co n stru ctiv e and very in te re s te d .

The Treasury has

a nine m illion d o lla r ^ ta k e in the liquor industry and fo r
th at reason ih e Senator and I are going to stay with th is
problem u n til a solu tion has been found.
\

The d i s t i l l i n g industry was very co o p erative.

They are

as much in te re ste d in breaking the black market as we a r e .
I t is a d if f ic u lt problem, but we are going to fin d a solution.

March 17, 1944
I caught the tag end of prohibition when I f i r s t came
ijito the Treasury.

I had a chance to see what a thing lik e

fchi-s does to th e country, and as a c itiz e n and as a Government
o f f i c i a l , I am going to make sure th a t I do everything th at
I can to keep i t from happening again .

I think the wirrsky black market w ill help bring prohibition
quicker than anything

I canlhink o f.

Last October, I

enlarged the Alcohol Tax Unit and we went to work on the black
market a t the whole sale|4and d i s t i l l e r ’ s l e v e l.

These people

are in business by v irtu e of a Government permit which can
be revoked, and th erefore we had ju ris d ictio n over them.

can say th at the black market a t these le v e ls is broken.
There have been a lo t of indictm ents, a lo t of permits revoked,
and a tremendous amount of liquor seized .

We found one place

where w holesalers were doing such a th riv in g black market
business th a t they had bought a d i s t i l l e r y to keep them
Supplied.

This situ a tio n has been cleared up.V But we have
■■■mm..

no ju ris d ic tio n at the r e t a i l le v e l, and i t was in an e ffo rt
to find a solution to the black market a t th is le v e l, th at we
had th is meeting th is morning.

Senator Pat McCarran was here

Statement by Secretary Morgenthau

March 17, 1944
I caught the tag
I had a chance to see
as a citizen and'as a
everything that I can

end of prohibition when I first came into the Treasury«,
what a thing like prohibition does to the country, and
Government official, I am going to make sure that I do
to keep it from happening again®

I think the liquor black market will help bring back prohibition quicker
than anything I can think of® Last October, I enlarged the Alcohol Tax Unit
and we went to work on the black market at the wholesalerTs and distiller’s
level® These people are in business by virtue of a Government permit vihich
can be revoked, and therefore we had jurisdiction over them® I can say
that the black market at these levels is broken® There have been a lot of
indictments, a lot of permits revoked, and a tremendous amount of liquor
seized o We found one place where wh ole sale rs were doing such a thriving
black market business that they had bought a distillery to keep them
supplied® This situation has been cleared up0
But we have no jurisdiction at the retail level, and it was in an effort
to find a solution to the black market at this level, that v/e had this meet
ing this morning® Senator Pat ilcCarran was here representing the legislative
branch of the Government® He was very cobstructive and very interested®
The Treasury has a nine hundred million dollar tax stake in the liquor
industry and for that reason if for no other the Senator and X are going to
stay with this problem until a solution has been found0
The distilling industry was very cooperative®
interested in breaking the black market as we are®
problem, but we are going to find a solution®

They are as much
It is a difficult

quota among the large agencies wi t h total sales of
#3,053,708 for 402*8 percent of its #758,100 quota*
O t h e r leaders in this group were the Office of Price A d
ministration wi t h sales of #6,792,591 or 204*9 percent
of q u o t a ; the War Production Board w i t h sales amounting
to #2,703,126 o r 163*2 percent of quota; and the Treasury
Department w i t h total sales of #9,629,173 o r 162*8 pe r
cent of quota*
In volume of sales the three agencies wit h the
greatest number of civilian employees,

the War Department,

the Na v y Department and the Post Office Department led
all others.

Sales were, War Department #60,562,636;

Nav y Department #41,033,788; and Post Office Department
#27,971,444.
As before, the small group of White House employees
led all other government groups in percentage of quota
subscribed*

Total purchases of War Bonds were #32,263

or 436*3 percent of the #7,394 quota*

Pour ot h e r small

agencies exceeded their quotas b y more than 200 percent*
T h e y were National Gallery of Art, 322*9 percent; Office
of Strategic Services,

322*4 percent; Office of Scientific

Research and Development, 218*1 percent; and the Panama
Railroad, 212*7 percent*
to w n

A +*WU**o-\

¡K ti« Fov'tk V

Civilian employees o f the Federal Government invested
$191,547,6^6 in W a r Bonds during the Fourth W a r Loan, or
130*5 percent of their $146,807,339 quota, Secretary
Morgenthau a n n o u n c e d today*

This represents an increase

of more than $75,000,000 over W a r Bond purchases by
government employees during the Third W a r Loan*

the $34,488,000 o f E Bonds sold in the District o f
Columbia during the Fourth W a r Loan, a n d everyone o f
the 11 agencies w i t h a quota of more than $1,500,000
went over the top, the Secretary reported*
According to the Interdepartmental War Savings Bond
Committee* s # 0 1

report on the Fourth W ar Loan,, the

Office of Censorship a t tained the highest percentage o f

TREASURY DEPARTMENT

Washington
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, March 22, 1944.
3-21-4T ------

Press Service
No, 41-21

Civilian employees of the Federal Government invested
$191»547,646 in War Bonds during the Fourth War Loan, or 130,5
percent of their $146,807,339 quota, Secretary Morgenthau
announced today.
This represents an increase of more than
$75,000,000 over V/ar Bond purchases by Government employees
during the Third V/ar Loan,
Purchases by Federal employees accounted for more than 50
percent of the $34,488,000 of E Bonds sold in the District of
Columbia during the Fourth War Loan,, and everyone of the 11
agencies with a quota of more than $ 1 ,500,000 went over the top,
the Secretary reported.
According to the Interdepartmental War Savings Bond Com
mittee’s report on the Fourth War Loan, the Office of Censorship
attained the highest percentage of quota among the large agencies
with total sales of $3,053,708 for 402.8 percent of its $758,100
quota.
Other leaders in this group were the Office of Price
Administration with sales of $6,792*591 or 204*9 percent of
quota; the War Production Board with sales amounting to
$2,703,126 or 163,2 percent of quota; and the Treasury Department
with total sales of $9,629,173 or 162,8 percent of quota.
In volume of sales the three agencies with the greatest
number of civilian employees, the War Department, the Navy Depart
ment and the Post Office Department led all others* . Sales were,
War Department $60,562,636; Navy Department $41,033,788; and Post
Office Department $27,971,444.
As before, the small group of White House employees led all
other government groups in percentage of quota subscribed.
Total
purchases of War Bonds were $32,263 or 436,3 percent of the
$7,394 quota,
Four other small agencies exceeded their quotas by
more than 200 percent.
They were National Gallery of Art, 322,9
percent; Office of Strategic Services, 322,4 percent; Office of
Scientific Research and Development, 218.1 percent; and the
Panama Railroad, 212,7 percentt
A tabulation showing participation in the Fourth War Loan
by departments and agencies follows;

Department or Agency

1. The White House ................ .
2. ‘Office of Censorship.......•
3. National Gallery of Art
^
5-. Office of Strategic Services ........
5*- Off. Scient. Resea». & Dev....... .. .
6. Panama Eailroad ............
7. Office of Price Administration ......
8. The Panama Canal .......... ...... .
9* War Production Board
.
10. Treasury Department
11. National Hpusing Agency ..............
12» Office of Vocatiohal -Eehahllitation ..
13» Post Office Department ..............
1*+» Petroleum Administration for War ...*
15* Interstate Commerce Commission .'....*
lit. Office of Defense Transportation ....*
17* Bureau of Selective Service
18. Alien Property Custodian ..........
19 . Tax Court of the United States ......
20. Pederal Deposit Insurance Corp.......
21. Pederal Trade Commission ............
22. National War Labor Board
23* Pederal Deserve Board .........
2 *+. Amer. Print. House for the Blind ....
25* Office, Administrator, P.W. A. ....... *
26 . Tennessee falley Authority ..........
27. Agriculture Department ..............
28. Tariff Commission ............. ...
29. Employees’ Compensation Com..........
30 . Social Security B o a r d ........... .*
31* Public Roads Administration ..........

Quota
(3 5 /*> one
month* s
Pay Eoli)
$7*394
758*100
15*315
120, *+12
52*054
68*528
3*3l4»6l9
770,0 69
1,656,769
5*913*500
1,53^ *023
3*272
17»6l*+»422
145,705
189,133
5 8 1 ,6 7 9

1*175*896
^100,508
\ 14,323
127,55*+
,52,133
139*193
*+7*067
*+*-639

166,801
1*638*914
**->725,053
3 2 ,1 7 6
3 2 ,1 6 9

529*122
1 7 0 ,62 *+

Sales
(including pay roll deductions)
Depart
Pield
Total
mental

> of
Quota
At
tained

—0—
2^959.62*+
32
23*250
29*565
i*+5,7*+o
'6 ,336,46*+
1,335.255
1 ,106,900
7,608,844
1 ,982,898
-027*223,424
114,748

436.3
402.8
322*9
322«4
218,1
212.7
204.9
175* 8

$32.263
94,021+

49,421
364.315
83,945
-0^56,127

18,718
1 ,596»226
2,020,329
*+76,-39*+
5*192
l*+8,020
110 ,8*+2
163,513
91,539
21,025
i*+7»197

20,102

54*529

71.913
36,908
64*683

6,362
226,886
2,185,710
1,226,735
41*132
37*oo*+
377»3*+2
57*276

117,806
475,737
1,702,407
-0-0122,975
-0154*755
-0-0-0-05*109*375

1.327
13,166
392.230
165,566

$32.263
3,053,708
49,459
388,165
113,510
145, J40
6,792.591
1.353.973
2,703,126
9,629,173
2,459,292
5,198
27 ,971,410+
225,590
281,319
567.276
1,723.432
147,197

20,102

177,504
71,913
I9I.663
64,683

6,362
226,886
2,185,710
6 ,336,110
42,465

50,170
769,572
222,842

163.2
162.8
159.9

15^,9
15s, s

154.8

i 4s .7

l48c 6
i46t6
l46„ 5
l4o. 3
139,2
137*9
137*7
137,4
137.I

136*0

133,4

132.4
132.O
131*4

130.6
130.6

Quota
(35c/° one
month* s
__________________________________ Pay Roll)
Department or Agency

32. National Mediation Board .............
33* Maritime Com* & War Ship. Admin.....*
34. Civil Aeronautics Board .............
35* Securities & Exchange Commission....
36 . Library of Congress............ .
37« War Relocation Authority ...........
38 * Labor Department.......... ....... *
39* Interior Department.... ......
40. Nat’l Advis. Com. for Aeronautics ...
41. Reconstruction Pinance Corporation ..
42. Pood & Drug Administration
43* Office of Education ...........
44, Commerce Department .......
45. Justice Department ..........
46* Export-Import Bank of Washington ...*
47*iCivil Service Commission ...........
48. Public Buildings Administration .....
49. War Manpower Commission ........ .
50 * National Labor Relations Board ..... *
51. Nat'l Capital Park & Planning Com....
52. Amer* Battle Monuments Commission ...
53* Veterans* Administration
54. Coordinator, Inter-Amer. Affairs ....
55* Office of War Information ........
56 . Div. of Central Adm. Services, OEM ..
57* Smithsonian Institution .............
58. Bureau of the Budget ................
59* National Archives ..........
60 * General Accounting Office ...........
6 l„ Railroad Retirement Board ...........
62 * State Department .............
63 . Office of Civilian Defense ..........

$4,805
1,079,617
32»354
121*500
75,829
198,982
472,231
2 ,2 0 8 ,12 6
323*^9^
813»930
77*1^0
55*355
1,849,478
2,428,597
6 ,6 0 6

473,329
444,356
1,701,260
69,924
1 ,6 8 6
~fQ

Sales
(including pay roll deductions)
Depart
Pield
:
mental
Total
$6,181
340,000
40,552
114,368
93,793
I8,6i4
181,693
4ll,76l
9,832
625,169
64,625
64,386
1,022,980

-0-

1,035.721
-0-

37.144
-C 2 2 4 ,8 3 8
3 8 0 ,9 2 0

2,204,330
373,525
336,346
2 6 ,3 7 5
-O-

1,126,897

5 3 0 ,6 8 6
7 ,4 5 6

2 ,2 6 7 ,o i6

203,338

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

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

35,330
1,859
75

-0-

$6,181
1,375,721
40,552
151,512
93.793
243,452

9 1 ,0 0 0

64,386
2,149,877
2,797,702

1 1 6 .3
1 1 6 .2
1 1 5 .2

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

112*9
112.0
111.0
110.7
110.-7
110.3
107.1

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

383,357
961,515

-0-

2,653,936
80»7l6
298,415

4 0 6 ,1 7 1

2,430,481

2 , 8 3 6 ,6 5 2

83,322

86,048

26 9,6 8 3
3 8 ,3 1 3
6 7 ,6 1 3

85*380
39,815

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

27»4l9
76 0 ,250

112,732
259,009
29»26l

8 2 ,6 0 1

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

73,101
254,285
2 8 ,2 3 8

3 1 3 .5 6 2

-0-

282,002
39,815

-0-

6 8 ,5 0 1

795
-0-

of
Quota
Attained

128*6
127.4
125*3
124.7
123.7
122.3
119.1
118.5
118.4
118.1
118.0

1,883,874
77.399
1,859
75

-o-

:
:
:
:

27,585
7 6 3 ,9 7 8

4 o ,o 4 o

113,141

4,724
- 0-

2 5 9 ,0 0 9
2 8 ,2 3 8

I O 6 .9
1 0 6 .6

105.1
104.6
1 0 3 .9
1 0 1 .3
1 0 0 .6
1 0 0 .5
1 0 0 .4
1 0 0 .0
9 6 .5

Department or Agency

64.
65 #
66 .
67.
68 .
69 .
70.
71.
72 .
73.
74.
75*
76.

Federal Power Commission .........
Foreign Economic Administration .....
Public Health Service ......... ....*
National Capital Housing Authority *
Federal Communications Commission ...
Government Printing Office .........
Smaller War Plants Corporation ....
Howard University ................
Architect of the Capitol ..........
District of Columbia Government ....
St. Elizabeths Hospital .... .... ..
Freedmen*s Hospital ...............
Board, Investigation & Research
Total .
........

Quota
(35^ one
month*s
Pay Roll)

;
î
;
:

Sales
(including pay roll deductions)
Depart:
:
mental
:
Field
:
Total

$6 7 ,3 7 6
344,223
778,139
16,959

$41,568
313,243

$22,378
- 0-

$6 3 ,9 9 6
3 13 ,2 9 3

100 ,900
1 9 ,9 7 2

6 0 1,6 5 0

18 7,0 0 0

68,403
398,900

89,352
-0-o~
-0-0-0-0-0-

702,550
19,972
157,755
398,900

474,856
3 6 ,93 s
2 6 ,70 6
28,038

1,002,159
9 9 ,1 9 7

12,841
5,900
6 1 ,8 0 7,3 3 9

Civilian Employees of;
War Department ........... ...... .*
50 ,000,000
Navy Department........... ..... * 3 5 ,000,000
** Subtotal ......................
8 5 ,000,000
T o t a l .......
......... ... 1 ^6 ,8 0 7,3 3 9
^Incomplete Field reports.
**No quotas were set for War and Navy Departments.

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

21,519
738.825
5 1 ,9 6 6
6 ,70 8

-O-

;
of
: Quot a
At
: tained

99.9
91*0

90.3
8 8 .3

84*,4
84*0

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

83*6

21,519
738,825

7 6 .7

5 1 .9 6 6
6 ,7 0 8

79*7
73^7
55*2
5 2 .2

1 8 ,44 3 ,0 6 2

7 1 ,-50 8 ,16 0

2,853
89,-951,222

48.4
1 ^5 .5

2 ,6 2 7 ,1+19
1 ,50 8 ,36 3

57,935,217
3 9 ,5 2 5 ,1+25
97,460,642
1 6 8 ,968,802

6 0 ,5 6 2 ,6 3 6
91,033,788
101,596,424
191,547,646

12 1*1
117*2

2,853

9,135,782
22,578,844

-0-

Quotas shown are tentative only*

119*5
I3 O .5

- z

F O E IMMEDIATE EELEASE,

March 21. 1944,___

The Bureau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the quotas for
the IS months commencing October 1, 1943, provided for in the Inter-American
Coffee Agreement, proclaimed by the President on April 15, 1941, as follows:

:
:
Authorized for entry
Country of Production : Qpota Qiantity :
for consumption
---------------------- 8--- ÎSSWOÂSÏ.. 1 / ___L M .OÎ __iSstfi)__ »
(Pounds)
Signatory Countries:
Brazil
Colombia
Costa Bica
Cuba
Dominican Eepublic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114, 23.0
28,373,202
3,637,590
61,111,512
51,653,778

March 11, 1944
n
»
H
»
a
a
a
«
it

H
It
If
If

533,613,234
242,512,006
6,367,727
3,146,422
6,877,886
15,616,233
30,599,896
34,815,859
12,351,226
2,278,345
.33,913,285
3,010,308
1,425,156
22,145,802
4,503,056

Qpotas as established by action of the Inter-American Coffee Board on
January 12» 1944,

-oOo-

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Wednesday, March 33, 1944,

Press Service
No* 41-02

The Bureau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the quotas
for the 12 months commencing October 1, 1943, provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941, as
follows\

Country of Production

; Qpota Quantity ;
(Pounds) 1/ :

Authorized for entry
for consumntion
As of (Date)
í
(pounds)

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican' Republic
Ecuador
El Salvador
Guatemala
Halt i
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512
51,653,778

March 11, 1944
tt
it
it
it
it
ii
it
it
it
it
ti
tr
it

533,613,234
242,512,006
6,367,727
3,146,422
6,877,886
15,616,233
30,599,896
34,815,859
12,351,226
2,278,345
33,913,285
3,010,308
1,425,156
22,145 j802
'4,503,056

Qpotas as established by action of the Inter-American Coffee Board on
January 12, 1944.

-oOo-

/
-'"l

STATEMEHF BI SECRETARY K3RGEBTHAU
3-22-44

§1

fig g| ■

Randolph Paul has beta associated with the 7roasu?y la
one capacity or another since 1937. First he helped us as
a Consultant and then in Beoembsr* 1941 he be css» an Assistant
to the Secretary and ay chief tax advisor. On August 7, 1342,
he was appointed by the President as General Counsel of the
Treasury Department.
Be has served the Treasury» the Administration* and the
country with distinction. HO has had a great influence upon
the tax policies of the government the past several years.
Es has been a conscientious and diligent worker* and Ms loss
will be felt by the Treasury Department.
Els decision to leave was his own* and as I have told him*
2 am accepting his resignation with a great deal of reluctance.
Be has done invaluable work in his career in the Treasury* end
Z am personally grateful for it.
A successor to Ur. Paul has not yet btsn selected* but
when he la* we will take advantage of Mr. Paul's generous o ffer
to help his successor in the assumption of his new duties.
-V £

)

. IS..

.. .

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday,- March 22, 1944»-

Press Service
No. 41-23

Secretary Morgenthau today issued the following statements
Randolph Paul has been associated with the Treasury
in one capacity or another since 1937.

First he helped

us as a Consultant and then in December, 1941# he
became an Assistant to the Secretary and my chief tax
advisor.

On August 7, 1942, he was appointed by the

President as General Counsel of the Treasury Depart
ment ♦
He has served the Treasury, the Administration,
and the country with distinction.

He has had a great

influence upon the tax policies of the government
during the past several years,

He has been a con

scientious and diligent worker, and his loss will be
felt by the Treasury Department,
His decision to leave was his own, and as I have
told him,

I am accepting his resignation with a great

deal of reluctance.

He has done invaluable work in

his career in the Treasury, and I am personally grate
ful for it,
A successor to Mr. Paul has not yet been selected,
but when he is, we will take advantage of Mr, P a u l ’s
generous offer to'help his successor in the assumption
of his new duties.

-oOo-

- 3 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.

Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and orice range of accepted bids.

Those

submitting tenders will be advised of the acceptance or rejection thereof.

The

Secretary of the Treasury exoressly 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.
Subject to these reservations, tenders for |100,000 or less from any one bidder at
99.905 entered on a fixed-price basis will be accepted in full.

Payment of accepted

tenders at the prices offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on

March 30, 1944
l
Sot
The income derived from Treasury bills, whether interest or gain from

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

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

Accordingly, the

owner of Treasury bills (oipher than life insurance comoanies) issued hereunder
need include in his income tax return only the difference between the price paid

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,'
Friday, March 24. 1944
____ *

The Secretary of the Treasury, by this public notice, invites tenders
for $ 1,000.000,000 , or thereabouts, of ,Y 91 -day Treasury bills, to be issued
W
'~ '& T
on a discount basis under competitive and -fixed-price bidding as hereinafter pro
vided,

The bills of this series will be dated

mature

June 29* 1944

interest.

March 30 > 1944____ , and will

, when the face amount will be payable without

They will be issued in bearer form only, and in denominations of $1,000,

Mondayr March 27, 1944

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 printed forms and for

warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi- ■
ties.

Tenders from others must be accompanied by payment of 2 percent of the face

TREASURY DEPARTMENT
Washington

FOR RELEASE* -MORNING NEWSPAPERS,
Friday, Match 24* 1944 4
3-23-44

The Secretary of the Treasury, by this public notice,
invites tenders for # 1 ,000,000,000, or thereabouts, of .9 1 -day
Treasury bills, to be issued on a discount basis under com/petitive and fixed-price bidding as hereinafter provided. The
’bills of this series will be dated March 30, 1944, and will
mature June 29, 1944, when the face amount will be payable
without interest.
They_ will be issued in bearer form onl 37‘,
and in denominations of # 1 ,000, # 5 ,000, # 1 0 ,000 , # 100 ,OOo", '
# 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
War time, Monday, March 27, 1944.
Tenders will not be r e
ceived at the Treasury Department, Washington,
Each tender
must be for an even multiple of # 1 ,000 , and the price offered
must be expressed on the basis of 10 0 , with not more than
three decimals, e. g,, 99.925.
Fractions may not be used. It
is urged that tenders be made on the printed forms and for
warded in the special envelopes which will be supplied by
Federal Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorpo
rated banks and trust companies and from responsible and
recognized dealers in investment securities.
Tenders from
others must be accompanied by payment of 2 percent of the
face amount of Treasury bills applied for, unless the tenders
are accompanied by.an express guaranty of payment by an in
corporated bank or trust company.*
Immediately after the closing hour, tenders will be
opened at the Federal Reserve Bank 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.
Subject to these reservations, tenders for # 100,000 or less
from any one bidder at 99.905 entered on a fixed-price basis
will be accepted in full.
Payment of accepted tenders at the
prices offered must be made or completed at the Federal
Reserve Bank in cash or other immediately available funds on
March 30, 1944.
41-24

(Over)

2
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption, as such, and loss from the sale or other
disposition of Treasury bills shall not have any special treat
ment, as such, under Federal tax Acts now or hereafter enacted.
The* bills ^shall be subject to estate, inheritance, gift, or
other excise taxes, whether Federal or State, but shall be exempt
from all taxation now or hereafter imposed on- the principal or
interest thereof by any State, or any of the possessions of the
United States, or by any local taxing authority,
For purposes
of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be
interest.
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 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, 4 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 Reserve Bank or Branch.

-oOo

TREASURY DEPARTMENT

Washington
FOR RELEASE, MORNING NEWSPAPERS,

Press Service

Friday, March 24» 1944.

Secretary of the Treasury tforgenthau announced today that the sub
scription books for the current offering of 7/8 percent Treasury Certif
icates of Indebtedness of Series B-1945, open to the holders of Treasury
Certificates of Indebtedness of Series B-1944 maturing April 1, 1944,
will close at the close of business tomorrow, March 25.
Subscriptions addressed to a Federal Reserve Bank or Branch, or to
the Treasury Department, and placed In the mail before 12 o*clock midnight,
Saturday, March 25, will be considered as having been entered before the
close of the subscription books.
Announcement of the amount of subscriptions and their division among
the several Federal Reserve Districts will be made later.

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Friday, March 24, 1944.
3-23-44

Press Service
N o 4 41-25

Secretary of the Treasury Morgenthau announced
today that the subscription books for the current
offering of 7/8 percent Treasury Certificates of
Indebtedness of Series B-1945,

open to the holders

of Treasury Certificates of Indebtedness of Series
B-1944 maturing April 1, 1944, will close at the
close of business tomorrow, March 2 5 4
Subscriptions addressed to a Federal Reserve
Bank or Branch,

or to the Treasury Department, and

placed in the mail before 12 o'clock midnight,
Saturday, March 25, 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.

-0 O0 -

The Treasury receives monthly reports on the operations of the
agencies. A sample report shows that ih
a single facility Cashed.

a normal month*s "business,

91",394"’checks involving $B&S’613>gJ?l6> and

sold l&fSgg War Bonds aggregating $498^QG*
cilities are located outside continental United States,

. 0

iiiBlllllfTi

distant frocr^fne neareslfregularly estabPHn^L bai^

Commenting bn the success of the program, an Army official

said recentlyi (,Ihe banks have done and are doing a splendid job for the
Army, and their cooperation as a whole is all that could be desired.
Tribute must be paid to the small banks which have rendered a service far
beyond

their normal or expected capacity.11

^avy*s retirements are substantially less than those of the Army, it is
probable that the present total of Navy stations served will be increased
to some extent*
The business done by the agencies with the Army and Navy personnel
is largely non-profit* Government checks are cashed without charge* Persons!
checks are handled within necessary limitations* Deposits are accepted for
credit to personal accounts* War Bonds and Stamps are sold* Cashier*g
traveler*s checks are sold*
For finance officers, cash is supplied for payrolls and other needs,
and accounts are kept for custodians of the funds of companies, post exchanges,
and other

organizations *

Office space for the%banking personnel is supplied by the Army or
Navy, and the Treasury oomponoate-R the agency banks for operating costs in
excess of earnings by alio ting them 2 percent depositary bonds such as are
used in all ordinary depositary dealings between banks and the Government*
It has been the Treasury *g policy in establishing the ATmy-iiavy
post facilities to confer with Federal and State banking authorities and
with officials of the National and State banking associations* The
Treasury has emphasized that the arrangements were for the duration of the
emergency only.
Cooperation of State officials has been given freely, and they have
^
'
helped in many instances in placing the program in effect, Secretary
^"0^sQnth&u stated* Hg praised bankers generally for their ready response
to the plan*

Army started on a large scale after Pearl Harbor* Personnel of the pasts
could not, in a great many cases, leave their duties during ordinary
hanking hours; transportation difficulties arose as gasoline and tire
shortages became acute; paydays brought bottlenecks at the army camps*
postoffice money order windows*
Army commanders were authorized to negotiate for creation of
branch banks on Army reservations, in the first attempted solution of the
problem* They found few banks interested, however, due to limitations
imposed by State and National banking laws, the temporary character of
the need, and other considerations.
When it -became plain that obstacles to the branch banking plan could
not be overcome, Secretary Morgenthau offered to the War Department the
solution which is now in full operation —
fj

that of enlisting the aid of

the existing depositaries and Government financial agents, and of creating
new ones where necessary*
Secretary of War Stimson replied that the War Department was in
i
"hearty accord" with Secretary Morgenthau* s sug
la.tsr.-gs.-s,.,iv ,
f w business

‘’

.—

v nvi.oknTv>airj

The present total of 235 Army posts served by the agencies will be
further increased during the next few months through

the establishment of

service at numerous additional Army hospitals of large size*
Cooperation between the Treasury and the lavy in arranging for
banking service at Navy Yards, and various shore installations, has been
on the same basis as that between the Treasury and the Army, While the

S41®3?-- ~draf.t of-^irnpHaed ylease
TREASURY DEPA RTNENT
lashi gton
FOR RELEASE CORING NEWSPAPERS

Tuesday, March 29, 1944
lA V t

4 4 /-%

Through arrangements made by the Treasury with the War and NavyDepartments, '‘duration” banking facilities have been established in recent
months at 235 Army posts and 33 Navy stations, Secretary of the Treasury
Morgenthau revealed today»^The facilities, operated for the accomodation
of both uniformed and civilian personnel at the posts and stations, have
brought check-cashing, deposit acceptance and other ordinary banking
conveniences to several million persons

for whom established banks were

not easily accessible*
■

The facilities are not branch banks in any sense of the word,
Secretary M0rgenthau said* Operation of them is simply an extension of the
functions of the Treasury*g long-existing system of official depositaries
and Government financial agents* Basic authority for arranging this aid to
military and naval personnel, and so to the war effort, is contained in
a law enacted while another great war —
in progress*

This stattfe, dating

the War Between the States —

was

back to 1864, states that national

banking institutions designated as depositaries and as financial agents of
the Government "shall perform all such reasonable duties.... .as may be
required of them,” Under later legislation, the same authority was extended
to all banks insured by the FDIC.
The need for emergency banking accomodations of some sort at large
Army posts, particularly those distant from cities or towns having
adequate banks, was

recognized as early as 1941, when the defense program

got well under way* The need became more pressing when mobilization of the

Hr , .OMuf f ini-»

Treasury Department
Office of the Under Secretary
Dates

Mar. 2 5 , 1

lot

MR. BATOHELDER

’romi

W. B E L L

P l e a s e t a l k t o me about!
t h i s S a tu r d a y .

TREASURY DEPARTMENT
Washington
FOR REXEASE MÓRNING NEWSPAPERS
Tuesday« March 28« 1944-

PRESS, SERVICE
NOo 41-26

Through arrangemeftts made by the Treasury vdth the War and Navy
Departments, ’’duration” banking facilities have been established in recent
months at 235 Army posts and 33 Navy stations, Secretary of the Treasury
Morgenthau revealed todayG
The facilities, operated for the accommodation of both uniformed and
civilian personnel at the posts and stations, have brought check-cashing,
deposit acceptance and other ordinary banking conveniences to several
million persons for Whom established banks were not easily accessible,,
The facilities are not branch banks in any sense of the word,
Secretary Morgenthau said» Operation of them is simply an extension of
the functions of the Treasury’s long-existing system of official deposi
taries and Government financial agents« Basic authority for arranging
this aid to military and naval personnel, and so to the -war effort, is
contained in a lavi enacted while another great war — the War Between the
States — was in progress« This statute, dating back to 1864, states that
national banking institutions designated as depositaries and as financial
agents of the Government ’’shall perform all such reasonable duties ««««as
may be required of them©” Under later legislation, the same authority w a s
extended to all banks insured by the FDIC«
The need for emergency banking accommodations of some sort at large
Army posts, particularly those distant from cities or towns having
adequate banks, was recognized as early as 1941, when the defense program
got Y/ell under way« The need became more pressing when mobilization of
the Army started on a large scale after Pearl Harbor0 Personnel of the
posts could not, in a great many cases, leave their duties during ordinary
banking hours,* transportation difficulties arose as gasoline and tire
shortages became acutej paydays brought bottlenecks at the army camps’
postoffice money order Y/indcws0
Army commanders w e r e authorized to negotiate for creation of branch
banks on Army reservations, in the first attempted solution of the problem«
They found few banks interested, however, due to limitations imposed by
State and National banking laws, the temporary character of the need, and
other considerati cnso
When it became plain that obstacles to the branch banking plan could
not be overcome, Secretary Morgenthau offered to the War Department the
solution which is now in full operation — that of enlisting the aid of
the existing depositaries and Government financial agents, and of creating
new ones Yihere necessary«

- 2 —

Secretary of War Stimson replied that tbe War Department -was in
"hearty accord" with Secretary Morgenthau1s suggesti on«
The'present total of 235 Army posts served by the agencies will be
further increased during the next few; months through the establishment
of service at numerous additional Army hospitals of large size«
Cooperation between the Treasury and the Navy in arranging for
banking service at Navy Yards, and various shore installations', has been
on the same.basis as that between the Treasury and the Army« While the
Naiy’
-s requirements are substantially less than those of the Army, it is.
prooable that the present total of Nayy stations served'will be increased
to .some extento
')■
The business done ty the agencies'with the Army and Navy personnel
is largely non-profit0 Government checks are cashed without charge«
Personal checks are handled within necessary limitations« Deposits are
accepted for credit to personal accounts.« War Bonds and Stamps are soldo
Cashier’s and traveler's checks are sold©
For finance officers, cash is supplied for payrolls and other needs,
and accounts are kept for custodians of the funds of companies, post ex
changes, and other organizations«
Office space for the banking personnel is supplied by the Army or
Navy, and the Treasury reimburses the agency banks for operating costs
in excess of earnings by alloting them 2 percent depositary bonds ,such
as are used in All ordinary depositary dealings between banks and the
Government«
It has been the Treasury’s policy in establishing the Army—Navy
post facilities to confer with Federal and State banicing authorities and x
with officials of the National and State banicing associations« The
Treasury1 has emphasized that the arrangements were for the duration of
the emergency only0
Cooperation of State officials and clearing house associations
has been given freely, and they have helped In many instances in placing
the program in effect, Secretary Korgenthau stated„ He praised bankers
generally for their ready response to the plan0
The Treasury receives monthly reports on the operations of the
agencies« A sample report shows that In a normal, month is business, a single
facility cashed 150,917 checks involving $66,838,507, and sold 33,162 War
Bonds aggregating 6615,737«
Commenting on the success of the program, an Army official said
recently: "The banks have done aiidvare doing a splendid job,for the Army,
and their cooperation as a whole is all that could bp desired« Tribute
must be paid to the small banks which have- rendered a service far beyond
their normal or expected capacity«"
oOo

FOR IMMEDIATE RELEASE
March 24. 1944_______
V\

The Bureau of Customs announced today that reports from
the collectors of customs show that the tariff rate quota of
22,000*000 pounds of Cuban filler tobacco, not specially
provided for, unstemmed or stemmed (other than cigarette
leaf), and scrap tobacco was filled on February 2, 1944#
Qpotar-class Cuban tobacco entered or withdrawn from
warehouse for consumption on February 3, 1944, and during
the balance of the calendar year is dutiable at the rates
in effect on August 24, 1934«

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Monday, March 27, 1944.

Press Service
No. 41-27

The Bureau of Customs announced today that
reports from the collectors of customs show that
the tariff rate quota of 22,000,000 pounds of Cuban
filler tobacco, not specially provided for, un
stemmed or stemmed (other than cigarette leaf),
and scrap tobacco was filled on February 2, 1944.
Quota-class Cuban tobacco entered or with
drawn from warehouse for consumption on February 3,

19 4 4 , and during the balance of the calendar year
is dutiable at the rates in effect on August 24,
1934.

-oOo-

j L

(£/ — *2U

Farmers may file their declarations of estimated tax April 15 or may wait
until December 15, Joseph D. Hunan, Jr*, Commissioner of Internal Revenue,said tof
Farmers are defined by the tax laws as those who receive 80 percent of more os
their income from agriculture*

They are the only taxpayers vho have this choice

of filing dates*
"Before you make your decision, however,* Commissioner Nunan advised farmers,
"you ought to realize that if you file April 15 you caa. make your income tax
payments in four quarterly installments, but if you wait until December 15 you
will haTO to pay the wh<^jje year’s estimated tax in one lump sum**
The commissioner explained that, when the pay-as-you-go system was adopted ]
last year, it was realized that because of the seasonal nature and weather hazard^
of farming it might be difficult for some faimers to estimate their income and
calculate their estimated tax early in the year.
given the option of waiting until December 15*

For that reason, they were
However, many types of farming

result in fairly even income through the year, and it m ay be to the advantage
of same farmers to file early and qualify for installment payments.
Farmers who want to file in April may calculate their tax by either estimati
their prospective income for 1944 or by assuming it will be the same as last year«]
If the tax is based on last year’s income and this year’s rates and exanptions,
ft#

¿ ¿ M l X H U N 'W & i

<0-»V

there can be no penalty if the estimate falls short.

Otherwise, a farmer’s

estimate will not result in a penalty unless it is more than 33-1/3 percent shortj
In any case, April estimates may be amended on June 15, September 15, or
December 15.

The law requires farmers to file declarations if they expect their income
this year to be -£^7 #500 or more in the case of a single personj
in the case of a
marri e<

DATE.
iB

3«25^4

Mr* Shaeffer

TO........ ............ ..... .......
Z have sent to
Sullivan for
clearance a routine release regarding
farmers in connection with April 15 ■
filing of BSelarations of Estimated Taj,

When ititi and if it is finally
cleared, please provide copies at the j
earliest possible date as follows:
1« To the xmg press at your convenl
2. 500 to Miss Hawkins
3. 25 to me
4« 25 to Mr« Lesser, Rm 3449 Soc.S
hy special messenger«
Than*

FROM.

EXPEDITE
March 18, 1944

Attached is a proposed press release*
Will the following please read the material,
make any appropriate suggest ions, n t initial
return to me*

Mr* C* P* Suman

Mr. N. D. Gann'

Mr. G. J. Schoenemax^^/

Mr* H* N. G r a v e ^ ^

iL
Mr. J. D* Nun an.

Thank you

DATE...

>P0

Mr.^llivan

Attached is a proposed press re leas«
In the series of releases connected
with the April 15 filing of Declared
of Estimated Tax*
If it meets your approval, will you!
please forward it to Ur* Shaeffer*

Thank you

FROM.

TREASURY DEPARTMENT
Washington

FOR RELEASE MORNING NEWSPAPERS
Friday, March 31. 1944_______

Press Service
No. 41-28

Farmers may file their declarations of estimated tax April 15
or may wait until December 15* Joseph D, Nunan, Jr,, Commissioner
of Internal Revenue, said today.
Farmers are defined by the tax laws as those who receive
80 percent or more of their income from agriculture. They are the
only taxpayers who have this choice of filing dates,
**Before you make your decision, however,** Commissioner Nunan
advised farmers, **you ought to realize that if you file April 15
you can make your income tax payments in four quarterly installments,
but if you wait until December 15 you will have to pay the whole
year’s estimated tax in one lump sum.”
The commissioner explained that, when the pay-as-you-go system
was adopted last year, it was realized that because of the seasonal
nature and weather hazards of farming it might bp difficult for
some farmers to estimate their income and calculate their estimated
tax early in the year. For that reason, they were given the option
of waiting until December 15# However, many types ox farming result
in fairly even income through the year, and it may be to^the
advantage of some farmers to file early and qualixy for installment
payments.
Farmers who want to file in April may calculate their tax by
either estimating their prospective income for 1944 or ty assuming
it will, be the same as last year. If the tax is based on last
year’s income and this year’s rates and exemptions, and the payments
are made on time, there can be no penalty if the estimate falls
short-, Otherwise, a farmer’s estimate will not result in a penalty
unless it is more than .39-1/3 percent short. In any case, April
estimates may be amended on June 15, September 15, or December 15,
The law requires farmers to file declarations if they expect
their income this year to be $500 or more in the case of a single
person or more than $624 in the case of a married person.
~ 0 -

TREASURY DEPARTI*SNT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 28, 1944.________

Press Service

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated March 30 and to
mature June 29, 1944, which were offered on March 24, were opened at the Federal Re
serve Banks on March 27«
The details of this issue are as follows:
Total applied for - $1,976,692,000
Total accepted
- 1,009,649,000
Average price

(includes $55,167,000 entered on a fixed-prict
basis at 99.905 and accepted in full)
- 99-905/ Equivalent rate of discount approx, 0 .3755 g per annua

Range of accepted competitive bids:
- 99.910 Equivalent rate of discount approx. 0 .3 5 6 $ per annua
- 99.905
*
«
»
»
*
0 .3 7 6 $
"
"

High
Low

( 4 5 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

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

43,366,000
27,839,000
9,650,000
13,520,000
340,792,000
29,165,000
16,230,000
18,494,000
6,#90,000
101.400.000

24,778,000
644,441,000
28,049,000
23,893,000
7,148,000
10,358,000
159,738,000
15,635,000
10,680,000
16,074,000
6,560,000
62.295,009

#1,976,692,000

#1,009,649,000

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 2
1944«

Press Service

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated March 30 and to
mature June

2% 1944,

which were offered on March 24, were opened at the Federal Re

serve Banks on March 27The details of this issue are as follows:
Total applied for - $1,976,692,000
Total accepted
- 1,009,649,000
Average price

(includes $55,167,000 entered on a fixed-price
basis at 99.905 and accepted in full)
- 99*905/ Equivalent rate of discount approx. 0 .3755 g per annum

Range of accepted competitive bids:
- 99.910 Equivalent rate of discount approx. 0 .3565 g per annum
- 99.905
w
«
»
»
»
0 .3765 g "
"

High
Low

(4 5 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

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

♦

48,290,OCX)
43.366.000
27.839.000
9.650.000
1 3 .5 2 0 .0 0 0
340.792.000
29.165.000
1 6 .2 3 0 .0 0 0
18,494,000
6 .8 9 0 .0 0 0
101.400.000

24,778,000
644.441.000
28.049.000
23.893.000
7 ,14 8 ,0 0 0
1 0 .3 5 8 .0 0 0
159.738.000
15.635.000
10.680.000
16,074,000
6 ,560 ,0 0 0
62.295.00Q

♦1,976,692,000

♦1,009,649,000

1 ,3 2 1 ,0 5 6 ,0 0 0

TOTAL

TREASURY /DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, March 28, 1944.
3-27-44
:
: ' -----

Press Service
T„

The Secretary of the.Treasury announced last evening that
the tenders for $1, 000, 000,000,

or thereabouts,

of 91-d^iy Treas

ury bills to be dated March 30 and to mature June 29, 1944, which
were offered on March 24, were opened at. the Federal Reserve Banks
on March 27.
The details of this issue are as follows:
Total applied for - $1,976,692,000
Total accepted
- 1,009,649,000 (includes $55,167,000
entered on a fixed-price basis a t -99.905 and accepted in
f u l l ),. ,
Average price

99.905/ Equivalent rate of discount approx,
0*375/ per annum

Range of accepted competitive bids:
High

- 99.910 Equivalent rate of discount approx,
0.356/ per annum
- 99.905 . Equivalent rate of discount approxi
O. 376 / per annum

Low

(45 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

101.400.000

$24,778/000
644.441.000
28.049.000
23,893, 000
7.148.000
18.358.000
159.738.000
• 15,635,000
10.680.000
16,074,000
6.560.000
62,295.000

$1,976,692,000

#1,009,649,000

48,290,000
1,321,056,000
43.366.000
27.839.000
9,650,000
13.520.000
340.792.000
29.165.000
16.230.000
18.494.000
6 ,8 9 0 ,0 0 a

TOTAL

- 0O 0-

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3
- °

TREASURY DEPARTMENT
Wa shington

FOR RELEASE, MORNING NEWSPAPERS
March 30, 1944

Press Service
No. 41-30

The Treasury and War Departments today announced that facil
ities are now available for living expense remittances to Sardinia
and other parts of Italy controlled by the Allied forces.
The prov
inces in Italy towhich remittances may now be effected are: Cosenza,
Reggio Calabria, Potenza, Foggia, Bari, Brindisi, Catanzaro, Matera,
Avallino, Taranto, Lecce, Naples, Salerno, and Benevento.
The maximum amounts which may be remitted and the procedures
to be followed are prescribed in the amendment to General License No.
32A issued today by the Treasury.
This amendment places into effect
the same procedure as was established with respect to Sicily on Febru
ary 7, 1944, with the exception that remittances to the areas today
included in the general license will be channeled through correspondent
banks of the Bank of Naples. Persons desiring to effect remittances
to Allied controlled Italy should consult their local banks concerning
the proper procedures to be followed.
The Treasury has been advised by the Bank of Naples that it
is establishing correspondent relationship with certain banks in Boston,
Chicago, Detroit, New Orleans, New York, Philadelphia, Pittsburgh and
San Francisco.
As in the case of remittances to Sicily, it will be
necessary for the correspondent banks to be furnished with the name
and address of the remitter and of the beneficiary and the amount of
each remittance.
The correspondent banks in the United States will
forward payment instructions to the Bank of Naples by mail at monthly
intervals and the Bank of Naples will make payments in lire to the
beneficiaries.
Cable facilities to Italy are not available.
Treasury officials stressed the fact that the regulations do
not authorize the sending of checks, drafts, securities or currency
to Italy.
Communications relating to financial, commercial or business
matters other than those in connection with living expense remittances
continue to be prohibited.

-oOo -

3 /
E O R IMMEDIATE RELEASE,
March ¿8^ 1944.

•

2?he B u reau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the quotas
f o r the 1 2 months commencing October 1, 1943, provided for in the InterAmerican Coffee Agreement, proclaimed b y the President on April 15, 1941, as
follows:

j
Country of Production

:
:

:
Quota C&iantity
(Pounds)
1/

Authorized for entry

*_______ for sonSTO>tiffin^-------: As of
(Date)
I
(Pounds)

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114*210
28,373,202
3,637,590
61,111,512

Hon-Signatory Countries:

51,653,778

ti
If
H
H
H
H
a

M arch 25, 1 9 4 4
a
»
18,
a
a
a

556,494,378
258,805,220
7,277,970
3,146,427
6,894,408
15,616,233
32,217,118
35,931,157
12,351,226
2j
2,486,245
38,636,500
5,732,656
1,922,588
22,145,802
3,754,758

Quotas as established b y action of the Inter-American Coffee Board on
January 12, 1944.

March 18, 1944

Per telegraphic reports.

oOo-

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE»
March 29, 1944

PRESS SERVICE
$j-q ? 4 1 —3 1

The Bureau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the quotas
for the 12 months commencing October 1 , 1943, provided for in the InterAmerican Coffee Agreement, proclaimed by the‘President on April 15, 1941, as
follows:

l />
Authorized for entry
i Quota Quantity S ’
for c onsumpt ion
:•
(Pounds) 1/ .: ; <As of (Date) V ( Pounds)

Country of Production
.

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512

Non-Signatory Countries:

51,653,778

March 18, 1944

556,494,378
258,805,220
fl
7,277,970
ft
3,146,427
»1
6,894,408
it
15,616,233
ti
32,217,118
if
35,931,157
ff
12,351,226
March 25, 1944 2/ 2,486,245
if
18,
38,636,500
11
5,732,656
if
1,922,588
if *
22,145,802
■

3,754,758

Quotas as established by action of the Inter-American Coffee Board on
January 12, 1944,

Per telegraphic reports.
0O 0

i ^ 0 V

,iWAOIIi'iTCB!OH>"~D> 0?’March--»- An analysis of War Loan accounts, just completed
■by the Treasury, shows that the nation* s hanks, handled at least 80 percent, of
all securities sold during the recent Fourth War Loan drive. ^Banks having far
Loan accounts credited to such accounts $13,556,000,000 which means they handled
order$ for that amount of the total of $16,730,000,000 raised in the drive.^J*The
Treasury has relied heavily on the hanks in the war financing effort,« said Under
secretary Bell, in making public the War Loan statistics,« and I,m glad to say they
have done and are doing a splendid job.«
^ T h i s $13,556,000,000 figure represents War Bonds sold by the baJflcs themselves
and those sold by other organizations and volunteer solicitors to investors, who
paid for and received their bonds through the banks.

Other issuing agents, such

as postoffices, theatres, retail stores and manufacturing plants submitted their
■bond subscriptions direct to the Federal Reserve Banks, f Banks and other issuing
agents receive no fees for their service to the United States Treasury in taking
subscriptions for War Bonds.

T R E A S U R Y D EPARTM EN T
INTER O FFIC E COMMUNICATION
date March 23, 1944]
t o

Mr. Daniel W. Bell

f r o m

Stanley W. Prenosil

Attached is a revised copy of a proposed release on hanks'participation
in the war financing effort, with the changes in the original copy sent to you
suggested hy Mr, Edward B. Hall who prepared the formula hy which the figures
were obtained, Mr, Hall said that he would like to have this statement made avail,
able for general newspaper release, as well as to bank publications and financial
editors, and would appreciate a word of commendation to the banks from you along
the lines suggested in the last sentence of the first paragraph.
If you approve, will you please send the copy back to me, and I will
arrange for its release through the War finance Division or, if you prefer,
through Mr. Shaeffer*s office.

U. S . GOVERNMENT PRINTING O FFIC E

124651

TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Thursday, March 30, 1944.
3-29-44
!
~
An analysis of
Treasury,

loan accounts,

shows that the nation *s hanks

Press Service
No* 41-32

just completed by the
handled at least 80

percent of all securities sold, during the recent Fourth War
Loan drive.
Banks ha ving War Loan accounts credited to such accounts
$13,556,000,000 which means they handled orders for that
amount of the total of $16,730,000,000 raised in the drive.
"The Treasury hag relied heavily on the banks in the war
financing effort,” said Under Secretary Bell,

in making public

the War Loan statistics," and J»m glad to say they have done
and are doing a splendid job."
This $13,556,000,000 figure represents War Bonds sold by
the banks themselves and those sold by other organizations and
volunteer solicitors to investors, who paid for and received
their bonas through the banks.

Other issuing agents,

such as

post oil:ices, theatres, retail stores and manufacturing plants
submitted their bond subscriptions direct to the Federal Reserve
Banks..
Banks and other issuing agents receive no fees for their
service to the United States Treasury in taking subscriptions
for War Bonds,
-oOo-

- 3 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 trdinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and orice range of accepted bids..

Those:

submitting tenders will be advised of the acceptance or rejection thereof.

The

Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be final,;
Subject to these reservations, tenders for $100,000 or less from any one bidder at
99.905 entered on a fixed-price basis will be accepted in full.

Payment of accepted!

tenders at the prices, offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on

April 6. 1944_______ ,

The:

bills shall be subject to estate, inheritance, gift, or other excise taxes,’ Whether
Federal or State, but shall be1exempt 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

Accordingly, the

owner of Treasury bills (o^her than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday. March 31. 1 % 4 ______
m

The Secretary of the Treasury, by this public notice, invites tenders
for $ 1.000.000.OCX) , or thereabouts, of ^

__-day Treasury bills, to be issued

on a discount basis under competitive and fixed-price bidding as hereinafter pro
vided.

The bills of this series3 will be dated

April 6. 1944
, and w
:
will
—
—
s r -----when the face amount will be payable without

mature

July 6, 1944

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 War time, Monday, April 3, 1944____
SQKt
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 printed forms and for

warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies, and from resoonsible and recognized dealers in investment securi
ties.

Tenders from others must be accompanied by payment of

percent rf the face

TREASURY DEPARTMENT
wa
on

FOR RELEASE, MORNING NEWSPAPERS,
Friday,., Marchisi; 1944. V
.7-30-44- •:■
-V

;? m e Secretary of the Treasury,' by this public notice,
invites tenders for $1 ,0 0 0 ,0 0 0 ,0 0 0 , or thereabouts, of ailday
Treasury bills, to be issued on a discount basis, under:competi-tiYe' and fixed-price, bidding as hereinafter provided, The' •
bills of this'series will be dated April 6 , 1944, and will<
mature JLly- 6 , -1944> .when the face amount will.be..payab-1 e witheut interest.' They will be issued in bearer form only-, and in
denominations °f Jl, QD’
Q,- $5»0 0 0 , $1 0 ,0 0 0 , $100,000, '.4500*000,
and #1 ^*0 0 0 ,0 0 0 '{maturity value), .
/_ ‘
■
;iv
Tenders will be received at Federal Reserve Banks and :
Branches up to the closing; hour , two o *clock p. m,., Eastern War
:time, Monday, .April 3>.1944».;..'Tenders- will not be received at
the: Treasury ^Department,, Washington^; Each, tender must.be- for
an even multiple,of $1,000,;•andrthe■price Offered-must be ex
pressed o‘
n the basis ;of :100, with not-•more than. three decimals
2*,s4 •> ;9'% 925.*.Fractions: may:not "be" used; 'It' is urged, that
tenders be made ori 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 inooreorated
banks and trust companies^.and* from- responsible and recognized
dealers rn--investment securities:. Tenders from others must:-be
;accompanied by.payment'of.2 percent of'the face.amount, of Treas
ury
is applied for, unless the tenders’are accompanied by an
express guaranty of payment by an incorporated bank or trust
company,
+ fmroediate!y after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which pub"I0.«.?'nnouncement will be made by the Secretary of the Treasury
♦4.1 * amount and price range of accepted bids. Those submittmg tenders will be advised of the -acceptance or rejection
thereof. The Secretary of the Treasury expressly reserves the
riSh
acaeP't o;3f reject any or all tenders, in whole or in
parr, and his action in any such respect shall be final. Sub
ject to these reservations, tenders for #1 0 0 , 0 0 0 or less from
any one. bidder at 99*905 entered on a fixed-price basis will be
accepted in. full. Payment of accepted tenders at the prices
oilered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on April 6 , 1 9 4 4 .
41-33

(Over )

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 f r o m -the sale o.r
other disposition .of Treasury bills shall n o t •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
cipal or interest thereof by any State, or any of'the possessions
of the United States, or by any local taxing authority.
Fdr pur
poses 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
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 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 N o . 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,
oOo

5 *
will be permitted to su' scribe to the

and

2-1/2$

bonds-eMtfed*, as well

to Series F and Series 0 Bonds, in limited amounts for the investment of their

time deposits*

the total limit on such purchases, t ^ e t h « r ^ ^ ^ i o s e made

for the same purpose in accordance with the formula announced by the Treasury

last December, will be

20$

of the savings deposits and time certificates

of deposit Issued in the names of individuals tor 1400,000, shiehever is

less, for any one bank*

The limitation of $100,000 on the amount of
C k /v u m

uqi

Series F or Series 0 Bonds, or a combination of the two,held by any one

institution^will remain unchanged*

Purchases of securities made by

commercial banks for the limited investment of time deposits will not be

credited toward the goal of the Drive*

«* A

To avoid unnecessary transfers of funds frost one locality to another,

the Treasury again urges that all subscriptions b y corporations and firms

be entered and

located«

paid for

through the banking institutions where funds are

This request is made to prevent disturbance to the money market

and the banking situation«

The Treasury will undertake, as In the Fourth

War Loan Drive, to see that statistical credit Is given to any locality for
as the purchaser
that
such subscriptions t h a V t h s ooppegu?Store and-flrms, say request; except/ sub

scriptions from insurance companies will be credited to the State of the

Moils office as in the past«

In order to h e l p in achieving Its objective of selling as many securi

ties as possible outside of the banking system, the Treasury requests the

cooperation of all banking institutions in declining to make speculative

loans for the purchase of Government securities«

The Treasury is in favor

of the banks making loans to facilitate permanent investment in Government

securities provided such loans are wade In accord with the Joint statement

issued by the national and State Bank Supervisor? Authorities on

Hovember 23, 1942«

Concurrently with the Drive, but not as a part of It, commercial banks

The procedure fo r handling s u b s c r ip ti o n s
of d e a le r s a.nd brokers w i l l be tteM sa w ^ a s th a t
p r e s c r ib e d in the Fourth War Loan Drive.

3
that will accure to September 15, 1944, the duo data of tho first coupon«

Iho bonds will b© issued in coupon or registered fora at the option of the

buyers, in denominations fro» #500 to #1,000,000*

Commercial banks, which

ar© defined for this purpose as banks accepting demand deposits, will not be

permitted to own these bonds until February 1, 1954, except for the limited

Investment of tia© deposit^ as described below.

the 2# Bonds will be dated June 26, 1944# due June 15, 1954, callable

June 15, 1952, and will be issued in coupon or registered form at the option
\

of the buyers, in denominations of #500 to $1,000,000*

Ih* 1-1/4$-Sswacwgp Sot«* « i n be dated June 26, 1944, due iferoh 15, 1947

and will be issued la-oottpoa-foMt-eol^ la denomination s of #1,000 to #1,000,000.
and in coupon form only.

tho 7/6# Certificates of Indebtedness will be dated June 26, 1944, due
June 1, 1945, end w i n be Issued in denominations of #1,000 to #1,000,000

and in coupon form only*
drive.
ths Treasury will request that/ until after the closing of the subscription,

bosks there be no trading in the marketable securities and no purchases of

such securities other than on direct subscription^-

All subscriptions for Sayings Bonds and Sayings Kotos rosolasi -act tho

Foderai Hesorye Banks or art the Treasury of-the.-Ifoltadsstates between Juno 1

and July 31, 1944, will be credited to the Drive,

The goal and the -type~ef securities to be offered were determined by the

Treasury after consultation with a group of chairman of the State lar Finance

Committees, officials of tho Federal Deserve System, a Committee of the

American Bankers Association and other investment authorities.

which will be

State

The securities /tombs sold under the direction of the/War Finance Com
are as follows:
mitteee,will, -oonaiat uxf s
Series X, F and 0 Sayings Bonds
Series C Sayings Notes
2-1/2* Bonds of 1965-70
jjtf Bonds of 1952-54
1-1/4* Notes of 1947
____ yt/e$ Certificate of Indebtedness

The 2-1/236 Bonds to be offered in the Drive will be an additional issue

of the 2-1/236 Bonds of 1965-70 dated February 1, 1944, due March 15, 1970,

callable March 15, 1965.

Although the bonds of this issue are dated February 1|

1944, the interest on the bonds to be sold during the Drive will accrue fro®

June 26.

A special coupon will be attached to such bonds covering interest

During the period from June 12 to June 2 6 , only sa le s to
individuals w ill be rep orted by the Treasuiy,although sub
scrip tio n s w ill be received from a l l non-banking in v esto rs
during the e n tire period of the d riv e* The campaign to s e l l
to individuals w ill be supplemented s ta rtin g June 26 with an
in ten sive campaign to s e l l a l l oth er non-banking in v esto rs —
the quota fo r which is $ 1 0 ,0 0 0 ,0 0 0 ,0 0 0 ,

3- 31-44

Henry Morgentbau, J r * , S ecretary of the T reasury, announced
today th a t the F ifth War Loan w ill s t a r t on June 1 2 , and run
fa

to Ju ly 8 .

c r fr V ,

0 ^ 0

The goal w ill he six te e n b illio n dolla g a , of which

<$£

s i t h ilM flwnflflllare i s to come from sa le s of Bonds to individuals.
"In the Fourth f a r Loan,* the S ecretary s a id , "individuals
iff

Q-4*. HM>, O-V—OQp

& CMT*, 0-+-0, §r-0~0

invested 5 .3 b ilid rea 4 e l i a r s .
#

o-+ -+

In planning to g et 6y hti±rcm s of

v r tr -i€

*ar©

the F ifth War Loan's lG^b iliio n d o lla r goal in individual sa le s,
we

are asking more than ever before from the American people.

F ifth War Loan goals were se t high because the N ation’ s Treasury
must borrow a g reat deal of money th is year to keep the war
going.

w ill need more than tw ice as much as we can expect

to g et in ta x e s .*
"Since January 1 , 1944 the d ire c t co sts of the war have
exceeded $ 2 3 ,0 0 0 ,0 0 0 ,0 0 0 .

With the c r i t i c a l phases of the war

s t i l l ahead of u s , c e rta in ly no d eclin e in expenditures is now
&

in p rosp ect.

For th is reason the 16 M IM eac — a l l of which

is to be raised from in v esto rs oth er than commercial banks —
is u rgently needed.*

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, April 3» 1944.
_____

Press Service
No, 41-34

3-31-44
Henry Morgenthau, Jr., Secretary of the Treasury , announced
today that the Fifth War Loan will start on June 12, and run to
July 8.
The goal will be $16,000,000,000, of which $ 6,000,000,000
is to come from sales of Bonds to individuals.
”In the Fourth War Loan,” the Secretary said, ’’individuals
invested $5,300,000,000,
In planning to get $6,000,000,000 ofrthe
Fifth War Loan’s $16,000,000,000 goal in individual sales, we
are asking more than ever before from the American people. Fifth
War Loan goals were set high because the Nat i o n ’s Treasury must
borrow a great deal of money this year to keep the war going-.
We will need more than twice as much as v i e can expect to get in
taxes.
’’Since January 1, 1944, the direct costs of the war have
exceeded $ 23 ,000 ,000,000 . With the critical phases -of the war
still ahead of'us* certainly no decline in expenditures is now
in prospect*
For this reason the $16,000,000,000 ~~ all of
which is to be raised from investors other than commercial
banks — is urgently needed,”
The Secretary pointed out that'the major emphasis throughout
the entire period of the drive will -be placed on the quota of
$6,000,000,000 for individuals*
During the period from June 12 to June 26, only sales to
individuals will be reported by the Treasury, although subscrip
tions will be received from all non-banking investors during the
entire period of the drive*
The campaign to sell to individuals
will be supplemented starting June 26 with an intensive campaign
to sell all other non-banking investors -- the quota for which
is $10,000,.000, 000*
All subscriptions for Savings Bonds.and Sayings Notes pro
cessed by the Federal Reserve Banks or the Treasury between
June 1 and July 31, 1944, will be credited to the Drive,
The goal and the securities to be offered w e r e .determined
by the Treasury after consultation with a group of chairmen of
the State War Finance Committees, officials of the Federal R e
serve System, a Committee of the American Bankers Association
and other investment authorities*

•'

The securities, which will be sold under the direction of
the State War Finance Committees, are as follows:

Series E, F and G- Savings Bonds
.Series C Savings Botes
2 -1 /2 %

Bonds of 1965-70

2% Bonds of 1952-54
1-1/4$ Botes of 1947
7/8/j Certificate of Indebtedness

The 2-1/2# Bonds to be offered in the Drive will be* an addi
tional issue of the 2-1/2# Bonds of 1965-70 dated February 1, 1944,
due March 15, 1970, callable March 15, 1965.
Although the bonds
of this issue are dated February 1, 1944, the. interest on the bonds
to-be sold during the Drive will accrue from. June 26. A special
coupon will be attached to such bonds covering interest that will
accrue t o ..September 15, 1944, the due date of the. first coupon.
The bonds will be issued in coupon or registered form at the
option of the buyers, in denominations from $500.to $1,000,000.
Commercial banks, which are defined for this purpose as banks
accepting demand deposits, will not be permitted, to own these
bonds until February 1, 1954, except, for the limited investment
of time deposits, as described below. ,
*
The 2# Bonds will be .dated June 26, 1944, due June 15, 1954,
callable June 15, 1952, and will be issued in coupon or regis
tered form at the option of.the buyers, in denominations of $500
to $1,000,000.
■
:
The 1-1/4# Botes, will be dated June 26 , .1944, due March 15,
1947, and will be issued in denominations of $1,000 to $1,000,000
and in coupon form only.
*
. The 7/8# Certificates of Indebtedness- will be dated June 26,
1944, due June 1, 1945, and will be issued in denominations of
§1,000 to $1,000,000 and in coupon form only.
The Treasury will request that there be no trading in the
marketable securities and no purchases of such securities other
than oh direct subscription until after the closing of the Drive.

