Full text of Press Releases of the United States Department of the Treasury : Volume 54

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5030

JUNI4 1972
TREASURY department

X ~~ o
FOR IMMEDIATE RELEASE,

The Bureau of Customs announced today preliminary figures shoving 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-Ameri can
Coffee Agreement, proclaimed by the President on April 15, 1941, as follows:

5
Country of Production :
:

:
Authorized for entry
Quota Quantity :________ for consumption_____
(Pounds) 1J : As of (Patent
:
(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

May 6, 1944
«
it
A
May 13, 1944
May 6, 1944
A
H
A
May 13, 1944
May 6, 1944
A
A
A
A

z!

z!

66a, 467, 525
371,156,835
17,672,553
4,322,132
15,297,196
17,801,533
60,652,209
52,926,082
19,588,762
2,785,246
58,818,530
17,095,639
2,130,839
27,760,985
3,745,898

2j

Quotas as established by action of the Inter-American Coffee Board on
April 2L, 1944,

2/

Per telegraphic reports#

-oOo-

TREASURY DEPARTMENT
Washingt on
Press Service
No. 42-0

FOR IMMEDIATE RELEASE,
Tuesday, May 16, 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
(Date)
:
(Pounds)

As of

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
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
S i * 9 0 0 ,9 3 5

May 6, 1944
n
ti
it

May 13, 1944 2/
May 6, 1944
tt
it
ti

May 13, 1944 2/
May 6, 1944
ii
if
ii

ir

668,467,525
371,156,835
17,672,553
4,322,132
15,297,196
17,801,533
60,652,209
52,926,082
19,588,762
2,785,246
58,818,530
17,095,639
2,130,839
27,760,985
3,745,898

1/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944.

2/

Per telegraphic reports.

TREASURY DEPARTMENT
Washington

FOR rBâSB-îATE RELEASE,

lo P. OTYs,

Press Service
No.

The Treasury Department and the Alien Property
Custodian today issued the following statement:
ir the past two weeks representatives of
Treasury Department and the Alien Property
have been conducting a joint investigation
Industries, Philadelphia, Pennsylvania and
New York, New York.

the
Cus todian
of the SEE
SEE Steel,

his investigation*was undertaken for the purpose of
.etemining the ownership and control of the Swedish
Company, A/B Svenska Eullagerfabrieken; better known as
SEF Sweden, which is the parent company to SEE Industries
and SEE Steel. It specifically was not undertaken because
of^any question concerning the production^of SEE Industries,
Philadelphia, or of SEE Steel, New York, and should not be
Interpreted as any reflection upon either the management
or employees of these two companies.
/Both the War and Navy Departments have advised the
Treasury Department and the Alien Property Custodian
that all of the production of SEE Industries and SEE
Steel contributes to the war effort of the United States
and the other United and Associated Nations and that
such production is vital to our war effort. Both the
War and Navy Departments also confirm that SEE Industries
.and SEE- Steel have excellent records for war production,
land stated that any serious loss of production at those
\comp antes would have an immediate and serious effect on
':he production of war munitions needed for planned
>pe rat ions. ws*2r
o£>t>

TREASURY DEPARTMENT
Washington
F O R RELEASE, 6 P.M.,
Tuesday, M a y 16, 1944.

P r e s s S e r vice
No. 42-1

The T r e a s u r y D e p a r t m e n t a nd t h e A l i e n P r o p e r t y C u s t o d i a n
t o d a y issued the f o l l o w i n g statement:

F o r t he past two w e e k s r e p r e s e n t a t i v e s of t h e
Treasury Department and the Alien Property Custodian
h a v e been c o n d u c t i n g a joint i n v e s t i g a t i o n of t h e SKF
Industries, P h i l a delphia, P e n n s y lvania, a n d SKF Steel,
F e w York, F e w York.
Thi s i n v e s t i g a t i o n was u n d e r t a k e n for the p u r p o s e
of d e t e r m i n i n g the o w n e r s h i p a n d c o ntrol of the S w e d i s h
Company, A / B S v e n s k a K u l l a g e r f a b r i e k e n ; b e t t e r k n o w n as
SKF Sweden, w h i c h is t he p a r e n t c o m p a n y to SKF I n d u s ­
tries a n d SKF Steel.
It s p e c i f i c a l l y was not u n d e r ­
t a k e n b e c a u s e of a n y q u e s t i o n c o n c e r n i n g the p r o d u c t i o n ,
of SKF Industries, Philadelphia'', or of SKF Steel, F e w
York, a nd s h o u l d no t be i n t e r p r e t e d as a n y r e f l e c t i o n
u p o n either the m a n a g e m e n t or employees of t h e s e t wo
companies.
.Both the W a r a n d F a v y D e p a r t m e n t s have a d v i s e d
t h e T r e a s u r y D e p a r t m e n t a n d the A l i e n P r o p e r t y C u s t o d i a n
that a ll of t he p r o d u c t i o n of SKF Industries a n d SKF
Steel c o n t r ibutes to the w a r effort of the U n i t e d States
a nd the o t her U n i t e d a n d A s s o c i a t e d F a t i o n s a n d that
such p r o d u c t i o n is v i tal to our w a r effort.
B o t h the
W a r a n d F a v y D e p a r t m e n t s also c o n f i r m t h a t SKF I n d u s ­
t r i e s a n d SKF S t eel have excellent re c o r d s for w a r
production, a n d s t a t e d tha t a n y serious loss of p r o ­
duction at t h o s e c o m p anies w o u l d have an i m m e d i a t e and
serious effect on the p r o d u c t i o n of w a r m u n i t i o n s
n e e d e d for p l a n n e d operations.

-oOo-

Mil
- 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, 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 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*90^ 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

May 25f 1944_________
"liasr
The income derived .from Treasury bills, whether interest or gain from

in cash or other immediately available funds on

the sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have any
special treatment, as such, under Federal tax Acts now or hereafter enacted.

The

bills shall be subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the possessions of
the United States, or by any local taxing authority.

For purposes of taxation the

amount of discount at which Treasury bills are originally sold by the United States
shall be considered to be interest.

Under Sections 1+2 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

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,

Friday. May 19. 1944_________ ,

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 competitive and fixed-^price bidding as hereinafter pro­
vided.

The bills of this series will be dated

May 2?. 1944

and will

m
August 24. 1944

mature
interest.

, 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 p. m., Eastern War time, Monday, May 22, 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

amount of Treasury bills applipd 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 dt the Federal

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Friday. May 19, 1944.
5-18-44

The Secretaiy 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 competitive and fixed-price bidding,as hereinafter
provided. The bills of this series will be dated May 25, 1944, and will
mature August 24, 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, May 22, 1944,
‘Tenders will not be received at the Treasuiy Department, Washington. Each
tender must be for an even multiple of $1,000, and the price offered must be
expressed on the basis of 100, with not more than three decimals, e,.g., 99.925.
Fractions may not be used. It is urged that tenders, be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without (deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment 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
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 25, 1944.
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills» shall not have ary 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 an 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
42-2

(over)

-

2

-

(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 Ho. 418, as amended, and this notice, pre­
scribe the terms of the Treasury bills and govern the conditions of their
issue. Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.

— oOo-t

TmSOflT DEPARTMENT
W&shiagtôB

for rslsàse,

mmmù

rmsfapsrs,

Press Service

Tuesday, May 23. 1%A._________

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 Hay 25 and to
nature August 24, 1944, which were offered on Hay 19, were opened at the Federal Re­
serve Banks on Hay 22.
The details of this issue are as follows:
Total applied for - $1,951,360,000
Total accepted
- 1,207,114,000
Average price

(includes $57,022,000 entered on a fixedprice basis at 99-905 and accepted in full)]
- 99*905/ Equivalent rate of discount approx, Q.375JÉ per aimai

Range of accepted competitive bids:
High
Low

** 99-910 Equivalent rate of discount approx, 0.356JÎ per ayff>««
- 99-905
«
»
»
»
*
o«376£ «
«

(56 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
Hinneapolis
Kansas City
Dallas
San Francisco

♦
42,791,000
1,389,940,000
28.901.000
29.700.000
19.621.000
21.540.000
283,255,000
12.573.000
8,630,000
20.847.000
24.012.000
69.550.000

#

28,843,000
827.090.000
18,280,000
26.796.000
17.036.000
19.208.000
164.609.000
10.593.000
8,410,000
17.943.000
18.996.000
___ 49.310.000

*1,951,360,000

#1,207,114,000

TOTAL .

J s o

r f/

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS
Tuesday, May 23« 1944._________

Press Service
y

>'3

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 25 and to
mature August 24, 1944, which were offered on May 19, were opened at the Federal Re­
serve Banks on May 22.
The details of this issue are as follows:
Total applied for - $1,951,360,000
Total accepted
- 1,207,114,000
Arerage price

(includes $57,022,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99-905/ Equivalent rate of discount approx. 0.37536 per annua

Range of accepted competitive bids:
High
Low

— 99*910 Equivalent rate of discount approx. 0.35656 per anfanai
- 99.905
»
»
»
«
»
0.37656 H
*•

(5 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

$
4 2 ,7 9 1 ,0 0 0
1,389,940,000
28.901.000
29.700.000
19.621.000
21.540.000
283,255,000
12.573.000

$

69,550,000

28,843,000
827.090.000
18,280,000
26.796.000
17.036.000
19.208.000
164.609.000
10.593.000
8 ,410,000
17.943.000
18.996.000
49,310,000

*1,951,360,000

*1,207,114,000

,
.
24,012,000

8 630,000
20 847.000

TOTAL

TREASURY DEPARTMENT
Washington
PO R RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, M a y 23, 1944.
_______

Press S e r v i c e
No. 42-3

The S e c r e t a r y of t h e T r e a s u r y a n n o u n c e d last
t e n ders f o r $1,200 , 0 0 0 , 0 0 0 ,

or thereabouts,

of 9 1 - d a y T r e a s u r y

bills to be d a ted M a y 25 a nd to m a t u r e A u g u s t
of f e r e d on M a y 19,

were

ev e n i n g t h a t t h e

24,

1944,

w h i c h w ere

o p e n e d at the F e d e r a l R e s e r v e Banks

on

M a y 22.
T h e details

of this

issue a r e as follows:

T o t a l a p p l i e d for - $ 1 , 9 5 1 , 3 6 0 , 0 0 0
Total a c c e p t e d
1,207,114,000
entered on a f i x e d - p r i c e basis at
full)

(includes $ 5 7 , 0 2 2 , 0 0 0
a n d a c c e p t e d in

99*905

A v e r a g e p r ice

- . 9 9 . 9 0 5 /Equi'valent r a t e of di s c o u n t approx.
0 . 3 7 5 $ p er a n n u m

Range

c o m p e t i t i v e bids:

of a c c e p t e d

High

- 99*910
0 *356$
- 99.905
0.376$

Low.

(56 p e r c e n t

E q u i v a l e n t r a t e of di s c o u n t approx.
per annum
E q u i v a l e n t r a t e of discount approx.
per annum

of t h e a m o u n t b i d f o r at the lo w p r i c e was accepted)

Federal Reserve
District

T o tal
A p p l i e d for

Total
Accepted

Boston
N e w York
Philadelphia
.Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Da 1 la S
San F r a n c i s c o

$

$

4 2 ,7 9 1 , 0 0 0
1 ,3 8 9 ,9 4 0 , 0 0 0
2 8 .9 0 1 . 0 0 0

29.700. 0 0 0

19,621,000

'

18,280,000
2 6 . 7 96.000
17.036.000

2Í,540,000

19 , 208 , 000

2 8 3 ,2 5 5 , 0 0 0
1 2 .5 7 3 . 0 0 0
2 4 ,0 1 2 , 0 0 0
6 9 *5 5 0 , 0 0 0

164*, 609,000
10.593.000
8,410,000
17.943.000
18.996.000
49*310,000

$1,951,360,000

$1,207,114,000

.8,630,000
20.847.000

TOTAL

2 8 ,8 4 3 , 0 0 0
8 2 7 ,0 9 0 , 0 0 0

-0O0

~

Way ^'?j 104^— )

FOR IMMEDIATE RELEASE
y

A-**,

(jUUUêJU^ j

<4>

£ Eight hundred non-electric iceboxes having a market
value of $60,000 have been sold as federal surplus property, the
Procurement Division announced today.
^Declared surplus by the Army Medical Depot in Louisville,
Kentucky, the boxes were offered for sale by sealed bid, on the
basis of O.P.A. f,as is” ceilings.
The Division said the transaction had ,rall the elements”
elements"
of a sale of federal surplus property, as they have been^ r e c e n t l y
eutlincch*

The sale involved cooperation b etween government

agencies for the establishment of ceilings; it involved a ”goldfish
bowl” public opening of bids; efforts to place the materials back
into use quickly, and to meet a critical consumer n e e d ^ ^ ^ ^

&Ernest

^

L. Olrich, Assistant to the-’Secretar^ in charge

of disposals, said he was "satisfied that the s a M was conducted
with a minimum of waste notion and fairness to everybody concerned.”
^ ^ ^ i n d i c a t e d that additional announcements of surplus
property being offered for sale would be forthcoming "within the
next few days” and said that every effort would be made to publicize
announcements as widely as possible*

0 0

o

IRmSTJRY DEPARTMENT
Washington
F O B ' M E D I A T E RELEASE,
Tuesday, M a y 25» 1944.

Press S e r v i c e
^°* 42-4

Eight h u n d r e d n o n - e l e c t r i c iceboxes h a v i n g a m a r k e t
v a l u e of § 6 0 , 0 0 0 hav e bee n s o l d as F e d e r a l surplus property,
the Procurement Division announced t o d a y #
D e c l a r e d surplus by t h e A r m y M e d i c a l D e p o t in Louisville,
Kentucky, t h e boxes w e r e offered f o r sale b y s e a l e d bid, on
t h e b a sis of O.P.A, "as is" ceilings.
T h e D i v i s i o n s a i d t he t r a n s a c t i o n h a d * a l l t h e elements"
of a sale of F e d e r a l surplus property, as t h e y h a v e bee n o u t ­
l i n e d rec e n t l y ,
T h e s a l e in v o l v e d c o o p e r a t i o n b e t w e e n G o v e r n ­
ment a g e n c i e s f o r t h e e s t a b l i s h m e n t of ceilings; it in v o l v e d
a " g o l d f i s h bowl" p u b l i c o p e n i n g of bids; efforts to p l a c e
t h e m a t e r i a l s b a c k into u s e quickly, a n d to meet a cr i t i c a l
c o n s u m e r need.
E r n e s t L* Olrich, A s s i s t a n t to S e c r e t a r y M o r g e n t h a u in
charge of disposals, said he was " s a t i s f i e d t h a t t h e sale
was c o n ducted w i t h a m i n i m u m of w a s t e m o t i o n a n d f a i rness to
e v e r y b o d y c o n c erned."
H e i n d i c a t e d t h a t a d d i t i o n a l a n n o u n c e m e n t s of surplus
n r o p e r t y b e i n g o f f e r e d for sal e w o u l d be f o r t h c o m i n g
within
t h e ”next f ew days" a n d s a i d t h a t every effort w o u l d be made
to p u b l i c i z e a n n o u n c e m e n t s as w i d e l y as p o s s ible#

-oOo-

i

/ /XA^rr

Q
FOR IMMEDIATE

L ~

■May -23-. IQ.
'ii

RELEASE

>Oo.
4

V

q— large quantity offering of federal surpluses under
the Treasury disposal organization was undertaken today when the
Procurement Division announced

it is currently offering

7,000 used.Array trucks with a value of approximately lU,000,000
to authorized dealers.
The Division said the trucks were all in serviceable or
repairable condition, suitable for commercial use, and that the
vehicles fell into the categories of "light, medium or heavy” trucks.
More detailed information is available from regional offices.
lest L* Olrich, Assistant to thst Secretary in charge of

f\
surplus sales, said offerings were being made to authorized dealers
only, and that such a procedure was in keeping with the frequently
announced policy of selling to commercial channels.
determining the areas of sale, the Procurement Division
said it has consulted the Office of Defense Transportation.

The fact

that, in the past, many areas were unable to fill critical demands
for such equipment had been taken into consideration and those areas
were now being afforded opportunity to buy.
^Dealers interested in quoting on trucks should contact
the following regional offices:
Boston, Massachusetts
New York, New York
Washington, D.C.
Cincinnati, Ohio
Denver, Colorado
Seattle, Washington

Chicago, Illinois
Atlanta, Georgia
Fort Worth, Texas
Kansas City, Missouri
Kansas City, Missouri
San Francisco, Calif.

TREASURY DEPARTMENT
Washington
F OR I M M E D I A T E RELEASE,
Tuesday, M a y 23 » r1944.

Press

Service
42-5

A l a r g e q u a n t i t y o f f e r i n g of F e d e r a l s u r pluses u n d e r the
T r e a s u r y d i s p o s a l o r g a n i z a t i o n was u n d e r t a k e n t o d a y w h e n ^ t h e
P r o c u r e m e n t D i v i s i o n a n n o u n c e d it is c u r r e n t l y o f f e r i n g 7,000
u s e d A r m y t r u c k s w i t h a v a l u e of a p p r o x i m a t e l y |>4,000,000 to
a u t h o r i z e d dealers* ,
The D i v i s i o n said t h e t r u c k s w e r e a l l in s e r v i c e a b l e or
r e p a i r a b l e condition, s u i t a b l e for c o m m e r c i a l use, a n d that
the v e h icles fel l into t h e cat e g o r i e s of ’’light, ^medium or
h e a v y ” trucks.
M o r e d e t a i l e d i n f o r m a t i o n is a v a i l a b l e f r o m
r e g i o n a l offices.
Ernest D. Olrich, A s s i s t a n t to S e c r e t a r y M o r g e n t h a u in
charge of surplus sales, sai d offerings w e r e b e i n g m a d e to
a u t h o r i z e d dealers o n l y , .a n d t hat s u c h a p r o c e d u r e was in
k e e p i n g w i t h the f r e q u e n t l y a n n o u n c e d p o l i c y of s e l l i n g to
com m e r c i a l channels.
In d e t e r m i n i n g t h e areas of sale, t h e P r o c u r e m e n t D i v i ­
sion said it has c o n s u l t e d t h e O f f i c e of D e f e n s e T r a n s p o r t a ­
tion.
The fact that, in the past, m a n y a r eas w e r e u n a b l e to
f i l l critical demands for s u c h equipment h a d bee n t a k e n into
c o n s i d e r a t i o n a n d t h o s e areas w e r e n ow b e i n g a f f o r d e d o p p o r ­
t u n i t y to buy.
D e a l e r s i n t e r e s t e d in q u o t i n g on t r u c k s s h o u l d
t h e f o l l o w i n g r e g i o n a l offices?

contact

Chicago, Illinois
Atlanta, G e o r g i a
For t Worth, Texas
K a n s a s City, M i s s o u r i
San Francisco, Calif*

Boston, M a s s a c h u s e t t s
P e w York, H e w Y o r k
Wa shing t o n , D . C .
Cincinnati, Ohio
Denver, C o l o r a d o
Seattle, W a s h i n g t o n

-oOo-

FOE IMMEDUXB
May 23. 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# 1940, provided for in the Inter~Anerican
Coffee .Agreement, proclaimed by the President on April 15, 1941, as followss

•

Country of Production
_____________

X
X

Quota Quantity
(Pounds) 1/

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

Signatory Countries:
Brazil
Colombia
Costa Bica
Cuba
Dominican Republic
Ecuador
H 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

•n-Signatory Countries:

61,900,935

May 13, 1944
ft
ft
n
May 20, 1944
May 13, 1944
it
tt
ft
May 20, 1944
May 13, 1944
H
ft
ft
«1

2/

2/

742,822,388
418,378,043
18,221,882
4,322,132
15,297,196
17,861,533
69,271,769
55,354,332
22,110,656
2,865,541
61,073,282
17,498,180
2,130,839
29,628,623
3,745,912

1/

Quotas as established by action of the Inter-«American Coffee Board on
April 21, 1944.

Zl

Per telegraphic reports*

THEASUBT DEPARTMENT
Washington

EOH IMMEDIATE RELEASE,
Wednesday, May 34, 1944»

Press Service
No. 42-6

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 InterAnerican 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)

1» 621,630,479
549,261,936
34,873,774
131949,562
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

May 13, 1944

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Gnat emala
Haiti .
Honduras
Mexico
Nicaragua
Peru
Venezuela
NonrSignatory Countries:

1/

61,900,935

it

3,745,912

it
ti

May 20, 1944
May 13, 1944

2/

H
It
If

May 20, 1944
May 13, 1944
it
it

u

Quotas as established by action of the Inter-American Coffee Board on

April 21, 1944.
2]

it

742,822,388
418,378,043
18,221,882
4,322,132
15,297,196
17,861,533
69,271,769
55,354,332
22,110,656
2,865,541
61,073,282
17,498,180
2,130,839
29,628,623

if

Per telegraphic reports.

—oOo—

7
FOR IMMEDIATE

i.'f. 11 w

»

The Treasury’s Procurement Division’s Regional Office
/
in Atlanta, Georgia announced today t M it
currently
offering to sell a large amount of surplus brass screws and
lag bolts*

Invitations to bid

being mailed only to

manufacturers of screws and bolts* ) In line with recent
policies expressed by ar. E. L. Olrich, Assistant to -bter
Secretary^ in charge of surplus sales, this action on this
particular item would.best keep the commodity in regular
commercial channels.
’—Si.
*The Atlanta^ffice said the merchandise had been declared
,surplus by the A m y Air Corps Depot in Memphis, and that the
following rules have been established for the disposal:
^Each of the items involved will be sold separately; no lot
basis.

All sales are subject to OPA and WPB controls, with a

minimum sale of $1,000.^»^-] interested bidders should contact
the Regional Procurement Office in Atlanta, Georgia
;ia,

TREASURY DEPARTMENT
Washington

Press Service
No. 42-7

FOR I M M E D I A T E RELEASE,
W e d n e s d a y , M a y 24, 1944.

The T r e a s u r y * s P r o c u r e m e n t D i v i s i o n ’S' R e g ional Office
in Atlanta,

Georgia,

a n n o u n c e d today it

is c u r r e n t l y offer

ing to sell a large a m o u n t of surplus brass
bolts.

I n v i tations

screws a n d lag

to b i d are b e i n g m a i l e d o n l y to m a n u ­

fa c t u r e r s of screws a n d bolts.
In line w i t h recent p o l i c i e s

e x p r e s s e d b y E r n e s t L.

0 1 rich,

A s s i s t a n t to S e c r e t a r y M o r g e n t h a u in charge of

surplus

sales,

best keep

this a c t i o n on this p a r t i c u l a r i t e m w o u l d

the co m m o d i t y in r e g u l a r c o m m ercial

The A t l a n t a

office

said the m e r c h a n d i s e h a d b e e n

d e c l a r e d surplus by the A r m y A i r Corps D e pot
a n d that

channels.

in Memphis,

the f o l l o w i n g rules h a v e b e e n e s t a b l i s h e d for the

disposal;
E a c h of the items
no lot basis,

i n v o l v e d will be

All sales a re s u b ject

sold separately;

to OPA a n d W P B

con­

trols, w i t h a m i n i m u m sale of $1,000.
I n t e r e s t e d bi d d e r s
curement Office

s h o u l d contact

in Atlanta,

Georgia,

-oOo-

the Regional

Mr.

Pro­

O l r i c h said.

I

]$£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 ariy Federal Reserve Bank or Branch.

«*¡8*
-

2

-

Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and urice 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 hi's 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

June 1. 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.

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 an3r 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 (o^her than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid

xm x
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 26, 1944___________

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

The bills of this series will be dated

June 1. 1944
^

I

, and Will

mature

August 11. 19UL

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 p. m . , Eastern War time,

Monday, May 29> 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

amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
y

■<L

Immediately after the closing hour, tenders will be opened at the Federal

TREASURY DEPARTMENT
Washington

FOR RELEASE, M O R N I N G NEWSPAPERS,
Friday, M a y 26, 1944.

The S e c r e t a r y of-the Treasury, b y this public, n o t i c e ,
invites tenders for $1,200,000,000, or thereabouts, of 91day T r e a s u r y bills, to be issued on a d i s c o u n t b a s i s u n d e r
c o m p e t i t i v e a n d f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r p r o ­
vided.
The bills of this series will be d a t e d June 1, 1944,
a nd wil l m a t u r e A u g u s t 31, 1944, w h e n the face a m o u n t will
be p a y able w i t h o u t interest.
T h e y will be i s s u e d in b e a r e r
form.only, a n d in d e n o m i n a t i o n s of $1,000, $5,000, $10,000,
$100',000, $50 0 , 0 0 0 , and $ 1 , 0 0 0 , 0 0 0 (maturity value).
Tenders will be r e c e i v e d at Federal Re s e r v e Banks and
B l a n c h e s up to the closing, h o u r , two o Tc l o c k p. m., E a s t e r n
W a r time, Monday, M ay 29, 1944.
Tenders w i l l n o t be re-^
c e i v e d at the T r e a s u r y D e p a r t m e n t ,. W a s h i n g t o n .
E a c h tender
m u s t be for a n even m u l t i p l e of $1,000, and the p r ice o f ­
f e red mus t be e x p r e s s e d on the basis of 100, w i t h not m o r e
t han.three decimals, e. g., 99.925.
F r a c tions m a y n o t be
used. ‘ It is u r g e d t h a t .tenders be m a d e on .the p r i n t e d forms
an d f o r w a r d e d in.the special envelopes w h i c h w i l l be s u p ­
p l i e d b y Federal R e s e r v e B a nks or Br a n c h e s on- a p p l i c a t i o n
;
therefor.
. . .
T e n ders wil l be r e c e i v e d w i t h o u t d e p o s i t f r o m i n c o r ­
p o r a t e d banks a n d ’ trust companies and f r o m r e s p o n s i b l e and
r e c o g n i z e d dealers in inv e s t m e n t securities.
Te n d e r s f r o m
others m u s t be a c c o m p a n i e d - b y p a y m e n t of 2 p e r c e n t of the m
face a m o u n t of T r e a s u r y bills a p p l i e d for, u n l e s s the t e n ­
ders ar e a c c o m p a n i e d by a n 'express g u a r a n t y of p a y m e n t b y
an i n c o r p o r a t e d b a n k , o r trust company.
I m m e d i a t e l y a f t e r the closing hour, tenders w ill be
o p e n e d at the Federal Reserve B a nks a n d Branches, f o l l o w i n g
w h i c h public a n n o u n c e m e n t will be mad e b y the S e c r e t a r y of
the T r e a s u r y of the a m o u n t a n d p r i c e range of a c c e p t e d bids.
T h o s e subm i t t i n g tenders will be a d v i s e d of the a c c e p t a n c e
or r e j e c t i o n thereof.
The S e c r e t a r y of the T r e a s u r y e x ­
p r e s s l y re s e r v e s the right to a c c e p t or r e j e c t a n y or all
tenders, in w h o l e or in part, a n d h is a c t i o n in a n y suc h
re s p e c t shall be final.
S u b ject to these r e s e r vations, t e n ­
ders for $ 1 0 0 , 0 0 0 or less f r o m a n y one b i d d e r at 99,905
e n t e r e d on a f i x e d - p r i c e basis will be a c c e p t e d in full.
P a r e n t of a c c e p t e d tenders at the prices o f f e r e d m u s t be
m a d e or c o m p l e t e d at the Federal R e s erve B a n k in c a s h or
o t h e r i m m e d i a t e l y a v a i l a b l e funds on June 1, 1944.
42-8

(Over)

2
The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r i n t e r ­
est or g a i n f r o m the sale o r ' o t h e r d i s p o s i t i o n of the bills,
shall not h a v e a n y exemption, as such, a nd loss f r o m the
sale or o t her d i s p o s i t i o n of T r e a s u r y bills'--shall n o t have
a h y special treatment, as such> u n d e r Federal,-tax A c t s n o w
or h e r e a f t e r enacted,f The b i l l s ' s h a l l be subject to estate,
inheritance, gift, or o t h e r . e x c i s e taxes, w h e t h e r Federal or
■State, ,b u t shall be exempt f r o m a ll t a x a t i o n n o w or h e r e ­
a f t e r i m p o s e d on the p r i n c i p a l or i n t e r e s t t h e reof b y an y
State, or a n y of the p o s s e s s i o n s of the U n i t e d S t a t e s , or b y
a n y local taxing a u t h o r i t y .
For p u r p o s e s of ta x a t i o n the
a m o u n t of d i s c o u n t at w h i c h T r e a s u r y bills are o r i g i n a l l y
sold b y the U n i t e d S t ates shall be c o n s i d e r e d to be interest.
U n d e r S e c t i o n s 42 a n d 117 (a) (1) of the Internal Revenue
Code, as a m e n d e d b y S e c t i o n 115 of the R e v e n u e Act of 1941,
the -amount of dis c o u n t at w h i c h b i lls i s s u e d h e r e u n d e r are
sold shall not be c o n s i d e r e d to a c c r u e until such bills
shall be sold, r e d e e m e d or o t h e r w i s e d i s p o s e d of, a n d suc h b i lls a re e x c l u d e d f r o m c o n s i d e r a t i o n as capital as s e t s *
A c c o r d i n g l y , the o w n e r of T r e a s u r y bills (other tha n lifeinsurance companies) i s s u e d h e r e u n d e r n e e d I n c l u d e - i n his
income tax retu r n o n l y the d i f f e r e n c e b e t w e e n the,price p a i d
f or s u c h bills, w h e t h e r on original issue or on s u b s e q u e n t
purchase, and the a m o u n t a c t u a l l y r e c e i v e d either u p o n sale
or r e d e m p t i o n at m a t u r i t y d u r i n g the taxable y e a r for w h i c h
the r e t u r n is made, as o r d i n a r y g a i n or loss.
T r e a s u r y Dep a r t m e n t C i r c u l a r Wo, 418, as amended, a n d
this notice, p r e s c r i b e the terms of the T r e a s u r y h i l l s and;
g o v e r n the c o n d i t i o n s of t h e i r issue.
Copies of the c i r ^ cular m a y be o b t a i n e d f r o m a n y Federal Re s e r v e B a n k or Branch.

oOo

ana

tx.
t

s

ox

na.t>l o n a l

o a n K s

—

c o n t i n u e d

ir*ag0

£+

1

(In thousands of dollars)
: ,April 13,
s
1944
f
«

«
*

; Dec. 31, * June 30, : Increase or decrease
1943
: since Dec. 31, 1943
5
1943
:
f
«
•
•
: Amount .: Percent

LIABILITIES
Deposits of individuals, partner­
ships and corporations?
Demand #*•.••••••*••••**••••«••• $33,557,069 $33,254,837 $30,518,146
Time•••«•••..•••••..«••••••**•. 10,494,797
8,971,178
9,926,259
Postal Savings deposits
5,782
5,531
6,918
Deposits of U. S. Government.... .
7,196,133
5,945,346
4,582,436
Deposits of States and political
subdivisions
2,947,639
2,900,361
2,934,654
Deposits of banks••••••••••••••••.
7,160,133
6,985,579
7,156,360
Other deposits (certified and
cashiers' checks, etc«)*...... ..
623.232
929.170
633.962
Total deposits••••••••••«••••. 61,809,980
60,156,181 54,769,361
1 Bills payable, rediscounts & other
liabilities for borrowed money...
56,600
8,155
4,231
Other liabilities ..... .
¿00*250.
408.139
373.355
Total liabilities, excluding
capital accounts
62.267.330
60.572.475 55.146.947
CAPITAL ACCOUNTS
Capital Stock:
Preferred stock
119,066
137,076
127,604
1,428,714.
Common stock«
1,403,911
1.360,932
1.547,780
Total. ...............
1.498.008
1431*515
Surplus.........•••••...........
1,¿28,622
1,619,769
1,474,673
Undivided profits
.......
613,174
584,169
5 a , 595
Reserves
276.228
266.563
268.555
Total surplus, profits, and
reserves«
2,518.024
2.427.927
2.327.397
Total capital accounts
3,959,442
4.065.804
3,825.405
Total liabilities and capital
accounts .................. 66.333.134
64,531.917 58.972.352
Ratio of loans to total deposits..
16.10#
16.78#
16.85#
NOTE: Minus sign denotes decrease
_
_
_
_
_
_
_
_
_
_
_
_

•

• • • • • . • • • • • • • • • • •

.

.
.

. . . »

•••••

• . • • • • • • . • • • « • • • • • • • • • • • • •

•

. . . • • • • •

.

.

: Increase or decrease
: since June 30. 1943
: Amount
: Percent

$302,232
568,538
-251
1,250,787

.91
5.73
-4.34
21.04

$3,038,923
1,523,619
-1,387
2,613,697

9.96
16.98
-20.05
57.04

12,985
-174,554

#44
•*2.44

47,278
-170,781

1.63
*2*39

-305.938
1,653,799

-32.93
2.75

-10.730
7,040,619

-1.69
12.86

48,445
-7.389

594.05
-1.81

52,369
27.395

1237*75
7.34

1.694.855

2.80

7.120.383

12.91

-8,538
'24.803
16.265
8,853
71,579
9.665

-6.69
1.77
1.06
?55
13.22
3.63

-18,010
67.782
49.772
153,949
29,005
7.673

-13*14
4*98
3.32
10*44
4*97
2.86

90.097
106,362

3.71
2.69

190.627
240.399

8.19
6.28

1.801.217

2.79

7.360.782

12.48

-

-

•

m

m

-

&

—

—

1

-

Statement

shopring caaparison

oi

|■-------------

ite m

s

o :f

ox 3 .0 ci v«
_

a i

«

i m m

iia. cxo

as of April 1 3 , 1944 , December 3 1 , 194 3 , and June 3 0 , 1943

(In thousands of dollars)

* April 13,
:
1944
:

: De g . 31,
1943
5
î

i June 30,
1943
J
:

: Increase dr decrease * Increase or decrease
t since Dec* 31. 1943 1 since June 30. 1943
1 Amount
: Percent
: Amount : Percent

Number of banks•••••••••••••*•*•***«
ASSETS
-1.81

#760,343

8.27

10.133.532

$2,136,260) «$183,046
7,053,883)
-183.046
9.190.143

-1*81

760.341

8.27

0 2 ,5 5 2 ,2 5 1
( 1,626,304

28,514,634) 2,553,527
1,676,768)

7.47

6,541,680

21.67

34.178.555

30.190.402

2*553,527

7*47

6.541.680

21.67

1,933,187

2,026,333

63,274

3 #27

-29,872

-1.47

1,243,450

1,340,099

47,598

3.33

-49,051

-3.66

149.061
37.504.253
¿7.637.785
807,969
8,359,274
6.913.421

-2.875
171.744
33.728.578 2.661.524
42.918.721 2.478.478
84,963
806,546
-190,122
7,853,296
-575.996
6.567.549

-1.93
7.10
5*20
10.52
~2.27
-8.33

-14.88
-25.558
19.09
6.437.199
7.197.54? ._ 16.77
86,386
10.71
4.02
315,856
—3.50
-230.124

16.080.664
813,468

15.227.391
826,240
58.972.352

—4*24
.4B
2 .7 9

172.118
-8,878
7.360.782

Loans on real estate..... ♦*•**•♦♦••)
Other loans, including overdrafts..«)

$9,950,486

($2,070,828
( 8,062,704

Total loans•••••*•••*•*•••**•••••
U* S. Government securities:

&9.950.486
[ 36,732,082

36.732.082
Total U. S. securities..
Obligations of States and political
1,996,461
subdivisions•••••••••«*••••••»•••
Other bonds, notes and 0
1,291,048
debentures
Corporate stocks, including stocks
146.186
of Federal Reserve Banks.... .
40.165.777
Total securities•••••••*•*••••*•
50.116.263
Total loans and securities.....
892,932
Currency and coin...••.••*•♦••*♦♦•••
.
8,169,152
Reserve with Federal Reserve Banks..
6.337.425
Balances with other banks
Total cash, balances with other
banks, including reserve bal­
ances and cash items in process
15.399.509
817,362
Other assets
Total assets

,

66.333.134

64.531.917

-681.155
3,894
1.801.217

1.13
-1.07
12*48

Cash of $900,000,000, balances with other hanks, excluding reciprocal
balances, of $6,300,000,000, and reserves with Federal Reserve banks of
$8 ,2 0 0 ,0 0 0 ,0 0 0 , a total of $15 ,**0 0 ,0 0 0 ,0 0 0 , decreased $7 0 0 ,0 0 0 ,0 0 0 since
December, but showed an increase of $2 0 0 ,0 0 0 ,0 0 0 over the amount reported
in June last year.
The unimpaired capital stock of the banks on April 13» 19*^» was
$1,5^8,000,000, including $119,000,000 of preferred stock.

Surplus of

$1 ,6 2 9 ,0 0 0 ,0 0 0 , undivided profits of $6 1 3 ,0 0 0 ,0 0 0 , and reserves of $2 7 6 ,0 0 0 ,0 0 0 ,
a total of $2,518,000,000, increased $90,000,000 since December and $191,000,000
since last June.
The percentage of loans and discounts to total deposits on April 13, 19*"»
was 16.10, in comparison with 16.85 on December 3^» 19^3»

1 6 .7 8 on June

JO,

'

u

X.

FOR. RELEASE.

\\L.

t

TREASURY DEPARTMENT
Washington

rtAjjy*d**/*^*0
/
~}tLui J-*7j /1V V>

Press Service
No. // '
l~ ^

The total assets of national hanks on April 13 of this year amounted to
more than $66*000,000,000» it was announced today hy Comptroller of the Currency
Preston Delano.

Returns from the call covered the 5*0^3 active national hanks

in the United States and possessions*

The assets reported were greater hy

nearly $2 ,0 0 0 ,0 0 0 ,0 0 0 than those reported hy the 5 ,OU6 national hanks on
December 3 1 , 19^3» the date of the previous call, and an increase of more than
$7*000,000,000 over the amount reported hy the 5 »066 active hanks on June 3 0 , 19^3*
The deposits of the national hanks on April 13» 19^» were $61,300,000,000,
an increase since December 3 1 » 19^3* of $1,600,000,000, and an increase since
June 3 0 , 19^3» of $7,000,000,000.

Included in the current deposit figures are

demand and time deposits of individuals, partnerships and corporations of
$33*500,000,000 and $10,500,000,000, respectively, United States Government
deposits, including War loan and Series E Bond accounts, of $7,200,000,000,
deposits of States and political subdivisions of $3,000,000,000, postal savings
of $6 ,0 0 0 ,0 0 0 , deposits of hanks of $7 ,0 0 0 ,0 0 0 ,0 0 0 , and certified and cashiers'
checks, cash letters of credit and travelers' checks outstanding of $6 0 0 ,0 0 0 ,000.
Loans and discounts were $10,000,000,000, a decrease of nearly $200,000,000
since December 19^3» hut an increase of more than $700,000,000 since June 19^3*
Investments in United States Government securities, direct and guaranteed,
of $3 6 ,7 0 0 ,0 0 0 ,0 0 0 showed an increase of $2 ,5 0 0 ,0 0 0 ,0 0 0 , or over 7 percent since
December 19^3» and an increase of $6,500,000,000, or nearly 22 percent, since
June 19^3»

Other bonds, stocks and securities held of $3,^00,000,000, which in-*

eluded obligations of States and political subdivisions of $2,000,000,000,
increased $100,000,000 since December, hut decreased approximately the same amount
since June last year.

D E L I V E R

TO

Mr. SHAEFFER

ROOM

388

REMARKS

Please furnish Mr. Kane
in the Statistical Division of
the Comptroller®s office, Boon
with 200 copies of this j
release when available.

Cj o j U In
FROM
(Name, not initials)

TREASURY DEPARTMENT
Washington

FOR RELEASE, Morning Newspapers,
Monday, May 29 , 19A A«___________

Press Service
No • 4-2-9

The total assets of national banks on April 13 of this year amounted to
more than $66,000,000,000, it was announced today by Comptroller of the
Currency Preston Delano, Returns from the call covered the 5*04-8 active
national banks in the United States and possessions.
The assets reported
were greater by nearly $2,000,000,000 than those reported by the 5*046
national banks on December 31* 1943* the date of the previous call, and an
increase of more than $7 ,000,000,000 over the amount reported by the 5*066
active banks on June 30, 1943#
The deposits of the national banks on April 13* 1944* were
$61,800,000,000, an increase since December 31* 1943* of $1,600,000,000, and
an increase since June 30, 1943* of $7*000,000,000. Included in the current
deposit figures are demand and time deposits of individuals, partnerships
and corporations of $33*500,000,000 and $10,500,000,000, respectively,
United States Government deposits, including War loan and Series E Bond
accounts, of $7,200,000,000, deposits of States and political subdivisions
of $3 *000,000,000, postal savings of $6,000,000, deposits of banks of
$7 ,000,000,000, and certified and cashiers’ checks, cash letters of credit
and travelers’ checks outstanding of $600,000,000.
Loans and discounts were $10,000,000,000, a decrease of nearly
$200,000,000 since December 1943* but an increase of more than $700,000,000
since June 1943?
Investments in United States Government securities, direct and guaranteed,
of $36,700,000,000 showed an increase of $2,500,000,000, or over 7 percent
since December 1043* and an increase of $6,500,000,000, or nearly 22 percent,
since June 1943* Other bonds, stocks and securities held of $3*400,000,000,
which included obligations of States and political subdivisions of
$2,000,000,000, increased $100,000,000 since Decenber, but decreased approx­
imately the same amount since June last year.
Cash of $900,000,000, balances with other banks, excluding reciprocal
balances, of $6,300,000,000, and reserves with Federal Reserve banks of
$8,200,000,000, a total of $15*400,000,000, decreased $700,000,000 since
December, but shewed an increase of $200,000,000 over the amount reported
in June last year.
The unimpaired capital stock of the banks on April 13, 1944* was
$1,548*000,000, including $119*000,000 of preferred stock. Surplus of
$1,629,000,000, undivided profits of $613,000,000, and reserves of
$276,000,000, a total of $2, 518,000,000, increased $90,000,000 since
December and $191,000,000 since last June.
The percentage of loans and discounts to total deposits on April 13, 1944*
was 16.10, in comparison with 16 .85 on Decenber 31* 1943* and 16.78 on
June 30, 1943*

Statement showing comparison of principal items of assets and liabilities of active national banks
as of April 13, 1944, December 31 , 1943, and June 30 , 19U3
(In thousands of dollars)
: April 13,
f
1944

:
:

*
Number of banks.....................
ASSETS
Loans on real estate........ .
Other loans., including overdrafts...
Total loans....... ..............
U. S. Government securities:
Direct obligations..............
Obligations fully guaranteed)....
Total U. S. securities..........
Obligations of States and political
subdivisions.
Other bonds, notes and
debentures.......................
Corporate stocks, including stocks
of Federal Reserve Banks...•••••.
Total securities..............
Total loans and securities......
Currency and coin........... .
Reserve with Federal Reserve Banks..
Balances with other banks...*•••••..
Total cash, balances with other
banks, including reserve bal­
ances and cash items in process
of collection.....
0 ther as s e t s . . # . . ........
Total assets.................. .

Dec. 31 »
I9U3

•

30,
1993

June

•

5.098

" 5 ,0^6

$9.950,9s 6

($2,070,828
( 8.062,7GU

$9,950,986

10,133,532

36,732,082

:

(32,552,251
( 1,626,309

5,066

;Increase or decrease :increase or decrease
:since Dec . 31 , 1943 :since June 70. 1947
:Amount : Percent
5Amount
: Percent
2
7W
-IS
-.36
~

$2,136,260),$183,046
7,053,883)
9,190,193 -183,046
28,519,639)2
,553,527
1.675,768)
30,190,402 2,553,527

~

-1.81

$ 760,393

8.27

-1.81

760,393

8.27

7-**7

6,541,680

21.67

7.47

6,541,680

21.67

36,732,082

39,178,555

1,996,461

1,933,187

2,026,333

63,279

3.27

-29,372

-U47

1,291,04s

1 *243,450

1 ,390,099

**7,598

3.83

-99,051

-3.66

l46,is6
9o,165,777
50,116,263

149,061

171.799

-2,875

- 1.93

37,504,253
97,637.785

33,728,578
42,918.721
SOo,346
7 ,253,296
6,567,599

-25,558
~57i37.199
7,197,592
86,386“

•-575,996

-8.37

-230,124

4.02
- 3.50

•- 6 8 1 .1 5 5
826,240
3,89#
5 8 , 9 7 2 , 3 5 2 1, , 8 0 1 , 2 1 7

-4.24
.48
2-79

172,118
-8,878
7,360,782

- 1.07
12.48

892,932
8,169,152
6,337,925

807,969
8,359^279
6,913.921

19,399,509
817,362
66,333,13“+

16.020,664
813,46s
69,531,917

15,227.391

21^61,524
27573,478
84,963
•-190,122

.

7.10
5.20
10.52
- 2.27

315,856

-14.88

19.09
16.77
10.71

1.13

Page
Comparison of principal items of assets and liabilities of national banks - continued

3

(In thousands of dollars)

”

i April 13.
» 19^U '
.