- 3'r

The procedure for handling subscriptions of dealers and
brokers will be similar to that prescribed in the Fourth War Loan
Drive*
To avoid unnecessary transfers of funds from one locality to
another, the Treasury again urges that all subscriptions by corpo
rations and firms be entered and paid for through the banking
institutions where funds are located*. This request is made to
prevent disturbance to the money market and the banking situation.
The Treasury will undertake, as in the Fourth War Loan Drive, to
see that statistical credit is given to any locality for such sub
scriptions as the purchaser may request;, except that subscriptions
from insurance companies will be credited to the State of the
Home office as in the. past
In order to help in achieving its objective of selling as
many securities as possible outside of the banking system,- the
Treasury requests the cooperation of all banking institutions in
declining to make speculative loans for the purchase of Government
securities.. The Treasury is in favor of the banks making loans
to facilitate permanent investment in Government securities pro
vided such loans are made in accord with the joint statement
issued by the national and State Bank Supervisory Authorities on
November 23 , 1942,
Concurrently with the Drive, but not as a part of it, com
mercial banks will be permitted to subscribe to the 2% and 2-1/2$
bonds, as well as to Series F and Series G Bonds, in limited
amounts for the investment of their.time deposits.
The total
limit on such purchases, including those made for the same purpose
in accordance with the formula announced by the Treasury last
December, will be 20% of the savings deposits and time certifi
cates of deposit issued in the names of individuals, or |>400,000,
whichever is less, for any one bank.
The limitation of $100,000
on the amount of Series F or Series G Bonds, (Series 1944) or a
combination of the two, held by any one institution will remain
unchanged.
Purchases.of securities made by commercial banks for
the limited investment of time deposits will not be credited
toward the goal of the Drive.

oOo-

TBEASÖHT

department

Washington
Press Service

FOR IMMEDIATE RELEASE,
Friday. March 31. 1 9 U .

SC / "

The Secretary of the Treasury today announced the final subscription
and allotment figures with respect to the current offering of 7/8 percent
Treasury Certificates of Indebtedness of Series B—1945*
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows*
Federal Reserve
District_______
Boston
Hew fork
Philadelphia
Cleveland
Richmond

Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

Total Subscriptions
Received and Allotted
I

229,607,000
2,547,443,000
154.535.000

2 4 7 3 6 2 .0 0 0
97,397,000

141 ,174,000
586 ,698,000

140 ,800,000
1 1 1, 352,000
145.803.000

101,346,ÖÖ0
370 028.000

2,958>000

a ,m ,In ,o o o

TREASURY- DEPARTMENT
Washington
Press Service
No* 41-35

FOR IMMEDIATE RELEASE,
Friday, March 51, 1944

The Secretary of the Treasury today announced the final
subscription and allotment figures with respect to the current
offering of 7/8 percent Treasury^Certificates of Indebtedness
of Series B-1945*
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District

Total Subscriptions
Received and Allotted
$

229,607,000
2,547,443,000
154.535.000
247.362.000
97,397,000
141.174.000
586.698.000
140.808.000
111.352.000
145.803.000
101.346.000
370.028.000
2,958,000
$4,876,511,000

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chi cago
St* Louis
Minneapolis
Kansas City
Dalla s
San Francisco
Treasury
TOTAL
oOo

Surveys made to ascertain the main reasons why people buy Bonds prove,
accordirg to the Secretary, that the patriotic impulse is far and away the
most compelling reason,f "People want to back up the men at the front, and
this is a good way to do it,tt the Secretary js'aiiU

lŒTijïïnense
,]half-*billion figure, it has been pointed out jU

globe two and one^half times*

.d side by side they would jj

'*8^,.
And, last

sad,

0O0

Ld make a pile 39j miles high]

P of the ofeer ^ t h e half billion bond*

p^per in them weighjg>**^1TQQQ tons*

aced one

Thj

yst, those half^biXLion

¥■/

DRAFT OF PROPOSED PRESS RELEASE
Within the past&

hours the 500,000,000th Series ME« Bond was

purchased somewhere in the United States, Secretary Morgenthau announced
today*

uThis means^'that on 500,000,000 separate occasion^ a patriotic American

made a voluntary decision not to spend his money but to let the government
borrow it to buy the endless variety of war materials being used by our
fighting men all over the world*
1 *The men on the fighting fronts feel pretty good about the way the

people back here have participated in the Bond program,” the Secretary
%

said*

(

«A half«-billion individual ^E* Bonds in less than three years is a

good record, and proof that we weren*t wrong in depending upon the people
to back up the war voluntarily.

But the most important thing to consider

is that individuals are buying more and more Bonds in every /War jfoan ¿rive*
c r o - t j *-*-6,9 -0 -0
In the
dcnllar Fifth War Loan, the individual goal will be higher
than ever before«”
s Secretary said that 55 million Americans have bought at least one
Bond —
country.

an average of more than one Bond owner for every family in the
«Individuals,« he said, «have invested

^ 1.1 ?rv in

War Bonds since May 1, 1941* and seven out of every ten Americans on a
payroll are putting some part of their pay into War Bonds.«:

TREASURY DEPARTMENT
Washington
Press Service
No* 41-36

FOR RELEASE MORNING NEWSPAPERS
Sunday» April 2 , 1944»

Within the past twenty-four hours the 500,000,000th
Series ”E ” Bond was purchased somewhere in the United States,
Secretary Morgenthau announced today*
’’This means,” he said, ”that on 500,000,000 separate
occasions a patriotic American made a voluntary decision not
to spend his money but to let the Government borrow it to buy
the endless variety of wa r materials being used by our fighting
men all over the world*
”The men on the fighting fronts feel pretty good about
the way the people back here have participated In the Bond
program,” the Secretary said*
”A half-billion individual ’E-f
Bonds in less than three years is a good record, and proof that
we weren’t wrong in depending upon the people to back up the
war voluntarily*
But the most important thing to consider is
that individuals are buying more and more Bonds in every war
loan drive*
In the $16,000,000,000 Fifth War Loan, the individual
goal will be higher than ever before*”
The Secretary said that 55,000,000 Americans have bought at
least one Bond -- an average of more than one Bond owner for
every family In the country.
’’Individuals,” he said, ”have in**
vested $32,500,000,000 in War Bonds since May 1, 1941, and seven
•out of every ten Americans on a payroll are putting some part of
their pay into War Bonds*”
Surveys made to ascertain the main reasons why people buy
Bonds prove, according to the Secretary, that the patriotic
impulse is far and away the most compelling reason*
’’People want to back up the men at the front, and this is
a good way to do it,’’ the Secretary concluded*

oOo

o w w l l limitation on new or revised plans provides that the
average of salaries ?add

for

a particular position shell not exceed by more

than § per cent Ia! the mid-point between the minimum and maximum salary for
that position, or (b) the average salary paid on October 3, 1942, or other
date approved by the Commissioner.
In connection with the granting of increases, an employer is expected
to keep a record of the essential facts regarding his October 3, 1942, salary
policy, in order to show that such increases are consistent with the M
policy or with a schedule approved by the Commissioner.
The

text

of the Ct m l s s l o s s r 9* ruling follows:

mmsm

á § w fe

Q M

s i ' i t v é

i -

3 7

' T k

Coms&ssioner of Internai Revenus Joseph ©* Hunan» Jr», todsy ismisd
eomprshenstve rules to guide m p l o y v i « in dateraining what type* of salary
Inore ases they may grcnt without his approval undcr existing Salary
Stabilisation régulations»
The ns« rules embody so change in policy and aerely set forth for the
conveníanse of the publie the policías which haré been formnl&ted on the baaia
of experlenee with the stabilisation progrès»
In particular» the rules provide a guide for interprétation of Section
1002.14 of the Salary Stabilisation Régulations of Ssptcs&er 4» 1943» under
whieh the CoBs&i8sionert8 approval is sot raqulred for an «mployer to grant
promotion» msrlt» and Isngth-of-ssrvio* incrsasss in sslary in accordance with
an established salary policy» plan» er rafee aehedule which was in eff est on
Oetober 3» 1942» or has s i m a heen approved by the Ccmadaaioner of Internal
However» 8¡p|fo?al of the Ccmmisslonsr ef -iaternsl1>ftesenue -ahou Id be secured
for any change* in the classification er in the salary rate range of aay partícula
position; fcr any increase in salary bsyond the fizad maximum rate; for any
change in conditions of promotion» or change in frsquancy» sn&unt» or marner
of détermination of merlt and leugth-of-serviee inoreases ; and for establish
ment of a ne« position with a new salary rafes range.
Establishment of a new salary policy or salary rete schedule» or révisions
of ezisting policios or schedules » should also be submitted for approval.
Whsn new or revieed plans are submitted

for

approval and the employer

hbb

established policy for graatlsg lacreases» the new rules set forth the

general limitations on such increases.

These limitations ares

for promotions,

the established minisam for the new position» or 15 per cent above former
salary» whichsver is greater; and for aerit end lsngth-of-servies increases
mithin a 12-aonth period, 15 per cent above former salary.

TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington
FOR RELEASE, MORNING- NEWSPAPERS
Wednesday, April 5* 19^-U. .

Press Service
No. hi-3 7

Commissioner of Internal Revenue Joseph D. Nunan, Jr., today issued
comprehensive rules to guide employers in determining what types of salary
increases they may grant without his approval under existing Salary
Stabilization regulations.
The new rules embody no change in policy and merely set forth for the
convenience of the public the policies which have been formulated on the
basis of experience with the stabilization program.
In particular« the rules provide a guide for interpretation of Section
1002.lU of the Salary Stabilization Regulations of September h, 1 9 U3 under
which the Commissioner’s approval is not-required for an employer to grant
promotion, merit, and length~of-^service increases in salary in accordance
with an established salary policy, plan, or rate schedule which was in
effect on October 3 * 19^-2, or has since been approved by the Commissioner
of Internal Revenue,
However, approval of the Commissioner should be secured for any change
in the classification or in the salary rate range of any particular
position; for any increase in salary beyond the fixed maximum rate; for
any change in conditions of promotion, or change in frequency, amount, or
manner of determination of merit and length-qf•’
♦service increases; and for
establishment of a new position with a new salary rate range,
Establishment of a new salary policy or salary rate schedule, or
revisions of existing policies or schedules, should also be submitted for
approval,
When new or revised plans are submitted for approval and the employer
has no established policy for, granting increases, the new rules set forth
the general limitations on such increases. These limitations are: for
promotions, the established minimum for the new position, or 15 per cent
above former salary, whichever is greater; and for merit and length-of—
service increases within a 12-month period, 1 5 per cent above, former salary.
Another overall limitation on new or revised plans provides that the
average of salaries paid for a particular position shall not exceed by
more than 3 per cent (a) the mid-point between the minimum and maximum
salary for that position, or (b) the average salary paid on October 3 , 19^2,
or other date $.00 roved by the Commissioner,
In connection with the granting of increases, an employer is expected
to heep a record of the essential facts regarding his October 37 19^-2,
salary policy, in-order to show that such, increases are consistent with
the policy or with a schedule approved by the Commissioner,
The text of the Commissioner's ruling follows;

TREASURY DEPARTMENT
Office of Commissioner of Internal Revenue
Washington 25* D, C,
April 3* 1944.

Com .-Mimeograph
Coll, No. 5662
R. A, No. 1348
T, S. No. 306
S. a No. 300
53
s . s. u< ►No.
Salary StabilizationSalary Rate Schedules

REGIONAL OFFICERS* SALARY STABILIZATION UNIT*
AND. OTHER OFFICERS AND EMPLOYEES OF THE .
BUREAU OF INTERNAL REVOT&> AND OTHERS CONCERNED:
1« Section 1002.14 of the Salary Stabilization
Decision 5295) sets forth the conditions under vhich
ments may be made in accordance with a salary policy
in effect on October 3, 1942* or approved thereafter

Regulations (Treasury
certain salary; adjust*or salary rate schedule
by the Commissioner,

- 2, This mimeograph is issued as a guide to employers who desire to make
use of Section 1002,14 of the Regulations,
Definitions,
3,

The terms used in this mimeograph are defined as follows:

(a)

An employer* s salary policy means hi.s policy with respect-to
(1) the classification of the salaried positions in his establish
ment which are within the Commissioner’s jurisdiction, (2) the
range of salary rates for each position* (3) the conditions under
which promotions are made from one position to another, and (4)
frequency* amount* and the manner of determination of salary increases on the basis of merit and length of service,

(b)

Salary rate schedule means a statement of the salary rate ranges
for specified types of positions,"* ,■

Promotion means a transfer from one position to another having more
important duties or greater responsibilities* or demanding higher
qualifications•

(e)

Merit increase means an adjustment in salary as a reward for im
proved quantity or quality of work in the same position*

(over)

Com .-Mime ograph
Coll. No. 5662
R. A. No. 1348
T. S. No. 306
S. I. No. , 300
S.S.U.No.-, ; .53~
(f)

Length of service Increase means an adjustment in salary at* '•*
the end of a specified period ôf satisfactory service in accord^
ance with a salary policy, without change of duties.
* • .r ^
Similar positions means positions of generally equivalent dif
ficulty and responsibility, and requiring similar or equivalent
qualifications, '
1

(h)

The test period mentioned in this mimeograph means the period
January 1, 193S, to October 3, 1942 •; If- an* employer started •busi
ness after January 1,-. 1938, or thei-.particular position involved
was established subsequent to January* 1, 1938* the test period
means the period from the date the business was started or position
was. established to-October ,3^.1942*; ¿-Y, .. ,.y
.I

Salary, inorgasest under established salary policy.;..

"?I> • •

■

* .'"A* ' "An employer who, prior to October 3 y 194 2 , established a salary
.polipy.^ may, without approval of the Commissioner, continue;, such policy
in effect and make salary increases thereunder in accordance with Section
1002.14 of the Salary Stabilization Regulations, Treasury Decision 5295,
but for the purposes of this paragraph no salary policy will be, deemed to.\
have been established unless it was followed by the employer with reasonable
consistency .-during, the test period*
: * ; ..
- • :

5* ..An employer who relies on an established salary policy, as authority
^for-increasing.salaries without, specific approval of the Commissioner, but
who.has not‘submitted.such* policy for-the Commissioner1s approval, must be
prepared .toTprpve^at any time all the essential; facts,*regarding the salary
pbllcy '.'in"h4s
shmeht on October• 3 1 9 4 2 For .that .purpose, he should
keep ihl‘hi.§ files .-at all time's
information outlined, in;-paragraph 10.
Such information .should,*be available at all times for,examination by a repre
sentative of the Salary Stabilization Unit, an internal revenue agent, or
any other officer of the- Bureau .of .Internal -Revenue• . w •-• Y Y . : ;}
6 . An employer making salary increases under a salary policy estab
lished .prior, .to .October 3> 1942,. must take full r.esponsibilityff.Qr insuring
that such increases are not granted (a ).more frequently^ (b)•in.greater
amounts, or in increased percentages (if a percentage method is used in de
termining the amount of-increase), or (c) -tq.-a, largerproportion of ■employees
than were, granted prior to October ^.,- 194?-« ^'Furthermore, the. annual percent
age of increase for any year in the average salary „of:any Salary ..rate range
shall not exceed the average annual percentage of Increase In such average
salarycduring ,the- t^st- period.; .However, ^¿no-salary. may ;be-.paid In excdss of
the maximum-, qf' the rate. fpr. the position -during ^the.
See para
graph 10(c). Deviation in any one of these respects from the employer *s
practice during the test period will be deemed to be a deviation from the
employees established salary policy.

Com.-Mimeograph
Coll. No.5662
R. A.
No. 1348
T. S. No. 306
S, I. No. 300
S.S.U.No.
53

- 3L^ ..1
«

/
•

7
If an employer ’is~ in doubt whether his salary policy cornes within
Section"1002.14, or if he désirés tò establish a salary policy, he should
request approval thereof* ’If- such a request is made the employer should
submit to the head of the appropriate regional office the information out
lined in paragraph 9.
Changes requiring specific approval by Commissioner^ ', . ;
8. An employer who has"an established, salary policy, which was followed
with reasonable consistency for the' required period prior to October 3, 1942,
must nevertheless obtain prior approval of the Commissioner for *
(a)- Any change in the classification of any particular position.
:(b)

Any change in the salary rate range for any particular position.

! ;

(d.) Any change in the conditions of promotion from one positiva to ,v
’ another (i.e., from one salary rate range to another)..
(e) Any change in the frequency, amount or manner of. determination
of merit and length of service increases,
(f)

The establishment of a new position with a new salary rate range,.

Detailed description of salary policy or plan,
9. The following information is required in submitting applications
for approval of salary rate- schedules*,
(a)

F u ll description of the positions included in each salary rate ^
range. If more than one type of position, is included in a partiea l a r salary rate range, -such description should show clearly that
the duties and responsibilities of the position and the qualifica
tions required of "the incumbents, are similar or equivalent — such
as foremen,, group ¡leaders, .etc * -

(b)

Thè'number of employee’s of each^ position included in each salary
rate range
Ordinarily, the.number of employees ip any salary
rate range*-should not be -less than ten »,'If any salary rate range
contains less than ten employees, the employer should indicate
how. the separate rate ranges may be advantageously combined. See
paragraph 12*
%
(over)

Com»—Mimeograph
Coll. No, 5662
R. A. No, 1 3 4 s
T. S* No, 306
S, I . No »- 300
S.S,U,No.
53
(c) The minimum and maximum salary rates in each'salary rate range
paid during the test period. Ordinarily salary rate*ranges are
not applicable to positions paying in excess of $7,500 per annum.
See paragraph il(c)*
_
(d)

The employer’s policy with respect to salary increases due to
promotions from one salary rate range to another»

(e)

The employer1s policy with respect to frequency and amount of
merit and length of service increases, the manner in which such
Increases are determined, and by whom they are authorized. Also
the number and percentage of the employees in each salary rate
range who were granted such increases each year during the test
period,

(f)

The average salary paid in each salary rate range at the beginning
of each year during the test period.

Substantiation of established salary policy.
10.
Aft employer who relies on his past practices'as evidence of a salary policy or salary rate schedule in effect October 3, 194-2, as a basis for
salary increases, not specifically approved by the Commissioner, should have
available a detailed analysis of his personnel and pay records for the test
period, and years subsequent thereto, to show the following;
(a)

The positions actually represented in the employer’s establishment
in each year.

(b)

The number of employees in each position actually-employed-at the
beginning of each year and as of October 3? 194-2»

(c)

The minimum and maximum rates actually paid in each- year in each
position. Unusually high or low rates paid to a few employees for
special reasons will not be regarded as establishing a rate range•

Xd)

The number and percentage of the employees in each salary rate
range who were granted iftcreases each year,

(e)

The reasons why such increases were granted each year, showing
separately (1) promotions, (2) merit increases, (3) length of
service increases, and (4) increases for other reasons (specie
fying reasons).

(f)

The procedure followed in making such increases and by whom
authorized,.

(g)

The average salary paid in each salary rate range at the begin
ning of each year and as of October 3, 194-2.

0om,-Mimeograph
Coll, No. 5662
R. A. No. 13AS
X, S, No, 306
S. I. No. 300
S.S.U.No.
53

- 5-

Requirements for approval of salary policy or plan.
11,
Approval of new salary rate schedules, or revisions of existing
schedules or policies by the Commissioner, will be subject to the following
limitations:
"
Positions,of similar or equivalent duties and responsibilities
requiring^; similar or equivalent qualifications, will"be grouped
in the same; salary rate range; '
Generally, salary rate ranges will not be approved where there
are less than ten employees inra particular rate range. However,
if there are less than ten'employees in a given rate range, it may
be'appropriate under proper circumstances to combine several rate
ranges in a group. In such cases' increases may be made as under
(d), (e), and (f). In no case may an employee be paid a* salary.
in excess of the. maximum for his particular salary rate range,
(c)

The minimum and maximum rates for each position shall be the mini
mum and maximum rates paid for that position between January 1,
1942, and September 15> 1942, except that if higher or lower rates
were paid for that positie&p- during the test period, such higher
or. lower rates may be approved. Unusual salaries paid to compen
sate employees for extra duties and responsibilities, extra hours
■of work* and the like shall be excluded in determining the minimum
and maximum rates paid, The Salary range for any position will be
confined to reasonably narrow spread. Salary rate schedules are
generally inappropriate for positions.having a maximum salary in
excess, of $7,500 per annum and .will not be approved for such posi
tions except in unusual cases,

(d)

Promotions from one position tq another may be made at the* minimum
. -of the range for the new position to which the employee is pro
moted, or at. not to exceed 15 percent above the employee1s salary
at the time of promotion, vhichever is greater. However, in no*,
case may an employee be promoted to a particular position at a sal.ary- in excess of the maximum of the range for that position with
out prior approval,
-

(e)

Merit and length of service increases within any twelve month peri-»
od of employment must not exceed 15 percent of the minimum of the
range or of the employee^ salary at the time of the increase,
Within this limitation, increases may be made at $ne time or at
several different times during such twelve month period.

(f)

The average salary of all employees within a salary rate range must
not exceed at any time by more than 3 percent either (a) the mid
point of the salary rate range, or (b) the average salary paid for
(over)

— 6 V*!»

Com,-Mimeograph
Coll. No. 5662
R. A. No, 1348
T, S, No, 306
S, I, No, 300
S.S.U,No,
53

the positions as of October 3j 1942* or such other date a.s
the Commissioner may determine. In establishments where there
is normal progression through the several salary rate ranges
,
as a result of promotions, new' hirings, and replacements due
to deaths, retirements, and severances from service for other
reasons, the maintenance of the foregoing limitation on average
salaries within each salary rate range is believed to be practi
cable and to afford opportunity for proper merit and length f£
service increases. Under more static conditions, where there
is little or no movement through the' ranges, it may be more dif
ficult to maintain the-limitationsp In such cases, employers
should furnish information from their pay records showing the
rate of progression through the various salary rate ranges,
Illustration,
/ 12, •The.following* illustration is burnished as a .guide to employers
to show, how salary, rate ranges having less than ten employees may be groupe
.and included in the schedule,
Example
No. employees -,

Rate range

Job classification •
Assistant-foreman
Foremen
*
s’
Mechanical engineers
Chemical engineers
Research engineers

25
5
4
6

$200 - $275
275 - 375
300 - 400
275-380
325 -.425

In the above example, the assistant foremen and foremen must be includ
ed in their separate salary rate ranges. All the engineers may be grouped
in one rate range with an overall spread of $275 to $425* The mid-point o
this range is $350, The schedule for these three positions would appear as
follows :
No., employees
50
25

Positions
Assistant foremen
Foremen

¡&C

$200 - $275
. 275 - 375
275 -

Engineers :
5
4
6

Rate* range

'Méchanical
Chemical
Research

Mid-point
$237.50
325.00

<525

300 - ..400)
' 275 - 380)
325 -rr 425)

350.00

Com.—Mimeograph
Coll. No. 5662
R. A. No. 134.8
T* S. No. 306
S. I. No. 300
S.S.U.No.
53

For the purpose of maintaining the average limitations in paragraph
11(f), the total of all salaries paid the engineers would be divided by 15
and that average would be compared with the mid—point of the overall range
of $350 plus 3%} or $360.50. However, in no event may an engineer receive
a salary in excess of the maximum of his particular range.
13« Correspondence in regard to this mimeograph should refer to its
number and thè symbols SSUjADB.

JOSEPH D. HUNAN, JR.,
Commissioner.

TREASURY D2PARYMSRT
Washington

Press Service

FOR RELEASE, MORHIKO REWSPAFERS,
Tuesday, April 4. 1944.

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated April 6 and to
nature July 6, 1944, which were offered on March 31, were opened at the Federal Reserve|
Banks on April 3*
The details of this issue are as follows:

IIIpili

Total applied for - $1,997,M U , 000
Total accepted
- 1,007,677,000
Average price

(includes $46,977*000 entered on a fixed price basis at 99.905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0.375# per annum

Range of accepted competitive bids:
- 99.910 Equivalent rate of discount approx. 0.356# per annum
- 99.905
*
»
n
n
n
0.376# H
M

High
Low

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

rail

Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

11,997,811,000

»,007,677,000

46,990,000
1,390,564,000
33,990,000
15,245,000
11,752,000
6,330,000
301,479,000
7,850,000
14,160,000
25,123,000
6,410,000
57.910*000

TOTAL

24,958,000
659,806,000
19,715,000
14,138,000
9,835,000
6,013,000
181,307,000
6,446,000
8,760,000
20,749,000
5,762,000
J>0,188.000

TREASURY DEPARTMENT
Washington
Press Service/

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 4. 1944»_________

i l - i %

The Secretary of the Treasury announced last evening that the

tenders

for

11,000,000,000, or thereabouts, of 91-day Treasury bills to be dated April 6 and to
mature July 6, 1944, which were offered on March 31, were opened at the Federal Reserve
Banks on April 3*
The details of this issue are as follows:
Total applied for ~ $1,997,811,000
Total accepted
- 1,007,677,000
Average price

(includes $46,977,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0.375% per annua

Range of accepted competitive bids:

- 99.910 Equivalent rate of discount approx. 0.356$ per annum
n
n
n
n
»
0,376$ ”

High
Low

- 99.905

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

Federal Reserve
District_______

Total
Applied for

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

$
46,990,000
1.390.564.000
33.998.000
15.245.000

11 752.000
6 ,330,000
381,479,000

7 ,850,000
14 ,160,000

24.958.000

659,806,000
19.715.000
14.138.000
9.835.000
6.013.000
181,307,000
6.446.000

8.760.000

57 ,9x0,000

20.749.000
5,762,000
50.188.000

11.997.811.000

*1,007,677,000

25,123,000

6 ,410,000

TOTAL

Hotel
Accepted

TREASURY DEPARTMENT
Washington
Press Service
No. 41-38

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 4, 1944,

The Secretary of the Treasury announced last evening that
the tenders for $1,000,000,000, or thereabouts,

of 91-day

Treasury bills to be dated April 6 and to mature July 6, 1944,
which were offered on March 31, were .opened at the Federal
Reserve Banks on April 3.
The details of this issue are as follows:
Total applied for - $1 ,.997,811,000
Total accepted
- 1,007,677,000 (includes $46,977,000
entered on a fixed-price basis at
99.905 and accepted in full)
Average price

99.905 / Equivalent rate of discount
approx. 0.375% per annum

Range of accepted competitive bids:
High

Low

99.910 Equivalent rate of discount
approx. 0.356% per annum
99.905 Equivalent rate of discount
approx. 0.376% per annum

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

Federal Reserve
District

Total
Applied for__

Total
Accepted

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

TOTAL

46,990,000
1,390,564,000
33.998.000
15.245.000
11.752.000
6.330.000
381,479,000
7.850.000
14.160.000
25,123,-000
6.410.000
57.910.000
$1,997,811,000
^oOo

- 24,958,000
659.806.000
19.715.000
14.138.000
9.835.000
6.013.000
181.307.000
6.446.000
8.760.000
20.749.000
5.762.000
50.188.000
$1,007,677,000

■ ¥ /-

Taxpayers were reminded today by Commissioner of Internal Revenue
Joseph D. Nunan, Jr«, that the 1944 Declarations of Estimated Tax which must
be filed by April 15 are intended to be only reasonably accurate estimates and
that the law provides three different ways of avoiding any possible penalties
for mistakes*
’’Some taxpayers may be delaying the filing of their declarations because
of uncertainty about their estimates,” Commissioner Nunan said.

"I would like

to say to them that, since the filing date is close at hand, they should make the
best estimate they can and be assured that they will have ample opportunity to
correct any mistakes or to avoid penalties.”
Commissioner Nunan explained that the taxpayers are protected in their
estimates by three separate provisions of law.
1.

No penalty will be assessed if the estimate of tax is computed on the

basis of last year’s actual income and this year’s rates and exemptions, and
installments are paid on time.
2.

No penalty will be assessed if the tax is not underestimated by more

than 20 per cent (33 l/3 per cent in the case of farmers).
3.

A JU ? C i& 0 L * ,
..
April 15 estimates can be corrected by f i l i n g d e c l a r a t i o n s ,

marked ’’amended”, on or before June 15, September 15, or December 15.
- 0 *

Mr, Shaeffer:
Dear Charlie:
I»ve sent to Mr. Sullivan two April 15
releases with a xanpctss request that if ok*d by him
to send on to you#
1. One is a Question and Answer piece for
Sunday# If o.k, with you I think it ought to he
mailed to dailies#
2. The other is a short reminder on ways
to avoid penalties# If o#k# with you, I suggest it
hen handled in Jrour regular routine.

In hath cases, I would appreciate early
duplicating since,&s usual, my experts have delays!
them pretty badly.
Besides the press taocdbc distributions, I
would appreciate your sending copies af each as
follows:

500 to Miss Hawkins
25 to Simon Lesser, Room 3449 Soc.Sec. Bid
by special messenger#
25 $ to me.
Thanks
.vPV

DATE... . 4 . «

ijiq

Mr. Sullivan

Attached is a routine press release!
in connection with the April 15 filing ofI
Declarations of Estimated Tax.
'If it is satisfactory to you, will
you please forward it to Mr. Shaeffer.

Thank you.

FROM.

» ih

g DATE.

.4-3-33

•PO.. Mr ...Su11i.TM

Attached is a routine release in
connection, with the -April 15
ol
Declarations of Estimated TaS.
If it is satisfactory to you,|'wil|
please forward it to Mr. Shaeffer.

TREASURY DEPARTMENT
Washington

F O R RELEASE, MORNING NEWSPAPERS,
Tuesday, April II, 1944.

Press Service
No. 41-39

Taxpayers were reminded today by Commissioner of Internal
Revenue Joseph D. Nunan, Jr., th^t the 1944 Declarations of
Estimated Tax which must be filed by April 15 are intended
to be only reasonably accurate estimates and that the law
provides three different ways of avoiding any possible pen
alties for mistakes.
’’Some taxpayers may be delaying the filing of their
declarations because of uncertainty about their estimates,”
Commissioner Nunan said.
"I would like to say to them that,
since the filing date Is close at hand, they should make
the best estimate they can and be assured that they will
have ample opportunity to correct any mistakes or to avoid
penalties.”
Commissioner Nunan explained that the taxpayers are pro
tected in their estimates by three' separate provisions of
law*
1. No penalty will be assessed If the estimate of tax
is computed on the basis of last year* s actual income and
this year’s rates and exemptions, and installments are paid
on time.
2 .
-No penalty will be assessed if the tax is not under
estimated by more than 20 percent (33 l/3 percent in the case
of farmers)*
3. April 15 estimates can be corrected by filing re
vised declarations , marked ’’amended” , on or before June 15,
September 15, or December 15*

-oOo

15.

I am a farmer.

H ow can I estimate what m y income will be as early as

this?
A.

Farmers who derive at least 80 per cent of their gross income from

farming may file their estimates any time up to December 15, but those waiting
until December 15 must pay all their estimated tax at that time.

Farmers are

the only taxpayers permitted this choice.
16.

Is there any w ay I can get an extension of time for filing and paying

m y tax, because of sickness?
A.

If you show good cause, the Collector of Internal Revenue may grant you

an extension.

But lengthy extensions are granted only those who are overseas.

Q $ )-o

- 3 10.

It should be filed by mail or in person on or before April 15th with the

Collector of Internal Revenue in the district where you expect to file your 1944
return next March.

It must be accompanied by the first quarterly installment of

the estimated tax still due after withholding.

You may, however, pey the full

amount due at this time if you so desire.
11.

I hear there is a plan to simplify the income tax.

Will that make any

change in m y April 15th declaration?

12.

No.

I have a good idea what m y wages will be for the year but how can I

estimate what other income I might receive?
A.

You are required by law to make as good an estimate as possible regarding!

your gross income which includes your pay before deductions for war bonds, insuran
dues or taxes; plus any anticipated interest, dividends or other income.

Your

estimate must be at least 80 per cent correct.
13.

What protection have I against a penalty if m y figures are wrong or my

income or status change?
A.

You may file an amended declaration on June 15, September 15 or December

Or you may make your estimate on last year’s income and this year’s rates and
exemptions, and pay the tax on time.
14.

Q,.

What are the penalties for underestimating my tax or failure to file

declaration or pay estimated tax installment on time?
A.

For underestimating tax by more than 20 per cent (or 33-1/3 per cent if

are a farmer), you may be required to pay a penalty of 6 per cent of the deficient
For failure to make declaration or pay estimated tax installment on time, the
penalty is 5 per cent of each installment that is due but unpaid, plus 1 per

cbh

per month or fraction thereof (after the first month) on the unpaid amounts up
a maximum for each installment of 10 per cent of the unpaid portion of each
installment

5«

Q,.

Do men and women in the armed forces have to file declarations?

Only a very small percentage will have to file because the first $1,500

of their active service pay is exempt from tax*

Filing for those on active duty

outside of the United States is automatically postponed*
6.

If a husband and wife file a joint declaration on or before April 15, do

they have to file a joint return for 1944 by March 15, 1945?
A*

No*

They may file either w a y they desire both now and on the 1944 annual

return next March*
7*

Q,.

What information and papers are needed for filing a 1944 declaration?

The two key figures needed by the average w a g e e a m e r who chooses the

simplified work sheet on Page 2 are estimates of total income for the year and
amount of income tax which will be paid by withholding from wages during the year,
He also needs the 1944 Declaration blank which is slightly larger than a dollar
bill, and accompanying work sheets and instructions.

If he did not get these by

mail, the responsibility is his to get them from the nearest office of the
Collector of Internal Revenue*

Additional information is needed by those who

fill out the work sheet on Page 3 of the folder*
8*

Q,*

Do I have to fill out both of these work sheets?

Certainly not.

You have a choice.

The simplified work sheet on Page 2,

for those with incomes not exceeding $10,000, allows for possible deductions up
to eight per cent.

Those desiring a more detailed computation may use the work sh.

on Page 3, while those with incomes exceeding $10,000 must use the Page 3 work she;
9.

Q,.

What do I do with this folder containing the work sheets after figuring

out m y income tax and filing m y declaration?
A.

This should be retained by you as your own personal record for future

reference*
10.

Where do I file my completed declaration?

*£g3&jtuJ38%i. ^

7
V
Or
fj

TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington 25, D. C.

Questions and Answers about your 1944
Declaration of Estimated Income Tax
1.

Q. What is this 1944 Declaration of Estimated Income Tax whieh must be filed

by about one out of every three taxpayers on or before April 15th?
A*

It is an estimate of income and victory tax owed for 1944 in excess of

any amounts to be withheld from wages or salary.
2.

Why don’t the amounts withheld from my paycheck every week take care of

my tax obligations?
A*

They do for single wageamers receiving #2,700 or less, and for married

couples, living together, and receiving #3,500 or less in wages.

But for wage-

earners in the higher brackets, the withholding pays only a part of the total
tax bill,
3.

the declaration installments should take care of the balance.

Do declarations have to be filed by people who don’t pay withholding on

all or part of their income?
A.

Yes,

Declarations are especially important for these persons.

These

forms provide the only pay-as-you-go method of paying on income from which t ax
is not withheld.

Ministers, business men, doctors, lawyers, pensioners, domestic

servants, farmhands, rooming house proprietors and those receiving interest,
dividends and profits from other transactions, are included in this group.
4.

Q,. Who must file?
A.

All citizens or residents of the United States who expect to have during

19 4 4 — either alone or together with a wife or husband-

Wages subject to withholding exceeding #2,700 for a single person orj

#3,500 for a married couple living together.
2.

Or, more than #100 income from all other sources if the total of

such income plus wages subject to withholding is (a) #500 or more for a single
person, or (b) more than #624 for a married person, or (c) #1,200 or more for a
married couple living together.

TREASURY DEPARTMENT
Bureau of. Internal Revenue
Washington 25, D. C.
FOR RELEASE NEWSPAPERS,
Sunday, April 9, 1944*
4-4-44

Press Service
No. 41-40

Questions and Answers, about your 1944
Declaration of Estimated Income Tax
1.
Q. What is this 1944 Declaration of Estimated Income Tax
which must be filed by about one out of every three taxpayers on
or before April 15th?
A.
It is an estimate of income and victory tax owed for 1944
in excess of any amounts to be withheld from wages or salary,
2.
Q. Why d o n ’t the amounts withheld from my paycheck every week
take care of my tax obligations?
A.
They do for single wage earners receiving $2,700 or less,
and for married couples, living together, and receiving $3,500 or
less in wages.
But for wage earners in the higher brackets, the
withholding pays only a part of the total tax bill, and the dec
laration installments should take care of the balance.
3.
,Q. Do declarations have to be filed by people who d o n ’t pay
withholding on all or part of their income?
A*
Yes,
Declarations are especially important for these
persons.
These forms provide the only pay-as-you-go method of
paying on income from which tax is not withheld.
Ministers, busi
ness men, doctors, lawyers, pensioners, domestic servants, farm
hands, rooming house proprietors and. those receiving interest,
dividends and profits from other transactions,' are included in
this group,
4.

Who must file?

A, All citizens or residents of the United States who expect
to having during 1944-either alone or together with a wife or hus
band—

1.
Wages subject to withholding exceeding $2,700 for a
single person .or $3,500 for a married couple living together.

2,
Or, more than $100 income from all other sources if
the total of such income plus wages subject to withholding is
(a) 0500 or more for a single person, or (b) more than $624- for a'
married person, or (c)' $1 ,2 0 G or more for a married couple living
together,
5 . Q, Do men and women in tile armed forces have to file decla
rations ?
A.
Only a very small percentage will have to file because the
first $ 1,5 0 0 of their active service pay is exempt from tax, Piling
for those on active duty outside of the United States is automat
ically postponed,

If a husband and wife file a joint declaration on or before
April 15, do they have to file a joint return for 1944 by March 15,

1945?
A. Mo. They may file either way they desire both now and on
the 1944 annual return next March,
7. Q. What information and papers are needed for filing a 1944
declaration?
,
A.

The two key figures 'needed by the average wage earner who

chooses the simplified work sheet on page 2 are estimates of total
income for the year and amount of income tax which will be paid by ..

withholding from wages during the year,

He also needs the 1944

Declaration blank which is slightly larger than a dollar bill, and
accompanying work sheets and instructions, If he did not get these
by mail, the responsibility is his to get. them from the nearest
office of the Collector of Internal Revenue, Additional information
is needed by'those who fill out the work sheet, on page 3 of the
folder.
8.

Do I have to fill out both of these work sheets?

A. Certainly not,
You have a choice,. The simplified'work
sheet on page 2 , for those with incomes not exceeding $ 1 0 ,000 ,
allows for possible deductions up'to eight percent.
Those desiring
a more detailed computation may use the work sheet on page 3 , while
those with incomes exceeding $ 10,000 must use the page 3 work sheet.

9. Q. What do I do with this folder containing the work sheets
after figuring out my income tax and. filing my declaration?

- 3 A»
This should be retrained by you as 3reur own personal record
for future reference.
10.

Where do i file my completed declaration?

_A,
It should be filed by mail or in person on or before
April lfth with the Collector of Internal Revenue in the district
where you expect to file your 1944 return next March.
It must be
accompanied by the first quarterly installment of the estimated
tax still due after withholding.
You may, however, pay the full
amount due at this time if you so desire.
11. Q,
I hear there is a plan to simplify the income tax.
that make any change in my April 15 th declaration?
A.

Will

So.

12. Q,
I have a good idea what my wages will be for the year but
how•can I estimate what other income I might receive?
A.
You are required by law to make as good an estimate as
possible regarding your gross income which includes your pay before
deductions for war^bonds, insurance, dues or taxes; plus any antic
ipated interest, dividends or other income.
Your estimate must be
at least 80 percent correct.
13» Q, What protection have I against a penalty if my figures are
wrong or my income or status changes?
Y °u may file an amended declaration on June 1 5 , Septemer 15 or December 15*
Or you may make your estimate on last
year s income and this y e a r ’s rates and exemptions, and pay the tax

14. Q, What are the penalties for underestimating my tax or
+ 1 o 8 t0 t x l e declaration or pay estimated tax installment on
uXulS \
»
^1 .
underestimating tax by more than 20 percent (or 33 - 1/3
P cent if you are a farmer), you may be required to pay a 'Penalty
v.
Percent of the deficiency.
For failure to make declaration or
eaohen
Sno?aiied t^ \ i n^ a l l m e n t on time, the penalty is 5 percent ‘of
or
"^at ls due
unpaid, plus 1 percent per month
U'o ^ a^t l o n .ther?of (after the first month) on the unpaid amounts
nor+in^
fo r ,eaah installment of 10 percent of the unpaid
portion of each installment,

#
w
- 4 15. Q*
I
a farmer.
be as early as this?

How can I estimate what my income will

A.' Farmers who derive at least 80 percent of their gross
income from.farming may file their estimates any time up to
December 15* but those waiting until December 15 must pay all
their estimated tax at that time.
Farmers are the onlv tax
payers permitted this choice,
16. Q.
Is^there any way I can get an extension of time for fil
ing and paying my tax, because of sickness?
A,
Ii you show good cause, the Collector of Internal Revenue
may grant you an extension.
But lengthy extensions are granted
only those who are overseas.

oOo-

April ^ 1988

STATOOBI OBBI IIM1IAIXOM
L AS 0? MAECH 31. 1 #

Section 21 of the Second Liberty Bond Act, as amended, provided that the
face amount of obligations issued under authority of that Act, "shall not exceed
in the aggregate $210 ,000,000,000 outstanding at any one tine«"
She following table shews the face amount of obligations outstanding and the
face amount which can still be issued under this limitations
fetal face amount that may be
outstanding at any one time

$ 2 1 0 , 000 , 000,000

Outstanding as of March Jl, lS^Ui
Inters st-bearing s
Bonds $72,812,833,850
I Treasury
Savings (Maturity
value}*
3 9 .5 6 7 .9 1 8 .8 2 5
Depositary
8 5 3 .5 8 1 .7 5 0
Adjusted Service
7 1 8 .8 x 8 ,9 0 7
Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

$ 1 1 3 ,5 5 2 ,7 8 9 ,3 3 2

32 992 2142,100

31,05^,160,000
13 .l8 7.2 6 2 .e0 0

Matured obligations on
which interest has ceased
Bearing no interest
IF«8« Savings stamps
195,621,2ty8
Excess profits tax refund
bonds
HO,2>45,2lg

77.193.668,100
$190,786,813,832
178 ,282,300

236,066.866
_______________

face amount of obligations
issuable under above antherlty

191.156.762,198
$ 18 ,8*43,237«602

Beooncilement with Daily Statement of the United States Treasury
March 31, lffiT"
Total face amount of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act*
Deduct, unearned discount on Savings bonds' (difference
between current redemption value and maturity value;
Add other public debt obligations outstanding but not
subject t© the statutory limitation?
__
Interest-bearing (Pre-War, etc.)
$195,926,860
Matured obligations ©n which
Interest has ceased
7,®w,3®5
Bearing no Interest
948,622,489
Total gross debt outstanding as of March 3^t 1 9 ^
*Approximate maturity value« Principal amount (current
redemption value) according to preliminary public debt
statement $3 1 ,973 ,768,107

$191,156,762,19*

7 .598,158,71*
183.562,607,8*0

1 .1 5 2 ,3 5 5 .6 5 »
$188.718.963,13»

TREASURY DEPARTMENT

MB, HEFFELFINGEB

April 5, 1944
STATUTORY DEBT LIMITATION
AS OP MARCH 31. 1944
Section 21 of^the Second Liberty Bond Act, as amended, provided that' the
face amount of obligations issued under authority of that Act, ”shall not exceed
in the aggregate $210,000,000,000 outstanding at any one time.'1
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 beoutstanding at any one time

$210 000 000 000

Outstanding as of March 31, 1944;
Interest-bearing?
Bonds •*
Treasury
$72,812,833,850
Shvings (Maturity
value)*
39,567,918,825
Depositary
453,581,750
Adjusted Service
718.414.907
Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

$113,552,749,332

32,992,242,100
31.054.160.000
13.147.262.000

Matured obligations on
which interest has ceased
Bearing no interest
TJ. S. Savings stamps
Excess profits tax refund
tonds

77,193,664.100
$190,746,413,432
174,282,300

195,821,248
40.245.218

236,066,466

Face amount of obligations
issuable under above authority

191,156,762.198
$ 18,843,237.802

Reconcilement -with Daily Statement of the United States Treasury
March 31, 1944
j
Total face amount of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act*
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.)
$195,926,860
Matured obligations on which
interest has ceased
7*806;3Q5
Bearing no interest
948,622,489
Total gross debt outstanding as of March 31, 1944
*Approximate maturity value. Principal amount (current
redemption value) according to preliminary public debt
statement $31,973,764,107
41-41

$191,156,762,198
7,594,154,718
183,562, 607,’480

1,152,355,654
$184,714,963,134

IGR

DpiEDIATE RELEASE,

1944»

®he Bureau of Customs announced today preliminary figures shoving the
quantities of coffee authorised for entry for consumption, under the quotas
for the 12 months commencing October 1» 1943, provided for in the Inter«
•American Coffee .Agreement, proclaimed by the President on April 15, 1941, as
follows:

Qowrtrjr of Prodootiom

*
s
:

<*ota Quantity
(Pounds) 2J

:
i
:

Authorised for entry
for conamptlan
As of (Date) : (Pounds)

Signatory Countries:
Brasil
Colombia
Costa Bica
Cuba
Dominican Bepublie
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,353,182,480
458,336,340
29,100,720
11,640,288
17,418,104
21,628*64®
87,302,160
77,844,426
40,013,490
2,909,675
69,114, a o
28,373,302
3,637,590
61,111,512

Non-Signatory Countries:

51,653,778

March 25, 1944
n
N
■
April 1, 1944
March 25, 1944
N
s
N
April 1, 1944
March 25, 1944
N
«
H
«

684,022,279
283,111,441
9,299,951
3,842,675
16,740,447
16,013,644
37,266,542
37,218,850
14,802,868
2,486,245
40,679,422
6,371,325
1,822,588
23,721,489
3,754,837

Quotas as established by action of the Xnter—American Coffee Board on
January 12, 1944*

Per telegraphic reports.

-oOo-

TREASURY1 DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, April 5, 1944,

Press Service
No. 41-42

The Bureau of Customs announced today preliminaiy figures showing the
quantities of coffee authorized for entry for consumption under the quotas
for the 12 months commencing October 1, 1943, provided for in the InterAmerican Coffee Agreement, proclaimed "by the President on April 15, 1941, as
follows: -

Country of Production
.
___________

*
; Quota Quantity
î
(Pounds)' 1/

:
Authorized for entry
:______ for consumption
: As of (Date) : (Pounds)

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guat emala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512

Non-Signatory Countries;

51,653,778

March 25, 1944
it
it
tt
April 1, 1944 2/
March 25, 1944
it
ti
tt
April 1, 1944 2/
March 25, 1944
it
ti
it
tt

584,022,379
283,111,441
9,299,951
3,847,675
13,740,447
16,013,544
37,266,542
37,218,850
14,802,868
2,486,245
40,679,422
6,371,325
1,822,588
23,721,489
3,754,837

Quotas as established by action of the Inter-American Coffee Board on
January 12, 1944,

Per telegraphic reports.

- 3 -

for such bills, whether on original issue or on subsequent purchase, and the amount
actually received either upon sale or redemntion at maturity during the taxable
year for which the return is made, as frdinary gain or loss.
Treasury Department Circular No. A18, 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.

Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and orice range of accepted bids.

Those

submitting tenders will be advised of the acceptance or rejection thereof.

The

Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be final,
Subject to these reservations, tenders for $100,000 or less from any one bidder at
9 9 .9 0 5 entered on a fixed-price basis will be accepted in full.

Payment of accepted

tenders at the prices offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on

April 13, 1944________.
ig
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 anjr 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 comoanies) issued hereunder
need include in his income tax return only the difference between the price paid

t m

TREASURY DEPARTMENT
Washington
FOR RELEASE, "MORNING NEWSPAPERS,
Friday, April 7, 1944__________ ♦

TSk
The Secretary of the Treasury, by this public notice, invites tenders
for $ 1,000^000,000 , or thereabouts, of

91 -day Treasury bills, to be issued

on a discount basis under competitive and fixed-price bidding as hereinafter provided.

The bills of this series will be dated

and will

April 13. 1944

’W
, when the face amount will be payable without

mature

July 13. 1944
JjûaLliJt
m .___

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 War time,

Monday* April 10. 1944_____ .

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 printed forms and for

warded in ihe 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

percent of the face

"-■ ■
'

.■'V S

|A ■ jJ

TREASURY DEPARTMENT
Washington

EOR RELEASE, MORNING- NEWSPAPERS,
.Friday., April 7, ,1944«
_______

4-6-44
The Secretary of the Treasury, by this public notice,
invites tenders for $>1,000,000,000, or thereabouts, of 91-day
Treasury bills, to be .issued, on a discount basis under competi
tive and fixed-price bidding as hereinafter provided. The
bills of this series will be dated April 13» 1944, and will
mature July 13, 1944, when the face amount.will be payable with
out interest. They will be .issued in -bearer form only, and in
denominations of $1,000, $5>*000, $10,000, $100,000, $5 0 0 ,0 0 0 ,
and $1,000,000 (maturity value).
Tenders will be received ,at Pederal Reserve Banks and
Branches up to the closing hour, two o’clock p. m., Eastern War
time, Monday, April 10, 1944* 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 ex
pressed 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 spe
cial envelopes' which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from inc.orporated
banks hnd trust companies and f;rom responsible and recognized
dealers in investment securities,
Tenders from others must be
accompanied by payment of 2 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 pub
lic announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids.
Those sub
mitting 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.
Sub
ject to these reservations, tenders for $100,000 or less from
any one bidder at 99*905 entered on a fixed-price basis will
be accepted in'full.
Payment of accepted tenders at the
prices offered must be made or completed at the Federal Reserve
Bank in cash or other immediately available funds on April 13,

1944.
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

41-43

(Over)

other disposition_of...treasury bills shall not have any special
treatment,' as.such, u n d e r 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 U n i t e d States, or by. any local taxing author
i t y . For purposes of taxation the amount of discount at which
Treasury bills aré originally sold by the U n i t e d States shall
be considered to be interest.
U n d e r Sections 4 2 -and 1 1 7 (a)
(1) of the Internal Revenue Code, as amended by Section 115 of
the R.evenue A c t of 1941, the amount of discount at w hich 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 hereundef need include in
his income tax return only the difference between the price
paid for such bills, whether on original issue or on su b se
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 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.

Cananissionor of Internal Revenue Joseph D . Hunan, J r . , today reminded
taxpayers that midnight April 15 is the deadline for filing 1944 Declarations
of Estimated Income fax»
nearly one out of every three taxpayers should file a declaration,
accompanied by at least a quarterly payment of any tax estimated to be due.
Failure t o file, or late filing, Commissioner Hunan said, is subject to
penalty.
The Consuls®loner pointed out that, generally speaking, a declaration should
be filed by all citizens or residents of the United States she expect to have
during 1944—
1.

Wages subject to withholding exceeding $2,700 for a single person or

$3,500 for a married couple living together! or
2«

More than $100 income from all other sources if the total of such

income plus wages subject to withholding is $500 or more for a single person,
or more than #624 for a married person.
Farmers who receive mors than 80 per cent of their Income from farming,
Commissioner Hunan stated, are the only persona who do not have to file by
April 15.

Thay may, if they desire, postpone filing until December 15, paying

the full tax at that time.
Declaration forms with accompanying work sheets and instructions m y be
secured from the Collector of Internal Revenue in any district, he added.

Commissioner of Internal Revenue Joeeph D. Hunan, J r . , today reminded
taxpayers that midnight April 1$ is the deadline for filing 1944 Declarations
of Estimated Income fax.
Nearly one out of every three taxpayers should file a declaration,
accompanied by at least a quarterly payment of any tax estimated to be duo.
Failure t o file» o r late filing» Commissioner Hunan said» is subject to
penalty.
f%ie Commissioner pointed out that» generally speaking» a declaration should
be filed by all citizens or residents of the United States who expect to have
during 1944—
1.

Wages subject to withholding exceeding $2»700

tor

a single person or

#3»500 for a married couple living together; or
2.

More than $100 income from all other sources if the total of such

income plus wages subject to withholding is #500 or more for a single person»
or more than #624 for a married person*
Farmers who receive more than 80 par cent of their income from farming»
Commissioner Hunan stated» are the only persona who do not have to file by
April 15*

They may» if they desire» postpone filing until December 15» paying

the full tax at that time.
Declaration forms with accompanying work cheats and instructions may be
secured from the Collector of Internal Revenue in any district» he added.

/ -

Commissioner of Internal Revenue Joseph D. Nunsn, J r . ,. today reminded
taxpayers that midnight April 15 is the deadline for filing 1944 Declarations
of Estimated Income Tax.
Nearly one out of every three taxpayers should file a declaration,
accompanied by at least a quarterly payment of any tax estimated to he due.
Failure to file, or late filing, Commissioner Nunan said, is subject to
penalty.
The Commissioner pointed out that, generally speaking, a declaration should
be filed by all citizens or residents of the United States v&o expect to have
during 1944—
1.

Wages subject to withholding exceeding #2,700 for a single person or

#3,500 for a married couple living together; or
2.

More than #100 income from all other sources if the total of such

income plus wages subject to withholding is #500 or more for a single person,
or more than #624 for a married person.
Farmers who receive more than 80 per cent of their income from farming,
Commissioner Nunan stated, are the only persons who do not have to file by
April 15.

They may, if they desire, postpone filing until December 15, paying

the full tax at that time.
Declaration forms with accompanying work sheets and instructions may be
secured from the Collector of Internal Revenue in any district, he added.

’

DATE

Ap r i 1

.7._ 1.944

<j>0 Mr. Shaeffer

I
sent to Mr* Sullivan a propo
press release reminding taxpayers of tl
April 15 deadline for tax declarations
If it is okey with him and you,
please furnish copies, in addition to
your regular press distribution, as
follows:
500 to Miss Hawkins,
25 by special messenger to
Simon 0* Lesser, Room 3449 1
Social Security Building,
*25 to m e •
Thank you.

FROM.

Irving Perimeter

DATE. April 7, 1944

.pQ

Mr* John L* Sullivan

Attached is a proposed press releaj
in connection -with April 15 deadline foj
filing declarations of estimated tax*
If satisfactory to you, please
forward it to Mr* Shaeffer*
Thank you

FROM.

SJU$K
Irving Perimeter

TREASURY DEPARTMENT
Bureau o f Internal Revenue
Washington

FOR RELEASE, MORNING NEWSPAPERS
Friday, April 14, 1944.

Press Service
No. 41-44

Commissioner of Internal Revenue Joseph. D. Nunan, Jr. .
today^ reminded taxpayers that midnight April 15 is the
deadline for filing 1944 Declarations of Estimated Income
Tax.
Near l y one out of every three taxpayers should file
a declaration, accompanied by at least a quarterly p a y
ment of any tax estimated to be due.
. -^-i-lure ^to file, or late filing, Commissioner Nunan
said, is subject to penalty.
The Commissioner pointed out that, generally speaking
sil°uld be filed b y all citizens or residents
oi tne united States who expect to have during 1944-1. Wages subject to withholding exceeding $2,700 for
a single person or $3,500 for a married
gether; or
More than $ 1 0 0 income from all other sources if
°f suc3J income P lus wages subject to withholding
is foOQ or more for a single person, or more than $624 for
a married person.
,

.
Farmers who receive more than 80 percent of their
income from farming, Commissioner Nunan stated, are the
only persons who do not have to file bv Abril 15.
tvia ^

-o O o t

TREASURT D H ’ARTV.ENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 11. 1944«
The

Press Service

Secretary of the Treasury announced last evening that the tenders for

$1,000,000,000,

or thereabouts, of 91-day Treasury bills to be dated April 13 and to

mature July 13, 1944, which were offered on April 7, were opened at the Federal Re
serve Banks on April 10.
The details of this issue are as follows:
Total applied for - $3.,927,641»OCX)
Total accepted
- 1,014,423,000
Average price

99.905/

(includes $55,434,000 entered on a fixedprice basis at 9 9 .9 0 5 and accepted in full)
Equivalent rate of discount approx. 0.375$ per annum

Range of accepted competitive bids:
High
Low

99*910
99.905

Equivalent rate of discount approx.

0.356$ per annua
0.376$ *
w

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

Federal Reserve
District

Total
Applied for

Total
Accepted

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

$
55,590,000
1,334,003,000
42,801,000
2 1 ,6 2 5 ,0 0 0
19,160,OCX)
1 2 ,3 5 0 ,0 0 0
3 0 6 ,4 8 2 ,0 0 0
8 ,5 0 3 ,0 0 0
1 3 ,4 1 0 ,0 0 0
12,227,000
27,585,000
73.905,000

11,927,6 U , 0 0 0

01,014,423,000

TOTAL

2 8 ,9 6 6 ,0 0 0
661,771,000
27,565,000
17,465,000
1 6 ,8 4 6 ,0 0 0
9,373,000
156,964,000
6,163,000
8 ,2 10 ,0 0 0
10,407,000
18,693,000
5 2 ,0 0 0 .0 0 0

TREASURY DEPARAIENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,

Press Service

<t I ' J

Tuesday, April 11. 1944.

Aie Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated April 13 and to
mature July 13, 1944, which were offered on April 7, were opened at the Federal Re
serve Banks on April 10.
The details of this issue are as follows;
Total applied for - $1,927,641,000
Total accepted
- 1,014,423,000
Average price

(includes $55,434,000 entered on a fixedprice basis at 99*905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0.375% per annum

Range of accepted competitive bids:
High
Low

- 99*910 Equivalent rate of discount approx. 0.356$ per annum
- 99*905
"
n
w
«
»
0.376$ *
w

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

Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

*
55,590,000
1,334,003,000
42,801,000
21,625,000
19,160,000
12,350,000
306,482,000
8,503,000
13,410,000
12,227,000
27,585,000
7?.905,000

*1,927,641,000

*1,014,423,000

TOTAL

28,966,000
661,771,000
27,565,000
17,465,000
16,846,000
9,373,000
156,964,000
6,163,000
8,210,000
10,407,000
18,693,000
¡52,000.000

TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 11, 1944.
4-10-44

Press-Service
Ho* 41*45

The Seeretary of the Treasury announced last evening that
the tenders for $1,QQO,000,000,

or thereabouts,

of 91-day Treasury

bills to be dated April 13 and to mature July 13, 1944, which
were offered on April 7, were opened at the Federal Reserve Banks
on April 10. ■
The details of this issue are as follows:
Total applied for — $>1,927,641,000
Total accepted
- 1,014,423,000 (includes $55,434,000^
entered on a fixed-price basis at 99*905 and accepted in
full}
Average price

- 99.905/ Equivalent rate of discount appro^.
0.375/5 per annum

Range of accepted c omp et it ive bids:
- 99.910 Equivalent
0.356^ per
- 99.905 Equivalent
0.376 % per

High
Low

rate of discount app r o x ?
annum
rate of discount approx'.
annum
,
.1

(48 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Boston •
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco

5 5 ,590,000
1 ,334 ,003,000
4.2,801,000
2 1 ,625,000
1 9 ,160,000
1 2 ,350,000
306,482,000
8 ,503,000
1 3 ,410,000
1 2 ,227,000
27,585,000
73,905,000

TOTAL

$1,927,641,000
-oOo-

Total
Accepted $

28 ,966,000
6 6 1 ,771,000
2 7 ,565,000
17,465,000
1 6 ,846,000
9 , 373,000
1 5 6 ,964,000
6 ,163,000
8 ,210,000
1 0 ,407,000
18,693,000
52.000,000

$1,014,423,000

TREASURY DEPARTMENT
Comptroller of the Currency
Washington 25, D.C.
FDR RELEASE NEWSPAPERS,
______ ( M j u L s , ¿ U m *>

Press Servie

V 7 - ¥4

More than 200 national hanks increased their common
stock during the first quarter of 1944, according to
announcement made today by Preston Delano, Comptroller of
the, Currency. j~TMs figure includes some forty national
banks which sold new common stock for cash in an amount of
v5,300,000.