:
;
*

*

••

Pec. 31 , :
19^3
:

30,
1943

June

*
•

—

-

increase or decrease
«since Pec. 31» 1943
:Amount
: Percent
—

■' . ■■■■

1•

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

1 Increase or decrease
v* since June 30» 1943_._,
» Amount :» Percent
..

liabilities

Peposits of individuals, partner
ships and corporations:
$33 .557.069 $33.25U,837 $30,51S.i U 6 $302*232
Pemand, ••**.*
•*• **«« »• •*•
9.926.259 8.971. 17s 568,538
Time.*•.•...••• «>»*« *’♦•■»,'«•■♦• »«•***■? * 10.u9H.797
- 25I
5,722
. 6.91s
5.531
Postal Savings deposits. •» •*♦♦•*•••
L,25Q,7S7
5.9U5,3U6
U.
5
S
2
.U
36
:
7 .196.133
Peposits of IT. S. Government*.**,*
Peposits of States and political
2.93U.65U 2,900.361
12,985
2.9U 7.639
- 174,554
7
,
160,133
7
,
156,360
6
,
935.579
Peposits of banks****.*. ....*••• •*
Other deposits (certified and
929.170
633.962 -305,938
623*232
cashiers* checks, etc.),**••*•*•»
60t150,lSl pf, 769,361- 1;653,799
Total deposits.*,....*.*••••• • 61,809,980
Bills payable, rediscounts & other
U.231
US.UU5
8,155
56,600
liabilities for borrowed money.*.
373,355
-7,389
400*750
408,139
Other liabilities.
*
Total liabilities, excluding
62.267,330 60 *372.,475 SS.lU6.9U7 1.69U.S55
capital accounts........ ♦ ••
CAPITAL ACCOUNTS
Capital Stock:
137,076
127,604
-8,538
119.,066
Preferred stock. **. ••*-.*•***• *.*
2U ,803
1,360,932
1,428,714
1,403,911
Common s t o c k . *•♦* •
16,265
1.498,008
1.5U7.730
1,531»515
To tal..... *.*...•, . • . * •.*■»-•••
—
^5 3 ^
174747^73
1
,
619,769
1 ,622,622
Surplus.*...¡*..._.•••*.*• •• •*♦*•■• * *-•-■***•
584,169
71,579
561.595
613, 17U
Undivided prof its. **.* *•* **• •...*»«
9,665
266,563
268,355
276 228
Be serve s..».■» .*..*.».*■•,». *■»
*
Total surplus, profits, and
90,097
2*427,92? 2.727.397
2.518*024
reserves• . . . . . **-••*«♦••
106,352
3.S25.U05
11.063,804
To tal cap 1tal accoun ts..*-••** •
Total liabilities and capital
64*331,917 58,972,352 1 .801,217
asstoumtsi,...»*,*■■♦*■•-'*#■* •* **«• ♦ 66.333.13U
l6.78^“
16.85$
I6..IO56
Ratio of loans to total deposits.*
NOTE: Minus sign denotes decrease •

#5*73
-4*34
2L*Q4

$3,038.923
1,523.619
-1,387
2. 613.697

16*98
-20*05
57.*o4

.44
-2*44

U 7.278
- 17Q.78I

- 2*39

-32*93
2*75

-10.730
7.0U0.619

594.05
-i.si

52,369
27,395

1237-75
7,34

2*80

7,120,383

12,91

-6.69
1.77

-IS,010
67,782
U9.772
J-55*949

..91

1*06
•55

13,22
3*63

29,005

9*96

1*63

- 1.69 _

12.86

.-13,14
4*98

3,32

--- —t
t—h
—
-LrU
.H-t
Hl-— ‘
U.97

7,673

2.86

3*71
2.69

190..627
240,399

8.19
6,28

2.79

7. 760,782

12.48

COPT
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington. D. 0«
? £

-/o

FOR IMMEDIATE RELEASE

Commissioner of Internal Revenue Joseph D. Nunan, Jr*, announced
today that auto use tax stamps in the denomination of $5*00 mill be placed
on sale in all postoffiees and offices of Collectors of Internal Revenue
on Saturday, June 10* The stands mill evidence payment of the tax for the
fiscal year beginning July 1, 1944, and must be purchased on or before that
date* The stamps mill be serially numbered, mill be gummed on the face,
and mill have provision on the back for entry of the make, model, serial
number and state license number of the vehicle*
Mr* Nunan said that, to guard against loss or theft, it has been
suggested that, mhen affixing the stamps, the vehicle omner should dampen
the mlndshield rather than the adhesive side of the stamp* This method
has been recommended to keep the stamp intact upon the mlndshield* As
an additional precaution, it has also been suggested that each motor
vehicle omner should make a record of the serial number which appears
on the use tax stamp in the event the stamp should become lost*
Every omner of a motor vehicle which is used upon the highways
should call at his local postoffice or at the office of the Internal
Revenue Collector and secure a #5*00 use tax stamp and affix it to his
vehicle on or before July 1, 1944, the Commissioner said* The various
postoffices mill sell the stamps over the counter for eash only and no
mail order business with respect thereto mill be conducted by the post
offices* Collectors of Internal Revenue are authorized to accept cash,
postoffice money orders, and certified checks in payment of the use tax
stamp* However, as revenue stamps have an Intrinsic value, uncertified
checks mill not be acceptable in payment therefor*
Sale of the less than $5 denomination use tax stamps in post offices
has been discontinued* Such offices will stock the $5 denomination stamps
only and motor vehicle owners liable for payment of the use tax for periods
of less than a full year must obtain their stamps in lesser denominations
from the Collector of Internal Revenue*
It is the desire of the Bureau of Internal Revenue that the use tax
stamp shall be placed on the windshield in a location that mill not be
in conflict with State requirements* Mr* Nunan streooes-the fact that
/the-uee--t«E-3rsw~haa not-been repealed and cautions motor vehicle owners
that failure to purchase and display the new use tax stamps on vehicles
using the public highways after July 1, 1944, mill subject the violators
to severe penalties imposed by law*
•

000

s
-

x ~s

d a t e ..

To Asst .Seep John L. ^ 3^van
Attached herewith is a copy of a
release prepared by the Accounts and
Collections Unit regarding the #5 auto use tax
stamp. After you have approved it, will you
kindly forward it to Mr. Shaeffer’s office.
Thanks.

TREA S U R Y DEPARTMENT
B u r e a u of Internal Revenue
Washington

FOR IMM E D I A T E RELEASE,
Monday, M a y 29, 1944.

Press Service
No. 42-10

Commissioner, of Internal Revenue J o s e p h D. Nunan, Jr.,
a n n o u n c e d today that aut o use tax stamps in the d e n o m i n a t i o n
of $>5.00 will be p l a c e d on sale in all post offices a n d o f ­
fices of Col l e c t o r s of Infernal Revenue on Saturday, June 10.
The s t a m p s wil l evidence p a y m e n t of the tax for the fiscal
y e a r b e g i n n i n g Jul y 1, 1944, a n d m u s t be p u r c h a s e d on or b e ­
fore that date.
The stamps wil l be s e r ially numbered, will
be g u m m e d on the face, and will h a v e p r o v i s i o n on the b a c k for
e n t r y of th® make, model, serial n u m b e r a n d state li c e n s e n u m ­
ber of the vehicle.
Mr. N u n a n said that, to g u a r d a g a i n s t loss or theft, it
has b e e n s u g g e s t e d that, w h e n a f f i x i n g the stamps, the vehicle
o w n e r should d a m p e n the w i n d s h i e l d rather than the ad h e s i v e
side of the stamp.
This m e t h o d has b e e n r e c o m m e n d e d to keep
the stamp intact u p o n the w i n d s h i e l d .
.As a n a d d i t i o n a l p r e ­
caution, it has a l s o b e e n s u g g e s t e d that eac h m o t o r vehicle
owner should m a k e a r e c o r d of the serial n u m b e r w h i c h a p pears
on the u se tax stamp in the event the stamp should b e come lost
E v e r y o w n e r of a m o t o r vehicle w h i c h is u s e d u p o n the
h i g h w a y s should call at his local p o s t office or a t the office
of the Internal Revenue C o l l e c t o r a n d secure a $ 5 . 0 0 u se tax
stamp a nd a f f i x it to his vehicle on or b e f o r e Jul y 1, 1944,
the C o m m i s s i o n e r said.
The various post o f f i c e s will sell
the stamps o ver the counter for c ash o n l y a n d no mail o r d e r
b u s i n e s s w i t h r e s p e c t thereto will be c o n d u c t e d b y the post
offices.
C o l l e c t o r s of Internal Revenue are a u t h o r i z e d to
accept, cash, p ost offi c e m o n e y orders, a n d c e r t i f i e d checks in
p a y m e n t of the u s e tax stamp.
However, as r e v enue stamps have
a n i n t rinsic value, u n c e r t i f i e d checks will n o t be a c c e p t a o l e »
In p a y m e n t therefor.
Sale of the less than $’5 d e n o m i n a t i o n use tax stamps in
pos t offices has b e e n discon t i n u e d .
S u c h offices will stock
the $5 d e n o m i n a t i o n stamps o n l y a nd m o t o r vehicle owners
liable f o r payment of the u se tax for pe r i o d s of less than a
full y e a r m u s t o b t a i n t h e i r stamps in l e s s e r d e n o m i n a t i o n s
f r o m the C o l l e c t o r of In t e r n a l Revenue.
It is the desire of the B u r e a u of Internal Revenue that
the iise tax stamp shall be p l a c e d on the w i n d s h i e l d in a l o c a ­
tion that w ill n o t be in c o n flict w i t h State requirements.
Mr. N u n a n cautions m o t o r vehicle o w ners that failure to p u r ­
chase a n d d i s p l a y the n e w use tax stamps on vehicles u s i n g the
p u b l i c h i g h w a y s a f t e r jLily 1, 1944, wil l subject the violators
to severe p e n a l t i e s im p o s e d b y law.
-oOo-

TREASURY DEPARTMENT
Washington
Press Service

FOR RELEASE, MORRBIG NEWSPAPERS,
Tuesday. May 30* 1944.

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 June 1 and to
nature August 31, 1944, which were offered on May 26, were opened at the Federal Re­
serve Banks on May 29*
The details of this issue are as follows:
Total applied for ~ #1,887,125,000
Total accepted
- 1,215,335,000 (includes #50,745,000 entered on a fixedprice basis at 99.905 and accepted in full)
Average price
- 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 annum
- 99.905
»
» «
*
*
0.376$ »
"
(60 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
CMcago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

$ 25,660,000
1,358,853,000
36,556,000
39,380,000
18,320,000
8,420,000
286,791,000
13,810,000
4,455,000
19,604,000
8,995,000
66.261*000

4

41,887,125,000

11,215,335,000

TOTAL

18,000,000
837,173,000
23,596,000
34,220,000
15,420,000
7,250,000
189,451,000
10,410,000
4,395,000
17,244,000
8,515,000
49.661,000

TREASURY 33STÂR1WT
Washington
Press Service

FOE RELEASE, MOVING NEWSPAPERS,
Tuesday« May 30* 1 9 4 4 » ____ _

w &

- / /

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 June 1 and to

^

¡Sllll -'^ ;

mature August 31, 1944» which were offered on May 26, were opened at the Federal Re­
serve Banks on May 29.
The details of this issue are as follows:
Total applied for - $1,887»125,000
Total accepted
- 1,215,335,000 (includes $50,745,000 entered on a fixedprice basis at 99*905 and accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx. 0.37555 per annua
Range of accepted competitive bids:
- 99.910 Equivalent rate of discount approx. 0.356% per annua
- 99.905
*
n
n
»
«
0.376% w
*

High
Low

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

Federal Reserve
District

Total
ÂDDlied for

Total
Accepted

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

$ 25,680,000
1,358,853,000
36,556,000
39,380,000 y
18,320,000
8,420,000
286,791,000
13,810,000
4,455,000
19,604,000
8,995,000
66.261.000

$

$1,887,125,000

H,215,335,000

I. J-, /

TOTAL

18,000,000
837,173,000
23,596,000
34,220,000
15,420,000
7,250,000
189,451,000
10,410,000
4,395,000
17,244,000
8,515,000
49.661,000

TREASURY DEPARTMENT
Washington

FOR -RELEASE', M O R N I N G NEWSPAPERS,
Tuesday, M a y 30, 1944.

Press Service
No. 42-11

The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last
the tenders

for $ 1 , 2 0 0 , 0 0 0 , 0 0 0 ,

T r e a s u r y bills

to be

or thereabouts,

dated June 1 a nd

that

of 91-d a y

to m a t u r e A u g u s t

w h i c h w e r e o f f e r e d on M a y 26, w e r e o p e n e d at
Banks

evening

31,

1944,

the F e d eral R e s e r v e

on M a y 29.
The details of this

issue are as follows:

Total a p p l i e d for - $ 1 , 8 8 7 , 1 2 5 , 0 0 0
Total a c c e p t e d
1 , 2 1 5 , 3 3 5 , 0 0 0 (includes $ 5 0 , 7 4 5 , 0 0 0
e n t e r e d on a fixe d - p r i c e basis
at 99.9 0 5 a n d a c c e p t e d in full)
A v e r a g e price
9 9 . 9 0 5 / E q u i v a l e n t rate of d i s c o u n t
approx. 0 . 3 7 5 / p er a n n u m
Range o f a c c e p t e d comp e t i t i v e bids:
High
Low

*
-

9 9 .910 E q u i v a l e n t rate of d i s c o u n t
approx. 0 . 3 5 6 % per a n n u m
9 9 . 9 0 5 E q u i v a l e n t rate of d i s c o u n t
approx. 0 . 3 7 6 % p er a n n u m

-

(60 p e r c e n t of the a m o u n t b i d for, at the low p r i c e was accepted-)
Federal Reserve
Dis trict

Total
A p p l i e d for

Total
Accepted

Boston
New York
Philadelphia
Cle v e land
Ri c h m o n d
A t l anta
Chicago
St. Louis
Minneapolis
Kansas City
Dalla s
San Francisco

$

$

TOTAL

25,680,000
1,358,853,000
36.556.000
39.380.000
18.320.000
8.420.000
286,791,000
13.810.000
4.455.000
19.604.000
8.995.000
66.261.000

$1,887,125,000
•*o0o-

18,000,000
837.173.000
23.596.000
34. 2 2 0 . 0 0 0
15.420.000
7.250.000
189.451.000
10.410.000
4.395.000
17.244.000
8.515.000
49.661.000

$1,215,335,000

— I***

FOE IMMEDIATE RELEASE,
May 30. 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 lf 1943» provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15» 1941»
as followsX
J
:
Authorized for entry
Country of Production ; Cfcaota Quantity l
___ for consumption_____
_________________ : (Pounds) ¿7 : As of (Date)
: (Pounds)
Signatory Countries;
Brazil
Coloaabia
Costa Bica
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;

May 30, 1944
r

May
May

May
May

»
R
27,
20,
R
R
R
27,
20,
H
R
H
R

61,900,935

1944 2/
1944

1944 2j
1944

808,390,690
425,804,863
21,221,270
4,582,479
15,337,131
18,207,662
72,662,666
60,937,177
22,084,301
3,180,868
63,236,691
18,540,448
2,130,839
29,996,366
3,745,9a

2j

Quotas as established by action of the Inter-American Coffee Board on
April 23.» 1944.

Zl

Per telegraphic reports.
—oOo—

fm

mm

de pa r t m e nt

■feshington
FOR IMMEDIATE RELEASE,
Wednesday. May 51. 1944.

Press Service
No. 42-12

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 Resident on April 15, 1941»
as follows J

4

J

Country of production : Quota Quantity
:
(Pounds) 1/

:

i

Authorized for entry
fop consumntion
As of
(Date) i
(pounds)

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

1,621,630,479
549,261,936
34,873,774
13,949,562
30,881,883
26,155,330
104,621,321
93,287,384
47,951,373
3,486,928
83,825,279
34,001,943
4,359,288
73,234,873

May 30,
»
it
n
May 27,
May 20,
n
n
H
May 27,
May 20,
it
it
ti

61,900,935

ti

Non-Signatory Countries:

1944

1944 3/
1944

1944 2/
1944

808,390,690
425,804,863
21,231,270
4,582,479
15,337,131
18,207,662
72,662,666
60,937,177
22,084,201
3,180,868
63,236,691
18,540,448
2,130,839
29,996,366
3,745,921

1/

Quotas as established by action of the inter-American Coffee Board on
April 21, 1944.

2/

Per telegraphic reports.

¥2
Press Release for June,!«

(X*****_

Joseph D. Niman, Jr*, Commissioner of Internal Revenue, announced today
that the one millionth refund on 1943 individual income tax returns was made this
week« However, he cautioned taxpayers that it will take several months "before the
remainder of the 1943 refunds can he completed* Each refund check will he mailed
as soon as possible hy the regional disbursing office of the Treasury Department
in the taxpayer*s own district«
In view of numerous inquiries from taxpayers as to when they can expect
their refunds. Commissioner Hunan made the following statement*
It is estimated that approximately 18,000,000 taxpayers are entitled
to refunds on their 1943 income tax returns* It is our duty and intention
to make these refunds as rapidly as possible*
—

,

— -J

«First attention was given to the claims of members of the armed forces.
Now
refunds^ are being made in large numbers«

-^"'''«More than a quarter million taxpayers will receive their refunds this
week, bringing the total to more than a million since March 15* An
increasing number of taxpayers will get their refunds next week, and in
every subsequent week until the list is complete« Each refund will includi
interest computed at the rate of six per cent per year from March 15,1944,j
to the date the refund is scheduled«
"«This is such a big job that obviously its completion will take several
months* The preliminary steps before making refunds of any amounts paid
or withheld in excess of the liability reported on these returns involve
the assembling, checking and comparing of nearly(200,000,OOQ) documents
such as returns, withholding tax receipts and declarations of estimated
tax* Every means possible is being utilized to expedite the handling of
the task as a whole.
^__"•«Due to the volume of cases and the number of processing operations,it is
impractical to give preferential treatment to individual cases* In fair*
ness, to all taxpayers, we are making these refunds in the order in which
they fall as a result of the mechanical procedure.
^

Since each refund will be mailed as soon as it is ready.no correspondence
or other action will be necessary on the part of the taxpayer.In case the
taxpayer has moved from the address shown on his 1943 re turn, however,
he should send a notice of the change, giving both the new and old
addresses, to the collector of internal revenue in the district where
the return was filed*

TREASURY DEPARTMENT
Washington

FOR RELEASE, M O R N I N G NEWSPAPERS,
Friday, June 2, 1944,

Press Service
No. 42-13

J o s e p h D. Nunan, Jr., C o m m i s s i o n e r of Internal Revenue,
a n n o u n c e d today that the one m i l l i o n t h r e f u n d on 1943 i n d i ­
vidual income tax returns w as m a d e this week.,
However, he
c a u t i o n e d t a x payers that it will take several m o n t h s befo r e
the r e m a i n d e r of the 194 3 refunds can be completed.
Each
refund c h eck will be m a i l e d as soon as possible- b y the
regional d i s b u r s i n g office of the T r e a s u r y D e p a r t m e n t in the
t a x p a y e r ’s own district.
In v i e w of n u m e r o u s inquiries f r o m taxpayers as to whe n
t hey can expect their refunds, C o m m i s s i o n e r N u n a n mad e the
f o l l o w i n g statement:
It is e s t i m a t e d that a p p r o x i m a t e l y 18,000,000'tax­
paye r s a r e e n t i t l e d to.refunds on their 194 3 income
tax returns.
It is our d u t y a nd i n t e n t i o n to make
these refunds as r a p i d l y as possible.
First a t t e n t i o n was g i v e n to the claims of
m e m b e r s of the a r m e d forces.
N o w refunds to c i v i l ­
ians are b e i n g made in large numbers.
M ore than a qu a r t e r m i l l i o n taxpayers will re­
ceive t h e i r refunds this week, b r i n g i n g the total
to'more than a m i l l i o n since M a r c h 15.
An increas­
ing n u m b e r of tax p a y e r s will get t h e i r refunds n ext
week, a n d in e v e r y subs e q u e n t w e e k u n t i l the list
Is complete.
E a c h r e f u n d will include interest
co m p u t e d at the rate of six p e r c e n t p e r yea r f r o m
M a r c h 15, 1944, to the date the r e f und.is scheduled.
This is s u c h a b i g job that o b v i o u s l y its c o m ­
p l e t i o n w i l l take several months. 'The p r e l i m i n a r y
steps b e f o r e .m a k i n g r e f u n d s of a n y am o u n t s p a i d or
w i t h h e l d in excess of the l i a b i l i t y r e p o r t e d on
these r e t u r n s involve the a s s e m b l i n g , ch e c k i n g and
com p a r i n g o f n e a r l y two h u n d r e d m i l l i o n documents
such'as returns, w i t h h o l d i n g tax receipts a n d d e c ­
l a r a t i o n s of e s t i m a t e d tax.. E v e r y m e ans po s s i b l e
is b e i n g u t i l i z e d to ex p e d i t e the h a n d l i n g of’ the
. task as a w h o l e .
Due to the volume of cases a nd the n u m b e r of
p r o c e s s i n g operations, it is i m p r actical to give

-

2

pref e r e n t i a l t r e a tment to indi v i d u a l cases.
In
fairness, to all taxpayers, we are m a k i n g these re ­
funds in the o r d e r in w h i c h t h e y fall as a result
of the m e c h a n i c a l procedure.
Since e a c h refu n d will be m a i l e d as soon as it
is ready, no c o r r e s p o n d e n c e or o t h e r a c t i o n will be
n e c e s s a r y on the part of the taxpayer.
In case the
t a x p a y e r has m o v e d f r o m the a d d r e s s s h own on his
1 9 4 3 return, however, he s h o u l d send a n o t i c e of the
change, g i v i n g b o t h the n e w a n d old addresses, to
the col l e c t o r of internal revenue in the d i s trict
w h e r e the return was filed.

- 0O 0

StMi

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 •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.

p

|HAU|
M m
i
-

2

-

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

Those

submitting tenders will be advised of the acceptance or 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

June S3 1944

.

The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall n6t 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 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 (cipher 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, June 2, 1944_____ ____

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 competitive and fixed-price bidding as hereinafter pro­
vided.

June &. 1944
'» and will
HK*
September 7> 1944 , when the face amount will be payable without
S3
iff „
They will be issued in bearer form only, and in denominations of *1 ,000,

The bills of this series will be dated

mature
interest.

$ 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 n. m., Eastern War time,

Monday, June 5 5 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 notmore 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 accomoanied by payment of 2 percent cf 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, M O R N I N G NEWSPAPERS,
Friday, June 2, 1944*
£-1-44

The S e c r e t a r y o f t he Treasury, b y this p u b l i c notice,
invites t e n d e r s f o r $>1,200,000,000, or thereabouts, of 9 1 - d a y
T r e a s u r y bills, to be iss u e d . o n a d i s c o u n t basis u n d e r c o m p e t i ­
t ive a n d f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r provided.
The
bills of this series w i l l be dated June 3, 1944, a n d w i l l m a t u r e
S e p t e m b e r 7, 1944, w hen t he face a m o u n t w i l l be p a y a b l e w i t h o u t
interest.
T h e y w i l l be i s s u e d in b e a r e r f o r m only, a n d in d e ­
n o m i n a t i o n s of $1,000, $5,000, $10,000, $ 1 0 0 ,0 0 0 ,'$ 5 0 0 , 0 0 0 , and
$ 1 , 0 0 0 , 0 0 0 (maturity value).
T e n d e r s w i l l be r e c e i v e d at F e d e r a l R e s e r v e Banks a n d
Br a n c h e s up to t he closing hour, t w o o ’c l o c k p.iru, Ea s t e r n W a r
time, Monday, Jun e 5, 1944. T e n ders w i l l not be r e c e i v e d at the
T r e a s u r y D e p a r t m e n t , ’Wash i n g t o n .
E a c h t e n d e r m u s t be f o r an
even m u l t i p l e of $1,000, a n d t h e p r i c e o f f e r e d must be e x p ressed
on t h e basis of 1 0 0 , w i t h not m o r e t h a n t h r e e decimals, e. g.,
99*925.
F r a c t i o n s m a y not be used.
It is u r g e d that t e n d e r s
be m a d e on t h e p r i n t e d f o rms a n d f o r w a r d e d in t he s p e cial e n v e ­
lopes w h i c h 'will be s u p p l i e d b y F e d e r a l R e s e r v e Banks or
Branches on a p p l i c a t i o n the r e f o r .
T e n d e r s w i l l be r e c e i v e d w i t h o u t deposit f r o m i n c o r p o r a t e d
banks a n d trust companies a n d f r o m r e s p o n s i b l e a n d r e c o g n i z e d
dealers in investment securities..
T e n d e r s f r o m others mus t be
a c c o m p a n i e d by p a y m e n t of 2 pe r c e n t of t he f ace a m o u n t of T r e a s ­
u r y bills a p p l i e d fop, unless t h e t e n d e r s are a c c o m p a n i e d by an
express g u a r a n t y of pa y m e n t b y an i n c o r p o r a t e d b a n k or trust
company.
I m m e d i a t e l y a f t e r t h e c l o s i n g hour, t e n d e r s w i l l be o p e n e d
at t he F e d e r a l R e s e r v e Banks a n d Branches, f o l l o w i n g w h i c h p u b ­
lic a n n o u n c e m e n t w i l l be m a d e b y t h e S e c r e t a r y of t h e T r e a s u r y
of th e a m o u n t a n d p r i c e r a n g e of a c c e p t e d bids.
Those sub­
m i t t i n g te n d e r s w i l l be a d v i s e d of t h e a c c e p t a n c e or r e j e c t i o n
thereof.
T h e S e c r e t a r y of t he T r e a s u r y e x p r e s s l y r e s e r v e s the
r i ght to a c cept or r e j e c t a n y or a l l tenders, in w h o l e or in
part, a n d his a c t i o n in a n y s u c h r e s p e c t s h all be final.
Sub­
ject to t h ese r e servations, t e n d e r s f o r $ 1 0 0 , 0 0 0 or less f r o m
a n y one b i d d e r at 99.905 e n t ered on a f i x e d - p r i c e b a sis w i l l
be a c c e p t e d in full.
P a y m e n t of a c c e p t e d t e n d e r s at t h e prices
o f f e r e d must b e m a d e or c o m p leted at the F e d e r a l R e s e r v e B a n k
in cash or o t her i m m e d i a t e l y a v a i l a b l e funds on June 8, 1944.
42-14

(O ver )

-

2-

'The i n c o m e d e r i v e d f r o m T r e a s u r y bills, w h e t h e r interest
or gai n f r o m the sale or other d i s p o s i t i o n of the bills, shall
not h ave a n y exemption, as such, a n d loss f r o m the sal e or
o t h e r d i s p o s i t i o n of T r e a s u r y bills s h all not have-any- special
treatment, as such, u n d e r F e d e r a l t a x Acts.;now or h e r e a f t e r
enacted.
The bills s h a l l be s u b ject to estate, inheritance,
gift, or o t her excise t a x e s , w h e t h e r Federal' or State, but
s h a l l be exempt f r o m all t a x a t i o n n o w or h e r e a f t e r i m posed on
t h e p r i n c i p a l or i n t e r e s t t h e r e o f by a n y State, or a n y of t he
p o s s e s s i o n s of t he U n i t e d States,- or by a n y local t a x i n g
a uth ority.
F o r p u r p o s e s of t a x a t i o n the a m o u n t of di s c o u n t at
w h i c h T r e a s u r y bills a r e o r i g i n a l l y s o l d b y t he U n i t e d States
s h all b e .c o n s i d e r e d to be interest.
U n d e r Se c t i o n s 42 a n d 117
(a) (1) of t h e I n t ernal R e v e n u e Code, as a m e n d e d by Se c t i o n 115
of t h e R e v e n u e A c t of 1941, t h e a m o u n t of discount at w h i c h
bills issu e d h e r e u n d e r a re sold s h a l l not be c o n s i d e r e d to a c ­
crue u n t i l s u c h bills s h a l l be sold, r e d e e m e d or o t h e r w i s e . d i s ­
p o s e d of, a n d s uch bills a re exc l u d e d f r o m c o n s i d e r a t i o n as
capital assets.
Accor d i n g l y , t h e owner of Treas u r y bills
(other t h a n life i n s u r a n c e c ompanies) issu e d h e r e u n d e r n e e d
in c l u d e in his income t a x r e t u r n only th e d i f f e r e n c e b e t w e e n the
p r i c e p a i d f o r s u c h bills., w h e t h e r on origi n a l issue or on s u b ­
se q u e n t purchase, a n d t he a m o u n t a c t u a l l y r e c e i v e d either u p o n
sal e or r e d e m p t i o n at m a t u r i t y d u r i n g t h e t a x a b l e y e a r f o r ’w h ich
th e r e t u r n is made, as o r d i n a r y gain or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 418, as amended, a n d this
notice, p r e s c r i b e the terms of t h e T r e a s u r y bills a n d g o v e r n the
cond itions of t h e i r issue.
C o p i e s of t h e ci r c u l a r m a y be o b ­
t a ined f r o m a n y F e d e r a l R e s e r v e B a n k or Branch.

oOo-

!I:!1P
FOB IMMEDIATE HELEASE,
Mag-.a,» 1944,,________

25ae Bureau of Customs announced today that the quota of
795|000 Bushels of wheat (other than wheat unfit for
consumption), the produce of Canada, which may he entered for
consumption or withdrawn from warehouse for consumption during
the 12 months* period Beginning May 29, 1944, established By
the President*s proclamation of May 28, 1941, as modified By
the President’s proclamations of April 13, 1942,and April 29,
1943, has Been filled*

m
j

TREASURY DEPARTMENT
Washington

F OR I M M E D I A T E RELEASE,
Thursday, June 1, 1944.

Press S e r vice
No. 42-15

The 3 u r e a u of C u s toms a n n o u n c e d
quota of 7 9 5 , 0 0 0 b u s h e l s
unfit

of w h e a t

for h u m a n consumption),

today that the

(other than wheat

the p r o d u c e

of Canada,

w h i c h m a y be e n tered for c o n s u m p t i o n or w i t h d r a w n
from warehouse

for c o n s u m p t i o n d u r i n g the

p e r i o d b e g i n n i n g M a y 29,

1944,

1941,

b y the P r e s i d e n t ’s p r o c l a m a t i o n s o f A p r i l
29,

1943,

months’

e s t a b l i s h e d b y the

P r e s i d e n t ’s p r o c l a m a t i o n of M a y 28,

a n d A p ril

12

has bee n filled.

as m o d i f i e d
13,

1942,

POE IMMEDIATI R£LEAS£

h « i « S e r v ic e
Mo*

Th* Commissioner ai Internai Eevenue and tha Mattonai Mar
Ér
Datar tard announoed today that employers, purtuant ta plan»
wgr award prisas in war bonds ta employa#a, without furthsr
approvai» Tor tha sala by auch employées (outaide of tbslr
reguiariy assigna* dutias) al war banda ta individuala during
tha Fifth War Loan Driva» providad tha employer filas aithar
with tha ragionai affisa of tha Salary Stabilisation fait ar tha
Régional Mar Labor Board, ar both, as tha oaaa aay ba» a stata*
maat aattlag forth tha smottata and basta of thè»iarda «fidar tha
auabar aor oay tha
aaxlattfi tharaaf axoaad #260.00 in faea value. Ita attarda ®ay
vary on tha basta af tha amenât ar aaaber of banda aald.
^Officera and athar afflatala af amplayara» ar employas#
tthaaa principal aotivlty la aonaaraad with tha sala af war banda
may not partieipata ta any anta attarda.

FOR,IMMB&iATE RELEASE

Pres8 Service
Ho-

va -/i

The Commissioner of Internal Revenue and the National War
Labor Board announced today that employers, pursuant to plan,
may award prises in war bonds to employees, without further
approval, for the sale by such employees (outside of their
regularly assigned duties) of war bonds to individuals during
the Fifth War Loan Drive, provided the employer files either
with the regional office of the Salary Stabilisation Unit or the
Regional War Labor Board, or both, as the case may be, a state­
ment setting forth the amounts and basis of theawards under the
plan. ^ Such awards must not be excessive in number nor may the
maximum thereof exceed $250.00 in face value.

The awards may

vary on the basis of the amount or number of bonds sold.
^Officers and other officials of employers, or employees
whose principal aotivity is concerned with the sale of war bonds
may not participate in any such awards

DEPUTY COMMISSIONER
S A L A R Y S T A B IL IZ A T IO N

UNIT

June 1, 1944«
MEMORANDUM FOR MR* PERIMETER:
There is attached a proposed press release,
which has been approved by the Commissioner,
passed by the National Dfetr Labor Board, and
approved by telephone with Mr. Sullivan and
Mr. Bell of the Treasury. The National War
Labor Board are releasing it this afternoon.
Will you please take the necessary steps
to effect its release, including the mimeographing
and distribution? Thanks l

6-1-44

DATE.

Tq

Mr. Shaeffer

Dear Charlie:
Attached press release came to me
from Burford after 5 p*m, with the note I
indiirdting it was supposedto have been
released during theaftemoon* George Coffe:
and I agreed it was impossible to do anyth'
that late and I am sending it to you now. 1
Burford says both Nunan and Sullivj
have approved this release, so I don’t fee)
editing it, but I think you’ll agree it co
stand a decent rewrite. I hate to pass the
buck, but in this case it’s too late to dej
anything else.
Regards

FROM.

DATE.....
Mrs, Deale

TO..................
Please send this to Mr. Shaeffer
by special messenger as early as
possible.

FROM..

TREASURY DEPARTMENT
Washington

FOR RELEASE, M O R N I N G N E W S P A P E R S ,
Saturday* June 3, 1944.

The C o m m i s s i o n e r o f Internal

Press S e r vice
No. 42-16

Revenue a n d

the N a t i o n a l

W a r L a b o r B o a r d a n n o u n c e d t o d a y that employers,
to plan, m a y a w a r d prizes
out f u r t h e r approval,

In w a r bonds

to employees,

with­

for the sale by such e m p l o y e e s

(out­

side of t h e i r r e g u l a r l y a s s i g n e d duties)

of w a r b o n d s

indi v i d u a l s d u r i n g the F i f t h W a r L o a n Drive,
e m p l o y e r files

pursuant

either w i t h the regio n a l

to

p r o v i d e d the

office of the

S a l a r y S t a b i l i z a t i o n U n i t or the Regional W a r L a b o r Board,
or both, as

the case m a y be,

a sta t e m e n t

s e t ting f o r t h

the am o u n t s a n d basis of the awar d s u n d e r the plan.
S u c h a w a r d s m u s t not be

exc e s s i v e

the m a x i m u m t h e r e o f e x c e e d $ 2 5 0 . 0 0
awards m a y vary on the basis
bonds

in n u m b e r n o r m a y

in face value.-

of the a m o u n t

The

or n u m b e r of

sold.
Of f i c e r s a n d o t h e r officials

of employers,

w h ose principal a c t i v i t y is c o n c e r n e d w i t h the
bonds,

may not participate

in a n y s u c h awards.

-oOo-

or employees
sale of w a r

FOE IMMEDIATE RELEi E

June 5> 1944

/f¥Y,_

<pK

The Treasury* s Procurement Division announced today that it
has received aS surplus declared by the Array a quantity of shoes
amounting to between 150,000 to 200,000 pairs*
Discussions with the original manufacturer are now underway,
with the objective of eventual sale to that source.

This is a

procedure consistent with the Treasury*s announced policy of surplus
disposals within established channels of trade*
The Treasury also stated that more news on the declaration
would be forthcoming within a few days*

TREASURY DEPARTMENT
Washington

F O R I M M E D I A T E RELEASE,
Monday, June 5, 1944«

Press Se r v i c e
No. 42-17

The T r e a s u r y ’s. P r o c u r e m e n t D i v i s i o n a n n o u n c e d
t o d a y that

it has r e c e i v e d as surplus d e c l a r e d h y

the A r m y a q u a n t i t y of shoes a m o u n t i n g to "between
1 5 0 , 0 0 0 to 2 0 0 , 0 0 0 pairs.
D i s c u s s i o n s w i t h the or i g i n a l m a n u f a c t u r e r are
now underway,

w i t h the obj e c t i v e

to that source.

This

of eventual

is a p r o c e d u r e

sale

c o n s istent

w i t h the T r e a s u r y ’s a n n o u n c e d p o l i c y of surplus
d i s p o s a l s w i t h i n e s t a b l i s h e d cha n n e l s
The T r e a s u r y als o

of trade.

stated that mor e news

the d e c l a r a t i o n w o u l d be

om

f o r t h c o m i n g w i t h i n a few

days.

-oOo-

THEASIJRY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,

Press Service

Tuesday, June 6» 1944»

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 June H and to
mature

eptember ?, 1944, which were offered on June 2, were opened at the Federal

Reserve Banks on June 5.
The details of this issue are as follows:
Total applied for - $1,989,776,000
Total accepted
« 1,202,315,000
Average price

(includes $52,343,000 entered on a fixedprice basis at 99*905 and accented in full]
- 99.905/ Equivalent rate of discount approx. 0.375$ per annul

Range of accepted competitive bids:
High
Low

~ 99.908 Equivalent rate of discount approx. 0.364$ per annum
- 99*905
**
»
w
*
*
0.376$ »
»

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

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

Total

Total

Applied for

Accepted____

$
40,380,000
1,408,060,000

I

38 ,611,000
45.870.000
14.896.000
23.130.000
2 6 6,630,000
26.445.000
9,961,000
2 0 643.000
21.370.000
73.780.000

25 ,103,000
38.742.000
13.715.000
20.710.000
158.234.000
16.545.000
7,761,000
18.355.000
17.630.000
51.it28.CXX)

».989,776,000

Ü , 202.315.000

.

TOTAL

28,368,000
805.724.000

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,

Press Service

Tuesday, June 6, 1944.

4>y'
The Secretary of the Treasury announced last evening that the tenders for
II ,200,000,000, or thereabouts, of 91-day Treasury bills to be dated dune 8 and to
mature September 7, 1944, which were offered on June 2, were opened at the Federal
Reserve Banks on June 5*
The details of this issue are as follows:
Total applied for - $1,989,776,000
Total accepted
- 1,202,315,000
Average price

(includes $52,343,000 entered on a fixedprice basis at 99.905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0 .3753g per ann«|

Range of accepted competitive bids:
High
Low

- 99.908 Equivalent rate of discount approx. 0.364# per annul
- 99.905
»
»
»
h
n
0.376# »
»

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

Federal Reserve
District

,Iggj

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

Total
Applied for

Total
Accepted

*
40,380,000
1,408,060,000
38,611,000
45,870,000
14,896,000
2 3 ,1 3 0 ,0 0 0
266,630,000
26,445,000
9,961,000
20,643,000
21,370,000
73.780.000

$

11,989,776,000

n , 2 0 2 ,3 1 5 ,0 0 0

28,368,000
805,724,000
25,103,000
38,742,000
13,715,000
20,710,000
158,234,000
16,545,000
7,761,000
18,355,000
17,630,000
51.428.000

TREASURY DEPARTMENT
Washington
FOR RELEASE, -MORRILL HEWSPAPERS,
Tuesday, June 6 , 1944«

Press Service
Ro. 4 ~

The S e c r e t a r y of t h e T r e a s u r y a n n o u n c e d last
the t e n d e r s for $1,200, 0 0 0 , 0 0 0 ,
bills to be dated June

8

or t h e r e abouts,

a n d to m a t u r e S e p t e m b e r

evening that

of 9 1 - d a y T r e a s u r y
7,

1944,

which

w e r e of f e r e d on June 2, w e r e o p e n e d ^ a t t he F e d e r a l R e s e r v e Banks
on June 5«
The de t a i l s of t h i s

issue a re as follows:

T o t a l ' a p p l i e d f or - $ 1 , 9 8 9 , 7 7 6 , 0 0 0
»
Total accepted
- 1 , 2 0 2 , 9 1 5 , 0 0 0 (includes ^ 5 - , 3 4 3,0 ^
e n t ered on a f i x e d - p r i c e basis at 99*905 a n d a c c e p t e d m
full)
A v e r a g e price

99 .905/ E q u i v a l e n t

r ate of. discount approx.

0.375% p er a n n u m
Range

of a c c e p t e d c o m p e t i t i v e bids:
- 99.908
0 , 364$
- 99.905
0.376$

High
L ow

(56

E q u i v a l e n t r a t e of dis c o u n t approx.
per annum
E q u i v a l e n t r a t e of discount approx.
per annum

p e r c e n t of the a m o u n t b i d f or at t h e lo w p r ice was a c c e p t e d )

Federal Reserve
District
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
C h i cago
S t . Louis
Minneapolis
Kansas C i t y
Dallas
San Francisco
TOTAL

Total
A p p l i e d for

Total

45,870 , 0 0 0
14,896 , 0 0 0
23,130 , 0 0 0
*> 266 ,63O ,0 0 0
26,445 , 000
9,961 , 000
20,643 ,000
21,370 , 000
73,780 ,000

28, 568 ,000
805, 724, 000
25, 103, 000
38, 742, 000
13, 715, 000
20 ,710 ,000
158 ,234, 000
16 , 545, 000
7, 761 ,000
18, 355, 000
17, 630 ,000
51, 428, 000

$1,989,776,000

$1,202,315,000

>

,

40,380 , 00 0

1 408,060 , 000
38,611 , 0 0 0

$ ■

TREASURY DEPARTMENT
Washington

Jp n P

■RTT'T.TPACn?

M O O T T W il TraM C TD A D U t)«

Press Service
No. ¿ L n ^ J

9-Z-/9

¡The Treasury Department today announced the issuance of regula­
tions extending import controls to art objects. The Treasury action was
taken in cooperation with the American Commission for the Protection and
Salvage of Artistic and Historic Monuments in War Areas, which was created
by the President for the purpose of salvaging and restoring to lawful
owners those art objects looted by the Axis powers.
C r h e newly issued regulations tighten existing controls by re­
quiring a Treasury license for the release from customs custody of art
objects which are worth $5,000 or more, or are of artistic, historic, or
scholarly interest, irrespective of monetary value. It was indicated
that licenses for release will not be granted unless satisfactory evidence
is submitted as to the origin and prior ownership of such art objects.
Treasury officials emphasized, however, that the regulations will be
carefully administered so as to avoid interference with routine shipments
of art objects made in the ordinary course of trade. It was further
pointed out that the regulations do not apply to art objects imported from
the United Kingdom, British Dominions and Colonies since the British
Government has instituted appropriate controls for those territories.

- 0O 0-

TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N E W S P A P E R S ,
Thursday, June 8 , 1944.
6-6-44
r" ' 1

P r ess S e r v i c e
No. 42-19

The T r e a s u r y D e p a r t m e n t t o d a y a n n o u n c e d t he i s s u ­
a n c e of r e g u l a t i o n s e x t ending import controls to art
objects.
T h e T r e a s u r y a c t i o n was t a k e n in coop e r a t i o n
w i t h t he A m e r i c a n C o m m i s s i o n for t h e P r o t e c t i o n a nd
S a l v a g e of A r t i s t i c a n d H i s t o r i c M o n u m e n t s in W a r Areas,
w h i c h was c r e a t e d by t he P r e s i d e n t f o r the p u r p o s e of
s a l v a g i n g a n d r e s t o r i n g t o l a wful owners t h o s e art ob, jects l o o t e d by the A xis powers.
The n e w l y issued r e g u l a t i o n s t i g h t e n existing c o n ­
t r ols by r e q u i r i n g a T r e a s u r y l i c e n s e for t h e r e l e a s e
f r o m customs c u s t o d y of art objects w h i c h ar e w o r t h
| 5,000 or more, or are of artistic, historic, or s c h o l a r l y
interest, i r r e s p e c t i v e of m o n e t a r y value.- It was i n d i ­
c a t e d that l i c enses for r e l e a s e w i l l not be g r a n t e d unlesss a t i s f a c t o r y evidence is s u b m i t t e d as to t he o r igin a n d
p r i o r o w n e r s h i p of s u c h m a r t objects.
T r e a s u r y o f f icials
emphasized, however, t h a t t he r e g u l a t i o n s w i l l be c a r e ­
f u l l y a d m i n i s t e r e d so as to a v o i d i n t e r f e r e n c e w i t h
r o u t i n e shi p m e n t s of art objects m a d e in t he o r d i n a r y
course of trade,
It was f u r t h e r p o i n t e d out that t h e
r e g u l a t i o n s do not a p p l y to art objects i m p o r t e d f r o m
t he U n i t e d Kingdom, B r i t i s h D o m i n i o n s a nd C o l o n i e s since
t h e B r i t i s h G o v e r n m e n t has i n s t i t u t e d a p p r o p r i a t e c o n ­
trols f o r t h o s e t e r r i t o r i e s f

oOo-

June

3 , 19¥*

STATUTORY DEBT LIMITATION
-AS Off MAY 31, 194*4Section 21 of the Second Liberty Bond Act, as amended, provides that the
face amount of obligations issued tinder 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 May 31
31* 1 9 ^ J
Intere st-bearing;
Bonds *72.536.919.^0
Treasury
Savings (Maturity
1)0,802,575,000
value)*
Depositary
1*68,93^.750
Adjusted Service
718,201.207

Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

$lll*,526,630,1(07

33.85**.i 66,225

30,91*7.201,000
13»765»771*OQQ

77*967*138»225

$l92,**93t76S,632
Matured obligations on
which interest has ceased
Bearing no interest
W,S, Savings stamps
198,*K)6,917
Excess profits tax refund
bonds
97,**53.135

.

252,5*18»525

295,860,052

face amount of obligations
issuable under above authority

193.01

$ 16*9!

Reconcilement with Daily Statement of the United States Treasury

«bar 31. 19l*>*
►ublic debt obligation
obligations
Total face amount of outstanding public
icond Liberty Bond Act*
issued under authority of the Second
Act
Deduct, unearned discount on Savings bonds (difference
between current redemption value and maturity value)

$193 #^2,177,209

7.815.585.1*03
185,226,591.806

Add other public debt obligations outstanding but not

subject to the statutory limitation:
Interest-bearing (Pre-Mar, etc*)
Matured obligations on which
interest has ceased
Bearing no interest

$195,926,860

Total gross debt outstanding as of May 31» 1 9 ^
♦Approximate maturity value. Principal amount (current
redemption value) according to preliminary public debt
statement $32*986,989*597

Sl86.366.150.tel

June 3, 1944
STATUTORY DEBT LIMITATION
AS OF MAY 31, 1944
Section 31 of the Second Liberty Bond Act, as amended, provides that the
face amount of obligations issued under authority of that Act, Mshall 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 May 31, 1944:
Interest-bearing:
Bonds Treasury
$72,536,919,450
Savings (Maturity
40.802.575.000
value)*
468,934,750
Depositary
718,201,207
Adjusted Service
Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

$2 1 0 ,0 0 0 ,000,000

$114,526,630,407

33,254,166,225
30.947.201.000
13.765.771.000

77,967,138,225
$192,493,768,632

Matured obligations on
which interest has ceased
Bearing no interest
U. S. Savings stamps
198,406,917
Excess profits tax refund
bonds
_____ 97,453 <135

252,548,525

295,860,052

Face amount of obligations
issuable under above authority

193,042,177,209
$ 16,957,823,791

Reconcilement with Daily Statement of the United States Treasury
Mav 31, 1944
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 valu# and maturity value)
Add other public debt obligations outstanding but not
subject to thé statutory limitation:
Interest-bearing (Pre-War, etc.)
$195,926,860
Matured obligations on which
interest has ceased
7,553,330
Bearing no interest
936,078,433
Total gross debt outstanding as of May 31, 1944
*Approximate maturity value, Principal amount (current
redemption value) according to preliminary public debt
statement $32,986,989,597
42-20

$193,042,177,209
__ 7,815,585,403
185,226,591,806

1,139,558,623
$186,366,150,429

X

POR IMMEDIATE RELEASE,
J m e fc. 1944.________

> '

7
The Bureau, of Customs announced today preliminary figures showing the
quantities of coffee authorized for entry for consumption under the <$iotas
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%

HE!
%
#
Country of Production :
•
♦

Qpota Quantity
(Pounds) 1/

t
«
:
:

Authorized for entry
for consumotion
As of (Date)
s
(Pounds)

Signatory Countries*
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Hicaragua
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

Hon-Signatory Countries*

61,900,935

May 37, 1944

859,972,363
430,086,335
21,479,454
4,582,479
June 3, 1944 ¿
2/ 15,337,567
May 27, 1944
18,161,495
ti
74,944,309
tt
61,447,616
it
24,914,910
June 3, 1944 ¿1
/ 3,180,868
May 27, 1944
65,570,297
fl
19,809,127
»
2,412,606
»
33,978,028

ft
ft
ft

h

• 3,745,922

hJj

Quotas as established by action of the Inter-American Coffee Board on
April 2L, 1944.

2/

Per telegraphic reports#

~o0O'

TREASURY DEPARMENT
Washington
EOR IMMEDIATE RELEASE,
Wednesday» June 7. 1944«

PRESS SERVICE
42-21

The Bureau of Customs announced today preliminary figures showing
the quantities of coffee authorized for entry for consumetion 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:

5
Country of Production :
------------8

Quota Quantity
(Pounds) if

:
:
;

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;

1,621,630,479
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
61,900,935

May 27, 1944
»

»

859,972,363
430,086,335
21,479,454
4,582,479
2/ 15,337,567
18,161,495
74,944,309
61,447,616
24,914,910
3,180,868
2/
65,570,297
19,809,127
2,412,606
33,978,028

it

3,745,922

it
it
June 3, 1944
May 27, 1944
«

ti
h

June 3,. 1944
May 27, 1944

it
it

1/

Quotas as established by action of the Inter-Arneriean Coffee Board on
April 21, 1944.

2f

Per telegraphic reports.
-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 •rdinarj7' gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, pre­
scribe the terns 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.

XI,PfcU
-

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

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

June

15* 1944

iiqfc
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not- have apy 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 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».¿ m re fov13.44-----------•
SEES

The Secretary of the Treasury, by this public notice, invites tenders
$ 1 .200^000.000 , or thereabouts^ of

fc-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

September 14» 1944

mature
interest.

June 15» 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,

$ 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, June 12, 1944
•for
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 fpom responsible and recognized dealers in investment securi­
ties.

Tenders from others must be accompanied by payment of 2 percent rf 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 opened at the Federal,

N

treasury

department

Washington

FO R RELEASE, M O R N I N G NEWS P A P E R S ;
Friday, June 9 , 1944 .
6-8-44-

.
.,lhe s e c r e t a r y of t h e Treasury, by this p u b l i c notice,
in vires t e n n e r s f o r # 1 ,200,000 , 000 , or thereabouts, of 9l i d a y
i r e asury oixls, to be issued on a di s c o u n t basis u n d e r c o m p e t i ­
tive a n d f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r provided.
The
bills of thi s series w i l l be dated June 15* 1944, a n d w ill
matu r e S e p t e m b e r 14, 1944, w h e n t h e fac e amou n t w i l l be paya D p e w i t n o u t interest.
T h e y w i l l be issu e d in b e a r e r f o r m
1 m df ? ° S i n a t i o n ? of $ 1 , 000, #5,000, # 10 ,000 , # 100 ,000,
#500,000, and # 1 , 0 0 0 , 0 0 0 (maturity value)*
Tenders w i l l be r e c e i v e d at F e d e r a l R e s e r v e B a n k s a n d
^ r a n c h e s u p to t h e c l osing hour, t w o o * c l o c k p. m., E a s t e r n W a r
time, Monday, June 12 , 1944.
Te n d e r s w i l l not be r e c e i v e d at
the i r e a s u r y Department, W a s h i n g t o n .
E a c h t e n d e r must be for
an even m u l t i p l e of # 1 ,000 , a n d t h e p r i c e o f f e r e d must be ex ­
pressed on the oasis of 100 , w i t h not m o r e t h a n t h r e e deciSSrl9^.ej L s V' 99.925.
F r a c t i o n s m a y not be used.
It is u r g e d
that t e naers be made on t h e p r i n t e d f o r m s a n d f o r w a r d e d in
the s p e c i a l envelopes w h i c h wil l be s u p p l i e d by F e d e r a l R e s e r v e
Banks or Bra n c h e s on a p p l i c a t i o n t h e r e f o r .
Tenders will, be r e c e i v e d w i t h o u t deposit f r o m i n c o r p o r a t e d
banks a n d t r ust companies a n d f r o m r e s p o n s i b l e a n d r e c o g n i s e d
earners in i n v e stment securities.
T e n ders f r o m others must b-e
a c c o m p a n i e d b y p a y m e n t of 2 p e r c e n t of t he face a m o u n t of Treasi y Dills a p p l i e d for, u n l e s s ” t h e t e n d e r s a re a c c o m p a n i e d by an
expiess g u a r a n t y of pa y m e n t b y an i n c o r p o r a t e d b a n k or t r ust
company.
I m m e d i a t e l y a f t e r t h e c l o s i n g hour, t e n d e r s w i l l be opened
at t n e l e a e r a l r e s e r v e Banks a n d Branches, f o l l o w i n g w h i c h pubKri0V<i|;Uw«nt w i l l be m ade b y t h e S e c r e t a r y of t h e T r e a s u r y
..uf.
ainount a n d p r i c e r a n g e of a c c e p t e d bids.
Those sub­
mit, am g benders w i l l be a d v i s e d of t h e a c c e p t a n c e or r e j e c t i o n
thereof.
The S e c r e t a r y of t he T r e a s u r y e x p r e s s l y r e s e r v e s the
r i g g t ^ t o a c cept or r e j e c t a n y o r a ll tenders, in w h o l e or in
F arp ’ ,'arf , ^ s a c t i o n in a n y s u c h r e s p e c t shall be final.
Sub­
ject co t h e s e reservations, t e n d e r s f o r # 100,000 or less f r o m
a n y one b i d d e r at 99-905 e n t e r e d on a f i x e d - p r i c e b a sis w i l l
b | V a<:C F Ced^ h n f u l 1 * F a y m e n t of a c c e p t e d t e n d e r s at th e prices
o ^ e i e d must be m a d e or c o m p l e t e d at t he F e d e r a l R e s e r v e B a n k
m . ca.sh or other i m m e d i a t e l y a v a i l a b l e funds on June 15, 1944 .
T h e income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r interest
or g a m f r o m t h e sale or o t h e r d i s p o s i t i o n of th e bills, shall
not n a v e ^ a n y exemption, as such, a n d loss f r o m t he s ale or other
d i s p o s i t i o n of T r e a s u r y b i l l s shall n ot have a n y sp e c i a l t r e a t ­
ment, as such, u n d e r F e d e r a l t a x Act s n o w or h e r e a f t e r enacted.
42^22

(Over )

T he bills s h a l l be subject to estate, inheritance, gift, or other
excise taxes, w h e t h e r F e d e r a l or State, but shall be exempt from
a l l t a x a t i o n n o w or h e r e a f t e r i m p o s e d on t h e p r i n c i p a l or i n t e r ­
est t h e r e o f by a n y State, or a n y of t he p o s s e s s i o n s of the United
States, or by a n y l o cal t a x i n g a u t h ority.
For purposes of'taxa­
t i o n t h e a m o u n t of d i s c o u n t at w h i c h T r e a s u r y bills a re o r i g i ­
n a l l y s o l d by t h e U n i t e d States s h all be c o n s i d e r e d t o be i n t e r ­
est.
U n d e r S e c t i o n s 42 a n d 117 (a) Cl) of t h e I n t e r n a l R e v e n u e
Code, as a m e n d e d by S e c t i o n -115 of t h e R e v e n u e A ct of 1941, t he
a m o u n t of disco u n t at w h i c h bills i s s u e d h e r e u n d e r a re s old
s h all not be c o n s i d e r e d to a c c r u e u n t i l s u c h bills s h a l l be sold,
r e d e e m e d or o t h e r w i s e d i s p o s e d of, a nd s u c h bills a re e x c luded
f r o m c o n s i d e r a t i o n as c a p ital assets.
A c c o r d i n g l y , the owner of
T r e a s u r y bills (other t h a n life i n s u r a n c e companies) i s sued h e r e ­
u n d e r n e e d i n clude in his i n c o m e t a x r e t u r n only t he diff e r e n c e
b e t w e e n t h e p r i c e p a i d f o r s u c h bills, w h e t h e r on o r i g i n a l issue
or on s u b s e q u e n t purchase, a n d t h e a m ount a c t u a l l y r e c e i v e d eithey
u p o n sale or r e d e m p t i o n at m a t u r i t y d u r i n g t h e t a x a b l e y e a r for
w h i c h t h e r e t u r n is made, as o r d i n a r y gain or loss*
T r e a s u r y D e p a r t m e n t C i r c u l a r Do. 418, as amended, a n d this
notice, p r e s c r i b e t h e t e r m s of t h e T r e a s u r y bills a n d g o v e r n the
c onditions of t h e i r tissue.
C o p i e s of t h e c i r c u l a r m a y be o b ­
t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k or Branch.

*A press dispatch today quotes me as saying that ^the world
trend is toward a central bank and more control of the banking
system

j*The same dispatch attributes to me the statement that

there is not now sufficient control of the money marketj that
bankers, like railways and big corporations need stricter super­
vision and that the country’s money center should be transferred
from New York to Washington where it could be given ^proper control^.
kI deny categorically making any such statement or any other
statement similar in meaning.

It is fantastic to say that I or

any/responsible person in the Treasury holds such views.1

o V o

TREASURY DEPARTMENT
Washington

FOR I M M E D I A T E RELEASE,
Friday, June 9, 1944.

Press S e r vice
No. 42-23

H a r r y D. 'White, A s s i s t a n t
Treasury,

to the S e c r e t a r y of the

t o d a y i s sued the f o l l o w i n g statement:
A press

d i s p a t c h t o d a y quotes me as

say­

ing that ’’the w o r l d trend is toward a

central

bank and more

system.”

control of the b a n k i n g

The same d i s p a t c h a t t r i b u t e s
statement
trol

that there

is n o t n ow

of the m o n e y ma r k e t ;

to me the

sufficient

that bankers,

railways a n d b i g c o r p o r a t i o n s n e e d

con­

like

stricter

s u p e r v i s i o n a n d that the c o u n t r y ’s, m o n e y c e n t e r
should be t r a n s f e r r e d f r o m N e w Y o r k
where

to W a s h i n g t o n

it could be g i v e n ’’p r o p e r c o n t r o l . ”
I d e n y c a t e g o r i c a l l y m a k i n g a n y such s t a t e ­

m e n t or a n y o t h e r s t a tement
It is fan t a s t i c

to

s i m ilar in meaning.

say tha t I or a n y o t h e r

r e s p o n s i b l e p e r s o n in the T r e a s u r y holds
views•

-oOo

such

- 46 -

what’s the truth about it —
latest news.

what1s the

In only one of these homes

is there a father who knows any of the
answers*

Ladies and Gentlemen, we bring

you now the President of the United States,
.v

■
•
•
' .

{

y '' . ■

JUforitr.b to
" 1o o l l § | | ^

■.■
■
■

f,

v

•
'■■
■

‘

dent

young man’s voice:
(Cont)

what w e ’re going to do, and that makes
/
sense. All the sense in the world. I want!
you to hate tjiose men who made the war,
don’t hate the war.

It’s taken me away

from you, but I want you to remember all
the things they tried to take away.
More important things than me -- not only :
for the world —

important for you, too.

I want you to be sure of that.

I want those

things to be more important to you than 1 j
am, because I want my death to mean some­
thing.

You see, there isn’t anything morel

I can do about it.

All 1 can do is die.

It’s meaning something is up to you.
That’s up to you.
Walter Huston:

There are mothers and fathers, wives and
children -- families all over America
whose boys are fighting the war w e ’ve been .
talking about.

In these homes tonight

there is terrible anxiety and there are
questions —

how is the war turning out — j

I feel just fine.

Why do you think I'm

staying over here ... but right now give mej I
a minute of your time.

First of all, I wail I

to tell you that w e ’re going to win this
wjar •

Bornetimes

to you.

it

may
v not look that way
v

I don’t mean the war news’ll be

bad -- though\it may be bad.

W e ’ve got

a lot of desperate men to kill, and lots
of them will do the killing before it’s
over.

What I mean is, when I’m gone, for

you who love me it may look like the war's!
lost —
for me.

just for a while, anyway, do this ;
Don’t ever believe it.

After the

revolution a lot of boys didn’t get to go
back home.

'[

We won that war, ail right.

And life wouldn’t be wor^tf living if they
hadn’t thought enough of life to die for ij
I remember some of you folks saying once
that war doesn’t make sense, making war
doesn’t ... you were right about that.
But we didn’t make this war.
to end it, and I mean end it.

Our job is
W e ’re going

to smash the war makers and break them
for good.

That's winning the war and that'j

43 -

young man’s voice:
(Cont)

You out there —
too.
final.

you’re lots of people,

But here’s something definite, specif!
It’s about me.

I ’m not coming back,

Look for my buddies when It’s over oyer
there ... they’ll be back ... when the
bands are playing and the bells are
ringing you’ll see them marching through
the snow of ticker tape, laughing and
waving at the girls.

Look for them,

you’ll f ind them .. and thank God they’re i
back.

Thank me, .too, if you think .of it.

Some of you won’t think of anything else..
You out there -- what I ’ve got to say is
for you to hear you out there —
you, too —

you --

listen, know who I am.

I hope I ’m nobody you love, but if I ’m not!
yet, neither one is sure I won’t be.
I

Here’s a question for you - what do you
think I feel like when I hear you —
back there —

you

talking about the peace,

the peace I'll never live to see.
tell you how 1 feel about it,

I ’ll

- 42 -

Y^ur^ma-n~^~-voice:

And I broke one of ’em with a baseball,

(Cont)
remember.

I sat in your classroom.

I ran

the elevator in your office building.

■

I

brought your groceries and delivered your
telegrams.I even sang happy birthday

fo

you,

■to ...ye» and 1 shined

your shoes and once I-hit you with a snow­
ball.

You remember me.

When you were

sick I made it worse yelling ollie ollie
oxen free out in the street I woke you u:o
in the middle of the night -- that was me
when I was little -- bawling in the next
apartment or maybe that was me'bawling in
the next room.

If that was me you didn’t

mind it so much and I don’t have to remind
you of anything.

You remember.

I ’m lots of people.

Like I say

You out there, maybe

you’re my folks, or my boss maybe or my
friend.

Maybe you chased me out of your

front yard.

Maybe you and 1 were going

to be married —

some day after the war.

■Maybe we got married.
my children.

You may have borne

Maybe I ’m your father ...

41 -

W e ’re doing it now, but the amount needed
is tremendous.

It begins with ten cents

it. goes up to anything you can afford, and
it ends with victory -- full fictory —
and a sure peace.

Young man’s voice:

I ’d like a word or two in this meeting.

Sailer Huston:

Hello, he 11c$ there, who’re you?

m a n ’s voice:

Me, I ’m lots of people.

Walter Huston:

Welcome to the meeting, Joe.

Call me Joe.
Stand up,

We can’t see you.
Man’s voice:

Sorry, can’t stand up .. besides, you
wouldn’t want to see me.
to —

ndf now.

look at that.

I don’t want you'

May tie you’ve got a snapshot,
Remember something good we

both enjoyed, something we liked together. '
Remember the last time you saw me smile,
^ark where I left youJdlife with that —

a

smile .. that’s how I ’d like it.
Walter Huston:

Who are you, Joe.

Man’s voice:

Me.

I thought I told you.

Lots of

people.

I mowed your lawn and jerked your

sodas.

I washed your windows and soapecj’enr

on Hallowe’en.

Sgrrrr-rftfgiffthau:

\till going to be fifty-seven billion
dollars short, and this money w e ’re going
to have to borrow from yon.

With the

United Nations, America is pledged to the
total defeat of the enamy.

fledged —

in the words of General Eisenhower —

"to

bring about the destruction of the German
war machine, elimination of Nazi tyranny
over the oppressed peoples of Europe, and
security for ourselves in a Free World."
That’s our definition of "(victory.

We must

not let the President -- our Commanderin-Chief -- worry whether w e ’ll be able
t^o pay for that Victory.

The harder we

fight the sooner w e ’re going to win.
•*£ Cj *%*•

9

our Armed Forces

the

money they
^tjfciiii nurd ■'

very life of Democracy is the
people’s trust in themselves.

The people

can finance their security in a Free World*

W

- 39 -

"And we*ve just started," he told me.—
these are his words -- "Wefve just started
on the beaches of France a flaming war ...
Now here are some cold facts —

it costs

86 thousand dollars to lay a smoke screen
a cross a twenty-mile beachhead.
■I ask you to imagine the money required to
land a single Division of men.

To march

from Da pies to home it cost^six billion
* /s i *

|j

1 4 *** iif

seven hundred million d o l l a r s ^ / I leave !
it to you to imagine what it will cost to
March from home to Berlin.

The cost of

taking the Marshall Islands was six'billion!
dollars.

That includes planes, oil,

ammunition,/yafc the training and equipping
of personnel -- six billion dollars.
Again 1 leave it to you to imgine what
it will cost us to go from the Marshall
• Islands to Tokyo.

We Tve spent, two hundred
n
.billion on the war already. By the end
of

W Miyear

we will have spent at least

ninety-MaPe billion mpre/
we?11 get from taxes, —

Dome on this
out of every

dollar, ninety-five cents goes to pay for
the war -- but w e *re

- 38 -

S^rrr~~drgentoau :

^

can make winning easier, and we can

fCoiït^K-,-

make it shorter .. what *s more, we can
make this most recent battle in our long
war to win freedom and to hold it —
last battle*

Thatfs up to us.

people *s war.
banks.

the

This is a

It isn’t financed by the

Because they believe in this war J

in its full justice ..'because they have
confidence in the outcome and faith in its]
high purpose, the people are financing it.
4reer~rcrm

This people's war of ours is fou:

on

(Coat-^

fronts all over the world. Last week we
*■
.|,:
opened a new front on the continent of
Europe.

That front alone is the biggest

project in military history.

lou can be

sure that the invasion didn’t begin until ]
we were ready ,—

and you must know that get­

ting ready cpst a lot of money.
General Marshall told me last Wednesday
before he leit for England that our war
expenditure for the, last three months of
tnis year will be the highest yet ...
Y

- 37 -

Walter Hu sion:

G-omon^ Miss Vernon.

Miss Vernon:

Well, I was just going to say that i
think most of us have come to feel that
there won't be real peace until after the
last war.

That's all, thank you.

I think we ail agree with you, Miss
Vernon.

I think we all agree that this

war is a war against war itself.
Hiss Vernon:

Excuse me -- wjiat I meant to say is we've
been fighting war from the beginning.

,8.

Sec. Morgenthau

That's right.

Mi ss Vernon:

America, I i^iean .. fighting war - we've
never really stopped.

A man's voice:

Right., And we won't stop till we've won.

Walter Huston:

Good for you.

Excuse me. Mr. Secretary
Z)

Please go on.
Sec. Morgenthau

We have strong allies now, brave fMends
We have

—

fighting beside us in the .field.

the finest Army in our history and the
biggest Navy in the World .. and now
we're sure of winning.
easy, we know that, too.
hard —

But vit won't be
It .may be very

terribly hard .. but here at home

fW

las

t0>;

Mrs. Tanner :

Thatfs true in a way, oi‘ course.

Miss Vernon:

Of course it's true.

Walter Huston:

What’s that?

Miss Vernon:

Oh, excuse, me —
I know.

Sec. Morgenthau:

you didn’t call on me,

I gust spoke up without thinking.

Not a t ‘all, Miss - go right ahead.

v
.

Walter Huston:

Your name, please.

Mis s Vernon:

RachelvVernon —
excuse me,—

Sec. Morgenthau -

but that doesn’t matter

I ’m just a high school girl,

flease go-on:

We toericah/Ms

of our free speech —
Mis s Ver non :

are proud

let’s have a little.

Well, I was- just going to say that
history shows that our Democracy hasnft
came very cheap.

Walter Huston :

Mr. Secretary —

Sec. Morgenthau:

If 1 understand this young lady correctly,
she’s saying/that everything we value here,
we’ve earned the hard way.

Miss Vernon:

Yes, sir.

We may have grown and prospered!

in the years of peace, out President Wilson
said, "The right is more precious than
peace.ri

Mrs. Tanner:

ThatTs right, Mr. Morgenthau.
W e ’ve got a better idea now about what

|

the world ought, to be like .. ana what our
duties are to each other to make it
A

Sec. Mor gentsban:

that way.
Yes, I think we'rrejuLl of us convinced today
that we

owe

something to the needy ana to

the old ana to the sick .. I think we ire
fully convinced at last that we simply
haven!t the right to let anybody starve
for lack of fo.od or a job.
Walter Huston -

Thank you, <iirs. Tanner -- pick out another
name, Mr. Secretary.

Sec. Morgentliau:

All right —

Walter Huston

Mr. Ralph H. Burling.

Burling:

I disagree.

Walter Huston:

Here8s the microphone, Mr. Burling.

Burling:

Well, 1 don't disagree exactly, but still

he refs one.

in all I think v/e'd call this the same war.
Waiter Huston:

Yes -

Burling:

Yes, I’d like to say it started back in
1776|U

34 -

Sec, Morgenthau

These are pretty big questions old timer.

x

don’t think those questions should, be

asked without some answers . . I ’d like to
hear some.
pts /

falter Huston:

Well, Mr. Secretary here’s a whole batch
of bond pledges.

Suppose you just pick one

out of tne hat, so to speak
Sec, Morgenthau

All right,

at random.

here’s one — Mrs. William H,

Tanner.
if
Mrs.
Tanner :

Here,

Walter Huston :

Speak right, into the microphone Mrs. Tanner]
our friend, the hermit here, .wants to know
■v

if this is the same war or a new one.
Mrs. Tanne'r:

It’s a new one.

Walter Huston :

Anything you’d like to add to that?

r

Mrs. Tanner:

Yes

I guess it's really a new war in

every way, because - well, because there’re j
new hopes .that go with it, —

you know -

for the future.

1!

Walt er_Huston:

Mr. Secretary --

Sec. Morgenthau

It’s true w e ’re 't ighting to defend our way
</
of life, but I agree with Mrs. Tanner -- I
think there’s more ,to it than that.
^e’re fighting ior

better life —

a freer

lj.ie, a larger promise for the generations
ahead of us.

Jefferson:
(Cont)

over too much of the .globe to be extinguisl
by the feeble engines of despotism., on the
contrary, they .will consume these engines
and all who work them*

Hermit:
v

Lookee here, n o ^ d o n ’t get sore m me fer
buttin* in —

Walter Huston - Mr. Hermit, weren't you satisfied with what
*

you heard.

Do you still wonder what?s

the war about.
The Hermit:

I'unsatisfied*

But there's somepin' else

^ x wonder could. 1 git a wordrii
oref in%7/iti'|the
Secretary of the Treasury.
Walter Huston:

Well,.howr, really, Hector —

Sec. Morgenthau:

That'a all right, Mr. Huston.

Hello,

old timer, my name’s Henryk Morgenthau.
What can I do for you.
or

I reckon you all are pretty sick '©
me speakin' up in meet in' like this but I don't get around much, bein' a
Hermit by persuasion —

and' I didn't

jist quite ketch the drift o' what you
fellas ^as talkin' about.
still on —

Seems the war's

is it a newvw a r M e b b e you

ca n set me straight,>M r * Morgenthau.
k in d a war is it?

What

32 Wei le\s:

Yes, we mustn’t forget that, either —
And you know, w e ’ve started talking about!
America.

Uf course^, we’re only a part of

this war, but we ’re ,a big part of it and 1

f
Paine :

a proud part of it.

Tom Paine -

We fight not to enslave, but to set a

.

country free, and to make room upon the
earth for honest men to live in.
Welles:

And as general Eisenhower put it a few day
ago - "...'.security for our sedges in a
free world.'* Thomas Jefferson -

«Jefferson:

I will not believe, our labors are lost.
I shall not die without a hope that light
and liberty are on a steady advance.

We

have seen, indee|£, once within the record
of history, the complete eclipse of the
human mind continuing for centuries ..
even should the cloud of barbarism and
despotism ag a infobscurd\the science and
v
3
liberties of Eurdpo-^this country remains :
to preserve and restore light and liberty
to ¿hem.

In short, the flames kindled

on the fourth of July, 1776, have spread

Wolfe:

land.

I think he took our people and

enslaved them, that he polluted the
fountains of our life, took unto himself
the rarest treasures of our own possession
took our bread and left us, with a crust, a
not content, for the nature of the enemy
is insatiate —

tried finally to take

from us the crust.
Hitler :
4. V

Success is the sole earthly judge of right
and wrong#

Chorus :

Heil, Hitler.

Hitl er :

The very (first essential for success

-

is a perpetually constant and regular
employment of violence.

Chorus :

Sig Heil, Sig Heil, Big Heil.

Welles :

Oh, shut up,

s

(Sig Heil;continues)
Weil, w e ’ll shut Tem up before long -pretty soon.
Jefferson :

We are not /to expect to be translated
from despotism to liberty in a featherbed.

living hope, but our dream to be accom­
plished.
I think the enemy is here before us, too.
but I think we know the forms and races
of the enemy, and in the knowledge that
we know him, and shall meet him and eventual
must conquer him is also our living hope.
I think the enemy is here before us with
a thousand faces, but I think we know that
all his faces wear one mask.

I think the i

enemy is single selfishness and compulsive
greed.

I think the enemy is blind, but

has the brutal power of his blind garb.
I do not think the enemy was born yesterday
or that he grew to manhood forty years
ago, or that he suffered sickness ana
/V

||§gv‘‘

collapse in 1929, or that/we] began, without!
¡j§§

the enemy, and that our vision faltered,
that we lost the way, and suddenly were in
his camp.

I think the enemy is old as

time, and evTil
as Hell, and that he has
w
been here with us from the beginning.

I

think he stole our earth from us, destroyed
our wealth, and ravaged and despoiled our

open-handedness

the terrible signif

of their elections —

the President!s

taking -off his hat to them not they to
him —
That was Walt Whitman, our great American
poet of Democracy.

And now here's the grea[

German poet of Democracy, Heinrich Heine If all Europe were to become a prison,
America,would still present a loophole of
escape And Goa be, praised that loophole
is longer than the dungeon itself.
i/ell'es:

Thomas Wolfe -

ifolfe :

I think the true discovery of America is
before us.. I think the true fulfillment
of our spirit, of our people, of our
mighty and immortal land, is yet to come.
I think the true discovery of our own
democracy is ¿still before us.

And I think

that all these things are certain as the
morning, as inevitable as noon.

1 think

I speak for most men living when I say
that our America is here, is now, and
beckons on before us, and that this
glorious assurance is not onlv our

Chorus :

Sig Hell*, Big Heil, Sig Heil.

Wilson:

The rbal wisdom of human life is compound^
out of' the experiences of ordinary men.

Welle s :

That’s Woodrow Wilson speaking.

Wilson:

America does .„not consist politically of
the men who set themselves up to be
political leaders, she does not consist
of the men who do most of her talking -they are important only-so far as they
speak for that ‘great -voiceless multitude o1
, ■

i’

\

men who constitute the great body and the I
saving force of the nation.
Hitler:

My will.'

Chorus :

Sig Hell, Sig Heil, Sig Heil.

»*\

That is your law.

,

Whitman :

The genius af the United States is not
best or^most in its executives or legis­
latures, nor in its ambassadors or authors
or colleges, or churches or parlors, nor etl
its newspapers or inventors .. but always
most in the common people .. their
deathless attachment
to freedom
—
i
1
,

the

fierceness (of their roused resentment —
the air they have of persons who never
knew how it felt*to stand•insthe presence

of superiors .. their good temper and

Hitler :

The people will accept only a master.

Lincoln:

As I would not be^ a slave, so i would
not be a master.
of Democracy.

This expresses ray idea

Whatever differs from this

to the extent joÎ the difference is no
democracy.
if
German Vôice;

I give you Adolph Hitler.

Wei la's :

You-can keep him.

GermanuVbic.e:

I give--you Mussolini.

Welles :

Try ah4 find him.

IIi

Mussolini :

Democracy is talking itself to death.
The peopledo not know what they want.

Welle s :

Thgmas Jefferson -

Jefferson :

I know no safe depository of the ultimate
powers of society but the people themselves

Mussolini :

The peqple do not know what is best for the

Welles :

Abraham Lincoln -

v*

Lincoln:

Why should there not be ajpatient
donfidence in the ultimate justice
of the people.

Is there any better or

equal hope in the world!’
Eitler :

All that you are, you are through me.

-

26

-

Tom Paine Tyranny like -Hell is not easily conquered,
yet we have this consolation within us,
that the harder* the conflict the more
glorious the triumph.
. I

Woodrow Wilson -

We

shall fight for the things we have

always carried, nearest our hearts, for
Democracy, for the rights of those
who submit to authority to have a voice
in their own governments, for the rights
and liberty of small nations, for the
universal dominion of right by such a
concert of free peoples as shall make
peace and safety to all nations and make
the world itself at last free.
Democracy.
days.

We use that word a lot these

I hope w e fre all agreed on what

it means.

Abraham Lincoln -

'

As I would not be a slave, so I would
not be a master

- 24 -

Goebbels:

You, my Fuehrer, have given us our daily
bread.

Welles :

And here’s Mussolini.

Mussolini :

Fortunately the Italian people are not
accustomed to eating several times a day.

^

Chorus:

Viva, viva Duce, viva.,

Streicher:

It is only on one or two exceptional
points that Christ and Hitler stand

11

comparison, for Hitler is far too big a
man to be compared with, one so ,petty.
LucLendoTf f :

Christ was a false prophet, addicted to
drink and cowardly like all Jews.

Chorus:

. Sig Hell.

Streicher:

Jesus is the enemy of all Germans --

ChroHa:

Sig ,Heil.

Streicher:

Jesus is the enemy of blood and race.

Chorus:

Sig Hell, Sig Heil, Sig Heil.

mils s.:

Those last two men are Ganeral Ludendorffil
and Streicher.

It’s hard to believe it,

but they*re real men.

%

And now, a thought]

from Dr. Gross of the Nazi Office for Race
Politics.

Chorus :

Sig Heil, Big Heil, Big Heil.

A German' voice *

Reich Minister Hermann Goering.

Chorus :

Heil lîitler.

v*

A German voice:

Reich Minister Kerri.

Kerri:

God has manifested himself not in Jesus
Christ, but in Adolph Hitler.
ïfif;\•
.

Hitler:
.... ...... -

—
ri1 "'***

My will —

Kerri;

My Fuehrer.

Chorus/of male
voices :

The Fuehrer.

Hitler :

My will —

that must be the creed of

all of us.
Goering :

Beil,*Hitler.

Chorus :

Heil,,Hitler.

Hitle,r :

Dr. Rosenberg/

Rosenberg:

Heil, Hitler.

The Catholic and protestant

churches must vanish from the life of our
people.
Hitler:

Everything’that you are, you are through ni
Dr. Goebbels.

Goebbels :

Everything the Fuehrer utters is religion.

Hitler :

My will.

That is your faith.

My faith is

- 22 -

German voice:

Heil, Hitlert j ,

Another German Voice

Heil Hitler, I give you Dr. Frank, Reich
Minister of Justice.

Dr. Frank':

Heil, Hitler.

We do not recognize any

tradition of civil rights^we do not recogij
civil rights., Heil, Hitler.
Chorus :

Heil Hitler.

Dr. Frank:

A dismissal^without notice ban be based
upon reasons, having taken place after
the dismissal.

Heil, Hitler.

I give you!

Dr. Streicher.
S/treicher :

If, after a period in a Concentration camp,]
anyone fails to appreciate the privileges
of citizenship in the Third Reich, he had
better leave the Country.

Well,e-s :

We bring you now a little nazifsport/news.

Voic e :

The tennis,team of Blau-Weiss has been
deprived of its Victory because of the
unsatisfactory result of the dismission
on political philospphy. which the district
sport leader had with the members of the te
after the matches.

Victor in a sport con­

test in the Third Reich can onlv
who
v be he
I
is fully conversant with our way of thinkiij

-

Von Papenr

21

-

Mothers must .exhaust themselves to give
life to children.
The holiest thing in the world is the

Feder:

wife who Is both servant and slave.
I hate to keep repeating this, but what

Well e s

youTre'hearing are the real words of real
men.
Von Killinger

All I had to do was wink and the brigadier!
put the young,girl over a wooden pole.
Then they beat her with horsewhips until
there wasnJt a white spot left.
That happened.

feiles:

These are real words,

everybody.
We request ..that every hen lay between one

Minister

hundred and. thirty, and one hundred and
forty eggs a year.
Youth leader:
,

Down with Mickey Mouse.

/

Children’^ voices

Eeil*¿Hitler.

Welles:

Here !s a ^azi News report.

Voi ce:
ri

The young employee"-- a girl —

who had

held her position for five years,ms
V
dismissed.

The official reason given

for the dismissalwas the allegedly hostile
mentality of the girl’s father against
the state.

Heil, Hitler.

20
Welles:

-

Not if you have anything to do with it.
Look here, I want to emphasize that these j
are Hitler fs wo.rds.
any of this.

We didnft make up

It?s all true.

Here Ss Dr.

Ley, another Nazi.
Ley:

We begin with the child when he is three
years old.

As soon as he begins to think,

he gets a little flag put in his hands.
Then follows the school, the Hitler
Jugend and Military training.
him go until the grave —

We donft let

whether he likes!

it or not.
Wellesr

I give you a Nazi chi'ldrenTs song --

Children’s voices:

(singing)

Peasants, leave your sowing

Little flowers will soon be growing,
Peasants, leave your plowing,
We plow soon with the sword.
leil KitlerZ
There is no, place in the G-erman Universitid
for truth for,truth’s sake.
A Professor at, Heidelberg that was —
Krieck is his name.

And now, a group of

Nazi leaders, Won Papen, Feder, Mon
Killinger, a epuple of Ministers, and a
youth leader*

19 -

Hit rer :

A nation must be deceived if one will
secure the*devotion of the masses of the

people«
Welles:

That’s Adolph Hitler’s own formula for
success —

Jeffers-on :

"deceive the people,"

The American Revolution has shown us the
happy truth that m^n is capable of selfGovernment and only* rendered otherwise by
the moral degradation designedly superindul
on him by the wicked acts of his tyrants.
That babes of my program are blood, fire
and personality,

Welles :

I see.

'Wilson:

Only free peoples can hold their purpose
and their honor steady to a common end,
and prefer'the interests of mankind to
any narrow Interest of their own.

Hitler :

Our youth will be educated to think and
act as Germans.

Welles :

'Woodrow. Wilson was speaking before Hitler 1
interrupted him.

Hitler :

As long as 'they live, our German youth willl
never again be free.

Welles :

do with our duties.

Said John Donne —

(Gont )

Donne :

No man is an island entire of itself,
everyman is a piece of the continent, a
M fitfi
part of the ^¿igy,.if a clod be washed

away by the sea, Europe is«the less, as
well as if a promontory were, as well as
if a manor of thy friends,or of thine own j
were, any man's death diminishes me because
I am involved in mankind', and therefore,
never send to know for.whom the bell tolls,
it tolls for thee.
Rousseau:

As soon as any man says of the affairs of I
the state, “What doe's it matter to me,“ the
state may be.given up for lost.

Welles:

That was Rousseau speaking, sfhd now,
here's Thomas 'Jefferson.

Jellerson:

Where every man feels that he is a
participator in the Government of affairs,I
not merely at an election one day in the
year, but every day, when there shall be
not a man in the state who wilt not be
member of one of its councils, great or
small, he will let his heart be torn out
of his body sooner than his power fee
wrested from him by a Caesar or a Bonauar

17 Goebbels :

With us the subordinate does not criticize
his superior, but only the superior, subor-|
dinates•

Welles:
Homer:

v

Said Homer —
To speak his thoughts is every free man’s
right.

Sauckel:

Discussions of matters affecting our
existence and that of the Nation must
cease altogether.

Welles:

That’s a Nazi order —

Voltaire:

Liberty of thought is the life of the soul,

Plato:
Aristotle:

the precise terms.

.All men are by nature equal.
Democracy arose from men’s thinking that
if they are equal in any respect they are
equal absolutely.

Welles:

That was Voltaire, Plato and Aristotle in :
that order -- and now, here’s Herbert
Spencer.

Spencer:

No one can be perfectly free till all
are free.

Welles:

Now, that’s a big part of what we believe ,rNo one can be free till ail are free."
Nobody owns us —

we have our rights.

And we don’t own anybody, either —

because?

they have their’s. But each one of us
belongs to everybody, — that has to

/

belles:

Just a minute, Walter, I didn11 write that
\ o u fre going to hear now.

What you!re

going to hear now are the real words of
real people -- the people on.our side —
the other*s.

a*

In the Democracies, in peace-1

time anyway, we like to think there are
two sides to every question.

Well ....

I give you Dr. Rosenberg, head of the
Nazi Bureau.
Rosenberg:

The other side has no right to criticize.
TheyidDuld.be grateful that they are still
^

Welles :

alive.

/

1

Please understand these are exact quotes.
wThe other side has no right to criticize.
They should be grateful that they are still
alive.4*

Laertius :

The most beautiful thing in the world is
freedom of speech.

Welles :

Diogenes Laertius said that two hundred
years before the birth of Christ.
you now, Dr. G-oebbels, head of Nazi

I give

-

Hermit:

1J L O5 -

Mister, you’ve talked me out of that one.
But now, about this war —

Walter Huston:

Look here, Mr, Hermit.

I think w e ’ve

let you heckle us enough,

A hermit is

the only sort of man I can think of who
doesn’t know by now Miat this w a r 5s about.
Frankly, we aren’t fighting to make the
world safe for hermits.

W e ’re fighting

to make it safe for people everywhere who
like each other’s company, safe for them
to pray where they want to and say what
they feel like.

We don’t approve of

Governments that people are afraid of.
We don’t like anybody to go hungry.

We

don’t think that peace and poverty get
along together.

A hermit wouldn’t care

about these things, but they mean every
to us.

And here’s another thing —

aren’t fighting over territory —

we

w e ’re

fighting over a difference of opinion -Here are the opinions —

even a hermit

ought to recognize the difference.
Orson Welles who wrote this show.
going to present them --

Here’s
He’s

14 Hector:

Ain’t no sech. town, I tell yuh.

Walter Huston:

You again.

Hector :

Me, Hector the Hermit.
Texarkana.
two twwns —

Ain’t no

Theyfs Tex and they’s Ark,
separate —

Ark and Tex.

AinTt no Texarkana.
You!re wrong about their being separat
They aren’t any more.
Used to be pretty wild country out here^
And differences of opinion were settled
mostly with guns or Bowie Knives.

But

that1s all changed, it’s a fine, neighbor Ijj
law-abiding community they’ve got there
nowadays, so don’t let anybody tell-you
there’s something ornery'in the nature
of us humans that makes us have to fight
each other, even around borders and
boundary lines.

You oughta see how well

they get along together herekn Texarkana.
And when you write a letter ,here you just
address it Texarkana, U.S.A.

you couldn’t

ask for a nicer, friendlier settlement of
a border dispute.
i.

Hermit :

Who *re you?

Welle s :

I ’m the producer of this broadcast.
W e fre going to bring you music, but this
broadcast is dedicated to the men and
women who are too busy for music —
To all our fighters on all the. fronts..
And since we*re having music, we can*t
think of anything better than the "Song
of the United Nations".

The Soviet

composer Dmitri Shostakovich wrote it.
Our allies to the South have given us
their Mexican symphony to play-it, and
Leopold Stokowski from our own United
States is going to conduct .. We take you
now to Mexico City.

Walter Huston:

Walte r Huston speak ing• We *re back now
in the States —

to be precise on the

border between two states —
Arkandas.

Texas and

The state line runs up Main

Street in this bright and busy little
City —

Texarkana —

where we*ve taken our

microphones for the opening of the
Fifth War Loan Drive.

- 12 -

Hermit:

Bonds.

I knew you folks was sellin*

somepin* cuz I got in free.
What111 Bonds cure.

Bonds, is J.t?;

I ainTt ailin’ —

ain’t nothin’ wrong with me.
Walter Huston:

There’s a lot wrong with the world, old

J

t ime r .
G-loria Jean:

That’s why w e ’ve got a war on our hands.
We're fighting what’s wrong, Änd it’s wort!
all we can give to make it right.

Hermit:

Now don’t start a ’ preachin* at me.

Walter Huston:

There won’t be any sermons here tonight,
old timer.

We promise you that.

The Hermit:

How’s about some music.

Walter Huston:

W e ’re going to have some music now, but
w e ’re not forgetting either that in many
parts of the world tonight there isn’t
any music.

Agnes Mo orehead -

On the battle fronts they haven’t time
for music.

Walter Huston:

Right.

Keenan Wynn:

In the slave countries they haven’t any
reason for it.

Welles:

This broadcast is a celebration of the
reasons for music —

Hermit:

Hermit.

Heerd the music so I come on in

Well, sir, this is the rootin’ tootinest,
golddangest great big enormous huge
medicine show i ever see.
young woman.
Lois Andrews:

Hi, there.

Hermit :

My name1s

Hi, there,

Hi.

Hector.

I ’m a hermit.

Who*re

you?
Lois Andrews:

Lois Andrews.

I’m a movie actress.

Hermit :

Them other folks up there —

Lois Andrews:

Well, that’s Joseph Cotten over there,

who’s them.

That’s Agnes Mooreheaa ... then there’s
Keenan Wynn and Edgar Barrier, Alan rlapie
and Alexander Cranach - - Y o u ’ve just been
talking to Walter Huston —
Hermit:

Who’s the little girl.

Hi there, little

girl.
Gloria Jean:

Hi, there.

Lois Andrews:

That’s Gloria Jean.

Hermit :

Whatcha doin’ up so late, young miss.
•'H Iwall,

Gloria Jean:

Same thing as everybody else, I guess.
I’m selling: Bonds

Fourth soldier:

together to Victory.

Let us beseech

(cont)

the blessings of Almighty God upon this
great and noble undertaking.“
Walter Huston:

This is Walter Huston broadcasting from
Texarkana where the Secretary of the
Treasury, Mr. Henry Morgenthau, Jr., has
come for the official opening of the Fifth
War Loan Drive —

Hermit:

What say?

Walter Huston:

The Bond drive.

Hermit:

Never heard of it.

Walter Huston:

Old timer, 1 don?t think you’re typical

The fifth War Loan drive.

of Texarkana.
Hermit:

Ain’t no such town.

Besides, 1 ain’t

from Texarkana, and besides, there ain’t
no Texarkana even if I was.

They’s Tex

and they’s Ark, two different towns.
Walter Huston:

Legally they’re different, but that’s all.
Look, w e 1re on the air, Mister, er —

Hermit:

Hector - my name’s Hector.
Hermit.

Walter Huston:

I see

and your profession?

Hector the

- 9 -

Second soldier:

—

every last one.

^ :

Third soldier:

We*re going after ’em with seven hundred
different kinds of he 1 1 ^
>^pTear that?

Hermit:

More planes —

Third soldier:

Bombs.

First soldier:,

We drop more than three thousand tons, an 1
average —

more and more —

every day, that!s only the

beginning.
Second soldier:

Cannon.

Third Soldier:

Rockets.

First soldier:

Flame throwers.

Hermit:

Lot Va noise.

Second soldier:

You ought to hear the noise in Europe.

Hermit:

Whatfs that?

Third soldier:

Tanks.i

Hermit:

And that?

First soldier:

More of the same —

Second soldier:

You know what that is —

Hermit:

Men inarching ...

Third soldier:

... millions of them ...

Ficst soldier:

- marching to Victory.

Fourth soldier:

r,The Free men of the world are marching

HfcuLic.

plairs-up- with

men?

Third soldier:

That’s like asking an executioner why he
starts the juice on the electric chair.

First soldier:

W e ’re killing murderers.

Second soldier:

That’s our job.

The hermit;

I ’m a hermit —
time.

I been holed up quite some ■

I hadn’t heard —

who’d they murder.

First soldier:

Folks who can’t fight back.

Second soldier:

Old folks.

Third soldier:

'the sick and' feeble —

First soldier:

Women —

Second soldier:

Women think they’re lucky if they get to Ml

Third soldier:

They murder little children, too.

First soldier:

Heard about that?

Second soldier:

They stand around and watch the little
K
J
^
children starve to death.

Hermit :

You’re makln’ that up.

First soldier:

No, those things are happening tonight.

Second soldier:

W e ’ll get them for it --

Third soldier:

—

everyone of them -i

them

First soldier:

All

Second soldier:

All the torturers —

Third soldier :

The liars and the bullies —

First soldier:

—

tyrants, big and little,

everyone of them —

yiini... .

yiTftn? "laMee u s a a y y

XJX*
Girl’s voice:

Hii

The Hermit:

Hi, young woman.

More girls voic.es:

Hit- fwrrfeg'with

Hermit:

Whatcha doin’?

A girl:

Riveting.

Hermit:

Whatcha makin’?

A woman:

Making planes.

Hermit:

Makes a heap ’a noise.

Woman:

You oughta hear the noise these planes

),

make over Europe.
re vm g u p )
Hermit:

Hi.

Young men’s voices: ,

Hi.

Hermit:

Hi, young fellas.

More voices
of soldiers:

li-i-.

Hermit:

Where yuh goin* in them airyplanes?

First soldiers:

Where w e ’re needed.

Hermit:

You all are pretty sore at ’em over there
looks like to me.

Seoond soldier:
Second

Whatcha sore about?

What do you want, old timer.

Reasons.

Little Boy:

Look at What?

The hermit:

I never thought I ’d live to see it*
Big as life —

a lady soldier.

Somp’n ’s goin* on around here, sonny.
P m a hermit.

Just a hermit, that’s all -j

Only come down from the mountains every
forty years or so.

Looks like 1 been

missin’ sompe’n.
Little Boy:

Why’d you come down this time, Mister?

Hermit:

Tell yuh what, sonny —

every now an*

then I go up to the ledge a* my little
ol* mountain a n 1 stand there listenin’ —
Jest listenin’ —

listenin’ to the

lonesome cryin’ of the freight train in
the valley.

Listenin’ just listenin’ to

hear what 1 can hear.

Lately I been

hearin’ things 1 couldn’t figger —
ruckus ’n* commotion.

Sech a rumblin’

and thumpin’ sech a grindin’ chawin’
boomin’ that I sez to myself, old timer •
somep’n ’s goin’ on down there, I sez ..
Somep’n new and big •• So down 1 come to
see what I kin see.

i

»

- 5 -

The Hermit:

p m a hermit.

Jest got into town,

I hadnTt heard.
Another Woman:

Shhhh., . .

Man:

Quiet.