The others increased their common capital b y

the declaration of common stock dividends in a total
amount of ^17,000,000.
During the same period 283 national banks were able
to retire preferred stock in an amount of <¡¿7,500,000.

the approximately <*,600,000,000 in preferred stock issued
by some 2300 national banks, there remains outstanding
only |>125,000,000 in 800 banks.

Steady progress is being

made, the Comptroller said, both in the. retirement of the
preferred stock and in the sale of common stock.

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, April 12, 1944#

Press Service
No. 41-46

More than 200 national banks increased their common
stock during the first quarter of 1944, according to
announcement made today by Preston Delano, Comptroller of
the Currency.
This figure includes some forty national banks which
sold new common stock for cash in an amount of $5,300,000#
The others increased their common capital by the declara
tion of common stock dividends in a total amount of
|17,000,000# .
During the same period 283 national banks were able
to, retire preferred stock in an amount of {57,500,000.
Of
the approximately $600,000,000 In preferred stock issued
by some 2-,300 national banks, there remains outstanding
only $125,000,000 in 800 banks.
Steady progress is being
made, the Comptroller said, both in the retirement of. the
preferred stock and in the sale of common stock.

-oOo-

COTTON CARD STRIPSt/ COMBER ..WASTEj LAP, WASTE, SLIVER WASTE, AND ROVING WASTE,
■WHETHER OR NOT MANTJPAOTURISp.,OR.QTlffiRWISE ADVANCED IN VALUE.' Annual, .quotas
commencing September 20, “by Countries of Origin:
' *
’ 2 j * I
Total quota, provided* however, that not more than 3&*l/3 percent/ of the
quotas shall he filled by cotton, wastes other than .card strips/ and comber
wastes made from pottons of 1— 3/16 inches or more in staple length in the
case of the following countries: United Kingdom, Prance, Netherlands,
Switzerland, Belgium, Germany and Italy:
(In Pounds)
:TOTAL IMPORTS• : ESTABLISHED:Imports Sept. 20,
Country of Origin : Established :Sept* 20, 1943 :33-1/3$ of :1943, to
♦ TOTAL QUOTA ¡April 1 , 1944 :Total Qnota:^3^^ 2*« 1944
x/
.... --.■ • ■ * - -.- T »
United Kingdom*. , . . .
4,323,457
1,441,152
t-: ; ; 29,398
/ ' *• ■* —
Canada;. . * ....... ,V* - ; ' 239', 690
«*
Prance*
227,420
75,807
British India.. . * , . .
69,627
22,747
Netherlands**
68,240
f
14,796
44, 388
Swtt zferland. . . . . * . * •
Belgium**. . . . . . . . . . .
12,853
38,559
*. '
—
Japan* » . . . * . . . * . * » • •
341,535
|
t
'
,China* *...........
17,322
| .
- ‘
—
.............
8,135
—
r*
6,544
Cuba.......... ..
Germany.............
76,329
25,443
Italy.....*.......
7,088
21,263
*•
TOTALS
Jt— «--.a .,. ----

Qft 4QO
Ca,
CsfO

5,482,509
-v.
-

'r""'

1,599,886 v ......

•
#
«•»
*
4
•
■%

Included in total imports,-column 2 .
gj

The President’s proclamation, signed March 31, 1942, exempts from import
- quota restrictions card strips made from cottons having, a staple 1-3/16
inches or more in length.

~o0o-*

SOR IMMEDIATE RELEASE,
11. 1944,

ÈBtll

The Bureau of Customs announced tOd^- th&t, preliminary reports from the
collectors of customs show imports df. (fetton fend doiton Waste chargeable to the
import quotas established by”the' President1 jr proclamations of September 5 , 19$
and December 19,' 1940» as follows, during'the ¿arddd September '20, 1943, to
April 1, 1944t

COTTON HAVING A' STAPLE OF LESS THAN l-H/16 INCHES (OTHER THAN HARSH OR ROUGH
"COTTON OE LESS THAN" 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE kANUL
EACTURS OE BLANKETS AND BLANKETING, AND OTHER THAN LINTERS)'l/ Annual quota#
commencing September 20 ,<by Countries of Origin!
(In Pounds)
.■-

••• '• ' *

rCountry of
Origin

Staple length less : Staple length 1 -1 /8 “ or more
... than 1 -1 /8 “
: __ hut lees than 1-11/16“
*
^Imports Sept,: Established
Importe Sept.
sEstablished:20, 1943, to ;
Qpota
* 20, 1943, tp
45.656.420 i Anril 1. 1944
...... Quota
¡April l f 1944:
' .**
'•
';'

and the Anglo-'
Egypt ian Sudan.....*.
Peru..---,
---- British India*......
China.............. . . .
Mexico....... ........
Brazil........ .
Union of Soviet
So ci ali st Republics,..
Argentina..*.... .
Hai fi,....... .
Ecuador
Honduras.....
Paraguay *
Col 0mb
#*#••#
Iraq..
British East Africa.....
Netherlands East Indie.s.
Barb.ado s................
Other British West
Indies l/...........,
Nigèria............. *.
Other British West
Afriaa g j .*......
Other Erench Africa .3/.
Algeria and Tunisia....

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723

26,700,701 :t
940,071

?3t5?6 '

'mm
' '‘

,
8,883,289 '
420,000

— ..

" '**

J ’
. . . .

• ;

V-

' * ’
...
mm
' m
mm
mm

• .

as W
,..*
w:

21,321
5,377

«■ *

16,004
689
14,516,882

m
9m '

475,124
5,203
237
9,333
752
871
124
195
2,240
71,,388

■

—
9,376,838

45,656,420

1 / ..Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago*
2 / Other than Gold Coast and Nigeria,
J5/ Other than Algeria, Tunisia, and Madagascar.

27,840,772

—*

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday. April 12, 1944«

Press Service
No. 41-47

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, 1943, to
April 1, 1944 i
COTTON HAVING A STAPLE OE LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OP LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS), Annual quotas
commencing September 20* by Countries of Origin:
(in Pounds)
:
Staple length less : Staple length 1 — 1/811 or more
:
than 1 - 1 /S1’
:
but less than l-rll/l6 n
*
;Imports Sept,: Established 5 imports Sept.
:Established;20, 1943, to :
Quota
:^20, 1943, to
:
Quota
:April 1. 1944: 45.656.420 : April 1. 1944

Country of
Origin

Egypt and the AngloEgyptian Sudan....... •t
783,816
Peru............. .
247,952
British India.........
2,003,483
Ciiino,«
■%t 1,370,791
M e x i c o , . , ,.,., **- 8,883,259
B r a s i l , {,.
618,723
Union of Soviet
Socialist Republics.. ¡9
475,124
Argent ina...........,,, • •
5,203
HS-lt;X* aa•* •• t» 9 f9 •** t
237
*
9,333
Ecuador.........,......
752
Honduras
871
Paraguay.......... ...
Colombia.
124
195
2,240
British East Africa.
71,388
Netherlands East Indies
Barbados.
Other British West
21,321
Indies 1/
5,377
Nigeria.
Other British West
16,004
Africa 2
689
Other French Africa 3/
—
Algeria and Tunisia.
9

. . . . . . . . . . . . . .

t *

. . ,

73?576

26,709,701
940,071
-

-■
8,883,259
420,000

9 9

............. ..

..........................

.................. ..

9 9

—

. . •

14,516,882

9,376,835

—

45f656,420

1/ Other than Bathados, Bermuda, Jamaica, Trinidad, and Tobago,
2/ Other than Gold Coast and Nigeria,
3/ Other than Algeria, Tunisia, and Madagascar,

27,649,772

-2<
COTTON CARD STRIPS, 2/ COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Animal quotas
commencing September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
shall be filled by cotton wastes other than card strips 2 / 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, Prance, Netherlands, Switzerland,
Belgium, Germany and Italy;
(In Pounds)
:TOTAL IMPORTS iESTABLISHED:Imports Sept. 20,
Country of Origin : Established :Sept. 20, 1943 .533-1/34 of :1943, to
J rOTAL QUOTA :April 1, 1944V ;Total quota?April 1, 1944 1/
United Kingdom.....
4,323,457
Canada..............
239,690
Prance............
227,420
British India......
69,627
Netherlands,........
68,240
Switzerland,.......
44,388
Belgium.......... .
38,559
Japan....,...«1 «.... .
'341,535
17,322
China..............
8,135
Egypt........... .
Cuba................
6,544
Germany.............
76,329
Italy............ ..
21,263
TOTALS

5,482,509

29, 398

— ;
.T- %
--

-'
—
29, 398

1,441,152
«r.
75,807
-

—
—

22,747
14,796
12,853
25,443
7,088

—

1,599,886

■ -

—

Included in total imports, column 2 .

The Presidents proclamation, signed Marci^ 31, 1942, exempts from import
quota restrictions card strips made from qottons having a staple 1-3/16
inches or more in length.

-oOo-

■

* 2»

Commodity

Silver or 'black
foxes, furs
and articles:
Foxes valued
under $250 each
and whole furs
and skins
fails

:
:
:
:____ :__Established Quota______ J
: Period and Country t Quantity :

Month of March
Canada

Unit
of
Quantity

!Imports as
:of ipril 1 ,
t 1944

17,500

Humber

1*761

Other than Canada

7,500

Humber

142

12 months from
Pec* 1 , 1943

5,000

Piece

Paws, heads, or
other separated
parts

500

Pound

495

Piece plates

550

Pound

Articles, other
than piece
plates

500

Unit

>oOo~

■ PPPI

'|j*

d i

FOR IMMEDIATE RELEASE,
iprll 11. 1944.

The Bureau of One tome announced today preliminary figures for imports of
commodities within quota limitations provided for under trade agreements, from
the Beginning of the quota periods to April 1, 1944, inclusive, as follows:

Commodity

o
0
:
. Established Quota
:Period and Country: Quantity

Chit
: Imports as
of
: of April 1 ,
1014.
: Quantity :

Whole milk, fresh
or sour

Calendar year

3,000,000

Gallon

1,534

Cream, fresh or sour

Calendar year

1,500,000

Gallon

262

Fish; fresh or
fro sen, filleted,
etc*, cod, haddock,
hake, pollock, cask
and roseflsh
Calendar year

15,000,000

White or Irish
potatoes*
certified seed
Other

12 months from
Sept, 15, 1943

Red cedar shingles

Calendar Tear

90.000.
60.000.

Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6# of
total soluble
solids

Calendar year

Pound

6,5X0,503

000
Pound
000
Pound

42,629,72©
3,722,653

Undetermined Square

Pound
(unstemmed
22,000,000 equivalent)

1,500,000

Gallon

361,816

Quota filled

21.228

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELÉASE,
Wednesday, April 12, 1944.

Press Service
No. 41-48

The Burean 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 April 1, 1944, inclusive, as follows;

Commodity

:
Established Quota
:Period and Country; Quantity

: Imports as
; Unit
; of April 1,
:
of
1944
: Quantity ;

Whole milk, fresh
or sour

Calendar year

3,000,000

Gallon

1,534

Cream, fresh or sour

Calendar year

1,500,000

Gallon

262

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

Calendar year

15,000,000

Pound

6,510,503

.000
Pound.
000
Pound

42,629,720
3,722,653

Undetermined Square

361,816

White or Irish
potatoes;
certified seed
Other

13 months from
Sept. 15, 1943

Red cedar shingles

Calendar year

90.000.
60.000.

Cuban filler tobacco,
unstemmèd or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more thah &lo of
total soluble
solids

Calendar year

Pound
(unstemmed
23,000,000 equivalent)

1,500,000

Gallon

Quota filled

21,228

-2Commodity

Silver or "black
foxes, furs
and articles:
Poxes valued
under $250 each
and whole furs
and skins
Tails

Paws, heads, or
other separated
parts
Piece plates
Articles, other
than piece
plates

:Imports as
Unit
:of April 1*
of
Quota
:
:
Established
: 1944
Quant
ity
:
Quantity
:
: Period and Country

Month of March
Canada

17,500

Number

1,761

Other than Canada

7,500

Number

142

12 months from
Dec. 1, 1943

5,000

Piece

500

Pound

495

550

Pound

500

Unit

-~oOo-

£ABHINQ-S, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOB. YEARS
ENDED DECEMBER 3 1 , I9 U 2 AND I9I+3
(Amounts in thousands of dollars)
19**3

I9U2

Change
since
19**2

Capital stock, -par value: if
Preferred................

Common..................
TOTAL CAPITAL STOCK.,
Capital funds 1/.... .
Earnings from current operations;
Interest and dividends on securities*....... .
Interest and discount on loans........ ......
Service charges on deposit accounts.......
Other service charges, commissions, fees, and
collection and exchange charges............
Trust department...................... .....
Other current earnings..... .................
TOTAL EARNINGS FROM CURRENT OPERATIONS...
Current operating expenses;
Salaries and wages—
O f f i c e r s ............... .........
Employees other than officers.........
Fees paid to directors and members of execu
tive, discount, and advisory committees....
Interest on time deposits (including savings
deposits)....... ........ .................
Taxes, including income taxes.... ......... .
Recurring depreciation on hanking house,
furniture and fixtures............... .....
Other current operating expenses........ .
TOTAL CURRENT OPERATING EXPENSES......
NET EARNINGS FROM CURRENT OPERATIONS..........
Recoveries?
On securities............. ...... ........
On loans.................................
All Other...................... ..........
TOTAL RECOVERIES.....................
Profits on securities sold or redeemed........
T O ^ g R E g O V l R p S ^ ^ g O F I T S ON SECURI&
Losses and charge-offs:
On securities.......................... .
On loans.... ......................... ..
All other.................. ...............
TOTAL LOSSES AND CHARGE-OFFS..........
NET PROFITS BEFORE DIVIDENDS.................
Dividends declared:
On preferred stock............ .......... .
On common stock:
Cash dividends........... .............
Stock dividends.................... .
TOTAL DIVIDENDS DECLARED.............
NET PROFITS AFTER DIVIDENDS..................

$1 2 7 ,60**
1,Hq ^,^92
1.532.09b
3.959.W2
50*,069
3 6 5,5 9 7

53.59**

35*.306 ©-*9,763
**32,368
=66,791
**6,429 ©7.165

36 ,*87
3*.307
.. 67.709
l,06l,763

30 ,0*2
32,961
6 6 ,6 9 1
962 !837

3)6,1)1)5

1 1 * .7 5 6
19 *,07 *

111,937
179,532

5,882

5,622

8*.606
131.56*

2^,280
___ 163.652

315,329

267,803

59,652
52,900
20,669

133,221
5%,122
187,3*3

Wo.,326

„018

(&»

-5.261
89.867
9 9 .9 ** @51,620

23,769
191,763

Jrçl
t ô i .l l l

23,1)82
36,170
2 , 2*1
«0 ,659
6.386,
1*,283
9 1 ,1 1 2 (¿*2,103
30.*7* G & M
121,586 ¿¿>5.757

66,008
**3,ioi

73.253
* 3 .1 3 *

—7.2*5
- , r3J ,

*13,106

29.659

(Saj.WlJ

1*6 .Q)
6 ,15 8

125,357
**1,378
177,

Number of hanks 1/..... ......................

5,o **6

Rate of net profits:
To capital stock l/.................. ....
To capital funds 1/.................... .
Rate of cash dividends:
To capital stock i f .......................
To capital funds jL/................. .....

Percent
22.87
6.85

1/ At end of period.

$lU6,o**7
-18,1)1(3
1.358.79* Qjf|5.6q8
1.50*.8*1 Î Z Ë L M .
3.738.355 (+221,02?

8.58
3.32

6,683

121.177
8.9**

-525
«4,180
¡3 M

m j
10 6,539 ( ^ M 2 5 J
Jtt j
5,087
■-Përstjl
Percent
16.17
6 .5 1

9.09
3.66

~.f
>|

TREASURY DEPARTMENT

Washington
Press Service
No.

M R RELEASE, MORNING NEWSPAPERS
^ w n .

^ r

Comptroller of the Currency Preston Delano announced today that the 5»0**6 ac~
tive national hanks in the United States and possessions on December 31, 19**3, re
ported gross earnings of $l,06 l,763,0 00 for the calendar year 19^3.

This repre

sents an increase of $98,926,000 over the gross earnings for I9 U 2 of the 5.087 na
tional hanks that were in active operation on December 31 of that year.
Operating expenses for the year 19*4-3» including all taxes and recurring de
preciation on hanking house, furniture and fixtures, were $7*46,*4-3*4-»000 as against
$695,03^,000 for the year 19*4-2.

Net operating earnings for 19*4-3 were $315,329,000,

which was $1*7,526,000 more than the amount reported for the preceding year.

Adding

to the net operating earnings profits on securities sold of $5*4,122,000 and re
coveries on loans and investments, etc., previously charged off of $1 3 3 ,2 2 1 ,000 , and
deducting losses and charge-offs of $1 5 2 ,2 1 5 ,000 , the net profits before dividends
for the year 1 9 *4-3 amounted to $3 5 0 .**57,000, which was 22.87 percent of the par value
of common and preferred stock and 8 .8 5 percent of capital funds.
The principal items of gross operating earnings for 19**3 were $50*4,069,000 from
interest and dividends on securities, an increase of $1 ^9 .7 ^3 .000 , and $3 6 5 ,59 7,0 0 0
from interest and discount on loans, a decrease of $66,791,000 in the year.

The

;principal operating expenses were $308 ,830,000 for salaries and wages of officers and
employees, an increase of $17,361,000 over 19*4-2; $8*4-,6o6,000 expended in the form of
interest on time and savings deposits, a decrease of $5,261,000, and $131 »56*4-,000
paid in taxes, an increase of $3 1 ,620 ,000 .
Profits on securities sold during 19*4-3 aggregating $5*4,122,000 were $23,6*48,000
more than in the preceding year, and losses and depreciation on securities in 19*^3
[ totaling $66,008,000 were $7,2*4-5,000 less than in the year before.
Cash dividends declared on common and preferred stock in 19*4-3 totaled
,$1 3 1 ,5 1 5 ,000 , in comparison with $127,860,000 in 19*42.

The annual rate of cash

dividends was 8 .5 8 percent of capital stock and 3*32 percent of capital funds.

The

cash dividends to stockholders in 1 9 U3 were 3 7 .5 3 percent of net profits available.
The remaining 6 2 .Vf percent of net profits, or $218,9*4-2,000, was retained by the
tanks in their capital accounts.

TREASURE DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday. April 13« 1944©______

Press Service
No°

Comptroller of the Currency Preston Delano announced today that the
5,04.6 active national banks in the United States and possessions on
December 31, 1943, reported gross earnings of $1,061,763,000 for the
calendar year 1943« This represents an increase of $98,926,000 over the
gross earnings for 1942 of the 5,087 national banks that Y/ere in active
operation on December 31 of that year<>
Operating expenses for the year 1943, including all taxes and
recurring depreciation on banking house, furniture and fixtures, Yrere
$746,434,000 as against $695,034,000 for the year 1942« Net operating
earnings for 1943 w e r e <$315,329,000, which was $47,526,000 more than the
amount reported for the preceding year© Adding to the net operating earnings
profits on securities sold of $5 4 ,1 2 2 ,0 0 0 and recoveries on loans and in
vestments, etc0, previously charged off of $1 3 3 ,2 2 1 ,000 , and deducting losses
and charge-offs of $1 5 2 ,2 1 5 ,000 , the net profits before dividends for the
year 1943 amounted to $350 ,4 5 7 ,000 , which was .22©87 percent of the par value
of common and preferred stock and 8©85 percent of capital funds0
The principal items of gross operating earnings for 1943 were
$ 504 ,069,000 from interest and dividends on securities, an increase of
$1 4 9 ,7 6 3 ,000 , and $3 6 5 ,597,00 0 from interest and discount on loans, a de
crease of $66,791,000 in the year© The principal operating expenses were
$308 ,830,000 for salaries and wages of officers and employees, an increase
of $1 7 ,3 6 1,0 0 0 over 1 9 4 2 | $84 ,606,000 expended in the form of interest on
time and savings deposits, a decrease of $ 5 ,2 6 1 ,000 , and $1 3 1 ,564,000 paid
in taxes, an increase of $3 1 ,620 ,000 ©
Profits on securities sold during 1943 aggregating $54,122,000 were
$23,648,000 more than In the preceding year, and losses and depreciation
on securities in 1943 totaling $66,008,000 were $7 ,245,0 0 0 less than in the
year before©
Cash dividends declared on common and preferred stock in 1943 totaled
$131,515,000, in comparison with $127,860,000 in 1942© The annual rate of
cash dividends was 8 058 percent of capital stock and 3 o32 percent of capital
funds© The cash dividends to stockholders in 1943 were 37©53 percent of
net profits available© The remaining 62©47 percent of net profits, or
$2 1 8 ,942 ,000 ,.; was retained by the banks in their capital accounts©

- 2
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOR YEARS
ENDED DECEMBER 31, 1942 and 1943
(Amounts in thousands of ■■-

1 ■’“

1942

1943
:
Capital stock, .pa revalue: l/
Preferred................ .
Common »»•♦..«»»•»*••••
TOTAL CAPITAL STOCK....... ........... . .
Capital funds l / .. ........... ..........
Earnings from current operations:
Interest and dividends on securities....... .
Interest and discount on loans......... .
' Service charges on deposit accounts..........
Other service charges, commissions, fees, and
collection and. exchange charges............
Trust department...... .......................
Other current earnings....................... .
TOTAL EARNINGS FROM CURRENT OPERATIONS..
Current operating expenses:
Salaries and wages—
Officers............... .......... *..... .
Employees other than officers• • .»...... . • *
Fees paid to directors and members of execu
tive, discount, and advisory committees,...
Interest on time deposits (including savings
deposits)........................ ...... .
Taxes, including income taxes................
Recurring depreciation on banking house,
furniture and fixtures......................
Other current operating expenses.............
TOTAL CURRENT OPERATING EXPENSES.......
NET EARNINGS FROM CURRENT OPERATIONS............
Recoveries:
On securities............... ............ .
On loans ........... ...................... .
All other
TOTAL RECOVERIES.....................
Profits on securities sold or redeemed........ .
TOTAL. RECOVERIES AND PROFITS ON SECURI
TIES SOLD OR REDEEMED............... .
Losses and charge-offs;
On securities.............. ...».......... . • ••
On loans......... ........... ..................
All other,...................................
TOTAL LOSSES AND CHARGE-OFFS............
NET PROFITS BE PORE DIVIDENDS....................
Dividends declared:
On preferred stock............... ............
On common stock:
Cash dividends...... .................. .
Stock dividends...... ....................
TOTAL DIVIDENDS DECLARED................
NET PROFITS AFTER DIVIDENDS...... ...... ........
Number of banks 1/,

■Jpzte of net profits:
To capital stock l/........... .............
'v-RipTo capital funds l/....... ........... .....
cash dividend s :
10 capital stock l/....................... .
o capital funds 1/
1/ 4t end of period.

: Change
since
: 1942

$127,604
1.404.492
1.532.096
3,959,442

$146,047 -18,443
1»358,794 +•45,698
1.504.841 +27.255
3,738,355 +221,087

504,069
365,597
53,594

354,306 £149,763
432,388 .-66,791
46,429
+7,165

36,487
34,307
67.709
1.061.763

30,042
+6,445 y
+•1 ,3 2 6
32,981
+ 1.018
6 6 ,691
962,837 +•9 8 ,9 2 6

114,756
194,074

111,937
179,532

+ 2,819
+14,542

5,882

5,822

+•60

\ 131,564

- 5 ,2 6 1
89,867
99,944 + 3 1 ,6 2 0

23,789
191,763
7A6.434
315.329

24,280
-491
* 8 .1 1 1
183.652
. 69^024.. + 51.400
267,803 +47,526

8 4 ,6 0 6

59,652
52,900
20,669
133,221
54.122

36,170
40,659
14.283
91,112
30,474

+ 2 3 ,4 8 2
+ 12,241
+•6,386
+-42,109
+ 23.648

187.343

121.586 -+ 65.757

66,008
43,101
43,106
152.215
350.457

-7,245
73,253
-33
43,134
29.659 + 13,447....
146,046 + 6 .169
243,343. +107.114
— 525

6 ,1 5 8

6,683

125,357
41.378
172.893

121,177
8,944
136,804

+4,180
+3 2 ,43_4_
+36.089

177,564

1 0 6 ,539

+71,025

5,046

5,087

-41

^Percent
22.87
8.85

Percent
16.17
6.51

8.58
3.32

9,09
3*66

Percent
+ 6.70
+ 2.34
-.51
-.34

FOB IMMEDIATE RELEASE,

April,n , .___________
The Bureau of Customs announced today preliminary figures shoving the
quantities of vhe&t and wheat flour entered9 or withdrawn from warehouse, for
consumption under the import quotas established in the President's proclama
tion of May 28, 1941, as modified by the President's proclamations of April 13,
1942, and April 29, 1943, for the 12 months commencing May 29, 1943, as follows:

Country of
Origin

e
: wheat flour, semolina, crushed
8 or cracked wheat, and similar
:
VHBiS
8_____ __wheat products______
s
Imports
Imports
8
8
:
:
:Established 8 May 29, 1943,
8Established 8 May 29, 1943»
Qpota
8 to April 1, 1944
:
Qjoota
8 to April 1, 1944:
(Pounds)
(Pounds)
(Bushels)
(Bushels)

795,000
Canada
a#
China
•
Hungary
<
m
rn
Hong Kong
Japan
100
United Kingdom
«0
Australia
100
Germany
100
Syria
Hew Zealand
«MS
Chile
100
Motherlands
2,000
Argentina
100
Italy
*9
Cuba
1,000
France
«*
Greece
100
Mexico
a*0
Panama
«ns
Uruguay
Poland and Uansig
Sweden
•
Yugoslavia
•
Norway
m
Canary Islands
1,000
Rumania
100
Guatemala
100
Brasil
Union of Soviet
Socialist Republics
100
100
Belgium
800,000

795,000
«ms

,m
me
•
mm

a*
-

m
•
ess
-

m
m

«MS

«■»

m
m
•
-

m
m
«Ml

795,000
-o0o~

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
mo
«MS

mm
4,000,000

299,450
-

m
m

•
*•»
«MS

m
m
m
m
m
«MS

m
m
m
m
m
m
m
m
m
m
«Ml

m
m
m
«MS

m
m
m
mm

•

m
299,450

TREASURY DEPARTMENT
Washingt on
FOR IMMEDIATE RELEASE,
Wednesday» April 12, 1944.

Press Service
No. 41-50

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President’s proclamation
of May 28, 1941, as modified by the President’s proclamations of April 13, 1942,
and April 29, 1943, for the 12 months commencing May 29, 1943, as follows:
Wheat flour, semolina, crushed
or cracked wheat, and similar
wheat products
♦
Imports
Imports
Established : May 29, 1943,
Established : May 29, 1943,
Quota
: to April 1, 1944
Quota
? to April 1, 1944
(Pounds)
(Pounds)
(Bushels)
(Bushels)
WHEAT

Country of
Origin

795,000
Canada
—
China
Hungary
Hong Kong
Japan
100
United Kingdom
-■
Australia
100
Germany
100
Syria
■Hew Zealand
Chile
100
Hetherl ands
2 ,0 0 0
Argent ina
100
Italy
Cuba
1,0 0 0
Prance
Greece
100
Mexico
—
Panama
Uruguay
Poland and Danzig
—
Sweden
—
Yugoslavia
Norway
Canary Islands
1,0 0 0
Rumania
100
Guatemala
100
Brazil
Union of Soviet
Socialist Republics 100
100
Belgi-um
800.000

795,000
- \
—
—
—
—
795,'000

3,815,000
24,000
13,000
13,000
8,000

75,000
1,0 0 0

5,000
5 ,000
1,0 0 0
1,0 0 0
1,0 0 0

14,000
2 ,0 0 0
12 ,0 0 0
1,0 0 0
1 ,0 0 0
1,0 0 0
1,0 0 0
1,0 0 0
1,0 0 0
1,0 0 0
1,0 0 0
1,0 0 0
1,0 0 0

299,450
—
—
—
— ■
—
—
—
—
■—
—
—
—
*•*
—
—
.

****

—
—
-

4,000,000

299,450

yy*"<r/
FOR IMMEDIATE RELEASE,
April 11. 1944-

She Bureau of Customs announced today preliminary figures shoving the
quantities of coffee authorised for entry for consumption under the quotas
for the 12 months commencing October 1» 1943, provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941, as
follows i.

Authorised for entry
Country of Production
_________________:

Quota Quantity
(Pounds) l7

far coasHfflatiQA.
As of

(Date)

(Pounds)

Signatory Countries!
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,353,183,480
458,336,340
29,100,730
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512

Non-Signatory Countries!

51,653,778

April 1, 1944
a
a
n

April 8, 1944
April 1, 1944
R
R
R

April 8, 1944
April 1, 1944
R
H
R

618,864,336
388,839,288
11,904,503
3,847,675
14,535,108
16,051,368
43,661,434
41,617,787
16,180,595
2,679,046
44,079,614
9,563,272
1,822,558
34,581,464
3,745,795

Quotas as established by action of the Inter—American Coffee Board on
January 12, 1944*

Per telegraphic reports*

I
/

—oOo1

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Wednesday, April 12, 1944.

Pt%8s Service
4^52

The Bureau of Customs announced today preliminary figures showing the
Quantities of coffee authorized for entry for consumption under the quotas
for the 12 months commencing October 1 , 1943, "provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941,
as follows;

Country of Production
---- ------------

J
: Quota Quantity
!
(Pounds) 1 /

»
Authorized for entry
:
for consumption
; As of (Date) i
(Pounds)

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512

Non-Signatory Countries;

51,653,778

April 1 , 1944
618,864,226
ri
288,839,288
if
11,904,503
rt
3,847,675
April 8 , 1944 w
14,535,108
April 1 , 1944
16,051,268
«
43,661,434
if
41,617,787
it
16,180,595
April 8 , 1944 §/
2,679,046
April 1 , 1944
44,079,614
it
9,563,272
n
1,822,558
n
24,581,464
11

3,745,795

Quotas as established by action of the Inter-American Coffee Board on
January 12, 1944,

Per telegraphic reports.

-oOo-

TREASURY DEPARTMENT
, Washington

FOR IMMEDIATE RELEASE,
Wednesday, April 12, 1944,

Press Service
N0< 4 1 - 5 1

The Bureau of Customs announced today preliminary figures showing the
Quantities of coffee authorized for entry for consumption under the auotas
for the 12 months commencing October 1, 1943, provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941,
as follows:

Country of Production

: Quota Quantity
(Pounds) 1 /

:
Authorized for entry
:
for consumntion
:f As of (Date) :
(Pounds)

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatémala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela.

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512

Hon-Signatory Countries;

51,653,778

April 1 , 1944
it
11

n
April 8 ,
April 1 ,
it
ti
it
April 8 ,
April 1 ,
i{
IT
It
II

1944
1944

618,864,226
288,839,288
11,904,503
3,847,675
2/. 14,535,108
16,051,268
43,661,434
41,617,787
16,180,595
2/
2,679,046
44,079,614.
9,563,272
1,822,558
24,581,464
3,745,795

Quota's as established by action of the Inter-American Coffee Board on
January 12, 1944,

Per telegraphic reports,

- 0O0-

3
lay t h e C o m m i s s i o n e r a s

justifying

bas e d on estimated,

normal,

each dealer within

the a r e a .

the

setting of quotas

legitimate business,
Needs

of ethical

for

dlstribu~

tors will
Wartime
is

vested

control

over distribution of narcotic

in the B u r e a u o f N a r c o t i c s b y a n o r d e r o f the

War

Production Board.

Last May,

No.

1, a g e n e r a l

system was

in the

drugs

quota

in C o n s e r v a t i o n O r d e r
set u p

for all

trade f r o m the w h o l e s a l e l e vel u p w a r d .

makes possible
discretion of

e x t e n s i o n of
the

quotas

O r d e r No.

to r e t a i l e r s a t

Commissioner of Narcotics.

oOo-

factors

the

essential medical
drugs was
years#

items;

and at his direction enough such

imp o r t e d to m e e t

the nati o n ' s

O p e n i n g o f the M e d i t e r r a n e a n

additional

sources of

needs

supply available

for several

shipping has made
to m a i n t a i n

stocks

since#
However,

because of military requirements

United Nations,
plies be
and
by

i t is

considered

essential

s a f e g u a r d e d to t h e u t m o s t #

traffickers,

their former

intensive work by

that

sources of

shipping

the

t h e s e sap*

N a r c o t i c addicts,»,
supply dried up

the T r e a s u r y ' s B u r e a u s

and Customs and by wartime

of Narcotics

restrictions,

have

r e s o r t e d to p r e s c r i p t i o n f r a u d s a n d

robberies

to a n

increasing

resulting

in a

extent

in re c e n t months,

stantial d r a i n on legitimate drug
The n e w

the

industry;

weapon against
engaging

stocks.

c o n s e r v a t i o n o r d e r will place u p o n the

drug distributors

the T r e a s u r y a n a d d i t i o n a l

the r e l a t i v e l y f e w d e a l e r s

in u n ethical

Evidence

that

retail

increased responsibility for policing

and will give

control and handling

sub

practices
of their

one

or g u i l t y of careless

drug

supplies.

or m o r e d e a l e r s

ing or

selling derivatives

excess

of bona

fide medical

p e r m i t t i n g or

in a n a r e a a r e b u y

o f o p i u m a n d coca

leaves

requirements will be

considered

Bureau of Narcotics

over distribution of
corner drugstore b y
strict,quotas
which

has

today extended wartime

essential

narcotic

drugs down

control
to t h e

setting up machinery for applying

to r e t a i l d i s p e n s e r s
evidence

of leaks

in a n y locality in

into

illegitimate

No general application of purchase and
is c o n t e m p l a t e d a t t h i s

time.

Quota

channels.

sales

quotas

systems m a y be

established where considered n e c e ssary by the Commissioner
of Narcotics within a
district,

c ity,

county,
Where

Federal

Internal

Revenue

collection

in a l i m i t e d port i o n of a district,
or

such a

s u c h as

to w n .
quota area

is d e s i g n a t e d ,

retailers

g u i l t y of p e r m i t t i n g l a x h a n d l i n g of p r e s c r i p t i o n s

or of

c o n doning p r e s c r i p t i o n frauds,

o r o f f a i l i n g to p r o t e c t

a d e q u a t e l y the drugs

ther supplies
the order,
Criminal

entrusted

t h e m m a y be d e n i e d f u r

of o p i u m a n d c o c a l e a f p r e p a r a t i o n s u n d e r

known as Narcotics

penalties

Conservation Order No.

for violations

the o r d e r a l s o

2.
are

provided.
H.

J. A n s l i n g e r ,

that present

supplies

are a d e q u a t e to meet
the E u r o p e a n wa r
nized

Commissioner of Narcotics,
of

these drugs,

emphasized

p r operly distributed,

domestic and military needs.

threatened,

Secretary Morgenthau

the u r g e n c y of a c c u m u l a t i n g

supplies

When
recog

of these

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, April 13, 1944.

Press Service
No. 41-52

Secretary Morgenthau, through the Bureau of Narcotics
today extended wartime control over distribution of essen
tial narcotic drugs down to the corner drugstore by setting
up machinery for applying strict quotas to retail dispensers
in any locality in which the Bureau has evidence of leaks
into illegitimate channels*
No general application of purchase and sales quotas is
contemplated at this time,
Quota systems may be established
where considered necessary by the Commissioner of Narcotics
within a Federal Internal Revenue collection district, or
in a limited portion of a district, such as a county, city,
or town.
Where such a quota area is designated, retailers guilty
of permitting lax handling of prescriptions or of condoning
prescription frauds, or of failing to protect adequately the
drugs entrusted to them may be denied further supplies of
opium and coca leaf preparations under the order, known as
Narcotics Conservation Order No. 2,
Criminal penalties for
violations of the order also are provided,
H. J. Anslinger, Commissioner of Narcotics, emphasized
that present supplies of these drugs, properly distributed,
are adequate to meet domestic and military needs. When the
European war threatened,-Secretary Morgenthau recognized
the urgency of accumulating.supplies of these essential me d
ical items; and at his direction enough such drugs was im
ported to meet the nation’s needs for several years.
Open
ing of the Mediterranean to shipping has made additional
sources of supply available to maintain stocks since,
However, because of military requirements of the United
Nations, it is considered essential that these supplies be
safeguarded to the utmost.
Narcotic addicts and traffickers,
their former sources of supply dried up by intensive work
by the Treasury’s Bureaus of Narcotics and Customs and by
wartime shipping restrictions, have resorted to prescription
frauds and robberies to an increasing extent in recent
months, resulting in a substantial drain on legitimate drug
stocks•

2
The new conservation order will place upon the retail
drug distributors an increased responsibility for policing
the industry; and will give the Treasury an additional
weapon against the relatively few dealers permitting or
engaging in unethical practices or guilty of careless con
trol and handling of their drug supplies.
Evidence that one or more dealers in an area are buying
or selling derivatives of opium and coca leaves in excess
of bona fide medical requirements will be considered by
the Commissioner as justifying the setting of quotas based
on estimated, normal, legitimate business, for each dealer
within the area. Needs of ethical distributors will be met
fully.
Wartime control over distribution of narcotic drugs is
vested in the Bureau of Narcotics by an order of the War
Production Board.
Last May, in Conservation Order No. 1, a
general quota system was set up for all factors in the
trade from the wholesale level upward.
Order No. 2 makes
possible extension of quotas to retailers at the discretion
of the Commissioner of Narcotics.

oOo-

- 3 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 trdinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and orice range of accepted bids.

Those

submitting tenders will be advised of the acceptance or rejection thereof.

The

Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be final]
Subject to these reservations, tenders for $100,000 or less from any one bidder at 1
99*905 entered on a fixed-price basis will be accepted in full. •Payment of accepted
tenders at the prices offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on

April^ 20, 1944

•

The

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

Accordingly, the

owner of Treasury bills (cfcher than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday. April 14, 1944_____
.

The Secretary of the Treasury, by this public notice, invites tenders
fdr $ 1 rOQQ^OOPfOQQ , or thereabouts, of

^91 -day Treasury bills, to be issued

on a discount basis under competitive and fixed^price bidding as.hereinafter.pro- 1
vided.

The bills of this series will be dated

April 20, 1944

, and will

mature

July 20. 1 9 U

interest.

They will be issued in bearer form only, and in denominations of $1,000,

__, when the face amount will be payable without

$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 o. m., Eastern War time, Monday, April 17. 1944
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 printed forms arid 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 2 percent of the face

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Friday, April 14, 1 9 4 4 - ______

The Secretary of the Treasury, by this public notice,
invites tenders for $1,000,000,000, or thereabouts, of 91day Treasury bills, to be issued on a discount basis under
competitive and fixed-price bidding as hereinafter pro
vided,
The.bills of this series will be dated April 20, 1944,
and. will, mature July 20, 1944, 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
War time, Monday, April 17, 1944.
Tenders will not be
received at the Treasury Department, Washington.. Each ten
der 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 incor
porated banks and trust.companies ■and from responsible and
recognized dealers in investment securities.
Tenders from
others must be accompanied by payment, of 2 percent of the
face amount of Treasury bills applied for, unless the .ten
ders 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.
Subject to these reservations, tenders for
$100,000 or less from any one bidder at 99.905 entered on
a fixed-price basis will be accepted in full.
Payment of
accepted tenders at the prices offered must be made or com
pleted at the Federal Reserve Bank in cash or other imme
diately available funds on April 20, 1944,
41-53

(Over)

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 Federal1 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 h o w or here
after impo'sed 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 orig-r
inally sold by the United States shall -be considered to be
interest. ;i 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 here
under are sold shall not be considered.to a c c r u e ,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 prices ,
paid for such bills, whether on original issue or o n s u b s e 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. 418, as-: amended, and
this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue.
Copies of the cir
cular may be obtained from any Federal Reserve Bank or •
Branch.
...

-oOo

THBASCBI 0BPAHKH?
Washington

F0S RSLEASS, KC8WIH0 8EWSPAPE88,

Press Serrlce

Frltoa April U s X9U._______

Secretary of the Treasury Morgenthau today released the official circu
lars containing the detailed terms and conditions of the 2-1/2 percent and
2 percent Treasury bonds, the 1-lA percent Treasury notes and the 7/8

per

cent Treasury certificates of indebtedness, which will be sold, together
with Series £, F and G savings bonds and Treasury savings notes, during the
Fifth War Loan Brlve beginning June 312»
The texts of the official circulars follows

TREASURY DEPARTMENT
Washington
FOR RELRA.SE, MORNING NEWSPAPERS,
Friday, April 14, 1944«
4*".i j ~ 44

Press Service
No,. 41-54

Secretary of the Treasury Morgenth.au today released
the official circulars containing the detailed'terms and
conditions of the 2-1/2 percent and 2 percent Treasury
bonds, the 1-1/4 percent Treasury, notes, and the

J/Q

p er

cent Treasury certificates of indebtedness, which will b
sold, together writh Series E, P and G Savings Bonds- and
Treasury savings notes,

during the, Pifth War Loan Drive

beginning June 12.
The texts of the official circulars are attached..

UNITED STATES OF AMERICA
2Vz PERCENT TREASURY BONDS OF 1965-70
Dated February 1 ,1944, with interest from June 26, 1944

REDEEMABLE

a t t h e o p t io n o f t h e

u n it e d

Due March 15,1970
sta tes at pa r

and

accrued

INTEREST ON AND AFTER MARCH 15, 1965
Interest payable March 15 and September 15
ADDITIONAL ISSUE
1944
Department Circular No. 740

TREASURY DEPARTMENT,
O f f ic e

Fiscal Service
Bureau of the Public Debt

of t h e

S ecreta ry ,

Washington, June 12,19
I. OFFERING OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par and accrued interest, from the people of the United States for
bonds of the United States, designated 2JA percent Treasury Bonds of 1965-70. The amount of the
offering under this circular is not specifically limited.
2. These bonds will not be available for subscription, for their own account, by commercial
banks, which are defined for this purpose as banks accepting demand deposits, except as follows: a
commercial bank holding savings deposits or issuing time certificates of deposit (as each is defined
in Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe to the
bonds offered hereunder and to the 2 percent Treasury Bonds of 1952-54 offered simultaneously
herewith under Treasury Department Circular No. 741, but the amount of such subscriptions,
together with that of any other subscriptions such bank may have entered for its own account for
Series F or Series G Savings Bonds since January 1, 1944, and for 2*4 percent Treasury Bonds of
1956-59 or
percent Treasury Bonds of 1965-70 between January 18 and February 15,1944, shall
not exceed, in the aggregate, 20 percent of the combined amount of time certificates of deposit (but
only those issued in the names of individuals, and of corporations, associations and other organiza
tions not operated for profit), and of savings deposits, as shown on the bank’s books as of the date
of the most recent call statement required by the supervising authorities prior to the date of sub
scription for such bonds, or $400,000, whichever is less. No such bank shall hold more than $100,000
(issue price) of Series F and Series G Savings Bonds (Series 1944), combined.
II. DESCRIPTION OF BONDS

1. The bonds now offered will be an addition to and will form a part of the series of 2 ^ percent
Treasury Bonds of 1965-70 issued pursuant to Department Circular No. 729, dated January 18, 1944,
an additional amount of which was issued pursuant to Department Circular No. 734, dated March
2, 1944; after the first interest payment date, September 15, 1944, the bonds now offered will be
freely interchangeable with the bonds of this series previously issued, and are identical in all respects
therewith except that interest on the bonds to be issued under this circular will accrue from June 26,
1944. The provisions of Section I of Department Circular No. 729 are hereby modified to accord
with Section I of this circular and, subject to such modification, and to the provision for accrual of
interest from June 26,1944, on the bonds now offered, the bonds are described in the following quota-tion from Department Circular No. 729:
“1. The bonds will be dated February 1, 1944, and will bear interest from that date at the
rate of 21/z percent per annum, payable-on a semiannual'basis on September 15,1944, and there^after on March 15 and September 15 in each year until the principal amount becomes payable.
Ihey will mature March 15, 1970, but may be redeemed at the option of the United States on
and after March 15,1965, in whole or in part, at par and accrued interest, on any interest d#y 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 redemp
tion designated in any such notice, interest on the bonds called for redemption shall cease.
“2. The income derived from the bonds shall be subject to all Federal taxes, now or here
after 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. They 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 $590, $1,000, $5,000, $10,000,-$100,000 and $1,000,000. 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 regula
tions prescribed by the Secretary of the Treasury. Except as provided in Section I of this cir

cular, these bonds may not, before February 1, 1954, be transferred to or be held by commercial
banks, which are defined for this purpose as banks accepting demand deposits; however, the
bonds may be pledged as collateral for loans, including loans by commercial banks, but any such
bank acquiring such bonds before February 1, 1954, because of the failure of such loans to be
paid at maturity will be required to dispose of them in the same manner as they dispose of other
assets not eligible to be owned by banks.
'
, ■. .
“5. Any bonds issued hereunder which upon the death of the owner constitute part of his
estate, will be redeemed at the option of the duly constituted representatives of the deceased
owner’s estate, at par and accrued interest to date of payment,1Provided:
(a) that the bonds were actually owned by the decedent at the time of his death; and
(5) that the Secretary of the Treasury be authorized to apply the entire proceeds of
redemption to the payment of Federal estate taxes.
Registered bonds submitted for redemption hereunder must be duly assigned to “The Secretary
of the Treasury for redemption, the proceeds to be paid to the Collector of Internal Revenue at
___________________________ ________ for credit on Federal estate taxes due from estate of
ZZZI_______ ____ —________ Owing to the periodic closing of the transfer books
and the impossibility of stopping payment of interest to the registered owner during the closed
period, registered bonds received after the closing of the books for payment during such closed
period will be paid only at par with a deduction of interest from the date of payment to the next
interest payment date ;2 bonds deceived during the closed period for payment at a date after the
books reopen will be paid at par plus accrued interest from the reopening of the books to the date
of payment. In either case checks for the full six months’ interest due on the last day of the
closed period will be forwarded to the owner in due course. All bonds submitted must be accompanied by Form PI) 1782,3 properly completed, signed and sworn to; and by a certificate of
the appointment of the personal representatives, under seal of the court, dated ijot more than six
months prior to the submission of the bonds, which shall show that at the date thereof the ap
pointment was still in force and effect. Upon payment of the bonds appropriate memorandum
receipt will be forwarded to the representatives, which will be followed in due cdurse by formal
receipt from the Collector of Internal Revenue.
“6. Except as provided in the preceding paragraphs, the bonds will be subject to the general
regulations of the Treasury Department, now or hereafter prescribed, governing United States
bonds.”
>
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treas
ury Department, Washington! It is requested that there be no trading ip the securities allotted
hereunder and no purchases of such securities other than on direct subscription until after July 8,
1944. Banking institutions generally may submit subscriptions for account of customers, but only
the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies.
Others than banking institutions will not be permitted to enter subscriptions except for their own
account. Subscriptions must be accompanied by payment in full for the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or m
part, to allot less than the amount of bonds applied for, and to close the books as to any or all subscrip
tions at any time without notice; and any action he may take in these respects shall be final. Subject
to these reservations, and to the limitations on commercial bank subscriptions prescribed in Section I
of this circular, all subscriptions will be allotted in full. Allotment notices will be sent out promptly
upon allotment.
IV. PAYMENT

1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made on or
before June 26, 1944, or on later allotment. One day’s accrued interest is $0,068 per $1,000. Any
qualified depositary will be permitted to make payment by credit for bonds allotted to it for itself and
its customers up to any amount for which it shall be qualified in excess of existing deposits, when so
notified by the Federal Reserve Bank of its District.
Y. 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 Secre
tary 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 supplem ental
or amendatory rules and regulations governing the offering, which will be communicated prom ptly
to the Federal Reserve Banks.
^
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury.
1 An exact half-year’s interest is computed for each full half-year p eriod irrespective of the actual number of days in the half year. For a
fractional part of any half year, computation is on the basis of the actual number of days in such half year.
2 The transfer books are closed from February 16 to March 15, and from August 16 to September 15 (both dates inclusive) in each year.
3 Copies of Form PD 1782 may be obtained from any Federal Reserve Bank or from the Treasury Department, Washington, D. C.
0 . S . GOVERNMENT PRINTING O FFIC E

582275

UNITED STATES OF AMERICA
2 PERCENT TREASURY BONDS OF 1952-54
Dated and bearing interest from June 26, 1944

Due June 15,1954

REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER JUNE 15, 1952

Interest payable June 15 and December 15

1944
Department Circular No. 741

TREASURY DEPARTMENT,
O f f ic e

Fiscal Service
Bureau of the Public Debt

of t h e

S ecreta ry ,

Washington, June 12,19UU.
I. OFFERING OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act,
as amended, invites subscriptions, at par and accrued interest, from the people of the United States
for bonds of the United States, designated 2 percent Treasury Bonds of 1952-54. The amount of
the offering is not specifically limited.
2. These bonds will not be available for subscription, for their own account, by, commercial
banks, which are defined for this purpose as banks accepting demarid deposits, except as follows:
a commercial bank holding savings deposits or issuing time certificates of deposit (as each is defined
in Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe to the
bonds offered hereunder and to the 2 ^ percent Treasury Bonds of 1965-70 offered simultaneously
herewith under Treasury Department Circular No. 740, but the amount of such subscriptions,
together with that of any other *subscriptions such bank may have entered for its own account for
Series F or Series G Savings Bonds since January 1, 1944, and for 21/4 percent Treasury Bonds of
1956—59 or
percent Treasury Bonds of 1965-70 between January 18 and February 15, 1944,
shall not exceed, in the aggregate, 20 percent of the combined amount of time certificates of deposit
(but only those issued in the names of individuals, and of corporations, associations and other organ
izations not operated for profit), and of savings deposits, as shown on the bank’s books as of the date
of the most recent call statement required by the supervising authorities prior to the date of sub
scription for such bonds, or $400,000, whichever is less. No such bank shall hold more than $100,000
(issue price) of Series F and Series G Savings Bonds (Series 1944), combined.
II. DESCRIPTION OF BONDS

1. The bonds will be "dated June 26,1944, and will bear interest from that date at the rate of 2
percent per annum, payable on a semiannual basis on December 15,1944, and thereafter on June 15
and December 15 in each year until the principal amount becomes payable. They will mature June
15,1954, but may be redeemed at the option of the United States on and after June 15, 1952, in
whole or impart, 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 designated in any such notice, interest on
the bonds called for redemption shall cease.
2. The income derived from the bonds shall be subject to 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 {hereof 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. They 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 $500,. $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision
will be made for the interchange of bonds of different denominations and of couppn and registered
bonds, and for the transfer of registered bonds, under rules and regulations prescribed by the Sec
retary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury Department, now or
hereafter prescribed, governing United States bonds.

III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the
Treasury Department, Washington. It is requested that there be no trading in the securities allotted
hereunder and no purchases of such securities other than on direct subscription until after July 8,
1944. Banking institutions generally may submit subscriptions for account of customers, but only
the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies.
Others than banking institutions will not be permitted to enter subscriptions except for their own
account. Subscriptions must be accompanied by payment in full for the amount of bonds applied
for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, to allot less than the amount of bonds applied for, and to close the books as to any or all sub
scriptions at any time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, and to the limitations on commercial bank subscriptions proscribed in
Section I of this circular, all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
IV. PAYMENT

1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made on
or .before June 26, 1944, or on later allotment. One day’s accrued interest is $0,055 per $1,000.
Any qualified depositary will be permitted to make payment by credit for bonds allotted to it for
itself and its customers up to any amount for which it shall be qualified in excess of existing deposits,
when so notified by the Federal Reserve Bank of its District.
V. GENERAL PROVISIONS

Secretary of the Treasury.
U. S. GOVERNMENT PRINTING O FF IC E

582276

UNITED STATES OF AMERICA
iy 4 PERCENT TREASURY NOTES OF SERIES B-1947
Due March 15,1947

Dated and bearing interest from June 26,1944

Interest payable March 15 and September 15

(i - : 1944
Department Circular No. 742

TREASURY DEPARTMENT,
O f f ic e

Fiscal Service
Bureau of the Public Debt

of t h e

S ecreta ry ,

: Washington, June 12,191*.4.
I. OFFERING OF NOTES

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par and accrued interest, from the people of the United States for
notes of the United States, designated 1% percent Treasury Notes of Series B-1947. These notes
will not be available for subscription, for their own account, by commercial banks, which are defined
for this purpose as banks accepting demand deposits. The amount of the offering is not specifically
limited.
II. DESCRIPTION OF NOTES

1. The notes' will be dated June 26,1944, and will bear interest from that date at the rate of l 1/^
percent per annum, payable on a semiannual basis on September 15,1944, and thereafter on March
15 and September 15 in each year until the principal amount becomes payable. They will mature
March 15,1947, and will not be subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all Federal taxes, now or hereafter
imposed. The notes shall be subject to estate, inheritance, gift or other excise taxes, whether Fed
eral or State, but shall be exempt from all taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the*possessions of the United States, or by any local taxing
authority.
3. The notes will be accepted at par during such time and under such rules and regulations as
shall be prescribed or approved by the Secretary of the Treasury in payment of income and profits
taxes payable at the maturity of the notes.
4. The notes will be acceptable to secure deposits of public moneys.
5. Bearer notes with interest coupons attached will be issued in denominations of $1,000, $5,000,
$10,000, $100,000 and $1,000,000. The notes will not be issued in registered form.
6. The notes will be subject to the general regulations of the Treasury Department, now or here
after prescribed, governing United States notes.
III. SUBSCRIPTION AND ALLOTMENT

1, Subscriptions will be received at the Federal Reserve Banks and Branches and' at the Treas
ury Department, Washington. -It is requested that there be no. trading in the securities allotted
hereunder and no purchases of such securities' other than on direct subscription until after July 8,
1944. Banking institutions generally may submit subscriptions for account of customers, but only
the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies.
Others than banking institutions will not be permitted to enter subscriptions except for their own
account. Subscriptions must be accompanied by payment in full for the amount of notes applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, to allot less than the amount of notes applied for, and to close the books as to any or all subscrip
tions 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. PAYMENT -

1. Payment at par and accrued interest, if any, for notes allotted hereunder must be made on or
before June 26, 1944, or on later allotment. One day’s accrued interest is $0,034 per $1,000. Any
qualified depositary will be permitted to make payment by credit for notes allotted to its customers
up to any amount for which it shall be qualified in excess of existing deposits, when so notified by the
Federal Reserve Bank of its district.
V. GENERAL PROVISIONS

Secretary of the Treasury.
U . S . GOVERNMENT PRINTING O F F IC e

582277

UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1945
Dated and bearing interest from June 26,1944

TREASURY DEPARTMENT,

1944
Department Circular No. 743
Fiscal Service
Bureau of the Public Debt

Due June 1,1945

O f f ic e

of t h e

S ecreta ry ,

Washington,June 12,19UU*
I. OFFERING OF CERTIFICATES

1 . The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par and accrued interest, from the people of the United States for
certificates of indebtedness of the United States,'designated % percent Treasury Certificates of
Indebtedness of Series C-1945. These certificates will not be available for subscription, for their
own account, by commercial banks, which are defined for this purpose as banks accepting demand
deposits. The amount of the offering is not specifically limited.
II. DESCRIPTION OF CERTIFICATES

1 . The certificates will be dated June 26, 1944, and will bear interest from that date at the
rate of % percent per annum, payable on a semiannual basis on December 1,1944, and June 1,1945.
They will mature June 1,1945, and will not be subject to call for redemption prior to maturity.
2 The income derived from the certificates shall be subject to all Federal taxes, now or hereafter
imposed. The certificates 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^ certificates will be acceptable to secure deposits of public moneys. They will not be
acceptable in payment of taxes.
.
.
,
. 4..
4 Bearer certificates with interest coupons attached will be issued in denominations 01 $1,000,
$5,000, $10,000, $100,000 and $1,000,000. The certificates will not be issued in registered form.
5.
The certificates will be subject to the general regulations of the Treasury Department, now or
hereafter prescribed, governing United States certificates.
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treas
ury Department, Washington. It is requested that there be no trading in the securities allotted here
under and no purchases of such securities other than on direct subscription until after July 8, 1944.
Banking institutions generally may submit subscriptions for account of customers, but only the
Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. Others
than banking institutions will not be permitted to enter subscriptions except for their own account.
Subscriptions must be accompanied by payment in full for the amount of certificates applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, to allot less than the amount of certificates 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. PAYMENT

1. Payment at par and accrued interest, if any, for certificates allotted hereunder must be made
on or before June 26,1944, or on later allotment. One day’s accrued interest is $0,024 per $1,000.
Any qualified depositary will be permitted to make payment by credit for certificates allotted to its
customers up to any amount for which it shall be qualified in excess of existing deposits, when so
notified by the Federal Reserve Bank of its District.
V. GENERAL PROVISIONS

Secretary of the Treasury.
U . S . GOVERNMENT PRINTING O FFIC E

682278

■ i

■ftt j m

t *

On the stage with Mrs* Roosevelt and Secretary Morgenthan were a
representative of each branch of the armed forces*

As their names were called,

each stepped forward and were applauded by the audience of more than 1000 men
and women government war bond volunteers who jammed the hall*

t-i^lrats to» t he F r t l y »

Tho flomnnfl for

eilmi tlW F h a ll1g isajJlgff

Marine Lieut* John A* DeChant, Just returned from bombing missions over
Munda dad other Japanese~held points In the South Pacific» gave a graphic
account of his experiences and concluded with a plea to the folks at home to
let their fighting men know they are back of them b y making the Fifth War Loan
the most successful of all the war loans*
X* F, Bartelt, Commissioner of Accounts of the Treasury Department, and
chairman of the Interdepartmental Var Bond Committee, presided*
Included in the entertainment program were Fred Stone, Miss Constance
Bennett, Miss Fritzl Scheff and the Army Air Forces band*

- 3-

undoubtedly coma and with it will come the excitement of seeing new creation*
In countries which are developing rapidly one is in touch with new opportunities
and perhaps the hoys come to understand they may strengthen their own country
tjr helping to develop new and fniendly strength in the same hemisphere*
"The men who are the hardest hit are the men who occassionally hear
from their wives or sweethears that the ladies can no longer get along at
home alone*
consolation*

The loneliness is too great and they are looking to others for
These men often feel that if they could he spared to go home

only for a day that day might clear the home situation*

The refusal is hitter,

hut how can one man he allowed to go home when perhaps hundreds of others who
haven11 said anything about it* are going through the same difficulty!
"livery trip I take, however* brings me hack to our own shores with a
growing appreciation of those who broadly speaking constitute *Young America1*
The hoys of eighteen to thirty who man our planes and PZ boats and fight our
battles as infantry soldiers, those who keep the planes in the air* service
them watch and forecast weather for them; who keep the ships in running order;
who watch over the tanks and guns, in fact it is the average soldier* sailor
and marine who make up this roll of honor*

They will come hack to he citizen

Joe Doaks in any one of our forty eight states and they will sit at our tables
and look at us and say:

"What was your share in the war!

Did you take its

loneliness* its sacrifices* its discomforts and make them into a helmet with a
plume!

®hat symbol which in the old days of the knigjhts in armour never went

down in the field of battle except with death*
for y®u* what did you do!"

We endured much, we won the war

"The record of our soldiers, sailors, marines and Coast Guardsmen is
equally spectacular,
"In January of this year, our Armed Forces were investing at the rate
of more than forty-one million dollars a month in War Bonds, and this participa
tion is steadily rising.
"The record of our Fighting Forces in buying War Bonds has always
been good.

The men who are at the fronts, the men who know what this war

really means in terms of bullets and bombs, or those who are stationed in
isolated spots and knew the war for its loneliness and discomfort —
do not require much urging to buy Bonds,

these men

i'hey have had a good chance to

appreciate the United States and all it stands for and they are ready to invest
all they can to protect their homes, their comforts, the way of life they knew
before they went away,"
Mrs, Roosevelt gave the nation her first report on her trip through the
Caribbean and the South Atlantic,

She said, "On this trip the thing that really

impressed me was the fact that in many places where monotony and boredom
are the order of the day it is hard for one to keep his sense of value.
The men were seeing planes constantly coming An and going out to places where
they longed to be, and they remained in one spot for one year, two years and
even longer sometimes,

Eventually they come to feel as far away as if they

were stationed at a battle front and the excitement of an advanced base is
not present to buoy them up.

®he monotony, the discomfort of daily living

in uncomfortable climates with health restrictions ever present, with food
which though it is plentiful and healthy can not be very apetizing, all those
things are hard to bear for long periods of time.
"All of the men want to come home, of course, but I am not snrefcthat
some of them would not be willing to retxirn for limited periods of time to
some of the countries where they recognize the fact that development will

Federal government workers throughout the nation will strive for a
Fifth War Loan goal of 4|^per cent of one month*s pay» Mrs* Franklin D.
Roosevelt told the nation ds«^^night*
Speaking at the first Fifth War Loan rally held in the c o u n t r y * * ¿fa**«
s||iMlia»the top war bond workers of the $^8\Federal agencies in Washington» B. 0.»
Mrs. Roosevelt admitted that the objective set for government employees "is
pretty high" but she expressed confidence that they would respond in view
of their past record of war bond buying.