Another Man:

What’s he saying now?
(Rad io 1cp nt-Hnuo t»*}

The Hermit:

Hi, there.

Little Boy:

Hi.

The Hermit:

Whatcha got there, little boy.
What’s in the can.

Little Boy:

Fats - waste fats,

The Hermit:

fhatcha go in’ to do with it?

Little Boy:

Takin* it to the grocery sore, mister.
They make it into bullets.

The Hermit:
Little Boy:

Look here, sonny —

I don’t fool that easy

It’s true -- they make a bullet out of
every spoonful, Mister, — .

The Hermit:
Little boy:
The Hermit:

Yes, little boy.
‘ What are you doin’ for the war?
The war, sonny -- I*m pretty old.
to enlist but they turned me down.
Summer of ’98 it was

Well, look at that:

flat feet.

iried

The Hermit:

A Hermit
I donft know the rules.
Been holed up quite some time.

Cop:

Well, watch your step.
"(Hadio loudoptiak-ci', b iving laTes‘t^7S7^msiisj

The Hermit:

Hi.

What’s go in’ on?
•V' " ::

Voices of
Men and Women:

Shhh.

W-

'

m. V

Quiet.

('Rftd'lo
The Hermit:

What’s that h e ’s savin’?
t»
•

A Woman: — ■
My boy ... I ’ve got a boy

1 think h e ’s

over there.
The Hermit:

Where.

Man:

Are you kiddin’?

Where is it.

Over Where?

Don’t you know about

the Invasion.
A Woman:

The Liberation ... the President says
that’s what it is.

Another Woman:

That’s right ••* the Liberation

Sec. Morgenth.au:
(cont)

This is a time for reaffirming that
faith by which we live ... that fighting
faith with which our country —
with all free countries —

together

defends its

life today ... that marching faith by
which free peoples are moving into
the future.

j(ito iio

oomca up to —o

on,nd.
g n /~Lri o n | jtr

11

'll U I■[ I

f¿a
nb .**£.

h r f l k q j=Q

Driver:

Hey, there.

The Hermit :

Hi.

Driver:

Watch where you*re goinf.

Cop:

Hev.

The Hermit:

Hi •

Cop:

Crossing against the lights, old timer.
Don’t you know the rules.

The Hermit:

Don’t know the rules, Mister Policeman —
I ’m a hermit.

Cop:

A What?

1 | Ip

SEC. MORGENTHAU

I have a message for you —
civilian America —

for

from our

military leaders.

Here it is in a

couple of words —

the War isn’t over

yet.

OuV' military leaders and the men
fighting under their command
ardently hope and sincerely
believe that there are no Americans who
need to be told that this is the wrong
time to relax.

Tonight let.us tell each other
what we dare not forget - this is the
time for new effort, this, is the time
for fresh exertion, the time for more
from all of us -- more of everything —
everything w e ’re called on to give for
this great crusade —

everything w e fre

called on to make for it with out* hands *
everything we must hold steadfast in our
hearts.

The United States Treasury Department
brings you now a special broadcast.
The eyes of the world are upon the soldiers]
and sailors and. airmen of the Allied
Expeditionary Force.

In the words of

their supreme commander, they have
embarked upon the Great Crusade.

The when of the Invasion was a wellkept military secret, but not- the why
of it.

This broadcast is about

the why of it.

We're going to hear from

Franklin Delano Roosevelt, the
President of the United States, and
Commander-in-Chief of the United States
Armed Forces.

And also, from a lot of

other people who, like him, and like you
and me, have a big'stake in this war.

Ladies and Gentlemen, the Secretary of
The United States Treasury, Mr. Henry
Morgenthau, Jr.

TREASURY DEPARTMENT
Washington

(The following program opening the Fifth War Loan drive,
featuring President Roosevelt and Secretary^Morgenthau,
broadcast from Texarkana, U.S.A., over combined networks,
is scheduled for delivery June 12, 1944, at 10:00 P.U.,
Eastern War Time, ancTTs for release at that time» )

TREASURE DEPARTMENT
Washington

(The following program opening the Fifth War Loan
drive, featuring President Roosevelt and Secretary
Morgenthau, broadcast from Texarkana, U.S.A., over
combined networks, is scheduled for delivery
June 12, 1944» at 10 P.M., Eastern War Time, and
is for release at that time.)

ANNOUNCER
The United States Treasury Department brings you now a special broadcast.
NARRATOR
The eyes of the world are upon the soldiers and sailors and airmen of
the Allied Expeditionary Force, in the words of their supreme commander,
they have embarked upon the Great Crusade.
The when of the Invasion was a well-kept military secret, but not the
why of it. This broadcast is about the why of It. W e ’re going to hear
from Franklin Delano Roosevelt, the President of the United States, and
Commander—In— Chief of the United States Armed Forces. And also, from
a lot of other people who, like hpi, and like you and me, have a big
stake in this war.
Ladies and Gentlemen, the Secretary of The United States Treasury,
Mr. Henry Morgenthau, Jr.
MORGENTHAU
I have a message for you — for civilian America — from our military
leaders. Here it is in a couple of words — . the War isn’t over yet.
Our military leaders and the men fighting under their command ardently
hope and sincerely believe that there are no Americans who need to be
told that this is the wrong time to relax.
Tonight let us tell each other what we dare not forget — this is the
time for new effort, this is the time for fresh exertion, the time for
more from all of us — more of everything — everything v/e’re called
on to give for this great crusade — everything w e ’re called on to
make for it with our hands — - everything we must hold steadfast in our
hearts.
This is a time for reaffirming that faith by which we live ... that
fighting faith with which our country — r together with all free
countries — * defends its life today ... that marching faith by which
free peoples are moving into the future.

42-24

DRIVER
Hey, there.
HERMIT
Hi.
DRIVER
Watch where you’re goin'.
COP
Hey.
HERMIT
Hi.
COP
Crossing against the lights, old timerf

Don’t you know the rules

HERMIT
Don't know the rules, Mister Policeman —

I ’m a hermit.

COP
A What?
HERMIT
A Hermit.

I don't know the rules..

Been holed up quite some time

COP
Well, watch your step.
HERMIT
Hi.

What’s goin’ on?
VOICES OF MEN AND WOMEN

Shhh.

Quiet«

HERMIT
What’s that he's sayin’?
A WOMAN
My boy ... I ’ve got a boy —

I think he ’s over there.

- 3 HERMIT
Where.

Where is it.

Over Where?
MAN

Are you kiddin’?

Don't you know about the Invasion.
A WOMAN

The Liberation ... the President says that's what it is,
ANOTHER WOMAN
That's right ... the Liberation.
HERMIT
I ’m a hermit.

Jest got into town.

I hadn't heard«

ANOTHER WOMAN
Shhhh...•
MAN
Quiet.
ANOTHER MAN
What's he saying now?
HERMIT
Hi, there.
LITTLE BOY
Hi.
HERMIT
Whatcha got there, little boy.

What's in the can.

LITTLE BOY
Fats - waste fats.
HERMIT
Whatcha goin' to do with it? _
LITTLE BOY
Takin' it to the grocery store, mister

They make it into bullets

HERMIT
Look here, sonny —

I don't fool that easy,
LITTLE BOY

It's true —

they make a bullet out of every spoonful, Mister, — •
HERMIT

Yes, little boy,
LITTLE BOY
What are you doin' for the war?
HERMIT
The war, sonny -—
down* Summer of

I'm pretty old. Tried to enlist but they turned me
it was — • flat feet. Well, look at that J
LITTLE BOY

Look at What?
HERMIT
I never thought I*d live to see it* Big as life —-+ a lady soldier,
Somp'n's goin' on around here, sonny, I'm a hermit. Just a hermit, that
all — Only come down from the mountains every forty years or so. Looks
like I been missin' sompe'n,
LITTLE BOY
Why'd you come down this time, Mister?
HERMIT
Tell yuh what, sonny — every now an' then I go up to the ledge a' my
little ol' mountain an' stand there listenin' — *■ Jest listenin' —
listenin' to the lonesome cryin' of the freight train in the valley.
Listenin' just listenin’ to heat what I can hear. Lately I been hearin'
things I couldn't figger — ruckus 'n' commotion. Sech a rumblin' and
thumpin' sech a grindin' chawin' boomin' that I sez to myself, old
timer —— somep'n's goin' on down there, I sez ,. Somep'n new and big ..
So down I come to see what I kin see. Hi.'
GIRL'S VOICE
Hi.
HERMIT
Hi, young woman,1

- 5MORE GIRIS V3ICES
Hi.
HEBtIT
Whatcha doin'?
A GIRL
Riveting«
HE B U T
Whatcha makin'?
A WOMAN
Making planes.
HERMIT
Makes a heap 'a noise.
vJOMAN
You oughta hear the noise these planes make over Europe.
HE M I T
Hi.
YOUNG MEN'S VOICES
Hi.
HE M I T
Hi, young fellas«
MORE VOICES OF SOLDIERS
Hi.
HERMIT.
Where yuh goin' in them airyplanes?
FIRST SOLDIERS
Where w e ’re needed*
HERMIT
You all are pretty sore at ’em over there looks like to me.
about?

Whatcha sore

— 6 —
SECOND SOLDIER
What do you want, old timer.

Reasons*

THIRD SOLDIER
That’s like asking an executioner vihy he starts the juice on the electric
chair*
FIRST SOLDIER
We ’re killing murderers*
SECOND SOLDIER
That’s Our job,
HERMIT
I ’m a hermit — - I been holed up quite some time*
they murder*

I hadn’t heard —

FIRST SOLDIER
Folks who can’t fight back.
SECOND SOLDIER
Old folks.
THIRD SOLDIER
The sick and feeble —
FIRST SOLDIER
Women —
SECOND SOLDIER
Women think they’re lucky if they get to die — >
THIRD SOLDIER
They murder little children, too*..
FIRST SOLDIER
Heard about that?
SECOND SOLDIER
They stand around and watch the little children starve to death.

who’d

-

7

-

HEEMIT
You.’re makin’ that up,
FIRST SOLDIER
No, those things are happening tonight,
SECOND SOLDIER
We’ll get them for it —
THIRD SOLDIER
—

everyone of than —
FIRST SOLDIER

All the tyrants, big and little,
SECOND SOLDIER
All the torturers ——
THIRD SOLDIER
The liars and the bullies —
FIRST SOLDIER
—

everyone of them —
SECOND SOLDIER

—

every last one,
THIRD SOLDIER

tie1re going after ’em with seven hundred different kinds of hell,
that?

Hear

HERMIT
More p lanes —— more and more —
THIRD SQLDTER
Bombs,
FIRST SOLDIER
We drop more than three thousand tons, an average —
the beginning,

every day, that’s onlv
J

SECOND SOLDIER
Cannon.

THIRD SOLDIER
Rockets#

FIRST SOLDIER
Flame throwers.
HERMIT
Lot ’a noise#
SECOND SOLDIER
You ought to hear the noise in Europe.
HERMIT
What’s that?
THIRD SOLDIER
Tanks•
HERMIT
And that?
FIRST SOLDIER
More of the same —
SECOND SOLDIER
You know what that is — * men?
HERMIT
Men marching •*.
THIRD SOLDIER
... millions of them ...
FIRST SOLDIER

7

marching to Victory.
FOURTH SOLDIER

"The Free men of the world are marching together to Victory. Let us
beseech the blessings of Almighty God upon this great and noble under­
taking."

~ 9 r,
WALTER HUSTON
This is V/alter Huston broadcasting
Texarkana where the Secretary of
the Treasury, Mr, Henry Morgenthau^ Jrfj has come for the official
opening of the Fifth War Loan Drive
HERMIT
What say?
WALTER HUSTON
The Bond drive.

The fifth War Loan drive.
HEEMIT

Never heard of it.
WALTEE HUSTON
Old timer, I don’t think you’re typical of Texarkana.
HEfMI?
Ain *t no such town. Besides, X ain’t from Texarkana, and besides, there
ain’t no Texarkana even if .1 was. They’s Tex and they’s Ark, two
different towns.
».
t ,■
’t' >y-:
WALTER HUS .TON
Legally they’re different, but that’s all.
Mister, er —

Look, w e ’re on the air,

HESMIT
Hector - my name’s Hector.

Hector the Hermit.
WALTER HUSTON

I see —

and your profession?
HERMIT

Hermit. Heerd the music so I come on in# Well, sir, this is the rootin'
tootinest, golddangest great big enormous huge medicine show X ever see.
Hi, there, young woman. Hi.
LOIS ANDREWS
Hi, there•
HERMIT
My name’s Hector*

I ’m a hermit.

Who’re you?

-

10

-

LOIS ANDREWS
Lois Andrews,

I ’m a movie actress,
HEMIT

Them other folks up there

who’s them,
LOIS ANDREWS

Well, that’s Joseph Cotten over there, That’s Agnes Moorehead ••, then
there's Keenan Wynn and Edgar Barrier, Alan Napier and Alexander Granach
You’ve just been talking to Walter Huston —
HERMIT
Who's the little girl.

Hi there, little girl.
GLORIA JEAN

Hi, there.
LOIS ANDREWS
That’s Gloria Jean*
HERMIT
Whatcha doin' up so late, young miss*.
GLORIA JEAN
Same thing as everybody else, I guess.

I ’m selling Bonds.

HERMIT
Bonds,
is it?
me.

I knew you folks was sellin' somepin' cuz I got in free. Bonds,
What'll Bonds cure. I ain’t ailin' — - ain't nothin’ wrong with
*
WALTER HUSTON

There's a lot wrong with the world, old timer..
GLORIA JEAN
That's why we've got a war on our hands. W e ’re fighting what’s wrong,
and it's worth all we can give to make it right,
HERMIT
Now don^t start a' preachin’ at me,.

-

11

-

-WALTER HUSTON
There won’t be any sermons here tonight, old timer.
HEMT

We promise you that.

,

How’s about some music.
WALTER HUSTON
Vie’re going to have some music now * but we ’re not forgetting either that
in many parts of the world tonight there isn’t any music.
AGNES MOOREHEAD
On the battle fronts they haven’t time for music.
WALTER HUSTON
Right.
keenan

mm

In the slave countries they haven’t any reason for it.
ORSON WELLES
This broadcast is a celebration of the reasons for music — HERMIT
Who’re you?
ORSON WELLES
I ’m.the producer of this broadcast. W e ’re going to bring you music, but
this broadcast is dedicated to the men and women who are too busy for
music — ► To all our fighters on all the fronts.. And since w e ’re having
music, we can’t think of anything better than the ’’Song of the United
Nations”• The Soviet composer Dmitri Shostakovich wrote it. Our allies
to the South have given us their Mexican symphony to play it, and ■
Leopold Stokowski from our own United States is going to conduct •• We
take you now to Mexico City.
• WALTER HUSTON
Walter Huston speaking. W e ’re back now in the States — to be precise on
the border between two states ■+— Texas and Arkansas. The state line
runs up Main Street in this bright and busy little City — Texarkana —
where we’ve taken our microphones for the opening of the Fifth War Loan
Drive.
HECTOR
Ain’t no sech town, I tell yuh.

-

12

-

WALTER HUSTON
You again.
HECTOR
Me, Hector the Hermit* Ain't no Texarkana.
They’s Tex and they's Ark,
two towns — separate — Ark and Tex. Ain't no Texarkana,
WALTER HUSTON
You’re wrong about their being separate. They aren’t any more. Used to
be pretty wild country out here and differences of opinion were settled
mostly with guns or Bowie Knives, But that’s all changed, it's a fine,
neighborly, lavz-abiding community they've got there nowadays, so don’t
let anybody tell you there's something ornery in the nature of us humans
that makes us have to fight each other, even around borders and boundary
lines. You oughta see how well they get along together here in
Texarkana. And when you write a letter here you just address it Texarkana,
U.S.A. 1£otu couldn't ask for a nicer, friendlier settlement of a border
dispute.
HERMIT
Mister, you’ve talked me out of that one.

But now, about this war—

WALTER HUSTON
Look here, Mr. Hermit. I think w e ’ve let you heckle us enough, A hermit
is the only sort of man X can think of who doesn't know by now what this .
war's about. Frankly, we aren’t fighting to make the world safe for
hermits. We're fighting to make it safe for people everywhere who like
each other’s company, safe for them to pray where they want to and say
what they feel like. We don't approve of Governments that people are
afraid of. We don’t like anybody to go hungry. We don't think that
peace and poverty get along together. A hermit wouldn’t care about these
things, but they mean everything to us. And here’s another thing — we
aren't fighting over territory — w e ’re fighting over a difference of
opinion — Here are the opinions — even a hermit ought to recognize
the difference. Here's Orson Welles who wrote this show* He's going to
present them —
ORSON WELLES
Just a minute, Walter, I didn’t write what you’re going to hear now.
What you're going to hear now are the real words of real people — the
people on our side — and the other’s. In the Democracies, in peace­
time anyway, we like to think there are two sides to every question*
Well .... I give you Dr. Rosenberg, head of Nazi Bureau.
ROSENBERG
The other side has no right to criticize*
they are still alive.

They should be grateful that

- 13 ORSON WELLES
Please understand these are exact quotes* ’’The other side has no right
to criticize. They should be grateful that they are still alive*”
LAERTIUS
The most beautiful thing in the world is freedom of speech*
ORSON WELLES
Diogenes Laertius said that two hundred years before the birth of Chris,.%„
I give you now, Dr* Goebbels, head of Nazi propaganda^
GOEBBEIS
With us the subordinate does not criticize his superior, but only the
superior, subordinates•
ORSON WELLES
Said Homer
HOMER
To speak his thoughts is every free man’s right.
SAUCKEL
Discussions of matters affecting our existence and that of the Nation
must cease altogether,
ORSON WELLES
That’s a Nazi order — * the precise terms,
VOLTAIRE
Liberty of thought is the life of the soul*
PLATO
All men are by nature equal.
ARISTOTLE
Democracy arose from men’s thinking that if they are equal in any respect
they are equal absolutely*
ORSON WELLES
That was Voltaire, Plato and Aristotle in that order —
Herbert Spencer.

and now, here’s

SPENCER
No one can be perfectly free till all are free.
■ ORSON WELLES
Now, that’s a big part of what we believe — * "No one can be free till all
are free.” Nobody owns us — -.we have our rights. And we don’t own
anybody, either — because they have their*s. But each one of us belohgs
to everybody, — that has to do with our duties. Said John Donne — DOffiE
No man is an island entire of itself, every man is a piece of the
continent, a part of the main, if a clod be washed away by the sea,
is the less, as well as if a promontory were, as well as if a manor
friends or of thine own were, any man’s death diminishes me because
involved in mankind, and therefore, never send to know for whom the
tolls, it tolls for thee.

Europe
of thy
I an
bell

ROUSSEAU
As soon as any man says of the affairs of the state, f,Y\0nat does it matter
to me,” the state may be given up for lost.
OESON WELLES
That was Rousseau speaking, and now, here's Thomas Jefferson.
JEFFERSON
Where every man feels that he is a participator in the Government of
affairs, not merely at an electioh. one day in the year, but every day,
when there shall be not a man in the state who wilt not be member of one
of its councils, great or small, he will let his heart be torn out of his
body sooner than his power be wrested from him by a Caesar or a Bonaparte.
HI TIER
A nation must be deceived if one will secure the devotion of the masses
of the people.
ORSON WELLES
That's Adolph Hitler's own formula for success — * "deceive the people.”
JEFFERSON
The:American Revolution has shown us the happy truth that man is capable
of self-Government and only rendered otherwise by the moral degradation
designedly superinduced on him by the wicked acts of his tyrants.

- 15 ~
HITLER
That bases of ray program are blood* fire and personality*
ORSON BELIES
I see*
WILSON
Only free peoples can hold their purpose and their honor steady to a common
end* and prefer the interests of mankind to any narrow interest of their
own*
HI TIER
Our youth will be educated to think and act as Germans*
ORSON WELLES
Woodrow Wilson, was speaking before Hitler interrupted him*.
HITLER
As long as they live* our German youth will never again be free.
ORSON WELIES
Not if you have anything to do with It* Look here* I want to emphasize
that these are Hitler’s words. We didn’t make up any of this. It’s all
true. Here's fir. Ley* another Nazi.
LEI
We begin with the child when he is three years old* As soon as he begins
to think* he gets a little flag put in his hands. Then follows the school,
the Hitler Jugfsnd and Military training* We don't let him go until the
grave — whether he likes it or not*
ORSON WELLES
I give you a Nazi children’s song
CHILDREN’S VOICES
(singing) Peasants, leave your sowing
Little flowers will soon be growing,
Peasants* leave your plowing,
.■ We plow soon with the sword,
Heil HitlerJ
KRIECK
There is no place in the German Universities for truth for truth's sake.

ORSON WELLES
A Professor at Heidelberg that was — - Krieck is his name* And now,
a group of Nazi leaders, Von Papen, Feder, Von Killinger, a couple of
Ministers, and a youth leader.
VON PAPEN
Mothers must exhaust themselves to give life to children*
FEDEfi
The holiest thing in the world is the wife who is both servantvand slave.
ORSON WELLES
I hate to keep repeating this, but what you're hearing are the real words
of real men.
VON KILLINGER
All I had to do was wink and the brigadiers put the young girl over a wooden
pole. Then they beat her with horse whips until there wasn't a white spot
left.
ORSON WELLES
That happened.

These are real words, everybody*
MINISTER

We request that every hen lay between one hundred and thirty, and one
hundred and forty eggs a year.
YOUTH LEADER
Down with Mickey Mouse*
CHILDREN'S VOICES
Heil,; Hitler.
ORSON WELLES
Here's a Nazi News report.
VOICE
The young employee — - a girl — who had held her position for five years, was
dismissed. .The official reason given for the dismissal was the allegedly
hostile mentality of the girl's father against the state, Heil, Hitler.
GERMAN VOICE
Heil, Hitler]
ANOTHER GERMAN VOICE
Heil Hitler, I give you Dr. Franks Reich Minister of Justice.

DR* FRANK
Heil, Hitler. We do not recognize any tradition of civil rights» we do not
recognize civil rights* Heil, Hitler.
CHORUS
Heil Hitler*
DR. FRANK
A dismissal without notice can be based upon reasons having taken place after
the dismissal* Heil, Hitler* I give you Dr. Streicher*
STREICHER
If, after a period in a Concentration camp, anyone fails to appreciate the
privileges of citizenship in the Third Reich, he had better leave the
country.
ORSON WELLES
We bring you now a little Nazi erport news.
voice

The tennis team of Blau-Weiss has been deprived of its Victory because of the
unsatisfactory result of the discussion on political philosophy which the
district sport leader.'had with the members of'the team after the matches.
Victor in a sport contest in the Third Reich can only be he who is fully
conversant with our way of thinking.
CHORUS
Sig Heil, Sig Heil, Sig Heil.
A GERMAN VOICE
Reich Minister Hermann Goering.
CHORUS
Heil Hitler.
A GERMAN VOICE
Reich Minister Kerri.
KERRL
God has manifested himself not in Jesus Christ, but in Adolph Hitler.
HITLER
My will

—

18

T

KERRL
My Fuehrer.
CHORUS OF MALE VOICES
The Fuehrer,
HITLER
My will —

that must be the creed of all of us.
GOERING

Heil, Hitler.
CHORUS
Heil, Hitler,
HITLER
Dr. Rosenberg.
ROSENBERG
Heil, Hitler. The Catholic and protestant churches must vanish from the life
of our people.
HI TIER
Everything that you are, you are through me.

Dr. Goebbels.

GOEBBELS
Everything the Fuehrer utters is religion.
HI TIER
My m i l .

That is your faith.

My faith is for me.

GOEBBELS
You, my Fuehrer, have given us our daily bread.
ORSON BELLES
And here’s Mussolini.
MUSSOLINI
Fortunately the Italian people are not accustomed to eating several times
a day.
CHORUS
Viva, viva, Duce, viva.

- 19 STREICHER
It is only on one or two exceptional, points ^.hat Christ and Hitler stand
comparison, for Hitler is far too big a man to be compared with one so
petty,
LUDENDOHFF
Christ was a false prophet, addicted to drink and cowardly like all Jews,
CHORUS
Sig Heil,
STREICHER
Jesus is the enemy of all Germans — r
CHORUS
Sig Heil,
STREICHER
Jesus is the enemy of blood and race,
CHORUS
Sig Heil, Sig Heil, Sig Heil,
ORSON WELLES
Those last two men are General Ludendorff and Streicher. It’s hard to
believe it, but they’re real men. And now, a thought from Dr. Gross
of the Nazi Office for Race Politics,
GROSS
It has been claimed that every race on this earth is a thought of Godf
Therefore, we claim complete separation between blood and blood in order
to avoid God’s thoughts being disturbed,
JEFFERSON
Resistance to tyrants is obedience to God.
ORSON RELIES
We’re going to repeat that — - a real man said that, too —
Thomas Jefferson.
JEFFERSON
Resistance to tyrants is obedience to God,
ORSON WELLES
Winston Churchill —

it was

-

20

-

CHURCHILL
Has any benefit or progress ever been achieved by the human race by the
submission to organized and calculated violence. As we look back over the
long story of Nations we must see that on the contrary their glory has
been founded upon the spirit of resistance to tyranny and injustice#
0I50N BELLES
Thomas Jefferson —
JEFFERSON
We are not to expect to be translated from despotism to liberty in
a featherbed.
'ORSON WELLES Tom Paine —
PAINE
Tyranny like Hell is not easily conquered, yet we have this consolation
within us, that the harder the conflict the more glorious the triumph.
ORSON WELLES
Woodrow Wilson —
.WILSON .
We shall fight for the thing we have always carried nearest our hearts, for
Lemocracy, for the rights of those who submit to authority to have
a voice in their own governments, for the rights and liberty of small nations,
for the universal dominion of right by such a concert of free peoples as
shall make peace and safety to all nations and make the world itself at
last free.
OISON WELLES
Democracy. We use that word a lot these days,
what it means .... Abraham Lincoln—

I hope we ’re all agreed on

LINCOLN
As I would not be a slave, so I would not be a master.
HITLER
The people will accept only a master.
LINCOLN
As I would not be a slave, so I would not be a master. This expresses my
idea of Democracy. Whatever differs from this to the extent of the
difference is no democracy.

GERMAN VOICE
I give you Adolph Hitler,
ORSON WELLES
You can keep him.
GEiMAN VOICE
I give you Mussolini.
ORSON WELLES
Try and find him.
MUSSOLINI
Democracy is talking itself to death.
want.

The people do not know what they

ORSON WELLES
Thomas Jefferson —
JEFFERSON
I know no safe depository of the ultimate powers of society but the people
themselves,
MUSSOLINI
The people do not know what is best for them.
ORSON WELLES
Abraham Lincoln —
LINCOLN
Why should there not be a patient confidence in the ultimate justice of the
people* Is there any better or equal hope in the world?
HITLER .
All that you are, you are through me.
CHORUS
Sig Heil, Sig Heil, Sig. Heil
.■ '

/

. WILSON-

■•
:

The real wisdom of human life is compounded out of the experiences of
ordinary men.
ORSON WELLES
That’s Wo»drow Wilson speaking

miBm
America does not consist politically of the men who set themselves up to
be political leaders* she does not consist of the men who do most of her
talking — they are important only so far as they speak for that great
voiceless multitude of men who constitute, the great body and the saving
force of the nation,
HITLER
My will.

That is your law.
CHORUS

Sig Heil, Sig Heil* Sig Heil.
■WHITMAN
The genius of the United States is not best or most in its executives or
legislatures* nor in its ambassadors or authors or colleges or churches or
parlors* nor even its newspapers 6r inventors .* but always most in the
common people .. their deathless attachment to freedom — the fierceness of
their roused resentment — the air they have of persons who never knew how
it felt to stand in the presence of superiors .. their good temper and
open-handedness — the terrible significance of their elections — the
President’s taking off his hat to them not they to him —
ORSON WELLES
That was Walt Whitman, our great American poet of Democracy.
the great German poet of Democracy* .Heinrich Heine —

And now here’s

.HEINE
If all Europe were to become a prison* America would still present a loop­
hole of escape and God be praised that loophole is longer than the dungeon
itself.
ORSON WELLES

•.
Thomas Wolfe —
WOLFE
I think the true discovery of America is before us. I think the true ful­
fillment of our spirit* of our people* of our mighty and immortal land, is
yet to come. I think the true discovery of,our own democracy is still
before us. And I think that all these things are certain as the morning*
as inevitable as noon. .1 think I speak for most men living when I say
that our America is here* is now* and beckons on before us, and that this
glorious assurance is not only our living hope* but our dream to be
accomplished.

I think the enemy is here before us, too. But I think we know the forms
and faces of the enemy, and in the knowledge that we know him, and shall
meet him and eventually must conquer him is also our living hope. I think
the enemy is here before us with a thousand faces, but I think we know that
all his faces wear one mask. I think the enemy is single selfishness and
compulsive greed. I think the enemy is blind, but has the brutal power of
his blind garb. I do not think the enemy was born yesterday, or that he
grew to manhood forty years ago, or that he suffered sickness and collapse
in 1929* or that we began without the enemy, and that our vision faltered,
that we lost the way, and suddenly were in his camp. I think the enemy
is old as time, and evil as Hell, and that he has been here with us from
the beginning. I think he stole our earth from us, destroyed our wealth,
and ravaged and despoiled our land. I think he took our people and
enslaved them, that he polluted the fountains of our life, took unto
himself the rarest treasures of our own possession, took our bread and left
us with a crust, and, not content, for the nature of the enemy is insatiate
tried finally to take from us the crust.
HITLER
Success is the sole earthly judge of right and wrong.
CHORUS
Heil, Hitler.
HITLER
The very first essential for success is a perpetually constant and regular
employment of violence.
CHORUS
Sig Heil, Sig Heil, Sig Heil.
ORSON WELLES
Oh, shut up. (Sig Heil continues) Well, we ’ll shut ’em up before long —
pretty soon.
JEFFERSON
We are not to expect to be translated from despotism to liberty in
a featherbed.
ORSON WELLES
Yes, we mustn’t forget that, either — And you know, w e ’ve started talking
about America, Of course, w e ’re only a part of this war, but w e ’re a big
part of it and a proud part of it. Tom Paine PAINE
Vie fight not to enslave, but to set a country free, and to make room upon
the earth for honest men to live in.

- 24 ORSON WELLES
And as General Eisenhower put it a few days ago - u ....security for ourselves
in a free world.” Thomas Jefferson ~
JEFFERSON
I will not believe our labors are lost. I shall not die without a hope that
light and liberty are on a steady advance. We have seen, indeed, once
within the record of history, the complete eclipse of the human mind continu­
i t y for centuries ,.teven should the cloud of barbarism and despotism again
the science and liberties of Europe, this country remains to preserve
and restore light and liberty to them. In short, the flames kindled on the
Fourth of July, 1776, have spread over too much of the globe to be extin­
guished by the feeble engines of despotism, on the contrary, they will consume
these engines and all who work them.
HERMIT
Lookee here, now don't get sore at me fer buttin' in —
WALTER HUSTON
Mr. Hermit, weren't you satisfied with what you heard.
what's the war about.

Do you still wonder

HERMIT
I'm satisfied. But there’s somepin' else —
with the Secretary of the Treasury.

I wonder-còuld I get awbrdnin

WALTER HUSTON
Well, now, really, Hector —
MORGENTHAU
That's all right, Mr. Huston.
What can I do for you.

Hello, old timer, my name's Henry Morgenthau.

HECTOR•
I reakon you all are pretty sick 66 me speakin' up in meetin' like this but I don't get around much, bein' a Hermit by persuasion — and 1 didn't
jist quite ketch the drift &\ what you fellas, was talkin' about. Seems
the war's still on — is it a new'war? Mebbe you can set me straight,
Mr. Morgenthau. What kindawar is it?
MORGENTHAU
Th.se are pretty big questions, old timer. I don’t think those questions
should be asked tatithout some answers ,. I'd like to hear some.

- 25 WALTER HUSTON
Well', Mr* Secretary, here's a whole batch of bond pledges.
just pick one out 'of the hat, so to speak — at random*

Suppose you

MORGENTHAU
All right*

Here’s one - Mrs* 'William H* Tanner.
MRS. TANNER

Here *
WALTER HUSTON
Speak right into the microphone Mrs* Tanner .. our friend, the hermit here,
wani£ to know if this is the same war or a new one.
MRS. TANNER
It ’s a new one•
WALTER HUSTON
Anything you’d like to add to that?
MRS. TANNER'.
Yes — I guess i t ’s really a new war in every way because - well, because
there're new hopes that go with it,.— you know - for the future.
WALTER HUSTON
Mr. Secretary —
MORGENTHAU
It’s true w e ’re fighting to defend our way of life, but I agree with
Mrs* Tanner — I think there's more to it than that. YTe’re fighting for
a better life — a freer life, a larger promise for the generations ahead
of us •
MRS. TANNER.;
That’s right, Mr. Morgenthau. W e ’ve got a better idea now about what the
world ought to be like ,. and what our duties are to each other to make it
that way.
MORGENTHAU
Yes, I think we're all of us convinced today that we owe something to the
needy and to the old and to the sick .. I think we're fully convinced at
last that we simply haven't the-right to let anybody starve for lack of food
or a job.

- 26 WALTER HUSTON
Thank you, Mrs, Tanner —

pick out another name, Mr. Secretary.
MORGENTHAU

All right — 1here’s one.
WALTER HUSTON
Mr. Ralph H. Burling.
BURLING
I disagree.
WALTER HUSTON
Here’s the microphone, Mr. Burling.
BURLING
Well, I don’t disagree exactly, but, still in all I think w e ’d call this
the same war.
WALTER HUSTON
Yes BURLING
Yes,' I ’d like to say it started back in 1776.
MRS. TANNER
That’s 'true in a way, of course. .
MISS VERNON
Of course it’s true.
WALTER HUSTON
What’s that?
MISS VERNON
Oh, excuse me —
thinking.

you didn't call on me, I know.

MORGENTHAU
Not at all, Miss - go right ahead.

I just spoke up without

- 27 WALTER HUSTON
Your name, please,
MISS VERNON
Rachel Vernon — • but that doesn’t matter —
school girl,

excuse me,

I ’m justa high

MORGENTHAU
Please go ons
a little,

We Americans are proud of our free speech —

let's have

MISS VERNON
Well, I was just going to say that history shows that our Democracy
hasn't come very cheap.
WALTER HUSTON
Mr. Secretary
MORGENTHAU
If I understand this young lady correctly, she’s saying that everything
we value here, we've earned the hard way.
MISS VERNON
Yes, sir. We may have grown and prospered in the years of peace, but
President Wilson said, "The right is more precious than peace."
- WALTER HUSTON
Go on, Mis S' Vernon.
MISS VERNON
Well, I was just going to say that I think most of us have come to feel
that there won't be real peace until after the last war. That’s all,
thank you.
MORGENTHAU
I think'we all agree with you, Miss Vernon.
this war is a war against war itself.

I think we all agree that

MISS VERNON
Excuse me — - what I me ait to say is w e ’ve been fighting war from the
beginning.

28

-

: MORGENTHAU
That’s right#

MISS VERNON
America, I mean .. fighting war — w e ’ve never really stopped,

A M A N ’S. VOICE
Right,

And we w o n ’t stop till w e ’ve won,

HALTER HUSTON
Good for you.

Excuse me, Mr. Secretary.

Please go on.

MORGENTHAU
We have strong allies now, brave friends fighting beside us in the field.
We have the finest Army in our history and the biggest Navy in the World .»
and now w e ’re surevof winning. But it w o n ’t be easy, we know that, too.
It may be very hard — terribly hard .. but here at home we can make winning
easier,*and we can make it shorter .. wha t ’s more, we can make this most
recent battle in our long war to win freedom and to hold it — the last
battle. That's up to us. This is a people’s war. It isn't financed by the
banks. Because they believe in this war — in its full justice .. because
they have confidence in the outcome and faith in its high purpose, the people are financing it. This people’s war of ours is' fought on fronts all
over the world. Last week we opened a new front on the continent of Europe.
That front alone is the biggest project in military history. You can be
sure that the Invasion didn't begin until we were ready -— and you must
know that getting ready costaa lot of money. General Marshall told me last
Wednesday before he left for England that our war expenditure for the last
three months of this year will be the highest yet' ... "And we've just started,"
he told me — these are his words — 'We've just started on the beaches of
France a flaming war ..." Now here are some cold facts — it costs 86
thousand dollars to lay a smoke screen across a twenty-mile beachhead.
I ask you to imagine the money required to land a single Division of men.
To march from Naples to Rome it cost us six billion seven hundred million
dollars including equipment, training, etc. I leave it to you to imagine
what it will cost to march from Rome to Berlin; The cost of taking the
Marshall Islands was six billion dollars. That includes planes, oil, ammuni­
tion, ships and the training and equipping of personnel — six billion
dollars. Again I-leave it to you to imagine what it will cost us to go from
the Marshall Islands to Tokyo. W e ’ve spent almost two hundred billion on the
war already. By the end of the next fiscal year we will have spent at least
ninety-nine billion more for all purposes. Some of this we'll get from
taxes, — out of every dollar, ninety-five cents goes to pay for the war —
but we're still going to be fifty-seven billion dollars short, and this money
w e ’re going to have to,borrow from you. With the United Nations, America is
pledged to the total defeat of the enemy. Pledged — in the words of
General Eisenhower — "to bring about the destruction of the German war
machine, elimination of Nazi tyranny over the oppressed peoples of Europe,
and security for ourselves in a Free World."
That's our definition of

Victory. We must not let the President — our Commander-in-Chief — worry
whether w e ’ll be able to pay for that Victory. The harder we fight the
sooner w e ’re going to win. We are going to give our Armed Forces the
money they need. The very life of Democracy is the people’s trust in
themselves. The people can finance their security in a Free World.
We’re doing it now, but the amount needed is tremendous• It begins with
ten cents .. it goes up to anything you can afford, and it ends with
victory — full victory — and a sure peace.
YOUNG M A N ’S VOICE
I’d like a word or two in this meeting.
WALTER HUSTON
Hello, hello there, who’re you?
MAN’S VOICE
Me, I ’m lots of people*

Call me Joe.
WALTER HUSTON

Welcome to the meeting, Joe.

Stand up, Vie can’t see you.
MAN’S VJICE

Sorry, can’t stand up .. besides, you wouldn’t wrant to see me. I don’t
want you to -— not now. Maybe you’ve got a snapshot, look at that.
Remember something good we both enjoyed, something we liked together.
Remember the last time you saw me smile, mark where I left your life with
t h a t — a smile .. that’s how I ’d like it.
WALTER HUSTON
Who are you, Joe.
MAN’S VOICE
Me, I thought I told you. Lots of people. I: mowed your lawn and jerked
your, sodas. I v/ashed your windoY/s and soaped ’em on Hallowe’en. And
I broke one of ’em with a baseball, remember. I sat in your classroom.
I ran the elevator in your office building. I brought your groceries and
delivered your telegrams, I even sang happy birthday to you, and I shined
your shoes and once I hit you with a snowball. You remember me. When
you were sick I made it worse yelling ollie ollie oxen free out in the
street I woke you up in the middle of the night — that was me when I was
little — bawling in the next apartment or maybe that was me bawling in
the next room, if that was me you didn’t mind it so much and I don’t
have to remind you of anything. You remember. Like I say I ’m lots
of people. You out there, maybe you’re my folks, or my boss maybe or my
friend. Maybe you chased me out of your front yard. Maybe you and I were
going to be married — some day after the war* Maybe we got married.
You may have borne my children. Maybe I ’m your father ... You out there —

- 30 you’re lots of people, too.' But here’s something definite, specific,
final. It’s about me* I'm not coming back. look for my buddies when
it^gover over there ... they’ll be back ... when the bands are playing
and the bells are ringing you’ll see them marching through the snow of
ticker tape, laughing and waving at the girls. Look for them. You’11
find them .. and thank God they're back.
Thank me, too, if you think
of it. Some of you won’t think of anything else. You out there —
what I ’ve got to say is for you to hear, you out there — you — you, too
listen, know who I am. X hope I ’m nobody you love, but if I'm not yet,
neither one is sure I won't be. Here’s a question for you — what do you
think I feel like when I hear you — you back there — talking about the
peace, the peace I'll never live to see. I ’ll tell you how I feel about
it, I. feel just fine. Why do you think I'm staying over here ... but
right now give me a minute of your time. First of all, I want to tell
you that we ’re going to win this war. Sometimes it may not look that way
to you. I don't mean the war news’ll be bad — though it may be bad.
We’ve got a lot of desperate men to kill, and lots of them will do the
killing before it's over. Yiihat I mean is, when I ’m gone, for you *
who love me it may look like the war's lost — just for a while, anyway,
do this for me. Don’t ever believe it. After the Revolution a lot of
boys didn't get to go back home. We won that war, all right. And life
wouldn't be worth living if they hadn't thought enough of life to die
for it. I remember some of you folks saying once that war doesn't make
sense, making war doesn’t ... you were right about that. But we didn’t
make this war. Our job is to end it, and I mean end it. We're going
to smash the war makers and break them for good. That’s winning the war
and that’s what we're going to do, and that makes sense. All the sense
in the world. I want you to hate those men who made the war, don't hate
the war. It's taken me away from you, but I want you to remember all
the things they tried to take away. More important things than me
not only for the world — important for you, too. I want you to be sure
of that. I want those things to be more important to you than I am,
because I want my death to mean something. You see, there isn’t
anything more I can do about it. All I can do is die. It ’s meaning
something is up to you. That's up to you.
WALTER HUSTON
There are mothers and fathers, wives and children — families all over
America whose boys are fighting the war we ’ve been talking about. In
these homes tonight there is terrible anxiety and there are questions
how is the war turning out
what’s the truth about it
what’s the
latest news. In only one of these homes is there a father who knows
any of the answers. Ladies and Gentlemen, we bring you now the President
of the United States.

- 0O0

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, June 13» 1944._______

Press Service ^
~^

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 June 15 and to
mature September 14, 1944, which were offered on June 9, were opened at the Federal
Reserve Banks on June 12,
The details of this issue are as follows!
Total applied for - $2,193,852,000
Total accepted
- 1,200,955*000 (includes $52,297,000 entered on a fixedprice 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

- 99.909 Equivalent rate of discount
Q*360£ per annum
- 99.905
"
*
»
■
approx. 0.376% n
"
(49 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

$ 70,670,000
1,625,660,000
73,861,000
55,700,000
17,945,000
7,503,000
300,865,000
69,535,000
10,605,000
18,293,000
7,360,000
127.675.000

$

#2,193,852,000

#1,200,955,000

TOTAL

J

61,753,000
727,819,000
46,219,000
50,498,000
16,596,000
6,998,000
162,676,000
37,660,000
10,605,000
16,315,000
6,340,000
79.680.000

TREASURY DEPARTMENT
: Washington

?GR RELEASE, MORNING- NEWSPAPERS,
Tuesday, Jun e 13* 1 9 4 4 .

6-12-44

S 111 I 'SS

P r e s s S e r v ic e
No. 4 2 -2 5

RRO'Rjl' ■■

The S e c r e t a r y o f th e T r e a s u r y announced l a s t e v e n in g t h a t
t e n d e r s f o r $ 1 ,2 0 0 ,0 0 0 ,0 0 0 , o r t h e r e a b o u t s , o f '9 1 - day T r e a s u ry

the

b i l l s t o be dated. June 15 and to m ature Septem ber 1 4 , 1944, w h ic h
were
on

o f f e r e d on Jun e 9 , w ere opened a t th e F e d e r a l R e s e rv e Banks

June 1 2 .
The d e t a i l s o f t h i s

is s u e a r e a s f o llo w s :

T o t a l a p n l i ed f o r - $ 2 ,1 9 3 ,8 5 2 ,0 0 0
T o t a l a c c e p te d
- 1 ,2 0 0 ,9 5 5 ,0 0 0 ( in c lu d e s $ 5 2 ,2 9 7 ,0 0 0
e n te re d on a f i x e d - p r i c e b a s is a t 99*905 and a c c e p te d in
f u ll)
A v e ra g e p r i c e
- 99 *9 0 5 /E q u iv a le n t r a t e o f d is c o u n t a p p ro x
0 . 375/o p e r annum .
Range o f a c c e p te d c o m p e t it iv e b id s :
H ig h

- 9 3 .9 0 9
Ov 36QJB
- 9 9 . SO 5
0 . 3 7 6p

lo w

E q u iv a le n t r a t e o f d is c o u n t
p e r annum
E q u i v a l e n t r a t e .o f d is c o u n t a p p r 0 x
p e r annum

(49 p e rc e n t o f th e amount b id f o r a t t h e low p r i c e was a c c e p te d )
F e d e r a l R e s e rv e
D is t r ic t

T o ta l
A p p lie d f o r .__

B oston
Y o rk
P h ila d e lp h ia
C le v e la n d
Richm ond
A t la n t a
C h ica g o
S t ♦ L o u is
M in n e a p o lis
Kansas C i t y
D a lla s
San F r a n c is c o

$

New

TOTAL

, ,

70,670,000
1 425 840,000

7 3 ,8 6 1 ,0 0 0

5 5 , 7 0 0 ,0 0 0

1 7 .3 4 5 .0 0 0
7 .5 0 3 .0 0 0
3 0 8 .8 6 5 .0 0 0
6 9 .5 3 5 .0 0 0

$

41,753,000

.727 ,819,000
46-, 219 , 000
50 ,498,000

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

16.594.000
6 . 9 9 8.000
162,674,000
37.660.000
10,605,000
14.315.000
6.3 4 0 . 0 0 0
79.480.000

$ 2 ,1 9 3 ,8 5 2 ,0 0 0

$1,200,955,000

10.605.000

'

T o ta l
A c c e p te d

- 0 O0 -

sows pretty strong differences as to juat how the Job should bo don# *»
injured fooling# over credit or public recognition for certain ports of
it*

But those fade «way pretty rapidly end no hours soon too long —

sowing sosies too ssioh trouble ** when people stop to resell what our
fighting wen are up against*

m

y m

.