She said individuals could meet

their quota in two monthly installments.
Secretary of the Treasury Henry Morgenthau* Jr., shared a special
15-minute nationwide broadcast over the BBC network with Mps. Roosegelt.
The Fifth War Loan gets under way June 12*

The campaign*s goal is

16 billion dollars of which six billion dollars must come from individuals.
Secretary Morgenthau declared that "the Army tells me that one of
the best ways we have of convincing the soldiers overseas that we are
backing the attack is to keep up - and impr ove - o u r o o n d buying.
Calling attention to the War Bond record of 2,127,000 workers on
Uncle Sam’s payroll, Secretary Morgenthau pointed out that they now are
allotting 11 per cent of their monthly gross payroll.

The participants^

in the payroll savings plan number 90 per cent of the total^ personnel.
"In the Third and Fourth War Loans, civilians of the Government
invested nearly one and three qpiarter million dollars," Secretary Morgenthau
said.

"During the past year, civilian employees have invested in the war a

total of 10# of the entire Federal payroll.
"That is the story of civilian participation among Federal employees.

TREASURY DEPARTMENT
Washington
FOR RELEASE 7*30 P.M. E.W.T.,
Friday, April 14, 1944»______

Press Service
No, 41-55

Federal government workers throughout the nation will strive
for a Fifth War Loan goal of 40.percent of one m o n t h ’s pay,
Mrs. Franklin D. Roosevelt told the nation tonight.
Speaking at the first Fifth War Loan rally held in the coun
try, attended by the top war bond workers of the Federal agencies
in Washington, D. C., Mrs. Roosevelt admitted that the objective
set for government employees "is pretty high” but she expressed
confidence that they would respond in view of their past record
of war bond buying.
She said individuals could meet their quota
in two monthly installments.
Secretary of the Treasury Henry Morgenthau, Jr,, shared' a
special 15-minute nationwide broadcast over the NBC network with
Mrs, Roosevelt.
The Fifth War Loan gets under way June 12,
The campaign’s
goal is 16 billion dollars of which six billion dollars must come
from individuals.
Secretary Morgenthau declared that "the Army tells me that
one of the best ways we have of convincing the soldiers overseas
that we are backing the attack is to keep up - and increase our bond buying."
Calling attention to the War Bond record of 2,127,000 workers
on Uncle S a m ’s payroll, Secretary Morgenthau pointed out that they
now are allotting 11 percent of their monthly gross payroll.
The
participants in the payroll savings plan number 90 percent of the
total civilian personnel,
"In the Third and Fourth War Loans, civilians of the Govern
ment invested nearly one and three quarter million dollars,"
Secretary Morgenthau said,
"During the past year, civilian em
ployees have invested in the war a total of 10 percent of the
entire Federal payroll,
"That is the story o f ■civilian participation among Federal
employees.
"The record of our soldiers, sailors, marines and Coast
Guardsmen is equally spectacular.

2
uIn January of this year, our Armed Forces were investing
at the rate of more than forty-one million dollars a month in War
Bonds, and this participation is steadily rising,
"The record of our Fighting Forces in buying War Bonds has
always been good.
The men who are at the fronts, the men who know
what this war really means in terms of bullets and bombs, o r those
who are stationed in isolated spots and know the war for its lone
liness and discomfort -- these men do not require much urging to
buy Bonds.
They have had a good chance to appreciate the United
States and all it stands for and they are ready to invest all
they can to, protect their homes, their comforts, the way of liie
they knew before they went away.”
M r s . Roosevelt gave the nation her first report on her trip
through the Caribbean and the South Atlantic.
She said,
On this
trip the thing that really impressed me was the fact that in many
places where monotony and Boredom are the order of the day it is
hard for one to keep his sense of value.
The men were seeing
planes constantly coming in and going out to places where they
longed to be, and they remained in one spot for one year, two
years and even longer sometimes.
Eventually they come to feel as
far away as if they were stationed at a battle front and the
excitement of an advanced base is not present to buoy them up.
The monotony, the discomfort of daily living in uncomfortable
climates with health restrictions ever present, with food^which
though it is plentiful and healthy cannot be very appetizing, all
those things are hard to bear for long periods of time.
"All of the men want to come home, of course, but I am not
sure that some of them would not be willing to return for limited
periods of time to some of the countries where they recognize the
fact that development will undoubtedly corns and with it will come
the excitement of seeing new creation.
In countries which are
developing rapidly one is in touch with new opportunities and
perhaps the boys come to understand they may strengthen their own
country by helping to develop new and friendly strength in the
same hemisphere,
"The men who are the hardest hit are the men who occasionally
hear from their wives or sweethearts that the ladies can no longer
get along at home alone.
The loneliness is too great and they are
looking to others for consolation.
These men often feel that if
they could be spared to go home only for a day, that day might
clear the home situation.
The refusal is bitter, but how can one
man be allowed to go home when perhaps, hundreds of others who
haven!t said anything about it, are going through the same diffi
culty?

- 3 "Every trip I take, however, brings me back to our own shores
with.a growing appreciation of those who broadly speaking consti
tute TYoung^America’. The boys of eighteen to thirty who man our
planes and j?T boats and fight our battles as infantry soldiers,
those who keep the planes in the air, service them, watch and
forecast weather for them; who keep the ships in running order;
who watch over the tanks and guns, in fact it is the average sol
dier, sailor and marine who make up this roll of honor.
They
will come back to be citizen Joe Loaks in any one of our fortyeight states and they will sit at our tables and look at us and
say:
’What was your share in the war? hid you take its loneli
ness, its sacrifices, its discomforts and make them into a helmet
with a plume? That symbol which in the old days of the knights in
armour never went down in the field of battle except with death.
Ie endured much, we won the war for you, what did you d o ? ’1'
On the stage with M r s . Roosevelt and Secretary Morgenthau
were a representative of each branch of the armed forces.
As
their names were called, veach stepped forward and was applauded
by the audience of more than 1,000.men and women government war
bond volunteers who jammed the hall.
Marine Lieut. John A. DeChant, .just returned from bombing
missions over Munda and other Japanese-held points in the South
Pacific, gave a graphic account of his experiences and concluded
with a plea to the folks at home to let their fighting men know
they are back of-them'by making the Fifth.War Loan the most suc
cessful of all-the war loans.
E. F. Bartelt, Commissioner of Accounts of the Treasury
Department, and chairman of the Interdepartmental War Bond Com
mittee, presided.
Included in the entertainment program were Fred Stone,
Miss Constance Bennett, Miss. Fritzi Scheff and the Army Air Forces
band.
A

-oOo«

The Secretary was greatly interested in a newspaper
story published yesterday pointing out that the Treasury daily
statement, in making an accounting of Panama Canal receipts
and expenditures, is giving vital information to the enemy.
This information has appeared in the Treasury daily
statement since the completion of the Panama Canal and has
never reflected from day to day or month to month the traffic
passing through the Panama Canal.
These receipts as recorded on the -daily statement come not
only from tolls but from a number of miscellaneous sources such
as Taxes at the Canal Zone, dividends on capital stock of
Panama Canal Railroad, repayments of and interest on con
struction costs of public works, interest on deferred collec
tions or payments, liquidated damages, fines, penalties, fees
of various kinds, postal receipts, forfeitures of unclaimed
funds and abandoned property, reimbursements for excess costs
over contract price, and profits from business operations.
Furthermore, there is necessarily a time lag between the
dates on which the moneys are received at the Canal Zone and
the dates on which they clear'through the accounts of the
Treasurer of the United States at Washington.

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Friday, April 14, 1944*

Press Service
No. 41-56

The Secretary was greatly interested in a newspaper
story published yesterday pointing out that the Treasury
Daily Statement, in making an accounting of Panama Canal
receipts and expenditures, is giving vital information to
the enemy.
This information has appeared in the Treasury Daily
Statement since the completion of the Panama Canal and has
never reflected from day to day or month to month the traf
fic passing through the Panama Canal.
Thejse receipts as recorded on the Daily Statement come
not only from tolls but from a number of miscellaneous
sources such as taxes at the Canal Zone, dividends on cap
ital stock of Panama Canal Railroad, repayments o'f and in
terest on construction costs of public works, interest on
deferred collections or payments, liquidated damages, fines,
penalties, fees of various kinds, postal receipts, forfeit
ures of unclaimed funds and abandoned property, reimburse
ments for excess costs over contract price, and profits
from business operations.
Furthermore, there is necessarily a time lag between
the dates on which the moneys are received at the Canal
Zone and the dates on which they cfear through the accounts
of the Treasurer of the United States at Washington.
However, to make doubly certain that the information
is without military significance, the Army and Navy were
checked this morning.
The security officers saw no reason
to curtail this information, and indicated that they would
like nothing better than to have the enemy base its mili
tary strategy on such Information.
Accordingly,

the present procedure will be continued.

-oOo-

TREASURY DEPARTMENT

Washington
FOR IMMEDIATE RELEASE,
Tjyj&o dQ yyHWJTTXSy y '“

During the month of January,

Press Service
No-^—

1944, market

transactions in direct and guaranteed securi
ties of the Government for Treasury invest
ment and other accounts resulted in net sales
of

QQO, Secretary Morgenthau announced

today.

*uOc-

April 7, 1 9 U

TO MR. BELL:

M rim tt» mmVb. of itoefe* -19U» tu» following *&rk*t
trsomoUons took pX&oo is dlr«et sod gmr&«to«d eoouriti«#
of tb» Ooironawnti

S&los *••*♦****■#•*■******#!•*♦•••#«♦*♦*
•*«#*i^**#*#************♦♦* ..
Hot oalos ♦*♦•*#«*«****•*•*♦***•

Gree^eT&
(Sg&>

Copy to#

Hr# H#ff*lfinger
Mr* Sh&offer
Mig® Sooford

3o3©P^

TREASURY DEPARTMENT

MR. HEFFELFINGER

TREASURY DEPARTMENT
Washington

DOR IMMEDIATE RELEASE,
Saturday, April 15» 3-944«

Press Service
No. 41-57

During the month of M a r c h , '1944, market
transactions in direct and guaranteed securi
ties of the G-overnment for Treasury invest
ment and other accounts resulted in net sales
of $11,472,100,

Secretary Morgenthau announced

today.

-oOo-

TREA30HT D E P A H B ß H T
Washington
FOR RELEASE, MOHR IRQ TOSPAFERS,
Tuesday, April IS, 1944»

Frees Service

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,OCX), or thereabouts, of 91-day Treasury bills to be dated April 20 and to
nature July 20, 1944, which were offered on April 14, were opened at the Federal Re
serve Banks on April 1?«
The details of this issue are as follows:
Total applied for - $2,028,440,000
Total accepted
- 1,013,435,000
Average price

(includes $53,985,000 entered on a fixedprice basis at 99*905 and accepted in full)
* 99*905/ Equivalent rate of discount approx* 0*375$ par annua

Range of accepted competitive bids:
High
Low

- 99*910 Equivalent rate of discount approx. 0*356$ per annua
- 99*905
"
»
*
»
*
0*376$ »
*

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

Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

$
68,018,000
1,335,033,000
50,461,000
24,480,000
14,708,000
26,393,000
303,788,000
16,823,000
31,605,000
29,313,000
19,980,000
107*838.000

$2,028,440,000

H , 013,435,000

TOTAL

31,913,000
609,149,000
34,279,000
24,480,000
12,649,000
18,763,000
138,529,000
1 1 ,3 1 3 ,0 0 0
17,105,000
25,717,000
13,600,000
75.938,000

TREASUHT DEPARTMENT
Washington

FOR RELEASE, WORKING NEWSPAPERS,

Press Service

Lf /

Taesday, April IS, 1944»________

—5"% '

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, o f 91-day Treasury bills to b e dated April 20 and to
nature July 20, 1944» which w e r e offered on April 14, were opened at the Federal Re
serve Banks on April 17*

The details o f this issue are as follows:
Total applied for - $2,028,440,000
Total accepted
1,013,435,000

(includes $53,985,000 entered on a fixed-

price basis at 99.905 and accepted in full)
Average price

- 99*905/ Equivalent rate of discount approx* 0*375$ P®r annum

Range of accepted competitive bide:
- 99*910 Equivalent rate of discount approx. 0*35 6 $ per annum
ft
tt
ft
«
*
0*376$ *
M
- 99.905

High
Low

(42 percent of the amount bid for at the low price w a s accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
H e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco

$
68,018,000
1,335,033,000
50 ,461,000
24,480,000
14,708,000
26,393,000
303,788,000
1 6 ,823,000
31 ,605,000
29,313,000
19,980,000
107 ,838,000

$2,028,440,000

$1,013,435,000

TOTAL

31,913,000
609,149,000
34,279,000
2 4 ,480,000
12,649,000
18,763,000
138,529,000
11 ,313,000
17,105,000
25,717,000
13 ,600,000
75,938,000

TREASURY DEPARTMENT
Washington

FOR RELEASEjr MORNING NEWSPAPERS,
Tuesday, April 18, 1944,

Press Service
No. 41-58

The Secretary of the Treasury announced last evening that
the tenders for $>1,000,000,000, or thereabouts, of 91-day
Treasury bills to be dated April 2 0 'and to mature July 20, 1944,
which were offered on April 14, were opened at the Federal Re
serve Banks on April 17.
The details of this issue are as follows:
Total applied for - $2,028,440-,000
Total accepted
- 1,013,455,000 (includes $53,985,000
entered on a fixed-price basis at
99*905 and accepted in full)
Average price
r 99*905/ Equivalent rate of discount
approx. 0*375% per annum
Range of accepted competitive bids:
High

Low

99.910 Equivalent
approx. 0*356%
99*905 Equivalent
approx, 0.376%

rate of discount
per annum
rate of discount
per annum

(42 percent of the amount bid for at the low price was accepted,)
Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
New York
Philadelphia
Cle veland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

TOTAL

68,018,000
1,335,033,000
50.461.000
24.480.000
14.708.000
26.393.000
303.788.000
16.823.000
31.605.000
29.313.000
19.980.000
107.838.000

$2,028,440,000
-oOo-

31,913,000
609.149.000
34.279.000
24.480.000
12.649.000
18.763.000
138.529.000
11.313.000
17.105.000
25.717.000
13.600.000
, 75,938,000

$1,013,435,000

Secretary o f the Treasury Henzy ^rgeathau,J!r., declared today, in
response t o numerous inquiries, that private donations to the United nations
B e lief and Rehabilitation Administration are eligible for income tax deductions
as charitable contributions«
Secretary Morgenthau said he has been advised b y tiKRRA that it is
authorised to supplement with contributions from private sources the funds
appropriated b y t h e allied governments for the world-wide relief activities
of t h e organization.

Secretary o f the Treasury

Henxy Morg«athan*Jr*, declared today, in

response t o numerous inquiries, that private donations to the Uhited Hâtions
Relief and Rehabilitation Administration are eligible for income tax deductions
as charitable contributions*
Secretary Mergenthau said he has been advised by H U R R A that it is
authorised to supplement with contributions from private sources the funds
appropriated by t h e allied governments for the world-wide relief activities
of t h e organisation*

J/llA-rlAAAj

ft
>9

¿ £ x ~

H3)J! t'lly =¥pwFeggsMfeg*yfc]!ySjrgonlimayJR^4eclared today, in
response to numerous inquiries, that private donations to the United Nations
Relief and Rehabilitation Administration are eligible for income tax deductions
as charitable contributions«
, 7% u.2?
"tit ini n~i|i Miiit'iiiriiIlium said he has been advised by UNRRA that it is
authorized to supplement with contributions from private sources the funds
appropriated by the allied governments for the world-wide relief activities
of the organization.

-o *

TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Tuesday, April 18, 1944.

Press Service
No* 41-59

Commissioner of Internal Revenue Joseph D. Nunan,
declared today,

Jr.'

in response to numerous inquiries,: that

private donations to the United Nations Relief and Reha
bilitation Administration are eligible for income tax
deductions as charitable contributions
Mr. Nunan said he has been advised by UNRRA that it
is authorized to supplement with contributions from privât
sources the funds appropriated by the allied governments
for the world-wide relief activities of the organization*

F O B IMMEDIATE RELEASE,
April 18, I 9HH.________

The Bureau of Customs announced today preliminary figures showing
the quantities of coffee authorized for entry for consumption under the
quotas for the 12 months commencing October 1, I 9H 3 , provided for in
the Inter-American Coffee Agreement, proclaimed by the President on
April 15, I 9H 1 , as follows:

Country of Production

:
:
:

Quota Quantity
(Pounds) 1/

:
Authorized for entry
:______ for consumption_____
: As of (Date) V
(Pounds)

Signatory Countries:
Brazil
Colombia
Costa Bica
Cuba
Dominion Bepublic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,353,183,Hso
^58,336,3^0
29,100,720
11,61*0,288
17,UlS,10U
21,825,5^0
87,302,160
77#8l*l*,l*26
Ho,013,1*90
2,909,675
69, 111*,210
28,373,202
3,637,590
61,111,512

>n-Signatory Countries:

51,653,778

April 8, 19l+l*

«
n

it
April 15, I9HU
April 8, 19l*l*

n
H
II

Apr il 15, 19l*l+
April 8, I9HI*
it
N
H

6i9.O87.UUo
300,783,^75
H , 9°3,U75
3,^7,675
2/ 1U.58U.663
16,051,268
U3,731,675
U3.U53.183
16,180,595
2/ 2,679,0U6
U6.O83.8U0
ll,20U,933
1,822,558
2U,917,971
3.7U5.801

Quotas as established b y action of thè Inter-American Coffee Board on
January 12, I 9HH*

P e r telegraphic reports.

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE È.ELEASE ,•
Wednesday, April 19, 1944.

Press Service
No. 41-60

The Bureau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the quotas
for the 12'months commencing October 1, 1943, provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941, as
follows:

Country of Production

Authorized for entry
for consumption
(Date)
;
(Pounds)

t
: Quota Quantity
(Pounds) 1/ : As of

Signatory Countries!
Brazil
Colombia
Costa Rica
Cuba
Dominion Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,353,183,480
458,336,340
29,100,720
11,640,288
17,418,104
21,825,540
87,302,160
77,844,426
40,013,490
2,909,675
69,114,210
28,373,202
3,637,590
61,111,512

Non-Signatory Countries!

51,653,778

April 8, 1944
if
ti
it

April 15 , 1944
April 8, 1944
ft

if
it

April 15, 1944
April 8, 1944
ti
it
it
it

619,087,440
300,783,475
11,903,475
3,847,675
14,584,663
16,051,268
43,731,675
43,453,183
16,180,595
2,679,046
46,083,840
11,204,933
1,822,558
24,917,971
3,745,801

Quotas as established by action of the InterTAmerican Coffee Board on
January 12, 1944.

Per telegraphic reports.

-oOo-

Aaia

Africa

British lalaya
China and Mancfaukuo
Hong Kong
India and Burma

Japan
Motherlands l a s t Indies
Palestine
Philippine Islands

turkey
Other Aaia
fetal, Asia

Hotel

• 35,000,000
165 , 000,000
15.000.
000

..
..

55 000 000

Egypt
Dhlon of South Africa

Other Africa
fetal, Africa

I 25,000,000
60,000.000
_-60.000.000
U 5 , 000,000

90,000,000
Oceania
'■-V I
I .V■
25 000
000 Australia
170.000.
000
Mew Zealand
30,000,000
fetal, Oceania
JUL
675.000.
000 fowraolfled
Grand Total
75.000.

‘

000

190.000.

._lo.ooo.ooo

000

160.000.000
S.000.000
113,150,000,000

; '

ffeeae data are taken from a prellaimry tabulation of the 220,000 reperts filed with
the treasury Department on Form TfH-500. Although the assets reported wore all held
**
31, 1943, the required valuation date w i n d from Avgust 1, 1939 to |§§ 31,
1943 depending upon the country in which the assets were located and the availability
of balance sheet data, the figures are b&sed on the «book, market or estimated*
values reported*
the figures, whlls reasonably accurate as to totals, will be subject to change in
geographic details* The principal reasons are as follows!
(1)

final editing may show that some reperts, notably with respect to assets
in Germany and other Continental European countries, should not have boon
filed on this for»*

(2)

For the preliminary tabulations, foreign assets were not traced beyond the
first foreign holding company* Thus, certain assets are occasionally recorded
In a country other than that of their actual location*

(3)

Some ascertainable values, particularly of securities, were reported as
«unknown* and will be secured later*

Preliminary tabulation of the Taina of American-Owned
Property in Foreign Countries* as reported on Fona TFR- 500
(AB of May 31, 1943)

Europe

W « t Indies

Austria
Baltic States
Beigli»
Bulgaria
Czechoslovakia
Denmark
Finland
France
Germany
Greece
*

4- '

V-

••

#180,000,000
20*000*000
110,000,000
10,000,000
160,000,000
50,000,000
35*000,000
370,000,000
1,290,000,000
140,000,000.

Hungary
Italy
Netherlands
Norway
Boland

55,000*000
265,000,000

215,000,000
40*000*000
255*000,000

Portugal» inai* Azares
15*000*000
and Madeira
Rumania
to,ooo,ooo
Spain* Inel* Canary Islands 110*000,000
Sweden
35,000,000
Switzerland
90*000*000
Hhited Kingdom
Iugoslavia
W#S#SéJI#
Other Jaropa
fetal, Europa

Canada
Newfoundland
total» Canada and
Newfoundland

1*030,000*000

30 000,000
35,000*000
— 2S Æ B Æ S .
4^5*0(50*0(50

4.375.000. 000
21.000*000
4.400.000.

000

Cube
Dominican Republic
Haiti
Other feet Badine
total. West Indies

#785,000,000
45,000,000
15*000,000
___ 75.000I000
920,000,000

Owrtarta Aawrlca «ad «*atloo
Costa Bica
Guates» la
Honduras
Nicaragua

35,000,000

**■

Panama
Salvador
Manico
fidai, Central America
and Mfrwfeo

90,000,000
40,000,000
15*000*000
185,000,000
20,000*000

_ 420^Q00*000
805,000,000

South, America
Argentina
Bolivia
Brasil
Chilo
Colombia

355,000,000
25,000*000
330,000,000
305,000*000

Peru
Uruguay
Venezuela
Other South America
total* South America

70*000,000
35,000,000
270,000*000

185 000,000

1,405,000*000

*» 2 **

Canada and

$1*030*000*000 In

tha Unitaci Kingdon* investment«

Canada

ara t&* largast of aay stagi« country and includa all typea of asseta*
midi as fovaraBant and corporata seeurlttea* sanufaeturing and ©Ining
«**tarpri«a», urtan and far» raal astata*
à» an Indicatici of tha toltati State©1 interest in thè -Oood
Kelghbor ^oHcy* Treemay9« figura« raveal thei Avaricene oaa $3*250*000*000
in latin Anerlean Keptft&ica* Of tisane holding«* #T$5*0Q0iO0O ara in Cuba*
$420*000*000

in Saldo** $355*000*000 in Argentina* and $330*000*000 in

Braail*
The Cansus <£ Aaericen Frcparty Abroad la tha firct of ita kind
aaar takan in tha Qnitad Stata«* althoogh other natici« bave previoueljr
' !■
'

gathered «neh imformtion* Reperti» «ara required of all persomi withln
tha jurledtetlon of tha Uteitad Stata« holding forcipi «acuritiaa and
other fereign proparty, Api^mtaately
and trust«* and

16*000

1*50*000

individuai«*

32*000

astata«

business antarprlaaa in tha Uniteci Stata# «ufceiltted

raports. The retarne ore mm feaing utiliaed far sevaral «arti«* purpose#
and'aiti ìm avallatila far peaca-tahla and postaèr negati«tiene* Tha
Traamay iadieiited that tha mmmmemà figure« aagr ha «ubjeet to mimst
«haage« m ti» ra«ult of m&eecpient editing and tlm màmimMm of reporta
ìy parsema «ho bava noi yat emsplled «ith reporting req«ire©ent©* Such
parsone «ara «shed to raport at anca throtigh tha Federai Raserre Bank in
thalr dlstriet*

smmm wtmm» raa mm mm&mm
é m m m

r m m

i f « îh r m m m cow

m m

American individuala and flapis hold intarlate of ©ore tban
tl3*30GtOGOfOOQ ta forelgn oountries, aeoordiïig te jmllslnaxy tabulatien* of the Troaeury tfepartment •« reoent Cenauo of feerie»» Proparty
âtroad*

This reprenants a total fInondai otake in forolgn arena elth

«hlefa only thet of Créât Britain mlght campare*
The figurée releaiied %

tfe© Sreaeury Department e h œ that >

Anerlean holdings in the six mm«p countries total $1*775*000*000*
Ismetusente.lii Qrnmx& amount te fl*? 3*000*000) is
and la Japen* $90*000*000*
Oerewnp m

îtaly*

$265*000*000)

A considérable part of thè fcoldii^a in

reporbed If refuge«« who reaehad tfeis omsitry after 1936*

The Italien figure Includa» 1b unuauel volume poetai eavingn dopatile
and « 1 1 Xand holdings* ae « e H as ehurch preparile«*
Si# Treafnsy pdsitaâ ont thet American Investaant« la « M g r
natio»«

nero then tripla the 1450*000*000 of knesn aad» holding«

h e m and th»t tho bulk of «uch ¿»marlesn prc^ertloe hâve protaebly beoti
sdeed by enoaf gowwrnaeiiis*

Tho Canotas figurée aleo she# tfast Americane

mm ©ore than 12*000*000*000 of propertgr ln areas no* oceupied by the
enesf •

In all probabili^ m e t of t h æ e proporti** bave llkadee beon

selaad by tho Axis*

ït le antlelpated tbot «bon tho

Axis

le dofoatod

American authorltlaa « U l play en important rolo lu \mecresbling the
probi©«« of oonflse&ted proporti«« In enony and «noBf o o cupled torrltory*
à m o t s In Ibilted Hâtions territories aggrotto 16*000*000*000*
«slsiifell areas ne« under enesy domination*

Inveotnents la the Brittsh

Impire seccami for $5,800,000,000 of thie total «ith #4*375*000*000 in

Africa

Asia
British Malaya
China and Manchukuo
Hong Kong
India and Burma
Japan
Netherlands Bast Indies
Palestine
Philippine Islands
Turkey
Other Asia
Total, Asia

Note:

35,000,000
165,000,000
15,000,000
55,000,000
90,000,000

Egypt
Union of South Africa
Other Africa
Total, Africa

1 25,000,000
60,000,000
60,000,000
145,000,000

Oceania
75,000,000
25,000,000
170,000,000
30,000,000
15,000,000
675,000,000

Australia
New Zealand
Total, Oceania
Unspecified
Grand Total

150,000,000
10,000,000
160,000,000
5,000,000
113,350,000,000

•

These data are taken from a preliminary tabulation of the 220,000 reporte filed with
the Treasury Department on Form TFF.-500. Although the assets reported were all h.ld
as of May 31, 1943, the required valuation date varied from August 1, 1939 toIfey31,
1943 depending upon the country in which the assets were located and the availability
of balance sh!etPdata. The figures are based on the "book, market or estimated"
values reported.
The figures, while reasonably accurate as to totals will be subject to °hange in
geographic details through the process of editing the Census. The principal
requiring changes are as follows:
(1)

Final editing may show that some report's, notably with respect to assets
in Germany and other Continental European countries, should not have been
filed on this form.

(2)

For the preliminary tabulations, foreign assets.were not traced b e y o n d the
first foreign holding company. Thus, certain assets are occasionally r
in a country other than that of their actual location.^

(3)

Some ascertainable values, particularly of securities, were reported as
’’unknown11 and will be secured later.

Preliminary tabulation of the Value of American-Owned
Property in Foreign Countries, as reported on Form TFR-500
(As of May 31, 1943)

Europe
Austria
Baltic States
Belgium
Bulgaria
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland

West Indies

$180,000,000
20,000,000
110,000,000
10,000,000
160,000,000
50,000,000
35,000,000
370,000,000
1,290,000,000
140,000,000
55,000,000
265,000,000
215,000,000
40,0Q0,000
255,000,000

Portugal, incl. Azores
15,000,000
*rf
and Madeira
Rumania
65,000,000
Spain, incl. Canary Islands 110,000,000
35,000,000
Sweden
Switzerland
90,000,000
United Kingdom
Yugoslavia
U.S.S.R.
Other Europe
Total, Europe

1,030,000,000
30,000,000
35,000,000
30.000.000
4,635,000,000

Canada and Newfoundland
Canada
Newfoundland
Total, Canada and
Newfoundland

4,375,000,000
25.000.000
4,400,000,000

Cuba
Dominican Republic
Haiti
Other West Indies
Total, West Indies

$785,000,000
45,000,000
15,000,000
75.000.000
920*000,000

Central America and Mexico
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexico
Total, Central America
and Mexico

35,000,000
90,000,000
40,000,000
15,000,000
185,000,000
20,000,000
420.000.000
805,000,000

South America
Argentina
Bolivia
Brazil
Chile
Colombia
Peru
Uruguay
Venezuela
Other South America
Total, South America

355,000,000
25,000,000 *
330,000,000
305,000,000
185,000,000
70,000,000
35,000,000
270,000,000
30.000.000
1,605^000,000

- 3 other foreign property*

Approximately 170,000 individuals, 32,000 estates

and trusts, and 16,000 business enterprises in the United States submitted
reports.

The large number of foreign holdings by small investors is

notable*

A majority of the reports were filed by persons haying foreign

investments of less than $10,000*
The Treasury indicated that the announced figures are based on the
,!book, market or estimated** values reported by owners*
may be subject to

x m tssst

The Census results

Change# due to editing and the submission of

reports by persons who have not yet complied with reporting requirements.
Such persons should report at once through the Federal Reserve Bank in
their district.

of the property has probably been seized by enemy governments*

The

Census figures also show that Americans ovm more than $2,000,000,000
of property in areas now occupied by the enemy.

In all probability

most of these properties have likewise been seized by the Axis.

is anticipated that when the Axis is defeated American authorities
will play an important role in unscrambling the problems of confiscated
properties in enemy and enemy-occupied territory*
American assets in United Nations territories aggregate
$8,000,000,000, excluding areas now under enemy domination*

Invest

ments in the British Empire account for $5*800,000,000 of this total
with $4*375*000,000 in Canada and $1,030,000,000 in the United Kingdom*
Investments in Canada are the largest in any single country and include
all types of assets, such as government and corporate securities, manu
facturing and mining enterprises, urban and farm real estate*
As an indication of the United States’ interest in the Good
Neighbor Policy, Treasury’s figures reveal that Americans own
$3*.250,000,000 in Latin American Republics.

Of these holdings,

$785,000,000 are in Cuba, $420,000,000 in Mexico, $355,000,000 in
Argentina, and $330,000,000 in Brazil.
The Census of American Property Abroad is the first of its kind ever
taken in the United States, although other nations have previously
gathered similar information*

Reports were required of all persons within

the jurisdiction of the United States holding foreign securities and

SUGGESTED PRESS RELEASE ON CENSUS RESULTS

American individuals and firms hold interests of more than
$13,300,000,000 in foreign countries, Secretary Morgenthau announced
today, representing a total financial stake in foreign areas ■with
which only that of Great Britain might compare*
The report was based on preliminary tabulations of the
/

Treasury Department’s recent Census of American Property Abroad,
inaugurated by the Department almost a year ago to provide the Govern
ment complete and accurate information on American assets abroad*
The information thus obtained will be of assistance not only
in Treasury Department activities, Secretary Morgenthau observed, but
will aid also in the work of other governmental departments and
agencies involving economic, financial and commercial relationships
with foreign countries and their nationals*
The returns, Mr* Morgenthau said, are now being utilized for
several wartime purposes, and will be available for peace table and
postwar negotiations*

He observed that the Government’s need for

detailed knowledge of American interests and relationships abroad has
increased constantly since the war began*
The figures released by the Treasury Department show that
American holdings in the six enemy countries total $1,775,000,000*
Investments in Germany amount to■$1,290,000,000$ in Italy, $265,000,000$
and in Japan, #90,000,000*

The investment in enemy nations is more

than triple the $450,000,000 of known Axis holdings here*

The bulk

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, April 20, 1944.

Press Service
No. 41-61

American individuáis and firms hold interests of more
than $13,300,000,000 in: foreign countries, Secretary Morgenthau
announced today, representing a total financial stake in
foreign areas with which only that of Great Britain might
compare.
The report was based on preliminary tabulations of the
Treasury Department’s recent Census of American Property
Abroad, inaugurated by the Department almost a year ago to
provide the Government complete and accurate information on
American assets abroad.
The information thus obtained will be of assistance not
only in Treasury Department activities, Secretary Morgenthau
observed, but will aid also in the work of other govern
mental departments and agencies involving economic, financial
and commercial relationships with foreign countries and their
nationals.
The returns, Mr. Morgenthau said, are now being utilized
for several wartime purposes, and will be available for peace
table and postwar negotiations.
He observed that thè Gov
ernment’s need for detailed knowledge of American interests
and relationships abroad has increased constantly since the
war began.
The figures released by the Treasury Department show
that American holdings in the six enemy countries total
$1,775,000,000.
Investments in Germany amount to
$1,290,000,000; in Italy, $265,000,000; and in Japan,
$90,000,000.
The investment in enemy nations is more than
triple the $450,000,000 of known Axis holdings here.
The
bulk of the property has'probably been seized by enemy gov
ernments.
The Census figures also show' that Americans own
more than $2,000,000,000 of property in areas now occupied
by the enemy.
In all probability most of these properties
have likewise been seized by the Axis.
It is anticipated
that when the Axis is defeated American authorities will play
an important role in unscrambling the problems of confiscated
properties in enemy and enemy-occupied territory.

2
American assets in United Nations territories aggregate
$8,000,000,000, excluding areas now under enemy domination.
Investments in the British Empire account for $5,800,000,000
of this total with $4,375,000,000 in Canada and $1,030,000,000
in the United Kingdom.
Investments in Canada are the
largest in any single country and include all types of assets,
such as government and corporate securities, manufacturing
and mining enterprises, urban and farm real estate.
As an indication of the United States! interest in the
Good Neighbor Policy, Treasury1s figures reveal that Amer
icans own $3,250,000,000 in Latin American Republics. Of
these holdings, $785,000,000 are in Cuba, $420,000,000 in
Mexico* $355,000*000 in Argentina, and $330,000,000 in Brazil.
The Census of American Property Abroad is the first of
its kind ever taken in the United States, although other
nations have previously gathered similar information.
Reports
were required of all persons within the jurisdiction of the
United States holding foreign securities and other foreign
property. Approximately 170,000 individuals, 32,000 estates
and trusts, and 16,000 business enterprises in the United
States submitted reports.
The large number of foreign hold
ings by small investors is notable. A majority of the
reports were filed by persons having foreign investments of
less than $10,000*
The Treasury indicated that the announced figures are
based on the "book, market or estimated" values reported by
owners*. The Census results may be subject to changes due to
editing and the submission of reports by persons who have
not yet complied with reporting requirements*
Such persons
should report at once through the Federal Reserve Bank in
their district.

- 3 Preliminary tabulation of the Value of American-Owned
Property in Foreign Countries, as reported on Form TFB-500
(As of May 31, 1943)
Europe
AustriaBaltic States
Belgium
Bulgaria
Cz e cho slo vakia
Denmark
Finland
Fran ce
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland

- West Indies
$180,000,000
20,000,000

n o , ooo, ooo
10,ooo,ooo
160,000,000
50,000,000
35IOOO,000
370,000,000
1,290,000,000
140,000,0Ö0
55,000,000
265,000,000
2 1 5 ,0 0 0,000
40 ,00 0 ,0 0 0
2 5 5 ,0 0 0 ,0 0 0

Portugal, incl. Azores
1 5 ,00 0 ,0 0 0
and Madeira
Rumania
6 5 ,0 0 0,000
Spain, incl. Canary Islands 110,000,000
Sweden
35,000,000
Switzerland
90,000,000
United Kingdom
Jugoslavia
U.S.S.R.
Other Europe
Total, Europe

1 ,030 ,000,000
30,000,000
35,000,000
30,000,000
4,b35,000,000

Canada and Newfoundland
Canada
Newfoundland
Total, Canada and
Newfoundland-

' 4,375,000,000
25,000,000

4 ,400 ,00 0 ,0 0 0

Cuba
Domini can Be publi c
Haiti
Other West Indies
-Total, West Indies

$785,000,000
45,000,000
15,000,000
75,000,000
9 2 0 ,0 0 0,000

Central America and Mexico
Costa Bica
Guatemala
Honduras
Nicaragua
Panama
Salvador
Mexi co
Total, Central America
and Mexico

35,000,000
90,000,000
40 ,0 0 0,000
15,000,000
185,000,000
20,000,000
4 2 0 ,00 0 ,0 0 0
805,000,000

South Amèrica
Argentina
Bolivia
Brazil
Chile
Colombia
Peru
Uruguay
Venezuela
0 the r South Arneri ca
Total, South America

355,000,000
2 5 ,0 0 0,000
330,000,000
305,000,000
185,000,000
70,000,000
35,000,000
270,000,000
30,000,000
1,605,000,000

- 4 Asia

Africa

British Malaya
China and Manchukuo
Hong Kong
India and Burma
Japan

$ 35,000,000
165,000,000
15* 000*000
55*000*000
90,000*000

Egypt
Union of South Africa
Other Africa
Total, Africa

$ 25*000,000
60,000,000
60,000,000
1 4 5 ,000,000

Oceania
Netherlands East Indies
Palestine
Philippine Islands
Turkey
Other Asia
Total* Asia

75*000*000
25,000,000
170,000,000
30*000,000
15*000*000
675,000,000

Australia
New Zealand
Total, Oceania
Unspecified
Grand Total

150,000,000
10,000,000
160*000,000
5,000,000
113,350*000,000

Note;
These data"are taken from a preliminary tabulation of the 220,000 reports •
filed with the Treasury. Department on Form TFR-500. Although the assets
reported "were all held as of May 31* 1943* the required valuation date varied
from August 1, 1939* to Fay 31* 1943* depending upon the country in which the
assets were located and the availability of balance sheet data. The figures
are based on the "book* market or estimated" values reported.
The figures* while reasonably accurate as to totals* will be subject to
change in geographic details through the process of editing the Census*
principal factors requiring changes are as follows;

The

(1)

Final editing may show that some reports* notably with respect to assets
in Germany and other Continental European countries, should not have been
filed on this form*

(2)

For the preliminary tabulations, foreign assets were not traced beyond
the first foreign holding company* Thus* certain assets are occasionally
recorded in a country other than that of their actual location.

re.

(3)

Some ascertainable values* particularly of securities* were reported as
"unknown" and will be secured later.

Government kmi. had in se ttin g up the T r i-p a r tite Agreement
with France and England previous to the war, were, i t is said,
(

ve^rvaluable in designing a^voluntary S ta b iliz a tio n Plan.
The idea of In tern atio n al S ta b iliz a tio n f i r s t came to
important n otice in January, 1942, when the M inisters of
Foreign A ffairs of the American Republics met in Rio de Janeiro
and adopted a resolu tion recommending:
(1 )

That the Governments of the American Republics

p a rtic ip a te in a sp e cia l conference of M inisters of
Finance or th e ir re p re se n ta tiv e s to be called fo r the
purpose of considering the establishment of an in te r
n ational s ta b iliz a tio n fund.
(2 )

That the conference in considering the e sta b lish

ment of such a fund sh a ll form ulate the plan of organization,
powers and resources necessary to the proper functioning
of the fund, sh a ll determine the conditions re q u isite to
p a rticip a tio n in the fund, and sh a ll propose p rincip les
to guide the fund in i t s operation .
It is belived th at the In tern ation al S ta b iliz a tio n Plan,
i f eventually adopted by a l l Governments concerned, w ill be the
most important development in monetary m atters in a generation.
o

S ecretary Morgenthauw i l d ap;

group of House and Senate Committees

next Friday^to report progress on th

_onal Monetary

S ta b iliz a tio n Plan. ^He iwsidf th a t he i^Tmado i t a p ra ctice
to keep Congress informed of developments in the discussions
which technicians of th is and t h i r t y other United Nations
have had over a period of two y e a rs , leading to a voluntary
In tern ation al Plan to s ta b iliz e cu rrencies a f te r the war,
and to encourage p riv ate in te rn a tio n a l investment to aid in
post-war re co n stru ctio n .
Up to th is tim e, a l l discussions have been at a technical
le v e l, and i t is believed th at the tech n ician s are now in
su b sta n tia l agreement.

The S ecretary said he would make a

statement to the press following his appearance before the
Committees, and would release to the public the program upon which
tech n ician s have agreed.
The S ecretary w ill be accompanied loy a t his appearance
before the Committees by Dean Atcheson, A ssistan t S ecretary of
S ta te , who has worked clo se ly with the Gs t o p te«bini; 1nns

sta rte d on the Fund by Treasury monetary experts about two years
ago, and was aimed at finding ways and means of aiding post-war
reco n stru ctio n , the re s to ra tio n to a

le v e l of world

tra d e , and the establishment of sound in te rn a tio n a l monetary
systems.

The experts of several oth er Government departments

soon joined the Treasury group.

The experiences i&ich th is

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE REDSASE,
Wednesday.» April 19» 1944»-

Press Service
No. 41-62

Secretary Morgenthau today announced he will appear before
a group of House and Senate Committees on
Friday to report
progress on the Treasury’s International Monetary Stabilization
Plan.
He pointed out that he has made it a practice to keep Con
gress informed of developments in the discussions which techni
cians of this and thirty other United Nations have had over a
period of two years, leading to a voluntary International Plan
to stabilize currencies after the war, and to encourage private
international investment to aid in post-war reconstruction.
Up to this time, all discussions have been at a technical
level, and it is believed that the technicians are now in sub
stantial agreement.
The Secretary said he would make a state
ment to the press following his appearance before the Committees,
and would release to the public the program upon which techni
cians have agreed.
The Secretary will be accompanied at his appearance before
the Committees by Dean Acheson, Assistant Secretary of State,
who has worked closely with the Treasury since the start of the
international exploratory conferences.
Work was started on the Fund by Treasury monetary experts
about two years ago, and was aimed at finding ways and means of
aiding post-war reconstruction, the restoration to a prosperous
level of world trade, and the establishment of sound interna
tional monetary systems. The experts of several other Govern
ment departments soon ¡joined the Treasury group.
The experiences
which this Government had in setting up the Tri-partite Agreement
with France and England previous to the war, were, it is said,
very valuable in designing a world-wide voluntary Stabilization
Plan.
The idea of international stabilization first came to impor
tant notice in January, 1942, when the Ministers of Foreign
Affairs of the American Republics met in Rio de Janeiro and
adopted a resolution recommending?

(1) That the Governments of the American Republics
participate in a special conference of Ministers of
Finance or their representatives to be called for the
purpose of considering the establishment of an inter
national stabilization fund,
(2) That the conference in considering the establish
ment of such a fund shall formulate the plan of organi
zation* powers and resources necessary to the proper
functioning of the fund, shall determine the conditions
requisite to participation in the fund, and shall pro
pose principles to guide the fund in its operation.
It is believed that the International Stabilization Plan,
if eventually adopted by all Governments concerned, will be the
most important development in monetary matters -in a generation#

-oOo-

m i
~ 3 -

for such bills, whether on original issue or on subsequent purchase, and the amount
actually received either upon sale or redemptiontat maturity during the taxable
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 41B, as amended, and this notice, pre~ :
scribe the terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 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

Payment of accepted

tenders at the prices offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on

April 27, 1944 ______ .

The

bills shall be subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by anj^ State, or any of the possessions of
the United States, or by any local taxing authority.

For* purposes of taxation the

amount of discount at.which Treasury bills are originally sold by the United States
shall be considered to be interest.

Under Sections 42 and 11? (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 companies) issued hereunder
need include in his income tax return only the difference between the price paid

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday. April 21, 1944______

The Secretary of the Treasury, by this public notice, invites tenders
for $ 1.000^000.000 , or thereabouts, of

-day Treasury bills, to be issued

on a discount basis under competitive and fixed-price bidding as hereinafter pro
vided,

The bills of this series will be dated

mature

July 27, 1944

interest.

t o /./.

and will

,} when the face amount will be payable without

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 d . m., Eastern War time,

Monday. April 24. 1944

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 printed forms and for

Tenders from others must be accompanied by payment of 2 percent of the face

amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty gf payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be ppened at the Federal

TREASURY DEPARTMENT
Washington

- POH RELEASE, MORNING NEWSPAPERS,
Friday, April 21, 1944#

The Secretary of the Treasury, by this public notice,
invites tenders for $1,000,000,000, or thereabouts of 91-day
Treasury bills, to be issued on a discount basis under com-petitive and fixed-price bidding as hereinafter provided.
The bills of this series will be dated April 27, 1944, and
will mature July 27, 1944, 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 (ma turi ty value ) •
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o !clock p . m . , Eastern
War time, Monday, April 24, 1944•
Tenders, will not be re
ceived at the Treasury Department, Washington.
Each tender
must be for an even multiple òf $1,000, and the price
offered must be expressed on the basis of 100, with nòt
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 incorpor
ated banks and trust companies and from responsible and
recognized dealers in investment securities.
Tenders from
others must be accompanied by payment, of 2 percent of the
face amount of Treasury bills applied for, unless the ten
ders are accompanied by an express guaranty of payment by
an incorporated bank or trust company..
Immediately after the closing hour, tenders will be
openèd 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 ex
pressly 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*
Subject to these reservations, ten
ders for $100,000 or less from any one bidder at 99.905
entered on a fixed-price basis will be accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or
other immediately available funds on April 27, 1944#
41-63

(Over)

2
The income derived from Treasury bills, whether inter
est or g a i n '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 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 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 such bills, whether on!original issue or
on subsequent purchase, and the amount actually received
either upon sale or redemption at maturity during the tax
able year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 418, as amended, and
this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue.
Copies of the cir
cular may be obtained from any Federal Reserve'Bank or
Branch.

-oOo-

•;j•
1

M**b«r countries would not allow exchange transactions at rates
out aids a prescribed pang» baaed on tbs agreed p a r itie s . They would
not be peraitted to iapois re strie tio n s on pa,? sent a for e&prent
inter national transactions, op to engage i s discriminatory currency
arrangement» or multiple currency p ractices without the approval of
the Fond.
During the period ©f tra n sitio n following the war, weaker
countries would be permitted to re ta in th e ir exchange eontrols with
the expectation that these weald gradually be relaxed. Three years
a fte r the establishment of the Fund any member s t i l l retaining
reatrio tio n a inconsistent with these principles would consult with
the Fund as to th e ir reten tion . R e tran sition period is recognised
one of change and adjustment and in deciding on requests presented
by aeabers the Fund would give then the b en efit of any reasonable
doubt.
d>

' f

Èm sm xf of ihe Eecommeiidat iom«

of là« Feehaieal Exports

f à t experte propost i l # establishment o f am ^ t e r n a t i ornai
monettry fund a* # permanent In stitu tio n fe r international monetary
Cooperati os* The pur pose vomii be t# prom te $ m h m m s t a b i l i t i ,
aasnre ^ u n ila te r a l payment f a e i l l t i e a , belp lotsen International
disequillbrlu® and gire confidonoe to isemfetr eountries. AH of thè
O o liti a l i Associated Ustiona vomii subscrlbe approvinetely f i b ill io
io thè Funi la thè fon t of g e li 'ani l o t t i currency in attorian te v iti
as agi*eoi formila* flit reaources o f thè F asi m u li be available
under et# mia te safeguards io help mstber eoantrlos to mai sta la exclange s t a b i l i t i A l l e tkey eerreot melaijmaImeni# In th e ir baiaste
o f payment# *

Mtrnber oomatries van ii be able to boy fo relg s exebamg* fron thè
fand alili, thè I r mm eurremy to iseet jstyaimte e ^ m ie te s t wlth tbe per
pese# of tbe Funi, m t ì l tbe Fumi*s to t a l boMings of tfeeir currency
reseli 200 jp rc c a t o f thè quota* Ubere a stsb e r country le m kiag use
of tbe fmmi In a marnar comirary to I t s pnrpoaes ami v o lle ie s , thè Fu
vomii g ire appropriate mot le© that i t » M s a li addili orni exehaifi
to tbe sembcr country oaly la lim ited amena!#* Member e-auatrles boli
lag adequate gold ama exchange reseoreea wonM be cxpected to pay for
h a lf of tbe ir exekaage purebaces witb gold and eountries vhoge ex*
tifim i b o li lag» of g e li are adequate ani are ìaereasìag veuld be expeeted t e use h a lf of thè inorarne to repwehaae pari of thè JhuMi*g
holding# of tb e ir currency*
fhea tbe Funi1a holding# of a eurreney beeome sca rte* tbe Fand
vomii issile a reperì m à mk® reeomemdatlem designali to inorasse th
suppiy of .snob currency* la thè assalirne* a fte r eoiumltation witb
thè Funi, menter eountries vomii be asthcrlssd temperar!ly to res t r i e ! fresoom S i cxe-ange opera tiene la tbe m aree currency*
fhe Funi*# raMureea could net be m m to m e t a largo eutficK o
espi t a l , altaough tbey cernii be uvei fo r e api t e i trmasaetfona of
raaaoaable &®mnt* k memoer country e aula also use it a ©ita rasewrees
of gold or lo rtig n axebange far c a p ita i t m usaci lem» that ai»# in
accordano« witb thè purpsses of tbe Funi*
fhe par vaine of tbe currende# o f msx&er eountries vomii be
espresseci In gold and could be thacgcA oaly e t thè request of member
c©matrice* The Funi wonld approva a requested che ago Im parity if it
vere a s se n tis i to cor r e s i funi adontai disequllibrium* k it er cesamit e tic a , » mmber country vomii le p e n t it it i to shango tbe parity e f l
it a eurre&ay by mot more thaa 10 paretai* irift ceasìdsratien vomii
be g i T t n W r eqmosts fo r adjuetmemt of exehange ratea*
fheifxfiSd vomii be « a t f # ì - b f a Jcard
end en.
vommltier representing tke membere* f o t l% | » tr womld be closely
r t la i t ò to .quotas* 4 mmaher c*Quntr|j vomii wltMraw f rom thè Fusi 1®*
sedisiely- by £ lrln g notioe in m rìting. -fh eraafter, thè reciprocai
oblifatiom s or thè Fuad and tbe country vomii ba liquléated wìthlm
a reaaomable tls e *

C O N F I D E N T I A L !
To be held in strict confidence, and ¿no portion, synopsis,
or intimation to be published before
P,M., E
Friday, April 21, 19¿4..

j / j

f$ f f —

—

agreement a t a te ch n ica l le v e l to warrant the convening of a
formal conference.
I am happy t o say th at the President has authorized w to
s ta te th a t i f a conference is h eld, i t is h is in ten tion to
in v ite d ir e c t congressional p a rtic ip a tio n in the work of the
United S tates Delegation*

imk© w ill

so c

The tentative proposals that have been under discussion
by the tech n ical experts are part of a program fo r cooperation
on international economic problems among the United Nations,
The objectives of th is program are the expansion and development
of international trade, the resto ra tio n ”of international invest
ment for productive purposes, the maintenance of stable and

fe*'"*

jB K

orderly exchanges*

••

*j i

***7

"Through these m e a n e r contribute to

a high le v el of employment and production#

The establishment

of an International Monetary Fund and a Bank fo r Reconstruction
and Development are important steps in the attainment of the
objectives of th is broad program#
I want to emphasise again that the discussions up to now
Lave a l l been of a technical nature and exploratory in
character• Whatever has been done represents the views of
the tecnnieal experts of th is country and of other countries
that have been studying these questions#

The United States

is not in any way com itte|d u n til Congress has taken
action«
I t is my hope that a fte r studying the recommendations of
the technical exp erts, the governments of the United Nations
w ill come to the conclusion that there is su fficie n t basis of

policies than through international
cooperation in an International Honotar/ Fund.
\1*.: believe

that it is of the greatest importance that

all of the United Nations are in agreement on the best means to
deal with these international financial problems after the war*
This

is concrete evidence that the United Nations can and will

work together in establishing a peaceful and prosperous world
just as they are now fighting together to destroy tyranny and
oppression.
International cooperation on monetary and financial matters
is the keystone of successful cooperation on all international
economic problems. Unless
world economy,

agree to expand^ind^devai^) the

jgZi(ntfH+*G

t m

other^greemsats which we might

adjustment of exchange rates. Member countries would not alio»
their exchange rates to fluctuate outside a narrow range based
on the agreed gold parity.
Voting power in the Fund wouia be closely related to
quotas. 1 member country could withdraw from the Fuad
immediately by giving notice in writIng.tf^fhegeafWi-.thr—
d obligations

ffimim snf tTiPFiiiriiiii)i would be

liquidated within a reasonable time.

Duidi^g the period of transition following the war* member
countries would he permitted to retain their exchange controls
with the expectation that these would (be iradually)relaxed.

am frank to say that in

opinion the ^agrpemsnt of

CL/.

the technical experts to these principle#^ the
a breakdown of currencies and the imposition and retention of
restrictive and discriminatory
fcory exchange
eXcL»M&* measures
uw«b*ur'fs after
f t u e r the,
Jx m j
wnrt jwinihfimpwivH I vw*mew'

!lJf*

internationaly cooperation^» ass

a stable and orderly pattern ofpixchange rates* The purposes
set forth in this Joint Statement have long been the international
monetary policies of the OhitofStates« For years it has been our
objective tp have these policies adopted by other countries*
We know of no better way of assuring general adherence to these

> >
d

M— >|"*WMI iwfcwl— M w elimination of foreign exchange

restrictions which hamper the growth of world trade.
(6) To shorten the periods and lessen the degree of dis
equilibrium in the international balance of payments
of member countries.

The joint statement recommends that all of the United and
Associated Rations subscribe approximately $8 billion to the
Fund in the form of gold and local currency. The resources of
the Fund would be available under adequate safeguards to, help
member countries to maintain exchange stability
correct maladjustments in their balance of payments. Member
countries would be able to buy foreign exchange from the F u n d ^ /
with their own currencies, to the extent of their quotasJto
meet international payments consistent with the purposes of
the Fund.
The par value of currencies of member countries would be
expressed in gold and could he changed only at tha request of
member countries 'liter consultation

isu-’sr^

Fund.

The Fund would approve a requested change in parity
only if it were essential to correotpundamental disequilibrium.
Prompt consideration would be given to requests for necessary

5 A

(3) To glvi confidence to member countries by Making
the Fuad's resources available to them under
adequate safeguards, thus giving

m A m n

tine to

c o m e t msladjnstmsnts in their bale no« of payments
without rosortii^ to measures destructive of national
or international prosperity*
(4) to promote exchange stability, to maintain orderly
exchange arrangements among member countries, and
to «sold competitive exchange d e p r e o i a t i o a ^ ^ i ^ ^
(5) To assist in the establialnRan^oF^d^laterai pay
ments facilities on current transactions
beg. seuntri»ee mad in^the-.eliaihtetion of
change re s tric tio n s , which hamper the growth jef world
trade*
shorten the periods and lesjen^the degree i f dis*
equilibrium in the intcjgmdfionai balance of payments
o f membflr'^ountrL
\

Tho jo ia t^ v fftta m a t r«eoa&«Qda th ot «11 o f tho Bolted and
A»»ooi«tMkTO»tioa« subscribe approximately $8 b illio n to tha
Fuad ,Jtn the form of geld and lo c a l eurrehqy*

The resources

the Fund would be a v a ila b le under adequal^Kjiaf©guards to
/■

b^lp »ember co u n tries to m aintain exchange s t a b i l i t y whfcie

reasonable ten».
A full statement of .HR- recommendations

+msmrn-mpmM

the establishment efia Bank JibCBaiweesssbriullWl'iny'TRRllgpgttfeand of the principles oa which such a Bank should be based is
etill la preparationW ^ t i a ngr hope that this statement f *
<^wiaai|4a*>will soon be completed and that It will be issued
later. Before It Is published, 1 shalljtnfoim your committees
— "f

t r r a r “n#"

'jrit iii hif t1TT~rn11inl ifaliaiiu.

Row I should like to explain briefly same of the principles
upon which the technicians are agreed in connection with the
latera&ticmftl Moiittai1^ PtjueU

Mere are the purposes and policies as set forth in the
Jo in t Sta lament s

(X) To praiaot$ ?4iteFo&tXoji&l Monotapjf cooperation through
o p e m a i a t Institution which pfOTilcs the machinaiy
for oonsultetlon on internationel monetary problems.
(2) To facilitate the expansion and balanced growth of
interactional trade and to contribute in thie waj to
the maintenance of a high level of employment end
real Income, which must be a primary objective of
economic policy.

Export-ImpoHsM ak* and labor re p re s e n ta tiv e ^ / and other
in te re ste d groupaN^Te held c o n f e r e n c e s /« la a h i ^ t o n *
Because disoueeioiiiyon the Wor ) d Bank were in itia te d
somewhat l a t e r th e / have

« / U . completely finished«

I can t e l l you# however, the* considerable progress has been
made and th a t we b elle v^/we have the m i t fo r a g r e e » a t among
the te ch n ica l e x p e r t * /if the Baited litio a iu
A ll o f the ebuntrias with whom our tech o ic alVqrperts have
U t w t u & i & L » problem regard the reT lval o f l n t e i - m U ^ C la-

vestment a f t e r the war as e s s e n tia l to the expam
*ga le v e l of.business
a c t i v i ty

snips

to.

encourage and aid p riv a te In vesto rs in providlrig an adequate
volinas of long-term investment c a p ita l f o r productive purposes*
the d iscu ssion s we have had contemplate the establishment
i—

of a Bank fo r R econstruction ana Development id ■ s h r i l l 1
fa c ilita te

f long-term investment c a p ita l through

p riv a te fin a n c ia l agencies by guaranteeing and p a rticip a tin g in
loans madexby p riv a te Investors*

The Bank would also supplement

investment o f p riv a te fin a n cia l agencies i f th is becomes ass
ess sary^ by lending fo r productive purposes from i t s own
resou rces when p riv a te c a p ita l i s otherwise not availab le on

* 3a -

by seriously fluctuating situ ation s in tbs nations wijdi »Mqh
we Bust X tW ^b fc:

trade,

xlius it becomes ef^^vltal Importance tp Ovary nation in
tbs world, including our q w Sk |o eeek^ioperation of all other
nations in maintaining steady apTfe^euadable monetary and
economic policies. Tbatj^diiat we haveS^t out to do. fhat
is

we have set. ctit to do. '.90 have not plaftn^d, nor permitted

to be plapaedi as some commentators would have theSmprioan
public believe, an international Share-the».7ealth
Wwx

I was here on October 8, I spoke of a projected

International bank for reconstruction and development.
Because discussions on the Bank were initiated somewhat
later they are not yet completely finished. I can tell you,
however, that there is considerable support for the gen» ral
principles embodied in the World Bank, and that good progress
ha# been mad#«
®ha Intwiiuliuml 'I'upreaeatw&vep with m h m we have
hfiAjh ~

discussed ths problem of revlving^international inveetment
regard the bank as esssntlal to the expanelon
of international trade and the maintenance of a B | h

possible, harmful fluctuations of curreneyj and to prohibit
deliberate manipulation of currencies in an effort to secure
unfair competitive^advantage in world trade.
V

I want to point out that we have kept the TnlAMlti Of
tits. American economy very much in mind in planning the typa of
intentional cooperation set forth in the statement/n. prin
ciples,
As one m ^ b t expect, especially'in:our p o t i o n year,
there is, oocasiolkolly, 80H® uninformed corfeent to the effect
that the United rtates.,(will suffer as p/result of International
cooperation in the w m e t u w and eoopbmio fields.
has been heard that we cenno
reconstruction without comp
I believe it Is obvi
people that in a
business, and ao

Some suggestion

an important force in world
our own sovereignty,
to all reasonable and informed

small as ours'bes come to be, American
the American economy, cannot move

forward A l i a the economies of other nations slip backward.
There

no reason or logle in the statement ^that all the

other nations in the world can prosper only at our expense; but
thtfb is both reason and logic in the assertion that the*
'stability and progress of our own eoonoiqr can be sabotaged

Since I last talked to you« we bave discussed the principles
of the International rtabilization program with bankers» labor
representatives and other interested groups in Washington»
Chicago» Boston» Philadelphia« Hew York» and other cities.
Out of these meetings came helpful suggestions» many of ihioh
were incorporated in our plans.
The vast majority of those with idiom we have talked are
Inclined to look favorably upon the principle of cooperation
to maintain stable and orderly exchange rates* Info n e d opinion
seems to point to private investment on a world wide basis as
vital to post-war recovery and reconstruction; and the stabili
zation of currencies among the United nations through the medium
of an international fund» is generally believed to be a
necessary/prerequisite to this investment.
v lJ t /

I believe we

/V..if. ■/ jl|L/■-;,///'.cI

cannot expect ine rican business men» nor business men of any
nation» to take major financial risks» immediately upon the
heels of a oataetrpphio global war» without some aseuranoe
that steps have been taken to prevent their investments from
S f‘ I

being jeopardized by unduly fluctuating money values and
severe exchange restrictions.

Gentleman?
I an happy to toll you today that technical experts of
the United Nations have agreed upon a set of basic principles
for an International Monetary Stabilization Fund. This is a
great step forward.

It is of greatest importance to all of

us who believe that the nations of the world can cooperate
in dealing with international eoonomio problems. TM s ■la the

Technicians representing some of these thirty nations have
prepared a joint statement of the principles which are agreed
upon. This statement does not, of course* bind any government
to participate in the Stabilization Fund* though it does mssn
that the Fund will be recommended to each of the governments as
a practical means of meeting post-war monetary problems.
I want to call particular attention to tome of the facts
contained in this joint statement* but before I do that* I
should like to review with you some of the things that have
happened since I appeared before these Comalttees on October 5
of last year.

At that time* I told you I would like to keep

you informed of progress* and accordingly I appreciate this
opportunity to bring you up to date*

Statement of Secretary Morgenthau before •-the Senate Committees .on Foreign Relations. «
Banking and Currency and the Special Committee on
Post-War Economic Policy and Planning

For some time we in the Treasury have been deeply
concerned with the threat of international monetary chaos
the ¿nd orVthis. war.

We feel c^at international currency stability inessential
to reionstructionSdn the post-war period and to the resumption
priivate trade and>n.nance,

It is generally lieId that this

formidable task can be successfully handledynly through inter-)
national cooperation.
I think further that.mostSof us wo^ld agree that the
establishment of a program adequate tor deal with the inevitable
post-was monetary problexas should
be postponed until the
end of Hostilities. It would be ilXcadvised, if not dangerous!
to be unprepared for the difficulJc ta^k of international monetary
■cooperation when the war ends, M o one plcnov/s how long or how
short the war will be. W‘e the^Cfore bel^ve it is desirable t|
begin now to devise an international moneu^ny agency adequate to
cope wi tl the problems wittywhich w e .shall
confronted '.when [
the war does end.
TheJcompletion of ¿mch a task is certain t%vtake many
months at! the least, >opecific and practical proposals must be
formulatep and must Ve carefully considered by the>policy-shading
qfficialsl of ^the various countries. In each countryCacceptanle
of a defibitive p ] / n n can f oIlow on.lym up pit In
ti
e x e c jitive actibn, An? evenwba^r^plan is f i n a l l y m u c h tipe
will be consumed in^e^fablishing an organization caoable\pf f
beginning \ e f ^ J ^ f e work.
' ■ ‘ .............................

36-2

~ " '

■ ■\

TREASURY DEPARTMENT
Washington

CONFIDENTIAL!
To be held in strict confidence, and
no portion, synopsis, or intimation
to be published before.. StOQ P . U , ,
E.W.T., Friday, April 2Ï, 1944/
Statement of Secretary Morgenthau
before the Senate Committees on Foreign Relations,
Banking and Currency, and the Special Committee on
Post-War Economic Policy and Planning
Friday, April 21, 1944

I
am happy to tell you today that technical experts of
the United Nations have agreed upon a set of basic principles
for an International Monetary
Fund.
This is a
great step forward.
It is of greatest importance to all of
us who believe that the nations of the world can cooperate
in dealing with international economic problems,
Technicians representing some of these thirty nations have
prepared a joint statement of the principles which are agreed
upon.
This statement dbes not, of course, bind any government
to participate in t h e n ^Hhil i anti rua» Fund, though it does mean
that the Fund will be recommended to each of the governments as
a practical means of meeting post-war monetary problems,
I want to call particular attention to some of the facts
contained in this joint statement, but before I do that, I
should like to review with you some of the things that have
happened since I appeared before these Committees on October 5
of last year.
At that time, I told you I would like to keep
you informed.of progress, and accordingly I appreciate this
opportunity to bring you up to date*
,
>
/ * ,
**« > ■ £ **»

Since I last talked to y o u ^ f we have discussed the
principles of the In ± arnat i n n n f l 1 r i nn program with
bankers, labor representatives and other interested groups in
Washington, Chicago, Boston, Philadelphia, New York, and other
cities.
Out of these meetings came helpful suggestions, many
of which were incorporated in our plans.
The vast majority of those with whom we have talked are
inclined to look favorably upon the principle of cooperation
to maintain stable and orderly exchange rates.
Informed
opinion seems to point to private investment on a world wide
41-65 r

TO: i

TTw r A m t p

Foreign Relations
Banking and Currency
Special committee on Post-war
Economic Policy

HOUSE

Foreign Affairs
Ways and Means
Banking and Currency
Coinage, Weights and Measures
Colmer Committee on Post-war
Economic Policy

/ — C

Mr,. Shaeffer

Australia
Belgium
Bolivia
3.
Brazil
4.
Canada
5.
6 . Chile
China
7.
Costa
Rica
8
Cuba
9.
10. C zechoslovakia
Dominican Republic
11
12 .- Ecuador
Egypt
13.
1.

14.
15.

16.
17.
18.
19.

20 .

21.
22.
23.
24.
25.

26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.

Ethiopia

France
Great Britain
Greece
Haiti
Iceland
India
Iran
Luxembourg
Mexico
Netherlands
New Zealand
Norway
Panama
Paraguay
Philippines
Poland
South Africa
Uruguay
United States
U.S.S.R,
Venezuela
Yugoslavia

¿ J

TREASURY DEPARTMENT
WashingtonStatement of Secretary Morgenthau
before thè Senate Committees on Foreign Relations,
Banking and Currency,- and the Special Committee on
Post-War Economic Policy and Planning
and before the
House of Representative Committees on Foreign
Affairs, Ways and Means, Banking and Currency,
Coinage, Weights and Measures, and Special
Committee on Post-War Economic Policy and
Planning
Friday, April 21, 1944
I am happy to ;ell you today that technical experts of
the United Nations have agreed upon a set of basic principles
for an International Monetary Fund,
This is a great step
forward.
It is of* greatest importance to all of us who
believe that the nations of the world can cooperate in dea.1.ng with international .economic., problems.
rp

‘echnicians representing some of these thirty nations
have prepared a joint statement of the principles, which are
agreed upon,
statement does not, of course, bind any
government to participate in the International Monetary Fund,
though it does mean that .the Fund will be recommended-to each
of the governments as a practical means of meeting post-war
mon etary probi eim
I want to call particular attention to some of the facts
contained in this joint statement, but before 1 ' do that I
should like to review with you some of the things,that have
happened since I appeared before these Committees on October 5
of last year.
At that time, I told you I would like to. keep
you informed of progress, and accordingly I appreciate this
opportunity to bring you up to date.
Since I, last talked to you, we have discussed the prin
ciples of the international stabilization and investment program with bankers,. labor representatives and other interested
groups in Washington, Chicago, Boston, Philadelphia, New'York,
and -other cities,
Out of these meetings came helpful suygesrions,-many of which were incorporated in our plans.
The vast majority of those with whom we have talked are
.inclined, to look favorably upon the. principle of cooperation
to^maintain stable and orderly "
'
’
exchange, rates. Informed
opinion seems to point to private investment on a world wide
41-65
41-66

yi*.

basis as vital to post -war recovery arid r e c o n s t r u c t i o n a n d
the stabilization of currencies among the United Nations through1
the medium of an international fund, is generally believed to
be a necessary prerequisite to this investment.
I believe we
cannot expect American business men, nor business men of any
nation, to take major financial risks, immediately upon the
heels of a catastrophic global war, without some assurance
that steps have been taken .to prevent their investments from
being jeopardised by unduly fluctuating money values and
severe exchange restrictions.
Having studied the world picture after the last war, we
are all agreed that an effort must be made to prevent, insofar
as possible, harmful fluctuations of currency; and to prohibit
deliberate manipulation, of currencies in an effort to secure
unfair competitive advantage in world trade.
When I was here on October 5, X spoke of a projected
international bank for reconstruction a n d •development.
Because discussions on the Bank were initiated somewhat
later they are not yet completely finished,
I can tell you,
however, that there is considerable support for the general
principles embodied in the World Bank,hand that good progress
has been'made.
Those with whom we have discussed the problem of reviving
post-war international investment regard the bank as essential
to the expansion of international trade and the maintenance of
a high level of business activity.
They believe it necessary to
take steps to encourage and aidHprivate investors in providing
an'adequate volume of long-term investment capital for produc
tive purposes,
•
The discussions we have had contemplate the establishment
of a Bank for Reconstruction and Development to facilitate
long-term investment capital through private -financial agencies
by guaranteeing and participating in loans made by private
Investors,
The Bank would also supplement investment of private
financial agencies if this becomes necessary, by lending for
productive purposes from its own resources yyhen private capital
is otherwise not available on reasonable terms.
A full statement of recommendations on the -establishment
of such ,a Bank and of the principles on which such. a. Bank
should be based is still in preparation by"technicians. It is
my hope that this statement will soon be completed and that it
will "be issued later.
Before it is published, I shal.1; fully
inform your committees,

- 3 How I should like to explain-briefly some of the
principles upon which the technicians .are agreed in connection
with the International hcnetary Fund.
Here are the purposes and policies as set forth in the
Jbint Sta tement ?
(1)

To promote international monetary cooperation
through a permanent institution which provides
the machinery for consultation o.n international
monetary problems^

(2)

To, facilitate the expansion and balance.: growth
■ of international trade and to contribute in this
way to the maintenance of a high level.of employ
ment and real income, which must be a- primary
objective of economic policy.

(3)

To give confidence to member countries by making
-the F u n d ’s resources' available to them under
adequate s a f e g u a r d s t h u s giving .members time to
correct maladjustments in their balance of payments
without resortfng to measures destructive of
national or international prosperity.

(4)

To promote exchange stability, to maintain orderly
exchange, arrangements among member countries, and
to .avoid competitive exchange depreciation.

(5)

lo assist in the establishment among member
countries of multilateral payments facilities on
current transactions and to aid in the -elimination
of foreign exchange restrictions which hamper the
growth.of world trade*.

(6)

To shorten the periods and lessen the degree of dis
equilibrium in the international balance of payments
of member countries.

The joint statement recommends' that all of the United and
Associated Nations subscribe approximately $8 billion to the
Fund in rhe form of gold and local currency.
The resources of
the Fund would be available under adequate safeguards to help
member countries to maintain exchange stability and to correct
maladjusiments in their balance of payments.
Member countries
would be ...able to. b u y .foreign exchange from the Fund with their
own currencies, to the extent of their quotas, in order to
meet international payments consistent with the purposes of
the fund.
■
'

The par value-of currencies of member countries would be
expressed in gold and could be changed, only at the request' of
member countries after consultation and .approval of "the Fund.
The -Tuna wouid approve a reçues ted change in parity only if it
were^essential to correct a fundamental disequilibrium» .Prompt
•consideration would be given to requests for- necessary adjust
ment oi exchange rates, Member countries would not allow
:tneir exchange rates to fluctuate- outsi.de-,a narrow range "based
on -1h e agreed .gold pari ty .
feting power in ..the- Fund 'would be closely related to
quotas. • A member country -could -withdraw from the .Fund
immediately by giving notice in vvriting, and obligations would
be. liquidated wi thin a reasonable time.
luring- •-the p erica of transition following'the war, member
countries would-.be -pe rmittèd to retain their exchange controls
with thq expectation that these would-..gradually ..be relaxed,
;f y -^m irank to say that in my opinion the agreement of the
.teciinical experts to these principles constitutes a long step
,on the way toward preventing a breakdown of currencies and the
imposition and retention of restrictive -and discriminatory
exchange Jmeasures ..after' the -war. Through international
poopera hon now, we can assure a stable- and orderly pattern
of post-war exchange rates.
The purposes set forth in this Joint Statement have ,long
oeen the internat ional monetary;poliçi esh-of'the United States.
ror years, it has- been our objective-to have these: policies
adopted by other countries-. We-know of no better way of
assuring g en era 1 adherence .to these policies than -through
international cooperation^in an International.Monetary Fund.
believe that it'is of the .greatest, importance that all
0.1-.-the United Rations are in agreement on the best means to
deal with these.international financial problems after the war.
his ,is concrete evidence that the United hâtions can and will
work together in establishing a peaceful and prosperous world
just as they are now lighting together to destroy tyranny and
oppression.
'
y: ; International cooperation on monetary and financial matters
is the keystone pi successful cooperation on all international
economic problems. Unie s-s we agree to expand world trade and
develop- the. world economy, few other -economic agreements' .which
we might make will or can be effective.

ffhe .tentative.proposals that have been under discussion,
by the- technical experts are part of a program for cooperation
on internat! onal economic problems among the United hâtions..
■Thé.objectives of this program are the expansion and development
•°f international., trade, the restoration of international invest
ment for productive purposes, the maintenance of stable and
orderly exchanges. Through these means we can contribute to
a high level of employment and pro duction. The establishment
of an International Monetary fund and a Bank for Reconstruction
and Development are- important steps in the attainment of the
objectives of this broad program,.
'.I want to emphasise again that the discussions 'up to now
ha ye-,all been of a technical nature and exploratory in
character/. Whatever has been done represents the views of
the teohn ica 1 experts ox tbis country and of other coun tries
that have been studying these „.questions. The United States
is not in any way committed until Congress has taken action.
It is. sy hope that after »studying the recommendations of
thetechnical experts, the governments of the United Rations
will 'come to the•conclusion that there is sufficient basis of
agreement- af a technical level to warrant the convening of
a formal conference,
I am happy to say that the President has1authorized me to
state that if a conference is/held, it is his intention to
invite direct congressional part ici pab ion in the work of the
United States Delegation.

FOR RELEASE AFTER'8:00 P.M., FRIDAY, APRIL 21,, 1944-

Joint Statement by Experts on the Establishment
of an International Monetary Rind
Sufficient discussion of the problems of international monetary co
operation has taken place at the technical level to justify a statement of
principles. It is the consensus of opinion of the experts of the United
and Associated Nations who have participated in these discussions that the
most practical method of assuring international monetary cooperation is
through the establishment of an International' Monetary Fund, The' principles 1
set forth below are designed to constitute the basis for this Fund, Govern—
.ments are not asked to give final approval to these principles until they
have been embodied in the form of definite proposals by the delegates of
the United and Associated Nations meeting in a formal conference.
I*

Purposes and Policies of the International Monetary Fund.

The Fund will be guided in all its decisions by the purposes and
policies set forth below;
1»
To promote international monetary cooperation through a permanent
institution which provides the machinery for consultation on international
monetary problems,

2. To facilitate the expansion and balanced growth of international
trade and to contribute in this way to the maintenance of a high level of
employment and real income, which must be a primary objective of economic
policy,
3# To give confidence to member countries by making the Fund’s resources
available to them under adequate safeguards, thus giving members time to cor
rect maladjustments in their balance of payments without resorting to measures
destructive of national or international prosperity,
4* T° promote exchange stability, to maintain orderly exchange arrange
ments among member countries, and to avoid competitive exchange depreciation.
5. To assist in.the establishment of multilateral payments facilities
on current transactions among,member countries and in the elimination of
foreign exchange restrictions which hamper the growth of world trade,
6. To shorten the periods and lessen the degree of disequilibrium in
the international balance of payments of member countries.
II*

Subscription to the Fund.

1.
Member countries shall subscribe in gold and in their local funds
amounts (quotas) to be agreed, which will amount altogether to about $8 bil
lion if all the United and Associated Nations subscribe to the Fund (correesponding to about $10 billion for the world as a whole).
41-64

2.
The quotas may be revised from time to time but changes shall require
a four-fifths vote and no member's quota may be changed jvithout its assent*
3* The obligatory gold subscription of a member country shall be fixed
at 25 percent of its subscription (quota) or 10 percent of jits holdings of
gold and gold-convertible exchange, .whichever is the smaller*
III*

Transactions with the Hind*

1* Member countries shall deal with the Rind only through their Treasury,
Central Bank, Stabilization Fund,.or other fiscal agencies* The Fund*s account
in a member's currency shall be kept at the Central Bank of the member country.
2. A member shall be entitled to buy another member's currency from the
Fund in exchange for its own currency on the following conditions:
(a)

The member represents that the currency demanded is pre
sently ^needed for making payments in that currency which
are consistent with the purposes of the Fund,

(b)

The Fund has not given notice that its holdings of the
currency demanded have become scarce in which case the
provisions of VI, below, come into force*

(c)

The Fund's total holdings of the currency offered (after
having been restored, if below that figure, to 75 percent
of the member’s quota) have not been increased by more than25 percent' of the member's quota during the previous twelve
months and do not exceed 200 percent of the quota.

(d)

The Fund has not previously given appropriate notice that
the member is suspended from making further use of the Fund’s
resources on the ground that it is using them in a manner
contrary to the purposes and policies of the Fund; but the
Fund shall not give such notice until it has presented to
the member concerned a report setting forth its views and
has allowed a suitable time for reply.

The Fund may in its discretion and on terms which safeguard its interests
waive any of the conditions above*:
3* The operations on the Fund's account will be limited
for the purpose of supplying.a member country on the member's
another member’s currency in exchange for its own currency or
actions provided for under 4 and 7, below, are not subject to

to transactions
initiative with
for gold. Trans
this limitation.

4* The Fund will be entitled at its option, with a view to preventing
a particular member’s currency from becoming- scarce:
(a)

To borrow’-its currency from a member country;

■'(b) To offer gold to a member country in exchange for its currency.

- 3 5. So long as a member country is entitled .to buy another member's-■■ ■
currency from the Rind in exchange for its own currency, it shall be.pfe-r ;
pared to buy its own currency from that member with that member’s currency
or, with gold. This shall not.ppply to currency subject to restrictions in
conformity with IX, 3 below*,;or to holdings of currency which have accu
mulated as a result of transactions, of a current account nature effected •
before the removal by the member country of restrictions on multilateral ...
clearing maintained or imposed under X, 2 below.
6. A member country desiring to obtain, directly or indirectly, the., .
currency of another member country for gold is expected, provided that it ,
can do so with equal advantage, to acquire the currency by the sale of gold
to the Fund» This shall not preclude: the sale of newly-mined gold by.
a gold-producing country on any market,
7. The Fund may also acquire gold from member countries in accordance
with the following provisions:
: •

IV.

(a)

A member country may repurchase from the Fund for gold
any part of the latter’s holdings of, its currency,

(b)

So long as a member’s holdings of gold and gold-convertible
exchange exceed its quota, the Fund in selling foreign exchange to that country shall require that one-half of the
net sales of such exchange during the Fund's financial year '
be paid for with gold.

(c)

If at the end of the Fund’s financial year a. member’s hold
ings of gold and gold-convertible exchange have increased,
the Fund may require up to one-half of the increase to be
used to repurchase part of the Find’s holdings"'of its cur
rency so long as this does not reduce the Fund’s holdings
of a country’s currency below 75 percent of its quota or
the member's holdings of gold and gold-convertible exchange
below its quota.

Par Values of Member Currencies. •

1. The par value of a member’s currency shall be agreed with the Fund
when it.is admitted to membership, and shall be expressed in terms of gold.
All transactions between the Find and members, shall be at par, subject to
a fixed charge payable by the member making application to the Fund, and all
transactions in member currencies shall be at rates within an agreed per— ■
centage of parity,
2, Subject to 5, below, no change in the par value .of a member’s cur
rency' shall be made by the Fund without the country’s approval. Member
countries agree not to propose a change in the parity of their currency un
less they consider it appropriate, to the correction of a fundamental disequi
librium, Changes shall be made only with the approval, of the Fund, subjectto the provisions belowi.

- 4 -

3.
The Fund shall approve a requested change in the par value of a mem
ber's currency, if it is essential to the correction of a furd amentai disequi
librium* In particular, the Fund shall not reject a requested change, neces
sary to restore equilibrium, because of the domestic social or political
policies of the country applying for a change. . Xn considering a requested
change, the Fund shall take into consideration the extreme uncertainties pre
vailing at the time the parities of the currencies of the member countries
were initially agreed upon.
4-. After consulting the Fund, a member country may change the established
parity of its currency, provided the proposed change, inclusive of any previous
change since the establishment of the Fund, does not exceed 10 percent. In
the case of application for a further change, not covered by the above and not
exceeding 10 percent, the Fund shall give its decision within two days of re
ceiving the application, if the applicant so requests*
5« An agreed uniform change may be made in the gold value of member
currencies, provided every member country having 10 percent or more of the
aggregate quotas approves*’
V*

Capital Transactions.

1. A member country may not use the Fund’s resources^ to meet a large or
sustained outflow of capital, and the Fund may require a member country to ex
ercise controls to prevent such use of the resources of the Fundi This pro
vision is not intended to prevent the use of the Fund's resources for capital
transactions of reasonable amount required for the expansion of exports or in
the ordinary course of trade, banking or other business# Nor it it intended
to prevent capital movements which are met out of a member country's own re
sources of gold and foreign exchange, provided such capital movements are in
accordance with the purposes of the Fund*
2. Subject to VI below, a member country may not use its control of
capital movements to restrict payments for current transactions or to delay
unduly the transfer of funds in settlement of commitments*
VI.

Apportionment of Scarce Currencies.

1. When it becomes evident to the Fund that the demand for a member
country’s currency may soon exhaust the Rind’s holdings of that currency, the
Fund shall so inform member countries and propose an equitable method of ap
portioning the scarce currency. When a currency is thus declared scarce, the
Fund shall issue a report embodying the causes of the scarcity and containing
recommendations designed to bring It to an end. .
2. A decision by the Fund to apportion a scarce currency shall operate
as an authorization to a member country, after consultation with the Fund,
temporarily to restrict the freedom of exchange operations in the affected
currency, and in determining the manner of restricting the demand and ration
ing the limited supply among Its nationals, the monber country frail have
complete jurisdiction#
^

/
- 5 -

VII,

-Management»

1* The Fund shall be governed by a board on which each member m i l be
represented and by ,an executive committee. The executive committee shall
consist of at least nine members including the representatives of the five
countries with the largest quotas.
2» The distribution of voting power on the board and the executive
committee shall be closely .related to the quotas,
3* Subject to II, 2 and IV, 5? all matters shall be settled by a major
ity of the votes*
4* The Fund shall publish at short Intervals a statement of Its position
showing the extent of its holdings of member currencies and of gold and its.
transactions,in gold.
VJII*

Withdrawal,

1. A member country may withdraw from the Fund by giving notice in
writ ing.
2* The reciprocal obligations of the Fund and the.country are to be
liquidated'within a reasonable time*
3* After a member country has-given notice in writing of
from the Fund, the Fund may not dispose of its holdings of the
currency except in accordance with the arrangements made under
After a country has given notice of withdrawal, its use of the
the Fund is subject to the approval of the Fund*
IX*

its withdrawal
country's
2, above.
resources of

The Obligations of Member Countries*

1. Not to buy gold at a price which exceeds the agreed parity of its
currency by more than a prescribed margin and not to sell gold at a price
which falls below the agreed parity by more than a prescribed margin*
2. Not to allow exchange transactions in its market in currencies of
other members-at rates outside a prescribed range based on the agreed parities.
3. Not to impose restrictions on payments for current international
transactions with other manber countries (other than those involving capital'. ■
transfers or in accordance with VI, above) or to engage in any discriminatory
currency arrangements or multiple currency practices without the approval of
the Fund.

- 6 -

Transitional Arrangements«

lé Since the Fund is not’intended to provide facilities for relief or
reconstruction or to deal with international indebtedness arising out of the
war, the agreement of a member country'' to provis ions' III, 5 and IX, 3 above,
shall hot become operative until it is satisfied as to the arrangements at
its disposal to facilitate the settlement of the balance of payments dif
ferences during the early post-war transition period by means nhtch will not
unduly encumber its facilities with the. Fund*
2. During this transition period member countries may maintain and
adapt to changing circumstances exchange regulations of the character which
have been in operation during the war, but they shall undertake to withdraw
as soon as possible by progressive stages any restrictions which impede
multilateral clearing on current account. In their exchange policy they
shall pay continuous regard to the principles and objectives of the Fundj
and they shall take all possible measures to develop commercial and financial
relations with other member .countries which will facilitate international
payments and the maintenance of exchange stability. :
3* The Fund may make representations to any member that conditions
are favorable to withdrawal of particular restrictions or for the general
abandonment of the restrictions inconsistent with IX, 3 above* Not later
than three years after coming into force of the Fund any member still re
taining any restrictions inconsistent with IX, 3 shall consult ydth the
* Blind as to their further retention*
4* In its relations with member countries, the Fund shall recognize
that the transition period is one of change and adjustment, and in deciding
on its attitude to any proposals presented by members it shall give the
member country the benefit of any reasonable doubt*
’
k ■

-oOo—

TREASURY DEPARTMENT

Washington

C O N F I D E N T I A L !
To be held in strict confidence, and
no portion, synopsis, or intimation
to be published before 8:00 P,M. ,
E.-W.T.« Friday, April 21, 19A4-*
Summary of the Recommendations
of the Technical Experts
The experts propose the establishment of an International Monetary
Fund as a permanent institution for international monetary cooperation. .
The purpose would be to promote' exchange stability, assure multilateral
payment facilities, help lessen international disequilibrium and give
confidence to member countries. All of the United arid Associated
Nations would subscribe approximately $8 billion to the Fund in the
form of gold and local currency in accordance with an agreed formula.
The resources of the Fund would be available under adequate safeguards
to help member countries to maintain exchange stability while they
correct maladjustments in their balance of payments.
Member countries would be able to buy;-foreign exchange from the
Fund with their own currency to meet payments consistent with the
purposes of the Fund until the Fund’s total holdings of their currency
reach 200 percent of the quota. Where a member country is making use
of the Fund in a manner contrary to its purposes and policies, the Fund
would give appropriate notice that it would sell additional exchange
to the member country only in limited amounts. Member countries holding
adequate gold and exchange resources would be expected to pay for half
of their exchange purchases with gold and countries whose official
holdings of gold are adequate and are increasing would be expected to
use half of the increase to repurchase part of the Fund’s holdings of
their currency.
YJhen the Fund’s holdings of a currency become scarce, the Fund
would issue a report and make recommendations designed to increase the
supply of such currency. In the meantime, after consultation with
the Fund, member countries would be authorized temporarily to restrict
freedom of exchange operations in the scarce currency.
The Fund’s resources could not be used to meet a large outflow of
capital, although they could be used for capital transactions of
reasonable amount. ' A member country could also use its own resources
of gold or foreign exchange for capital transactions that are in
accordance with the purposes of the Fund.
The par value of the currencies of member countries would be
expressed in gold and could be changed only at the request of member
countries. The Find would approve a requested change in parity if it

- 2 ~
were essential to correct fundamental disequilibrium. After con
sultation., a member country would be permitted to change the parity of
its currency by not more than 10 percent. Prompt consideration would
be given to other requests for adjustment of exchange rates.
The Fund would be governed by a board and an executive committee
representing the members. Voting power would be closely related to
quotas. A member country would withdraw from the Fund immediately
by giving notice in writing. There after, the reciprocal obligations
of the Fund and the country would be liquidated within a reasonable
time.
Member countries would not allow exchange transactions at rates
outside a prescribed range based on the agreed parities. They would
not be permitted to impose restrictions on payments for current
international transactions, or to engage in discriminatory currency
arrangements or multiple currency practices without the approval of
the Fund.
During the period of transition following the war, member
countries would be permitted to retain their exchange controls with
the expectation that these would gradually be relaxed. Three years
after the establishment of the Fund any member still retaining
restrictions inconsistent with these principles would consult with
the Fund as to their retention. The transition period is recognized as
one of change and adjustment and in:deciding_on requests; presented
by members the Fund would give them the benefit of any reasonable
doubt.

0O0
April 20, 1044

V /-(,

Per R elease Fridaj Iftnm

Secretary Moigenthau today informed Congress that technical experts
oi^^^United Nations have agreed, in basic principle, on a program for
international monetary cooperation and have drawn up a joint statement«
The Secretary presented the joint statement to interested Committees
of the Senate this morning in executive session«

These committees were:

Foreign Relations, Banking and Currency, and a special Committee on PostWar Economic Policy«
The Secretary said details o|4ie joint statement would be made public
tonight at 8:00 p.nu, E«W.T. in simultaneous announcements from Washington

ft/
and other United Nation zp capitals.
Later tdday^ Mr. Morgenthau will appear before a group of committees of
the House to inform them of this development in the international monetary
field.

Ihese committees are Foreign Affairs, Ways and Means, Banking and

Currency, Coinage, Weights and Measures, and the Colmer Committee on PostWar Economic Policy.
Mr. Morgen thau1s visit fulfills promise he has made to Congress re
peatedly in which he assured it he would keep the legislative body informed
of the progress being made in the world monetary field by technical experts
of several departments of this Government which have been studying the pro
ject with other United Nation experts during the last two years.

O 0

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Friday, April 21, 1944.

Press Service
No. 41-67

Secretary Morgenthau today informed Congress that tech
nical experts of thirty United Nations have agreed, in basic
principle, on a program for international monetary coopera
tion and have drawn up a joint statement.
The Secretary presented the joint statement to inter
ested Committees of the Senate this morning in executive
session.
These committees were:
Foreign Relations, Bank
ing and Currency, and a special committee on Postwar Economic
Policy.
The Secretary said details of the joint statement would
be made public tonight at 8:00 p. m . , E.W.T. in simultaneous
announcements from Washington and other.United Nation cap
itals.
Later today Mr. Morgenthau will appear before a group
of committees of the House to inform them of this develop
ment in the international monetary field.
These committees
are Foreign Affairs, Ways and Means, Banking and Currency,
Coinage, Weights and Measures, and the Colmer Committee on
Postwar Economic Policy.
Mr. Morgenthau*s visit fulfills a promise he has made
to Congress repeatedly in which he assured it he would keep
the legislative body informed of the progress being made in
the world monetary field by technical experts of several
departments of this Government which have been studying the
project with other United Nation experts during the last
two years.

-oOo

m U B E * 0CPAIXB8ST

fo b

m iM S t, w m im w

Mwato^-Afifil 24. 1944.___ ___

fmm

Servi m

I t O ,

SecreUry of thè Jtmmxrg Morgeath&a teday annnunced m offerta*,
tfcroofh ih* Federai mmrm Bank», é| 7/8 perceat Treaiury Ceriifie&te»
of iadehtedne»« of Serio» fr&WFà #pl «a m mMmmm
l»r for
par, io helder® of ?rea«mry Certificai#» of Inéefetedms# of Sor!#» 0*1944
naturi«*
lf Xf44* Caah «ubaerlpticm» «ili noi fe# recetvetì.

Ti» certificate» no» ©ffered «dii be daied May X# 1944# and will
bear intere»! fron M
date ai thè iato of seveo-eliiith* of oae percoot
per amata, p&y&ble «e&iimmially oh Kbvwfeer X» 1944* and lay X# 1945.
They «ili he iMNwd in bearar fora «oly» «Hh tee interest coupon»
atiaehed, in denos&in&tio»# of tl#0C0# $5*000# |10#O0G# HOD^OOO «ad
41,000,000. .

Poreoatit to thè previsione of thè labile Mvt Act of 1941#
eet opoo thè certificate» mw effered elmiX mt ter» imy ex^>Ucmt a»
.®ueb# under Federai tea Act» acm or hereafier emetti* The foli previ*
tiiss® Pelati»* io t&mhìlity are «et forih la thè officiai circuì«** re*
le&eed ioday.
Snbseripilo«» «ili he reeeived et thè Federai Eeserve Bank» end
Branche* and et thè freasury D^sartaeai, Washington, end shemld he
aceompanied by » likt fece mmmt of thè «fttariàf certificete», itefe*
Ject to thè usuai reeermtiorse# »11 #ub*crtpti©n« wiH fee allotied in
fhll.
There ere no» outstmdiaf $1,655*203*000 of thè Serie® C-1944
certificate«.
The taxi of thè- officiai circolar follo»»i

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, April 24. 194-4.______ _

Press Service
No. 41-68

Secretary of the Treasury Morgenthau today announced an offering,
through the Federal Reserve Banks, of 7/8 percent Treasury Certificates
of Indebtedness of Series D-1945, open on an exchange basis, par for
par, to holders of Treasury Certificates of Indebtedness of Series C-1944,
maturing May 1, 1944* Cash subscriptions will not be received.
The certificates how offered will be dated May 1, 1944* and will
bear interest from that date at the rate of seven-eighths of one percent
per annum, payable semiannually on November 1, 1944, and Mayi.l,'\1945.
They will be issued in bearer form only, with two interest coupons
attached, in denominations of $1,000, $5,000, $10,000, $100,000 and
$1,000,000.
Pursuant to the provisions of the Public Debt Act of 1941, inter
est upon the certificates now offered shall not have any exemption, as
such, under Federal tax Acts now or hereafter enacted. The full provi
sions relating to taxability are set forth in the official circular re
leased today.
Subscriptions will be received at the Federal Reserve Banks and
Branches and at the Treasury Department, Washington, and should be
accompanied by a like face amount of the maturing certificates. Sub
ject to the usual reservations, all subscriptions will be allotted in
full.
There are now outstanding $1,655,203,000 of the Series C-1944
certificates.
The text of the official circular follows:

Dated and bearing interest from May 1, 1944

1944
Department Circular No. 744

Due May 1, 1945
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, April 24, 1944.

Fiscal Service
Bureau °f the Public Debt
I.
1.

OFFERING OF CERTIFICATES

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

Liberty Bond Act, as amended, invites subscriptions, at oar, from the people of the
United. States for certificates of indebtedness of the United States, designated
7/8 bercent Treasury Certificates of Indebtedness of Series D-1945, in exchange for
Treasury Certificates of Indebtedness of Series C-1944, maturing May 1, 1944.
II.
1.

DESCRIPTION OF CERTIFICATES

The certificates will be dated May 1, 1944, and will bear interest from

that date at the rate of 7/8 percent'Per- annum, payable semiannually on November 1,
1944, and May 1, 1945.

They will mature May 1, 1945, and-will not be subject to

call for redemotion prior to maturity..
2.

The income derived from the certificates shall be subject to all Federal

taxes, now or hereafter imposed.

The certificates shall be subject to estate, in

heritance, 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 certificates will be acceptable to secure deposits of public moneys.

They will not be acceptable in payment of taxes.
4.

Bearer certificates with interest coupons attached will be issued in denom-

not be issued in registered form.
5.

The certificates will be subject to the general regulations of the Treasury

Department, now or hereafter prescribed, governing United States certificates.

III.
1*

SUBSCRIPTION AND ALLOTMENT

Subscriptions will be received at the Federal Reserve Banks and Branches

and at the Treasury Department, Y/ashington, Banking institutions generally may
submit subserintions 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 certificates applied
for, and to close the books as to any or all subscriptions at any time without
noticej and any action he may take in these respects shall be final.
these reservations, all subscriptions will be allotted in full.

Subject to

Allotment notices

will be sent out promptly upon allotment.
IV.
1.

PAYMENT

Payment at par for certificates allotted hereunder must be made on or

before May 1, 1944, or on later allotment, and may be made only in Treasury Cer
tificates of Indebtedness of Series C-1944* maturing May 1, 1944, which will be
accented at par, and should accompany the subscription.
V.
1.

GENERAL PROVISIONS

As fiscal agents of the United States, Federal Reserve Banks are author

ized 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 certificates allotted, to make delivery of certificates on full-paid subscrip
tions allotted, and they may issue interim receipts pending delivery of the defin
itive certificates.
2.

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

scribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to. the Federal Reserve Banks.

HENRY MORGENTHAU, JR.,
Secretary of the Treasury.

TREASURY DEPARTMENT
Washington

FOR RELEASE, AFTERNOON NEWSPAPERS
Friday» April 28, 1944

Press Service
No. 41-69

Secretary of the Treasury Morgenthau today made publio statistics
from the preliminary report, Statistics of Income for 1942, Part 1,
eompiled from individual income tax returns and taxable fiduciary in
come tax returns for 1942 filed in the period January through June
1943, prepared under the direction of Commissioner of Internal Revenue
Joseph D* Nunan, Jr*
The total number of individual and fiduciary returns for 1942
filed in the six-month period, is 35,972,661 of which 20,294,304 are
individual returns, Form 1040; 15,598,994 are optional returns, Form
1040A* filed by individuals with gross income of $3,000 or less from
specified sources only; and 79,253 are taxable fiduciary returns,
Form 1041* As compared with the preliminary report of the previous
year, there is an inorease of more than ten million returns* Approx
imately 95 percent of the additional returns are taxable returns*
The total net income reported is $80,022,727,938, an increase of
36*0 percent* The net income includes $25,530,609,391 gross income
reported on the optional returns which do not provide for the amount
of net income*
There are 27,285,265 taxable returns showing net income of
$68,187,727,298 and a tax liability of $9,046,258,607* The tax lia
bility increased 132*4 percent as compared with last year* The
average tax for taxable returns is $332 compared with $223 for 1941
and the effective tax rate is 13*3 percent compared with 8*5 percent
for 1941.
Of the 8,687,286 nontaxable returns, 8,519,616 show net income
of 111 ,835,000,640 —
nontaxable because exemptions and credits
exoeed net income; and 167,670 show a deficit of $144,257,704 —
returns on which deductions equal or exoeed total income*
The increase or decrease, 1942 over 1941, in number of returns,
net inoome, deficit, and taxes, follows:

Individual returns and taxable fiduciary returns, 1942 and 1941*
Number of returns, net income, deficit, and taxes
(Money figures in thousands of dollars)
Preliminary report
1941

1942

Total individual and taxable
fiduciary returns*
Number of returns
Net income l/
Deficit Z/ “
Total tax Zf
Taxable Individual and fiduciary
returns*
With net income*
Number of returns
Net income l/
Tax Z/
Normal tax
Surtax
Alternative tax
Defense tax
Optional tax
With no net income (individual
returns) t
Number of returns
Deficit
Alternative tax
Nontaxable individual returns*
With net inoome 5/t
Number of returns
Net income
With no net income*
Number of returns 2/
Deficit 2/

For footnotes, see p. 11

Increase or
decrease (-)
Number
Percent
or
amount

35,972,551
80,022,728
144,258
9,046,259

25,618,013
58,862,154
291,581
3,892,410

10,354,538
21,160,574
-147,323
5,153,849

40.42
35.95
-50.53
132.41

27,285,265
68,187,727
9,046,259
1,495,754
5,812,892
4/ 426,272

17,416,919
45,986,131
3,890,107
556,586
1,903,558
1,067,959
1,142
360,861

9,868,346
22,201,596
5,156,152
939,168
3,909,334
-641,687
-1,142
950,479

56.66
48.28
132.55
168.74
205.37
-60.09
263.39

-296
-7,558
-2,303

296
7,558
2,303

8,519,616
11,835,001

8,101,499
12,876,024

418,117
-1,041,023

5.16
-8.08

167,670
144,258

99,299
284,023

68,371
-139,766

68.85
-49.21

1,311,340

- 3 Among the changes provided by the Revenue Act of 1942, affect
ing the comparability of income and tax data for individual and fidu
ciary returns with a taxable year beginning on and after January 1,
1942, with data for the previous year are*
(a) The minimum amount of gross income for which a return is re
quired to be filed is reduced from |1,500 to $1,200 for a married per
son living with husband or wife the entire taxable year; and from $750
to $500 for a single person, a married person not living with husband
or wife any part of the taxable year, an estate, and a trust»
(b) The personal exemption is reduced from $1,500 to $1,200 for a
married person living with husband or wife the entire taxable year and
for a head of a family; and from $750 to $500 for a single person, a
married person not living with husband or wife any part of the year, and
an estate» The credit for a dependent is reduced from $400 to $350»
(c) The normal tax rate is increased from 4 percent to 6 percent, and
the surtax rate of 6 percent of the first $2,000 of surtax net income
progressing to 77 percent of surtax net income in excess of $5,000,000
is increased to 13 percent of the first $2,000 of surtax net income pro
gressing to 82 percent of surtax net income in excess of $200,000»
(d) Personnel below the grade of commissioned officer in the
military or naval forces exclude from gross income, salary received for
active service in such forces to the extent of $250 if single and not the
head of a family, or $300' if married or the head of a family» The filing
of returns is automatically postponed for all members of the military or
naval forces serving outside the continental United States»
(e) Deductions are allowed for amortisable bond premium and a
limited amount of medical expenses»
(f) The net gain or loss from sales or exchanges of oapital assets
is a combination of the long-term and short-term capital gains and losses»
The definition for "short-term," as used in this connection, is changed
from 18 months or less to 6 months or less and that for "long-term" from
more than 18 months to more than 6 months« In computing net gain or loss
only certain percentages of the gain or loss recognized from the sales
or exchanges of capital assets are taken into account, namely, 100 percent
if the capital assets have been held not more than 6 months, and 50 per
cent if such assets have been held more than 6 months; however, the
deduction for a net loss from this source may not exceed the net income
computed without regard to capital gains or losses, or $1 ,000, whichever
is smaller» m the computation of alternative tax, the rate applicable
to long-term gain is changed from 30 percent of the net long-term capital
gain, to 50 percent of the excess of net long-term oapital gain over net
short-term capital loss» The alternative tax is not applicable in the
case of a net loss from sales or exchanges of oapital assets»

- 4 -

The returns included in this report are returns for the calendar
year 1942, a fiscal year ending within the period July 1942 through
June 1943, and a part year with the greater part of the accounting
period in 1942, Returns from which statistics are tabulated are Forms
1C40, 1040A, 1040B, and 1041* Tentative returns and amended returns
are excluded*
For individual returns with net income of $10,000 and over, and
for taxable fiduciary returns, data are completely tabulated from
each return* Data for individual returns, Form 1040, with net income
under $10,000, are in part estimated based on samples, and in part
completely tabulated* For individual returns, Form 1040A, and individual returns with no net income, Form 1040, data are estimated from
samples* Data are taken from unaudited returns*
Form 1040A, the optional return which may be filed by an individ
ual whose gross income is not more than $3,000 and is wholly from
salary, wages, dividends, interest and annuities, does not provide for
the net income, therefore such returns are not distributed by net in
come classes* The gross income is tabulated both as total income and
net income* The personal exemption shown in the tables is determined
from the taxpayer*s status as indicated on the return and the earned
income credit is estimated*
The net Income used for tabulation and classification of fiduoiary returns is the net income taxable to the fiduciary, that is,
after deducting the amount distributable to beneficiaries*
Income from the various souroes is the excess of gross receipts
over deductions as reported in the schedules on the returns, and the
aggregate tabulated for each source is the sum of the net amounts of
income from that source* Negative amounts reported under income are
transferred in tabulation to deductions, and are included in the
amounts tabulated for a specified deduction or in other deductions*

Table 1. - Individual return» and taxable fiduciary returns, with net income, 1942, by taxable and nontaxable returns, by net income classes, and taxable returns by type of tax liability; also
aggregate for individual returns with no net income: Number of returns, net inccme or deficit, personal exemption, credit for dependents, earned
income credit, total tax, normal tax, surtax, alternative tax, average total tax, and effective tax rate
(Returns filed in period January through June 1943)

Net income J3/ classes

Number
of
returns

Net
income 1/

(Net lnocne classes and
Credit for
Personal
dependents
exemp*
(individual
tlon 7/
returns)

•
(1),
Taxable individual and fiduciary
returns with net income:
Norm 1040A (est.) 1y
Norms 1040 and 1041:
tihder 5 (est.)
5 under 10 (est.)
10 under 2S
25 under 50
50 under 100
100 tinder ISO
150 under 300
300 under 500
500 under 1,000
1,000 and over
Total taxable returns
Nontaxable Individual returns:
With net income 5/:
Norm 1040A (est.) 11/
Norm 1040:
Under 5(est.)
Total returns with net
income
With no net Income, Norm 1040
(est.) 2/
Total nontaxable returns
(brand total
Individual returns and taxable
fiduciary returns with net income
Individual returns with no net
income (est.) 2/

Nor footnotes, see p. 11,

(2)

____L?.i.....

(S)

(*>

money figures, except average total tax. In thousands of dollars)
Named
Returns with normal tax and surtax 9/
income
Total
Number
Net
Tax
tax
Zj
of
inccme 6/
eredit
Total
(Individreturns
normal
Normal
ual retax
tax and
turns 8/
surtax
(ool. 11
/ 12)
___Li)___
(8)
(i d
(10)
(?)
<•)

Returns with alternative tax 47 Average
Number
Net
Alterna- total tax
of
income 6/
tive tax (col. 7
returns
T 2)

Surtax

(12)

(13)

(14)

(15)

•

10,990,990

18,288,237

8,572,458

1,288,279

1,719,094

1,311,340

14,996,753
916,972
292,079
63,365
19,111
3,459
1,909
398
189
40

34,918,312
6,069,697
4,333,007
2,141,328
1,279,053
415,897
379,670
150,404
125,537
86.586

14,792,325
964,597
280,314
60,019
18,676
3,331
1,836
382
168
33

3,302,496
321,439
96,304
20,687
6,179
1,075
615
118
66
11

3,426,235
481,200
245,808
63,001
21,609
3,928
2,156
440
184
41

3,034,953
1,028,664
1,198,040
921,871
716,717
276,236
276,926
117,751
98,413
65.346

14,996,753
916,972
289,637
57,391
16,378
2,807
1,449
286
117
16

34,918,312
6,069,697
4,278,596
1,931,298
1,092,666
336,518
287,771
108,197
78,382
30.953

3,034,953
1,028,664
1,179,159
831,100
615,303
226,207
214,758
86,695
65,325
26.482

805,719
256,888
217,119
106,230
61,803
19,248
16,497
6,158
4,541
1.553

2,229,235
771,776
962,040
724,870
553,500
206,959
198,262
80,537
60,785
24.930

4.
•

2,442
5,974
2,733
652
460
112
72
24

54,411
210,030
186,387
79,379
91,899
42,208
47,155
55.633

27,285,265

68,187,727

24,694,139

5,037,270

5,963,694

9,046,259

16,281,806

49,132,390

7,308,646

1,495,754

5,812,892

12,469

767,100

4,608,004

7,242,373

5,260,051

3,789,080

680,783

3,911,612

4.592.628

4.168.003

1.636.970

62,075

8,519,616

11,835,001

9,428,054

5,426,051

742,858

(1*)

167.670

12/144.258 ____ m

(16)

percent
(col. 7
T 3)

(17)

$119

7.17

18,882
90,772
101,414
50,029
62,168
31,056
33,088
38.864

202
1,122
4,102
14,549
37,503
79,860
145,064
295^857
520,706
1.633.660

8.69
16.95
27.65
43.05
56.03
66.42
72.94
78.29
78.39
75.47

426,272

332

13.27

8,687,286

13/11,690,743

(16)

(
35,972,551

16/79,878,470

(16)

9,046,259

16,281,806

49,132,390

7,308,646

1,495,754

5,812,892

12,469

767,100

426,272

251

11.33

35,804,881

80,022,728

9,046,259

16,281,806

49,132,390

7,308,646

1,495,754

5,812,892

12,469

767,100

426,272

253

11.30

167,670

12/144,258

: -

34,122,192
(16)

10,463,321
(14)

6,706,552
(1*)

W . * Individual N t u n «1th net Id o o m , U t t ( by taxable and nontaxable returns, by M t inseat classes, and taxable returns by type of tax liability}
•leo aggregate far individual ratorns with no net lnoomet Number of retains, net inoons or deficit, personal exemption, credit for dependents,
earned income credit, total tax, normal tax, surtax, alternative tax, average total tax, and effective tax rate
(Katana filed in period January through June 1945)
a.jtpw,.«y «71. «Ufi

Hat ineoso olaases

........
(11
Taxable individuai retarns with
net incorna:
Form 104Q4 (est.) H /
F o n 1040t
Under 5 (est,)
5 under 10 (est.)
10 under 25
25 under 50
50 under 100
100 under 150
150 under 500
500 under 500
500 under 1,000
1,000 and over
Total taxable retarne
Ncntaxable individuai retarne
With net 1ncque § / t
Fora 10404 (est.) 2 i /
Form 1040i
Ondar 5 (est,)
Total return with
net income
With no net ineama, F o n 1040
(est.) £/
Total ncntaxable retarns
Grand total
Individuai return with net
inocna
Individuai return with no
net 1nervo» (est,) % /
For footnotes, see p, u,

V f
return

___C2)____
10,990,990

xet
income

J j

(»)
18,288,257

Personal
tZHD»
tion J /

8,572,458

14,928,760
911,005
288,578
62,280
18,765
5,575
1,861
584
178

54,854,267 14,776,059
6,028,256
965,081
4,276,782
279,408
59,759
2,104,452
1,255,977
18,585
5,507
405,681
569,564
1,822
578
145,040
167
118,955
58.______ W . 7 » _______ &

____
87-2Q6-°»
4,608,004

Number
of
rotane

JlSl

Net
Incorna

(141

11terne»
tive tax

(151

1,286,279 1,719,094 1,511,540
5,502,496 5,426,255 5,021,749 14,928,760 54,854,267 5,021,749
521,459
481,200 1,019,425
911,005 6,028,256 1,019,425
96,504
245,808 1,180,476
286,057 4,224,604 1,162,415
20,687
905,506
65,001
56,449 1,899,454
816,778
21,609
6,179
16,115 1,075,516
705,725
605,415
5,928
1,076
269,555
2,745
220,942
528,770
2,156
615
269,898
1,424
210,721
282,521
118
114,155
440
278
84,481
105,139
66
184
94,555
116
77,852
64,884
41
15
61.504
25.491
27.185
11

Average
total tax
(col. 7 *
2)

Effective
tax rate,
percent
(col. 7 i
5)

(161

(171

$119

7.17

202
1,119
18,065 ’
4,094
14,556
88,528
57,502
98,510
79,862
48,595
59,177
145,029
297,278
29,674
29,449
529,959
57.815 1.615.262

8.67
16.91
27.60
45.02
56.05
66.44
75.05
78.71
79.52
75.95

52,178
204,998
180,661
76,911
87,245
59,921
41,081
55.551

16.202.940 48.885.121 7.250.295 1.482.981 5.747.515

12.082

756.525

409.607

52^

15.18

8,951,245 16,202,940 48,885,121 7,250,296 1,482,981 5,747,515

12,082

756,525

409,607

249

79,742,885 54,105,070 10,465,521 6,706,562 8,951,245 16,202,940 48,885,121 7,250,295 1,482,981 5,747,515

12,082

786,525

409,607

67.907.885 24.675.016

7,242,575

U , 856,001

55,895,298 12/79,598,626

1SA44,258

5.087.270 5.965.694

5,260,051

5,789,000

680,785

4.168.005

1.6W.W0

62.076

9,428,054

5,426,051

742,856

____ ai)

«7.670

167,670

(61

Return w1th alternative tax 4/

2,541
5,851
2,650
652
457
106
62
25

8,687,286 15Al.690.745

55,725,628

(5)

Total
taxi/

801,801 2,219,948
254,599
764,825
214,091
948,522
712,517
104,460
60,882
544,551
18,811
202,151
194,477
16,244
6,050
78,451
60,575
4,509
21.958
1.555

5.911.612
8,519,616

Credit for E a m d
dependants Inonma
credit

»tal tax, in thawManda of dntlare'
m With normal tax -nd ftfa» V ________
____________ I s ____________
Number
Net
Total
of
income
normal
Nomi
tax and
retane
Surtax
surtax
tax
12/
(ool.ll +
«)
(81
(101
(91
ini
(121

_____SsSa

(M)
(U)

(M)

____04L_

(14)

(M)

(14)

*
13.25

33*25

Table 2. - Individual return« and taxable fiduciary returns, with net income, 1942, by taxable and nontaxabla returns and by net incoro classes} also aggregate
with no net incoro2 Number of returns, sources of incoro, deductions, and net incoro or deficit

for individual returns

(Beturns filed in period January through June 1943)

Sources of incase

Hst incoro 6/ classes

Taxable individual and fiduciary returns
with net incoro f
Fore 10401 (est.) U /
Farro 1040 and 1041*
Under 5 (est.)
S under 10 (est.)
10 under 25
25 under 50
50 under 100
100 under 150
ISO under 300
500 under 500
500 under 1,000
1,000 and over
Total taxable returns
Noctaxable individual returnst
With net Innnro 5/t
Fora 10401 (est.) n /
Fora 1040«
Under 5 (est.)
Total returns with net incoro
With no net incero, Form 1040 (eat.) Zj
Total nontaxabla returns
Grand total
Individual returns and taxable fiduciary
returns with net Incoro
Individual returns with no net 1norms
(est.) Z/

Far footnotes, see page 11.

Number
of
returns

Salaries
and other
compensa
tion (in
dividual
returns)

Dividends
from do
mestic and
foreign
corpora
tions 15/

Bank
deposits,
notes,
mortgages,
corpora
tion bonds

Dividends
Interest 16/
on share
Government
accounts
obligations
in Federal
Taxable
Partially
tax-exempt (subject savings
to nor
and loan
(subject
mal tax
associa
to surtax
and sur tions (sub.
only) 17/
tax) 18/
ject to
surtax
only) 19/

Rents
and
royal
ties

Annui
ties

Net gain
from sales
of proper Business
profit
ty other
than capi 22/
tal assets
21/

Net gain
from
sales of
capital
assets
22/

Partner
ship pro
fit 23/

Incoro
from
fiduci
aries

Other
incoro

Total
incero

'v
10,990,990

18,092,259

(31)

(51)

195,977

18,288,257

24,862 4,069,746
10,872 1,467,506
964,032
7,031
355,781
2,638
1,276
189,970
64,068
255
61,143
170
25,204
35
18,537
2
14.469

640,903
614,488
779,015
483,721
537,858
119,709
111,197
47,880
23,863
8.606

160,093
150,911
176,775
122,008
90,235
37,889
38,906
20,083
21,700
9.585

155,679
55f443
37,608
15,477
9,434
2,840
1,527
465
115
148

39,674,464
6,786,744
4,870,298
2,389,688
1,430,778
465,846
426,797
169,077
142,320
98.829

7,230,255

5,167,241

808,185

474,711

74,743,077

7,242,573

14,996,753 31,944,021
916,972
3,651,759
1,941,325
292,079
821,224
63,565
19,111
392,256
87,479
3,459
59,790
1,909
398
12,755
5,044
189
1.047
40

946,831
459,251
589,633
411,240
310,515
119,168
111,952
46,857
49,058
39.248

501,968
135,821
129,017
58,506
27,635
7,536
6,702
2,218
1,676
253

27,825
11,132
15,795
8,680
3,968
1,265
1,058
444
139
9

32,463
5,611
6,846
3,630
1,980
585
478
184
152
25

9,390
3,286
3,633
1,484
882
15
15
2
1

1,004,432
205,923
159,747
66,122
31,753
8,846
9,972
2,433
1,848
161

85,970
14,175
10,435
4,705
2,471
850
528
167
97
64

70,281
42,786
51,406
34,472
30,768
15,544
23,362
10,351
20,U O
25.214

27,285,265

57,008,917

3,065,549

869,132

68,315

51,934

18,707

1,491,235

119,461

524,294

4,608,004

7,188,147

(31)

(51)

•

54,225

3.911.612

3.184.953

111-111

94.392

6.355

4.849

649

396.640

25.521

9.570

10.650

1.578.279

91.159

14.884

42.228

5.571.178

8,519,616

10,375,101

111,111

94,592

6,353

4,849

649

596,640

25,521

9,570

10,630

1,578,279

91,139

14,884

96,455

12,813,551

(51)

47,142

167.670

44.813

17.872

11.247

708

566

50.264

1.880

2.154

994

21.965

. 1.990

1.855

2.529

158.847

8,687,286

10,417,914

128,984

105,639

7,041

5,415

678

426,905

27,402

11,704

11,625

1,600,242

95,129

16,739

98,982

12,952,398

35,972,551

67,426,831

3,192,533

974,771

75,357

57,349

19,585

1,918,140

146,863

335,998

58,766

8,830,498

5,260,370

824,922

573,693

87,695,475

35,804,881

67,382,018

5,174,660

965,524

74,648

56,785

19,556

1,887,876

144,983

333,864

57,772

8,808,534

3,258,380

825,067

571,164

87,556,628

167,670

44,813

17,872

11,247

708

566

30,264

1,880

2,134

994

21,965

1,990

1,855

2,529

138,847

Table 2. - individual returns and taxable fiduciary returns, with net inoone, 1948, by taxable and nontaxable returns and by net incoiae classes; also aggregate for
individuai returns with no net incase: lumber of returns, sources of incase, deductions, and net income or deficit - Continued
(Baturas filed in period January through June 1943)

Wet loss
Net income 6/ classes

tram
sales of
capital
assets
20/ 85/

Taxable individual and fiduciary
returns with net income:
Form 1040A (est.) 11/
Forms 1040 and 1041:
Under 5 (est.)
5 under 10 (est.)
10 under 85
85 under 50
50 under 100
100 under 150
ISO under 300
300 under 530
500 under 1,000
1,000 and over
Total taxable returns
Nontaxable individual returns:
With net incase 5/ :
Form 1040A (est.) 11/
Form 1040:
Under 5 (est.)

Net loss
from sale
of proper
ty other
than capi
tal assets
81/

(Net inoose classes and money figures la thousands of dollars)
Deductions
liedleal
Losses
from fire, Bad
Contribu
and dental
expense 29/ Other
Partner
Taxes
debts
27/
Business
storm,
Interest
tions 26/
paid 27/
loss 22/
ship loss (individual
paid 27/
(Individual (individual deductions
etc, 27/
returns)
returns)
30/
returns)
23/
2§/
{individual
returns)

Total
deduct lots

Amount
distribut
able to
benefi
ciaries
(fiduciary
returns )

Net
income 1/

18,288,237
128,863
41,898
33,971
11,686
4,563
976
535
118
61
163

88,368
9,806
9,508
4,087
8,358
549
635
194
599
1,443

49,885
19,397
80,484
11,744
8,096
2,801
2,382
857
900
881

7,688
5,608
6,856
3,353
1,878
1,000
1,224
109
186
(32)

973,508
129,068
91,688
47,896
33,555
12,914
12,242
5,503
6,128
4,188

757,367
119,335
75,915
29,287
14,698
4,566
3,689
1,537
664
474

1,525,627
218,684
163,431
81,188
50,152
15,914
14,522
5,613
4,930
1,967

60,993
7,669
5,010
2,344
1,135
354
435
80
118
16

60,157
19,168
80,846
10,794
6,368
1,800
2,740
597
626
341

448,340
31,528
13,465
2,634
636
62
17
2
1

595,250
96,948
73,985
32,712
18,353
7,231
7,476
2,671
8,556
1.201

4,623,487
698,448
513,838
237,538
141,787
48,167
45,838
17,882
16,770
10,075

132,725
18,605
83,453
10,882
9,937
1,782
' 1,290
1,391
14
2,168

34,918,312
6,069,697
4,333,007
8,141,328
1,879,053
415,897
379,670
150,404
185,537
86.586

816,175

56,888

116,706

27,884

1,316,684

1,007,532

8,081,902

78,153

122,838

490,684

838,384

6,353,164

208,186

68,187,727

7,248,373

36.996

5.475

131.676

145.172

266.858

17.344

28.012

118.608

180.173

978.550

4.592.688

35.759

19.082

35,759

19,082

36,996

5,475

131,676

145,178

266,258

17,344

22,012

118,608

180,173

978,550

11,835,001

With no net incase, Form 1040 (est.) 8/

14.174

37.049

97.814

9.083

4,304

12.982

86.407

14.277

14.761

9.837

43.015

883.104

12/144.258

Total nontaxable returns

49,933

56,131

134,210

14,558

135,980

158,155

892,666

31,621

36,773

188,439

283,188

1,261,655

- 13/11,690,743

866,108

113,013

250,916

41,843

1,458,665

1,165,686

2,374,567

109,774

159,611

619,123

1,061,518

7,614,818

202,186 lg/79,878,470

851,934

75,965

153,702

32,759

1,448,361

1,152,704

8,348,160

95,497

144,850

609,286

1,018,496

7,331,714

808,186

14,174

37,049

97,214

9,083

4,304

12,988

26,407

14,277

14,761

9,837

43,015

883,104

Total returns with net incase

Qrand total
Individual returns and taxable fiduciary
returns with net income
Individual returns with no net income
(est.) 8/

far footnotes, see p. 11,

80,082,728
18/144,858

Table 2-A. - Individual returns with net income, 1942, by taxable and nontaxable returns and by net income classes) also aggregate for individual returns
with no net income : Number of returns, sources of income, deductions, and net income or deficit
(Returns filed in period January through June 1943)

Net income classes

___________________________________________ (Net income classes and money figures in thousands of dollars)
Sources of income
Dividends
Interest 16/
Dividends
Salaries
on
share
from do
Government
and other
Bank
Number
compensa
obligations
accounts
mestic and deposits,
of
Partially Taxable
tion
in Federal
Rents
foreign
notes,
returns
Net gain
and
savings
corpora
mortgages, tax-exempt (subject
from
Annui
royal
and loan
(subject
to nor
tions 15/ corpora
sales of
ties
ties
associa
tion bonds to surtax mal tax
capital
tions (sub
only) 17/ and sur
assets
ject to
tax) 18/
23/
surtax
only) 19/

Taxable individual returns with
net income:
Form 1040A (est.) U /
Form 1040:
Under 5 (est.)
5 under 10 (est.)
. 10 under 25
25 under 50
50 under 100
100 under ISO
150 under 300
300 under 500
500 under 1,000
1,000 and over

(31)

Partner
ship pro
fit 23/

195,977

18,288,237

155,813
128,564
173,424
119,816
88,400
37,197
38,899
19,689
21,700
9.585

150,539
53,902
35,861
14,343
8,571
2,782
1,491
460
115
148

39,424,603
6,718,761
4,781,939
2,337,748
1,394,378
452,482
414,137
161,966
135,617
90.691

7,200,562

3,138,622

793,088

.464,189

74,200,560

54,225

7,242,375

14.884

42.228

5.571.178

14,884

96,453

12,813,551

1,855

2,529

138,847

(31)

(51)

826,362
403,962
541,231
382,925
288,740
U O , 964
105,085
43,122
47,204
33.235

456,686
127,404
122,665
55,265
26,289
6,881
6,602
2,171
1,673
253

22,263
9,979
12,656
8,071
3,819
1,188
1,046
443
122
3

28,774
5,139
6,256
3,415
1,896
547
45S
150
128
25

8,816
3,242
3,536
1,424
881
14
15
2
1
-

969,359
198,279
151,596
62,938
29,983
8,302
9,525
2,416
1,848
161

85,970
14,175
10,435
4,705
2,471
850
528
167
97
64

58,234
38,543
45,601
30,793
27,164
14,462
21,284
8,550
15,284
23.097

23,907
10,573
6,757
2,380
1,230
245
170
35
2

Total taxable returns

27,206,012

57,008,917

2,782,828

805,889

59,589

46,786

17,930

1,454,407

119,461

282,991

45,299

Nontaxable individual returns:
With net income S/t
Form 10401 (est.) 11/
Form 1040:
fhder 5 (est.)