•rii» oelling for thè use of »«mi of their aavinga# Redeapttona of
neceseity «ili be museroua, but thè record la goed* Over 90% of eli
thè aavinga bendi Serici 1* F# 0 that beve beta teli ere itili in thè
bende of thè perebecere er their beneficierica*
Sow ve ere In thè miàat ef thè Sth War tea»#
le

billion*

t bere

f
The goal for Individuili

been talking about M bende but there ere eleo other

iiiuea in thè beaket end we beve to teli
other issuee te reaeh thet goal»

bllllen er nere ef thèse

Saturaily corouaroial end investment

banking pcople are eepeeìally equlpped te tabe thè lead In that part ef
thla many aided Job#

fhe people ohe ean buy theae bendi are your

euitomere end friendi and they vaine yeur eouniel In connection with
investment«*
Tour National Associatien bea publiihed e brief beeklet on thè
Sth Bar Lean —

vith speelflo suggestione baaed en «ueeetaful experlenee

in »any arena*

Mr* Baiter MeCluoas la actlng far thè American Bankera

Associatien In Michigan far thè develepeent of stili acre intensive
personal solioitation ef bank eustornerà*

thla natlonwide program la

geing to make a greet contributi©« to thè eaiapaign and agcin

t vant

to

expreaa thè tfcanka and appreelatlon of thè Treasury for ehat bankera are
dolag*
In oloelag* let

m

reaiad yen ehnt thla li eli about*

Mar Finanoo

le e vitel peri ef thè gre&t etmggle end thè outooao of ehloh thè fetore
of our Metien depende •• thè chele future of thè vorld*

In thè War Bond

Program ee in eli huaea affaira a little friotlcn aoaatinea develops —

- 6 m

Those with 8 to #6*000 average atout #6100 apiece and those o w
#6*000 average about #9400 each after taxes*
Clearly those in the higher group hare the greater opportunity —
and obligation **» be save •• and of oouroe they are doing it*
But there ia such evidence that the earing» aro very widely
distributed *• and the market haa been constantly broadening duo to
tho offerta of good people like yourselves and the nilliona ef ear
bond volunteers*
In tho First Bar Loan 19 million separate pieces of Sorlos I bonds
wore soldi in the Second* St| «illion units j la tho Third, 68$ million,
and in tho Fourth* «9*966*000*

/faeces Mé%44 (ff

^

é>Co
\
i»7«o?^definitely kn<

^

*/
/

/

"

z
it it is

parsons / & n é r*i

Bo, knew there
ngo,
Payroll Sarin

on

^ A pxtcM

^

'at

rai

te ai

of'a'ibOOT a #¿6/

«ontr per parson#
As a sailing Job* tho distribution of ttuii.il««"»-war bonds overshadows
anything that «as orsr attempted or iaaglned#

It is a groat tribute to

the patriotism, the faith* tho confidence and tho unity in osoontials of
tho Asterloan people* and to their good judgment*

Incidentally, I think

you will agroo that no article oould bo distributed so widely and in
such rolusi» unless it was a good piece of aorohandioo* «oil tailored to
the needs of tho Market#
<Just on* nord «boot
M

such*

¿U

r/

^ t

i.

»4»

redeemable bona* end «ala

In th« U w t of the n i n i a n s * 1« own then, many emergeneie*

te

W

^
^A<-t <Z

i/u£

”

Of

individuali about 49 nilliorv or moro than 72% bava not

incomes of #2,000 a year or loos* lot incoino ao tho torà 1« used boro
msans gross Incon» loto tho deductions, other than personal exemptions,
allowed on income tax returns* Tho group with not Incomes of 2 to
#5,000 a year numbers about 16*7 million, or about 25,%, and those over
#9,000 are only 1*7 million, or $i% In numbers*
And hero it how tho dollaro of inoomo and direct tamos aro
apportioned among the throe groups«
__
Total
Millions of Bsrsens
Income Payments
Direct tax#« (federal.
State and Local)

67*9
198
81

Income after Tax««

192

Average Sot Ineoms
after Taxes

#1960

dot Inoomo €lasso»
Over
#8.000 to
% to
#8.000
#6.000
#6.000

*6.9
lief
In Billions of Dollars
i!r..T.. 89

Jl

26

JL

64
82
in Dollari
#1600

1*7

#6100

16
#9400

(figures in last line rounded to nearest fifty dollars*)
Those with loss than #9,000 a year have 7/8 of tho sum of
individual incomes after taxes and those with #8,000 a year or loss
have almost half of it*
But those figures, unless analysed, eaa bo somewhat misleading ao
to ubero tho sycln^s are* Tho dollar figuro« aro after tax»« but before
payment of living ooeto* Those with #2,000 or loss have half tho income
64 billions **» but there are almost 49 million of them so tho average
ineeme after taxes of tho pooplo in this group is only about #1,800*

4
Applied in 1948 about et follo«®i
In«uranoe

4Milione

Increate la fotkgi Account«

4

Debt repaymtnt

1

Other Investment»

m 2

Ftderel Securitlet

13

laereete la ourreney «»4
denand depotite

13
88

For 1944 thè etti»»te of Individue! incorno« le 188 Milieu«*
©ireot tante vili talet about 81 blllieat end eontuaer «pendingt 94 Milione,
I

lsaving l^quid «avingt of 33 billione# Inaur&noe «ad thè other utet
mentioned «beve nay ebsorb 19 Mlllont# te th# aaount ve tea try for la
thè tale of Federe! «eouritiet te individuale le 83 Milione« Ite eaanot
hope te ©et It eli, bui it le there* that le thè aaount that vili apparently
go iato Federai «eouritiet piai further iucre&aea la ourreney «ad ©heeking
aocounta ef individuai«#
le» «die hat theee lìquìd tavings? 1 «a ture many ef yen are
thinking "X doa*t eeem te bave any vtry iaferti&t «aringa, after 1 gat
through paying ay tea#1*
Sue iaterettlng light le shed m that by idi# attirate« ef thè
dlvitloa ef thla income flow amoog inooste groups#
There are believed te be about 37*3 nilliaa Individuai ineene
reeeivere in thia country ohe in 1944 vili reeeive 183 bllliont greto
and pay about 81 Milione in direct tenne# leaving 138 Milione ef
heee efter teme#

Som» of it mu«t Imi borroued fro» th» tank»*

Bui thio audienoo

noods no explanation of ufcy tho largoot poeeiblo amount ehould bo borrowed
fro® othor «ourooa and espeoially fro® th» largoot pooalbl» auabor of
individualo •** fro® tho oavinge of tho pooplo*

In tho 4th ISar Loan» te January and FObruary, individualo forniohod
more thaa

fi billiono*

Kegular Payroll Savteg» purohaoos aro rturaing at

tho rato of about |IS$ sdlllon a nonth

fro»

Ì7 odilim partecipante

•»

on tho avorago a lai £ Boni por poro»® por wmth*
The r e aro
market tesava•
tho flrat

*

oomo

rodoaptiona and ao®o turnover

te

tho aavinga note» and

fiat aboorption of Coveramont aooaritloa by tedividaala te

6 montho

of 1944 io ootimatod at about $5| billiono#

Tho goal far individuai aaloa in tho proooat drivo ~~ tho ith iter

t o m — lo li bllXlona# It la a atlff quota *• 1600 niXXion moro than

ha* ovor boon aold to individuala te ano drivo *• but i# it oan b» nodo
and anothor big Job dono at tho ond of thè year, telo yoarfa aboorptioa
of govomnont »»»uriti»» by Individualo oan vory largoly oneood tho
li billlon dollar aooonpiiohaont of 1943*

(

Unqueetlonably tho pooplo havo timi aavinga avallati» for a oubotantlally
largar invostment te i o v e m w w i t bando*

Estlnatad individuai incorna* In 194* «oro ld* M U 1 « M 1 * N i W m t
«unta on individuala, botic FOdoral and loaal, teak about 18 billiono.

Spandine for oonauaora goodsand urtici! »aro about M billlaoa* lattiti
about 88 bilHona of not Ufuld aaving» in tha banda of indirlduala. «bat
dld thay do witii tiioir M bilUana of catls|it »aperta «ho» thay »»ro

•

2

*

ha* bean disappointed* Su »any Stato» almost every County Chaira»» 1»
a banker*
Costai noir te the subject ef financing the ear* 1 «»at to review
la very condensed and rounded figures the Government#s expenditures*
tan receipts and borrowings since the attack en Bsarl Harbor* fheee
in »or prepared addrees are eet down in tabular formi
(Sn üllion» ef Hellere)
1948
1848

1944 (Estimated)

88

88

mu

J|

Jl

JL

88
fetal Expenditures
fax Heoeipts
JÉ
Befielt
w
Increase In Treasury cash balance T
48
Borrowing

90
88

V

99
48

fren Commercial à fiderai
Reserve Sani»
From Individual«
Ikon Corporations# eto*

84
11
80

1er Expenditures
Ventear Expenditures
(including interest)

84
10
14

8

s

jr

(figure» are reuaded end de net necessarily edd to total»# )
(figures on expenditures and the deficit inelude net outlays ef
Government corporations*)
fheee figures show the berrewisg needs this year will he about the
sane ae last year#
Vet increase in the publie debt in 1944 amounts to about 18 billions#
leaving almost 40 billions to be flmeneed by borrowing in the root ef the
year* ever and above any amounts required for the refunding ef maturities
end redemptions* That is the sis# ef the Job we have ahead#

dr

BymoiuJy
B« 8allAfee
fcojkfd#/^-*
A*
Miohlgsn State Banker«* Association
Detroit, Michigan
toe IS, 1944

a1

fi vas greatly honored by your ^realdont’e inritation to address
this convention and 1 espeetally welcome the opportunity to bring yea
the heartfelt thanks and deep appreciation of the Secretary ef the
Treasury for your Indispensable services In the financing of the ear#
The bankers of Utehigan and ef the dation, In tho fac# of a aovara
shortago of holp and a heavy eoanerelal lead, have carried a tremendous
burden of work for tho Treasury in tho handling of War Bond orders* Ton
have handled this naso of dotali without compensation other than tha
satisfaction ef serving your country and t assure you those serviees are
greatly appreoiatad by everyone at the Treasury» A« Under Secretary Ball
announced to tho proto at tho olooo of tho 4th lor Loan, over 80# of tho
18 billion dollars iron non-banking investors that reaehad the Treasury
in that campaign was handled by the bankst you will recall the quota did
not include any direct bank subaarlptiens* You handled the business with
accuracy and despatch and in the finest patriotio spirit*
The selling of course was dons by 8 million volunteers from all walks
of Ilfs* The various organised groups, including the school children,
that deserve special mention and special credit are Ihr too numerous to
mention, end in that great array ef volunteers, bank men and women played
a part eut ef all proportion to their numbers* there are only about
800,000 employees in the 14,000 banks ef the nation* Everyone naturally
eupeeta bank poopla to take position« ef leadership In this work sad no one

TREASURE DEPARTMENT
Washington

(The f o l l o w ! a d d r e s s by Edward E. Hall, .Assistant
the Secretary of the Treasury before the Mi
Bankers’ AssociationAis scheduled fo,r „delivery Jun
at 3 P>M.. Central Wag Time» and is for^

f

Detroit, Michigan

Grace:
HR^ *
Please see that this head conforms with our usual practise, aucL.
have the speech mimeographed and mailed to our list of 400 financial editors. Suggj
copies might also be distributed locally.
S W Prenosil
L.

ADDRESS OF EDWARD B. HALL, ASSISTANT SfcK TO THE SECRETARY
OF THE fRE SURI, BEFORE THE MICHIGAN STATE BANKERS* ASSOCIATION AT DETROIT,
MICHIGAN, at 3 p* m. (Central War Time) AND IS FOR RELEASE AT THAT TIME.

DETROIT, MICH. JUNE^Hfe 15.

YVmlA.
/jyt\

V"

WoJLA

W u

vM y\

^fy

TREASURY DEPARTMENT
Víashing ton

(The following address by Edward B. Hall, Assistant
to the Secretary of the Treasury before the Michigan
State Bankers’ Association,Detroit, Michigan, is.
scheduled for delivery June 15> 1944 at 3 P«M*,__
Central War Time, and is for release at that time. )

X was greatly honored by your president’s invitation to address
this convention and I especially welcome the opportunity to bring you
the heartfelt thanks and bleep appreciation of the Secretary of the
Treasury for your indispensable services in the financing of the war*
The bankers of Michigan and of the Nation, ii>:the face of a severe
shortage of help and a heavy commercial load, have carried a tremendous
burden of work for the Treasury in the handling of War Bond orders. You
have handled this mass of detail without compensation other than■the
satisfaction of serving your country and I assure you these services are
greatly appreciated by everyone at the Treasury. As Under Secretary Bell
announced to the press at the close of the 4th War Loan, over u0% of the 16 billion dollars from non-banking investors that reached the Treasury
in that campaign was handled by the banks; you will recall the quota did
not include any direct bank subscriptions. You^handled the business with
accuracy and despatch and in the finest patriotic spirit*
The selling of course was done by 6 million volunteers from all walks
of life. The various organized groups, including the school children,,
that deserve special mention and special credit are far too numerous to
mention, and in that great array of volunteers, bank men and women played
a part out of all proportion to their numbers.
There are only.about
300,000 employees in the 14*000 banks of thé Nation.^ Everyone naturally
expects bank people to take positions of leadership in this work and no one
has been disappointed. In many States almost every County Chairman is
à banker.
Coming now to the subject of financing the war, X want to review,
in very condensed and rounded figures the Government’s expenditures,
tax receipts and^ borrowings since the attack on Pearl Harbor. These
in my prepared address are set down in tabular forms

y
.- 2 (In Billions of Dollars)
1942
1943
War Expenditures
Non-war Expenditures
(including interest)

52

85

92

■JL'

-1

_7

90
li

99

Total Expenditures
58
Tax Receipts
16
Deficit
41
Increase in Treasury cash balance 7
Borrowing
48
From Commercial & Federal
Reserve Banks
From Individuals
From Corporations, etc.

1944 (Estimated)

24

10
U

56
2

42

iZ

n

,

24
13
20

(Figures are rounded and do not necessarily add to totals.)
(Figures on expenditures and the deficit include net outlays of
Government corporations.)
These figures show the borrowing needs this year will be about the
same as last year*
Net increase in the public debt in 1944- amounts to about 18 billions,
leaving almost 40 billions to be financed by borrowing in the rest of the
year, over and above any amounts required for the refunding of maturities
and redemptions. That is the size of the 30b we have ahead.
Some of it must be borrowed from the banks. But this audience
needs no explanation of why the largest possible amount should be borrowed
from other sources and especially from the largest possible number of
individuals — from the savings of the people.
In the 4th War Loan, in January and February, individuals furnished
more than $5 billions. Regular Payroll Savings purchases are running at
the rate of about 4t>485 million a month — *■ from 27 million participants —
on the average a |>25 E Bond per person per month.
There are some redemptions and some turnover in'the savings notes and
market issues. Net absorption of Government securities by individuals in
the first 5 months of 1944 is estimated at about'
billions..
The goal for individual sales in the present drive — the 5th War
Loan
is ^6 billions. It is a stiff quota — $600 million more than
has ever been sold to individuals in one drive. — but if it can be made
and another big job done at the end of the year, this year's absorption
of government securities by individuals can very largely exceed the
13 billion dollar accomplishment of 1943«.

Unquestionably the people have the savings available for a substantially
larger investment in Government bonds.
Estimated individual incomes in 19-43 w^re 14.2 billion dollars. Direct
taxes on*individuals,, both Federal and local, took about 13 billions.
Spending for consumers goods and services were about 92 billions, leaving
about 32 billions of net liquid savings in the hands of individuals • What
did 'they do with their 32 billions of savings? Reports show they were
applied in 194-3 about as follows:
Insurance

4

i .. C.

4. billions

Increase in Savings Accounts

4

Debt repayment .

1

0 ther i nve s trrrents

2

Federal Securities
Increase in airrency and
demand deposits

13
__12
32

For 1944 the estimate of individual incomes is 153 billions.
Direct taxes will take about 21 billions and consumer spendings 94 billions,
leaving liquid savings of 33 billions• Insurance and the other uses
mentioned above may absorb 10 billions, so the amount we can try for in
the sale of Federal securities to individuals is 28 billions. We cannot
hope t c .get it all, but it is there. That is the amount that mill apparently
go into Federal securities plus further increases in currency and checking
accounts of individuals.
Now who has these liquid savings? I am sure many of you are
thinking "I .don’t,seem to have any very important savings, after I get
through paying my tax.”
Some interesting light is shed on that by the 'estimates of the
division of this income flow among income groups.
There are believed' to be about 67.3 million individual income
receivers in this country who in 1944 will re'ceive 1.53 billions gross
and pay about 21 billions' in direct taxes, leaving 132 billions o’f
income after taxes.
Of these individuals about 49 million, or more than 72% have net
incomes of <jp2,000 a year or less*' Net income as the term is used here
means gross income less the deductions,other than personal exemptions,
allowed on income tax. returns. The group with net incomes of 2 to
$5 ,000 a year- numbers about 16.7 million, or about 2 5 %, and those over
000 are only 1.7 million, or '2%% in numbers.

And here is how the dollars of income and direct taxes are
apportioned among the three groups:

Total
Millions of Persons
Income Payments
Direct taxes (Federal,
State and Local)
Income after Taxes

67.3
153

Net Income Classes
Up to
$2,000 to
$2,0Q0
* 5.000
48*9
16.7
In Billions of Dollars
68
59

Over
* 5.000
1.7
26

21

4

JX

10

132

64

52

16

In Dollars
Average Net Income
after Taxes

$1950

$1300

$3100

*94.00

(Figures in last line rounded to nearest fifty dollars.)
Those with less than $5*000 a year have 7/8 of the sum of
individual incomes after taxes and those with $2,000 a year or less
have almost half of it.
‘But these figures, unless analyzed, can be somewhat misleading as
to where the savings are. The dollar figures are after taxes but before
payment of living costs. Those with $2,000 or less have half the income
64 billions — but there.are almost 49 million of them so the average
income after taxes of the people in this group is only about $1,300*
Those with 2 to $5*000 average about $3100 apiece and those over
$5,000 average about $9400 each after taxes.
Clearly those ih the higher group have the greater opportunity —
and obligation -- to save -- and of course they are doing it,
But there is much evidence that the savings are very widely
distributed ~~ and,the market has been constantly broadening due to
the efforts of good people like yourselves and the millions of war
bond volunteers.
In the First War Loan 19 million separate pieces of Series E bonds
were^ sold; in the Second, 32$ million units; in the Third, 52% million,
and in the Fourth, 69,856,000, The number of separate pieces sold
since May, 1941 is about 600 million. As to the number of buyers,
careful studies indicate that 81 million men, women and children have
bought bonds to finance this war.
As a selling job, the distribution of war bonds overshadows
anything that was ever attempted or imagined. It is a great tribute to
the patriotism, the faith, the confidence and the unity in essentials of
the American people, and to their good judgment. Incidentally, I think

5 you -will agree that no article could be distributed so widely and in
such volume unless it was a good piece of merchandise, well tailored to
the needs of the market.
Just one word about redemptions.
These are redeemable bonds and sold
as such. In the lives of the millions who own them, many emergencies
arise calling for the use of some of their savings. Redemptions of
necessity will he numerous, but the record is good. Over 90$ of all
the savings bonds Series E, F, G that have been sold are still in the
hands of the purchasers of their beneficiaries.
Now we are in the midst of the 5th War loan.
The goal for individuals
is $6 billion. I have been talking about E bonds but there are also other
issues in the basket and we have to sell
billion or more of these
other issues to reach that goal, Naturally commercial and investment
banking people are especially equipped to take the lead in that part of
this many sided job. The people who can buy these bonds are your
customers and friends and they value your ^counsel in connection with
investments •
Your National Association has' published a brief booklet on the
5th War Loan — with specific suggestions based on successful experience
in many areas. Mr. Walter fileCliicas is acting for the American Bankers
Association in Michigan for the development of still more intensive
personal solicitation of bank customers. This nationwide program is
going to make a great contribution to the campaign and again I want to
express the thanks and appreciation of the Treasury for what bankers are
•doing.
In closing, let me remind you what this Is all about. War Finance
is a vital part of the great struggle and the outcome of which the future
of our Nation depends -— the whole future of the world. In the War Bond
Program as in all human affairs a little friction sometimes develops — .
some pretty strong differences as to just how the job should be done
injured feelings over credit or public recognition for certain parts of
It* But these fade away pretty rapidly and no hours seem too long — *
nothing seems too much trouble — when people stop to recall what our
fighting men are up against.

oOo

FOREIGN ECONOMIC ADMINISTRATION
WASHINGTON 25. D. C.

June 10, 1944

Mr. E. M. Bernstein
Room 221, Treasury Department
Washington 25, D. G.
Dear Mr. Bernstein:
I am attaching a copy of the proposed
press release on silver for India in substantially
the form agreed upon at our meeting today with
Messrs, Symond and Trevellyan.
Sincerely yours,

John B. Howard
Office of the
General Counsel

Enclosure

1

The following joint statement was issued today by 3»* Secretary

uP Hii’,rTx■•iii.u.ijiJ Till1. Morgenthau, and the Foreign Economic Administrator,
Mr. Crowleys
^The United States Government has agreed to supply the Government
of India under a special lend-lease agreement with 100 million ounces
of silver to be used to maintain an adequate supply of coinage for the
large numbers of United Nations forces there and for Indian expanded
war production, and to help to keep prices stable in this important
United Nations supply base and war theater.
j^The Government of India has agreed to return the silver to the
United States after the end of the war on an ounce-for-ounce basis.
^The silver bullion will be supplied to India from the large stocks
of United States Treasury free silver.

The shipments of silver will

not impair in any way the supply of silver required for domestic pur­
poses in the United States.
^Silver has been supplied under lend-lease from time to time to a
number of other countries for industrial and coinage purposes essential
to the war.

The total amount of silver shipped under lend-lease to date

to all countries is approximately 4,000 short tons.

o O

°

Treasury Department
Division of Monetary Research

Date..
•*-0:

Mr* White

From:

Mr. E. M. Bernstein

Lend-Lease wishes to issue this press releas*
on India*s silver as coming from Secretary
Morgenthau and Mr. Crowley.
I see no objection to it, do you? Do you
want this cleared with Gaston or Bell since it
bears the Secretary1s name?

FROM:.
TO:

Mr. H. D. White
Miss Bassett
Mr. E.M.Bernstein
Mr. deBeers
Mr. Delaney
Mr. Dickens
Mr. Fisher
Mr. Friedman
Mr. Glendinning
Mr. Hannay
Miss Kistler
Mr. Kramer
Mr. Mikesell
Miss Mikulich
Mr. Ness
Miss Nielsen
Mr. Ostrow
Mr. Pollack
Miss Richardson
Mr. Salera
Mr. Silverman
Mr. Southworth
Mr. Taylor
Mrs. Tenenbaum
Mr. Tomlinson

TREA SU R Y DEPARTM EN T
INTER O FFIC E COMMUNICATION

OATË
TO

Mr. D. W. Bell

Fr o m

Mr* Shaeffer

June 13, 1944

The attached, as you will note, has been approved
by Harry White, E. M. Bernstein, and orally by Crowley*^
Crowley stipulates, however, due to current hearings on
lend-lease, that issuance be withheld until at least
tomorrow, which conforms to our intentions in the first
place*

-TREASURY D E P A R T M E N T
Washington

F O R RELEASE, M O R N I N G N E W S P A P E R S
Thursday, June 15, 1944«________
6-14-44

P r ess S e r vice
No. 42-.27

The f o l l o w i n g .joint s t a t e m e n t was i s s u e d
t o d a y b y S e c r e t a r y I4orgentb.au, a n d t h e F o r e i g n
E c o n o m i c A d m i n i s t r a t o r , Mr. Crowley:
The U n i t e d States G o v e r n m e n t has
a g r e e d to s u p p l y th e G o v e r n m e n t of India
Under a special lend-lease agreement with
100 m i l l i o n ounces of s i l v e r to be u s e d
„ to m a i n t a i n an a d e q u a t e s u p p l y of coinage
f o r the large nu m b e r s of U n i t e d N a t i o n s
forces t h e r e a n d f o r I n d i a ’s e x p a n d e d
w a r production* a n d to hel p to keep
p r ices stab l e in this i m p o r t a n t U n i t e d
N a t i o n s -supply bas e a n d w a r theater.
The G o v e r n m e n t of India has a g r e e d
to r e t u r n t he s i l v e r t o t h e U n i t e d States
'after t h e end of th e w a r on an ounce-forp u nce basisv
The s i l v e r b u l lion w i l l be s u p p l i e d
to India f r o m t h e large stocks of U n i t e d
States T r e a s u r y f r e e silver.
T he s h i p ­
ments of. s i l v e r w i l l not I m p a i r in a n y
w a y t h e s u p p l y of si3„ver r e q u i r e d for
d o m e s t i c p u r p o s e s in the U n i t e d States.
S i l v e r - h a s been s u p p l i e d u n d e r lendlease f r o m t i m e to t i m e to a n u m b e r of
o t her countries f o r i n d u s t r i a l a n d coinage
p u r p o s e s e s s e n t i a l to the war.
T he t o t a l
amount of s i l v e r s h i p p e d u n d e r l e n d - l e a s e
to- date to a l l countries is a p p r o x i m a t e l y
4 , 000 short tons*

-oOo-

- 2 -

5
s
Unit : Imports as
Commodity
:______ Established Quota_______ :
of s of June 3 ,
___________________ {Period and Country: Quantity
: Quantity :
1914;
Silver or black
foxes, furs
and articles:
Foxes valued
under $250 each
and whole furs
and skins
Tails

May - Nov* 1914;
All countries

59,171;

Number

12 months from
Dec* 1, 19k3

5,000

Piece

Paws, heads, or
other separated
parts

n

500

Pound

Piece plates

it

550

Pound

Articles, other
than piece
plates

tt

500

Unit

3,U23

2

It95
-

57

FOE M E D I A T E RELEASE,
June 13 3 19bk»_______

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 June 3, 191*1*, inclusive, as
follows:

Commodity

•
*
:
Established Quota
:Period and Country s Quantity

:
Unit
: Imports as
:
of
:of June 3 ,
: Quantity :
191*1*

3 ,0 0 0 ,0 0 0

Gallon

2,319

Cream, fresh or sour

Calendar year

1,500,000

Gallon

1(12

Fish$ fresh or
frozen, filleted,
etc#, cod, haddock,
hake, pollock, cusk
and rosefistf

Calendar year

15,000,000

Pound

12,331,01(7

0\vO

O*>O
Q
O O
0n 0•>
Q O

Pound
Pound

62,1*25,367
11,299,852

2,153,98U

Square

White or Irish
potatoes s
certified seed
other

12 months from
Sept# 15, 19l*3

Red cedar shingles

Calendar year

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

88

Calendar year

Q

Hhole milk, fresh
or sour

22,000,000

1 ,5 0 0 ,0 0 0

612,51(8

Pound
(unstemmed
equivalent) Quota filled

Gallon

18,301

TREASURY DEPARTMENT
Washington

FOB IMMEDIATE RELEASE,;
Wednesday» June 14, 1944»

-•

-

• • Press Service
°*

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 June 3» 1944, inclusive, as follows:

*
1
r’nmmori \ "hv

Established Quota

*
• Period and Country :

Quantity

, Unit
: Imports as
of
: of June 3*
1944
Quantity
:
:

;

Whole milk, fresh
or sour

Calendar year

3 ,000,000

Gallon

2,319

Cream, fresh or sour

Calendar year

1,500,000

Gallon

412

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

Calendar year

15,000,000

Pound

12,331,04?

90,000,000
60,000,000

Pound
Pound

62,425,367
11,299,852

White or Irish
potatoes:
certified seed
other
Red cedar shingles

12 months from
Sept. 15, 1943

Calendar year

Cuban filler tobacco,
unstemraed or stemmed
(other than cigarett e
leaf tobacco), and
Calendar year
scrap tobacco
Molasses and sugar
sirups containing
soluble nonsugar .
solids equal to
more than 6^ of
total soluble
solids

Calendar year

2,153,984

Square

Pound
(unstemmed
2 2 ,000,000 equivalent)

1,500,000

Gallon

612,548

Quota
filled

18,301

~ 2

Commodity

Silver or "black
foxes, furs
and articles:
: Foxes, valued
•under $250 each
and whole furs
and skins
Tails

*
*

t

Unit
: Imports as
- • of •• : of June 3,
: Period and Country : Quantity : Quantity :
1944
Established Quota

May - Nov. 1944
All countries

12 months rom
Dec. 1, 1943

... 5.9,174.

Number

3,423

5,000

Piece

2

Paws, heads, or
other separated
parts

H

500

Pound

495

Piece plates

It

550

Pound

-

Articles, other
than piece
plates

II

500

Unit

57

2
" . ’ ■ ¿1
,
,a> ■
^
-COTTON CARD ’STRIPS,/ COMBER WASTE* LAP WASTE, SLIVER .WASTE, AND ROVING- WASTE,
•WHETHER OR NOT MANUEAdTURED OIT OTHERWISE ADVANCED IN VALUE. ^.Annual quotas
commencing September 20 , by Countries of Origin:

2j
Total quota, provided, however, that not more than 33-«l/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
case of the following countries: United Kingdom, Prance, Netherlands,
Switzerland, Belgium, Germany and Italy:
(In Pounds)
:
7""
:TOTAL
TEST3LBLIUEED:Imports Sept. 20,
Country of Origin : Established :Sept. SO, 1943 :33-1/3^ of :1943, to
: TOTAL QUOTA : June ;3. 1 9 U
1/
:Total Quota: June 3* 19kii
United -Kingdom..,. ..
Canada.!.......... ..
Prance............ ..
British India..♦,,
Nethdrlaifds.......
Switzerland.... .. ...
Belgium. ...... ... .*
..
Japan.... .
China............. ..
Egypt*...........
Cuba..............
Germany........... ..
Italy............. ..

4,323,45?
239,690
227,420
69,627
68,240
44,388
38.,559
341,535
17,322
8,135
6,544
76,329
21,263

TOTALS

5,482,509-

29,398
—
mm

mm

,

—*
.m m

1,441,152
75,807
—
22,747
14,796
12,853

mm

l»
mm
mm

mm

■mm.

mm

—

r -m m

mm

—

mm

.-

—
—
25/443
7,088 ‘

29,398

1,599,886 .

mm

mm

mm

. . .

•
;4

....... . ■
2j~

Included in total imports* column 2 *

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

The Présidentes 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.

2j-

•oOo—

FOE IMMEDIATE RELEASE,

June 13, 19hh._______

The Bureau 6f Gustomi Announced today that preliminary reports'from the
collectors of ¿UStom# shot/ imports of cotton and cotton waste chargeable to the
import quotas established by the President1g proclamations of(September 5 , .1939
•and December 19* 1940, as follows, during the perioilSeptember 20, 1943, to
June 3, ISkki ' '
'
.
COTTON HAVING A STAPLE OF LESS THAN 1-11/l6 INCHES (QTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU­
FACTURE OF BLANKETS AND BLANKETING, AND' OTHER THAN ¿INTERS). Annual quota*
commencing September 2 0 , by Countries of Origins'
(In Pounds) ‘

•

Country of
Origin

Staple length less-' -i' “Staple 1 ength 1-1/8 H or more
-.. .than.1-1/8 "'
.
but less than l-ll/ie1*
•
:Imports Sept*i Established : Imports Sept,
*Established:2 0 , 1943, to ':
QU'o'ta
; 20, 1943, to
_ quota .:June 3. 19lili : 45.656.420 j June 3* 19iik

Egypt and the AngloEgyptian Sudan.......
783,816
- *
Peru........„..... ... „
247,952
73,576 r
British India,.......... 2,003,483
China............. .
1,370,791
Mexico.............. .
8,883^259 8,883,2^9
Brazil.....
618,723
1(1 7 ,5 8 0
Uninn of Soviet
Sq-cialist Republics,..
475^124
Argentina........
57203
Halt*i«.
~237
Ecuador......... .
9,333
Honduras.•
.....
75<2
'•-i
Paraguay*
871
Colonib
,«r
124
/, . Iraq,............ .
195
British East Africa.... *
2,240
- • ‘. .,
Netherlands East Indies.
71,388
Barbado s.........,.., ,^yOther British West
Indies 1/..........
21,321
•
Nigeria.
5,377
Other British West
Africa 5 /.*....,...,.
16,004
Other French Africa 25/.
689
Algeria and Tunisia*...•
14,516,882

9,345,656,420

i/ Jpther than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
ü/ Other than Gold Coast and Nigeria,
¿ / „ Other than Algeria, Tunisia, and Madagascar,

3 0 ,781(^(21
1,197,319

.

-

31,981,71*0

TREASURY DEPARTMENT
Washington

for

IMMEDIATE RELEASE,

Wednesday, June 14, 1944.

*

■ Press:Service
No. 42-29

The Bureau of Customs announced today that preliminary reports from the
collectors of.customs show imports of cotton and cotton was^e chargeable to
the import quotas established by the President’s proclamations of September 5,
1939*'find- DepembaS,vl9,i*19J0*‘as follows,'during the-period September 20, 194% ‘to
June 3, 1944:
-COTTON HAVING A STAPLE OE LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
'•COTTON OE LESS 'THAN'3/4 'INCH IN STAPLE ‘LENGTH AND CHIEELY USED IN THE MANUV EACTURE •OE BLANKETS .AND' BLANKETING, AND OTHER THAN LINTERS). Annual quotas
'- commencing September.20, by Countries of Origin:
*
(In Pounds)

Country of
Origin

-

-

:
Staple length less tStaple length 1-1/8” or
*‘ ’ :
than 1-1/8” :
:more but less than 1-11/16”
... :
:Imports Sept.‘
.Established: Imports Sept.
:Established;20, 1943, to *
Quota
: 20, 1945, to
;
Quota
:June 3, 1944 î 45,650,420:' June 3, 1944

Egypt and the Anglo'
Egyptian Sudan...,.,.*.
783,816
-?
... .
30,784,421
Peru...*...... ..........
247,952
73,576
*,. ..
1,197,319
British India....**.....* 2,003,483
■ V;'
...
—
China...........■....i.....
1,370, 791
<“*r ‘•
.Mexico........ .
8,883,259
8,883,259'....
—
Brazil... ............... .618,-723.... 417,580...,..;.
Union of Soviet
Socialist Republics..'..
475,124
Argentina............. .* *... *--Sj-BOS.* ...* ..r.,,,,,
'**
Haiti......... ........
237
Ecuador *«.•»•**»•».«♦»••'»
9,333
i 1■-v ;
Honduras. ..*.......-..., •
. 752
—
Paraguay..... .......
871r — " *» *
Colombia.... .
' "124' "
Iraq •»•»*...•••.*••••■•*••
195
*■— •.# *
British East Africa......
2,240
—
Netherlands East Indies*.
71,388
Barbados......... .
.,
~
Other British West
Indies l/............•
21,321
—
N i g e r i a . •
5,377
Other British West
Africa 2 / . . . . . .....
16,004
Other French Africa 3/ ..
689
Algeria and Tunisia...... .
14,516,882
9,374,415
45,656,420
31,981,740
— .. ... . ... ....■■■’
*■<". »
'........ — ...*’ .. ......... ........... — .. . ....
U Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
2/ Other than Gold Coast and Nigeria,
Other than Algeria, Tunisia, and Madagascar.
(Over)

-

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 ESTABLISHED: Imports Sept. 20,
Country of Origin : Established :Sept. 20, 1943:33-1/3$ of : 1943, to June 3,
: TOTAL QUOTA :June 3, 1944 ■:Total Quota:
1944
1/
United Kingdom.....
Canada...........
Prance.............
British India......
Netherlands...,....
Switzerland........
Belgium......... ..
Japan..........
China............
E©rpt..............
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
21,26-3

•■
—
29,398

5,482,509

29,398

—
—
-'
—
—
—
.■r-

—
_

1,441,152
—
75,807
—
22,747
14,796
12,853
—
...
—
—
25,443
7,088

.—
—
-

1,599,88.6

n

_
.-

1/

Included in total imports, column 2.

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.

oOOr

>.

V 2 -3 a

FOE IMMEDIATE RELEASE,
June 13 , 19l*l*.

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, 19i*3, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
19lil, as follows s

*
Country of Production : Quota Quantity
_____________________ :
(Pounds) 1/

t

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

Signatory Countries 1
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory CountriesJ

1,621,630,1*79
51*9,261,936

3k,873,77k
13,91*9,562
20,881,883
26,155,330

10I* ,6 21,321
93,287,381*
1*7,951,373

3 , 1*86,928
82,825,279
31*,001,91*3
1*,359,288
73,231*,872

61,900,935

June 3, 19l*l*
If
fl
ft

June 10, 19i*i* 2/
June 3, 19l*i*
«
it

it

June 10, 19l*l* 2/
June 3 , I9I4*
»
tt
if

"

872,776,301*
1*52,175,077
22,1*53,506
k s £ 82,1*79

16 , 856,190
18,710,993
78,086,536

62 , 663,232

28,122,251

3 , 180,868

67,026,655

21 , 960 , 211*
2 ,1*12,606
31*,091*,126
3,71*5,926

1/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 191*1*.

2/

Per telegraphic reports*

0O0'

TREASURY DEPARTMENT
Washington
Press Service
No. 42-30

for immediate r e l e a s e ,

Wednesday. June 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 InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941, as
follows:
*
Country of Production :
- :

Quota Quantity
(Pounds) jj

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

June 3, 1944
ti
h

H
June 10, 1944
June 3, 1944
it
ti
!»
June 10, 1944 §/
June 3, 1944
it
ti
it
it

872,776,304
452,175,077
22,453,506
4,582,479
16,856,190
18,710,993
78,086,536
62,663,232
28,122,251
3,180,868
67,026,655
21,960,214
2,412,606
34,094,126
3,745,926

1/

Quotas as established by action of the Intor-American Coffee Board on
April 21, 1944.

2/

Per telegraphic reports.

-oOo-

FOR IMMEDIATE RELEASE,
June 13 , 1944»_______

V 2

- 3/

The Bureau of Customs announced today preliminary figures showing the quan­
tities of wheat and wheat flour entered, or withdrawn from warehouse, for con­
sumption 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, 1944, as follows:

:
:
Country
of
Origin

:Wheat flour, semolina, crushed
for cracked wheat, and similar

WHEAT

••
••

:
wheat products
Imports
:
:
Imports
:Established: May 29, 1 9 U , to: Established: May 29, 1944, to
Quota
: June 3» 1 9 U
:
Quota
: June 3, 1944
(Bushels)
(Bushels)
(Pounds)
(Pounds)
#
•-

Canada
795,000
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
Germany
100
Syria
100
New Zealand
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba
1,000
France
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics 100 .
Belgium
100

800,000

795,000

3 ,815,000
24,000
13,000
13,000
8,000

-

-

344
—
-

—

-

75,000

-

1,000

—

5,000
5,000

-

. -

-

1,000
1,000
1,000
111,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

—

—
-

m

-

—
—
795,000

—

mm
mm

—
—
—
—
mm
mm

— '
—

m
mm

mm

—
—
—

—
-

mm

—
-

-

4,000,000
oOo*

—

mm

TREASURY DEPARTMENT
: Washington
POR IMMEDIATE RELEASE,
Wednesday, June 14, 1944.

Press Service
No. 42-31

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 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, 1944, as fol­
lows •

Wheat flour, semolina, crushed
or cracked wheat, and similar
wheat products
;
Imports
Imports
Established : May 29, 1944, to Established May 29, 1944, to
June 3, 1944
: June 3, 1944
Quota
Quota
(Pounds)
(Bushels)
(Pounds)
(Bushels)
WHEAT

Country
of
Origin

344
-

-

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
-

-

-

-

-—
795,000

—
4,000,000

—
—
344

795,000
Canada
China
Hungary
Hong Kong
Japan
100
United Kingdom
Australia
Germany
100
100
Syria
i**
New Zealand
Chile
100
Netherlands
2,000
Argent ina
100
Italy
Cuba
1,000
Prance
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania

795,000
*
-

188
f e l ? r la
Union of Soviet
Socialist Republics 100
100
Belgium
800,000

-

.-

m
% ■
-

-.
<-

• -

-

-'
—
-

-J

%
•FOR IMMEDIATE RELEASE,

The Bureau of Customs announced today preliminary figures shewing the quan­
tities of wheat and wheat flour entered, or withdrawn from warehouse, for con­
sumption under the import quotas established in the Presidents proclamation of
May 28, 19itl, as modified by the Presidents proclamations of April 13,

19h2}

and April 29, 19ii3, for the 12 months commencing May 29, 19^3> sis follows:

Country
of
Origin

•
: Wheat flour, semolina, crushed
:
WHEAT
: or eraeked'wheat, and similar
:
:
wheat products
:
Imports
:
:
:
Imports
:Established t May 29, 191*3, to:Established : May 29, 19i*3, to
• Quota
: May 28, 19bk
: Quota
: May 2 8 , 19W*
(Bushels)
(Bushels)
(Pounds)
(Pounds)

Canada
795,000
China
Hungary
Hong Kong
Japan
•United Kingdom
100
Australia
Germany
100.
Syria
100
New Zealand
Chile
100
Netherlands
Argentina
2 ,0 0 0
100
Ita3y
Cuba
1
,0
0
0
France
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
1 ,0 0 0
Rumania
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics
100
100
Belgium
v
8 0 0 ,0 0 0

795,000
-

-

-

•
-

-

3 ,8 1 5 ,0 0 0
2U ,0 0 0
1 3 ,0 0 0
1 3 ,0 0 0
8 ,0 0 0
75,000
1 ,0 0 0
5 ,0 0 0
5 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
lit, 000
2 ,0 0 0
1 2 ,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
—
—

—

—
-

—
—
-

-

795,000

312,910
—

-

it,0 0 0 ,0 0 0

312,910

in-

TREASURY DEPARTMENT
Washington
Press Service
No. 42-32

for i m m e d i a t e r e l e a s e ,

We^riftsday. June 14, 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 hy the President’s proclamations-of April 13, 1942,
and April 39, 1943, for the 12 months commencing May 29, 1943, as follows?

Country
of
Origin

iWheat flour, semolina, crushed
;
:or cracked wheat, and similar
WHEAT
:
wheat products
:
Imports
:
Imports
:
May
29,
1943, to
to¡Established
:Established,? May 29 , 1943,
: May 28, 1944
: May 28, 1944
; Quota
:
Quota
(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
Prance
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
800,000

795,000
**
-

-

—
'- .
- .
-

3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
y

—
-

795,000
-oOo-

r
4,000,000

312,910
-*
- p MB
—
—
—
-

■**
—
—
—.
-

—
312,910

II

IB

m

■ s s p w p w ■■■. •7

-m -

BfflPl

■

•.

■

■

June 7, 1944

LiJkJBi.
During the month of May, 1944, the following market
transactions took place in direct and guaranteed securities
of the Govcmaenti

dales

■

Purchases

#10,000,000
__ l l s m

Met sales

(Sgd) Joseph Greenberg

Copy toi Mr, Heffelfinger
Mr, Shheff«
Miss Sanford

hn

■

TREASURY DEPARTMENT
Washington

E O R I M M E D I A T E R ELEASE,

T h u rs d a y , Ju n e 15» 1 9 4 4 »

P r e s s S e r v ic e
No. 4 2 -3 3

D u rin g th e month o f May, 19 4 4 , m arket
t r a n s a c t io n s in d i r e c t and g u a ra n te e d s e c u r i ­
t ie s

o f th e Governm ent f o r T r e a s u r y in v e s tm e n t

and o t h e r a c c o u n ts r e s u l t e d in n e t s a le s o f
$9,965,000,

to d a y .

S e c r e t a r y M orgenthau announced

XKXKX
- 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 iprdinary 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.

moot
-

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

Jnna 22, 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.

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 19415 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 (ofyier 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. Jqae 16, 1944_________
I5X
XXX

The Secretary of the Treasury, by this public notice, invites tenders
$ 1,20^000,000 , or thereabouts, of

91 "»day Treasury bills, to be issued

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

The bills of this series will be dated

'«Jtme 22, 1944

, and will

-- ---- ”'yr\ ---------

September 21, 1944

mature
interest.

, 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 p. m., Eastern War time,

Monday, June 19. 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 ef 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,
F r id a y , Jun e 1 6 , 1 9 4 4 » _______
6 -1 5 -4 4
'

The S e c r e t a r y of t h e Treasury, b y thi s p u b l i c notice,
invites t e n d e r s f or $ 1 , 2 0 0 , 0 0 0 , 0 0 0 , or t hereabouts, of 9 1 - d a y
Treasury bills, to be issu e d on a d i s c o u n t b a sis u n d e r c o m ­
petit i v e a n d f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r provided.