4,608,004

7,188,147

(31)

(51)

5.911.612

3.184.953

111.111

94.392

6.333

4.849

649

396.640

25.521

9.570

10.630

1.578.279

91.139

Total returns with net
income

, 8,519,616

10,373,101

111.111

94,392

6,333

4,849

649

396,640

25,521

9,570

10,650

1,578,279

91,139

With no net income, Form 1040
(est.) 2/

167,670

44,813

17,872

11,247

708

566

30,264

1,880

2,154

994

21,963

1,990

Total nontaxable returns
Grand total
Individual returns with net income
Individual.returns with no net
income (eat.) 2/

For footnotes, see p. 11,

(51)

Total
income

636,630
610,644
772,186
477,790
334,723
118,043
108,906
47,231
23,863
8.606

(51)

31,944,021
3,651,739
1,941,323
821,224
392,236
87,479
59,790
12,755
5,044
1.047

Other
Income

18,092,259

14,928,760
911,003
288,378
62,280
18,765
3,575
1,861
384
178
38

Income
from
fiduci
aries
24/

4,057,228
1,462,617
958,413
352,660
187,974
63,527
60,341
24,796
18,537
14.469

10,990,990

(51)

(31)

Net gain,
from sales
of proper Business
profit
ty other
than capi 22/
tal assets

£,687,286

10,417,914

128,984

105,639

7,041

5,415

678

426,905

27,402

11,704

11,625

1,600, 242;

95,129

16,759

98,982

12,952,398

35,893,298

67,426,831

2,911,812

911,528

66,631

52,202

18,608

1,861,312

146,863

294,695

56,924

8,800,804

5,231,751

809,827

563,171

87,152,957

55,725,628

67,582,018

2,895,939

900,281

65,922

51,635

18,578

1,851,048

144,983

292,561

55,929

8,778,841

3,229,761

807,972

560,642

87,014,111

167,670

44,813

17,872

11,247

708

566

30,264

1,880

2,154

994

21,965

1,990

1,855

2,529

138,847

Tabi» Z-k. — Individual returns with net income, 1942, by taxable and nontaxable returns and by net incone classes j also aggregate for individual returns
with no net income* Number of returns,sources of income, deductions, and net income or deficit - Continued
(Returns filed in period January through June 1945)
(Nat income classes and money figures in thousands of dollars)

Net income classes

Net loss
from
salsa ot
ospitai
asseta

22/55/
Taxable individual returns with net
income>
Form 10401 (est.) H /
Form 1040t
Under 5 (est.)
S under 10 (est.)
10 under 25
25 under 50
50 under IOC
100 under 150
150 under 500
500 under 500
500 under 1,000

Net loss
from sales
of proper
ty other
than capi
tal assets
21/

Business
loss 22/

Partner
ship loss
22/

Contribuì
tlona 26/

Interest
paid 22/

Taxes
paid 22/

Losses
from fire,
stona,
etc. 27/
2fi/

Bad
debts 27/

Medical
Other
Total
and dental
expense 29/ deductions deduction*
52/

Net income
1/

•m

-»

•

18,288,257

119,901
41,247
55,458
11,579
4,490
946
528
117
60
165

28,057
9,101
9,568
5,994
2,556
549
655
194
599
1.445

49,559
19,555
20,541
11,704
8,052
2,801
2,292
849
900
281

7,574
5,570
6,215
5,545
1,844
1,000
1,224
109
186
(52)

975,502
129,068
91,688
47,896
55,555
12,914
12,242
5,505
6,128
, 4.188

755,482
118,500
74,559
28,524
15,845
4,205
5,551
1,502
664
474

1,514,574
216,514
160,474
79,748
49,062
15,558
14,040
5,451
4,925
1.967

60,995
7,669
5,010
2,344
1,135
354
435
80
118
16

60,157
19,168
20,246
10,794
6,568
1,800
2,740
597
626
541

442,540
51,528
15,465
2,654
656
62
17
2
1
me

580,256
95,226
70,354
50,954
17,077
6,815
6,868
2,S22
2,478
1.105

4,590,556
690, S25
505,157
255,296
158,401
46,801
44,575
16,927
16,684
9.976

54,854,267
6,028,256
4,276,782
2,104,452
1,255,977
405,681
569,564
145,040
118,935
80r71S

Total taxable returns

212,290

56,257

116,094

27,068

1,516,684

999,107

2,061,911

78,155

122,858

490,684

811,591

6,292,677

67.907,883

Nontaxable individual returns*
With net income jjt
v
Form 10401 (est.) 11/
Form 1040*
Under 5 (eat.)

•

5,475

151,676

145,172

266,258

17,544

22,012

118,602

180,175

55,759

19,082

56,996

7,242,575
978,650

4,592,628
11,855,001

55,759

19,082

56>996

5,475

151,676

145,172

266,258

17,544

22,012

118,602

180,173

978,550

With no net income, Form 1040 (est.) 2/

14.174

57,049

97.214

9.085

4.504

12,982

26,407

14.277

14.761

9.857

45.016

285.104

Total nontaxable returns

49,955

56,151

154,210

14,558

155,980

158,155

292,666

51,621

56,775

128,459

225,188

1,261,655

U/11,690,743

262,225

112,588

250,504

41,626

1,452,665

1,157,262

2,554,577

109,774

159,611

619,125

1,054,779

7,554,352

15/79,698,626

248,049

75,559

155,090

52,545

1,448,561

1,144,279

2,528,170

95,497

144,850

609,286

991,764

7,271,227

79,742,885

285,104

U>/144,258

Total returns with net Income

Grand total
Individual returns with net incorna
Individual returns with no net inoome
(est.) 2/

For footnotes, see p. 11,

14,174

57,049

97,214

9,085

4,504

12,982

26,407

14,277

14,761

9,837

45,015

12/

144.258

y Net income ia the son of (1) net income on Form 1040, (2) gross income on Form 1040A, and (5)
on tables including fiduciary returns, Form 1041, the net income taxable to the fiiiciaiy.
2/ Total deductions equal or exceed total income. For 1942, data for returns with no net income
are based on a sample and not on a complete tabulation as in prior years.
5/ Aggregate of normal tax, surtax, alternative tax, and the optional tax on Form 1040A, paid in
lieu of normal tax and surtax. (In the comparative table on p. 2, total tax includes defense tax also.)

y For 1942, the alternative tax is the sum of the normal tax and surtax computed on ordinary net
income plus 50 percent of the excess of net long-term capital gain over the net short-term capital loss.
The alternative tax is reported only on returns showing an excess of net long-term capital gain over
net short-term capital loss, and only if such tax is less than the combined normal tax and surtax
computed on net income (which includes the net gain from sales or exchanges of capital assets).
5/ Personal exemption, credit for dependents, and earned income credit exceed net income. A neg
ligible number of nontaxable individual returns in net income classes of $5,000 and over are tabu
lated with taxable returns.
6/ For taxable fiduciary returns, the net income used for classification and tabulation is the
net income taxable to the fiduciary, that is, after deducting the amount distributable to benefici
aries. Data for taxable fiduciary returns Include data for estates and trusts incorrectly filed on
Form 1040, which have net income taxable to the fiduciary. In tabulating data from these taxable
returns, incorrectly filed on Form 1040, an adjustment is made whereby the «Amount distributable to
beneficiaries" (if any) is removed from deductions and tabulated as such in table 2.

7/ for 1942, the personal exemption allowed the head of a family and a married person living with
husband or wife for the entire year was reduced from $1,500 to $1,200, and that of a single person,
a married person not living with husband or wife, and an estate was reduced from $750 to $500. A
trust is allowed, in lieu of personal exemption, a credit of $100 against net income.
8/ For returns, Form 104QA, earned income credit is computed as 9.4 percent of gross income (equivalent to 10 percent of the income after deductions aggregating 6 percent of gross income).
9/ Returns with normal tax and surtax include (1) returns with neither a net gain nor a net loss
from sales or exchangesof capital assets, (2) returns with a net gain from similar transactions, un
less tlis alternative tax (described in note 4) is imposed, and (3) returns with a net loss from such
transactions.

10 / includes also the normal tax reported on returns' for a fiscal year ending in the period July
through November 1942. The component parts of the prorated tax are not known.
1 1 / Form 1040A (optional return), which may be filed by individuals whose gross income is from
certain sources only and is not more than $3,000, does not provide for reporting the amount of net in
come. Gross income is tabulated both as total income and as net income.
12/ Deficit.
13/ Net income less deficit.
14/ Not available.

20/ The amount reported as net gain or loss from sales or exchanges of capital assets.la the amount
taken■into account In computing net income and ia a combination of short-term and long-term capital
gains and losses, worthless stocks and bonds which are capital assets, and each participant's share
of capital gains and losses to be taken into account from partnerships and common trust funds; also
the net short-term capital loss of preceding taxable "year (not in excess of net income for such year)
has been deducted but only to the extent of net short-term capital gain of the current year. The
term »capital assets" means property held by the taxpayer (whether or not connected with his trade
or business), but not (1) stock in trade or other property which would properly be included in in
ventory if on hand at the close of the taxable year, (2) property held primarily for sale to customers
in the ordinary course of trade or business, (3) property used in trade or business of a character
which ia subject to the allowance for depreciation, (4) an obligation of the United States or any pos
session thereof, or of a State or Territory or' any political subdivision thereof, or the District of
Columbia, issued on or after March 1, 1941, on a discount basis and payable without interest at a
fixed maturity date not exceeding one year from date of issue, or (5) real property used in trade or
business.
21/ Net gain or loss from the sales of property other than capital assets: (1) property used in
trade or business of a character which is subject to the allowance for depreciation, (2) obligations
of the United States or any of its possessions, a State or Territory or any political subdivision
thereof, or the District of Columbia, issued on or after March 1, 1941, on a discount basis and pay
able without interest at a fixed maturity date not exceeding one year from date of issue, and (5)
real property used in trade or business.
22/ Current year business profit or loss.
ductions.")

(Net operating loss deduction is reported in "Other de

23/ Partnership profit or loss, as reported on the income tax return of the partner, excludes (1)
partially tax-exempt interest on Government obligations, and (2) net gain or loss from sales or ex
changes of capital assets, each of which is reported in its respective source of income or deduc
tion, and (3) dividends on share accounts in Federal savings and loan associations issued orior to
March 28, 1942, which are reported in the schedule for interest or. Government obligations but are
tabulated separately. In computing partnership profit or loss, charitable contributions are not de
ducted nor is the net operating loss deduction allowed. However the pro rata share of contribu
tions and prior year income and losses of the partnership is taken into account by each partner in
determining his own contributions and net operating loss deduction, respectively.
24/ Income from fiduciaries, as reported on the return of the beneficiary, excludes (1) partially
tax-exempt interest on Government obligations, and (2) net gain or loss from sales or exchanges of .
capital assets received from common trust funds, each of which is reported in its respective source
of income or deduction, and (3) dividends on share accounts in federal savings and loan associations
issued prior to March 28, 1942, which are reported in the schedule for interest on Government obli
gations but are tabulated separately. The net operating loss deduction is allowed to estates and
trusts generally, and is deducted in computing the net income to be distributed. In the case of a
common trust fund, however, this deduction is not allowed but each participant's share of prior year
income and losses of the fund is taken into account in determing his own net operating loss deduction.
25/ A net loss from sales or exchanges of capital assets is allowed only to the extent of the net
income, computed without regard to capital gains and losses, or $1,000, whichever is smaller. (This
limitation does not apply to returns with fiscal years ending in the period July though November
1942.)
26/ Contributions include each partner's share of charitable contributions of partnerships.

15 / Dividends received include dividends on share accounts in Federal savings and loan associations
Issued on or after March 28, 1942, but exclude such dividends on prior issues and dividends of all
kinds received through partnerships and fiduciaries.

27/ Excludes amount reported in schedule for (1) rents and royalties, ard (2) business or pro
fession.

16/ Interest received from bonds is the net amount after deducting the amortisable bond premium for the
taxable year. This deduction was not made against interest in former years.

28/ Losses from fire, storm, shipwreck, or other casualty, or from theft, not compensated for by in
surance or otherwise.

17 / Partially tax-exempt interest ia that received on certain Government obligations issued prior
to""5arch 1, 1941, namely, United States savings bonds and Treasury bonds owned in excess of $5,000, and
obligations of instrumentalities of the United States other than those issued under the Federal Farm Loan
Act or that Act as amended; the amount reported includes such interest received through partnerships
and fiduciaries.
18/ Taxable interest on Government obligations is that received on Treasury notes issued on or after
December 1, 1940, and on obligations of the United States or any agency or instrumentality thereof,
issued on or after March 1, 1941; the amount reported excludes such interest received through partner
ships and fiduciaries.
‘‘

19 / Dividends on share accounts in Federal savings and loan associations issued prior to March 28,
1942, including such dividends received through partnerships and fiduciaries.

29/ Medical and dental expense paid for care of taxpayer, his wife, or a dependent, not compensated
for by insurance or otherwise, which exceeds 5 percent of the net income computed without the deduc
tion. This deduction was not allowed in former years.
50/ Other deductions include loss from rents and royalties and net operating loss deduction. In
table 2 the amount Includes losses from fire, storm, etc., and bad debts reported on fiduciary returns.
31/ Included in other income.
32/ Less than $500.

TREASURY DEPARTMENT
C o m p t r o l l e r of the C u r r e n c y
Washington

F O R RELEASE, M O R N I N G NEWSPAPERS.

Press Service
No. ./ / ^

4 / - 7 ô

[Surp l u s h a s

been built

in approximately half
it w a s

stated

Delano.

the

exceed common capital

5048 n a t i o n a l l y - c h a r t e r e d banks,

today by Comptroller o f

During

banks were

to e q u a l

the C u r r e n c y P r e s t o n

the c a l e n d a r y e a r 1943, m o r e

added

to the l i s t o f

than 200 national

those w h i c h h a d reached

this

goal.

jrr
jjhe
o n its
at

Congress has

common

least

stock,

the

surplus

The banks

i n the

any state

in b u i l d i n g

them being

equals

District

in that

d e c l a r i n g a dividend

a national bank must add

o n e — t e n t h o f its n e t p r o f i t s

year until

provided that before

class«

the p r e c e d i n g h a l f

the a m o u n t o f

of C o l u m b i a

surplus

for

to e q u a l

t o it's s u r p l u s

the

c o m m o n capital.

are a h e a d of
capital,

those

three-fourths

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 25, 1944

Press Service
No, 41-70

Surplus has been built to equal or exceed common capital
in approximately half of the 5048 nationally-chartered banks,
it was stated today by Comptroller of the Currency Preston Delano
During the calendar year 1943, more than 200 national banks, were
added to the list of those which had reached this goal.
The Congress has provided that before declaring a dividend
on its common stock, a national bank must add to its surplus
at least one-tenth of its net profits for the preceding half
year until the surplus equals the amount of the common capital.
The banks in the District of Columbia are ahead of those
in any state in building surplus to equal capital, three-fourths
of them being in that class.

oOo

TREASURY DEPARTMENT
Washington

FOB RELEASE, MORNING NEWSPAPERS
Tuesday, April 25» 1944»

Press Servies

Secretary of the Treasury Morgenthau announced today that the sub
scription books for the current offering of 7/8 percent Treasury Certifi
cates of Indebtedness of Series D-1945, open to the holders of Treasury
Certificates of Indebtedness of Series 0-1944 maturing May 1, 1944, will
close at the close of business tooorroir, April 26.
Subscriptions addressed to a Federal Reserve Bank or Branch, or to
the Treasury Department, and placed in the »ail before 12 o ’clock midnight,
Wednesday, April 26, will be considered as having been entered before the
elose of the subscription books.
Announcement of the amount of subscriptions and their division among
the several Federal Reserve Districts will be made later.

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 25? 1944.

Press Service
No.* 41-71

'ÇflriÎ

Secretary of the Treasury Morgenthau announced today
that the.subscription books for the current offering of 7/8
percent Treasury Certificates of Indebtedness of Series
D-1945, open to thé holders of Treasury Certificates of In
debtedness of Series 0-1944 maturing May 1, 1944? will close
at the close of business tomorrow, April 26,. '
Subscriptions addressed to a Federal Reserve Bank or
Branch, or to the Treasury Department, and placed in the mail
before 12 .o’clock midnight, Wednesday, April 26, will be con
sidered as having been entered before the close of the sub
scription books,
Announcement of the amount of subscriptions and their
division among the several Federal Reserve Districts will be
made later>

-.oOor

TREASURY DEPAROIEHT

Washington
FOR RELEASE, MORNING NMSPAPIRS,
Tuesday» April 25» 1944»

Press Service

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated April 27 and to
mature July 27, 1944, which were offered on April 21, were opened at the Federal Re
serve Banks on April 24«
The details of this issue are as follows:
Total applied for - $2,128,761,000
Total accepted
- 1,013,541,000
Average price

(includes $54,233,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99-905/ Equivalent rate of discount approx. 0.375$ per annua

Range of accepted competitive bids:
High
Low

- 99*910 Equivalent rate of discount approx. 0*356$ per annua
- 99.905
"
» » I «
»
o*376$ »
»

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

Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
New Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francis«»

$
65,845,000
1,444,342,000
51,546,000
27,934,000
13,385,000
10,895,000
329,903,000
9,540,000
5,830,000
13,752,000
23,977,000
131*812.000

«2,128,761,000

11,013,5a,ooo

TOTAL

27,919,000
626,086,000
25,527,000
20,343,000
11,905,000
10,612,000
144,101,000
6,705,000
5,830,000
12,618,000
19,373,000
102,517.000

TREASURY DEPARTIRENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, April 25, 1944»______
4-24-44
"

Press Service

• 41-72

The Secretary of the Treasury announced last evening that the
tenders for $1,OOO,000,000,

or thereabouts,

of 91-day Treasury

bills to be dated April 27 and to mature July 27, 1944, which were
offered on April 21, were opened at the Federal Reserve Banks on
April 24.
The details of this issue are as follows :
Total applied for - $2,128,761,000
Total accepted
- 1,019,941,000 (includes $54,233,000
entered on a fixed-price basis at 99.905 and accepted in
full)
Average price

- 99.905/Equivalent rate of discount approx.
0.375$ per annum

Range of accepted competitive bids;
High

Low

- 99.910
0.356$
- 99.905
0.376$

Equivalent rate of discount approx.
per annum
Equivalent rate of discount approx.
per annum

(37 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total /
Applied for

Total
Accepted

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

TOTAL

65,845,000
1,444,342,000
51.546.000
27.934.000
13.385.000
10.895.000

329.903.000
9.540.000
5.830.000
13.752.000
23.977.000

27 ,919,000

626,086,000
25.527.000
20.343.000

1 1 905.000

10,612,000
144 101,000
6 .705.000
5 830.000
12 618,000

.
,

19,378,000

131 .812.000

102,517,000

$2,128,761,000

$1,013,541,000

-0 O0 -

Oosmissioner

Interna! Revenua, Josepb D* Munsa* Jr*

todey adhriaed tax asampt orgaalx&tione that tha timm for flllng
tli* Information r e t a m a required fey Seotion 117 of tké Retenue
Aet of 1743 «111 be e x t e n d í beyond M a y 15 la Iba case

1743

retama*

Tba Setena* Aet oí 1745 becas* la» os ÍV&bruary E59 1944
and tbo neceesary regul&tioas and t o m a ara aot quite ready*
Causal aaioner Hunan therefore s&id a na« filias date «111 aet

be determinad untll it la «seartainad « i

printed coplee

CaBardssioner of Internal f i v m a » , Joseph D* Hunan, Jr*
today advised tax exempt organizations that the time for filing
the information returns required by Section 11? of the Revenue
Act of 1943 «ill be extended beyond M a y 13 is the case of 1943
returns*
The Revenue Act of 1943 bee so» law o n February 33» 1944
and the necessary regulations and forms are not quite ready*
Commissioner Hunan therefore said a new filing date will not
be determined until it is ascertained when printed copies
o f the forms can be made available to the organisations that

Commissioner of Internal Revenue! Joseph D. Nun an, Jr*
today advised tax-exempt organizations that the time for filing
the information returns required by Section 117 of the Revenue
Act of 1943 will be extended beyond May 15 in the case of 1943
returns*
The Revenue Act of 1943 became law on February 25, 1944;
and the necessary regulations and forms are not quite ready*
Commissioner Nunan;therefore )said a new filing date will not
be determined until it is ascertained when printed copies
of the forms can be made available to the organizations that
need them*

- 0 0 G -

TREASURE DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Tuesday, April 25, 1944

Press Service
No*.41-73

Commissioner of Internal Revenue Joseph D. Nunan, Jr.
today advised tax-exempt organizations that the time for
filing the information returns required by Section 117 of the
Revenue Act of 1943 will be extended beyond May 15 in the case
of 1943 returns.
The Revenue Act of 1943 became law on February 25, 1944,
and the necessary regulations and forms are not quite ready.
Commissioner Nunan, therefore,

said a new filing date will not

be determined until it is ascertained when printed copies of
forms can be made available to the organizations that need them.

-oOo-

FOR IMMEDIATS RELEASE
April 25. 1 9 ^ _______

The Bureau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the quotas
for the 12 months commencing October 1, 191*3» provided for in the InterAmerican Coffee Agreement, proclaimed "by the President on April 15, 19^*1,
as follows:

•
•

Country of Production :
•
•

Quota Quantity
(Pounds) 1/

t
#
•
$

Authorized for entry
for consumption
(Pounds)
: As of (Date)*^ î

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1 ,6 2 1 ,6 3 0 ,^ 7 9
51*9 ,2 6 1 , 9 3 6

3 M 7 3 . 7 7 1*
13,91*9.562
20,821,883
2 6 ,1 5 5 . 3 3 0
1 0 ^, 6 2 1 , 3 2 1

Non-Signatory Countries:

93.227,381*
1*7,951,373
3 ,1*8 6 ,9 2 8
8 2 ,8 2 5 ,2 7 9
3 >*,0 0 1 ,91*3
1*.359.222
7 3 ,2 3 1* .8 7 2
61,900,935

April 1 5 , 1 9 I&
it
n
11

April 2 2 , 19^4 2 /
April 1 5 , 1 9 1 *1*
ti
H
N

2/
April 2 2 ,
April 1 5 , I 9 l & ~
it
tl
it

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

ii,90i*,oi*3
U, 1 9 9 .1*25
1 ^, 6 2 7 ,^ 8 8
1 6 ,0 5 1 ,2 6 8
53,751,593
^7,101,509
16,120,595
2,679,01*6
1*9 ,6 6 1 ,1*1*3
1 2 ,2 2 2 , 2 7 1
1 ,81*7 , 1 0 0
2 7 ,2 0 5 ,5 2 5
3 ,71 *5 ,2 2 6

Quotas as established by action of the Inter-American Coffee Board on
April 21, I 9 UH.

Per telegraphic reports.

0 Ô o -

TREASURY" DEPARTMENT
Washington

FOR -IMMEDIATE RELEASE
April 36« 1944

Press Service
No. 41-74

The Bureau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entxy for consumption under the quotas
for the 12 months commencing October 1, 1943* provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941,
as follows'

*
ï
Country of Production : Quota Quantity $
___________________ s
(Pounds) 1/ ^ : As of

Authorized for entry
for consumption
(Date)
:
(Pounds)

Signatory Countries*
Braz11
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,621,630,479
549,261,936
34,873,774
13,949,562
20,881,883
26,155,330
104,621,321
93,287,384
47,951,373
3,486,928
• 82,825*279
34,001,943
4,359,288
73,234,872

Non-Signatory Countries::

61,900,935

April 15, 1944
»
ii
ii

April 22, 1944 2/
April 15, 1944
it
ii
ii

April 22, 1944 2/
April 15, 1944
ir

it
H

619,153,440
305,885,710
11,904,043
4,199,425
14,627,488
16,051,268
53,751,593
47,101,509
16,180,595
2,679,046
49,661,443
12,288,271
1,847,100
27,205,585
3,745,826

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944.

Per telegraphic reports.

-oOo-

Dec. 31. 19^3 - Contd.*
(In thousands of dollars)

1
1

:
Total
• National
: all banks
banks
•
I

Time deposits - Contd.:
Deposits of States and political subdivisions.......................... ....
Deposits of banks in the United States....
Deposits of hanks in foreign countries....

$482,34l
271,808
4,o6o

$239 ,7^9
38,990
*1,053

3 1 .6 10 ,6 75
Other deposits (certified and cashiers'
checks, etc.)...........................
1,690,189
Total deposits 1/................... 118,336,126
Bills payable, rediscounts, and other lia
bilities for borrowed money..............
51.650
Acceptances executed by or for account of
reporting banks and outstanding.... ......
6 0 ,15 7
Interest, discount, rent, and other income
collected but not earned............ .
*15,390
Interest, taxes, and other expenses accrued
and unpaid...............................
208,391
Other liabilities (including securities borrowed and dividends declared but not payable) 37*+»573
Total liabilities................ . 119,076,287

10,308,677

Total time deposits.................

•All banks i
Banks other than national
•other than **
State
:
Mutual :
•national
Private
•(commercial) :
savings :
$242,592
232,818
7
2 1 ,3 0 1,9 98
761,019

$2 4 1,3 3 1
232,452
7

$1 ,0 5 5
276

9.5 7 6 ,*185

11.709,333

16,180

564
11,717,080

2 ,3 0 1
I8é,4l4

$206

—

929,170
60,156,181

58,179,9*15

758.15*1
*16 ,276,1151

8,155

*♦3.*195

40,268

—

3,227

31,642

28,515

23 till

—

5 .13 8

23,8 8 1

21,509

a , 166

308

118,469

89,922

82,263

7,575

234,147

1*10,426
58,503,812

1 1 5 .0 1 7
46,558,542

25,109
11,750,072

300
195,198

90 ,1^2
1 2 5 ,9*11
1,264,002
2,1*85,2^7

85,269
12 5 ,9 4 1

*1,873

60,572.^75

CAPITAL ACCOUNTS
—
Capital notes and debentures............. .
90,142
Preferred stock............ ..............
127,6o4
2 53 ,5*15
Common stock.............................. 2 .6 67,913 f 1,1103,911
Surplus..................................
4,105,016
1.619,769
Undivided profits.................... ....
1.370,352
5*11,595
Reserves and retirement account for preferred stock and capital notes and debentures 558*723
266,563
Total capital accounts..............
9,045,691
3.959,*1*12
1
Total liabilities and capital accountsl28,121*978 6*1,531.917

1/ Excluding reciprocal demand bank balances •

. . .

828,757

1.257.5*12
1,571.85*1
502,772

901,169
325,60 2

...
6,460
12,224
383

292,160
5,086,249
63,590,061

248,003
3,791,381
50,3*19,923

42,i 4o
1,273,78*1
13,023,856

2 ,0 17
21,084
216,282

—

Dec. 31, X9^3 - Oontd.
(In thousands of dollars)
Banks other than national
. All banks
. other than *
State
•
Mutual
•
Private
. national
¡(commercial) .
savings
•

Total
, National
•
•
banks
all banks •
.
••Currency and coin................. ........
Balances with other hanks, including re
serve balances, and cash items in process
of collection l / ...... ....... . • .........
Bank premises owned, furniture and
Real estate owned other than bank premises
Investments and other assets indirectly
representing bank premises or other real

$1,612,252

$807,969

$80**, 283

$716,583

$85,2U9

$2,U5l

26.999.933

15,272.695

11,727.233

10,969.532

710, **80

**7,226

580,5****
298,120

U72.95U
100,092

106,992
197.U33

598
595

l,128,0lU
332,110

5U.31U

*♦0,02**

1**, 262

**9,**88

7,275
26,207

23,281

12,571

—

220,19**

101,66**

118,530

80 ,1**5

37,979

*406

277.613

56,862

220,751

198,83U

21, **66

U51

128,121,972

6u.531.917

63,590.061

50.3u9.923

13.023,856

216,282

59,38^,625
IO.U0U.917

33.25u.s37
5,251,502

26,129.788
U.553.U15

25.99u.556
u,552,136

5,730
902

129,502
377

**,**89,7*40

2.69U.905
6,693.091
U23.999

1.79U.835
3.138.7U5
500,l**5

1.791.7U9
3.127.6U6
U75.725

**72
79
— *

2,61**
11,020
2**,**20

Customers1 liability on acceptances out-

A88d1) 8» ••••••••••••••••••••••••

33.990

♦

101,529

Interest, commissions, rent, and other in
come earned or accrued but not collected.
Other assets (including securities bor
rowed, insurance and other expenses pre
paid, and cash items not in process of
collection).... ............... ..........

5*7M
*

U.710

LIABILITIES
Demand deposits:
Deposits of individuals, partnerships,
and corporations..............•.........
Deposits of U. S. Government............
Deposits of States and political subDeposits of banks in the United States 1/
Deposits of banks in foreign countries...

9 ,8 3 1 , 8 3 6

Total demand deposits 1 / ............

8 5 ,0 3 5 , 2 6 2

U8.918.33U

36,116,928

35.9Ui ,S12

7.183

167.933

Time deposits:
Deposits of individuals, partnerships,
and corporations....... ................
Deposits of U. S. Government.............
Postal savings deposits........ .........

30,725,252
117,202
10,012

9,926.259
93.8UU

20.792,993
23,352

9 ,0 7 5 ^ 1 0 7

11,708,002

15.88U

5,722

**,230

U.230

92**, 1****

(23.358^,
—

wrnwmm

Page 3

Assets and. liabilities of all active 'banks in the United States ana possesstons, "by classes,
Dec. 31, 19^-3»

(In thousands of dollars)

National

* all banks
•

’
•

banks

All tanks

* other than
national

Banks other than national

State (com-|
mereiai)** i

Mutual
savings

* Private
•
i

l M 21

5,oi*6

9,575

6,969

537

1+9

. $7,878.^3
»

$*t,7S®»7l>6

0 ,1 1 9 ,7 2 7

$3 ,088,226

$2.339

$2 9 ,16 2

393,323
■+52.7^5
517,30?

2 17 ,5 6 6

1+88,055
9 1 1 ,2^9

2 1 7 .s1»
>«7.759
902,81+1+

10
62

26
286
S,3^3

1+3 2 ,11+6

51U.369

50l+,020

ll+8

10 ,2 0 1

293,215
6.069,595
507 > 27
3‘t.5'+8
1.385.256

l+,ll+2
1+,3 6 0 ,118
56 ,0 52

59,352
2,868,889

I7 3 .77 O
l.5^,79^
350,261+
2l+,80l+
1 ,‘«¡3.633

51,703

319
1.7*«
ll+l
1,2 5 0
5,070

Total loans and discounts............ . 2 3 ,67^.539

10,133,532

1 3 ,51*1,0 0 7

9,009,887

M7li,57>l

5 6 ,51+6

. 63,690,025
. 2 .569.359

32,552,251
1 .É2 6 .30 U

3 1 ,1 3 7 ,77*1

9^3.055

25.015.389
90i+,269

6.01*9,558
36,363

72 ,8 2 7
1+03

. 3 ,56^,275
. 3 .3 5 1.9 6 7

1.933.187
1,2^3.^50

1,631,088
2,108,517

1,1*17.571
1,167.583

200,5^0
929,288

12,957
11,61+6

550,620

ll+9,06l

1)01.559

238 ,1*89

15 7 ,6 3 2

5 .1*38

• 73.726,246

37,50^.253

3 6 ,2 21,993

28,7>*3.30l

7.375,>121

1 0 3 .2 7 1

Number of hanks.
ASSETS
Loans and discounts:
Commercial and Industrial loans (include

covered directly or indirectly hy pur
chase agreements of Commodity Credit
Corporation. .............................
Other agricultural loans....... .........
Loans to brokers and dealers in securitie s
Other loans for the purpose of purchasing
or carrying stocks, bonds, and other
securities.............................
Heal-estate loans:
Secured by farm land...................
Secured by residential properties..... .
Secured by other properties........... .
Loans to banks...........................
All other loans, including overdrafts.... .

610,889
9 l»0 , «00

1,1+28,556

9 ^ .5 1 5

1+66,965
7 .616,389
3 5 7 .6 9 1

288 ,751*

1,707,729
1+51,231+
33,296
1,328,1*83

—

Investments:
U. S. Government securities:

Obligations of States and political sub-

Corporate stocks, including stocks of
f e d e r a ! Reserve banks............... .

of the war.
** Includes trust companies and stock savings banks.

LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand*........................... .
Time............................. ...............
U. S. Government and postal savings deposits........
Deposits of States and political subdivisions.......
Deposits of hanks 1/.................. ........... .
Other deposits (certified and cashiers' checks, etc.)
Total deposits 1/.... ........ ...................
Bills payable, rediscounts, and other liabilities for
borrowed money.............. ................. .............
Acceptances executed by or for account of reporting banks...
Interest, discount, rent, and other income collected but not
earned........................................... .....
Interest, taxes, and other expenses accrued and unpaid.
Other liabilities................................. ......
Total liabilities

...............................

$59 .38 *+,625
3 0 ,725,252
10 ,532,131
4,972,061
11,031,646
1 ,690,189

$5*+, 286,973
26,417,460
8 ,163,576
*+,855.015
10,904,246
1,156,827

116 ,336,126

107,78*+,099

$*+7 ,968,820
26 ,703,762
8 ,506,607
*+.523,373
11,323,537
1,239,539
100 ,265,636

51.650
60,157

31.657
69.075

52,462

*+5,390
206,391
37 *+.573

)
)
)

576,660

16,638
(
(
(

58.320
l37,8>+6
404,645

119,076,287

106,461,711

100,937.5*+9

90,142
253.5*+5
2,667,913
4,105,016
1,370,352

9*+.691
270,175
2,6l4,5Sl
3 ,871.503
1,406,340

99,202
260,654
2 ,605,535
3 ,769,806
1 ,322,567

55S,723
9 ,0115,691
126,121,976

533. *»5

527 ,26*+

CAPITAL ACCOUNTS
Capital notes and debentures...........................
Preferred stock................... ......................
Common stock.................... ....................... .
Surplus.................. .............. ................
Undivided profits.......................................
Reserves and retirement account for preferred stock and
capital notes and debentures......... ................
Total capital accounts.............................
Total liabilities and capital accounts
l/

..... .

Excludes reciprocal interbank demand balances with banks in the United States.

8,790,695
117,252,i«)6

6,605,028
109.5>+2.577

Comptroller of the Currency

FOR RELEASE

_■••••'>•l
Vvwipf

Washington

■

Press Service
ko. a i ~ 7 £ *

The Comptroller of the Currency today released the following preliminary figures, showing the assets and lia
bilities of all active hanks in the United States and possessions on December 3.1» 1943, and conrpari sons of such figures
with the assets and liabilities of all active banks on June 30, 1 9 4 3 , and December 3 1 , 1942*
(in thousands of dollars)

>/
;

Dec. 31,
19U3

Number of banks.... .............. .......... ....... .....

14,621*

June 30»
19^3

:
:
t

14,661*

Dec. 31 ,
194?14,722*

ASSETS
Loans on real estate............................... .
Other loans, including overdrafts..................... .
Total loans.............. ...........................
U. S. Government securities:
Direct obligations..................................
Guaranteed obligations.... .........................
Obligations of States and political subdivisions.......
Other bonds, notes, and debentures.......................
Corporate stocks, including stocks of Federal Deserve
banks......................... ..........................
Total investments............. .......... ...........
Currency and coin...................... .................
Balances with other banks, including reserve balances 1/
Bank premises owned, furniture and fixtures.............
Deal estate owned other than bank premises..............
Investments and other assets indirectly representing ban]k
premises or other real estate............... ..........
Customers* liability on acceptances outstanding.........
Interest, commissions, rent, and other income earned or
accrued but not collected..............................
Other assets........................ .....................
Total assets

..................... ...............

$g,94l,o65
14,733,474
23,674,539

2.569,359
3,564,275
3 .351.967

550,620
73.726.246

55,176,155
2 ,786,903
3.775.406
3.554,741

43,184,881
2.874,230
3,926.485
3 .755 .I3 I

591.727
65,884,932

630,633
’54,371.360

1,162,458
443,677

1 .463,836
27,371.581
1,189,800
530,109

III.3 I7
61,279

122,402
46,132

1,606,564

1,612,252
26.999.933
1,128,014

25 ,210,347

332,110
101,539
49,488

128,121,978

$9.373.003
l4,628,143
24 ,001 ,1^6

$9.155.381

63 ,690,025

220,194
277.613

13 ,168,672
22 ,324,053

)
)

,447,779
117,252,406

(
(

172,961
273.250
109 .542,577

TREASURY^DEPARTMENTS' •
Comptroller of the Currency
Washington
FOR RELEASE MORNING NEWSPAPERS,
Monday, May 1, I9 I4H.

Press Service
No. Ul~75

The Comptroller of the Currency today released the following preliminary figures, showing the assets and lia
bilities of all active banks in the United States and possessions on December 3 1 » 19^3, and comparisons of such figures
with the assets and liabilities of all active banks on June 3 0 , I9 I43, and December 3 1 , I9 U2 .
(in thousands of dollars)
Pec-, 31»
■ 19U3

Number of banks ....................... ....... ........
ASSETS
Loans on real estate................ ...... . ........ .
Other loans, including overdrafts........ ..............
Total loans............ .............. .... .......
IT*. S. Government securities:
Direct obligations.......................... ;.....
Guaranteed obligations.............. ...............
Obligations of States and political subdivisions.... .
Other bonds, notes, and debentures............... ..... .
Corporate stocks, including stocks of Federal Reserve
banks.... .................... ............ .... .
Total investments............. . ........ ........ ...
Currency and coin.... ...... .......... .......... .....
Balances with other banks, including reserve balances l/..
Bank premises owned, furniture and fixtures........ .7...
Real estate owned other than bank premises................
Investments and other assets indirectly representing bank.
premises or other real estate............ ......
Customers* liability on acceptances outstanding.........
Interest, commissions, rent, and other income earned or
accrued but not collected.... ...... ............... .
Other assets...........................................
Total assets............ ... ...... ....... .......

■*

:
:

June 30»
19U3

1U, 621*

»
:

Dec. 3 1 ,
I9U2

~“114,661*

llj-,722*

$ 8 ,9^ 1,065
W .733.U 7U
2 3 ,b 7 U.5 3 9

$ 9 ,1 5 5 ,3 3 1
13 ,1 6 8 .6 7 2
2 2 . 3 2 U.0 5 3

$9,373,003
1U .628.1U 7
“ 2 ^ ,0 0 1 ,iU6

63,690 ,0 25
? , 5 6 9 ,3 5 9
3 ,$ 6 U,2 7 5
3 . 3 5 1 .9 6 7 .

5 5 ,1 7 6 ,1 5 5
2,78 6,90 3
3 . 7 7 5 .U0 6
3 . 5 5 U . 7 U1

U3 , l g î | ,8 8 1
2,87)4,230
3,926,1485
3 .7 5 5 ,1 3 1

5 9 1 ,7 2 7

630,633
5U ,371,360
1.U 63.836
2 7 , 3 7 1 ,5 3 1
1,18 9 ,8 0 0
530,109

550,620
73.726.2U 6
“ 1 ,6 1 2 ,2 5 2
2 6 , 9 9 9 ,9 3 3
l , 1 2 8 , 0 lU
3 3 2 ,1 1 0

“ 6 5 , 8811,932
1 ,6 0 6 ,5bU
25.210 .3U 7
1,162,1+58
UU3 .6 7 7

10 1,5 8 9
149,1488
220,1911
2 7 7,6 13
12 8 ,1 2 1 ,9 7 8

122,1402
146,132

1 1 1 ,3 1 7

6 1,2 7 9
)

UU7.779

“ 117,252,110 6

(
(

17 2 ,9 6 1
273,250
109,51+2,577

war.

Comptroller of the Currency
F O R RELEASE

Washington

ft«.

Comparison of assets and liabilities of all banks - Continued,

(In thousands of dollars)
Dec. 31»
19U3

LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand............. ,..... ......... .............. .
f Tiifie..................................... ........ .....
U. S. Government and postal savings deposits.... ..............
Deposits of States and political subdivisions............
Deposits of banks l/............... .. ...... .. .p.... ........ .
Other deposits (certified and cashiers’ checks, etc.).........
Total deposits l/.......... ....... ...... .
Bills payable, rediscounts, and other liabilities for
borrowed money..................... ......... . ...... .
Acceptances executed by or for account of reporting banks.......
Interest, discount, rent, and other income collected but not
earned........... ...... . ............ . ....................
Interest, taxes, and other expenses accrued and unpaid........
Other liabilities......... ......................... .... .
Total liabilities........ ........... ....... ............
CAPITAL ACCOUNTS
Capital notes and debentures.......... .
Preferred stock... 1.......... ........ *.... ........... .....
Common stock............. ......................... .........
Surplus........... .
.........................
Undivided profits.
........ ................... .....
Reserves and retirement account for preferred stock and
capital notes and debentures........... .......... ...... .
Total capital accounts................................
Total liabilities and capital accounts.......... ... ...... .

:
:

$59,386,625
30,725,252
10 ,532,131
**,972,081
11 ,031,868
1 ,690,189
118 ,336,126

51,650 ;
60,157
**5,390
'208,391
37*+,573
119,076,287

)
)

June 30, 1

1963

•:
:

Dec, 31»
19I+2

$56,286,973
28,617,660
8,163,576
6 ,855,015
10,906,268
1 ,156,827
107,786,099

$67 ,968,820
26,703,762
8,506,607
**,523,373
1 1 ,323,537
1 ,239,539
100,265,638

31,657
69,075

18,638
52,662

576,880

1
108,461,711

90,ll+2
253,565
2,667,913
6 ,105,016
1 ,370,352

2,6ll+,58l
3 ,871,503
1 ,1+06,31+0

558,723
97065,691
128,121,978

533, **05
8,790,695
117 ,252,1+06

Excludes reciprocal interbank demand balances with banks in the United States,

Page 2

9U,691

270,175

(
(
(

58,320
137,866
606,665
100,937,569
99,202
280,656
2,605,535
3 ,769,806
1 ,322,567
527,261+
8,605,028

' i o 9 , 5 **2,577

Assets and liabilities of all active "banks In the Tfnitad States and possessions, by classes,
Dec. 31, lÿ+3*
(in thousands of dollars)
j

Number of banks.

Page 3

Total
[ National
all banks , banks
•
14,621

Banks other than national
* All banks •
] other than , State (com-:
Mutual
\ Private
national
mereiai)5“* :
savings
•
5,046
9,575
8,989
49
537

ASSETS
Loans and discounts:
Commercial and industrial loans (includ.$7.S7S,i+73

$4,758,746

$3 ,1 1 9 .7 2 7

$3,088,226

$2 ,3 3 9

$2 9 ,lb2

610,889
940,800
s 1,428,556

393,323
452,745
517,307

2 1 7 .5 6 6

488,055
911,249

217,540
487 .'759
902,844

286

8 ,3 4 3

9 4 6 ,5 1 5

4 3 2 ,1 4 6

5 1 4 ,3 6 9

504,020

148

10,201

.
466,985
. 7 .6 16 ,3 8 9
.
8 5 7 ,6 9 1
59,352
. 2 ,80S ,889

293,215

2 8 8 ,7 5 4

4,142

319

6 ,0 6 9 ,5 9 5
5 0 7 ,4 2 7

1,707,729

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

1,748
l4i

.2 3 .6 7^ ,5 3 9

173,770
1,546,794
350,264
24,804
1,483,633
10,133,532

34,548
1,385,256
13,541,007

33,298
1,328,483
9 ,0 0 9,887

.6 3 ,690 ,0 25
• 2 .5 6 9 .3 5 9

32,552,251
1 ,6 2 6 ,3 0 4

31,137.774
943,055

25,0 1 5 r389
904,2b9

6 ,0 4 9 ,55 8

72,827
403

Obligations of States and political sub
divisions.. ... ............ ..... .... . 3 .5 6 4 ,2 7 5
Other bonds, notes, and debentures....... • 3 .3 5 1 .9 6 7
Corporate stocks, including stocks of

38,383

1.933,187
1,243,450

1,631,088
2,108,517

1 ,4 1 7 ,5 7 1
1 .1 6 7 ,5 8 3

200,560
92 9 ,2 8 8

12,957
11,646.

l49,06l
37,504,253

401,559
3 6 ,2 2 1 ,9 9 3

238,489

1 5 7 ,6 3 2

2 8 ,7 4 3 ,3 0 1

7,375,421

covered directly or indirectly by pur
chase agreements of Commodity Credit
Other agricultural loans.

or carrying stocks, bonds, and other
securities........ ............ ...
Real-estate loans:

Loans to banks.

4 5 1 ,2 3 4

—

5 1 ,7 0 3
4 ,4 7 4 ,5 7 4

1 ,2 5 0

5,070
5 6 ,5 4 6

Investments ;
u. S, Government securities:

5 50 ,6 2 0

•73.726,246

of the war.
* Includes trust

companies and stock savings banks.

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

Assets and liabilities of all active tanks in the United States and possessions, by classes,,
Page 1+
Dec* 31» 19*43 ~ Contd.
___________________________ ________(in thousands of dollars)_____________ y
All banks
:.¿anks other than national
National
• Total
other than
:
State
: Mutual ; Privat
all banks
banks
national
i(commercial) :savings :
Currency and coin;................... .
Balances with other banks, including re
serve balances, and cash items in process
of collection l/.1 ............. ..... .
>
Bank premises owned, furniture and
fixtures...............................
Real estate owned other than bank premises
Investments and ether assets indirectly
representing bank premises or other real
estate............ .....................
Customers1 liability on acceptances out
standing, ............. ............ .....
Interest, commissions, rent, and other in
come earned or accrued but not collected.
Other assets (including securities bor
rowed, insurance and other expenses pre
paid, and cash items not in process of
collection).................... ....... .,
Total assets............. ...........
LIABILITIES
Demand deposits:
Deposits of individuals, partnerships,
and corporations................ .......
Deposits of U. S. Government...............
Deposits of States and political sub
divisions.... . .. ........... ...........
Deposits of banks in the United States 1/....
Deposits <!>f banks in foreign countries.......
Total demand deposits l/......«........,
Time deposits;
Deposits of individuals, partnerships,
and corporations......... ............. .........
Deposits of U. S. Government...... .....
Postal savings d e p o s i t s .... .............. .

$1 ,6 1 2 ,2 5 2

$8 0 7,9 6 9

$80*4,283

$716,583

2 6 ,9 9 9 .9 3 3

1 5 ,2 7 2 ,6 9 5

11,7^7,232

107969,532

1,128,01*4

51+7 ,H70

472,954

3 3 2 ,1 1 0

33,990

580,51+1+
298,120

:1 0 1 ,5 8 9

47,275

5 4 ,3 1 4

ho, 02 *+

1+9,488

2 6 ,2 0 7

23,281

18,571

220 ,191+

101,661+

118,530

80,l*+5

2 7 7 ,6 1 3

5 6 ,8 6 2

128,121,978

5 9 ,3 s1* , 625
10,1+0*4,917

U,l439,7U0
9 ,8 3 1 ,3 3 6
'92*4,11+1+
?5.035.262
3 0 ,7 2 5 ,2 5 2
1 1 7 ,2 0 2
10,012

33.2 5 4 ,8 3 7
5 ,8 5 1 .5 0 2
2 ,6 9 4 ,9 0 5 6 ,6 9 3 ,0 9 1

423,999
48,918,334
2 9 ,9 2 6 ,2 59

10 0 ,0 9 2

885,249

8 2 ,45 !

710, *480 1+7 ,2 2 6
10 6 ,9 9 2
1 9 7 ,4 3 3

1*4,262

598
595
28
4 ,7 1 0

37,979

1+06

21,466
451
220,751
1 9 8 ,83*4
.63V590 j06 l -50,349,927 13.023,856 2 16 ,2 8 2

4,553,415

25,994,556
4,552,136

5,730 1 2 9 ,5 0 2
902
377

1,794,835
3 ,1 3 8 ,7 4 5
500 ,l*+5
36,116,928

1,791,749
3,127,646
475.725
35,941,812

11,020
—
2*4,h2'0
7,183 167,933

2 6 ,1 2 9 ,7 8 8

93,844

20,798,993
23,358

5,782

4,210

*+72

2 ,6 1 1

* 79

9,075,107 11,708,002 1157881
—
• -2 3 ,3 5 s
4 ,2 3 0

Assets and liabilities of all active banks in the United States and possessions» by classes»
Dec. 31» 19^+3 ~ Contd.
(in thousands of dollars)
♦ Total.
; National
; all banks ; banks
v•
*Time deposits - Contd.
Deposits of States and political sub
divisions. ......... .................
ifcligp.r4i
Deposits of banks in the United States......
271,808
Deposits of banks in foreign countries...... .
4,o6o
Total time deposits.................. . 3 1 ,6 1 0 ,6 7 5
Other deposits (certified and cashiers*
checks, etc.)................... a .
. 1,690,189
Total deposits l/.......... .......... .1 1 8 ,3 3 6 ,1 2 6
Bills payable, rediscounts, and other lia
bilities for borrowed money..............
51,650
Acceptances executed by or for account of
reporting banks and outstanding......... .
6 0 ,1 5 7
interest, discount, rent, and other Income
collected but not earned............. ...,. •
45 »
„J
7qn
j'
*'
Interest, taxes, and other expenses accrued
:.and umpAid#..... ...............
208.RQ1
•
C
U Ü |
•ther liabilities (including securities bor
rowed and dividends declared but not payable)
37^,573
Total liabilities................... .. .1 1 9 ,0 76 ,2 8 7
Ca pital accounts
capital notes, and debentures...........
9 0 ,1^2
Preferred stock......... __
PR'? f;Ur
Common stock........ T.r
2.667
• <
-»U'JftQl
pJ-X
9
Surplus...............
lirtorj%m
8
• “
UlU
undivided profits........ .
1.^70 RRP
deserves and retirement account for pre
ferred stock and capital notes and debentures
558,723
Total capital accounts............ .
. 9 ,0^5 ,6 9 1
Total liabilities and capital accounts
128,121,978
~/ Excluding reciprocal demand dank "balances.

$2 3 9 ,7 4 9

Page 5

¡All banks
Banks other than national
:other than :
:
State
¡national
:
Mutual
| Private
:(commercial) :
savings
<tn)n jjl
ttii
824-1,
232,452
7
9 ,5 7 6 ,4 3 5

276

$20b
90

n . 7 0 9 .3 3 3

16,180

564
11,717,080

2,301
186,4l4

1 0 ,3 0 8 ,6 7 7

$242,592
232,818
7
21,301,998

929,170
60,156,181

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

758,154
46,276,451

8,155

4 3 ,4 9 5

40,268

3,227

31,642

2 8 ,5 1 5

23,377

5,138

23,881

2 1 ,5 0 9

2 1 ,1 6 6

308

1 1 8 ,14-69

cfn>9^
non
09
-2

82,263

7,575

234,147
60.R72.47R
*Sri 1 ~ r i j

i4o ,426
R
i
i
r
* ± d0
J ° tho-

1 1 5 ,0 1 7

i
l£ 598,942
RKG K)n
4°»

25,109
11*7CA
A70
XX
(j01U
(H

195,198

90,ll+2
1i2oc
5 ,9nl
4;n
1

8 5 .2 6 9

4,873

127,604
i.,4
kn
on
J
-UJ<)ry±±
i
iio
7^n
J-»°-*-9,(oy
541,595

125.941
1,257,542
1,571.854
502,772

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

248,003
3,791,381
5 0 ,34 9 ,9 23

42,140
1,273,784
1 3 ,0 2 3 ,8 5 6

38,990
4 ,0 5 3

2 6 6 ,5 6 3

X $¿0*+*UUci
0 ,4
h5o'e5r,24-7
ob~7
2
828,757
2 9 2 ,16 0

3,959,442 . 5,086,249
6 4 ,5 3 1 ,9 1 7 6 3 ,5 9 0 ,0 6 1

$1 ,0 5 5

300

0,400
12,224
383.
2,017
21,084
216,282

for such bills, whether on original issue or on subsequent purchase, and the amo^t
actually received either upon sale or redemntion at maturity during the taxable
year for which the return is made, as »rdinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

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 exoressly 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,
Subject to these reservations, tenders for $100,000 or less from any one bidder at
99*905 entered on a fixed-price basis will be accepted in full.

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

May 4» 1944

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 anjr State, or any of the possessions of
the United States, or by any local taxing authority.

For purposes of taxation the

amount of discount ¿it 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 (o'^her than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,

The Secretary of the Treasury, by this public notice, invites tenders
for $ 1 «000«000.OOP , or thereabouts, of

Jp&

”

91 -day Treasury bills, to be issued

uisfc

on a discount basis under competitive and fixed-price bidding as hereinafter pro*
vided,

The bills of this series will be dated

May k» 1944________, and will

August 3» 1944___ __, when the face amount will be payable without

mature
interest.

They will be issued in bearer form only, and in denominations of $1,000,j

$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 War time,

Monday, May 1, 1944

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 printed forms and for

Tenders from others must be accompanied by payment of 2 percent of the face

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Friday, April 28, 1944.

The S e c t a r y ‘of the'Treasury, by this; public notice,
invites tenders for *1,000,000,000,• or thereabouts,; of 91-dav
Treasury bills;, to be issued on a discount, basis under compeand fixed-price- bidding a s 1he re ina fieri,provided.
The
Dills; of tnis series will be dated May .4, .1944*' and will
^5?r
e
1944, when, the face- amount will b e ;payable
without interest.
They will be Issued in bearer form only
I
°
f *l'0 0 0 r *5,000, *10,000, *100,.000, ■
*500,OOP, and *1,000,000 (maturity v a l u e ) * ;
•
' Tenders will be received at Federal Reserve Banks and
Brancn.es. up to the closing hour, two o ’clock p. m*, Eastern
Monday’ May 1, 1944.
Tenders will not be received
at the Treasury Department,-, Washington.- Each tender-must be
;°r 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 isurged 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 incorpor
ated banks and trust companies and from responsible and recognized dealers in investment securities.
Tenders from
others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless-the -tenders are

*tpSm£oni
ied
an ®xPr,Sss guaranty of payment by an incorpor
ated Dank or trust company.
Immediately after the closing hour, tenders-will be
opened at the Federal Reserve Banks and Branches, following
nich public announcement will-be made by the Secretary of
he 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
and his action in any such respect shall be
n a i . Subject to these reservations, tenders for *100,000
or,less from any one bidder at 99.905 entered on a fixed? ^ e basi s^ i:L1 be accepted in full.
Payment of accepted
T?onfernS
the prices offered must be made or completed at the
Federal Reserve Bank In cash or other immediately available
funds on May 4, 1944,
41-76

(Over)

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 treatmenti 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 here
after imposed on the principal or interest thereof by any .
State, or any of the possessions of the United States, ■or by
any local taking 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.
Accord
ingly, 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
billsi whether on original issue or on subsequent purchase,
and the amount actually received either upon sale or redemp
tion 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*

oOo-

Department w ill in v ite to Washington many representatives of
the merchandise industry*

We expect to c a ll upon the experience

of chain sto re s, large department stores and small r e ta il
merchants fo r our problem is the problem of
merchandiser.

e ve ry

type of

We expect to form committees fo r each category

of consumers goods and we w ill ask each committee to formulate
fo r us two plans of d istrib u tio n , «•*» the f i r s t to be operative
during the period from now u n til the end of the war, and the
second to plan fo r the d istrib u tion of the vast surpluses that
w ill follow the end of the war.*
Mr. O lrich, who w ill assume his new duties on Wednesday,
May 3, was chosen from a panel of several hundred business
.executives*

He has had more than -85 years experience in

manufacturing and r e ta ilin g .

In 1906, he became assistan t to

the president of the National S ilk Dyeing Company of Paterson,
New Jersey, which post he held u n til 1919.

At th a t time he

became vice president and manager of the National Bellas Hess
, \

Company of New York, j In 1931, he resigned from th is position
to become comptroller and a ssistan t general manager of
Fred Harvey, Kansas C ity, Missouri.

In 1933 he became

com ptroller*secretary of Marshall Field and Company in Chicago#
and la te r became operating manager of the R eta il Division.
Mr. O lrich, 55, is married and has two children.

great «** and c iv ilia n prnchasing power so vast - - that industry
w ill have cle a r sa ilin g i f our surpluses are out of the way.
*We intend to conduct th is business In a goldfish bowl

with every record and every transaction open to the whole wide
world for examination.

Following Secretary Morgenthauf s longtime

policy of publicly announcing the d e ta ils of any new Treasury
venture before i t goes into e ffe c t we intend to make known to
the Congress, to the trade and to the public the techniques to
be used in disposing of various commodities.

And i f our

plans are unsound, there w ill be ample opportunity for anyone
to help us correct them*
T[n planning the d istrib u tio n of these Consumer commodities,
the Treasury Department intends to rely heavily upon the advice
of individual business men and upon the counsel of trade
asso ciatio n s.

I am confident that we sh all encounter no

reluctance on the part of any American business man to leave
V

-W-

his own in te re sts and to come to Washington to a s s is t us in
solving th is problem.

I am sure that every business man w ill

rea liz e that unless th is problem is solved fo r his particular
type of commodity his services back at home w ill be of l i t t l e
value.

Accordingly, in the very near future the Treasury

Speaking for rayself I advise you that I can foresee no
combination of circumstances which from the economic, so cial or
moral point of view could in any way ju s tify the destruction
of fiv e cents worth of usable goods*
" S t i l l other people suggest that we can best promote the
reconversion of industry by locking up these goods in sealed
warehouses and leaving them there u n til some future date when
they can be introduced into our markets without jeopardy to
our economy*

I find l i t t l e merit in that suggestion.

It is

ray conclusion that such surpluses as remain unexpended in this
country w ill hang lik e the sword of Damocles over American
industry u n til they have been absorbed by our domestic markets.
"Today, the beat solution of th is problem seems to be the
rapid and equitable d istrib u tion of a l l such goods as fa s t as
the armed services find them to be in surplus*

As long as

the war la s ts the markets w ill be hungry for p ra ctica lly every*
thing which a c iv ilia n can use.

Even when peace comes there

"w ill s t i l l be great shortages of most c iv ilia n goods u n til private
industry can reconvert to peacetime production.

And I am not

worried about industry lacking for markets a fte r we distribute
th is surplus.

The c iv ilia n demand for a l l commodities is so

2
Treasury's Procurement Division, under the d irection of
Su llivan .

The primary resp o n sib ility of Procurement, however,

is the purchase of m aterials and goods fo r lend-lease and
government uses»
With the amount of surplus goods stead ily increasing, and
lik e ly to reach a to ta l value of several b illio n s of dollars
a fte r the cessation of h o s t il it ie s , i t is believed by both
Morgenthau and Sullivan that a special division exclusively
devoted to property disposal w ill be necessary*
Assistant Secretary Sullivan, who w ill a s s is t in the
development of the new organization, addressed the Manchester
Chamber of Commerce la s t February 23, and pointed out many of
the basic principles which w ill be followed in the disposal of
c
w

urplus war property. 4£e~~a*yh
jA

¿ p 7 **

"The great concern of many men in industry, and in r e t a il

and wholesale business is that when th is war is over there w ill
be l e f t hanging over the head of %*erican business such vast
stores of surplus property that i t w ill suffocate a l l in itia tiv e
of private industry to reconvert from the job of war production,
whicxi i t has been doing so w ell, to manufacture once again it s
normal peacetime commodities.
^Occasionally i t is suggested that perhaps the easiest
solution to our problem would be the destruction of these goods#

./ ,

—7 "1

7/ - 7 ' . .
(f

-rf •— ■':* fTf

Treasury Secretary Morgenthau and Assistant Secretary
John L. Sullivan announced today that a new Treasury unit
is being planned to handle the disposal of consumer goods
declared surplus by the Armed Forces.

Responsibility for

disposing of surplus goods of this type was given the Treasury
Department in a recent Presid ential Order, and the projected
unit has been developed under the leadership of A ssistant
Secretary Su llivan, of Manchester, Kew Hampshire,
The organization oi th is new unit w ill proceed immediately
under the direction of Mr* Ernest L* O lrich ,* the Secretary
said#

*Mr. Dlrich w ill

c o m

to Washington on leave of absence

as president of Munsingwe&r Incorporated of Minneapolis, in
order to give f u l l time to the job#

I expect to secure the

services of other in d u stria lists and executives fam iliar with
the regular channels of trade to help in th is task.

Unless

promptly and e ffic ie n tly handled by experienced people, placing
huge quantities of surplus goods on the market a fte r the war
might undermine the economy, and th is must be prevented.w
The announcement pointed out that property disposal for
the Treasury is now running at the rate of about 12 m illion
d ollars a month#

Up to th is time i t has been handled by the

[with the amount of surplus goods ste a d ily in creasin g, and
lik e ly to reach a t o t a l value of sev eral b illio n s of d o llars
a f te r the cessatio n of h o s t i l i t i e s , i t is believed by both
Morgenthau and Sullivan th at a sp e c ia l organization exclu sively

devoted to property disposal w ill be necessary*

Mr. Sullivan

w ill a s s is t in the development of the new organization*
O lrich, who w ill assume his new duties on Wednesday,
May 3 , was chosen from a panel of several hundred business
executives.

He has had more than 35 years experience in

manufacturing and r e ta ilin g .

In 1906, he became assistan t to

the president of the National S ilk Dyeing Company of Paterson,
New Jersey, which post he held u n til 1919.

At th at time he

became vice president and manager of the National Bellas Hess
Company of New York.

In 1931, he resigned from th is position

to become comptroller and assistan t general manager of
Fred Harvey, Kansas City, Missouri.

In 1933 he became

com ptroller-secret ary of Marshall Field and Company in Chicago,
and la te r became operating manager of the R etail D ivision.
T mt. O lrich, 55, is married and has two children.

f i e cretary Morgenthau announced today that a new Treasury
Unit is being planned to handle the disposal of consumer
goods declared surplus by the Armed Forces.

Responsibility

for disposing of surplus goods of th is type was given the
Treasury Department in a recent P resid en tial Order*
,fThe organization of th is new unit w ill proceed immediately
under the d irection of Mr* Ernest L. O lrich, 11 the Secretary
said*

IfMr. Olrich w ill come to Washington on leave of absence

as president of Munsingwear Incorporated of Minneapolis, in
order to give f u l l time to the job.

I expect to secure the

services of other in d u stria lists and executives fam iliar with
the regular channels of trade to help in th is task .

Unless

promptly and e ffic ie n tly handled by experienced people, the
placing of huge quantities of surplus goods on the market after
the war might undermine the economy, and th is must be prevented.
[ Morgenthau pointed out that property disposal fo r the
l—

y , a-*-**,

—

o -* » -* »

Treasury is now running at the rate of about 12 ffilllmiUiTliSSBrs
a month.

I t is being handled .by the Treasury’ s Procurement

D ivision, under the dirrirH aa of A ssistant Secretary
John L. Sullivan*

The primary resp on sib ility of Procurement,

however, is the purchase of material^ and goods fo r lend-lease
and government uses*

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Saturday, April 29, 1944*

Press Service
No. 41-77

Secretary Morgenthau announced today that a new Treasury
Unit is being planned to handle the disposal of consumer
goods declared surplus by the Armed Forces.
Responsibility
for disposing of surplus goods of this type was given the
Treasury Department In a recent Presidential Order.
"The organization of this new unit will proceed imme
diately under the direction of Mr. Ernest L. Olrich," the
Secretary said.
nMr* Olrich will come to Washington on
leave of absence as president of Munsingwear Incorporated
of Minneapolis, in order to give full time to the job.
I
expect to secure the services of other industrialists and
executives familiar with the regular channels of trade ,to
help In this task.
Unless promptly and efficiently handled
by experienced people, the placing of huge quantities of
surplus goods On the market after the war might undermine
the economy, and this must be prevented."
Morgen thau pointed out' that property disposal for the
Treasury is now running at the rate of about §12,000,000 a
month.
It Is being handled by the Treasury’s Procurement
Division, under the supervision of Assistant Secretary
John L. Sullivan.
The primary responsibility of Procurement,
directed by Clifton E. Mack, however, is the purchase of
materials and goods for Lend-Lease and Government uses.
With the amount of surplus goods steadily increasing,
and likely to reach a total value of several billions of
dollars after the cessation of hostilities, it is believed
by both Morgenthau and Sullivan that a special organization
exclusively devoted to property disposal will be necessary.
Mr. Sullivan-will assist in the development of the new
organization.
Mr. Olrich* who will assume his new duties on Wednesday,
May 3 , ^was chosen from a panel of several hundred business
executives.
He has had more than 35 years’ experience in
manufacturing and retailing.
In 1906, he became assistant
to the president of the National Silk Dyeing Company of

Paterson, New Jersey, which post he held until 1919.
that time he became vice president and manager of the
National Bellas Hess Company of New York.
In 1931, he re
signed from this position to become comptroller and assist
ant general manager of Fred Harvey, Kansas City, Missouri.
In 1933 he became comptroller-secretary of Marshall Field
and Company in Chicago, and later became operating manager
of the Retail Division.
Mr. Olrich, 55, is married and has two children.

w i l l

OSPAirilBiT

B ut #«» of Internai levenue
Washington
FOR BEEASS,
. Aprii

, 1944.

Pro«« Sorti«®
M®.

Joseph B. Hunan« Jr.* Commissioner of Internal Retenue, announced today
the issuance of too ne* application blanks to expedite action on requests ef
déployer« for nee er higher salariée fer employe«.
Bader the «alary etabilisatlaa program, employers who hare aa established
«r approved salary plan nay sake certain types of increases without the fer
ns! tty of asking approval* at described in Bo net ssioner*« Htnee$freph SSB Bo.
SS* issued April 3* 1944. Other types of increases r e t i r e approval, sad the
new forms were drafted to facilitate handling of the#« reguest«.
temei He
in the past* the Salary Stabilisation Bait of/the Bureau ef
venue frequently has found it necessary to reject/or postpone ant ion nms*»ehTfi^
■'T[irest g because the applica tiens did not contain the la fornati on necessary
to Justify the requests. The new forms call for more detailed Information for
the purpose of staking prompt considerati«! possible.
The new fora», designatod SSB-1* Revised, and SSB-3, replace aa older
for* SSIT-I which combined the functions of both. Tho new S l M t will bo used
for applications for approval ef salary adjustments in existing position«.
SS8-3 will be u«ed for applications for approval of salary rates for new
positions. Aeeoapaayiag the new form SSB-l, Revised* are comprehensive In
struction« which Commissioner Hunan urges ea^loysrs to study carefully b e
fore filling out the application for*.
Printed copies of the new ferae will be available at all regional offices
of the Salary Stabilisation Chit and at offices of Collectors of Internal Hevenue, however, Commissioner Hunan «aid. employers may make up their applica
tion« in any other for® they choose if they furnish the information required
b y tho printed form.

M employer may submit a separate application for each position with
roopoet to which a salary adjustment is proposed; a single application for
several erapieye g occupying substantially identical posit ions and paid at the
same rate or rate«* or a combined application with respectée two or more
position«, providing the information called for by each Item is f u m i «died
with respect to each position « d o r appropriate item number.

TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington, D. C.

FOR RELEASE, rUn*i~y NEWSPAPERS
1944.
April

^ JbuuJmy »

Press Service /
No.
//-? m

Joseph D* Nunan, Jr., Commissioner of Internal Revenue, announced today
the issuance of two new application blanks to expedite action on requests of
employers for new or higher salaries for employes.
Under the salary stabilization program, employers who have an established
or approved salary plan may make certain types of increases without the for
mality of asking approval, as described in Commissioner’s Mimeograph SSU No.
53, issued April 3, 1944* Other types of increases require approval, and the
new forms were drafted to facilitate handling of these requests.
In the past, the Salary Stabilization Unit of the Bureau of Internal
Revenue frequently has found it necessary to reject such requests or post
pone action thereon, because the applications did not contain the informa
tion necessary to justify the requests. The new forms call for more
detailed information for the purpose of making prdmpt consideration possible.
The new forms, designated SSU-1, Revised, and SSU-2, replace an older
form SSU-1 which combined the functions of both. The new SSU-1 will be
used for applications for approval of salary^ adjustments in existing posi
tions. SSU-2 will be used for applications for approval of salary rates for
new positions. Accompanying the new Form SSU-1, Revised, are comprehensive
instructions which Commissioner Nunan urges employers to study carefully
before filling out the application form*

/
Printed copies of the new forms will be available
offices of the Salary Stabilization Unit and at offices of Collectors of
Internal Revenue. However, Commissioner Nunan said, employers may make up
their applications in any other form they choose if they furnish the infor
mation required by the printed form.
An employer may submit a separate application for each position with
respect to which a salary adjustment is proposed; a single application for
several employes occupying substantially identical positions and paid at the
same rate or rates; or a combined application with respect to two or more
positions, providing the information called for by each item is furnished
with respect to each position under appropriate item number*

TREASURY DEPARTMENT
Bure.au of Internal Revenue
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Saturday,
29, 1944.

Press Service
No. 41-78

Joseph D. Nunan, Jr., Commissioner of Internal Revenue,
announced today the Issuance of two new application blanks to
expedite action on requests of employers for new or higher sal
aries for employees.
Under the salary stabilization program, employers who have
an established or approved salary plan may make certain types
of increases without the formality of asking approval, as de
scribed in Commissioners Mimeograph SSU No. 53, issued
April 3, 1944.
Other types of increases require approval, and
the new forms were drafted to facilitate handling of these
requests.
In the past, the Salary Stabilization Unit of the Bureau
of Internal Revenue frequently has found It necessary to reject
such requests or postpone action thereon, because the applica
tions did not contain the information necessary to justify the
requests.
The new forms call for more detailed information for
the purpose of making prompt consideration possible.
The new forms, designated SSU^l, Revised, and'SSU-2, re
place an older form SSU-1 which combined the functions of both.
The new SSU-1 will be used for applications for approval of
salary adjustments in existing positions,
SSU-2 will be used
for applications for approval of salary rates for new positions.
Accompanying the new Form SSU-1, Revised, are comprehensive
instructions which Commissioner Nunan urges employers to study
carefully before filling out the application form.
Printed copies of the new forms will be available about
May 1 at all regional offices of the Salary Stabilization Unit
and at offices of Collectors of Internal Revenue. However,
Commissioner Nunan said, employers may make up their applica
tions In any other form they choose if they furnish the infor
mation required by the printed form.
An employer may submit a separate application for each
position with respect to which a salary adjustment is proposed;
a single application for several employees occupying substan
tially identical positions and paid at the same rate or rates;
or a combined application with respect to two or more positions,
providing the information called for by each item is furnished
with respect to each position under appropriate item number.
oOo

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Saturday, April 89, 1944

Press Service
No.
(Lie'll

Secretary Morgenthau announced today that proposals are being
invited for furnishing distinctive paper required for printing cur
rency and public debt securities of the United States during the
fiscal year 1945, for which bids will be opened at the Treasury De
partment on May 23, 1944,
The estimated quantity of paper required for currency is 110,000,000
sheets, or about 1325 tons, and for public debt securities 54,500,000
sheets, or about 1050 tons

TREASURY DEPARTMENT
v Washington

FOR IMMEDIATE. RELEASE,
Saturday,, April 29, 1944*

Press Service

No. 41-79

1945?

for

which bids will be opened at'the Treasury Department on
May

23, 1944.
The estimated quantity of paper required for currency

is 110,000,000 sheets, or about 1325 tons, and for public
debt securities 54,500,000 sheets,

or about 1050 tons.

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 2, 1944»

Press Service

The Secretary of the Treasury announced last evening that the tenders for
11,000,000,000, or thereabouts, of 91-day Treasury bills to be dated May 4 and to
mature August 3, 1944, which were offered on April 28, were opened at the Federal Re
serve Banks on May 1«
The details of this issue are as follows:
Total applied for - 12,149,729,000
Total accepted
- 1,017,106,000
Average price

(includes $50,463,000 entered on a fixedprice basis at 99.905 and accepted in full),
- 99.905/ Equivalent rate of discount approx. 0.374# P«r annua

Range of accepted competitive bids:
High
Low

- 99*910 Equivalent rate of discount approx. 0.356# per annum
- 99.905
■
*
*
*
■
0.376# *
B

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

Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

7 7 ,6 0 0 ,0 0 0

3 7 ,0 2 4 ,0 0 0

1,427,789,000
a , 381,000
80,437,000
21,938,000
11,500,000
329,131,000
8,652,000
27,905,000
34,892,000
8 ,7 9 9 ,0 0 0
79.705,000

627,645,000
18,827,000
57,909,000
15,026,000
10,642,000
140,984,000
7,008,000
21,473,000
25,408,000
8,415,000
46,745.000

1 2 ,1 4 9 ,7 2 9 ,0 0 0

*1,017,106,000

treasury de pa rtm en t

Washington

FOR RELEASE, MORNING NEWSPAPERS,
Tassday, May 2, 1944,__________

Press Service

7 /—

The Secretary of the Treasury announced last evening that the tenders for
$1,000,000,000, or thereabouts, of 91-day Treasury bills to be dated May 4 end to
mature August 3, 1944, which were offered on April 28, were opened at the Federal Re
serve Banks on May 1,
The details of this issue are as follows:
Total applied for - $2,149,729,000
Total accepted
- 1,017,106,000
Average price

(includes $50,463,000 entered on a fixedprice basis at 9 9 .9 0 5 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0.374# per annus

Range of accepted competitive bids:
High
Low

- 99*910 Equivalent rate of discount approx. 0.356# per annum
- 99.905
*
i
*
»
»
0.376# *
s

( 3 6 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

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

$
7 7 ,6 0 0 ,0 0 0
1,427,789,000
4 1 ,3 8 1 ,0 0 0
80,437,000
2 1 ,9 3 8 ,0 0 0
1 1 ,5 0 0 ,0 0 0
329,131,000
8 ,6 5 2 ,0 0 0
27,905,000
34,892,000
8 ,7 9 9 ,0 0 0
79.705.000

(2,149,729,000

# 1 ,0 1 7 ,1 0 6 ,0 0 0

TOTAL

3 7 ,0 2 4 ,0 0 0
627,645,000
18,827,000
57,909,000
1 5 ,0 2 6 ,0 0 0
1 0 ,6 4 2 ,0 0 0
140,984,000
7,008,000
2 1 ,4 7 3 ,0 0 0
25,408,000
a , a s , 000
46.745.000

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 2, 1944.

Press Service
No* 41-80

The Secretary of the Treasury announced last evening that
the tenders for $>1,000,000,000, or thereabouts,

of 91-day Treasury

bills to be dated May 4 and to mature August 3, 1944, which were
offered on April 28, were opened at the Federal Reserve Banks on
May 1 ♦
The details of this issue are as follows:
Total applied for - $2,149,729,000
Total accepted
- 1,017,106,000 (includes $50,463,000
entered on a, fixed-price basis at
99.905 and accepted in full)
Average price

99,905 / Equivalent rate of discount
approx, 0.374% per annum

Range of accepted competitive bids:
High

- 99.910 Equivalent rate of discount
approx. 0.356% per annum
- 99.905 Equivalent rate of discount
approx, 0.376% per annum

Low

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

Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

TOTAL

77,600,000
1,427,789,000
41.381.000
80.437.000
21.938.000
11.500.000
329,131,000
8.652.000
27.905.000
34.892.000
8.799.000
79.705.000

$2,149,729,000

37,024,000
627.645.000
18.827.000
57.909.000
15.026.000
10.642.000
140.984.000
7.008.000
21.473.000
25.408.000
8.415.000
46.745.000

$1,017,106,000

- 19

o f the N ation al Commander made In your b e h a lf and uphold
the high standards o f s e r v ic e o f The American Legion, I
exp ress to you my deep a p p re c ia tio n fo r what you have
h e r e to fo r e done and w i l l , In th e months ahead, continue
to do w ith In creased enthusiasm and I n t e n s if ie d e f f o r t
to stren g th en and f o r t i f y our cou ntry In th e fu rth era n ce
o f a program th a t i s a v i t a l war measure o f tran scen d an t
Im portance.

nothing be l e f t undone to a l l e v i a t e th e s u ffe r in g s
a t t r ib u t a b le to war and to cushion the impact o f
a n tic ip a te d and in e v ita b le d is lo c a t io n s .

You a re deeply

concerned w ith the attain m en t o f a la s t i n g p eace, the
coveted p r iz e of r e a l v ic t o r y .

Let us not f o r g e t , but

r a th e r be e v e r-co n scio u s o f th e f a c t th a t a l l o f our
planning and hopes a re n e c e s s a r ily dependent, fo r complete
fu lfilm e n t, upon a stro n g and s ta b le America.
To t h is end, the n a tio n needs The American Legion
e n e r g e tic a lly p a r tic ip a tin g in the War Finance Program
every day o f th e y e a r .

The n a tio n needs th e dynamic and

s u s ta in in g fo r c e of i t s manpower, s p i r i t , mature Judgment
and

le a d e rs h ip .
With f u l l assu rance th a t you w i l l lo y a lly respond

to t h i s ap p eal, redeem the generous and co o p era tiv e commitment
of

- 17
I f u l l y a p p r e c i a te th a t you have endeavored
Ifjjj

to the u tm ost to a c h ie v e th e o b j e c t i v e s o f an u n u su a lly
com prehensive program o f s e r v i c e co n d u civ e to th e p u b lic
good in numerous and v a r ie d sp h e re s o f e n d e a v o r.
N e v e r th e le s s , I commend to you a s w orthy o f
m ajor c o n s id e r a tio n and c o n c e n tr a te d e f f o r t th e fu rth e ra n c e
o f th e War F in an ce Program through th e c o n s ta n t and
in c r e a s e d s a l e o f War Bonds, e s p e c i a l l y to i n d i v i d u a l s ,
in l in e M idi elFLUbllShOTl Trc&oui"y~*p^l 4oy .
You have tak en tim e ly and f a r - r e a c h i n g m easures
to p ro v id e f o r th e com p lete r e h a b i l i t a t i o n and read ju stm en t
of th o s e who have borne and o th e r s who w i l l o f n e c e s s i t y
be c a l l e d upon to b e a r the c r u e l im pact o f modern w a r f a r e .
You e a r n e s t l y d e s i r e to have t h i s p rogram , p r e d ic a te d upon
commendable human c o n s i d e r a ti o n s , r e a l i z e d and c a r r i e d
forw ard to th e v e ry l i m i t of i t s b a s ic purpose — t h a t
nothing

n a tio n a l emergency.
The .American people have looked to The American
Legion w ith g r e a t t r u s t and con fid en ce in both i t s
o b je c tiv e s and le a d e rs h ip .

Yours i s a co n sta n t and

unswerving d eterm in ation to f u l f i l o b lig a tio n s th a t are
s e lf-im p o se d .

The American Legion i s an abundant

r e s e r v o ir o f p a tr io tis m , understanding, r e a l i s t i c th in k in g ,
a b i l i t y and pu rp osefu l a c t io n .

The flo o d -g a te s of t h i s

pow erful fo rc e and in flu e n c e should be opened to the
f u l l e s t in t h i s hour of c r i s i s and f a t e f u l d e c is io n .

This

means th a t EVERY LEGIONNAIRE MUST GET IN AND PITCH.
The ranks must be unbroken i f the li n e i s to be
firm ly held and you w e ll know th e re i s a s p e c i f i c and
d e f in it e hom e-front lin e to be so held as to tr u ly support
and s u s ta in the ever-expanding m ilita r y and naval b a t t le
lin e s

- 15 -

f r u s t r a t in g our e f f o r t s and a ch iev in g a s ta le m a te .
day fo r the g re a t t e s t n e a r s .
fu ll

The

Complete understanding and

Import o f t h i s d e c is iv e stru g g le

should impel every American to a course of a c tio n appropriate
to th e needs o f the hou r.
fo r g ra n te d .

We cannot a ffo r d to take anything

V ic to ry c a l l s f o r continued s a c r i f i c e .

V ic to ry has not y e t been won; i t remains to be wrung from
fo r c e s seasoned and hardened by the r ig o r s o f war and
d esp erate in t h e i r

d eterm ination to salv ag e from a lo s t

cause the only p o s sib le type o f v ic to r y now a tt a in a b le —
a sta lem a te of arms and p o ssessio n o f th e lo o t and o th er
f r u i t s o f conquest strip p e d from the h e lp le s s v ic tim s of
the n a tio n s now held in the c r u e l g rip of th e Gestapo
and Japanese b a r b a r ia n s .
Good le a d e rsh ip i s a co n tin u in g r e q u is it e on
the

home fr o n t and e s p e c ia lly so during t h is p eriod of
n a tio n a l

o f l i f e was thus th re a te n e d .
December 1 9 4 1 .

We have come a long way sin ce

I t has been a lo n g , u p h ill stru g g le a g a in st

m ilita r y m achines^the s tre n g th and

e f f i c i e n c y o f which^

re v e a le d long planning and m eticu lou s p rep a ra tio n fo r war.
Now th e l i g h t o f u ltim a te v ic to r y i s c l e a r l y d is c e r n ib le .
I t w i l l become in c r e a s in g ly b r ig h te r to th e e x te n t th a t
we^devote o u rse lv e s u n re m ittin g ly and e x c lu s iv e ly to the
ta s k a t hand.
Our fo e s in the E a st and in the West in t h i s
g lo b a l c o n f l i c t have f e l t th e fo rc e of ever-grow ing A llie d
m ilit a r y and n av al power.

I t i s ra p id ly being m obilized

and synchronized f o r what we c o n fid e n tly b e lie v e and hope
w i l l be the f i n a l o n slau g h t.
v ic t o r y .

The enemy does not now expect

Defense in depth has been prepared w ith a l l the

c a r e , cunning and p r e c is io n th a t ample tim e and m ilit a r y
genius could e v o lv e, a l l to the u ltim a te end of
fr u s tr a tin g

IS
Your e f f o r t s have been devoted w ithout r e s e rv a tio n to th e
s e r v ic e o f community, s t a t e and n a tio n .

You have never

f a i le d to meet th e ch a llen g e of p eace-tim e problems and
c o n d itio n s .

Now you a re con fron ted w ith a ch a llen g e o f

much broad er gauge; the r e a l i t y o f g lo b a l war in a l l o f
i t s tr a g ic and d e s tr u c tiv e a s p e c ts , reach in g in to your
very homes as your sons and daughters man p o sts of m ilita r y
duty on f a r -flu n g fig h tin g f r o n t s .
When the s u rp rise a tta c k was launched a g a in s t
t h i s n a tio n a t P e a r l Harbor on December 7 , 1941, the enemy
b e lie v e d th a t a f a t a l blow had been d e a lt as m a n ife s tly
we were n o t

prepared fo r w ar.

Events s in c e th a t "day o f

infamy" have c l e a r l y demonstrated to those fo r c e s o f e v i l
and a g g ressio n how g r e a tly th ey underestim ated the s p i r i t ,
d ete rm in a tio n , p r o d u c t l v e ^ ^ S i i ^ , fig h tin g q u a li t ie s and
la t e n t stre n g th o f fr e e men and women whose dem ocratic way
of

12 -

In d iv id u a ls . . . . . . . . . .

$ 3 6 ,8 0 0 ,0 0 0 ,0 0 0

Insurance companies and
savings banks . . . . . . . .

2 0 ,7 0 0 ,0 0 0 ,0 0 0

Other co rp o ra tio n s and
a s s o c ia tio n s

. . ........................

2 0 ,7 0 0 ,0 0 0 ,0 0 0

S ta t e and lo c a l governments . .

2 ,0 0 0 ,0 0 0 ,0 0 0

F e d e ra l a g e n cies and t r u s t funds 1 6 ,9 0 0 ,0 0 0 ,0 0 0
Commercial banks

. . . . . . .

F e d e ra l Reserve Banks ......................

6 0 ,1 0 0 ,0 0 0 ,0 0 0
1 1 ,5 0 0 ,0 0 0 ,0 0 0

In view o f the fo reg o in g , you can r e a d ily see the
g re a t im portance o f each and every one o f us doing our
utmost a t a l l tim es to b e a r a t l e a s t our p ro p o rtio n a te
share o f the r e s p o n s i b i l i t i e s th a t war im poses.
Members of The American Legion know in a r e a l i s t i c
way what war i s and what i t s requirem ents a r e .

F o r t if ie d

w ith th is knowledge, in d iv id u a lly and as an o rg a n iz a tio n ,
you have c o n s ta n tly s tr iv e n to o b v ia te a recu rren ce o f war.

11
I t w i l l be h earten in g fo r you to know th a t our
war borrowing has been fin an ced a t an average r a te o f
le s s than 1 - 3 / 4 p e r c e n t.

This i s in c o n tr a s t w ith the

average r a te o f about 4 - 1 / 4 p ercen t on the s e c u r i t i e s
issu ed to fin a n ce the f i r s t World War.

We are c u r r e n tly

m eetingK45 p ercen t o f our wartime government c o s ts out
of ta x e s.

Thus- me fuurrFTStk buiden i s being" lessen ed

I t w ill a ls o be a m atter o f more than ca su a l
in form ation fo r you to know the amount o f th e n a tio n a l
d e b t, to whom the money is owed and the in t e r e s t p ay ab le.
As o f December 3 1 , 1943, in t e r e s t -b e a r in g o b lig a tio n s o f
th e United S ta t e s Government to ta le d 169 b i l l i o n d o lla r s .

<§ndlv.1.dua l s

Other im portant co n s id e ra tio n s a re lik e w ise
in v o lv ed .

With the n a tio n a l income a t an abnorm ally

high le v e l and a lim ite d amount o f consumers' goods and
s e r v ic e s a v a ila b le fo r pu rchase, i t is our se rio u s and
bounden o b lig a tio n to meet the r e s p o n s i b i l i t i e s th a t war
imposes by devoting t h i s e x cess o f income to the payment
o f war c o s ts through the medium o f ta x e s and investm ent
in War Bonds.

The e f f o r t s o f the Treasury Department

have been d ir e c te d to t h i s end w ith emphasis on borrowing
from In v e sto rs o th e r than commercial banks and, in so
doing, the s e c u r it i e s so ld to sm all in v e s to rs have been
made as r i s k l e s s as p o s s ib le .
e f f o r t on the s a le

Hence the co n ce n tra tio n of

o f S e r ie s "E" Bonds which are non-

n e g o tia b le , payable on demand, and guaranteed a g a in s t
flu c tu a tio n in v a lu e .
It

town and hamlet throughout the n a tio n ,

i t Is generally-

recogn ized th a t th e f i n a n c ia l c o s t o f war should be paid
fo r to th e g r e a t e s t p o s s ib le e x te n t during the p eriod o f
the w ar.

Borrowing

I s , o f co u rse , n ecessa ry s in c e

m a n ife s tly the e n tir e c o s t cannot be met w ith M M M g M i
ta x e s w ithout d isru p tin g our economy.

However, I t should

ever be borne In mind th a t the c o s ts being absorbed by
borrowed money a v a ila b le through the s a le of War Bonds
w i l l u ltim a te ly be a sse sse d In the form of t a x e s .

Thus

the degree to which we are w illin g to make f i n a n c ia l
s a c r i f i c e s now to le s s e n the need f o r such borrowing
a cco rd in g ly lig h te n s the fu tu re ta x burden fo r a l l
concerned.

In t h i s r e s p e c t, th e re should be e s p e c ia l

co n sid e ra tio n on our p a rt f o r those who a re now paying a
high p r ic e In human c o s t on th e v ario u s fig h tin g f r o n t s .

o f The .American people to aid in the war e f f o r t by loaning
t h e i r money to the government fo r an a p p re cia b le period
o f tim e .
The Four War Loans conducted to date have
produced s a le s a t issu e p r ic e , meaning d o lla r s in v e ste d ,
o f more than s ix ty -s e v e n b i l l i o n d o ll a r s .

T h is fig u r e

in clu d es o f course m arketable is s u e s and savings n otes as
w e ll as savings bonds.
While the r e s p o n s ib ilit y fo r providing adequate
funds to meet the v a rie d and e x te n siv e needs o f war, in
a d d itio n to the normal fu n ctio n in g of the government,
r e s t s p rim a rily w ith the Treasury Department in co lla b o ra tio n
4

w ith The C ongress, i t i s h ig h ly d io lirfb lii th a t our c itiz e n r y
g e n e ra lly understand the problem in v olv ed .

More p a r tic u la r ly

does th is apply to members of The American Legion as former
servicem en and le a d e rs in thought and a c tio n in every c i t y ,

- 7
cu rre n t earn in g s through the medium o f Treasury P a y ro ll
Savings P la n s .

This purchasing

o p era tio n alon e accou nts

f o r approxim ately fou r hundred s e v e n ty -fiv e m illio n d o lla r s ,
m onthly.

Thus p a r tic ip a n ts in P a y ro ll Savings Plans are

e f f e c t i v e l y aid in g th e war e f f o r t , c u r t a ilin g the
p o s s i b i l i t y o f in f la t io n and w isely providing fo r the
tr a n s it io n from a war economy to postwar readjustm ent when
d is lo c a tio n s in the f i e l d of employment w ill in e v ita b ly
?

o ccu r, re g a rd le ss o f how w ell plannad agaJ*»fc
V

During the p eriod May 1 , 1941 to March 3 1 , 1944,
over t h i r t y b i l l i o n d o lla r s were in v ested in S e r ie s E - F
and G Bonds.

That th e se bonds were purchased to be held

as valued s e c u r i t i e s i s evidenced by th e f a c t th a t 92 percent
o f th ose so ld a re p re s e n tly in the hands of the in v e s to r s .
This c o n s titu te s not only an unu su ally fin e s a le s re co rd ,
but in a d d itio n , i s eloqu ent testim ony of the w illin g n e s s

6
o f the c o s t t Fespfepgti.

By production o f th e very b e s t in

m ilit a r y and n aval equipment, a t th e e a r l i e s t p o s sib le
tim e, and in q u a n tity adequate to f u l l y meet every
requirem ent e s s e n t ia l to the conduct o f t o t a l war, we can
a ssu re a minimum o f c o s t in human l i f e and s u f f e r in g .
With a tr u ly s o lic it o u s regard fo r th ose who bear the
a c tu a l brunt and impact o f war, we can do no l e s s .
The War Finance Program has f u lly met, i f not
exceeded, the e x p e c ta tio n s o f i t s sp o n so rs.

I t has been

h ig h ly s u c c e s s fu l as a war measure o f broad p ro p o rtio n s
in a t l e a s t th re e m ajor a s p e c ts :

f i r s t , as a f i n a n c ia l

undertaking designed to p a r t i a l l y fin a n c e the c o s t o f war;
second, as an in f la t io n a r y c o n tr o l measure; and th ir d , as
an e d u ca tio n a l in s tr u m e n ta lity and u n ify in g p r o c e s s .
Over tw enty-seven m illio n persons are r e g u la rly
and s y s te m a tic a lly buying War Bonds w ith savings from
dupjreni;

- 5 War Bond campaigns.

Many P o sts have sponsored "Buy A

Bomber" campaigns o r o th e r s p e c ia l programs.

Thus a

sp len d id beginning has been made th a t augurs w e ll fo r the
reco rd to be e s ta b lis h e d by the Legion in i t s fu tu re e f f o r t s .
The

d e sire d o b je c tiv e is to arouse the in t e r e s t

and secu re the a c tiv e p a r tic ip a tio n of the e n t ir e membership
o f the Legion in t h i s b a s ic a lly im portant f in a n c ia l program.
The s p i r i t , in flu e n c e , p r e s tig e and in d u stry o f The American
Legion, r e a liz e d to i t s f u l l e s t degree in th e War Finance
Program, would be a p oten t f a c t o r in stren g th en in g
o rg a n iz a tio n and s u b s ta n t ia lly in c re a s in g th e t o t a l o f s a le s
r e s u lts .
The f in a n c ia l c o s t o f t h is war i s alread y
tremendous and .exp en d itu res w i l l con tin u e to mount u n t i l
f i n a l and complete v ic to r y i s achieved^ fo r we are committed
to e x a c t "u n co n d itio n a l su rren d er" from the enemy reg a rd less

- 4 S e c tio n and to m aintain li a is o n w ith a r e p r e s e n ta tiv e o f
the War Finance D iv isio n o f the Treasury Department, thus
to develop, In te g r a te and

harmonize the work o f

o rg a n iz a tio n , o p eratio n and a d m in istra tio n * \ s fr x r v e y uo ? $ l j ^ ^ \
A
n a tio n a l scope has been undertaken to determ ine th e

'v ^

accomplishments to date o f th e Legion in purchases by
Departments, P o sts and membersjas w e ll as the e x te n t to
which the o rg a n iz a tio n , as a whole, has p a r tic ip a te d .
The r e s u lt s a s /d is c lo s e d by p a r t i a l r e p o rts a t hand
c o n s titu te an e n v ia b le reco rd of s u b s ta n t ia l p rop ortion s
O rganization by Departments has been v i r t u a l l y completed
and i t is contem plated th a t fu r th e r o rg a n iz a tio n w ill
u ltim a te ly be developed to the end th a t each Legion P ost
w ill have a fu n ctio n in g War Bond Committee.

Thousands of

le g io n n a ir e s a re Chairmen or members o f war Finance
Com mittees.

Some

Departments have conducted statew id e

: 4

t r tk<]

- 3 has a lrea d y been accom plished th ereb y in order th a t you
may have a f u l l a p p r e c ia tio n (o f i t s importance as a v i t a l
war m easure.
N atio n al Commander A therton has alread y taken
a c tio n designed to make th e s a le of War Bonds a prim ary
co n sid e ra tio n in ca rry in g forward the L egion1s r a th e r
C<}~

a l l - i n c l u s i v e program.

A p o lic y o f o p eratio n has been

e s ta b lis h e d whereby the Legion w i l l fu r th e r the s a le o f War
Bonds a t the s t a t e , county and community l e v e l s .

This

p ro cess w i l l a ssu re in te g r a tio n and co o rd in a tio n of a c tio n
w ith e x is tin g War Finance Committees in each J u r is d ic t io n .
P a st N atio n al Commander Frank N. B elg ran o , J r .
has been appointed to serv e as N ation al Chairman o f th e
Legion’ s War Bond S a le s Committee.

D ire c to r Homer L .

C h a llla u x has been d esig n ated as the r e p r e s e n ta tiv e a t
N a tio n a l H eadquarters to su p erv ise and d ir e c t a war Bond

- £ -

th e r e p r e s e n ta tiv e le a d e rs o f The American Legion, fo r the
s p e c i f i c purpose of secu rin g
(f \

co o p eratio n in developing

your active'^and co n sta n t
A

I n t e n s i f i c a t i o n of Legion

p a r tic ip a tio n in the War Finance Program.
E n tir e ly a p a rt from my p o s itio n as an o f f i c i a l
o f the Treasury Department, i t i s w ith a deep f e e lin g o f
p rid e and s a t i s f a c t i o n th a t I jo in wlMr-and speak to you
from a background o f s e r v ic e as a form er Department
Commander o f The American Legion, f u l l y cognizant o f the
o rg a n iz a tio n ’ s su sta in ed record of valued and c o n s tru c tiv e
accom plishm ent.

Thus i t i s a ls o given to me to know a t

f i r s t hand the worth of The American Legion and to
a c c u r a te ly ap p raise i t s a b i l i t y and c a p a c ity fo r continued
s e r v lc e ^ ^ a ll con d ucive to the na^ii-ona 1 w e lfar e .
I am e a r n e s tly d esiro u s o f having you know the
b a s ic purposes o f th is governm ental undertaking and what
has

NATIONAL CO
AND
r?!MMANDER
x ATHERTON
7
MEMBERS OF THE NATIONAL EXECUTIVE COMMITTEE:

That t h is m eeting of the N ationaJH Executive

Committee Is being held In the n a tio n a l c a p l t o l , jrfither
th an , a s u s u a l, in the c i t y o f / fn d la n a p o lls // has a
s ig n if ic a n c e In tim a te ly r e la t e d to th e /g r e a t and
co n tin u in g concern

o î / f h e A m erlca^L eglon In th e

and s u c c e s s fu l p ro secu tio n o f Jtfie war and the tim ely and
ap p ro p riate planning and adoption of measures adequate to
y m e ey the problems Lhat w i l l in e v ita b ly co n fro n t the
n a tio n /in th e w a r'S /a fte rm a th .

i t i s h e r e , n e c e s s a r ily ,

th a t im portant d e c is io n s are being and w i l l be made.-fee—the
i f

end., of feegrr o b je c t i v e s »
Responsive to th e In v ita t io n o f the N ation al
Commander, I am p r iv ile g e d and p leased to address you,
the

TREASUET DEPARTMENT
Washington

* H n L /jddness
Assistant Sec ret a r of the Treasury
John L. Sullivan before the National Executive Committee of
"Che American Legion in the Statler Hotel, Washington, D*C#
Taedsaar. May 2. l m )
s Jr ’

TREASURY DEPARTMENT
Washington
(Address by Assistant Secretary cf the Treasury
John L. Sullivan before the National Executive
Committee of The American Legion in the Statler
Hotel* Washington, D. C., at 10 A. M., Tuesday,
May 2, 19UU.)

National Commander Atherton and
Members of the National Executive Committee:

Responsive to the invitation Of the National Commander, 1 am priv&A
leged and pleased to address you, the representative leaders of The
American Legion* for the specific purpose of securing your Continuing
active and constant cooperation in developing intensification of Legion
participation in the War Finance Program.
Entirely apart from my position as an official of the Treasury De
partment, it is with a deep feeling of pride and satisfaction that 1
speak to you from a background of service as a former Department Com
mander of The American Legion* fully cognizant of the organization’s
sustained record of valued and constructive accomplishment. Thus it is
also given to me to know at first hand the worth of The American Legion
and to accurately appraise its ability and capacity for continued service.
X am earnestly desirous of having you know the basic purposes of
this governmental undertaking and what has already been accomplished
thereby in order that you may have a full appreciation of its importance
as a vital war measure.
National Commander Atherton has already taken action designed to
make the sale of War Bonds a primary consideration in carrying forward
the Legion’s rather all-inclusive program. A policy of cooperation has
been established whereby the Legion will further the sale of War Bonds
at the ,state, county and community levels. This process will assure
integration and coordination of action with the existing War Finance
Committees in each jurisdiction,
Past National Commander Frank N. Belgrano, Jr. has been appointed
to serve as National Chairman of the Legion’s War Bond Sales Committee,
Director Hòmer L, Chaillaux has been designated as the representative
at National Headquarters to supervise and direct a War Bond Section and
to maintain liaison with a representative of the War Finance Division
of the Treasury Department,' thus to develop, integrate and harmonize
the work of organization, operation and administration. Past National
Commander Dan Dougherty, who served with such distinction as War Bond
Administrator for the State of Massachusetts, has been appointed Associ
ate Field Director of the Treasury War Finance Division and will devote
most of his time to the Legion, A survey of national scope has been
undertaken to determine the accomplishments to date of the Legion in
purchased by Departments, Posts and members as well as the extent to
which the organization, as a whole, bus participated, The results as

bl-81

disclosed by partial reports at hand constitute an enviable record of sub
stantial proportions* Organization by Departments has been virtually
completed and it is contemplated that further organization will ulti
mately be developed to the end that each Begion Post will have
a functioning War Bond Committee# Thousands of legionnaires are
Chairmen or members of War Finance Committees# Some Departments have
conducted statewide War Bond campaigns# M$ny Posts have sponsored
MBuy A Bomber" campaigns or other special programs# • Thus a splendid
beginning has, been made that augurs well for the record to be estab
lished by the Degion in its future efforts#
The desired objective is to arouse the interest and secure the
active participation of the entire membership of the legion in this
basically important financial program# The spirit, influence, prestige
and industry of The American legion, realized to its fullest degree in
the War Finance program, would be a potent factor in strengthening
organization and substantially increasing the total of sales results.
The financial cost of this war is already tremendous and expenditures
will continue to mount until final and complete victory is achieved, for
we are committed to exact "unconditional surrender” from the enemy re
gardless of the cost* By production of the very best in military and
naval equipment, at the earliest possible time, and in quantity adequate
to fully meet every requirement essential to the conduct of total war,
we can assure a minimum of cost in human life and suffering# With
a truly solicitous regard for those who bear the actual brunt and impact
of war, we can do no less*
The War Finance Program has fully met, if not exceeded, the expecta
tions of its sponsors. Jt has been highly successful as a war measure of
broad proportions in at least three major aspects; first, as a financial
undertaking designed to partially finance the cost of war; second, as an
inflationary control measure; and third, as an educational instrumentality
and unifying process#
• Over twenty-seven million persons are regularly and systematically
buying War Bonds with savings from.current earnings through the medium
of Treasury payroll Savings Plans# This purchasing operation alone
accounts for approximately four hundred seventy-five million dollars
monthly - more than $5 billion a year# Thus participants in Payroll
Savings plans are effectively aiding the war effort, curtailing the
possibility of inflation and wisely providing for the transition from
a war economy to postwar readjustment when dislocations in the field of
employment will inevitably occur, regardless of how well we try to guard
against it#
During the period May 1, 1 9 I+I to March 31, I9 I+U, over thirty billion
dollars were invested in Series'S - p and G Bonds* That these bonds were
purchased to be held as valued securities is evidenced by the fact that
92 percent of those sold are presently in the hands of the investors#

-3constitutes not only an unusually fine sales record, but in addition,
is eloquent testimony of the*willingness of the American people to aid in
the war effort by loaning their money to the government for an appreciable
period of time.
The Four War Loans conducted to date have produced sales at issue
price, meaning dollars invested* of more than sixty-seven billion dollars.
This figure includes of course marketable issues and savings notes as well
as savings bonds.
While the responsibility for providing adequate funds to meet the
v&ried and extensive needs of war, in addition to the normal functioning
of the government, rests primarily with the Treasury Department in collabo
ration with The Congress, it is imperative that our citizenry generally
understand the problem involved. More particularly does this apply to
members of The American Legion as former servicemen and leaders in thought
and action in every city, town and hamlet throughout the nation. Jt is
generally recognized that the financial cost of war should be paid for to
the greatest possible extent during the period of the war. Borrov/ing is,
of course, necessary since manifestly the entire cost cannot be met with
taxes Without disrupting our economy. However, it should ever be borne
ih inihd tint the costs being absorbed by borrowed money available through
the Sale of Wàr Bonds will ultimately be assessed in the form of taxes,
Thds the degrêë. to which we are willing to make’financial sacrifices now
to lessen the need for.such borrowing accordingly lightens the future
tax burden for all concerned. In this respect, there should be especial
consideration on our part for those who are now paying a high price in
human cost on the various fighting fronts.
Other important considerations are likewise involved. With the
national income at an abnormally high level and a limited amount of con
sumers* goods and services available for purchase, it is our sefious and
bounden obligation to meet the responsibilities that war imposes by de-1
voting this exçess of income to the payment of war costs through the
medium of taxes and investment in War Bonds. The efforts of the Treasury
Department have been directed to this end with emphasis on borrowing from
investors other than commercial banks and,, in so doing, the securities
sold to small investors have been mnde as riskless as possible. Hence
the concentration of effort on the sale of Series "E" Bonds which are non*
negotiable, payable on demand, and guaranteed against fluctuation in value*
It will be heartening for you to know that our war borrowing has been
financed at an average rate of less than 1—3/U percent. This is in con
trast with the average rate of about U-l/ty percent on the securities
issued to finance the first World War. We-'are currently meeting âbout 45
percent of our wartime government costs out of taxes.
It will also -be a matter of more than casual information for you
to know the amount of the national debt, to whom the money is owed and
the interest payable. As of December 31, 19^3, interest-bearing obliga*
tions of the United States Government totaled X69 billion dollars.

- 4 These securities were held by the following:
Individuals . . . ............. .......... .. .. . . * $36,800,000,000
Insurance companies and savings banks . . . . . . . .

Other corporations and associations . . . . ..........
State and local governments

20,700,000,000
20,700,000,000
2,000,000,000

Federal agencies and trust funds. . . . . . . . . . . .

1 6 ,900 ,000,000

Commercial hanks. • .* * ......... .

60,100,000,000

Federal Reserve Banks

.... , . . ,

11,500,000,000

In view of the foregoing, you can readily see the great importance
of each and every one of us doing our utmost at all times to hear at least
our proportionate share of the responsibilities that war imposes*
Members of The American Legion know in a realistic way what war is
and what its requirements are. Fortified with this knowledge, individually
and as an organization, you have constantly striven to obviate a recurrence
of war# Your efforts have been devoted without reservation to the service
of community, state and nation. You have never failed to meet the challenge
of peace-time problems and conditions. Now you are confronted with a chal
lenge of much broader gauge; the reality of global war in all of its tragic
and destructive aspects, reaching into your very homes as your sons and
daughters man posts of military duty on far-flung fighting fronts.
When the surprise attack was launched against this nation at Pearl
Harbor on December 7, 1941, the enemy believed that a fatal blow had been
dealt as manifestly we were not completely prepared for war* Svents since
that "day of infamy” have clearly demonstrated to those forces of evil and
aggression how greatly they underestimated the spirit, determination,
productive capacity, fighting qualities and latent strength of free men
and women whose democratic way of life was thus threatened# We have come
a long way since December 1941. Ft has been a long, uphill struggle
against military machines, the strength and efficiency of which revealed
long planning and meticulous preparation for war. Now the light of ulti
mate victory is clearly discernible. It will become increasingly brighter
to the extent that we all devote ourselves unremittingly and exclusively to
the task at hand.
Our foes in the Fast and in the West in this global conflict have felt
the force of ever-growing Allied military and naval power.. It is rapidly
being mobilized and synchronized for what we confidently believe and hope
will be the final onslaught. The enemy does not now expect victory.
Defense in depth has been prepared with all the care, cunning and pre
cision that ample time and military genius could evolve, all to the
ultimate end of frustrating our efforts and achieving a stalemate. The
day for the great test nears. Complete understanding and full appreciation

- 5 -

of the import of this decisive struggle should impel every American to
a course of action Appropriate to the needs of the hour. We cannot
afford^to take anything for granted. Victory calls for continued
sacrifice* Victory has not yet heen won; it remains to he wrung from
forces seasoned and hardened hy the rigors of war and desperate in
their determination to .salvage from a lost cause the only possible
type of victory now attainable — a stalemate of arms and possession
of the loot and other ffpits of conquest stripped from the helpless
victims of the nations now held in the cruel grip of the Gestapo and
Japanese barbarians*
Good leadership is a continuing requisite on the home front and
especially so during this period of national emergency.
The American people have looked to The American Legion with
great trust and confidence ,in both its objectives and leadership.
Tours is a constant and unswerving 'determination to fulfill obliga
tions that are self-imposed.*' The American Legion is an abundant
reservoir of patriotism, understanding^ realistic thinking, ability
and purposeful action. The flood-gates of this powerful force and
influence should be opened to the fullest in this hour of crisis and
fateful decision. This means that EVERT LEGIOWWAIRE MUST GET IE AED
PITCH.
The ranks must be unbroken if the line is to be firmly held and
you^well know there is a specific and definite home-front line to be so
held as to truly support and sustain the ever-expanding military and
naval battle lines.
I fully appreciate that you have endeavored to the utmost to
achieve the objectives of an unusually comprehensive program of
service conducive to the public good in numerous and varied spheres
of endeavor.
nevertheless, I commend to you as worthy of major consideration and
concentrated effort uhe furtherance of the War Finance Program through
the constant and increased sale of War Bonds, especially to individuals.
Tou have taken timely and far-reaching measures to provide for the
complete rehabilitation and readjustment of those who have borne and
others who will of necessity be called upon to bear the cruel impact of
modern warfare. Tou earnestly desire to have this program, predicated
upon commendable human considerations, realized and carried forward to
the very limit of its basic; purpose — that nothing be left-undone to
alleviate the sufferings attributable to war and to cushion the impact
of anticipated and inevitable dislocations. Tou are deeply concerned
with the attainment of a lasting peace, the coveted,prize of real
victory. Let us not forget, but rather be ever-conscious of the fact
thao all of our planning and hopes are necessarily dependent, for
complete fulfilment, upon a strong and stable America.

To this end, the nation needs The American Legion energetically
participating in the War Finance Program every day of the year. The
nation needs the dynamic and. sustaining force of its manpower, spirit,
mature judgment and leadership#
With full assurance that you will loyally respond to this appeal,
redeem the generous and cooperative commitment of the Rational Commander
made in your behalf and uphold the high standards of service of The
American Legion, I express to you my deep appreciation for what you have
heretofore done and will, in the months ahead, continue to do with in**
creased enthusiasm and intensified effort to strengthen and fortify our
country in the furtherance of a program that is a vital war measure of
transCendant importance*

4 r

P O R IMMEDIATE RELEASE
M a y 2. 19*0+___________

The Bureau, of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the quotas
for the 12 months commencing October 1 , 19^31 provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15, 19^1,
as follows:

Country of Production : Quota Quantity
:
(Pounds) 1 /

:
Authorized*for entry
:
for consumption
: As of (Date)
?
(Pounds)

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:

1 ,621 ,630,479
549 ,261,936
3 4 ,873,774
13 ,949,562
20,881,883
26,155.330
104,621,321
93,287,384
47,951,373
3,486,928
82 ,825,279
34,001,943
4,359,288
73,234,872

61 ,900,935

April 22, 19101.
11
n

April 22, 19i&
April 29 , 19 m 2 /
April 22 , 1910+
h

N
N

April 29, 19to 2/
April 22 , I9I&
N
H
H

641,594,728
327,115,194
13,718,537
4,199,430
15,088,841
17 ,611,976
54,128,128
51 ,161,567
17,164,922
2,743,246
54 ,296,190
13 ,297.626
2 ,130,839
27,365,747
3,745,836

Quotas as established by action of the Inter-American Coffee Board on
April 21 , 19l&.

Per telegraphic reports.

TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Wednesday, May 3, 1944.

Press Service
No. 41-82

The Bureau of Customs announced today preliminary figures showing tlie
quantities of coffee authorized for entry for consumption under the quotas for
the 12 months commencing October 1, 1943, provided for in the Inter-American
Coffee Agreement, proclaimed by the President on April 15, 1941, as follows:
:
Country of Production :
Quota Quantity
______
' _________ _•____ (Pounds) 1/

:
: As of

Authorized for entry
for consumption
(Date)
:
(pounds)

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,621,630,479
549,261,936
34,873,774
13,949,562
20,881,883
26,155,330
104,621,321
93,287,384
47,951,373
3,486,928
82,825,279
34,001,943
4,359,288
73,234,872

Non-Signatory Countries:

61,900,935

April 22, 1944
tt
tt

April 22, 1944
April 29, 1944 2/
April 22, 1944 "
It
IT

«
April 29, 1944 2/
April 22, 1944
H
II
II

641,594,728
327,115,194
13,718,537
4,199,430
15,088,841
17,611,976
54,128,128
51,161,567
17,164,922
2,743,246
54,296*190
13,297,626
2,130,839
27,365,747
3,745,836

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944.

Per telegraphic reports.

-oOo—

TREASURY DEPARTIRENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, May 4, 1944«

Press Service
No. 41-63

Subscriptions and allotments were divided among the
several Federal Reserve Districts and the Treasury as
^ “! “1
*
follows:

-P

Total Subscriptions
Received and Allotted

Federal Reserve
District

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

-oOo

79,926,000
864,684,000
27,442,000
74,890,000
23,658,000
31,992,000
267,973,000
33,173,000
36,487,000
46,492,000
27,340,000
97,875,000
3,125,000

$1,615,057,000

TREASURY DEPARTMENT
Washington
Press Service
No• 41-83

EOR IMMEDIATE RELEASE,
Thursday, May 4» 1944«

The. Secretary of the Treasury today announced the
final subscription and allotment figures with' respect to
the current offering of 7/8 percent Treasury Certificates
of Indebtedness of Series

D-1945*

Subscriptions and allotments were divided among the
several Pederal Reserve Districts and the Treasury as
follows:
Total Subscriptions
Received and Allotted

Pederal Reserve
District

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Prancisco
Treasury
TOTAL

0O 0

79,926,000
864.684.000
27.442.000
■ 74,890,000
23.658.000
31.992.000
267.973.000
33.173.000
36.487.000
46.492.000
27, 340,000
97.875.000
3,125,000

#1,615,057,000

TREASURY DEPARTMENT
Washington
Press Service
No. 41-83

EOR IMMEDIATE RELEASE,
Thursday, May 4, 1944«

The Secretary of the Treasury today announced the
final subscription and allotment figures with respect to
the current offering of 7/8 percent Treasury Certificates
of Indebtedness of Series D-1945.
Subscriptions and allotments were divided among the
several Federal Reserve Districts and the Treasury as
follows:
Total Subscriptions
Received and Allotted

Federal Reserve
District

Boston
New York
Philadelphia
Cleveland
Ri chmon d
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

-oOo

79,926,000
864,684,000
27.442.000
7 4 . 890.000
2 3 , 6 58,000
3 1 ,992 ,0 0 0
267,973,000
33.173.000
36.487.000
46.492.000
27.340.000
97.875.000
3,125,000

#1,615,057,000

TREASURY DEPARTMENT
Washington
Press Service
No. 41-83

POR IMMEDIATE RELEASE,
Thursday, May 4, 1944«

The Secretary of the Treasury today announced the
final subscription and allotment figures with respect to
the current offering of 7/8 percent Treasury Certificates
of Indebtedness of Series D-1945*
Subscriptions and allotments were divided among the
several Federal Reserve Districts and the Treasury as
follows:
Total Subscriptions
Received and Allotted

Federal Reserve
District
/

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

-o0o~

79,926,000
864,684,000
27.442.000
74.890.000
23.658.000
31.992.000
267,973,000
33.173.000
36.487.000
46.492.000
27.340.000
97.875.000
3,125,000

$1,615,057,000

m u m m

m p i& m m

Washington
FOE mmU7& WUÈA&S»
TbttESfeX. , itoy 4» 1944.

Free« Service

The Secretary of the Treasury today announced the final subscription and
allotment figures with respect to the current offering of ?/8 percent Treasury
Certificates of Indebtedness of Series D-1945.
Subscriptions and allotments sere divided among the several Federal Reserve
Districts and the Treasury as follows:
Total Subscriptions
Received and Allotted

Federal Reserve
District

Boston

79,926,00)
564.684.000

Mew York

27.442.000
74.090.000

Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

23.658.000

31.992.000
267.973.000
33.173.000
36.487.000
46.492.000
27.340.000
97.875.000
3,125,000
TOTAL

H ,615,057,000

TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Thursday, May 4, 1944.

Press Service
No. 41-83

The Secretary of the Treasury today announced the
final subscription and allotment figures with respect to
the current offering of 7/8 percent Treasury Certificates
of Indebtedness of Series D-1945.
Subscriptions and allotments were divided among the
several Federal Reserve Districts and the Treasury as
follows:
Federal Reserve
District

Total Subscriptions
Received and Allotted

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

79,926,000

864 .684 .000
27.442.000
74.890.000
23.658.000
3 1 ,992,000
267.973.000
33.173.000
36.487.000
46.492.000
27.340.000
97.875.000
3,125,000
TOTAL

#, ,

1 615 057,000

o f

the Treasury bills and govern the conditions of their issue.

Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 ~
Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and orice range of accepted bids.

Those

submitting tenders will be advised of the acceptance or rejection thereof.

The

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

May 11, 1944

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.K 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 j
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 '(o^her than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid

TREASURY DEPARTMENT
f— " \
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, May

.¿r- 1/ . if i f

1 9 4 4 __________

.p :
The Secretary of the Treasury, by this public notice, invites tenders
ft t onn nnn non . m* thereabouts, of

~ 91- -day Treasury bills, to be issued

on a discount basis under competitive and fixed-price bidding as hereinafter pro;_____

.Is of this series will be dated

May l1

1944

and will
will
____ > and

mature

August 10, 1944

, 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. iru, Eastern War time,

Monday, May 6, 1944

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 . , 9 9 . 9 2 5 .
may not be used.

Fractions

It is upged that' tenders be made on the printed forms and for

warded in the special envelopes which will be suoolied by Federal Reserve Banks
or Branches on application therefor.

ties.

Tenders from others must be accompanied by payment of 2 percent of the face

TREASURY DEPARTMENT
Washingtpn

FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 5, .1944 _____ ___

Tlie Secretary of the Treasury, by this public notice,
invites tenders ':
for |l,200,000,OOO, or thereabouts, of 91-day
,Trek spjy bills,, to be issued .on a dis.count bkkis under competi
tive, and fixed-price bidding as hereinafter provided.. The bills
of this series' will be., date.d May 11, 1944, and,, will' mature
•August.10, 1944, ;when jthe face amount y till be payable without
interest* They will be- issued in bearer form only, and in de
nominations of $1,000,' $5',000, $10,000, $100,000,' ¿500,000, and
$1>P00,000 (maturity'value).
..
'
Tenders1will be received at Federal .Reserve Banks and
Branches up to the closing hour, two o* clock p. m., Eastern War
time, Monday, May 8, 1944. Tenders will not bejreceived at the
Treasury Department, Washington. Each tender must be for an
ev^i multiple of $1,000, and the price offered must be expressed
en•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 enve
lopes which will be supplied by Federal Reserve Bknks or Branches
on application therefor. .
Tenders will be ^received without deposit "from incorporated
ba^nks and trust companies and ironi responsible and recognized
dealers in investment securities. 'Tenders from others must be
accompanied by payment of 2 percent of the face amount of Treas
ury 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. Subject to these
reservations, tenders for $100,000 or less from any one bidder
at 99.905 entered on a fixed-price basis will be accepted in
full. 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 May 11, 1944.
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.
41-84

(Over)

2
' .: ", •'

“¿ y

V :’. ? ;Î

■. '

y W KP

V-

.: 3

$ h e . a j j b | $ ÿ f c to estate, inheritance, gift, or
other excise taxes, whether Federal or State, hut shall he
exempt from all taxation now or hereafter imposed on the
.. principal or -interest thereof by any State, or anyipf the
■ï*possessions ò f7the' United States, or. by any local taxing
.authority#. Fôr!purposes-Of taxation the »amount ;of discount
.at-.«which"Treasury -bills afe originally scld'by thè United
• States ‘shall1be considered to be interest* -'Under- Sections- T
“ 42 and .117 (a) •(1) of the'Internal Revenue' 6ode, as amended,,,..,
•»: ! by Section 115 of the Revenue Act of 1941,':the*amount of
,*' discount at which bills issued hereunder afe:-sold shall not
be considered to accrue until such bills-shall be sold, re
deemed or otherwise disposed of, and such bills are excluded
from consideration'as capital assets# Accordingly, the owner
of-Treasury bills (other than life insurance gcompani es ) issued
■hereunder need include in his »income tax return only the differ■ ' '-ence between the price paid for such ‘bills, ¿whether on original
issue or on subsequent purchase, and the’amount actually re*r . ceived either upon sale or redemption at maturity during thè
:■. ' taxable year for whioh the return is made,''as ordinary, gain
% or loss•
■’ ■
’ '*
'
.-w:

v *. '. ■
'

ÌkiS W ®

:'“

•

•,

Treasury Department Circular No-« 418, *as amended, and lini,
this notice', prescribedthe 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-

%i .*■

Borth Carolin* Shipbuilding Company, In behalf of lit foarloon
thousand «aployo«« participating in the payroll savings plan for
the purchase of hoado« cooperated in the investigation.