The b i l l s o f t h i s s e r i e s w i l l be d a te d Ju n e 22, 1 9 4 4 , and
w i l l m ature Septem ber 21-, 1 9 4 4 , when t h e f a c e amount w i l l .be
p a y a b le w ith o u t i n t e r e s t .
They w i l l be is s u e d i n b e a r e r form
o n ly , and in d e n o m in a tio n s o f $ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 , % 100,000,
$ 5 0 0 ,0 0 0 and $ 1 ,0 0 0 ,0 0 0 ( m a t u r it y v a l u e ) .
T e n d e rs w i l l be r e c e iv e d a t F e d e r a l R e s e rv e B anks and
B ra n ch e s up t o th e c lo s in g h o u r, two o ’ c lo c k p . m ., E a s t e r n War
tim e , Monday* Ju n e 1 9 , 1944* T e n d e rs w i l l n o t be r e c e iv e d a t
th e T r e a s u r y D e p a rtm e n t,' W a sh in g to n .
Each t e n d e r must be f o r
an even m u lt ip le o f $ 1 ,0 0 0 , and t h e p r i c e o f f e r e d must b e ^ e x ­
p r e s s e d on th e b a s is o f 1 0 0 , w it h n o t more th a n t h r e e d e c im a ls ,
e. g . , 99-9-25*’ F r a c t io n s may n o t be u s e d .
I t i s u rg e d t h a t
te n d e r s be made on t h e p r in t e d fo rm s and fo rw a rd e d i n th e
s p e c i a l e n v e lo p e s w h ic h w i l l be s u p p lie d by F e d e r a l R e s e rv e
Banks o r B ra n ch e s on a p p l i c a t io n t h e r e f o r .
T e n d e rs w i l l be r e c e iv e d w it h o u t d e p o s it fro m in c o r p o ­
r a t e d banks and t r u s t com panies and fro m r e s p o n s ib le and
re c o g n iz e d d e a le r s in in v e s tm e n t s e c u r i t i e s . . T e n d e rs fro m
o th e r s must be acco m p anied by payment o f 2 p e rc e n t o f t h e
fa c e amount o f T r e a s u r y b i l l s a p p lie d f o r , u n le s s th e t e n d e r s
a re acco m panied by an e x p re s s g u a r a n t y o f payment by an i n c o r ­
p o ra te d bank o r t r u s t company.
Im m e d ia te ly a f t e r th e c l o s i n g h o u r, t e n d e r s w i l l be opened
a t th e F e d e r a l R e s e rv e B anks and B ra n c h e s , f o llo w in g w h ic h pub­
l i c announcem ent w i l l be made by t h e S e c r e t a r y o f th e T r e a s u r y
o f th e amount and p r i c e ra n g e o f a c c e p te d b id s .
Those sub-^
m it t in g t e n d e r s w i l l be a d v is e d o f th e a c c e p ta n c e o r r e j e c t i o n
t h e r e o f . The S e c r e t a r y o f t h e T r e a s u r y e x p r e s s ly r e s e r v e s t h e
r i g h t t o a c c e p t o r r e j e c t a n y o r a l l t e n d e r s , i n w h ole o r in
p a r t , and h i s a c t io n in an y s u c h r e s p e c t s h a l l be f i n a l .
S u b je c t t o t h e s e r e s e r v a t i o n s , t e n d e r s f o r $ 1 0 0 , 0 0 0 o r l e s s
fro m a n y one b id d e r a t 9 9 -9 0 5 e n te re d on a f i x e d - p r i c e b a s is
w i l l be a c c e p te d in f u l l .
Payment o f a c c e p te d t e n d e r s a t th e
p r ic e s o f f e r e d m ust be made o r co m p le ted a t th e F e d e r a l R e s e rv e
Bank i n c a sh o r o t h e r im m e d ia te ly a v a i l a b l e fu n d s on Ju n e 22,
1944.
4 2 -3 4

(O v e r)

2
...Tiie i n c o m e .:derïved .from.Treasury bills,

w h e t h e r interest

o r g a m fro m th e s a le o r o th e r d is p o s it io n o f t h e b i l l s , s h a l l
n o t have any e xe m p tio n , a s s u c h , and l o s s fro m th e s a le o r
o t h e r d is p o s it io n o f T r e a s u r y b i l l s s h a l l not. h ave a n y s p e c ia l
tr e a t m e n t , a s s u c h , u n d e r F e d e r a l t a x A c t s now o r h e r e a f t e r
en acted * The. b i l l s s h a l l be s u b je c t to e s t a t e , in h e r it a n c e ,
g i f t , o r o t h e r e x c is e t a x e s , w h e th e r F e d e r a l o r S t a t e , b u t
s h a l l be exempt fro m a l l t a x a t io n now o r h e r e a f t e r im posed on
t h e p r i n c i p a l o r i n t e r e s t t h e r e o f by an y S t a t e , o r a n y o f th e
p o s s e s s io n s o f th e U n it e d S t a t e s , o r by an y l o c a l t a x in g
a u t h o r i t y . F o r p u rp o s e s o f t a x a t io n t h e amount o f d is c o u n t a t
S v 1 ? ? T r e a s u r y b i l l s a r e o r i g i n a l l y s o ld by t h e U n it e d S t a t e s
s h a l l be c o n s id e r e d t o be i n t e r e s t . U nder S e c t io n s 42 and 117
{ 5 L ( 1 ) ° f th e Irrfcern a l Revenue Code, as amended by S e c t io n 115
?■ f ^he R ev e hue A c t o f 1 9 4 1 , t h e a m o u n t.o f d is c o u n t a t w h ic h
b i l l s is s u e d h e re u n d e r a r e s o ld s h a l l n o t be c o n s id e r e d to
a c c r u e u n t i l su c h b i l l s s h a l l be s o ld , redeem ed o r o th e rw is e
d is p o s e d o f , and s u c h b i l l s a r e e x c lu d e d fro m c o n s id e r a t io n as
d é b it a i, a s s e t s . A c c o rd in g ly ,~ th e owner o f T r e a s u r y b i l l s
( o t h e r th a n l i f e in s u r a n c e co m p a n ie s) is s u e d h e re u n d e r need
in c lu d e m h i s incom e t a x r e t u r n o n ly th e d if f e r e n c e between
th e p r i c e p a id f o r s u c h b i l l s , w h e th e r on o r i g i n a l i s s u e o r on
su b se q u e n t p u rc h a s e , and th e amount a c t u a l l y r e c e iv e d e it h e r
upon s a le o r re d e m p tio n a t m a t u r it y d u r in g t h e t a x a b le y e a r f o r
w h ic h t h e r e t u r n i s made, a s . o r d in a r y g a in o r l o s s .
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 41$, as amended, a n d this
notice, p r e s c r i b e t h e ; terms of t h e T r e a s u r y bills a n d g o vern
the conditions of t h e i r issue*
C o p i e s of t h e c i r c u l a r m a y be
o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k or Branch..

•^oOo-

TREASURY DEPARTMENT
Washington

Press Service
No. 42-35

FOR I M M E D I A T E RELEASE,
Thursday, June 15, 1944*

The T r e a s u r y t o d a y r e c e i v e d the s u m o f $ 1 4 8 , 4 4 5 * 0 6
f rom the G o v e r n m e n t
annual p a y m e n t
under

of Finland,

representing

the

semi­

of i n t e r e s t in the a m o u n t of $>134,750*00

the Funding A g r e e m e n t of M a y 1,

m e n t o f $ 1 3 , 6 9 5 . 0 6 as

the

1923,

and a pay­

s e v e n t h sem i a n n u a l a n n u i t y

due u n d e r the p o s t p o n e m e n t a g r e e m e n t of M a y 1,
These payments

represent

1941.

the entire a m o u n t due

f r o m the G o v e r n m e n t of F i n l a n d on June 15,
these a greements,

-oOo-

1 944 u n d e r

RESS RELEASE

(j3ec£§tar
y Morgen than announced today that,
Secretary
contrary to an impression created by recent press
articles, the Treasury Department has no intention
of opposing, because of possible adverse effects
on Federal revenues, reductions in rates charged
by public utility companies.
/The

Department,” he said, ”does not wish to

be considered as giving even tacit approval to the
suggestion being made in some quarters that public
utility rate reductions should not be put into
effect because one result would be a loss of Federal
revenues, particularly through reduction or elimina­
tion of Federal excess profits taxes.

of public regulatory bodies, usually state publie
service commissions, set up for the purpose of
protecting the public by seeing to it that the rates
charged are reasonable.

The responsibility is

theirs, and if the setting of reasonable rates results
in the Federal Government collecting less excess
profits taxes, the Treasury Department is prepared
to accept that result.”

m

TREASURY DEPARTMENT
Washington

FOR RELEASE, M O R N I N G NEWS P A P E R S ,
Monday, June 19, 1944*

Press S e r vice
No. 42-36

S e c r e t a r y M o r g e n t h a u a n n o u n c e d today that, co n t r a r y
to a n i m p r e s s i o n c r e a t e d b y r e c e n t p r e s s articles, the
T r e a s u r y D e p a r t m e n t has no i n t e n t i o n of opposing, b e c a u s e
of po s s i b l e a d v e r s e effects on Fe d e r a l revenues, r e d u c ­
tions in r a tes c h a r g e d b y p u b l i c u t i l i t y companies.
"The D e p a r t m e n t , " he said, " d oes n o t w i s h to be
c o n s i d e r e d as g i v i n g eve n t a cit a p p r o v a l to the s u g g e s ­
tion b e i n g m a d e in some quarters that publ i c u t i l i t y
rate r e d u c t i o n s s h o u l d n ot be p u t into effe c t because
one r e sult w o u l d be a loss of F e d e r a l revenues, p a r ticn*
l a r l y t h r o u g h r e d u c t i o n or e l i m i n a t i o n of F e deral excess
p r ofits taxes.
"Public u t i l i t y fates are u n d e r the j u r i s d i c t i o n of
public r e g u l a t o r y bodies, u s u a l l y s t a t e p u blic service
commissions, set up f o r the pu r p o s e of p r o t e c t i n g the
public by s e e i n g to it that the r a t e s c h a r g e d are r e a s o n ­
able.
The r e s p o n s i b i l i t y is theirs, a n d if the setting
of r e a s o n a b l e rates re s u l t s in the F e d e r a l G o v e r n m e n t
col l e c t i n g less excess pr o f i t s taxes, the T r e a s u r y D e p a r t ­
m e n t is p r e p a r e d to a c c e p t that result,."

-oOo

TREASURY DEPARTMENT
Washington
FOR RELEASE, MOHWIHG NEWSPAPERS,
Tuesday, June 20, 1944*

Press service

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 June 22 and to
mature September 21, 1944, which were offered on June 16, were opened at the Federal
Reserve Banks on June 19.
The details of this issue are as follows*
Total applied for - $2,173,813,000
Total accepted
- 1,211,580,000 (includes $55,091,000 entered on a fixed*
price basis at 99.905 and accepted in full)
Average price
<* 99.905/ Equivalent rate of discount approx. 0*375$ per annua
Range of accepted competitive bids:
High
Low

- 99.909 Equivalent rate of discount
. 0.360% per annum
- 99.905
•
* *
*
approx. 0.376$ »
*
(49 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
Wee York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco

* 74,910,000
1,346,064,000
71,406,000
46,040,000
20 ,760,000
17,040,000
391,325,000
46 ,170,000
4 ,020,000
36,653,000
«,550,000
110.SS5.000

#

*2,173,*13,000

».,211 ,580,000

TOTAL

42 ,166,000
700,296,000
39,735,000
3 3 ,616,000
16,043,000
11 ,736,000
& 2 ,175,000
25 ,005,000
4 ,020,000
30 ,8a ,000
7,530,000
88.415.000

3

^

o

treasury w P A w m m r

Washington
FOR RELEASE, MOHRIHC HE3SPAPER3,
Tuesday, June 30, 1944«

Press Service

/J--37

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 June 22 and to
mature September 21, 1944» which were offered on June 16, were opened at the Federal
Reserve Banks on June 19.
The detalle of this issue are as follows:
Total applied for - $2,173,$13,000
Total accepted
- 1,211,580,000 (includes $55,091,000 entered on a fixedprice basis at 99.905 and accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx. 0.3753» per annua
Range of accepted competitive bids:
High
Low

- 99*909 Equivalent rate of discount
Q.36031 per annus
- 99.905
M
* *
*
approx. 0.376f *
»
(49 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

# 74,910,000
1,346,064,000
71,406,000
46,060,CWO
20,760,000
17,040,000
391,325,000
46,170,000
4,020,000
36,653,000
8,550,000
110.855.000

|

#2,173,813,000

$1,211,580,000

TOTAL

42,168,000
700,296,000
39,735,000
33,616,000
16,043,000
11,736,000
212,175,000
25,005,000
4,020,000
30,£41,000
7,530,000
8B.U5.000

TREASURY DEPARTMENT
Washington

FDR RELEASE, M O R N I N G N E W S PAPERS,
Tuesday, June 20, 1944.
_________

Press
^o.

Service

The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last ev e n i n g that
the tenders

for $ 1 , 2 0 0 , 0 0 0 , 0 0 0 ,

Tr e a s u r y bills

The

of 91**day

to be d a t e d June 22 a n d to m a t u r e S e p t e m b e r 21,

1944, w h i c h were
Reserve Banks

or t hereabouts,

o f f e r e d on June 16, were

o p e n e d at

the Federal

on June 19.

details of

this issue are as

follows:

a p p l i e d for - $ 2 , 1 7 3 , 8 1 5 , 0 0 0
1 , 2 1 1 , 5 8 0 , 0 0 0 (includes $ 5 5 , 0 9 1 , 0 0 0
accepted
e n t e r e d on a f i x e d - p r i c e basis at
9 9 . 9 0 5 a n d a c c e p t e d in full)
- 9 9 . 9 0 5 / E q u i v a l e n t rate of disco u n t
A v e r a g e price
approx. 0 . 3 7 5 % p e r a n n u m
Total
Total

Range of a c c e p t e d c o m p e t i t i v e bids :
- 9 9 .909 E q u i v a l e n t rate of d i s c o u n t
approx. 0 . 3 6 0 % per a n n u m
- 9 9 . 9 0 5 E q u i v a l e n t rate of d i s c o u n t
a p p r o x . 0.376% per annum

High
Low

the' a m o u n t b i d for at the low price was accepted)

(49 percent of
Federal Re s e r v e
Distri ct

Total
A p p l i e d for

Total
Accepted

Boston
Ne w Y o r k
Phila d e l p h i a
Cl e v e l a n d
Ri c h m o n d
Atlanta
Chicago
S t • Louis
Minneapolis
Kansas C i t y
Dallas
San Francisco

$

$

TOTAL

74,910,000
1,346,064,000
71.406.000
46.060.000
20.760.000
17.040.000
391.325.000
46.170.000
4.020.000
36.653.000
8.550.000
110.855.000

$2,173,813,000

oOo-

42,168,000
700.296.000
39.735.000
33.616.000
16.043.000
11.736.000
212.175.000
25.005.000
4.020.000
30.841.000
7.530.000
88.415.000

$1,211,580,000

2

Ours is a war of liberation, the liberation of all
people from oppression, from tyranny, from fear, from
physical, moral and economic bondage.

We are involved

in a partnership of nations sworn to the gigantic project
of world freedom.
of man.

Our common cause is the whole right

We will betray that cause if we make terms with

the enemy of

f

If we make terms with enemy of man

we will betray our living heroes and our heroic dead*
We have given too much - we are giving too much - ta we
know our enemy - we must not let him trick us into a
false peace.
The German war machine has planned for survival»
We can be sure of that.

Such plans haif%orked before.

I am no prophet, but any man can see that when Germany
decide^ upon surrender her choice will be for a truce
negotiated in Prance, in Finland, in Italy - anywhere
except in Germany.

I have no inside information, but

it is an easy guess that Germany may offer Hitler and
the Nazi gang to bribe conditions out of us.
be bribed.

We won’t

Our terms are unconditional surrender.
«? V

C

This America is you and me.

When you loan your Gov­

ernment money for this war you join a great crusade \

Gen. Eisehhower has called it that - a great crusade*
Your Bond is a symbol of your part in that crusade.
Your money goes to the men fighting for us in this
desperate war.

They need that money -- every penny you

can raise - theyjieed it more than ever before - they
need it now for ships^and planes, and tanks, and bombs
and bullets - for all the engines of destruction by
which they need to force surrender from the enemy and to blast a sure foundation for the peace.
They need money for war and they need it also for
mercy - mercy is expensive, too.

The medical department
J

of the

*++

Army has spent approximately 1 "blMLjfcm i 1 Qullai'p

since Pearl Harbor.

Prom January to the end of May

this year, we spent' more than ^ nfrl111
penicillin alone.

1°

for

We spent millions more - many millions

to fly the wounded and sick out of battle areas.

Even

before the invasion - last year - we flew more than
04*0
170 tiMHjjuiiiU*.wounded m e n to the safety of hospitals.
tMX>
170 4daSSBEB^ men - and out of that number only 11 men

died, the rest were saved.

Your Bond helped save those

men.
America is great only if it puts the purposes of war
before the war itself.
part in that "purpose.

Your Bond is the sign of your

living heroes and our heroic dead*
much —

we are giving too mu c h —

We have given too
we kn o w our enemy -

we must not let h i m trick us into a false peace
The address of Mr. Morgenthau was the highlight
of a broadcast by the Blue Network w h i c h featured
Jack Benny, Rochester,
of screen a n d radio.

Paul Whiteman and other stars
follows *

EWT
FOR 9s30 P. M./RELEASE,
Monday, June 19, 1 9 4 4 »

Reiterating a gain that only unconditional surrender
b y Germany can end the present war,

Secretary Morgenthau

tonight warned against Nazi tricks w hich might lure the
United Nations into accepting a false peace.
In a Fifth War Lo a n rally at Soldiers Field, Chicago
the Treasury chieftain declared that, a l though lacking
inside information, he predicted that Germany m a y
eventually of-fer Hitler a n d his Nazi gang as a bribe for
better peace terms,
wWe w o n ’t be bribed.
surrender," Mr. Morge

Our terms are unconditional
dared.

Itthat

Mr ^ Morgenthau

ours is a w a r of 11b-

^Hhe liberation o f all people from oppression,
from tyranny, fr o m fear,
omic b o n d a g e a r e

from physical, moral and ec o n ­

I n v o l v e d I J l u S S M ? in a partner­

ship o f nations sworn to the gigantic project of world
freedom.

Our common cause is the whole right of man£^
We will betray that cause if we make terms

w i t h the enemy of manflpMr i BfOT'^Wlljau ua id in

If we

make terms with t h e enemy of man we will betray our

TREASURY DEPARTMENT
Washington

FOR RELEASE, 9:3 0 P. M., E W T ^
Monday, June 19, 1944.

Press Service
No. 42-38

R e i t e r a t i n g a g a i n that o n l y u n c o n d i t i o n a l s u r r e n d e r b y
Germany can e n d the p r e s e n t war, S e c r e t a r y M o r g e n t h a u tonight
warned a g a i n s t Naz i tricks w h i c h m i g h t l u r e the U n i t e d N a ­
tions into a c c e p t i n g a f a l s e peace.
In a F i f t h W a r Loan r a l l y a t S o l d i e r - F i e l d , Chicago,
the T r e a s u r y c h i e f t a i n d e c l a r e d that, a l t h o u g h l a c k i n g Inside
information, he p r e d i c t e d that G e r m a n y m a y e v e n t u a l l y o f f e r
Hitler a n d his Nazi g ang as a b r i b e fo r b e t t e r p e a c e terms.
,fW e w o n ’t be bribed.
Ou r terms are u n c o n d i t i o n a l
r e n d e r , ” Mr. M o r g e n t h a u declared.

sur­

Mr. M o r g e n t h a u o b s e r v e d that ours is a w a r of l i b e r a ­
tion, ’’the l i b e r a t i o n of all p e o p l e f r o m oppression, f r o m
tyranny, f r o m fear, f r o m physical, m o r a l a n d economic b o n d ­
age.
We a r e i n v o l v e d in a p a r t n e r s h i p of n a t i o n s sworn to
the g i g a n t i c p r o j e c t of w o r l d freedom.
O ur common cause is
the w h o l e right of man*
We will b e t r a y that cause if we m a k e
terms w i t h the e n emy of man.
If we m a k e terms w i t h the e n emy
of m an w e will b e t r a y our l i v i n g h e r o e s a n d our h e r o i c dead.
#e h a v e g i v e n too m u c h -- we are g i v i n g too m u c h -- we k n o w
our e n e m y ---we m u s t n o t let h i m trick us into a false peace.
The a d d r e s s of Mr. M o r g e n t h a u was the h i g h l i g h t of a
b r o adcast b y the Blu e N e t w o r k w h i c h f e a t u r e d Jack Benny,
Rochester, Paul W h i t e m a n and o t her stars of s c r e e n a n d radio.
His re m a r k s follow:

.

This A m e r i c a is y o u a n d me.
W h e n y o u loan y o u r
G o v e r n m e n t m o n e y for this w a r y o u join a g r eat c r u ­
sade - General E i s e n h o w e r has c a l l e d it that - a great
crusade.
Y o u r B o n d is a symbol of y o u r part in that
crusade.
Y o u r m o n e y g o e s to the m e n f i g h t i n g for us in
this d e s p e r a t e warl.
T h e y n e e d that m o n e y - every
p e n n y y o u c an raise - they n e e d it m o p e than e v e r b e ­
fore - they n e e d it n o w for ships, a n d planes, a nd
tanks, a n d b o m b s a n d b u l l e t s -- for a l l the engines
of d e s t r u c t i o n b y w h i c h they n e e d to force s u r r e n d e r
f r o m the e n e m y - ^ n d to b l a s t a sure f o u n d a t i o n for
the peace.

T h e y n e e d m o n e y for w ar and they n e e d it also
for m e r c y »- m e r c y is expensive, too.
The m e d i c a l
d e p a r t m e n t of the A r m y has s p ent a p p r o x i m a t e l y
$ 1 , 0 0 0 , 0 0 0 , 0 0 0 since Pearl Harbor.
Pro m J a n u a r y
to the end of M a y this year, we spent m o r e than
$ 5 , 0 0 0 , 0 0 0 for p e n i c i l l i n alone.
W e spent m i l ­
lions m o r e -- m a n y m i l l i o n s -- to fly the w o u n d e d
a n d sick out of b a t t l e areas.
E v e n b e f o r e the
in v a s i o n -- last y e a r -- we flew mor e than 1 7 0 , 0 0 0
w o u n d e d m e n to the s a f e t y of h o s p itals.
170,000
m e n - - a n d out of that n u m b e r o nly 11 m e n died, the
rest w e r e saved.
Y o u r B o n d h e l p e d save those men.
A m e r i c a is g r eat o n l y if it puts the p u r p o s e s
of war b e f o r e the w a r itself.
Y o u r B o n d is the
sign of y o u r p a r t in that purpose.
Ours is a w ar of l i b e r ation, the l i b e r a t i o n
of a l l people f r o m o ppression, f f o m tyranny, from
fear, f rom physical, moral a n d e c o n o m i c bondage.
We are involved, in a p a r t n e r s h i p of n a t i o n s sworn
to the g i g a n t i c p r o j e c t of w o r l d freedom.
Our
c o m m o n cause is the whole r i ght of man.
We will
b e t r a y that cause if we make terms w i t h the enemy
of man.
If we .make t e r m s w i t h the e n e m y of m a n we
will b e t r a y our l i v i n g h e r o e s a n d our h e r o i c dead.
We have g i v e n too m u c h -- w e are g i v i n g too m u c h -we k n o w our e n e m y -- we m u s t not let h i m trick us
into a false peace.
The German war m a c h i n e has p l a n n e d for s u r ­
vival.
We can be sure of that.
S uch p l a n s have
w o r k e d before.
I a m no prophet, but a n y m a n can
see that when G e r m a n y d e c ides u p o n s u r r e n d e r h e r
choice wil l be for a truce n e g o t i a t e d in France,
in Finland, in I t a l y -- a n y w h e r e except in Germany.
I have no inside information, b u t it is a n easy
guess that G e r m a n y m a y o f f e r H i t l e r a n d the N azi
gang to b r i b e conditi ons out of us.
W e w o n ’t be
bribed.
Our terms ar e u n c o n d i t i o n a l surrender.

As th e head o f th e A m e rica n D e le g a t io n o f th e
C o n fe re n c e , you w i l l he th e p r i n c i p a l spokesm an f o r
t h i s c o u n t r y and you w i l l he e x p e c te d to c o o r d in a t e th e
a c t i v i t i e s and v ie w s o f th e o t h e r A m e rica n d e le g a t e s .
You w i l l , o f c o u r s e , v/ork i n c l o s e c o n s u lt a t io n w it h
th e S e c r e t a r y o f S t a t e .
„
r e s p o n s i b i l i t y w h ic h you and th e o t h e r d e le g a t e s
° i v i v ? 4-An 2 r i c a n d e le g a t io n w i l l u n d e rt a k e i s th e re s p o n ­
s i b i l i t y f o r d e m o n s t ra tin g to th e w o r ld t h a t in t e r n a t io n a l
p o s t - w a r c o o p e r a t io n i s p o s s i b l e .
I am c o n f id e n t t h a t you
w i l l do y o u r b e s t to a c c o m p lis h th e p u rp o s e s o f th e
C o n fe re n c e .

fl
"

V e ry s i n c e r e l y y o u r s ,

'I

WASHINGTON

June 9, 1944-

M y d e a r Mr.

Secr e t a r y :

I a m p l e a s e d that y o u w i l l h e a d the A m e r i c a n
D e l e g a t i o n w h i c h w i l l p a r t i c i p a t e in the U n i t e d N a t i o n s
M o n e t a r y a n d F i n a n c i a l C o n f e r e n c e to h e h e l d at B r e t t o n
W o o d s , b e g i n n i n g J u l y 1, 1944.
It is m y h o p e that this C o n f e r e n c e w i l l f o r m u l a t e
f o r p r e s e n t a t i o n to the p a r t i c i p a t i n g g o v e r n m e n t s
d e f i n i t e p r o p o s a l s f o r an I n t e r n a t i o n a l M o n e t a r y F u n d
a nd p o s s i b l y a B a n k f o r R e c o n s t r u c t i o n a n d D e v e l o p m e n t .
In the i n v i t a t i o n w h i c h I e x t e n d e d to these g o v e r n m e n t s
to p a r t i c i p a t e i n the C onference, I s t a t e d that the
a g r e e m e n t b y the C o n f e r e n c e u p o n d e f i n i t e p r o p o s a l s
w i l l n o t b e b i n d i n g e i t h e r m o r a l l y or l e g a l l y o n the
g o v e r n m e n t s r e p r e s e n t e d but w i l l be r e f e r r e d to the
r e s p e c t i v e g o v e r n m e n t s f o r a d o p t i o n or r ejection.
You
will, of course, b e g o v e r n e d a c c o r d i n g l y in your
d i s c u s s i o n s and n e g o t i a t i o n s .
In f o r m u l a t i n g a d e f i n i t e p r o p o s a l f or an I n t e r ­
n a t i o n a l M o n e t a r y Fund, b o t h y ou and the o t h e r del e g a t e s
w i l l be e x p e c t e d to a d h e r e to the joint s t a t e m e n t of
p r i n c i p l e s of an I n t e r n a t i o n a l M o n e t a r y F u n d a n n o u n c e d
A p r i l 21, 1944.
You, as h e a d of the delegation, are
a uthorized, however, a f t e r c o n s u l t a t i o n w i t h the o t h e r
d e l e g a t e s to a g r e e to m o d i f i c a t i o n s which, in your
opinion, are e s s e n t i a l to the e f f e c t u a t i o n of a n a g r e e ­
m e n t a nd p r o v i d e d that such m o d i f i c a t i o n s do not
f u n d a m e n t a l l y a l t e r the p r i n c i p l e s set f o r t h in the
joint statement.
Y o u w i l l a p p l y the same p r i n c i p l e s in your
d i s c u s s i o n s a n d n e g o t i a t i o n s w i t h r e s p e c t to the p r o ­
p o s e d B a n k for R e c o n s t r u c t i o n a nd D e v e l o p m e n t except
that y o u w i l l be g o v e r n e d b y the p r i n c i p l e s a g r e e d upo n
b y the A m e r i c a n T e c h n i c a l Committee.

T he H o n o r a b l e
H e n r y Morgenthau, Jr.,
S e c r e t a r y of the Treasury.

-

4

-

You will apply the same principles in
your discussions and negotiations with respect
to the proposed Bank for Reconstruction and
Development except that you will be governed
by the principles agreed upon by*the American
Teclinical Committee.
%

As the head of the American Delegation
of the Conference, you will be the principal
spokesman for this country and you will be
expected to coordinate the activities and views
of the other American delegates.

You will, of

course, work in close consultation with the
Secretary of State.
The responsibility which you and the other
delegates of the American Delegation will under­
take is the responsibility for demonstrating
to the world that international post-war coop­
eration is possible.

I am confident that you

will do your best to accomplish the purposes
of the Conference.
Very sincerely yours,

(Signed) FRAHDLIÎ? D. ROOSEVELT

- 3 -

upon definite proposals will not be binding
either morally or legally on the governments
represented but will be referred to the
respective governments for adoption or re­
jection*

You will, of course, be governed

accordingly in your discussions and negotiations.
In formulating a definite proposal for
an International Monetary Fund, both you and
the other delegates will be expected to
adhere to the joint statement of principles
of an International Monetary Fund announced
April 21, 1944.

You, as head of the delega­

tion, are authorized, however, after consul­
tation with the other delegates to agree to
modifications which, in your opinion, are
essential to the effectuation of an agreement
and provided that such modifications do not
fundamentally alter the principles set forth
in the joint statement.

-

2

-

The American delegation has the responsibility,
Mr. Roosevelt said, of demonstrating to the world that
international post-war cooperation is possible.
The text of Mr. Roosevelt’s letter, dated June 9,
follows:

%

dear Mr. Secretary:
I am pleased that you will head the

American Delegation which will participate
in the United Nations Monetary and Financial
Conference to be held at Bretton Woods, be­
ginning July 1, 1944.
It is my hope that this Conference will
formulate for presentation to the partici­
pating governments definite proposals for an
International Monetary Fund and possibly a
Bank for Reconstruction and Development.

In

the invitation which I extended to these
governments to participate in the Conference,
I stated that the agreement by the Conference

y

TREASURY DEPARTMENT
Washington

FOR RELEASE,

All agreements reached at the United Nations mone­
tary and financial conference at Bretton Woods, N. H.,
will be referred to the participating governments for
adoption or rejection, it was made plain in a letter
of instructions from President Roosevelt to Secretary
Morgenthau in which the Secretary of the Treasury was
named to head the American delegation.
Definite proposals accepted by the delegates at
the conference, which begins next July 1, will in no
sense be binding on the governments represented,
Mr* Roosevelt said.
The President’s letter set forth that Secretary
Morgenthau, serving as the principal spokesman for this
country, and, working in close consultation with the
Secretary of State, would be expected to coordinate the
activities and views of the other American delegates*

Ÿ 2 ~ 3 ?
PROPOSED RELEASE

- Tn ntt°r

«Sfinite proposals accepted by the delegates

at the conference, which begins next

July 1,

will in no 3ense be binding

on the governments represented, Mr. Roosevelt said.
The President’s letter set forth that Secretary Morgenthau,
serving as the principal spokesman for this country, and, working in close
consultation with the Secretary of State, would be expected to coordinate
the activities and views of the other American delegates.
The American delegation has the responsibility, Mr. Roosevelt
said, of demonstrating to the world that international postwar
cooperation is possible.
The text of Mr. Roosevelt’s letter, dated June 9, follows:

(PICK UP LETTER)

I

t

Mr . Shaeffer

TREASURY DEPARTMENT
Washington

Press Service
No. 42-39

FOR I M M E D I A T E RELEASE
Friday, June 23, 1944

All a g r e e m e n t s r e a c h e d a t the U n i t e d N a t i o n s m o n e t a r y
and f i n ancial c o n f erence at B r e t t o n Woods, N. H., wil l be
r e f e r r e d to the participating g o v e r n m e n t s fo r a d o p t i o n or r e ­
jection, it was m a d e p l a i n in a l e t t e r of i n s t r u c t i o n s from
Pre s i d e n t Ro o s e v e l t to S e c r e t a r y M o r g e n t h a u in w h i c h the
S e c r e t a r y of the T r e a s u r y was n a m e d to h e a d the A m e r i c a n d e l ­
e g a tion .
■D e f i n i t e p r o p o s a l s a c c e p t e d b y the d e l e g a t e s at the c o n ­
ference, w h i c h b e g i n s next July 1, will in no sense be b i n d ­
ing on the g o v e r n m e n t s r e p r esented, Mr. Roo s e v e l t said.
The P r e s i d e n t s l e t t e r set f o r t h that S e c r e t a r y M o r g enthau,
serving as the p r i n c i p a l s p o k e s m a n for this country, an d
w o r k i n g in- close c o n s u l t a t i o n w i t h the S e c r e t a r y of State,
w o u l d be e x p e c t e d to c o o r d i n a t e the a c t i v i t i e s a n d views of
the o t h e r A m e r i c a n d e l e gates.
The A m e r i c a n d e l e g a t i o n h as the r e s p o n s i b i l i t y ,
Mr. R o o s e v e l t said, of d e m o n s t r a t i n g to the w o r l d that
national p o s t w a r c o o p e r a t i o n is possible.
The

text of Mr.

M y dear Mr.

R o o s e v e l t ’s letter,

d a t e d June 9,

inter­

follows:

Secretary:

I a m p l e a s e d that y o u w ill h e a d the A m e r i c a n
D e l e g a t i o n w h i c h will p a r t i c i p a t e in the U n i t e d
N a t i o n s M o n e t a r y a nd F i n a ncial C o n f e r e n c e to be .
h eld at B r e t t o n Woods, b e g i n n i n g Jul y 1, 1944.
It Is m y hope that this C o n f e r e n c e w ill f o r m ­
u l a t e for p r e s e n t a t i o n to the p a r t i c i p a t i n g g o v ­
er n m e n t s d e f i n i t e p r o p o s a l s for an I n t e r n a t i o n a l
M o n e t a r y Fund a nd p o s s i b l y a B a n k for R e c o n s t r u c t i o n
and Development.
In the i n v i t a t i o n w h i c h I ex t e n d e d
to these g o v e r n m e n t s to p a r t i c i p a t e in the C o n f e r ­
ence, I s t a t e d that the a g r e e m e n t by the C o n f e r e n c e
u p o n d e f i n i t e p r o p o s a l s wil l n o t be b i n d i n g eith e r
m o r a l l y or l e g a l l y on the g o v e r n m e n t s r e p r e s e n t e d

b ut wil l be r e f e r r e d to the r e s p e c t i v e g o v e r n m e n t s
for a d o p t i o n or rejection*
Y o u will, of course,
be g o v e r n e d a c c o r d i n g l y in your d i s c u s s i o n s a nd
negotiations*
In f o r m u l a t i n g a d e f i n i t e p r o p o s a l for an
I n t e r n a t i o n a l M o n e t a r y Fund, b o t h y o u a n d the
other d e l e g a t e s w ill be e x p e c t e d to a d h e r e to the
joint s t a t ement o f p r i n c i p l e s of an I n t e r n a t i o n a l
M o n e t a r y Fund a n n o u n c e d A p r i l 21, 1944*
You, as
h e a d of the d e l e g a t i o n , are a u t h o r i z e d , however,
a f t e r c o n s u l t a t i o n w i t h the o t her d e l e g a t e s to
a g ree to m o d i f i c a t i o n s w h ich, in y o u r opinion,
are essential to the e f f e c t u a t i o n of a n a g r e e m e n t
a n d p r o v i d e d that s u c h m o d i f i c a t i o n s do not f u n d ­
a m e n t a l l y a l t e r the p r i n c i p l e s set f o r t h in the
joint statement.
Y o u wil l a p p l y the same p r i n c i p l e s in y o u r
d i s c u s s i o n s and n e g o t i a t i o n s w i t h r e s p e c t to the
p r o p o s e d B a n k for R e c o n s t r u c t i o n a n d D e v e l o p m e n t
except that y o u w i l l be g o v e r n e d b y the p r i n c i p l e s
a g r e e d u p o n b y the A m e r i c a n T e c h n i c a l C o m m ittee.
As the h e a d of .the A m e r i c a n D e l e g a t i o n of
the Conference, y o u w i l l be the p r i n c i p a l s p o k e s ­
m a n for this country a nd y o u w i l l b e e x p e c t e d to
c o o r d i n a t e the a c t i v i t i e s a n d views of the other
A m e r i c a n delegates.
Y o u will, of course, w o r k
in close c o n s u l t a t i o n with, the S e c r e t a r y of State.
The r e s p o n s i b i l i t y w h i c h y o u a n d the o t h e r
d e l e g a t e s of t he A m e r i c a n D e l e g a t i o n wil l u n d e r ­
take is the r e s p o n s i b i l i t y for d e m o n s t r a t i n g to
the w o r l d that i n t e r n a t i o n a l p o s t - w a r c o o p e r a ­
tion is possible.
I a m c o n f i d e n t that y o u w i l l
do y our best to a c c o m p l i s h the p u r p o s e s of the
Conference•
V e r y s i n c e r e l y yours,

(Signed)

FR A N K L I N D.

ROOSEVELT

.
/

":

£

■

■ \0
■ ■■W

FOR IMMEDIATE RELEASE,
J m e 20. 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 InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941, as
follows i

t*

:
i
Authorized for entry
Country of Production 1 Qpota Cfcxantity i._________ for consumption
_____________________ i (Pounds) 17 l As of
(Date)
l (Pounds)
Signatory Countries:

Brazil
Colombia
Costa Rica
Cuba
Domini can Republìc
Ecuador
El Salvador
Guatemala
Haitix
Honduras
Mexico
Nicaragua
Perù
Venezuela
Hon-Signatory Countrìes

i./

£/

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
61,900,935

June 10,
t!
8
8
June IV.
June 10,
8
8
8
June 17.
June 10,
8
8
8
8

1944

j

1944
1944

2

1944
1944

2

j

892,452,224
461,330,082
23,336,004
4,582,483
17,183,405
18,780,993
80,915,576
62,817,833
28,210,788
3,181,934
68,089,066
23,225,973
2,540,701
34,094,126
3,745,938

Qpotas as established by action of the Inter—American Coffee Board on
April 21, 1944.
, ^ ' ':■ '
!'
V
Per telegraphic reports.

-o0o<

TREASURE DEPARTMENT
Washington
Press Service
No. 42-40

fOÀ IMMEDIATE RELEASE,
Wednesday. June 31. 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 InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941, as
follows:

Country of Production :

Quota Quantity
(Pounds) 1/

Authorized for entry
for consunrption
(Pounds)
(Date)
As of

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

June 10, 1944

n
it
tt

June 17, 1944 2/
June 10, 1944

it
it
it

June 17,. 1944 2/
June 10, 1944

u
it

.h
it

892,452,224
461,330,082
23,336,004
4,582,483
17,183,405
18,780,993
80,915,576
62,817,833
28,210,788
3,181,934
68,089,066
23,225,973
2,540,701
34,094,126
3,745,938

1/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944.

2/

Per telegraphic reports.

- qOo-

HOPR
EHR ♦
•‘NY

NY
1-2139
'*
"
1-2139

OK VL
''' .. '

G

.

V

OK

SECRET SVCE NY MCGRATH - lraw - June 21, 1944 - 10il5 AM

ESJT

SECRET SERVICE WA WILSON

CORRECTIONS ON SECRETARYS MESSAGE

LINE FIVE FIRST PARAGRAPH SHOULD BE
LAST LINE PARAGRAPH TWO

FLAGS

WORD IS THRUSTING

LAST PARAGRAPH PUNCTUATION IS AS FOLLOWS

LINE THREE

LINE FOUR

AFTER WORD COMMON SHOULD BE COLON

AFTER FREEDOM AND AFTER FIT SHOULD BE SEMICOLON

DO YOU HAVE ANY QUESTIONS
.' || 'I!:- I

NO

OK END MCGRATH

WILSON END

¡jj

'

I

I CLAIM NO GIFT OF PROPHECY, YET IT SEEMS CLEAR TO ME THAT IN
TIME - BEFORE THE GERMAN ARMIES HAVE BEEN DESTROYED AND PERHAPS BEFOfi]
GERMANY ITSELF HAS BEEN INVADED - WE SHALL BE OFFERED A SEMBLANCE OF
SURRENDER#

NO DOUBT IT WILL BE COUPLED WITH AN OVERTHROW OF HITLER

AND HIS GANGSTER GOVERNMENT.

NO DOUBT THERE WILL BE PROTESTATIONS

OF DEMOCRACY - AS THERE WERE WHEN THE KAISER AND HIS GANG WERE
OVERTHROWN A QUARTER CENTURY AGO#

NO DOUBT WE SHALL ALL BE TOLD THAT

WE NEED A STRONG GERMANY TO PROTECT ONE UNITED NATION AGAINST ANOTHER!
DIVIDE AND CONQUER IS THE VERY ROOT OF THE GERMAN MILITARY
PHILOSOPHY.

IF WE YIELD TO SUCH BLANDISHMENTS , IF WE ALLOW DOUBT OF ONE
ANOTHER TO DIVIDE US, IF WE SOFTEN IN OUR RESOLVE TO STAMP OUT THIS
HIDEOUS NAZI CURSE - WE SHALL HAVE LOST THIS WAR.

WORSE, WE SHALL

HAVE BETRAYED ALL THOSE WHO SUFFERED AND BLED UPON THE SOIL OF EUROPE
THE LIVING AND THE DEAD ALIKE.

WE CAN REDEEM THEIR VALOR AND THEIR

SACRIFICE ONLY THROUGH TOTAL VICTORY,

A VjJJHBU

BANISH FOREVER THE SPECTER OF PAN«GERMANISM.
SETTLE FOR NOTHING LESS.

VICTORY THAT WILL

IN CONSCIENCE, WE CAN

THE ONLY TERMS WE CAN COUNTENANCE, IN

JUSTICE AND IN GOOD FAITH TO THOSE WHO HAVE BORNE THE BATTLE, ARE
UNCONDITIONAL SURRENDER.
OURS MUST NOT BE A VICTORY OF THE HAND ONLY, BUT OF THE MIND AND
HEART AS WELL.
IN COMMONS

WE FI'GHT FOR CERTAIN SIMPLE HUMAN VALUES WHICH WE HOLD;

THE RIGHT OF MEN TO THINK, AND TO UTTER THEIR THOUGHTS,

FREEDOM, TO WORSHIP AS THEY SEE FIT/ TO GROW TO MATURITY SECURE
FROM WANT AND WAR.
TOGETHER.

THESE VALUES, WHICH ttSM#» WE SHARE, BIND US

THEY MAKE US A COMMUNITY.

LONG AS THAT COMMUNITY ENDURES.

AND THEY WILL BE PRESERVED AS

THE MAGNIFICENT PARTNERSHIP, SYMBOLI

BY THE REPRESENTATIVES OF THE UNITED NATIONS ASSEMBLED HERE TODAY, WIL
CARRY US. TO VICTORY.

BUT WE SHALL BE ABLE TO GIVE FULL MEANING TO

THAT VICTORY ONLY IF WE CONTINUE THE PARTNERSHIP INTO THE F U f u S E i ^

END OF MESSAGE

■ H
■

*
i)

OF THESE FLAGS - A VERY BRIGHT ONE - THE MAGNIFICENT RED ARMY IS

7

THURSTING THE NAZI HORDES BACKWARD FROM THE EAST.

OTHERS ARE HAMMERING AT ITS PORTALS FROM THE S O U T H •

AND UNDER ANOTHj

THESE ATTACKS UPON THE NAZI DUNGEON FROM THE WEST, THE SOUTH,
AND THE EAST ARE PARTS OF A COMMON PLAN.
A JOINT AND UNIFIED EFFORT.
INCREASING SUCCESS.

THEY ARE THE PRODUCT OF

THAT IS THE SECRET OF ITS STEADILY

WE HAVE LEARNED HOW TO JOIN OUR HANDS, HOW TO

KNIT OUR STRENGTH TOGETHER.

WE HAVE LEARNED - PAINFULLY AND TARDILY

- THAT IT WAS THE DISUNITY AMONG US WHICH IMPERILED OUR FREEDOM, THAT
THROUGH UNITY ALONE CAN FREEDOM FOR ALL OF US BE REGAINED AND
PRESERVED.
OUR ENEMY HAS BUT ONE REAL SECRET WEAPON - THE WEAPON OF DIVISION
AS DISASTER CONFRONTS HIM, HE WILL USE THAT WEAPON CUNNINGLY.

HE WILL

TRY TO SHATTER THE UNITY WE HAVE ACHIEVED, WILL TRY TO BLUNT AND
CONFUSE OUR PURPOSES AND SOFTEN THE DEFEAT WHICH HE NOW KNOWS HE
CANNOT ESCAPE.

HE WILL TRY TO MAKE OUR VICTORY PARTIAL, RATHER THAN

COMPLETE.
TO THE NAZIS, THIS SCHEME IS NOTHING NEW.

FROM THE BEGINNING IT

HAS BEEN A PART OF THE MASTER PLAN OF THE HIGH COMMAND.
AIM OF THE GERMAN WAR MACHINE IS SURVIVAL.

THE BASIC

FOR IF IT SURVIVES, IT

KNOWS THAT IN ANOTHER DECADE, OR ANOTHER GENERATION,

IT WILL BE ABLE

TO RENEW ITS MAD DRIVE FOR WORLD CONQUEST.
THE GROUNDWORK HAS ALREADY BEEN BRUTALLY PREPARED - IN THE SYSTEMATIC-,

COLD-BLOODED LIQUIDATION OF LEADERS AMONG ITS NEIGHBOR
NATIONS,

IN THE RUTHLESS MASS DEPORTATION OF WORKERS

CRUELLY PROLONGED DETENTION OF PRISONERS OF WAR,

, IN THE

IN THE SHAMEFUL,

UNSPEAKABLE STARVATION OF CHILDREN.
THE DELIBERATE PURPOSE OF THE NAZI LEADERS IN ALL THESE MEASURES
HAS BEEN TO LET THE GERMAN NATION LOOK UPON THIS WAR* AS NOTHING MORE
THAN A LOST BATTLE, TO ENABLE IT TO EMERGE A GENERATION HENCE
STRpNG AMONG WEAKENED NEIGHBORS. >
- BMW E B B
g
„ _ ' H H H W* m
.}

j

-.

I i

j

OK M
NY

1-213»--- C vfiK
‘

/

.

I

SECRET SVCE NY MCRATH - Imw

~

I l,|, -t— | ■ ■

June 21, 1944

SECRET SERVICE AfA WILSON

THIS IS FOR Mp HARRY FR/END TREASURY PUBLIC

■ATIONS 253 BROADUAl

NY

PLEASE HAVE>pfffTOJii OWING TEXT OF IIfBr MORGENTHAUS REMARKS MIMEOGRAPHED I
AND DELIVER £5 COPIES TO MR SHAEFFfR AT THE WALDORF-ASTORIA BEFORE
------ 1
'
■- .. I -*
.....
~
«in
1 PM.
\
I

FOLLOWING IS THE TEXT OF SECRETARY MORGENTHAUS ADDRESS AT A LUNCHEON
AT THE WALDORF-ASTORIA HOTEL, NEW YORK, AT 1 PM EWT> WEDNESDAY,
JUNE 21., ON THE OCCASION OF THE OPENING OF FIFTH AVENUE AS THE AVENUE
OF THE ALLIES.

•*

ft

'

YORK,S- 4XX FIFTH AVENUE HAS ALWAYS SEEMED fd ME ONE OF THE

" ^OST EXCITING MAIN STREETS IN THE WORLD*
QUALITY.

(¿p BLENDING
(b) THE

TODAY IT HAS A SPECIAL

NO HEART OR MIND COULD FAIL TO BE WARMED AND STIRRED BY THE
COLORS OF THE UNITED NATIONS WHICH NOW LINE ITS WAY*

HERE Fl|

FLAGE OF FREE MEN - OF MEN DRAWN TOGETHER FROM EVERY PORTION OF

THE EARTH AND UNITED IN A GREAT, CONSUMING COMMON PURPOSE.
(P

^

MANY OF THESE SAME FLAGS FLEW TOGETHER OVER THE LANDING BARGES,

AND THE BATTLESHIPS, CRUISERS AND DESTROYERS, WHICH SURGED UPON THE
P
^

BEACHES OF NORMANDY.

UNDER THREE OF THESE FLAGS, BRAVE MEN ARE NOW

HACKING AWAY AT THE WESTERN RAMPARTS OF HITLER,S EUROPEAN DUNGEON.

TREASURY DKP'ARTMSNT
Washington

(The following address of Secretary Morgenthau at a luncheon at
0|rening-the op ening iijiJUMIt
fifth Avenue""Ha r T h T l S r ^ ^

All'tWfr
the Waldorf-Astoria Hotel, New York City, at the opening of
Fifth Avenue as the Avenue of the Allies, is scheduled to he
delivered at 1. P«M» Wednesday * June 31. 1944 and is for
release at that time,)

.

TEEASUEI DEPARTMENT
Washington

(The following address of Secretary Morgenthau
at a luncheon at the Waldorf-Astoria Hotel,
New York City, at the opening of Fifth Avenue
as the Avenue of the Allies, is scheduled to
be delivered at 1. P.M. Wednesday, June 21,1944
and is for release at that time.)

New York*s Fifth Avenue has always seemed to me one of the most excit­
ing main streets in the world. Today it has a special quality. No heart
or mind could fail to be warmed and stirred by the blending colors of the
United Nations which now line its way. Here fly the flags of free men - of
men drawn together from every portion of the earth and united in a great,
consuming common purpose.
Many of these same flags flew together over the landing barges, and the
battleships, cruisers and destroyers, which surged upon the beaches of
Normandy. Under three of these flags, brave men are now hacking away at the
western ramparts of Hitler's European dungeon. Others are hammering at its
portals from the south*. And under another of these flags - a very bright
one - the magnificent Red Army is thrusting the Nazi hordes backward from
the east.
These attacks upon the Nazi dungeon from the west, the south and the
east are parts of a common plan. They are the product of a joint and unified
effort. That is the secret of its steadily increasing success* We have
learned how to join our hands, how to knit our strength together. We have
learned - painfully and tardily - that it was the disunity among us which
imperiled our freedom, that through unity alone can freedom for all of us
be regained and preserved.
Our enemy has but one real secret weapon - the weapon of division.
As disaster confronts him, he will use that weapon cunningly. He will try
to shatter the unity we have achieved, will try to blunt and confuse our
purposes and soften the defeat which he now knows he cannot escape.
He will try to make our victory partial, rather than complete*

42-41

-

2

-

To the Nazis, this scheme is nothing new. Fromthe beginning it has
been a part of the master plan of the high command. The basic aim of the
German war machine is survival. For if it survives,it knows that in an­
other decade, or another generation, it will be able to renew its mad drive
for world conquest. The groundwork has already been brutally prepared in the systematic, cold-blooded liquidation of leaders among its neighbor
nations, in the ruthless mass deportation of workers, in the cruelly pro— ^
longed detention of prisoners of war, in the shameful, unspeakable starvation
of children.
The deliberate purpose of the Nazi leaders in all these measures has
been to let the German nation look upon this war as nothing more than a
Hj
lost battle, to enable it to emerge a generation hence strong among weakened
neighbors.
I claim no gift of prophecy, yet it seems clear to me that in time before the German Armies have been destroyed and perhaps before Germany
itself has been invaded - we shall be offered a semblance of surrender.
No doubt it will be coupled with an overthrow of Hitler and his gangster
government'. No doubt there will be protestations of democracy - as there
were when the Kaiser and his gang were overthrown a quarter century ago*
No doubt we shallall be told that we need a strong Germany to protect one
United Nation against another. Divide and conquer is the very root of the
German military philosophy*

.

If we yield to such blandishments, if we allow doubt of one another
to divide us, if we soften in our resolve to stamp out this hideous Nazi
curse - we shall have lost this war. Worse, we shall have betrayed all
those who suffered and bled upon the soil of Europe
the-living and the
dead alike. We can redeem their valor and their sacrifice only, through
total victory, a victory that will banish forever the specter of PanGermanism. In conscience, we can settle for nothing less. The only terms
we can countenance, in justice and in good faith to those who have borne
the battle, are unconditional surrender.
Ours must hot be a victory of the hand only, but of the mind and
heart as well. We fight for certain simple human values which we hold in
common: the right of men to think, and to utter their thoughts in freedom;
to worship as thev see fit; to grow to maturity secure from want and war.
These values, which we share, bind us together. They make us a community.
And" they will be preserved as long as that community endures. The mag­
nificent partnership, symbolized by representatives of the United Nations
assembled here today, will carry us to victory. But we shall be able to
give full meaning to that victory only if we continue the partnership into
the future.

0O 0

7$ M

U

(&d),494 (1935)$

Meredith FubHahiaa Cottony II« O M c s t e r ,

54 M l « ( M ) ,890 (1933) $ «od
( M ) ISS» (1935)*

VwMm

*Bmm <swm w&m

Bvotbas» Co« il« Ooœdsolonor, 73 M
1» 1920, 1982 anâ 1988» aroopeotively^

vatmaawmmm
Bureau of Internai Bevane»

JOB

BJEXMSE

/&.

( L ~

y»3
Ay

Joseph D. ìtaan* Jr.§ Catanissioner of Internai S m n t » , today issued thè
followin^ statement!
»Mumarous inquirles bore reaehed ne regerding thè polle? of thè Bureau of
Internai Bareno* in elasalfylng elreul&tion promotion expenses of poblishing
concerna*
*X slsh to state thet thè polle? followed b? thè Bureau In thls metter 1»
thè seme i&lSh It hes followed both for publlshlng oonoorna and for other bus*
Ineeeee orar slnee there has been an incorno tax*

It la a polle? dsrired

trem

thè lem end qpprored b? thè Coorte for more than * score of years.
"thls polle? ls to elessi*? as fcurrent operatine expenses* ehaterer le
spent to malntaln circulationj and to elaself? as *ospitai expenditures* what-

arar le

apmt to

«atpaad eireulatlon*

Thls «mane that ordinar? eoete of mela*

talnlag thè eireulation of a publicatlon me? be deducted for
In thè ?ear In whieh thè costa atre pald or Ineurred*

tax purposes

But in thè eaee of extra»

ordinar? oxpendituree deeigned to lnerease eireulation» thè deduetlone must be
eapitallsed» and eansot be ¿aduste**

Under thè seme set of prtneiples» a menu*

faeturing ooneem oan elaeslf? routine repalra to a factory building ae #eurrent
operatine expenses*, but must elaselfy thè «osta of remodeling a f«story build­
ing ae *capiial espanditure1«
«The epplleation of thls principia to publiahlmg concerna has been repeatedlyl
approvo* by thè Coarta» as shomn by decisione of thè United States Olreuit Oourti
of Appeal In thè foUowlng cascas

Publio Opinion Publlehlng Company ve. Jensen» !

TREASURY DEPARTMENT
B u r e a u of I n t e r n a l Revenue
Washington

FOR RELEASE, M O R N I N G N E W S P A P E R S
Friday, June 23, 1944.

Press Service
No. 42-42

J o s e p h D. Nunan, Jr., C o m m i s s i o n e r of Internal
today i s s u e d the f o l l o w i n g statement:

Revenue,

" N u merous inquiries hav e r e a c h e d me r e g a r d i n g the p o l i c y
of the B u r e a u of Internal Revenue in c l a s s i f y i n g c i r c u l a t i o n
p r o m o t i o n ex p e n s e s of p u b l i s h i n g c o n c e r n s .
"I w i s h to state that the p o l i c y f o l l o w e d by the B u r e a u
In this matter, is the same w h i c h it has f o l l o w e d b o t h for
p u b l i s h i n g concerns a n d for o t h e r b u s i n e s s e s e v e r since
there has b e e n a n income tax.
It is a p o l i c y d e r i v e d from
the l a w and a p p r o v e d by the C o u r t s for mor e than a score of
years.
"This p o l i c y is to c l a s s i f y as ’c u rrent o p e r a t i n g e x ­
penses! w h a t e v e r is spent to m a i n t a i n c i r c ulation; and. to
c l a s s i f y as ’capital expen d i t u r e s * w h a t e v e r is spent to
expand e i r c u l a t i o n . !his m e a n s fchat.o r d i n a r y ' c o s t s of maintain ing the c i r c u l a t i o n of a p u b l i c a t i o n m a y be d e d u c t e d
for income tax p u r p o s e s in the y e a r in w h i c h the costs are
p aid or incurred.
B u t in the case of e x t r a o r d i n a r y e x p e n ­
ditures d e s i g n e d to increase circulation, the d e d u c t i o n s
mus t be capitalized, and cannot be d e d ucted.
U n d e r the
same set o f p r i n c i p l e s , a- m a n u f a c t u r i n g c o n c e r n can ela.ssify
routine re p a i r s to a fa c t g p y b u i l d i n g as ’current o p e r a t i n g
e x p e n s e s ’ , but m u s £ c l a s s i f y the costs of r e m o d e l i n g a
f a c t o r y builc^y^g
1 capital expenditure.*
^Th e application, of .this p r i n c i p l e to. p u b l i s h i n g c o n ­
c e r n s has b e e n r e p e a t e d l y a p p r o v e d by the Courts, as shown
by deci sions o f .the' U n i t e d States C i r c u i t Courts of A p p e a l
in the f o l l o w i n g cases:
Publ i c O p i n i o n P u b l i s h i n g C o m p a n y
vs. Jensen, 76 Fed. (2d),494 (1935); M e r e d i t h P u b l i s h i n g
C o m p a n y vs. C o m m i s s i o n e r , 64 Fed. (2d),890 (1933); a n d
Perkins B r o t h e r s Co. vs. C o m m i ssioner, 78 Fed. (2d),152,

3

-

building or «aringa and loon associations, busta©«« l«aga«s » «oftotottf
ooapa&l««, ebombero of

oiTio leagues, ©ooporatir* book«»

certain finaaoiag asi bolding

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unions «od other

oorpopoMono organised mudar ©oto of Cionur««« bat not wbolly oo#o4 bjr
t&o United Stato«, labor organisablea*, iitirwy organisation*, «otaol
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social %lub* (including country oluba and örook lottor fraieraitio«
•a« H r | t l

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cortola ebarttablo, aSÄ

associatici

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atvuoaaa to tiw *roup ratura« Ai • reuult, «uporuti toit n U U a i ta
fckü wâiuo of tka propwrty or triain««s proOuiliMt r«at«X t* M M H
laaoü will h® «haïra for «toh m h «uhomiiuti ©ru«mi ratio»« la
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uuauutioaul arc®*iraU«&« wAiah aarmaliy tara « ragulur
fuoultyi «urriaulua aaâ «tuUuat t®4y# «uuà a® sehoèle «a« collège®ï
ahuri tuile arcealaatiaaa if priuurily «apportât hy aaatrttutlouu if
tà« suaeral putliu or «apport®« la «irai® or part ty isoruraauutul fusA«*
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Al1 atàor ortualaatioau «c«*§pt uaâar Suotioa 101 of thu Iaturaul

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t w m m m

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0* minan, Jr.# OoiraissionoF of Inter nal Bovoouo, annouacod
tod*y t l H

pió» of *©r» 990 (Bortaod Mor 1 9 4 4 ) «re aow arailabl© la

tft* office» of local oolio©tora of Interna! revsnue for uso by iaxoxoo.pt organizations wbo aro roquirod by tbo Bo<eau* Aot of 1943 to
filo aaauai Information retorna«
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roportlng for tbo ooloador yoar 1943 or for fiaool yoars eadlag boforo
Aprll

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filo ^aparato roturas or tfeoy may ask tboir paroat or o ostral orgaoisatlon
to filo a groap rotara for tboau

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If aay ono or «oro ©f tbo subordínalo ergaaisatioaa iaoludod ia a

TREASURY DEPARTMENT
Bureau *f Internal Revenue
Washington

FOR IMMEDIATE RELEASE
Thursday, June 22, 194-4

PRESS SERVICE
Nov 42-43

Joseph D, Nunan, Jr., Commissioner of Internal Revenue, announced
today that copies of Form 990 (Revised May 1944) are now available in
the offices of local collectors of internal revenue for use by taxexempt organizations who are required by the Revenue Act of 1943 to file
annual information returns#
Returns on the new form are due by August 15 from organizations re­
porting for the calendar year 1943 or for fiscal years ending before
April 1, 1944*
As required by the Revenue Act of 1943, the new forms ask for spc*d
cific information regarding the income and expenditures of tax-exempt
organizations# In those cases where rental income of any type or amount
is reported, or the organization is engaged in any kind of business ac­
tivity, a balance sheet must be submitted in addition to the detailed
report of receipts and expenditures#
If a tax-exempt organization'has two or more chartered, affiliated,
or associated local organizations, the subordinate units may eithef file
separate returns or they may ask their parent or central organization to
file a group return for them# The parent organization, however, must
file a separate return covering its own income and expenditures in any
event#
If any one or more of the subordinate organizations included in
a group return have had any income from rents or from business activ­
ities, a separate balance sheet of each such subordinate organization
must be attached to the group return# As a result, separate data relaA
ting to the value of the property or business producing rental or
business income m i l be shown for each such subordinate organization. In
addition, the group return will show the totals of business income,
rents, and other types of income and expenditures reported for the sub­
ordinate organizations included in the return.
The lav/ requires information returns to be filed annually by every
tax-exempt organization unless it is specifically excused from filing
under the new act# Those excused by the act from filing information
returns are, in general: religious organizations, particularly churches;
educational organizations which’normally have a regular faculty, cur­
riculum 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 com­
munity chests, and U. S. 0$ fraternal beneficiary societies such a s .the
Masons, Odd Fellows and Knights of Columbus; and corporations whollyowned by the United States Government#

.... - 2 ~

f

All other organ! zat ions exempt1under Section 101 of the Internal
Revenue Code must file information returns under the new law, such as:
agricultural organizations (including county and State fairs, farm'
bureaus, cooperative marketing and purchasing organizations), associ­
ations of employees, benevolent life insurance organizations, boards
of trade, building or savings and loan associations, business leagues,
cemetery companies, chambers of commerce, civic leagues, cooperative
banks, certain financing and holding companies, 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), and teachers1 retirement and employees’ beneficiary
associations. The statute also requires returns from certain charitable,
and educational organizations'..such as Boy Scouts,- Girl Scouts, libraries,
Y.W.C.A., Y.M.C.A, and similar non-profit organizations. .

0O0

B:

§1

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 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.

-

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

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

99.905

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

Payment of

at

accepted

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

June 29. 1944
________.
W:
The income derived from Treasury bills, whether interest or gain from

the sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have any
special treatment, as such, under Federal tax Acts now or hereafter enacted.

The

bills shall be subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the possessions of
the United States, or by any local taxing authority.

For purposes of taxation the

amount of discount at which Treasury bills are.originally sold by the United States
shall be considered to be interest.

Under Sections 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

TREASURY DEPARTMENT
Washington

Bk

. '
FOR RELEASE, MORNINGNEWSPAPERS,

:■■

,/Z/V

-~d't

EdJag».J m p .? |3jr J 544_________ •

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 competitive and fixed^price bidding as hereinafter pro­
vided.

The bills of this series will be dated

mature

„September 28, 1944

interest..

«June 29, 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,

$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 p. m., Eastern War time,

Monday, June 26, 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.r 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

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 D E P A R T M E N T
Was h i n g t o n

FOR RELEASE, MORNING- NEWSPAPERS,
F r id a y , June 23« 1944»___________
6 -2 2 -4 4

The S e c r e t a r y o f t h e T r e a s u r y , by t h i s p u b l ic n o t ic e ,
i n v i t e s t e n d e r s f o r $ 1 ,2 0 0 ,0 0 0 ,0 0 0 , o r t h e r e a b o u t s , o f 9 1 -d a y
T r e a s u ry b i l l s , t o be is s u e d on a d is c o u n t b a s i s u n d e r com­
p e t i t i v e and f i x e d - p r i c e b id d in g a s h e r e i n a f t e r p r o v id e d . The
b i l l s o f t h i s s e r i e s w i l l be d a te d Ju n e 29, 19 4 4 , and w i l l
m ature Septem ber 28, 1 9 4 4 , when t h e f a c e amount w i l l be p a y a b le
w ith o u t i n t e r e s t . They w i l l be is s u e d in b e a r e r fo rm o n ly , and
in d e n o m in a tio n s o f $ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $ 5 0 0 , 0 0 0 ,
and $ 1 ,0 0 0 ,0 0 0 ( m a t u r it y v a l u e ) .
T e n d e rs w i l l be r e c e iv e d a t F e d e r a l R e s e rv e Banks and
B ran ch es up to th e c l o s i n g h o u r, two o ’ c lo c k p . m ., E a s t e r n War
tim e , Monday, Ju n e 26, 1 9 4 4 . T e n d e rs w i l l n o t be r e c e iv e d a t
th e T r e a s u r y D ep artm en t, W a sh in g to n . Each t e n d e r m ust be f o r
an even m u lt ip le o f $ 1 ,0 0 0 , and t h e p r i c e o f f e r e d must be e x ­
p re s s e d on t h e b a s i s o f 1 0 0 , w it h n o t more th a n t h r e e d e c im a ls ,
e, g . , 9 9 .9 2 5 .
F r a c t io n s may n o t be u s e d .
I t i s u rg e d t h a t
te n d e r s be made on th e p r in t e d fo rm s and fo rw a rd e d i n th e s p e ­
c i a l e n v e lo p e s w h ic h w i l l be s u p p lie d by F e d e r a l R e s e rv e B anks
o r B ra n c h e s on a p p l i c a t io n t h e r e f o r .
T e n d e rs w i l l be r e c e iv e d w it h o u t d e p o s it fro m in c o r p o ­
r a t e d ban ks and t r u s t com panies and fro m r e s p o n s ib le and re c o g ­
n iz e d d e a le r s in in v e s tm e n t s e c u r i t i e s .
T e n d e rs from o t h e r s
must be accom panied by payment o f 2 p e rc e n t o f th e f a c e amount
o f T r e a s u r y b i l l s a p p lie d f o r , u n le s s th e te n d e rs , a r e accom ­
p a n ie d by an e x p re s s g u a ra n ty o f payment by an in c o r p o r a t e d
bank o r t r u s t company.
Im m e d ia te ly a f t e r t h e c lo s in g hour,- t e n d e r s w i l l be opened
a t t h e F e d e r a l R e s e rv e B anks and B ra n c h e s , f o llo w in g w h ic h pub­
l i c announcem ent w i l l be made by t h e S e c r e t a r y o f th e T r e a s u r y
o f t h e amount and p r i c e ra n g e o f a c c e p te d b id s * Those su b ­
m it t in g t e n d e r s w i l l be a d v is e d o f t h e a c c e p ta n c e o r r e j e c t i o n
t h e r e o f . The S e c r e t a r y o f t h e T r e a s u r y e x p r e s s ly r e s e r v e s th e
r i g h t t o a c c e p t o r r e j e c t any o r a l l t e n d e r s , i n w h o le o r in
p a r t , and h i s a c t io n i n a n y s u c h r e s p e c t s h a l l be f i n a l .
Sub­
j e c t to t h e s e r e s e r v a t i o n s , t e n d e r s f o r $ 1 0 0 ,0 0 0 o r l e s s fro m
any one b id d e r a t 99*905 e n te re d on a f i x e d - p r i c e b a s is w i l l
be a c c e p te d in f u l l .
Payment o f a c c e p te d t e n d e r s a t t h e p r ic e s
o f f e r e d must be made o r co m p le ted a t t h e F e d e r a l R e s e rv e Bank
in c a s h o r o t h e r im m e d ia te ly a v a i l a b l e fu n d s on Ju n e 29, 1 9 4 4 .
4 2 -4 4

{ O v e r)

-2

The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r interest
or gai n f r o m t h e sale or o t h e r d i s p o s i t i o n of t h e bills, shall
not h a v e a n y exemption, as such, a n d loss f r o m t h e sale or
o t h e r d i s p o s i t i o n of T r e a s u r y bills shall not hav e a n y s p e cial
tre a t m e n t , as such, u n d e r F e d e r a l t a x A c t s n o w or h e r e a f t e r
enacted.
The bills shall be subject -to estate, inheritance,
gift, or other excise taxes, 'Whether F e d e r a l or State, but
s h all be exempt f r o m a l l t a x a t i o n n o w or h e r e a f t e r i m p osed on
t h e p r i n c i p a l or interest t h e r e o f by a n y State, or. a n y of the
p o s s e s s i o n s of t h e U n i t e d States, or by a n y l o cal t a x i n g
authority.
F o r p u r p o s e s of t a x a t i o n t h e a m o u n t of d i s count at
w h i c h T r e a s u r y bills a re o r i g i n a l l y sold b y t h e U n i t e d States
s h a l l be c o n s i d e r e d to be interest.
U n d e r S e c t i o n s 42 a n d
117 (a ) (1) of t he I n t ernal R e v e n u e Code,.,as a m e n d e d b y S e c ­
t i o n 115 of t h e R e v e n u e Act of 1941» t h e a m o u n t of d i s count at
w h i c h b i lls issued h e r e u n d e r are s o l d shall n ot be con s i d e r e d
to accrue- u n t i l s u c h bills shall be sold, r e d e e m e d or otherwise
d i s p o s e d of, a n d s uch bills a re e x c l u d e d f r o m c o n s i d e r a t i o n as
ca p i t a l assets.
Accor d i n g l y , the o w n e r of T r e a s u r y bills
(other t h a n -life i n s u r a n c e c ompanies) i s s u e d h e r e u n d e r n e e d
in c l u d e in his i n come t ^ x r e t u r n o n l y t h e d i f f e r e n c e b e t w e e n
the p r i c e p a i d f or s uch b i l l s , >w h e t h e r on o r i g i n a l issue or on
s u b s e q u e n t purchase, a n d t h e a m o u n t a c t u a l l y r e c e i v e d either
u p o n sale or r e d e m p t i o n at m a t u r i t y duri n g t h e t a x a b l e y e a r
f o r w h i c h t he r e t u r n is made, as o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r Uo, 418, as amended, a n d
this notice, p r e s c r i b e t h e terms of t h e T r e a s u r y bills a n d
g o v e r n t h e cond i t i o n s of t h e i r issue.
Copi e s of t h e c i r cular
m a y be o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k or Branch.

-o‘0o-

■

$ 16 billion,

2-

| 10 b i l l i o n has b e e n set for sales t a corporations

and other l a rge n o n - b a n k i n g i n v e s t or s j ^ u f i i a ^ g i v e n increas ed
i m p o r t a n c e to this p h a s e

of the T r e a s u r y ’s w a r f i n a n c i n g program,”

S e c r e t a r y M o r g e n t h a u s a i d , j " I n d u s t r i a l , r a i l r o a d and p u b l i c
u t i l i t y corporations,
estates,

insurance

s c hools a nd colleges,

companies, m u t u a l

savings banks,

l a b o r and f r a t e r n a l organizations

and tr u s t e e s of p u b l i c f u n d s h a v e b e e n a m o n g the bi g b u y e r s o f /
these m a r k e t a b l e i s sues in all p r e v i o u s W & r Loans,
e x p e c t e d to m a k e

substantial purchases

and are again

in the current drive.

sands of our s p e c i a l l y t r a i n e d v o l u n t e e r W a r F i n a n c e
b a n k e r s w i l l b e g i n an i n t e n s i v e
ors on M o n d a y mo r n i n g ,

Thou­

solicitors and

campaign a m o n g these large invest­

and c o n tinue t h r o u g h o u t the d r i v e . n

PRESS RELEASE
WASHINGTON « J U N E 2?

S e c r e t a r y of the T r e a s u r y M o r g e n t h a u a n n o u n c e d

tho sale of the f o u r m a r k e t a b l e issues of the F i f t h
W a r L o a n to c o r p o r a t i o n s and o t h e r l a rge n o n - b a n k i n g investors

/¿A
V£

Rational

quota for

sales of F i f t h W a r L o a n S e c u r i t i e s to these investors.«^»
D u r i n g the p e r i o d b e t w e e n J u n e 12, w h e n the F i f t h W a r L< >an

AAJt
opened,

a nd J u n e 26,

The n a t i o n a l

T6

onl y sales to i n d i v i d u a l s

quota fo r sales to i n d i v i d u a l s is $6 billion,

of

w h i c h u p w a r d s of $2 b i l l i o n is e x p e c t e d to come f r o m the sales
of these f o u r m a r k e t a b l e securities.
T he m a r k e t a b l e
J u n e 26,

issues,

all of w h i c h w i l l b e a r interest from

are:
2

\j

Treasury Bonds

2% T r e a s u r y B o n d s
1 £% Treasury Notes
7 / 8 $ T r e a s u r y C e r t i f i c a t e s of I n d e b t e d n e s s
S u b s c r i p t i o n s f or these i s s u e s m a y be m a d e ^ t

the T r e a s u r y ^

at a n y F e d e r a l R e s e r v e B a n k or b r a n c h , . a n d orders w i l l be handled
without

charge b y a n y bank,

i n v e s t m e n t house or S t o c k E x c h a n g e firn

or b y the v o l u n t e e r s o l i c i t o r s

of local W a r F i n a n c e Committees.

TtW h i l e m a j o r em p h a s i s in the F i f t h W a r L o a n has b e e n placed
on sales to i n d i v i d u a l investors,

of the r e c o r d - b r e a k i n g quota of

TREASURY DEPARTMENT
Wàshington

FOR RELEASE, M O R N I N G N E W S P A P E R S ,
Monday, June 26, 1944.

Press Service
No. 42-45

S e c r e t a r y of the T r e a s u r y M o r g e n t h a u a n n o u n c e d last
night that int e n s i v e sale .of the four m a r k e t a b l e issues of
the F i f t h W a r L o a n to c o r p o r a t i o n s a n d o t h e r large n o n ­
b a n k i n g inv e s t o r s w o u l d be l a u n c h e d today.
N a t i o n a l quota
for sales of F i fth W a r L o a n S e c u r i t i e s to these investors
is $ 1 0 billion.
D u r i n g the p e r i o d b e t w e e n June 12, w h e n the F i f t h W a r
L o a n opened, a n d June 26, onl y sales to i n d i v i d u a l s are
b e i n g a n n o u n c e d publicly.
The n a t i o n a l quota for sales to
individuals is $6 billion, of w h i c h u p w a r d s of $2 b i l l i o n
is e x p e c t e d to come f r o m the sales of these four m a r k e t a b l e
securities.
The m a r k e t a b l e issues,
fro m June 26, are:

all of w h i c h wil l b e a r interest

2i% T r e a s u r y Bonds
2% T r e a s u r y Bonds
l\% T r e a s u r y N o t e s
7/8$ T r e a s u r y C e r t i f i c a t e s

of I n d e b t e d n e s s

S u b s c r i p t i o n s for these issues m a y be mad e at a n y F e d ­
eral Re s e r v e B a n k or branch, or at the Treasury, a n d orders
will be h a n d l e d w i t h o u t charge by a n y bank, i n v e stment
h o use or S t o c k E x c h a n g e firm, or by the v o l u n t e e r s o l i c i t ­
ors of local W a r Finance Committees.
"While m a j o r emphasis in the F i f t h W a r L o a n has bee n
p l a c e d on sales to individual investors, of the recordb r e a k i n g quota of $16 billion, $ 10 b i l l i o n has b e e n set
for -sales to corpo r a t i o n s
a n d o t h e r large n o n - b a n k i n g
investors.
The a m o u n t sought f r o m these l a r g e r investors
has g i v e n i n c r e a s e d i m p o rtance to this phase of the
T r e a s u r y ’s w a r financing p r o g r a m , ” S e c r e t a r y M o r g e n t h a u
s a i d ..
"Industrial, r a i l r o a d a nd public u t i l i t y corporations,
insurance companies, mutual savings banks, estates, schools
a n d colleges, l a bor a n d f r a ternal o r g a n i z a t i o n s a n d
trustees of public funds have b e e n a m o n g the big buyers of

these m a r k e t a b l e issues in all p r e v i o u s W a r Loans, a n d are
a g ain e x p e c t e d to m a k e substantial p u r c h a s e s in the current
drive.
T h o u s a n d s of our s p e c i a l l y t r a i n e d v o l u n t e e r W a r
Finance solicitors a n d b a n k e r s w ill .begin an intensive c a m ­
p a i g n a m ong these large investors on M o n d a y mo r n i n g , and
continue throughout the d r i v e . ”

TREASURY D S P A H M Î Î
Washington
FOR RELEASE, MÖRHIRG B21&PAPSR8,
Tuesday, June 27« 1944.

Press Service

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 June 29 and to
mature September 28, 1944, which were offered on June 23, were opened at the Federal
Reserve Banks cm June 26«
The details of this issue are as followsi
Total applied for - $2,308,882,000
Total accepted
- 1,207,842,000
Average price

(includes $52,912,000 entered on a fixedprice basis at 99#905 and accepted in full)!
g - 99.905/ Equivalent rate of discount approx. 0*375# per annual

Range of accepted competitive bids:
High

— 99*910 Equivalent rate of discount approx. 0.356# per annus
- 99*905
»
* n
n
»
0.376# *
M

LOW

(43 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

$

t

$2 , 308 , 882,000

$1,207,842,000

103,2 2 5 ,0 0 0
1,449,651,000
62,211,000
50,220,000
23,135,000
15,102,000
396,632,000
14,137,000
23,995,000
20,498,000
13,256,000
116,820,000

TOTAL

5 2 ,666,000
711,501,000
48,439,000
45,353,000
20,513,000
12,458,000
182,213,000
10,432,000
18,295,000
1 5 ,226,000
13,256,000
77.490,POP

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNIHG NEWSPAPERS,
Tueaday, Jun. 27, 1944-_________

Press Service
-

The Secretary of the Treasury announced last evening that the tenders for
$1,200,OCX),000, or thereabouts, of 91-day Treasury bills to be dated June 29 and to
mature September 28, 1944, which were offered on June 23, were opened at the Federal
Reserve Banks on June 26.
The details of this issue are as follows!
Total applied for - $2,308,882,000
Total accepted
- 1,207,842,000
Average price

(includes $52,912 ,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
*
*
»
«
»
0.376# *
«

(43 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

$ 103,225,000
1,449,651,000
$2,211,000
50,220,000
23,135,000
1 5 ,1 0 2 ,0 0 0
396,632,000
1 4 ,1 3 7 ,0 0 0
23,995,000
20,498,000
1 3 ,2 5 6 ,0 0 0
116.820.000

$

12,308,882,000

«.,207,842,000

TOTAL

52,666,000
711,501,000
48,439,000
45,353,000
20,513,000
12,458,000
182,213,000
10,432,000
18,295,000
15,226,000
13,256,000
77.490.00Q

TREASURY" D E P A R T M E N T
Washington

Press Service
No# 42-46

POR RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, June 27, 1944#

T he S e c r e t a r y of the T r e a s u r y a n n o u n c e d last
the tenders

for $ 1 , 2 0 0 , 0 0 0 , 0 0 0 ,

Treasury b i l l s

or thereabouts,

to be d a t e d June 29 and

ev e n i n g that

of 9 1 - d a y

to m a t u r e S e p t e m b e r 28,

1944, w h i c h were o f f e r e d on June 23, were o p e n e d a t

the F e d e r a l

Reserve Banks on Jime 26.
The

details of this issue are as

follows:

Total a p p l i e d for - $ 2 , 3 0 8 , 8 8 2 , 0 0 0
Total a c c e p t e d
1 , 2 0 7 , 8 4 2 , 0 0 0 (includes $ 5 2 , 9 1 2 , 0 0 0
e n t e r e d on a f i x e d - p r i c e basis
at 9 9 . 9 0 5 a n d a c c e p t e d in full)
A v e r a g e price
- 9 9 * 9 0 5 / E q u i v a l e n t rate o f d i s c o u n t
approx. 0 . 3 7 5 $ p er a n n u m
R a n g e of a c c e p t e d c o m p e t i t i v e bids;
9 9 . 9 1 0 E q u i v a l e n t rate of d i s c o u n t
approx. 0 . 3 5 6 $ p er a n n u m
~ 9 9 . 9 0 5 E q u i v a l e n t rate of d i s count
approx. 0 . 3 7 6 $ p er a n n u m

High
L ow

(43 p e r c e n t of the a m o u n t b id for at

the l o w p r i c e was accepted)

Federal Reserve
Di s t r i c t

Total
A p p l i e d for

Total
A c c ep t ed

Boston
New York
Philadelphia
C l e veland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

$

$

TOTAL

103,225,000
1,449,651,000
82,211,000
50.220.000
23.135.000
15.102.000
396.632.000
14.137.000
23.995.000
20.498.000
13.256.000
116.820.000

$2,308,882,000
-oOo

52,, 6 6 6,000
711.501.000
48.439.000
45.353.000
20.513.000
12.458.000
182.213.000
10.432.000
18.295.000
15.226.000
13.256.000
77.490.000

$1,207,842,000

FOR IMMEDIATE RELEASE

^

June 27, 19*&.

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, 19^3» provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 19» 19^1» as
follows:

•
•

Country of Production :
e•

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,^79

5119,2 6 1 ,9 3 6
3H.S73.77H
13.9>*9.562
20,881,883

2 6 ,1 5 5 ,3 3 0
10^,6 2 1 ,3 2 1

Non-Signatory Countries

1/

ti
H
«

June 2 k t 19*& 2/
June 17, 1 9 ^
tt
h

93.287.38*1
>17.951.373
3 ,1*86,928

June 2*1, I9I* 2/

8 2 ,8 2 5 ,2 7 9

June 17, 19UU

3*1,001,9*13
11,359.288
73.23*1,872

6 1 ,9 0 0 ,9 3 5

H

N
tt

9 2 8 ,6 0 3 ,36s
1172.3 7 2 ,8 7 7
23,35*1.50*1

1*,5 8 2,H85
1 7 ,2 6 2 ,0i*0
18,730,993
80 ,910,066

6 7 ,3 6 1 ,1 5 5
28 ,210,788
3,333,73*1
68,686,167
2**,622,**-93

It

=2 ,5*10.701
3 5 .H55.3611

H

3.7H5.96H

Quotas as established by action of the Inter-American Coffee Board on
April 21,

ISMk.

2/

June 17, 19*&

Per telegraphic reports.

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE REDBASE,
Wednesday, June 28, 1944.

Press Service
No. 42-47

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 :
:

Quota Quantity
(Pounds) 1/

:
Authorized for entry
:_________for consomption
______
: 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

June 17, 1944
If
II
II
June 24, 1944 2/
June 17, 1944
ii
it
it
June 24, 1944 2/
June 17, 1944
it'
it
it
tt

928,603,368
472,372,877
23,354,504
4,582,485
17,262,040
18,780,993
80,910,066
67,361,155
28,210,788
3,333,734
68,686,167
24,622,493
2,540,701
. 35,455,364
3,745,964

1]

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944.

2/

Per telegraphic reports.

-oOo-

July 1, 19^4
STATUTORY DEBT LIMITATION
~~AS OP JUNE 3 07 1 9 %
Section 21 of the Second Liberty Bond Act, as amended, provides that the
face amount of obligations issued under authority of that Act, Hshall not exceed
in the aggregate $200,000,000,000 outstanding at any one tirae.M
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

$260,000,000,000

Outstanding as of June 3$, 19^4 1
Interest-bearing;
Bonds &79,2V+,ioU,350
Treasury
Savings (Maturity
1*2 ,812 ,097,850
value)*

Depositai
Adjusted Service
Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

1*71»,321,750
717,1*1*1,005

|123,2!*7,96^,956

3^,7*42,010,150

31*,829,306,000
ll*.73l*.10l*.000-

gl*¿305.1*20.150
$207,553,385,106

Matured obligations on
which interest has ceased
Bearing no interest
U.S. Savings stamps
196,518,370
Excess profits tax refund
■bonds
131*,032,175

193,319,1*00

330,550,51*5

Pace amount of obligations
issuable under above authority

208,077,255,051

$ 51,922,71*1*,9l*9

Reconcilement with Daily Statement of the United States Treasury
June 30. 1944
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;
$195,926,860
Interest-bearing (Postal Savings, etc.,)
Matured obligations on which
interest has ceased
. Z
Bearing no interest
92°?bpQ.y 2J 2
Total gross debt outstanding as of June 3-0» 1 9 ^

^Approximate maturity value. Principal amount (current
redemption value) according to preliminary public debt
statement
,b0o,l4l,1 S5
RHM/jrl

,077,255,051
8.205,916,665

199,871,298,386

1 T132.088,835,

$201,003,587,221

TREASURY d e p a r t m e n t
Washington
FOR IMMEDIATE RELEASE,
Monday, July 5> 19^-

Press Service
No. U2~*4-8

The following statement was made today hy Secretary Morgenthan;
Government receipts and expenditures for the fiscal year I ^ hreached unprecedented peaks, as revealed in the Daily Treasury State­
ment for June 3.0» 19^-K released today.
Receipts for the fiscal yeah 19hh (exclusive of amounts set aside
for account of Federal Old-age and Survivors Insurance Trust Fund)
amounted to $HH,1^9,000,000, an increase of $21,867,000,000, or nearly
double the amount of net receipts for the fiscal year

19^3 »

the previous

record year.
Total budgetary expenditures (exclusive of public debt retirements)
amounted to $9317^*000,000 for the fiscal year I9W+, an increase of
$15,565,000,000 over the previous year.
Expenditures for war activities amounted to $87,039*000,000,

In

addition, the Reconstruction Finance Corporation and its subsidiaries
spent $2,682,000,000 for war activities during the year.

These items

together with interest on the war debt accounted for more than 95 per
cent of total expenditures.
The net deficit for the year was $^-9,595,000,000, as compared with
$55,897,000,000 for the preceding year.

Although total expenditures

were $15,565,000,000 more than in the fiscal year

19^3 »

the deficit

was $6,302,000,000 smaller due to the fact that tax collections were
substantially greater,
A comparative table follows, showing the budgetary receipts and
expenditures for the fiscal years 19^3 and

19^ h

together with tabu­

lated increase or decrease for each classification;

-

BÜDQETART RECEIPTS AMD EXPENDITURES, FISCAL TEARS 1943 AND 1944
(In millions of dollars)

Receipts :
Internal revenue:
Income tax:
Withheld by employers (Current Tax Payment
Act of 19A3) ........................
Other ............. .................
Miscellaneous internal revenue...... ......
Social security taxes ...... ......... .....
Taxes upon carriers and their employees ......
Railroad unemployment insurance contributions ...
Customs..... ........... ...... .
Miscellaneous receipts ..... .................
Total receipts .............. .
Deduct net appropriations to Federal old-age and surviyors
insurance trust fund
Net receipts
Expenditures:
I. General:
Departmental (not otherwise classified)
Agriculture Department:
War Food Administration .......... .
Other .1........ ........... .....
Federal Security Agency:
Social Security Board ........
Other ...........................
Federal Works Agency:
Works Projects Administration .....
Other ...........................
Interior Department:
Reclamation projects ..............
National Housing Agency...... .......
Panama Canal .......... ..... .......
Post Office Department (deficiency) ....
Railroad Retirement Board ............
River and harbor work and flood control
Tennessee Valley Authority ......... ..
Treasury Department:
Interest on the public debt .........
Refunds of taxes and duties .......
Veterans' Administration ......... .
Subtotal
II. War activities:
War Department ...... ..........
Navy Department ................
Agriculture Department ...........
Federal Security Agency........
Federal Works Agency ...........
National Housing Agency...... .
Treasury Department ..... .......
United States Maritime Commission
War Shipping Administration ......
Aid to China................ .
Other ........................
Subtotal
III.

Revolving funds (net):
Farm Credit Administration .
Public Works Administration
Subtotal
Transfers to trust accounts, etc.:
Agricultural Marketing Administration (surplus
commodity Stanps) ................. ............................... ..
Federal contributions to District of Columbia
(United States share) ........... ............ .
Government employees' retirement funds (United
States share) ...... ............... ....... .
National service life insurence flind
Railroad retirement account.......
Railroad unemployment insurance administration fund
transfers to unemployment trust fund (Act Oct. 10,
1940)..... .......................... ......

Total expenditures (excluding public debt
retirements) ........

Net deficit

Increase (a)
Decrease (-)

1943

1944

16,094
4,553
1,289
20?
10
324
906

8,393
26,262
5,291
1,472
267
12
431
3,280

♦
8,393
♦ 10,168
738
♦
♦
183
58
♦
2
♦
♦
107
♦
2,374

23,385

45,408

4* 22,023

1,103

1,260

♦

157

22,282

44,149

♦

21,867

732

793

♦

61

810
124

832
41

♦
-

22
83

474
98

488
88

♦
-

14
10

299
149

17
123

-

282
26

69
15
31
15
8
201
111

54
15
12
fi/ 29
6
177
65

1,808
79
572

2,609
1/ 267
629

♦
♦

♦

801
188
57

5,595

6,188

♦

593

42,317
20,888
2,011
153
215
608
1,201
2,776
1,105
40
795

49,302
26,538
2,143
133
228
539
1,432
3,812
1,922

♦
♦
♦

♦

6,985
5,650
132
20
13
69
231

♦

1,036

♦

817
40
196

_

991

72,109

â/

41
1

87,039

g/

al

_

15
19
A4
2
24

-

-

46

♦
-

-

♦

♦ 14,930

79

38

-

1 ___

40

SJ 39

71

a/

79

-

74

3

6

6

107
30
215

177
101
263

♦

.
♦
♦

70
71
48

6

12

♦

6

435

556

♦

121

78,179

93,744

♦ 15,565

55,897

49,595

-

Hote: Figures are rounded to the nearest million and will not necessarily add to the totals shewn.
fj Excess of credits, deduct.
Tj Includes $134,000,000 refunded in the fora of Excess Profits Tax Refund Bonds.

6,302

2

-

- 3

Financing net deficit and other requirements
The following table shows the sources which provided the. fluids ...
to finance the net deficit o f $49,595>^00»000, the excess of expendi­
tures of trust accounts and governmental corporations, etc,* of,
$4,051,000,000, and the increase in the general fund "balance of
$10,662,000,000, or a total of $64,307,000,000.
(in millions of dollars)

49,595

Het deficit, excluding debt retirements
Excess of receipt's (-) or expenditures (■+) in
. (a) Checking accounts of governmental agencies;
G
e
n
e
r
a
l
.
♦ 4 1»529
Sales and redemptions of. obligations
in the market (net)..................*• * 2,874.
352 +

(b) Trust and other accounts..,..,.... ..

4,051

Increase in general fund balance..........4 10,662
Total repairements,.................**

64, 3.P7.

Means of financing;
Public debt receipts (net) from
(a) Public issues,;
Treasury Bills.
...... .
2,8o2
Treasury Certificates,of In­
debtedness.
12,26s
Treasury Hotes....................
S,225
Treasury Hotes (tax and savings
series).......................
2,087
Treasury B
o
n
d
s
,
21,774
U. S. Savings Bonds,................ 13,350.
•Other i
s
s
u
e
s
.
•
325
(b) Spècial issues:
Unemployment Trust Fund...........
Federal Old-Age and Survivors
Insurance Trust Fund............
national Service Life Ins. Fund.,.
Other issues...........
... T

o

t

a

60,891

1,353
722
po2
480
l

3 »4lp_
64,307

Figures are rounded to nearest million and do not necessarily
add to totals shown.

- 4 RECEIPTS AND EXPENDITURES

■p

Total receipts of the Federal Government in the fiscal year 1944
amounted to $45,408,000,000 as compared with $23,385,000,000 in 1943,
an increase of $22,023,000,000. Income taxes increased $18,561,000,000,
of which $8,393,000,000 represented receipt of income taxes withheld by
employers under the Current Tax Payment Act of 1943. Miscellaneous inter­
nal revenue increased $738,000,000; social security taxes and taxes upon
carriers and their employees increased $241,000,000; customs receipts
increased-$107,000,000, and miscellaneous receipts increased $2,374,000,000,
Respite the war, customs collections amounting to $431,000,000 were
the highest since 1937. This increase is accounted for, in large part,
because of increased importations of alcoholic beverages and wool.
Receipts under renegotiation of war contracts have accounted for
the greater part of miscellaneous receipts during the last two years.
In the fiscal year just ended there was paid into the Treasury more than
$2,000,000,000 of cash recoveries compared with $558,000,000 in 1943,
Substantial additional amounts have been saved on account of downward
adjustments in contract prices, etc,
The Current Tax Payment Act of 1943 became effective July 1, 1943,
introducing several changes relating to the collection and payment of
income taxes. The Act provides for the collection at the source of income
taxes on salaries and wages, Under .regulations- issued by the Treasury
the major proportion of the accumulated funds are deposited monthly by
employers in certain designated depositary banks, against which the
depositaries issue their receipts to the employers. These receipts are
transmitted with quarterly tax returns filed with Collectors of Internal
Revenue, Amounts deposited in the depositaries are promptly remitted to
the Federal Reserve Banks for credit in the Treasurer1s account. This
procedure has made these funds available to the Treasury on a more cur­
rent basis, as "compared with the previous method of quarterly tax pay­
ments, as indicated by the following table:
Income Taxes
(In millions of dollars)
Total' Fiscal
Year 1943
July
August
September
October
November
December
January
•February
March
April
May
June
Total

$

273
155
2,126
206'
199
1,972
306
380
4,732
1,000
.. 940.
3.803
$16,094

Fiscal Year 1944
Withheld
Other
$

19
548
674
557
1,010
713
574
1,137
750
560
1,104
746

$8,393

$1,236
1,016
4,091
746
449
4,327
1,153
610 ■
5,161
1,915
1,063
4.495
$26,262

- 5 The current withholding of taxes is not only beneficial to the tax­
payer hut results in substantial savings to -the Government inasmuch as
the amount borrowed by the Treasury during the interim between, quarterly
dates may be reduced because of the earlier receipt of the taxes.
The continued acceleration of the war program accounted for an in­
crease in budgetary expenditures for war activities of $14,930,000,000
over the preceding fiscal year. Expenditures of all major war agencies
increased, the War Department accounting for $6,985,000,000; the Navy
Department, $5,650,000,000; the Maritime Commission, $1,036,000,000; the
War Shipping Administration, $817,000,000; the Treasury Department,
principally for the Lend-Lease program of the Procurement Division,
$231,000,000; and the Department of Agriculture, mainly the Lend-Lease
food program, $132,000,000, There were small offsetting decreases under
Federal Security and National Housing agencies, indicating that these
agencies probably have passed the peaks of their war programs.
General expenditures, excluding revolving funds and transfers to
trust accounts, increased $593,000,000 in the fiscal year just ended
over those made in the preceding year. However, excluding interest on
the public debt, which increased $801,000,000; and refunds of taxes and
•duties, \$hich increased $188,000,000, all other categories of general
expenditures combined reflect a net reduction of $396,000,000.
The $267,000,000 paid out in 1944 as refunds of taxes and duties
reflects the effects of the provisions of the new tax law under which
individuals who overestimated their income tax payments receive cash
refunds. Also, this amount includes refunds of $134,000,000 in the form
of Excess Profits Tax Refund Bonds, which are not redeemable until
after the war.
The curtailment of certain non-war activities was reflected in
reduced expenditures of a number of agencies. Under the Department of
Agriculture, for example, expenditures were $61,000,000 less than in
the preceding year. The Federal Works Agency expenditures declined by
$308,000,000, the major portion of which was accounted for by the termi­
nation of the Work Projects Administration. Also, the Public Roads
Administration expenditures were'reduced by $21,000,000. The Public
Works Administration spent $9,000,000 less than last year, while on the
other hand expenditures of the Public Buildings Administration in­
creased $4,000,000.
Further reductions in the general expenditures of the Government
during the fiscal year 1944 were accounted for as follows; Reclamation
projects, $15,000,000; The Panama Canal, $19,000,000; river and harbor
work and flood control, $24,000,000; the Tennessee Valley Authority,
$46,000,000; and the net decrease of $44,000,000 under the caption

"Post Office Department (deficiency)," was due to a net repayment
of $29,000,000 during the fiscal year I.9I&, on account of grants
made in prior years, as compared with a net expenditure of
$15,000,000 for the fiscal year 19^3 .
In view of the fact "that most Government agencies have as­
sumed additional activities as a~resuit of the war effort, expendi­
tures classified as "Departmental" were increased by $61,000,000
in 19^1-U over those for 19^3* The expenditures of the Veterans’
Administration increased $57 ,000,000.
Certain governmental corporations and credit agencies which
do not operate on funds received from appropriations maintain
checking accounts with the Treasurer of the United States, Net
expenditures in these accounts amounted to $U, ^403*000,000, as
compared with $2,19^,000,000 for the fiscal year I9U3 . Net redemp­
tions in the market of obligations for these governmental agencies
during 19Ud amounted to $ 2,87^,000,000 and other transactions
amounted to $1 ,529,000,000.
The following table shows the trend of Government expenditures
in recent years. It will be noted that substantial reductions have
been made in expenditures for activities other than those for "war
activities" and for interest on the public debt.