Treasury officials have directed the Foderai Reserve
hanks and Branches to refer to the Secret Service for investigation
oases in which they have reason to believe there has been any trof
ft eking whatever In war bonds«

Treasury officiai* today announced that Juftge Isaac K.
Meeklns of thè Hallad diala* Districi Court far Ih* nasiera Judi
cial Districi of dorlh Carolina, laposad a $1,000 fina on Benjaain
r. Brillala far traffichine la Sar Sarlngs Bonds.
Brillala« a timekeeper far Ih* Borth Carolina Shipbuildiag Ooapany* vas eharged viIh havtag apurabased* iarlas 1 banda al
a dlscounl froa employeee of thè coapany.

la 1* allegad lo bara

paia $10 lo $lh far a $25 bond, far vhich Iha ornar paia $18.75
and eould bara oashad far Iha aurranl redeaption raima by erecatlag
a raques! far paynent al a Hallad Stala* fast Office or at aay
agenoy authorlead by thè Xreasury, and farvardlng thè band* lo a
foderai lasvrra Bank or Braach.
A* Iha regulativa* of Ih* Treaaury prohibít thè transfer
of War Sarings Benda of Soria* S by an ovaar durìng hi* lifetime,
or Ihair uso a* collateral far Ioana, Brillala va* eharg*d under
Seetion SS, Tille 18, of thè Hallad Slato* Coda, oa five eouala of
eonsplraey vith feond ovnors lo dofaal Iha parpóse af Iha Saeond
Liberty Bond Aet andar vhich War Seringa Baada ara lesued.
Assistani United States Distrìct Attoraey Charlea f.
House handled thè casa on ovldonoo deroloped during a ala veeks*
investigaiion by agonia of Ih# United States Secret Serrice*

The

Sörth Carolin» Shipbuilding Company, in fcahalf of II« foartaaa
thousaad amployee« partieipating in tha payroll saving* plan for
tha puroha«« of fcoad», cooperated ln tbe Investigation»
fraatury offieiala hart diractad tha federal Beeerve
Sankt and Branche« to refar to tha Sacrat Service for Investigation
oaaaa ln ahich they hart reason to hellere thara hae tean any traf«
ficklng whatever ln war bon&s.

Treatury official* today announced that Judge Isaac M.
Keeklns of the United State* District Court for the Eastern Judi
cial District of Forth Carolina, imposed a $1,000 fine on Benjamin
r. Brittain for trafficking in Far Saving* Bonds,
Brittain, a timekeeper for ths Forth Carolina Shipbuild
ing Company, was charged with having 11purchased* Series 2 bonds at
a discount frea employees of ths company.

He is allsgsd to havs

paid $10 to $lk te r a $25 bond, for which ths owner paid $13*75
and could hare cashed for the current redemption value by executing
a request for payment at a United States Post Office or at any
agency authorised by the Treasury, and forwarding ths bonds to a
federal letervs Bank or Branch*
As ths regulations of the Treasury prohibit ths transfer
of War Saving* Bonds of Series 1 by an owner during his lifetime,
or their use as collateral for loans, Brittain was charged under
Section 33, Title 13» of the United States Code, on five counts of
conspiracy with bond owners to dofeat the purpose of the Second
Liberty lend Act under which War Savings Bonds are issued.
Assistant United States District Attorney Charles f .
Bouse handled ths ease on evidence developed during a six weeks'
investigation by agents of tho United States Seorst Service.

The

April 87, isVk
Hr* Broughton
Hr* Winston

M t ached 1« ay redraft of th® proposed pro«« r«l«os« in th® Wilnington.
lorth Carolin«* trafficking cfttt* A little publicity on th® on«® sight do a
groat doni of good*

TJWinstomhta
U/87/UU

April

8 7 , 1 9 W*

Xr» B r o u t e s
Nr» Vlnoton
Attached Is ay redraft of tho pm pm êé pm m m lm m la tha »iimington
forth Carolina, trafficking cato. A little publicity on tho eaoo night do a
groat doni of good*

TJVlnstonshto
U/27/UU

officers reported some of the bond owners, finding employment
at wages that for the first time in their lives permitted
savings, apparently lacked full realization of the value of
their securities and the substantial increase to be realized
by holding them*

Brittain was charge^lte/^ve counts nyi^r conspiring with
individual bond owners to defeat the purposes of the Second
Liberty Loan Act, under which W ar Savings Bonds are issued*
The bond owners thus were made parties to the criminal action,
»although they were not indicted in these cases*

The charge

wars brorccgtet lender Section 88, Title 18 of the United States dodeT
Brittain pleaded

'i* confinfee f ^ s s i s t a n t United States

District Attorney Charles P* Bouse handled the case on evidence
developed during a six weeks investigation by agents o f the
United States Secret Service*

The North Carolina Shipbuilding

Co*, cooperated in the investigation in behalf of its 14,000
employees participating in the payroll savings plan of War Bond
buying#
Treasury officials said

laiding of rackets such as

that operated by Brittain h^wMbeen disclosed in other areas,
particularly in some Wa r plant cities, and that actions to end
the abuses are being taken*

Federal Beserve banks, which act as

agents of the Treasury in making bond redemption payments, are
referring instances of requests for forwarding of >.A „

* &s&

checks drawn to several individuals to a common address to the
Secret Service for investigation*
The Treasury Department emphasized that persons finding it
necessary to redeem War Bonds they have held longer than 60 days
can have their requests for payment certified without expense
at any post office and obtain the full redemption value from a
Federal Beserve bank*

In—tho North~~CaroHnjSL case investigating

Treasury officials today hailed a #1,000 fine assessed
in Federal District Court in Wilmington, North Carolina,
against a »»broker” trafficking in War Savings Bonds as a
precedent that should prove effective warning to others tempted
to profit at the expense of bond owners*
The oem tenec was imposed b y Judge Isaac M. Meekins of the
Eastern Judicial District of North Carolina Monday on
Benjamin

F* Brittain*

Brittain was charged with having p u r c h a s e d ” at a discount
Series E bonds from employees of the North Carolina Shipbuilding
Co* for which he was a timekeeper.

He is alleged to have paid

#10 to #14 for a #25 bond for which the owner paid #18*75*
Mlhile Brittain dealt primarily in bonds not immediately
eligible for redemption, since 60 days had not elapsed from
dates of issue^ he also was alleged to have profited from acme
bonds which^eouid have

imm

had t h & o w n s n a gene to a Waited States ¿Post Office, /e*ecutd*ffc
request for payment^ and forwarded, the bonds to a Federal Heserve

f\
bank or branch*

/_/

j.x.jA ,

The Series E bonds a^»e^iot/transfer»J^/fx4m one^person to
another . /Brittain arranged certification of the requests by
the owners for redemptions

Hyfrhon held-tfae bonds until the

50 nay period-had elapsed, sent th4M*««Latto a Federal Heserve bank
for payment, and asked that checks be forwarded to the payees
at his address*
checks % \

He then effected endorsements and cashed the
1

TO:
. jar. D..W. Bell

while this concerns a s u b j e c t
that we ordinarily steer clear
of, I believe that a press
r e le a s e on the subject would .
have a wholesome- effect and
might act as a d e t e r r e n t -to
o th ers who are following this
p r a c t ic e .
c

.^'S.

C.P.s.

Mr. Shaeffer

C O M M IS S IO N E R

~ Z
Wluj

OF THE

¿£*¿4-

P U B L IC

----

DEBT

North Carolina Shipbuilding Company, in behalf of its fourteen
thousand employees participating in the payroll savings plan for
the purchase of bonds,

cooperated in the investigation.

Treasury officials have directed the Federal Reserve
Banks and Branches to refer to the Secret Service for investigation
cases in which they have reason to believe there has been any traf
ficking whatever in war bonds.

Treasury officials
Meekin9 of the United States District Court for the lastern Judicial District of North Carolina^ imposed a $1,000 fine on Benjamin

Brittain for trafficking in War Savings Bonds,
Brittain, a timekeeper for the North Carolina Shipbuild

ing Company, was charged with having «purchased»' Series 2 bonds at
a discount from employees of the company.

He is alleged to have

paid $10 to $lU for a $25 bond, for which the owner paid $18.75
and could have cashed for the current redemption value by executing
a request for payment at a United States Post Office or at any
agency authorized by the Treasury, and forwarding the bonds to a
Federal Deserve Bank or Branch.
As the regulations of the Treasury prohibit the transfer
of War Savings Bonds of Series E by an owner during his lifetime,
or their use as collateral for loans, Brittain was charged under
section 88, Title IS, of the United States Code, on five counts of
conspiracy with bond owners to defeat the purpose of the Second
Liberty Bond Act under which War Savings Bonds are issued.
Assistant United States District Attorney Charles F.
House handled the case on evidence developed during a six weeks'
investigation by agents of the United States Secret Service.

The

TREASURY DEPARTM ENT
INTER O FFIC E COMMUNICATION

DATE
April 27,
to

Mr, Broughton

Fr o m

Mr. Winston

Attached is my redraft of the proposed press release in tiie Wilmington»
North Carolina, trafficking case. A little publicity on the case might do a
great deal of good.

Form 2131-B

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

EXP ED IT

U. 8 . GOVERNMENT PRINTING OFFICE

2-15774

CÒMI SS IONER OF THE PUBLIC DEBT
Routing Slip
M r . Bell
M r . Buckley
M r . Cole
M r . Cunningham
D r . Dolan
M r . Emerson
Mr. Fretts
Mr, Gamble
Mr. R .Heffelfinger
Mr. W.Heffelfinger
Miss Hodel
Mr, Kilby

M r . Loafman
Mrs. Martin
Miss Michener
Miss Miller
M r s . Potts
Mr. Reed
M r . Sloan - Cgo.
Mrs, Taylor
M r ..Wesley
M r . Wilson - Cgc
M r . Winston
Mr, Ziegenfus

A^C

U v llt ¿1*41^» CVWjr nmf 4 ( n y

Sill

j Ì A f.

Office of the Under Secretary

TO:

Fred Smith
Room 290i

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Friday, May 5, 1944.
5-4-44

Press Service
No. 41-85

Treasury officials indicate satisfaction over a recent
decision by Judge Isaac M. Meekins of the United States Dis
trict Court for the Eastern Judicial District of North Carolina,
who imposed a $1,000 fine on Benjamin F. Brittain for traffick
ing in War Savings Bonds.
Brittain, a timekeeper for the North Carolina Shipbuilding
Company, was charged with having "purchased” Series E Bonds at
a discount from employees of the company. He is alleged to have
paid $10 to $14 for a $25 bond, for which the owner paid $18.75
and could have cashed for the current redemption value by exe
cuting a request for payment at a United States Post Office or
at any agency authorized by the Treasury, and forwarding the
bonds to a Federal Reserve Bank or Branch.
As the regulations of the Treasury prohibit the transfer
of War Savings Bonds of Series E by an owner during his life
time, or their use as collateral for loans, Brittain was charged
under Section 88, Title 18, of the United States Code, on five
counts of conspiracy with bond owners to defeat the purpose of
the Second Liberty Bond Act under which War Savings Bonds are
issued.
Assistant United States District Attorney Charles F. Rouse
handled ttie case on evidence developed during a six weeks’*
investigation by agents of the United States Secret Service.
The Nortti Carolina Shipbuilding Company, in behalf of its four
teen 'thousand employees participating in the payroll savings
plan fojr the purchase of bonds, cooperated in the investigation.
Treasury officials have directed the Federal Reserve Banks
and Biranches to refer to the Secret Service for investigation
cases in which they have reason to believe there has been any
trafficking whatever, in war bonds.

-oOo-

Siler - draft of proposed release

l/~ /

Simplified procedure for the issuance of duplicates of lost
Government checks was announced today hy the Treasury Department*
Under

a revision of Treasury Pascal Service regulations,

affidavits no longer are required from persons applying for duplicates
of checks which have been lost, stolen, or wwee never received*
An indemnity bond ordinarily will not he required when the amount
of the lost check aw-hs

less than $50

and the check

not been endorsed

Simpler application forms than those previously in use are
provided, and the instructions for making use of these forms also are
new
simpler, The/applications need he sworn to only when executed in
a foreign country, and not then if they are mad© hy an officer or an
employee of the United Spates or a member of the armed forces.
In the event of loss or non-receipt of a Government check, the
owner should immediately notify the Treasurer of the United States or
the Federal Reserve Bank through which the check is payable, requesting
that payment he stopped* Upon receipt of such a request, the Treasurer
prepares an indemnity bond or application form, whichever is proper under
the circumstances, and sends it to the claimant, to he executed and
forwarded to the official who drew the lost check,
»-o-

FOR IMMEDIATE RELEASE,
Thursday, Hay 4, 1944»

Press Service
Ro,

41-86

Simplified procedure for the issuance of duplicates
of lost Government checks was announced today by the
Treasury Department♦
Under a revision of Treasury Fiscal Service regula
tions, affidavits no longer are required from persons
applying for duplicates of checks which have been lost,
stolen, or never received.
An indemnity bond ordinarily will not be required
when the amount of the lost check is less than $50 and the
check has not been endorsed by the payee.
Simpler indemnity bond and application forms than
those previously in use are provided, and the instructions
for_making use of these forms also are simpler. The new
applications need be sworn to only when executed in a for
eign country, and not then if they are made by an officer or
an employee of the United States or a member of the armed
forces.

In the event of loss or non-receipt of a Government
check*' the owner should immediately notify the Treasurer
of the United States or the Federal Reserve Bank through
which the check is payable, requesting that payment be
stopped. Upon receipt of such a request, the Treasurer
prepares an indemnity bond or application form, whichever
is proper under the circumstances, and sends it to the
claimant, to be executed and forwarded to the official who
drew the lost check.

oOO'-

May 3*
SfATOTOBY BÈBT LIMITATIOK
AS OF APRIL 30. 19*&
Section Si of the Second Liberty Bond Act, as amended, provided that the
face amount of obligations Issued under authority of that Act, nshall not exceed
in the aggregate $2 1 0 ,0 0 0 ,0 0 0 ,0 0 0 outstanding at any one time.”
She following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitations
Total face amount that may be
outstanding at any one time

$ 2 1 0 ,0 0 0 ,0 0 0 ,0 0 0

Outstanding as of April 30» 19 *& 8
Interest-bearing:
Bonds Treasury
$72.525,967,550
Savings (Maturity
value)*
MO,203,995,500
Depositary
1*6 7 ,6 2 6 , 7 5 0
Adjusted Service
7 1 8 ,2 7 6 , 6 5 7
Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

$ 1 1 3 ,9 1 5 ,8 6 6 ,1*57

33,150,50^,b25
30,707.79S,0ÔÔ
13,169,652,000

77.007,956,625

$190, 923, 821,082
Matured obligations o b
«hieb Interest has erased
Bearing no interest
Ü.S. Savings stamps
Excess profits tax refund
bonds

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

260 ,207 ,1*02

face amount of obligations
i 8 suable under above authority

191.528,560,009

$ 18,671,639,991

Reconcilement with Bally Statement of the United States Treasury
April 10. 19*&
Toted face amount of outstanding public debt obligations
Issued under authority of the Second Liberty Bond Act.
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.)
$195»9^6,860
Matured obligations on which
interest has ceased
Bearing no interest
Total gross debt outstanding as of April 3 ®, 19**
♦Approximate maturity value. Principal amount (current
redemption value) according to preliminary publie debt
statement $ 3 2 ,1*9 6 ,7 5 **.,9 9 9
RHM/bf -

$191,528
7 ,7 0 7

183.821

1,1*5.99 » , 1 6 9
$18*1,966,913 ¿ I !

TREASURY DEPARTMENT

c C

w
sn

MR. HEFFELFINGER

May 5, 1944
STATUTORY DEBT LIMITATION
AS OF APRIL 30, 1944
S e c tio n 21 of the Second L iberty Bond Act* as amended, provided that the
fa c e amount of o b lig a tio n s issu e d under a u th ority of that Act, ’’s h a ll not exceed
in the aggregate $210,0 0 0 ,0 0 0 ,0 0 0 outstan din g at any one tim e."
The fo llo w in g ta b le shows the fa c e amount of o b lig a tio n s outstan din g and th e
fa c e amount which can s t i l l be issu ed under t h is lim ita tio n :
T o'al fa c e amount th at may be
outstan din g at any one time

$210, 000, 000,000

Outstanding as of A pril 30, 1944:
In te r est-b ea r in g :
Bonds Treasury
$ 7 2 ,5 2 5 ,9 6 7 ,5 5 0
Savings (M aturity
v a lu e )*
4 0 ,2 0 3 ,9 9 5 ,5 0 0
D epositary
467 ,6 2 6 ,7 5 0
Adjusted S ervice
718,276,657
Treasury notes
C e r t if ic a t e s of
Indebtedness
Treasury B i l l s
(M aturity value)

$ 1 1 3 ,9 1 5 ,8 6 6 ,4 5 7

3 3 ,1 5 0 ,5 0 4 ,6 2 5
3 0 .7 0 7 .7 9 8 .0 0 0
13.1 4 9 .6 5 2 .0 0 0

Matured o b lig a tio n s on
which in t e r e s t has ceased
Bearing no in t e r e s t
U. S. Savings stamps
196,403,588
Excess p r o f it s ta x refund
bonds
__ 63,803,814
Face amount of o b lig a tio n s
issu a b le under above a u th o rity

^ 7 7 ,0 0 7 ,9 5 4 ,6 2 5
$190,92 3 ,8 2 1 ,0 8 2
344,531,525

260,207,402

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

Reconcilement w ith D aily Statement of the U nited S ta te s Treasury
A pril 30, 1944
T otal fa c e amount of outstan din g p u b lic debt o b lig a tio n s
issu ed under a u th o rity of the Second L iberty Bond Act*
Deduct, unearned discount on Savings bonds (d iffe r e n c e
between current redemption value and m aturity valu e)
Add o th e r ,p u b lic debt o b lig a tio n s outstan din g but not
su b ject to the s ta tu to r y lim ita tio n :
In te r e st-b e a r in g (Pre-War, e t c ,)
$195,926,860
Matured o b lig a tio n s on which
in t e r e s t has ceased
7,6 9 2 ,0 5 0
Bearing no in t e r e s t
941,975,259
T otal g ro ss debt outstan din g as of A pril 30, 1944
*Approximate m aturity valu e. P r in cip a l amount (curren t
redemption valu e) according to prelim inary pu b lic debt
statem ent $32,496,754,999
41-87

$191,528,560,009
7 ,7 0 7 ,2 4 0 ,5 0 1
1 8 3 ,821,319,508

1 ,1 4 5 ,5 9 4 ,1 6 9
$ 1 8 4 ,9 6 6 ,9 1 3 ,6 7 7

)

Jt was suggestejd to the ownerp that in vief of the appareilt

in c lin a tio n of C0ngr«*3s to act withbut delay, and of the Treasury
recommendations that/any üftion taken he completely retroactive
the owners might welt reinstate thefcr bonds so as to permit th< bridges
to regain open, witf the usual Cijst >ms inspection service, on iun days*
einstated, th
tl
The owners were informed that if thé bonds were i|®instated,

Treasury,

while the relief legislation was pending, would iot press for Payment
of afiy further bilid

covering over ime

reimbursement*

After consulting with their c ients, the attorneys have

io w

informed the Treasury that its prop®sal would not be accepted*
Nine Texas-Mexico bridges are] ejected to 1 e closed Sunday asa
result of the present dilemma* Two Ibridges at EliPaso

which pested bonds to

reir burse the G04®rnm®n'fc ^or overtike pay of inspectors have n|t canceled
theJr bonds,,
All of the important toll bridges on the Canadian border except on<
^ are remaining open on Sundays, either through the posting of bonds by the
owners or as \the result of Federal Court

fCustomgJ Cotisai oner Jéhnson haa sent instructions to the Collectors
of Cu itoms ta use th« utmost/prudence in dealing with/the sitiiation*
Army authorities having jurisdiction Ialong tie bordeif have bein' notified,
so th t they may

*d agaifist interruption# of troor movements*

~4~J

The Finance Committee rep ort to the Senate pointed, out th at the
Wagner h i l l d e a lt w ith an emergency s it u a t io n a r is in g from th e Supreme
C0urt d e c is io n in a s u it by Howard C. My©r s , a Customs in s p e c to r , who
sued for overtim e pay fo r Sunday and h o lid a y

work*

Many in te r n a tio n a l b rid g es and tu n n els on th e Mexican and Canadian
borders ’’have fo r lo n g years p a st m aintained continuous s e r v ic e
a t a l l hours o f the day and a l l days of th e w eek,11 the rep ort continued,
"U ntil th e d e c isio n r e fe r r e d t o , th e Customs S erv ice o f the Treasury
Department fu rn ish ed fr e e customs s e r v ic e a t such f a c i l i t i e s in
accordance with i t s in te r p r e ta tio n o f th e requirem ents o f e x is t in g law .
The r e s u lt o f the Myers d e c isio n was to lim it th e a u th o r ity o f the Customs
S ervice to p rovide th e customs in s p e c tio n n ecessa ry to m aintain such f a c i l t t i
in op eration on Sunday* and h o lid a y s , so th a t s e r v ic e could be provided
only upon th e s p e c if ic req u est o f th e operators o f such f a c i l i t i e s
and the fu r n ish ih g

o f bond by them fo r reimbursement to the

U nited S ta te s o f extra compensation payable to customs o f f ic e r s and
employees a ssig n ed to such duty,
The b i l l , the report e x p la in s , " e sta b lish e s the p r in c ip le th a t
whenever the p u b lic in t e r e s t req u ires that in te r n a tio n a l b rid ges

tu nnels and f e r r ie s be kept open to in te r n a tio n a l t r a f f i c during the
nigh t and on Sundays and h o lid a y s , th e n ecessa ry customs s e r v ic e should
be provided a s a p u b lic s e r v ic e at th e expense o f the Government......... "
Any amounts alread y
Government
refunded.

fo r

p a id by bridge owners

to reim burse the

overtim e payments to customs in sp e c to r s would be

The

were told that the Treasury favored making the
A
relief for the "bridge owners retroactive, so as to cover all liability
resulting from the Supreme Cpurt case£
“informed the

^ IlFé IIP MlHIP ITillIf
Treasury t#at

its proposal

would not be accepted»

Senator Taft*g

action in reporting the relief measure to the Senate for the Finance
Committee came soon afterward*

If Sunday closing of the nine Mexican border bridges is forced,
only two

toll bridges along this border will remain open on Sundays»

T^ese two are at El Pa so. Their bonds have not been withdrawn,
Customs Commissioner Johnson has sent instructions to the
to use the utmost pruddnce in dealing with the situation.
Army authorities

having jurisdiction along the border have been notified^

B 0th Assistant Secretary of the Treasury Gaston and Commissioner of
Customs Johnson appeared last Wednesday before a subcommittee of the
Senate Finance Committee and, advocated prompt passage of legislation to
relieve the bridge operators of liability.
Yesterday, toe Tr«asui^r officials conferred with
r e p r e s e n t ^ ^ t h e bridge owners

and suggested that in view of the

probability of quids: action by C0ngress, the owners might well reinstate

fat fa i***Mi*K^|***«t ^
their bdhdsA The owners%ere informed that the Tr easury would not
¥ /\
press for payment of any M t e ' * bills covering overtime reimbursement

Siler - dra:

“O p O S l

Owners of international toll bridges and tuimels along the Canadian
and Mextcar borders would bl relieved of the necessity of paying for
Sunday andjholiday customs inspection service onf the bridges, at overtime
rates, undfer the terms of

bill which was favorably reported to the Senate

today by Senator Taft, act ng for the Finance Cfommittee*
The purden of assurai ig the overtime pay fxpense was placed on the
bridge and tunnel owners r cently as the desul
decision, 11ffedt

of a Supreme Co^t

of the decision’was to preve it the Customs Bureau from

assigning inspectors to Sunday or holiday work on the international
crossings, unless the bridge operators agreed to reimburse the Government
for the am« unt of overtime payments and to post* bonds in advance to secure
compliance with the agreements,
Previous to receipt of the Finance Committee report by the Senate,
u

the owners of nine toll bridges along the Texas-M^xico border had
notified the Customs Bureau of the cancellation of bonds which they posted
several weeks ago covering the overtime expense for Sunday operation of the
bridges*- T^e cancellations, if not withdrawn, wa&Ld force the Customs
Bureau to

order the closing next Sunday, and on succeeding Sundays, of

the bridges

affected*
thj

With #ie Senate Finance Committy^on record
bridge opj^ator3 , Treasu^ officials expresse^ftne hope/that the
of the jft’idge owners

(rawing their^bonds would/be rescinded,

the Midges could remaitw open*

/ àf

ion
that

s ?

mzksim -dspahîpimt
flashlag ton.

î’CSa. BiMtQliTS BSLblASB
Friday» .May 5. 19.44
Press Service
No/fieers of

boreali of Customs ‘to

decision of the Supreme Cour
lowar

vers

be cases of

others by the closi-

1j.Q110Q

cancellation of bond
ertime compensation to eus tor

Q M

employes required to whrk at

:orce

iext Sunday of additional

)ridges whose operators have given notice of
leretofore filed to secu]

3ared to

iridiés

At the same time .treasury officials expresfceSUhe hope tf^at action
3ken today in the Se:rate might.operators of some of the bridges to reinstate
their bonds so that Customs service may be provided and the bridges be
>ermi’:1:ed to remain open on Sunday
makj
■¿C_0enator* ffaf 1, ¿oh behalf of the Senate
_ihe actio3]
in the Senate waS
Finance Cqwittee, of a favorable report^?
k%i
nrmmumm,
on Senate Bill
1n . .

r M M n i lil g r r i r r - ^ uttfiM—

■ ■ ■ ?!

i n il

----------- -■»-

r"he bill r1*i mm.. ■HP would relieve-international tunnelsts&at bridges* and "
ferries of the obligation imposed on them by the Supreme Court’s decision to
reimburse the Government for the Sunday work of Customs officers at the
bridges. As recommended by the h/jeasu^y Department, it would make this relief
retroactive to cover all liabilities i i i

m ......

i 'iiii

i
. . by the bridge,

tun-el and ferry operators under the decisions in t h e » Myers group pf cases,
/?

TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE
Friday, May 5, 19^»

Press Service
No, Ul-88

Officers of the Bureau of Customs today prepared to enforce the
decision of the Supreme Court in the cases of the United States
against Howard C. Myers and others hy the closing on next Sunday of
additional international bridges whose operators have given notice
of the cancellation Of bonds heretofore filed to secure the reim
bursement of the Government for overtime compensation to customs
employes required to work at the bridges.
At the same time Treasury officials expressed the hope that
'
action taken today in the Senate might cause operators of some of
the bridges to reinstate their bonds so that Customs service may be
provided and the bridges be permitted to remain open on Sunday#
The action in the Senate was the making by Senator Taft, on
behalf of the Senate Finance Committee, of a favorable report on
Senate Bill 1758, introduced by Senator Wagner# The bill would re
lieve international tunnels, bridges and ferries of the obligation
imposed on them by the Supreme Court*s decision to reimburse the
Government for the Sunday work of Customs officers at the bridges.
As recommended by the Treasury Department, it would make this relief
retroactive to cover all liabilities incurred by the bridge, tunnel
and ferry operators, under the decisions in the Myers group of chses#
Previous to receipt of the Finance Committee report by the Senate,
the owners of nine toll bridges along the Texas-Mexico border had noti
fied the Customs Bureau of the cancellation of bonds which they posted
several weeks ugo covering the overtime expense for Sunday operation
Of the bridges. The cancellations, if not withdrawn, will force the
1Customs Bureau to order the closing next Sunday, and on succeeding
Sundays, of the bridges affected.
Both Assistant Secretary of the Treasury Gaston and Commissioner
of Customs Johnson appeared last Wednesday before a subcommittee of
the Senate Finance Committee and advocated prompt passage of legislation
to relieve the bridge ojibrators of liability.
Yesterday, the Treasury officials conferred with representatives
of the bridge owners and suggested that in view of the probability of
quick action by Congress, the owners might Veil reinstate their bonds
for an emergency period. The owners were informed that the Treasury
would not press for payment of any bills covering overtime reimbursement
while the legislation was pending.

The representatives were told that the Treasury favored making the
relief for the bridge owners retroactive, so as to cover all liability
resulting from the Supreme Court cases#
The.owners later informed the Treasury that its proposal would not
be accepted* Senator Taft1s action in reporting the Wagner relief
measure to the Senate for the Finance Committee came soon afterward#
If Sunday closing of the nine Mexican border bridges is forced,
only two toll bridges along this border will remain open on Sundays#
These two are at El Paso# Their bonds have not been withdrawn#
Customs Commissioner Johnson has sent instructions to the local
customs officials to use the utmost prudence in dealing with the situ
ation# Army authorities having jurisdiction along the border have been
notified, in order that Army travel may be properly regulated#
The Finance Committee report to the Senate pointed out that the
Wagner bill dealt with an emergency situation arising from the Supreme
Court decision in a suit by Howard C, Myers, a Customs inspector, who
sued for overtime pay for Sunday and holiday work.
Many international bridges and tunnels on the Mexican and Canadian
borders nhave for long years past maintained continuous service at all
hours of the day and all days of the week,” the report continued.
’’Until the decision referred to, the Customs Service of the Treasury
Department furnished free customs service at such facilities in
accordance with its interpretation of the requirements of existing law#
The result of the Myers decision was to limit the authority of the Customs
Service to provide the customs inspection necessary to maintain such
facilities in operation on Sundays and holidays, so that service could
bo provided only upon the specific request of the operators of such
facilities and the furnishing of bond by them for reimbursement to the
United States of extra compensation payable to customs officers and
employees assigned to such duty.”
The bill, the report explains, ’’establishes the principle that
whenever the public interest requires that international bridges, tunnels
and ferries be kept open to international traffic during the night and
on Sundays and holidays, the necessary customs service should be pro
vided as a public service at the expense of the Government.##.”
Any amounts already paid by bridge owners to reimburse the
Government for overtime payments to customs inspectors would be re
funded.
All of the important toll bridges on the Canadian border except
one, the Rainbow Bridge at Niagara Falls, are remaining open on
Sundays, either through the posting of bonds by the owners or as the
result of Federal Court orders.

0O0

TREASURY DEPARTMENT
Washington
FDR RELEASE, MORNING iEU»APSRS,
Tii«»day. tor 9. 19M-.__________

Press Servies

The Secretary of the Treasury announced last evening that the tenders for
$1,200,000,000, or thereabouts, of 91-day Treasury bills to be dated lay 11 and to
nature August 10, 1944, which were offered cm May 5, were opened at the Federal Re
serve Banks on Ray 8.
The details of this issue are as follows;
Total applied for - $2,172,220,000
Total accepted
- 1,206,490,000
Average price

(includes $56,530,000 entered on a fixedprice basis at 99*905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0.375# per annua

Range of accepted competitive bids;
High
Low

- 99*910 Equivalent rate of discount approx. 0.356# per n m
- 99.905
»
»
«
»
»
0.376# »
«

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

Federal Reserve
District

Total
Applied for

Total
Accepted

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

1
52.7U.000
1,5X6,377,000
11,678,000
39,585,000
23,387,000
12,597,000
328,860,000
12,545,000
22,315,000
24,159,000
14,603,000
80.200.000

12,172,220,000

#1,206,198,000

•

TOTAL

29,876,000
815,265,000
28,792,000
30 ,110,000
21,281,000
9,685,000
166,210,000
8,905,000
11 ,515,000
18,806,000
10,383,000
52.610.000

TREASURY DEPARTMENT
Washington
f o r M s i , m m im wmm&ms
ÎMggday , Maj 9, 1944

Prass Servie©

The Secretary of the Treasury announced last evening that the tenders for
$1,200,000,000, or thereabouts, of 91-day Treasury bills to be dated lay 11 and to
nature August 10, 1944» which were offered on May 5» «ere opened at the Federal Reserve Banks on May 8,
The details of this issue are as follows:
Total applied for - $2,172,220,000
Total accepted
- 1,206,496,000
Ayerage price

(Includes $56,530,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99.905/ Equivalant rate of discount approx. 0.375* per anami

Range of accepted competitive bids:
High
Low

- 99.910 Equivalent rate of discount approx. 0.356$ per annua
- 99.905
»
»
»
»
«
o.376$ «
»

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

Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
lew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

I
52,714,000
1,516,377,000
44.678.000
39.585.000
23,367,(XX)
12.597.000
328 ,860,000
12.545.000
22.315.000
24.159.000
14.803.000
80.200.000

$2 , 172, 220,000

$1 , 206, 498,000

TOTAL

29,876,000
815, 265,OCX)

28 ,792,000
30,140,000

21,281,000

9 ,685,000
166,210,OCX)
8,905,000
14.515.000
16.806.000
10 ,363,000
52.640.000

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 9, 1944*

Press Service
No. 41-89

The Secretary of the Treasury announced last evening that
the tenders for $1,200,000,000,

or thereabouts,

of 91-day

Treasury bills to be dated May 11 and to mature August 10, 1944,
which were offered on May 5, were opened at the Federal Reserve
Banks on May 8•
The details of this issue are as follows:
Total applied for - $2,172,220,000
Total accepted
- 1,206,498,000 (Includes $58,530,000
entered on a fixed-price basis
at 99.905 and accepted in full)
Average price

99*905 / Equivalent rate of discount
a p p r o x „ Or 375% per a nnum

Range of accepted competitive bids?
High

Low

99c910 Equivalent rate of
approx
0.,356^ per
99.905 Equivalent rate of
approx, 0.376% per

discount
annum
discount
annum

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

Federal Reserve
District________

Total
Applied for
$

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

52,714,000
1,516,377,000
44.678.000
39.585.000
23.387.000
12.597.000
328,860,000
12.545.000
22.315.000
24.159.000
14.803.000
80.200.000

$2,172,220,000

Total
Accepted
$

29,876,000
815.265.000
28.792.000
30.140.000
21.281.000
9.685.000
166.210.000
8.905.000
14.515.000
18.806.000
10.383.000
52.640.000

$1,206,498,000

O j r

)
Propoeed Pnsu Releas• to be Ieeued After
Signing of the Treasury Decision

jj£/-#c

Caiamiseioner of Internal Reranue Joseph D. to.an, Jr.,
today sat August 15 as the dus data for Information returns
to be filed by tsac-nseispt organisations for the ealendar year
19A3 and for fiscal years ending before April 1, 1944.

new f 111 no

annHaa hnth •
:1>mm
mmmtm

««¡ft*ptfff
| |m imijl-rtser

4EL&€*~*

fcypa’ilasigaatid Few a 00C

batiasrT O l
be distributed through the l o a d collectors of Internal revenue•

- 000 -

TREASURY DEPARTMENT
Bureau-of Internal Revenue
Washington
POR IMMEDIATE RELEASE,
Wednesday, May 10, 1944«

Press Service
Eo. 41-90

Commissioner of Internal Revenue Joseph D.
Eunan, Jr., today set August 15 as the due date
for information returns to be filed by taxexempt organisations for the calendar year 1943
and for fiscal years ending before April 1, 1944,
Blank returns, Porm 990-, will be distributed
through the local collectors of internal revenue.

-oOo-

Commodity

Silver or 'black
foxes, furs
and articles:
Foxes valued
under $250 each
and whole furs
and skins
Tails

Paws, heads, or
other separated
parts
Piece plates
Articles, other
than piece
plates

*
:
Established Quota
:
: Period and Country : Quantity l

Month of April
Canada

Unit
: Imports as
of
: of April 29,
Qiantity :
1944

17,500

Number

4,231

Other than Canada

7,500

Number

269

12 months from
Pec* 1, 1943

5,000

Piece

500

Pound

495

550

Pound

•

500

Tfait

«oOo*»

FOR IMMEDIATE RELEASE,
May 9. 1944.________
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 April 29, 1944, inclusive, as follows:

Commodity

-______ Established Quota
Period and Country: Quantity

:
unit
: Imports as
:
of
: of April 29,
: Quantity :
1944

Whole milk, fresh
or sour

Calendar year

3,000,000

Gallon

1,833

Cream, fresh or sour

Calendar year

1,500,000

Gallon

333

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

Calendar year

15,000,000

White or Irish
potatoes:
certified seed
other

12 months from
Sept. 15, 1943

Red cedar shingles

Calendar year

90.000.
60.000.

Calendar year

2,153,984

Pound

9,228,269

000Pound
000Pound

47,518,645
3,728,949

Square

22,000,000

Pound
(unstemmed
equivalent)

1,500,000

CalIon

470,356

Quota filled

18,301

TREASURY DEPARTMENT?
Washington
FOR IMMEDIATE RELEASE,
Wednesday, May 10, 1944.

Press Service
No. 41-91

The Bureau of Customs announced today preliminaiy figures for imports
of commodities within quota limitations provided for under trade agreements,
from the beginning of the quota periods to April 29, 1944, inclusive, as
follows:

Commodity

Established Quota,
:
Period and Country : Quantity

:
Unit
: Imports as
1
of
:of April 29,
î Quant ity :
1944

Whole milk, fresh
or sour

Calendar year

3,000,000

Gallon

1,833

Cream, fresh or sour

Calendar year

1,500,000

Gallon

333

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

Calendar year

15,000,000

Pound

9,228,269

90,000,000
60,000,000

Pound
Pound

47,518,645
3,728,949

2,153,984

Sauare

White or Irish
potatoes:'
certified seed
other

*12 months from
Sept. 15, 1943

Red cedar shingles

Calendar year

470,356

Pound
(unstemmed
22,000,000 equivalent) Quota filled

1,500,000

Gallon

18,301

- 2 -

Commodity

Silver or black
foxes, furs
and articles:
Poxes valued
under $250 each
and whole furs
and skins
Tails

Paws, heads, or
other separated
parts
Piece plates
Articles, other
than piece
plates

?
Established Quota
Unit
* Imports as
:
___________ ^_______________
of
:of April 29,
•»Period and Country: Quantity : Quantity :
1944

Month of April
C anada

17,500

Number

4,231

Other than Canada

7,500

Number

269

12 months from
Dec. 1, 1943

5,000

Piece

500

Pound

495

550

Pound

500

Unit

-o0o’

POH IMMEDIATE RELEASE,
Mav 9> 1944._________

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered* or withdrawn from warehouse* for
consumption under the import quotas established in the President*s proclamation
of May 28, 1941, as modified by the President* s proclamations of April 13* 1942*
and April 29* 1943* for the 12 months commencing May 29* 1943* as follows:
•
#

Wheat flour, semolina, crushed
or cracked wheat, and similar
wheat products
:
Imports
•
Imports
:Estábli shed 5 May 29, 1943,
Established : May 29, 1943,
• to April 29, 1944
:
Qjiota
: to April 29,1944
•
Quota
(Bushels)
(Bushels)
(Pounds)
(Pounds)

Country of
Origin

wh ea t

Canada
795,000
China
tm
Hungary
•Hong Kong
Japan
United Kingdom
100
m
m
Australia
100
Germany
Syria
100
Hew Zealand
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba
Prance
1*000
Greece
Mexico
100
m
m
Panama
«ti»
Uruguay
Poland and Danzig
Sweden
mm
Yugoslavia
Norway
‘
m
Canary Islands
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics 100
Belgium
*100
800*000

795,000
•*
•
. fu»

m
m
m
m
a»
«*
-

m
m
m
-

4m
«*»

m
m
m
m
m
4m
-

mm
mm
mm
—
-

4m
795,000
>o0ow

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
urn
m
mm

306,721
•»

mm
m

mm
4m

4,000,000

4m
->
—
—
«•
«•
—
—
«•
«I»
m

m
m
tiN»

m
m
m
m
mm
«ti»
—
«•

306,721

TREASURY DEPARTMENT
Washington
FOR JlfflrfiDUte RELEASE,
Wednesday, Matf lQ, 1944.

Press Service
No. 41-92

The Buiead df Customs announced today preliminary figures showing the quan| |H||p ¡g U
j
\
|1
'
'' ;
||| I
>'
titles 6i Wheat and wheat flour entered, or withdrawn from warehouse, for cunsumption under the import quotas established in the President’s proclamation of
May 28, 1941, as modified by the President’s proclamations of April 13, 1942,
and April 29, 1943, for the 12 months commencing May 29, 1943, as follows:

WHEAT
Country
of
Origin

Imports
Established: May 29, 1943, to
Quota
: April 29, 1944
(Bushels)

Wheat flour, semolina, crushed
or cracked wheat, and similar
wheat products
:
Import s
Established ; May *29, 1943, to
Quota
: April 29, 1944

(Bushels)

(Pounds)

795,000
Canada
China
Hungary
Hong Kong
J span
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

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
-

800.000

795.000

■-

•

(Pounds)
306,721
—
-■
-

■-

■

,,t

•r*

4.000.000

306.721

■ ¥1

- 7 3

FOR IMMEDIATE RELEASE,
May 9. 1944.________
♦

The Bureau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the quotas for
the 12 months commencing October 1, 1943, provided for in the Inter-American
Coffee Agreement, proclaimed by the President on April 15, 1941, as follows!
f
♦

Country of Production :
f
•

Quota Quantity
(Pounds) 2J

:
Authorized for entry
:-------------------- for consumption_________
: As of
(Date)
:
(Pounds)

Signatory Countries:
Brazil
Colombia
Costa Ric§
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
nicaragua
Peru
Venezuela

1,621,630,479
549,261,936
34,873,774
13,949,562
20,881,883
26,155,330
104,621,321
93,287,384
47,951,373
3,486,928
82,825,279
34,001,943
4,359,288
73,234,872

Non-Signatory Countries:

61,900,935

April 29, 1944
n
H
ft

May 6, 1944 2/
April 29, 1944
ti
ft
it

May 6, 1944
April 29, 1944
ti
fi

662,620,876
348,521,003
16,031,613
4,199,430
15,277,289
17,701,976
56,943,832
52,700,454
17,819,125
2,743,246
56,557,929
16,835,505
2,130,839
27,365,747
3,745,894

Quotas as established by action of the Inter^American Coffee Board on
April 21, 1944,

Per telegraphic reports*

-oOo—

TREASURY DEPARTMENT
Washington

POR IMMEDIATE RELEASE,
Wednesday, May IO, 1944.

Press Service
No. 41-93

The Bureau of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the opotas for
the 13 months commencing October 1, 19A3, provided for in the Inter-American
Coffee Agreement, proclaimed by the President on April 15, 1941, as follows:
:

Country of Production :

Quota Quantity
(Pounds) 1/

Authorized for entry
for consumption
: As of
(Date)
:
(Pounds)
•

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1,621,630,479
549,261,936
34,873,774
13,949,562
20,881,883
26,155,330
104,621,321
93,287,384
47,951,373
3,486,928
82,825,279
34,001,943
4,359,288
73,234,872

Non-Signatory Countries:

61,900,935

April 29, 1944
ir
it
H
May 6, 1944 2/
April 29, 1944
it
ti
it
May 6, 1944 2/
April 29, 1944
it
it

662,620,876
348,521,003
16,031,613
4,199,430
15,277,289
17,701,976
56,943,832
52,700,454
17,819,125
2,743,246
56,557,929
16,835,505
2,130,839
27,365,747

3,745,894

-Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944,

Per telegraphic reports.

-oOo—

- 2 ¿7

CORTON CAED STRIPS,/ COMBER WASTE* LA? WASTE, SLIVER. WASTE, AND ROVING- WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISÉ ADVANCED.IN'VALUE. Annual quotas
commencing September 20,* b y Countries of Origin:
m
'
Sj'
Tot^l quota, provided* however, that not more than 33-J./3 percent/ of the
quotas shall he 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
cáse of the following countries: United Kingdom, Prance, Netherlands,
Switzerland, Belgium, Germany and Italy:
*
---------- —

----------------- (In Pounds)
_____________ ^ _______ _ _ _ _
:
,
tTOTAL IMPORTS“ {ESTABLISHED:Imports Sept. 20,
Country of Origin : Established :Sept„ 20, 1943 :33-1/3$ of :1943, to
.
: ftOTAL QUOTA - April 29» 1944lTotal
April 29, 1944 t

United Kingdom.. . . . .
Canada......... T ,
France
Brit ifsh India.. . . . . .
Netherlands.. . . . . . . .
Switzerland.... ..
Belgium.. . . . . . . . . . . .
Japan..... ..
China..............
Egypt.............
Cuba..... .. ...... ....
Germany. . . . . . . . . . . . .
Italy..... .
TOTALS

1,441,152

29,398
m
mm

75,807

M
»
mm
mm•

* 22,747

•m
'm
m
***
M
*
m
mm

5,482,509

29,398

14,796
12,853

25,443
7,088
1,599,886.

—
.

i— ----- f-------------- --------------

¿/"-■Included in total imports, "column 2*
The president’s proclamation, signed March 31, 1942, exempts from import
" qu°ta restrictions card strips made from cottons having a staple 1-3/16
inches or more in length.

~o0o—

FOH IMMEDIATE RELEASE
May 9. 1944_________

f f

The Bureau of Customs announced to&ky that preliminary reports' from the
collectors of customs shdw imports of dotton and cdtton waste chargeable to the
import quotas established by Lth® .Fre.si&eiit' ftjjjfddlainations -of-^September 5, 1939*
and December 19* 1940, as follows, during the p eMc^ September ¿30, 1943* to
April 29, 1944
0 COTTON HAVING A STAPLE OP LESS THAN..1-11/16 INCHES (OTHER THAI'I HARSH OR HOUGH
COTTON OP LESS THAN 3/4 .INCH IN STAPLE LENGTH AND CHIEFLY; USED IN THE- MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINGERS):.* •Annual- quotas
commencing September 20, by Countries of Origin: .-•••. - * v */’ •
(In Pounds)
■
.Staple length less ; Staple length 1—l/8" or more
than 1-1/8”
,*: __ but less than 1-11/16 w___
.
*jImports Sept •; Established : .Imports Sept.
• Country of - t • • . j
; 20, 1943, to
Quota
Origin
: Sstablished:20, 1943, to :
î
Aoril 29. 1944
Quota
:April 29, 1944 45.656,420
'

Egypt and the Anglo7837816
Egypt ian Sudan.....
247^952
73,576
Perdi ............. .
2,0037483
British I n d i a . «
. 1,3707791
China.. ....... .
8,8837259
8,883,259
Mexico.... .
6187723
417,580
Brazil..................
Unlbn of Soviet
4757124
Socialist Republics,.•
67203
«*
Argentina,....... .
%
“237
Haiti,. ...... •
9*333
. .** .
Ecuador..., i ........ ..
752
Honduras,........... .
871
Paraguay.........
124..... ..»
Colombia, v *•.v; .... .
195
Iraq............. .... »
2,240
British East Africa,....
71,388
Netherlands East Indies.
—
—
Barbados.
Other British West
21,321
m
Indies 1/........ ..
5,377
Nigèria........ .
Other British West
16,004
Africa ;§/♦*..........
689
Other French Africa 2>/.
«*
Algeria and Tunisia,..,•
14,516,882

9,374,415

29,493,084
1,021,768

■ .
4 v
••••
¡,.
. *

ip #

mm
m

45,656,420

Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago*
2/ ,.Other than Gold Coast and Nigeria,
Zj ...Other than Algeria, Tunisia, and Madagascar,
l/

-‘
• • —
' 44 m
■ 1 *•* •
—'

30,514,852

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, May 10, 1944,

Press Service
No. 41-94

The Bureaxi of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
imoort quotas established by the Presidents proclamations of September 5, 1939,
and December 19, 1940, as follows, during the period September 20, 1943, to
April 29, 1944.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OE LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)

Country of
Origin

Egypt and the AngloEgyptian Sudan ......
P e r u .....,...........
British India.........
China........ ........
Mexico................
Brazil ...............
Union of Soviet
Socialist Republics...
Argentina....... .....
H a i t i ................
Ecuador......
Honduras........ .
Paraguay.....
Colombia.....
Iraq.............. .
British East Africa....
Netherlands. East Indies#
Barbados........ .
Other British West
Indies 1/ ........ .
Nigeria............. .
Other British
Africa 2/............
Other French Africa 3/.
Algeria and Tunisia....,

:
Staple length less
:Staple length 1-1/8” or more
:
than. 1-1/8"
î
but less than 1-11/16”
:
:Imports Sept. :Established :Imports Sept.
:Established:20, 1943, to *
Quota
:20, 1943, to
:
Quota
‘
.April 29, 1944 : 45,656,420 '.April 29, 1944

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723

73,576
8,883,259
417,580

29,493,084
■1,021,768
-

- .
-

21,321
5,377

16,004
689
—

—

14,516,882

9,374,415

475,124
5,203
237
9,333
752
871
124
195
2,240
71,388

45,656,420

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.

30,514,852

f
-

COTTON CARD STRIPS, 2/ 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 auota, provided, however, that not more than 33-1/3 percent of the ouotas
shall be filled by cotton wastes other than card strips 2J and comber wastes
made from cottons of 1-3/16 inches or more in staple length in the case of
the following countries: United Kingdom, France, Netherlands, Switzerland,
Belgium, Germany and Italy:
(in Pounds)
‘
.TOTAL IMPORTS ESTABLISHED: Imports Sept. 20,
Countiy of Origin : Established :Sept. 20, 1943 :33-1/3$ of :1943, to
TOTAL QUOTA :April 29, 1944 :Total Quota:April 29, 1944 if
United Kingdom...,..
Canada;........ .
France..............
British India.,....
Netherlands.
Switzerland.........,
Belgium...........
Japan......... .....
China......... .
Egypt
Cuba........ ......
Germany......... .
Italy......... .
TOTALS

4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263

1,441,152
29,398

—

75,807

22,747
14,796
12,853
-

—

- '
--

—
—

—

25,443
7,088

29,398

1,599,886

5,482,509

—

Included in total imports, column 2.

The President's proclamation, signed March 31, 1942, exempts from import
quota restrictions card strips made from cottons having a staple 1-3/16
inches or more in length.

-oOo-

FOR IMMEDIATE RELEASE

MAY 10,

578 new passenger automobiles will be offered for
sale beginning May 15* to franchised dealers within the^tates
in which cars are located, according to an announcement made today
by Ernest L. Olrich, Assistant to The Secretary,
^The new cars were declared surplus by the Army.

They

are Fords, Chevrolets and Plymouths, both two and four door sedans.
Places of sale are listed below.
£ Mr. Olrich said the cars will be sold by negotiation,
with O.P.A. ceiling prices governing.

He said the decision to sell

only to franchised dealers nhas been made after consultation with
the industry1*, and that such procedure followed the Procurement
Division^ objective of channelling federal surpluses through
recognized trade mediums.

The Office of Defense Transportation

was consulted in determining the areas where new cars are needed
most, and sales will be centered generally in those areas.

Location
Richmond, Kentucky; New Haven, Indiana; Columbus, Ohio (Headquarters
for these sales: Regional Procurement Office, Faller Building, Cincinnati)
Springfield, Illinois

(Headquarters: Regional Procurement Office
222 West North Bank Drive, Chicago, 111)

Atlanta, Georgia (Headquarters:

10 Forsyth Street Building, Atlanta, Geo.)

Fort Worth, Texas; San Antonio, Texas; Texarkana, Texas (Headquarters:
Regional Procurement Office, Neil P. Anderson Building, Fort Worth, Texas.)

TREASURY DEPARTMENT
Washington

P O R .IMMEDIATE RELEASE,
Wednesday, May 10, 1944,

Press Service
No. 41-95

A total^of 578 new passenger automobiles will be offered
for sale beginning May 15
to franchised dealers within the
states in which cars are located, according to an announcement
made today by Ernest L. 0 1 rich, Assistant to the Secretary, in
charge of surplus property disposal.
The new cars were declared surplus by the Army.
They are
Fords, Chevrolets and Plymouths, bot h two a nd four door sedans..
Places of sale are listed below.
Mr. Olrich said the cars will be sold by negotiation, with
O.P.A. ceiling prices governing.
He said the decision to sell
only to franchised dealers **has been made after consultation
wit h the industry**, a n d that such procedure followed the P r o
curement D i v i s i o n ’s objective of channelling federal surpluses
through recognized trade m e d i u m s . The Office of Defense T r ans
portation was consulted in determining the areas where new
cars are needed most, and sales will be centered generally in
those areas.

Location

Richmond, Kentucky; New Haven, Indiana; Columbus, Ohio (Head
quarters for these sales:
Regional Procurement Office, Faller
Building, Cincinnati)
Springfield, Illinois (Headquarters;
Regional Procurement
Office, 222 West N o r t h Bank Drive., Chicago, Illinois)
Atlanta,
Atlanta,

Georgia (Headquarters:
Georgia)

10 Forsyth Street Building,

Fort Worth, Texas; San Antonio, Texas; Texarkana, Texas (Head
quarters:
Regional Procurement Office, Neil P. Anderson
Building, Fort Worth, Texas«,)

-oOo«*

FOR IMMEDIATE RELEASE

10, Fftb

The Treasury Departments* Procurement Division announced
today that it is planning to sell approximately 5*000,000 square feet
of tanned natural sheep shearlings -* a material used in the manufacture
of garments aruj. accessories — recently declared as surplus by the Army
f jj
JP
Air ynrp.ws./-,r(>wy «fir* manufactured in accordance with Army Specifications
and

of two general types, namely, back (polyacrylate base) and unbacked;

electrified and non-electrified; pile length varies from -¡¡rw to 1"; in
assorted colors of beige, cream and white*

They were^rincipalT ^ used.by

the Air Forces in the manufacture of flying jackets and suits*
)Describing the material as "top quality", Ernest L* Olrich,
Assistant to

Secret&ryAhandling disposal of surplus consumer goods

said, "the Division is hereby issuing an invitation to users to Jaamediadieiy
indicat^in writing that they are interested in purchasing part of the
material*

Sales will be limited to a minimum of 20,000 square feet*"
^Invitations To Bid will be furnished to users who communicate

their interest to the Procurement Division, Room 5006, 7th & D* Streets,
S. W*, Yfashington, 25, D.C* on or before May 22, 19iji+*
jjDlrieh indicated that the Divisions efforts in this instance

to notify as many prospective buyers as possible will continue in other
cases.

He promised additional announcements of other offerings as rapidly

as surpluses were received and made ready for sale.
- 30 -

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
"Wednesday, May 10, 1944.

Press Service
'No. 41-96

The Treasury Dep ar t m e n t ’s Procurement Division a n
nounced today that it is planning to sell approximately
5,000,000 square Feet of tanned natural sheep shearlings a material used in the manufacture of garments and a c c e s
sories -- recently declared as surplus by the A r m y A i r
Forces.
^The material was manufactured in accordance- wi t h A r m y
Specifications and is of two general types, namely, back
(polyacrylate base) and unbacked; electrified and nonelectrified; ^pile length varies from -J-" to 1 ” ; in assorted
colors of beige, cream and white.
They were used p r i n c i
pally b y the A i r Forces in the manufacture of flying jackets
and suits.
Describing the material as "top quality", Ernest L.
Olrich, Assistant to Secretary Morgenthau. handling disposal
^■f surplus consumer goods, said
"the Division is hereby
issuing an invitation to users to indicate immediately in
writing that they are interested in purchasing part of the
material.
Sales will be limited to a mini m u m of 20,000
square feet."
Invitations To Bid will be furnished to users who com
municate their Interest to the Procurement Division, Room
5006, 7th and D Streets, S. W., Washington 25, D. C. on or
before May 22, 1944.
Olrich indicated that the D i v i s i o n ’s efforts in this
instance to notify as ma n y prospective buyers as possible
will continue in other cases.
He promised additional
announcements of other offerings as rapidly as surpluses
were received and made ready for sale.

-oOo-

m m
- 3 -

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 frdinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 ~
Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and Price range of accepted bids.

Those

submitting tenders will be advised of the acceptance or rejection thereof.

The

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

May IB, 1944
~

The

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

Accordingly, the

owner of Treasury bills (o^her than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 12, 1944 ________ ,
T 2 T

The Secretary of the Treasury, by this public notice, invites tenders
for $ l f200^000,000 » or thereabouts^ of ,_^91 «-day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter pro
vided.
mature

The bills of this series will be dated ____ May IS. 1944
, and will
w
August 17. 1944
, when the face amount will be payable without

interest.

' -/T'T.|§§ll|)ISHf||||§§J g t f f ¡ ¡ |

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 o. nw, Eastern War time,

Monday, May 15» 1944
w
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 printed forms and for

warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and 'from responsible and recognized dealers in Investment securi
ties.

Tenders from others must be accompanied by payment of 2' percent e^f the face

TREASURY DEPARTMENT
Washington

POR RELEASE, MORNING NEWSPAPERS,
Friday, May 12, 1944.
5-ÏÏ-44

The ’Secretary of the Treasury, by this public-notice,
invites tenders for #1,200,000,000, or thereabouts, of -91-day
Treasury bills, to be issued on a discount basis under com-,
petitive and fixed-price bidding as hereinafter provided. The
bills of this series will be dated May 18,. 1944, and will ■
mature August 17, 1944, 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 olclock p, m„, Eastern
War time, Monday, May 15, 1944. 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 deci
mals, e. g.} 99o925. Fractions may net 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 2 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 Treas
ury of the amount and price range of accepted bids. Those sub-'
mitting 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.' Sub
ject to these reservations, tenders for #100,000 or less from
any one bidder at 99*905 entered on a fixed-price basis will
be accepted in full. 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 May 18,
1944.
41-97

(Over )

2The 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 thé 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 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 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.

-oOo

♦ HP

m ?

8, 19 u

E & .iU J L
During the month of April, 1944, the following market trans
actions took place in direct and guaranteed securities of the
Governments
Sales •••*•••»****•*•*•*•••••*• H»lo,511,300
Purchases *********************

«*

Set sales **•***••«••••«** IS^lS»511*300

(S^d) J o s e p h areenbert

HNaud

Copy to: Mr. Heffelfinger
Mr, Shaeffer
Miss Sanford

TREASURY DEPARTMENT
Washington
iOR IMMEDIATE RELEASE,
goP-flay, May 15/ 1944.

Press Service
No. 41-98

During the month of April, 1944,
market transactions in direct and guaran
teed securities of the Government for
Treasury investment and other accounts
resulted in net sales of $16,511,300,
Secretary Morgenthau announced today.

THHASURT DSPARTOKKT
Washington
FOE RELEASE, IOM31S KEilSPAPERS,
Tuesday» May 16, 1944.

Press Sendee

The Secretary of the Treasury announced last evening that the tenders for
$1,200,000,000, or thereabouts, of 91-day Treasury bills to be dated May IS and to
nature August 17, 1944, which were offered on May 12, were opened at the Federal Re
serve Banks on May 15«
The details of this Issue are as follows:
Total applied for - $2,169,935*000
Total accepted
- 1,206,012,000
Average price

(includes $59,099,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0*37556 per annua

Range of accepted competitive bids:
High
Low

- 99.910 Equivalent rate of discount approx. 0.35636 per annum
- 99.905
*
*
*
*
n
0.37656 "
*
(48 percent of the amount bid for at the low price wae accepted)

Federal Reserve
District

Total
Applied for

Total
Accept«!

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

5,400,000
34.635.000

20,911,000
788.962.000
24.992.000
2 0 906.000
3 8 ,110,000
16.479.000
155.659.000
12.396.000
5,400,000
27.719.000

18 465.000

13 263.000

37,915,000

1 ,506,080,000
40,046,000
22.395.000
45.658.000

18 965.000
287 ,265,000

15 ,256,000

.
137,655,000
TOTAL

12,169,935,000

81,235,000
il,206,012,000

TREASÜRT DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 16, 1944.

Press Service
f

The Secretary of the Treasury announced last evening that the tenders for
11,200,000,000, or thereabouts, of 91-day Treasury bills to be dated May IS and to
nature August 17, 1944, which were offered on May 12, were opened at the Federal Re
serve Banks on May 15*
The details of this issue are as follows:
Total applied for - $2,169,935,000
Total accepted
- 1,206,012,000
Average price

(includes $59,099,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99*905/ Equivalent rate of discount approx. 0 .37556 per annum

Range of accepted competitive bids:
- 99.910 Equivalent rate of discount approx. O.3565Î per annum
- 99.905
»
»
»
*
»
0.37656 *
«

High
Low

(48 percent of the amount bid for at the

price was accepted)

Federal Reserve
District______

Total
Applied for

Total
Accepted

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

37,915,000

1 ,506 ,000,000

40.046.000
22.395.000
45,«5R,000

1 0 965.000

287,265,000
15 ,256,000
5 ,400,000
34.635.000
18 465.000

TOTAL

20,911,000
788.942.000
24 ,992,000

20 ,906,000
3 8 ,110,000

16.479.000
155.659.000
12.396.000
5 ,400,000

27.719.000

... îgZiSgisaa

81.235.000

$2,169,935,000

H , 2 0 6 ,0 1 2 ,0 0 0

1 3 263.000

TREASURY DEPARTMENT
Washington
FOR. RELEASE,; MORNING NEWSPAPERS,
Tuesday, May 16, 1944.

5 15-44

Press Service
No. 41-99

The Secretary of the Treasury announced last evening that the
tenders for $>1,200,000r 000, or thereabouts,

of 91-day Treasury

bills to be dated May 18 and to mature August 17, 1944, which were
offered on May 12, were opened at the Federal Reserve Banks on
May 15.
The details of this issue are as follows;
Total applied for
$2,169,935,000
Total accepted
- 1,206,012,000 (includes $59,099,000
entered on a fixed-price basis at 99*905 and accepted in
full)
Average price

- 99.905yEquivalent rate of discount approx
0.375$ per annum

Range of accepted competitive bids:
High

- 99.910 Equivalent rate of discount approx
0.356$ per annum
- 99.905, Equivalent rate of discount approx
0.376$:per annum

low

(48 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

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

TOTAL

3 7 ,915,000
1,506,080,000
40,046,000
22,395,000
45,858,000
3,8,965,000
287,265,000
15,256,000
5,400,000
34,635,000
18,465,000
137,655,000

$2,169,935,000

-0 O0 -

Total
Accepted
t

20 ,911,000
788,942,000
24 ,992,000
20,906,000
38,110,000
16,479,000
155,659,000
12,396,000
5,400,000
27,719,000
13,263,000
81,235,000

$1,206,012,000

Full text of Press Releases of the United States Department of the Treasury : Volume 53

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