- 7 -

Summary of Government expenditures
for the/fiscal years. 1936 to 1944, classified "by
budgetary items, and transactions of Government corporations
(in millions of dollars)

:

Budgetary Items
.
1f ! . All '
Fiscal i ' War
Tear :Activities ; Interest1 Other
♦
.
»

1936

900

1937

*

Gov't Corp, (net)
excluding sales
and redemptions
Total * of market•obliga­
tions

Total

7^9

7,017

8,666

-108

929

866

6,302

8,177

-314

’ ; .*

7,664

193s

, 1,029

926

5,201*

7,239

-204

;

7,035

1939

1,206

94i

6,560

6,707

337 ;

1940

1,657

l,04l

6,300

8,996

254

9,252

1941

6,301

1,111 3/ 5,299

12,711

1,069

13,780

1942

26,011

1,260

5,125

32,397

1,015

; ' '

34,212

191*3

72,109

1,808

4,262

78,179

1,500

i

79,679

1944

87,039

2,609

2/4, 096

93,7^

1,529

;

95,273

1

6,557

: 9,o44

Figures are rounded and do not necessarily add to totals,
1/

Reduced by $329*000,000 return of surplus funds from Government
corporations repaid to appropriations*
i

2/

Includes $134,000,000 representing refunds of taxes in the for?i of
excess profits tax refund bonds,
:

A summary of expenditures classified above as "All Other’1 is shown;in
the following table in greater detail:

Summary of expend!-bar es other "than "-war activities"
and "interest on public debt" by fiscal years

I

(In millions of dollars)

co

I

Classification
Departmental (not otherwise
classified)
Agriculture Department
Federal Bnergency Relief Admin,
Federal Security Agency:
Civilian Conservation Corps
National Youth Admin,
Social Security Board
Other
Federal Works Agency:
Public Buildings Admin,
•Public Roads Admin.
Public Works Admin.
Work Projects Admin,
Gov’t Employees Retironent Funds
National Housing Agency
Railroad Retironent Board Lj
Refunds of taxes aid duties:
Excess Profits Tax Refund Bonds
Other
River and harbor work and flood
control
Tennessee Valley Authority
Veterans Administration:
Adjusted Service Cert* Fund
National Service Life Ins, Fund
Other
Other
Total

1936

1937

1938

1939

1940

1941

1942

1943

1944

556
820
496

671
829
12

633

680
1,095
2

711
1,425
1

676
1/811
—

685
1,109

732
1,046
—

793
833
—

486
36
38
36

386
66
185
44

326
51
285
55

290

283
95

257
90
423
66-

163
88
473
75

18
2/
t
u
474
81

—
488
88

80
23I

92
223
149
1,421
73
38
145

66
191
408
2,162
75
19
110

69

348
1,478
87
10
128

3/126

1,228
41
53
—

89
341
249
1,831
4/
40
5

1,285
93
17
139

60
153
. 40
882
103
18
155

' 48
87
12
299
107
15
228

52
66
4
17
177
15
280

—
54

56

—
68

—
91

—
90

94

—
79

134
133

224
49

235
42

199
42

193
41

213
39

219
51

127

201
111

177
65

1,773
—
‘ 578
168

557
—
' 581
.118

—
—
582
126

—
—

—
1
555
154

—
30
572
120

•—
101
629
44

7,017

6,382

5,284

5,125

4,262

4,096

69

—

739
4

—■
100

78

331

364

59

63

557

I 36

75

165

174

—
10
— ■
—.
557
•553
168
151

6,560 6,300

5,299

191

Figures are rounded and wi 11 not necessarily add to totals,
1 / Reduced by *33-5,000,000 return of surplus funds from Government corporations, repaid to appropriations,
2/ Some functions ;abolished and other functions transferred to other agencies,

3/ Peduced by fl4-,000,000 return of surplus funds, repaid to appropriations,
4/ Includes transfers to Railroad Retirement Account and to Railroad Unemployment Insurance Account,

5fer.- ggi

9
war expenditures

The monthly trend of defense and war expenditures from appro­
priated funds, and total expenditures for war activities by the
Reconstruction Finance Corporation and its subsidiaries, during
the fiscal years. 1941 to 1944 are shown in the following table»
(In millions of dollars)
Fiscal Year
July
August
September
October
November
December
January
February
March
April
May
June

1941
199
223
241
311
393
495
589
610
769
7S2
857
832

;

1/

.1943

^ 1943

1944

969 !
1,131
1,330
1,537
1,448 '
â/1,850
3,104
2,208
2,809
3,238
3,560
3.829

4,498
4,884
5,384
5,481
6,042
5,825
5,947
5,770
6,744
6,974
7,092
7.469

6,432
7,232
6,952
6,989
7,541
6,718
7,138
7,518
*7,726
7,346
7,879
7.567

6,301

26,011

72,109

87,039

Total fiscal
year expenditures
for war activi­
ties by Recon­
struction Finance
Corporation and
subsidiaries
354

2.255

3.189

2.682

6,,655

28,266

75,298

89,721

Total

Grand Total

1/

Figures are rounded to nearest million and will not necessarily
add to totals shown.

Zl First month of the war, December 5.941

-

THE PUBLIC DEBT

10

.

The gross public debt on June 30, 1944, amounted to
£201,003,000,000, as compared with $136,696,000,000 on June 30,
1943, an increase of $64,307,000,000,

Of the increase in the

public debt £10,662,000,000 represents an increase in the general
fund balance as a result of the Fifth War Loan Drive which runs
from June 12th to July

8th,

being in progress at the end of the

fiscal year.
The computed rate of interest on the total interest-bearing
public debt was 1,929 percent on June 30, 1944* as compared with
1*979 percent on June 30, 1943.
The following statement shows the public debt as of June 30,
1943, and June 30, 1944, classified by character of issues, as
between public issues and special issues for account of Govern­
ment trust and special funds.

The amount of outstanding public

issues increased £60,891,000,000 during the year, and special
issues increased $3 ,416,000,000.

11
Statement.of .the outstanding public
debt on June 50,1943, and June 30, 1944
(in millions of dollars)

Issues
.
____________

.

June
June
..
'30
30
'■__________ '
_________ 1943______ 1944

Public issues
Postal savings and other bonds ........
Treasury bonds ........................
United States SaMngs bonds ...........
Depositary bonds ... ..... ..............
Adjusted service bonds ................
Treasury notes .........................
Treasury notes (tax and savings series)
Certificates of Indebtedness......... ,
Treasury b i l l s .... .................
Matured debt on which interest has
ceased ...........................
Debt bearing no interest ......... .
Subtotal ..............
Special Issues
Retirement accounts:•
Alaska Railroad Retirement Fund .....
Canal Zone Retirement Pund ..........
Civil Service Retirement Fund .......
Foreign Service Retirement Fund ......
Railroad Retirement Account ......

‘

196
57,520
21,256
226
222
9,168
7,495
16,561
11,864

196
79,244
21,724
34,606
+ 13,350
474
248
217
5
4- 8,237
17,405
9,557 ' +
2,062
428,822
12,261
42,870
14,734

141
•1,175

201
1,259

125,825

186,715

2
g

1,060
6
178

Change during
fiscal year
1944 .

+
4

60
84

4

60,891

-

2
; 9; +
v
1,451
7
4
4
319

1
391
■ 1
141

Special funds:
Adjusted Service Certificate Fund
Federal Old-age and Survivors
Insurance Trust Fund ..............
.. .G-overnment Life Insurance Fund .......
National Service Life. Insurance Fund
Unemployment Trust "Fund.". .’....... ....

18

17

4,044
538
352
4,257

4,766
502
. 1,213
5,610

Investment accounts:
C-anal Zone Postal Saving* System .....
Federal Deposit Insurance Corporation
Federal Savings & Loan Insurance Corp.
Postal Savings System ................

2
103
’• 106
197

3
98
27
264

4.

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

10,871

14.288

4-

Grand total .......

136,696

201,003

+

-

1

+

722
36
862
1,353

«
4.
■ +

44»..

•1 ■
5■
79
67. ..

—

<0 ,
1—r

•1

to

64,307 •

WOTE :1‘Figures •are rounded to the nearest milli
on and do not necessarily add
•to totals shown.

-

12 -

STATUTORY DEBT LIMITATION

Under the Public Debt Act of
approved June 9, 19*1*1, the limitation
on the general borrowing power under the Second Liberty Bond Act, as amended
was increased from $210,000,000,000 to $260,000,000,000. As o'f June 30, 19I&
the unused borrowing authorization under the limitation was $51,923,000,000,
as shown by the following statement:
Total face amount that may be
outstanding at any one time
Outstanding as of June 30, 19J4U ;
Interest-bearing:
Bonds w
Treasury
$79,2*1*1,10*1,350
Savings (Maturity
value)*
*12 ,8 1 2 ,0 9 7 ,8 5 0
Depositary
1+7^,321,750
Adjusted Service
7 1 7 . W i .OQ6
Treasury notes
Certificates of
Indebtedness
Treasury. Bills
(Maturity value)

$ 260,000,000,000

$123,21+7 ,96^,956

314,71+2,010,150
314,829,306,000
11+.75U.1Q1+.OOQ

Matured obligations on
which interest has ceased
Bearing no interest ;
U. S. Savings stamps
196,518,370
Excess profits tax
refund bonds
13^,032.175

gl+,305.1+20.150
$207,553,385,106

193,319,*100

330.550,5*+5

Pace amount of obligations
issuable unjler above authority

208,077.255,051
$51,922,7*1*1,9*19

Reconcilement with Daily Statement of the United States Treasury
June 50 9 19^*1
■ ;+!■ ."t'Trr';~r,r
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 (Postal Sayings, etc.-,-)
$195,926,860
Matured obligations on which interest
has ceased
• * •7 531 7^0
Bearing no interest
928,630,215
Total gross debt outstanding as of June 30, 19^-**-

*Approximate maturity value*

Principal amount
(current redemption value) according to pre­
liminary public debt statement $3*1,606,141,185

$208,077,255,051

8.205.956,665
199,871,298,38b

1,132.088,835
$201,003,387,221

THE- GUARANTEED DEBT
The contingent liabilities of the Government on account of
outstanding market issues of obligations of governmental corpora­
tions and credit agencies, guaranteed as to principal and interest,
decreased from $4,100,000,000 on June 30» 19^*3»
$1 *623-»000,000
on June 30» 1944, a decrease pf $2,477»000,000. This decrease is
largely due to the continuation of the policy announced in October,
194l, under which the funds needed by governmental corporations are
provided by the Treasury in lieu of having such corporations sell
their obligations in the market. During.the year the securities
of governmental corporations and credit agencies held directly by
the Treasury increased from $7,535*000,000 to $10,717*000,000, an
increase of $3,182,000,000,
A statement of guaranteed obligations outstanding as of June
1943, and June 30, 1944, is as follows:

30,

STATEMENT QE M O U N T OF OUT STAMPING- OBLIGATIONS
GUARANTEED AS TO PRINCIPAL AND INTEREST BY THE
UNITED STATES AS OE JUNE 30, 1943, AND
JNNE 30"/ 1944

(In millions of dollars)

late: Public issues:
Commodity Credit Corporation ...
Eederal Earm Mortgage Corp.....
Federal Housing Administration.,
Eederal Public Housing Authority
Home Owners’ Loan Corporation,,.
Reconstruction Finance Corp,,,.,
Subto tal

,

Issues held by the'Treasury and
reflected in the public debt:
Commodity Credit Corporation .,.
Eederal Earm Mortgage Corp......
Eederal Public Housing Authority
Home Owners’ Loan Corporation...
Reconstruction Finance Corp.....
Tennessee Valley Authority .....
Subtotal

Total

4so

932
23
114
1,539

1344
561
^3
24
-

819

1944
Increase (+)
Decrease (~)
+
+
-

81

889
1
114

720

1 ,0 11

176

4,100

1,623

1,950
2S3

212

900
366
398
58O

5,033
57

S,4i6
• 57

+
115
4*
368
+ 3,383
: **

7,535

10,717

4- 3,182

11,635

12,340

+

835
2,^77

-

1,050
366

705

LOAIT S A2TD I1TVS STMEIT TS

The^ Governments interest in the net assets (excluding cash:
on deposit with the Treasurer of the United States) represented "by
ioans, other investments- and properties of/gqvernmental corporations
and credit agencies amounted to $21,488,000,000 as of Hay 31 lQi+U

Tt

i n i r o o o ^ o o ^ 2'’ 797' 000’ 0 0 0 ' 38 of May 3 i ’ i 943, a net i “ oreas®
TREASURY EIITAITC IITG OPERATIOITS

During the fiscal year 1944, public issues for cash and for ex­
changes of Treasury bills, Treasury certificates of indebtedness,'
Treasury notes, Treasury bonds and United States Savings bonds
(including discount accrued during the year) aggregated
$90,S70,000 ,0 0 0 as compared.-with .$7 1 ,7 2 1 ,0 0 0 ,0 0 0 during 1943, as
foil OWH l

fiscal year
fiscal year
1944
1 9 U3
(In millions of dollars)

Treasury bills (net increase).,. $ 2,862
Certificates of indebtedness.,'..
28,822
Treasury no tes...,.,
9,868
Treasury notes (tax and savings ;
series).... .....
3,95^
Treasury bonds.....
24,643
U. S. Savings Bonds.
15,721
Total

$90,S70

$ 9,34o

is, 067
3,749
8,759

19,890
11,916
$71,721

for every direct Treasury marketable security, except Treasury
bills and two issues >gf Treasury notes, and for.four out of six
issues of guaranteed obligations, ca,lled or maturing during the
fiscal year 1 9 UU, new Treasury issues were, offered to the holders
thereof. Of the $22,691,000,000 called or maturing securities
eligible for exchange, $20,734,000,000 were exchanged for new.issues,
leaving only $1,957,000,000 or 8- 2/3Z° to be redeemed in cash.
Included in the above total was the most extensive exchange
operation in the history of Treasury financing.
On March 15, 1 9 4 4 ,
seven separate Treasury and guaranteed issues becoming due or callabl
between March 15,and June 15, 1944 were refunded in a single largescale operation, for these securities, which were outstanding in

- 15

the amount of $4,730,000,000, three Treasury issues were offered in
exchange. In this one operation, 83$ of the old securities were
exchanged for the new issues.
The Treasury and guaranteed obligations redeemed in cash at
maturity were as follows?
Treasury issues:
1$ Treasury Notes, Series C~
1943, September 15, 1943 ........
l-l/8$ Treasury Hotes, Series B1943, December 15, 1943 ..... .

$279,473,800

420,971,000
700,444,800

Guaranteed obligations:
Reconstruction Finance Corporation
1-1/8$ notes, July 15, 1943.........

324.397.000

Federal Public Housing Authority
1-3/8$ notes, February 1, 1944 .....

114.157.000
438.554.000

The following table shows details of public issues (including
issues for exchange purposes) of Treasury bills, Treasury certif­
icates of indebtedness, Treasury notes and Treasury bonds offered
by the Treasury during the fiscal year 1944:

PRINCIPAL TREASURY ISSUES AND EXCHANGE OPERATIONS ON THE MARKET
(INCLUDING EXCHANGES OF GUARANTEED OBLIGATIONS) .FISCAL YEAR 1 9 4 4
( D o lla r amounts i n m i l l i o n s )
Amount Is s u e d

D e s c r ip tio n o f New T reasu ry S e c u r i t y

D ate o f
Is s u e

C a l l and
M a tu rity
D ates

For
Cash

D e s c rip tio n o f S e c u r i t y Refunded

In Exchange

C la s s o f
S e c u r it y

T o ta l

C a ll end
M a tu rity
D ates

Date o f
O rig in a l
Is s u e

Amount
F o r Cash
Redempti. on

T re a su ry Bonds

2-Í7S 1954-49
256
2-1/2$
2$
2-1/4$
2-1/2$

2$
2-1 /2$

1951-53
1964- 69
1951-53
1956-59 1 /
1965- 70 y
195254
1965-70

T re a su ry N otes
l-l/ 2 $
13947

0.90$
1-1/2$
1-1/4$

D-1945
A-I948 1/
B-1947

9A5/43
9A5/43

IOA5/43 2/
IOA5/43 2/
2 /1 /4 4
2 / 1/44
6/26/44

6/26/44 2/

7A 2/43

2 / 1/44
3/15/44
6/26/44

12/15 / 64-69

9/15/51-53

I2A 5/64-69
9/15/51-53

9/15/56-59
3/15/65-70
6A 5/52-54
3A5/65-70

9/15/47
3/ 1/45
9/15/4 8

3 ,7 7 9
5 ,2 5 7
1 ,6 2 7
3 ,7 2 8
2 ,2 1 2
4 ,2 0 7

2,500

3 ,7 7 9

5,257

-

59
1 ,1 0 2
_
*

591
2 ,7 2 9 J
3 ,7 2 8
2 ,2 1 2
4 ,2 0 7
2 ,5 0 0

2 ,7 0 7
-

3/15/47

1 ,2 8 6

989
4 ,1 2 2
1 ,5 8 0

12/ 1/43
2/ 1/44
4/ 1/44
5/ 1/44
6/26/44

8/ 1/44
9/ 1/44
10/ 1/44
12/ 1/44
2/ 1/45
4/ 1/45
5/ 1/45
6/ 1/45

3 ,5 5 7

V ario u s

V arious

2 ,8 6 2

2 ,1 2 7
1/

-

3^$ T rea su ry Bond

2 ,7 0 7
2 ,1 2 7
-

1 ,2 8 6

-

IO A 5/43-45

-

IO A 5/33

—

-

24O
-

-

•

_

«

-

-

-

-

7/8$ C e r t i f i c a t e
1/

2/ 1/44

2/ 1/43

-

-

-

-

84

1/

C e r t i f i c a t e s o f In d eb ted n ess

ñW

7/8$
7/8$
7/8$
7/8$
7/8$
7/8$
7/8$

D-1944
£-1944
F-1944
0-1944
A-1945
B-1945
D-1945
C-1945

T rea su ry B i l l s ( n e t ) ¿/

8/ 2/43
9/15/43

IOA5/43

-

5 ,0 4 8
-

1 ,5 5 6
-

1 ,9 3 9
3 ,5 4 0
-

4 ,8 7 7
1 ,6 1 5

-.

D e t a il o f Exchange O p eration .
2 -1 / 4 $ T reasu ry Bond 195 6 -5 9
2 -1/ 2$ T rea su ry Bond 1 9 6 5 -7 0
l - l / 2 $ T rea su ry N ote A-1948

3/15/44 U
3/15/44 4 /
3/15/44

TOTAL

-

4 5 ,4 6 3

See d e t a i l o f exchange o p e ra tio n o f March 1 5 , 1944.
A d d itio n a l t o 9A 5/43 i s s u e .
Additional to 2/1 /44. issue -with interest from Jure 26 , 1944.
Additional to 2/1/44 issue.
Weekly issues and redemptions of 93_day bills.

2 0 ,7 3 4

53

11/ 2/42
12 / I /42

96
260

4/ 1/44
5/ 1/44

2 ,8 6 2

T reasu ry B i l l s ¿/

V arious

V arious

3 /15/44-64

3/15/34
5A 5/34
7 / 3 / 4I
5/ 1/34
4/ I 6A 4

559
604
1 ,2 2 3
483
L 270

77r4

3 ,7 4 8 J

8/15/42

7/3$ C e r t i f i c a t e
7/8$ C e r t i f i c a t e
-

f 705
76
—

7/8$. C e r t i f i c a t e

2 ,5 4 5
4 ,1 2 2
3 ,5 1 9
3 ,5 4 0
5 ,0 4 8
4 ,8 7 7
1 ,6 1 5
3 ,5 5 7

8/ 1/43

_

-

7/8$ C e r t i f i c a t e
7/8$ C e r t i f i c a t e
-

3^$
3$
1$
3$
3
1$
3/4$

FFMC Bond
FFMC Bond
RFC Note
H0LC Beard
Tr easur y Bond
T rea su ry Note
T reasu ry Note

11/ 1/43
12/ 1/43
•

-

5/15/44-49

4A 5/44
5/ I/ 44-52
4/15 /44-46
3 A 5/44
6/15/44

«

4/15/43
5/ 1/43
-

% É

6 6 ,1 9 7
NOTE:

—

374
40
-

19

'S

33
$
1 ,9 5 7

F ig u re s a re rounded to th e n e a r e s t m illio n and do n o t
n e c e s s a r il y add to th e t o t a l s shown.

The introduction of the pay-as-you-go system of individual
income taxes eliminated the .need for issuing Series A Tax notes.
Their sale was, therefore, terminated June 22, 19^3• At the same
time provision was made for payment of accrued interest on the cash
redemption of such notes, and also the designation of Treasury
Notes of Tax Series 0 was changed to Treasury Savings Notes of
Series, 0, '
Comparative total sales and redemptions of Treasury Notes
(tax and savings series) during the fiscal years 19A3 and I9AA
are shown below:
19^3
-

S a l e s ... .
Redemptions*
Nor taxes ,v,
Nor cash

$8,690,000,000
A,09^,000,000
115,000,000

19AA
$8,95^,000,000

6,365,000,000
502,000,000

WAR LOAN DRIVES
Nollowing the nrocedure of the previous year the continuous
sales campaigns for non-market at 1e Savings Bonds and Treasury
Savings Notes were supplemented by three special periodic War
loan Drives in September I9A3 , January-Nebruary I9AA, and
June-July I 9AA, at which times additional issues were offered for
sale to the public.
Sales of securities in the Third War Loan totaled $18,900,000,000
as compared with a goal of $15,000,000,000, Aggregate sales in
the Nourth Wan Loan amounted to 816,700,000,000, exceeding the
goal of SlA,000,000,000 by 20^, A goal of $16,000,000,000.has
been established for the Fifth War Loan which is now in progress#
Subscriptions in the amount of $13,728,000,000 had been received
up to June 30, i 9AA *

18 -

Sales of securities in the;‘
Third and Fourth drives are summarized
below;

Security
ilon-narketable issues;
Savings Bonds:
Series E .......... .......
Series F and G ............
Savings ITotes, Series C .....

Third
Fourth
War Loan
War Loan
(In millions of dollars)

52,^72
S31

$3,187
1,024

3

2,232

5,786

6,443

Marke table is sues:
7/8$ Certificates of
Indebtedness ..............
2$ Treasury bond ............
2ifo Treasury bond *...... ...
2 ^ Treasury bond

4,122
■5,257
'
■
3,779

5,036
3,331
1,920

Total marketable issues .....

13,158

10,2S7

18,944

16,730

Total non-marketable issues ,

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

2M

—

-Concurrently with the Fourth and Fifth War Loans connercial banks
holding savings deposits were permitted within certain U n i t s to •sub­
scribe to Series F and Series G Savings Bonds on and after January 1,
1944, and to the 2g$,- 2^fo and 2% marketable Treasury bonds, '
Purchases of the securities by connercial. banks holding savings
deposits total $618,000,000 during the Fourth Viar Loan, These pur­
chases were not included in Fourth War Loan quotas, nor credited to
Fourth War Loan sales.
During the period of the Fourth War Loan, the Treasury purchased
for Government investment accounts 3350,000,000 of the marketable
securities offered as part of tha/t Loan. These purchases also were not
included in the quotas or credited to the sales in this Loan.
The main emphasis in the Third, Fourth and Fifth War Loan Drives
was planed on a. wider distribution of Government securities among
individuals, and in each of these campaigns the quotas were confined
to subscriptions by non-bank investors.

- 19 -

SAVIIT&S BONDS

Pay-roll Savings Plans continued to account for a. large volume
of sales of War Savings Bonds. The number of persons participating,
including those in the.armed forces, and the total, allotment from
their pay have increased during the past three years as follows:

Pay-roll Savings Plan
August
19li2
Number participating,at
end of month (in millions)

19.^ :

Allotments from pay during .
month (in millions of
dollars) .................

'230

Percent of participants’
pay deducted * *....... .. •

l.x1°

l/

June
19M-3

April
19%

26.8

27.3

^15

9,of.

-'U7 5 1/

' .9» 7

1/

Preliminary

United States Savings Bonds, by their express terms, may be*
redeemed at the option of the owner, at certain fixed times after the
date of issue. Although emergency needs have caused many purchasers
to take advantage of this provision, in view of the tremendous
increase in sales, it is encouraging to know that as of June 30,' 19^>
90fo of-all series sola are still in the hands of the original owners,
only ID$ of the total amount issued having been retired. The largest
dollar amount of retirements has been in the Series E bond. Sales of
Series E bonds (including accrued discount) from their beginning,'
May 1, 19^1, to date, total $23,973*000,000 and redemptions amount to
$2,8%, 000,000» The grand total of all United States Savings Bonds .
issued.and retired and the percent of such redemptions by series and
year of issue are summarized in the following table:

20

~

United States Savings Bonds
Jwie 30, IS 44
(in millions)

Amount
1 Amount
Amount
. P er cen t Retired
Issued l / j R e t i r e d 1 / Outstanding^/ o f 'Amount I ssued
^1}' 1
S e r i e s A-1335
B - I 936
C-1937
C-IQ 3 8
B-.19J9
D- 19^0
11-1941

. . .
. . . .
. . .
. . . . •
. . . . . . .
.............................
. . . . . . .
•
. . . . . . .
. . . . . . . .
.

T o tal,

. . .

•

$

246

432

i

9 3^

606
949

1 ,1 3 0
¡+ST
^ .3 8 3
"™1

S e r i e s E-lQUl
1$4 2
19 .H3
1944

$

S eries S .
•

S e r i e s I1 and G~194l
19^2
19^3
1944

. * . .
. . .
. . . .
( 6 mo.)

2 3 .9 7 3

!
f

‘ 113
128
l 4g
l4 o
44

|
!

3 ,1 ^ 9
3 .3 2 9
2 ,1 4 4

T o t a l , S e r i e s 3? & Gr

10 ,135

T o tal,

3S.U92 ■ j

1

•

26.16
2 3 .9 7
19 . ^7

15.60
1 2 .3 9
...9 .0 3

3.625

1 7 .2 9
'«

,

133
9^

1 ,2 4 1
5 ,3 5 1

248

8,906
7 / 5 .6 2 7

2 ,8 ^

21,125

1,522"

sp

77

130
69
j

2 7 .2 4

179
319
406
4SS
800
990
443

! . 758
I
j' 1
‘

•
•
*
•

a ll series •

$

118

. . . . . . .
1 ,3 7 4
. '........................
6,297
|
1 0 ,4 2 8 * '(
.............................
( 6 mo.) . . , ♦3 / 5 , 8 7 5

T otal,

67

2

9.68

15.02
1 4 .6 0
4 .2 2
■

l.* 3 7
3 ,0 1 9

3 .8 8 5

.

5.0 9
4 .1 3

3,260

2.07

2 ,l4 l

.09

9 .8 5 7

2 .7 4

I

27 s
— jt _ ---------------

11.88

34,606 .

1/ Includes accrued discount.
2/ Current redemption value#
¿/includes $l60 millions reported on public debt statement as
”unclassified sales.”
Hote:^¡Figures are rounded to nearest million and will not necessarily
add to totals.

10.09

- 3

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.

-

2

-

Reserve Banks and Branches, following'which'public announcement will be made'by the
Secretary of the Treasury of the amount and erica 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

Jaly.6 ^ 944

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 disoosition of Treasury bills shall not have any
special treatment, as such, under Federal tax Acts now or hereafter enacted.

The

bills shall be subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any^State, or any of the possessions of
the United States, or by any local taxing authority.

For purposes of taxation the

amount of discount at which Treasury bills are originally sold by the United States
shall be considered to be interest.

Under Sections 42 and 117 (a) (l) of the

Internal Revenue Code, as 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. Jon« 30. 1944_________ .

The Secretary of the Treasury, by this public notice, invites tenders
for $ 1»200»000»000 » or thereabouts, of

l-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

Jnly/6j 1944

__ , and will

mature

October 5. 19A4

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

Monday» Jubr 3.

X 9 h k _______ •

Tenders will not be received at the Treasury Department, Washington.

Each tender

d

. m., Eastern War time,

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

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

T R E A S U R Y •ÜEPARTMÉMT / / ' '.f: FOR "R E L E A S E , , M O R N I N G NEWS P A P E R S ,
Washington ■ ' l * '*
;/
Friday, J u n e , 30, 1944. , ,

The S e c r e t a r y of the Treasury, b y this' p u b l i c notice,
invites tenders for $1,200,000,000., or thereabouts, of 91d a y T r e a s u r y bills, to b e i s s u e d on a d i s c o u n t basis u n d e r
c o m p e t i t i v e a n d f i x e d -price b i d d i n g as h e r e i n a f t e r p r o ­
vided*
The b i lls of this series will be d a ted J uly 6, 1944,
and ■w i l l 1m a t u r e O c t o b e r 5, 1944, w h e n the, face a m o u n t will
be payable w i t h o u t interest«
T h e y wil l be issued m
bearer
form'only, and in d e n o m i n a t i o n s of $1,000, $5,000, $10,000,
$100,000, $500,000, a n d $ 1 , 0 0 0 , 0 0 0 (maturity value).
•T e n ders will be rec e i v e d at Federal Reserve Banks a n d
B r a n c h e s up to the closing hour, two o ’clock p.m., E a s t e r n
W a r time," Monday, July 3, 1944.
T e n d e r s will not be r e ­
ceived at the T r e a s u r y D epartment, W a s h i n g t o n .
Each ten­
der m u s t be for an even m u l t i p l e of $1,000, a n d the price
o f f e r e d m u s t be e x p r e s s e d on the b a s i s of 100, w i t h n ot
more than, three decimals, e. g., 99.925#
Fractions m a y
not be u s e d ’. It Is u r g e d that t e n d e r s be mad e on the
p r i n t e d forms a nd f o r w a r d e d In the special envelopes
w h i c h wil l be s u p plied b y 'Federal R e s e r v a B a n k s or B r a n c h e s
on a p p l i c a t i o n therefor.
T e n d e r s will be r e c e i v e d w i t h o u t deposit .from i n c o r ­
p o r a t e d banks and trust companies a n d from r e s p o n s i b l e and
r e c o g n i z e d d e a l e r s In i n v e stment securities.
T e n d e r s fro m
‘others m u s t b e a c c o m p a n i e d b y p a y m e n t of .2 p e r c e n t of the
face a m o u n t of T r e a s u r y bills a p p l i e d for, u n less ^the t e n ­
ders are a c c o m p a n i e d by a n ex p r e s s g u a r a n t y o f p a y ment b y r
a n I n c o r p o r a t e d b a n k or t r u s t company.
I m m e d i a t e l y a f t e r the closing hour, tenders w i l l be
o p e n e d at the Federal R e s e r v e Banks a n d Branches, f o l l o w ­
ing w h i c h p u b l i c a n n o u n c e m e n t will be m a d e b y the S e c r s t a r y
of the T r e a s u r y of the a m o u n t a n d p r i c e range of a c c e p t e d
bids.
Those s u b m itting te n d e r s w i l l be a d v i s e d of the
a c c e p t a n c e o r r e j e c t i o n thereof.
T h e S e c r e t a r y of the
T r e a s u r y e x p r e s s l y r e s e r v e s the r i g h t to a c c e p t or reject
a n y or a l l t e n d e r s , in w h o l e or In part, a n d his a c t i o n .In
a n y s u c h r e s p e c t shall be final.
S u b j e c t to these r e s e r ­
vations, t e n d e r s for $ 1 0 0 , 0 0 0 or less f r o m a n y one b i d d e r
at 9 9 * 9 0 5 e n t e r e d on a f i x e d - p r i c e b a sis w i l l be a c c e p t e d
in full*
P a y m e n t of a c c e p t e d tenders at the p r ices o f f e r e d
mus t be m a d e o;r c o m p l e t e d at the Federal R e s e r v e B a n k In
cash or o t h e r i m m e d i a t e l y a v a i l a b l e funds on Jul y 6, 1944#
(Over)

42-49
i

2

-

The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r inter­
est or gain f r o m the sale or o t h e r d i s p o s i t i o n of the
bills, shall not h a v e a n y e x e m ption, a s such, a n d loss
f r o m the sale or other d i s p o s i t i o n of T r e a s u r y bills shall
n ot have a n y special treatment, as such, u n d e r Federal tax
Acts n ow or h e r e a f t e r enacted.
T h e bills shall be subject
to estate, i nheritance, gift, or o t h e r excise taxes, w h e ­
ther Federal or State, b ut shall be e x empt f r o m all taxa^^on n o w or h e r e a f t e r i m p o s e d on the p r i n c i p a l or interest
t h e r e o f ^ b y a n y State, o r a n y of the p o s s e s s i o n s of the
U n i t e d States, or b y a n y local taxing a u t h o r i t y ,
For p u r ­
poses of ta x a t i o n the a m o u n t of di s c o u n t at w h i c h T r e a s u r y
bills a r e o r i g i n a l l y . s o l d b y the U n i t e d Stat e s shall be
c o n s i d e r e d to be interest.
U n d e r Sections 42 a nd 117 (a)
(1) of the Internal R e v e n u e Code, as a m e n d e d b y S e c t i o n 115
of^the R e v e n u e Act of 1941, the a m o u n t of di s c o u n t at
w h i c h bills i s s u e d h e r e u n d e r a re s old shall n o t be c o n ­
s i dered to a c c r u e until- such b i l l s shall be sold, redeemed
or o t h e r w i s e d i s p o s e d of, a n d s u c h b i l l s are e x c l u d e d
f r o m c o n s i d e r a t i o n as capital assets.
A c c o r dingly, the
o w ner o f ^ T r e a s u r y bills (other than life insurance c o m ­
panies) i s s u e d h e r e u n d e r n e e d include in his income tax
return o n l y the d i f f e r e n c e b e t w e e n the p r ice p a i d for
suc h bills, w h e t h e r on o r i g i n a l issue or on s u b s equent p u r ­
chase, a n d the a m o u n t a c t u a l l y r e c e i v e d eith e r u p o n sale
or r e d e m p t i o n a t m a t u r i t y d u r i n g the taxable y e a r for which
the r e t u r n is made, a s o r d i n a r y g a i n or loss.
, T r e a s u r y D e p a r t m e n t C i r c u l a r No. 418, as amended, a n d
this notice, p r e s c r i b e the terms of the T r e a s u r y bills and
g o v e r n the c o n d itions of their issue«. Copies of the c i r ­
cular m a y h e o b t a i n e d f r o m a n y Federal Reserve Bank or
B r a nch,

oOo

aa In te rn a tio n a l Bank f o r Postwar R eco n stru ctio n which w ill
in v e s tig a te th e o p p o rtu n ities f o r loan s o f t h is c h a r a c te r , W ill
recomrand and su p ervise them and, i f a d v isa b le , fu rn ish to
in v e sto rs g u aran ties of t h e ir repayment.
I s h a ll not attem pt here to d iscu ss th e se proposals in
d e ta il.

That i s the ta s k o f t h i s conference*

I t i s e ta sk

th e performance o f which c a l l s f o r wisdom, f o r statesm anship,
above a l l f o r good w i l l .
The transcendent f a c t o f contemporary l i f e i s t h i s —
th a t the world i s a ooanmnity.

On b a t t ls f r o n t s

the world over,

the young men o f a l l our u nited co u n trie s have been dying together
dying f o r a coraaon purpose.

I t i s not beyond our powers to enable

the young men o f a l l our co u n trie s to l iv e to g eth er — to pour
t h e i r e n e rg ie s, t h e i r s k i l l s , th e ir a s p ira tio n s in to mutual
enrichment and p eacefu l p ro g ress.
them.

Our f i n a l r e s p o n s ib ility is to

As they prosper o r p e r is h , the work which we do here w ill

be judged.

The opportunity b efo re us has been bought w ith blood.

*-«t us meet i t w ith f a i t h in one a n o th er, w ith f a i t h in onr common
f u tu r e , which th ese men fought to make f r e e .

7 -

enough to plan ahead of time

and to plan together*

It is the

consensus of these technical experts that the solution lies in

a

permanent institution for consultation and cooperation on inter*
national monetary, finance and economic problems*

The formulation

of a definite proposal for a Stabilization Fund of the United and
Associated Nations is one of the items on our agenda*
But provision for monetary stabilization alone will not
meet the need for the rehabilitation of war-wrecked economies*
It is not, in fact, designed toward that end*

It is proposed,

r & t h e g p p a permanent mechanism to promote exchange stability.
Even to discharge this function effectively, it must be
sup p l e m e n t e d by many other measures to remove impediments to
world trade*
For long-range reconstruction purposes, international
loans on a broad scale will hi imperative*

We have in mind &

need ihoily apart from the problem of immediate aid which is
being undertaken by the United Nations Relief and Rehabilitation
Administration.

The need which we seek to meet through the

second proposal on our agenda is for loans to provide capital
for economic reconstruction, loans for which adequate security
may be available and which will provide the opportunity for
investment, under proper S a f e g u a r d s , of capital from many lands *
-'v-

The technicians have prepared the outline of a plan for

» if m

Throughout the past decade, the Government of the United
States has sought in many directions to promote joint action
among the nations of the world*

In the realm of monetary and

financial problems, this Government undertook, as far back as
1936, to facilitate the maintenance of orderly exchanges by
entering into the Tri-Partite Agreement with England and France,
under which they, and subsequently Belgium, the Netherlands and
Switzerland, agreed with us to consult on foreign exchange
questions before important steps were taken.

This policy of con­

sultation was extended in the bi-lateral exchange arrangements
which we set up, starting in 1937, with our M

â

H

M

Ù

neighbors

In 1941, we began to study the possibility of international
cooperation on a multilateral basis as a means of establishing a
stable and orderly system of international currency relationships
and to revive international investment.

Our technical staff ~

soon joined by the experts of other nations —

undertook the pre­

paration of practical proposals, designed to implement international
monetary and financial cooperation.

The opinions of these techni­

cians, as reported in the joint public statement which they have
issued, reveal a common belief that the disruption of foreign
exchanges can be prevented, and the collapse of monetary systems
can be avoided, and a sound currency basis for the balanced growth
of international trade can be provided, if we are forehanded

*► jp *»

a desperate attempt to grasp a share of the shrinking volume of
world trade, aggravated the disorder by resorting to competitive
depreciation of currency.

Much of our economic ingenuity was

expended in the fashioning of devices to hamper and limit the free
movement of goods,

These devices became economic weapons with which

the earliest phase of our present war was fought by the Fascist
dictators, ; There was an ironic inevitability in this process*
Economic aggression eta have no other offspring than ware' It is
as dangerous as it is futile#

'

•:>?,*,,s .

~

•- ' . ?:0 ^

We know now that economic conflict must develop when nations
endeavor separately to deal with economic ills which are international in scope*

To deal with the problems of international

exchange and of international investment is beyond the capacity
of any one country, or of any two or three countries.

These are

multilateral problems, to be solved only by multilateral coopera­
tion,

They are fixed and permanent problems, not merely tran-

sitional considerations of the postwar reconstruction.

They are

problems not limited in importance to foreign exchange traders
and bankers but are vital factors in the flow of raw materials
V a.

v

.. / ' ¿ r

and finished goods, in the maintenance of high levels of production
and consumption, in the establishment of a satisfactory standard
of living for all the people of all the countries on this earth.

m 4L

The eeeond axiom is a corollary of the first.
like peace, is indivisible.

Prosperity,

We cannot afford to have it scattered

here or there among the fortunate or to enjoy it at the expense
of others.

Poverty, wherever it exists, is menacing to us all and

undermines the well-being of each of us.

It can no more be

localised than war, but spreads and saps the economic strength
of all the more favored areas of the earth.

We know now that the

thread of economic life in every nation is inseparably woven into
a fabric of world economy.

Let any thread become frayed and the

entire fabric is weakened.

No nation, however great and strong,

can remain immune.
All of us have seen the great economic tragedy of our time.
We saw the world-wide depression of the 1930*s.

We saw currency

disorders develop and spread from land to land, destroying the
basis for international trade and international investment and
even international faith.
and wretchedness —

In their wake, we saw unemployment

idle tools, wasted wealth.

We saw their

victime fall prey, in p l a c e s ^ demagogues and dictators.

We

saw bewilderment and bitterness become the breeders of fascism,
and, finally, of war.
In many countries controls and restrictions were set up with­
out regard to their effect on other countries.

Some countries, in

3

We are to concern ourselves here with essential steps in
the creation of a dynamic world economy in which the people of
every nation will be able to realize their potentialities in
peacej will be able, through their industry, their/inventiveness}
their thrift, to raise their own standards of living and enjoy,
increasingly, the fruits of material progress on an earth infi­
nitely blessed with natural riches.
cornerstone of freedom and security.
this.

This is the indispensable
All else must be built upon

For freedom of opportunity is the foundation for all other

freedoms.
I hope that this conference will focus its attention upon
two elementary economic axioms.

The first of these is this:

that prosperity has no fixed limits.
to be diminished by division.

It is not a finite substance

On the contrary, the more of it

that other nations enjoy, the more each nation will have for
itself.

There is a tragic fallacy in the notion that any country

is liable to lose its customers by promoting greater production
and higher living standards among them.
prosperous customers,'

Good customers are

The point can be illustrated very simply

from the foreign trade experience of my own country.

In the

prewar decade, about 20 per cent of our exports went to the
47 million people in the highly industrialized United Kingdom}
less than three per cent went to the 450 million people in China.

• 2 «*

proposals hers formulated are to be referred to our respect! ve
governments for acceptance or rejection*

Our task* then, is to

confer* and to reach understanding and agreement, upon certain
basic measures which must be recommended to our governments
for the establishment of a sound and stable economic relationship

We can accomplish this task only if we approach it not as
bargainers but as partners

not as rivals but as men who

recognize that their common welfare depends* in peace as in war*
i

upon mutual trust and joint endeavor*

It is not an easy task

that is before usj but I believe* if we devote ourselves to it
in this spirit, earnestly and sincerely, that what we achieve here
will have the greatest historical signif icance*

Ken and women

everywhere will look to this meeting for a sign that the unity
welded among us by war will endure in peace*
Through cooperation we are now overcoming the most fearful
and formidable threat ever to be raised against our security and
freedom*

In time* with God*s grace* the scourge of war will be

lifted from us*

But we shall delude ourselves if we regard

victory as synonymous with freedom and security*

Victory in

this war will give us simply the opportunity to mould* through
our common effort* a world that is* in truth* secure and free*

Fellow delegates and members of tbe conference:

You h a w given

at

an honor and an opportunity,

I accept

the presidency of this conference with gratitude for the
A
confidence you have reposed in
humility.

a ,

I accept it also with ddep

For 1 know that what we do here will ehape to a

•ignifleant degree the nature of the world in which wo are to
live —

and the nature of the world in which men and women

younger than ourselves must round out their lives and seek the

III.H I

1

|'

'

fulfillment of their hopes,

ill of you, I know, share this

sense of responsibility.
We* are more likely to be successful in the work before
us if wo see it in perspective.

Our agenda is concerned

specifically with the monetary and Investment field,

it should

be viewed, however, as part of a broader program of agreed action
among nations to bring about the expansion of production, employ­
ment and trade contemplated in the Atlantic Charter and in
Article VII of

the

mutual aid agreement* concluded by tbe United

State® wi t h ©any of the United Ballons*

Whatever we accomplish

here must be supplemented and buttressed by other action

bating

this end in view«
President Roosevelt has made it clear that we are not asked
to make definitive agreement* binding on any nation, but that

#

Oijb&j J j J ,

TREASURY DEPARTMENT
Washiggton

(The following address by Secretary Morgenthau before the l
United Nations monetary and financial conference at Bretton
Woods, N.H., is scheduled for delivery at about ¿«30 P»M». 1
E«W,T»« Saturday. July 1. 19A4-* and is for release HUtMnitihmti/

m

T R E A S U R Y DEPARTMENT:
Washington

(The f o l l o w i n g address; b y S e c r e t a r y M o r g e n t h a u
b e f o r e the U n i t e d N a t i o n s M o n e t a r y a n d F i n a n ­
cial C o n f e r e n c e at B r e t t o n W o o d s , N. H., is
scheduled' for d e l i v e r y at a b o u t 4 :50 P.M.,,
E . W . T ., S a t u r d a y ,' July 1, 1944, arid is f or
r e l ease on delivery,);

F e l l o w d e l e g a t e s a n d m e m b e r s o f the conference:

.You have g i v e n me a n h o n o r a n d a n o p p o r t u n i t y .
I
a c c e p t the p r e s i d e n c y o f this c o n f e r e n c e w i t h g r a t i t u d e
for the c o n f i d e n c e y o u have r e p o s e d in me. , I a c c e p t it
als o w i t h d e e p h u m i lity.
F o r I k n o w that w h a t wo do
here will shape to a s i g n i f i c a n t degree the n a t u r e of the
w o r l d in w h i c h we are to live ■*>-* a n d the n a t u r e of the
w o r l d in w h i c h m e n a n d w o m e n y o u n g e r than o u r s e l v e s m u s t
round out t h e i r l i v e s . a n d seek the f u l f i l l m e n t of their
hopes.
A ll of you, I know, share this sense of r e s p o n s i ­
bility.
W e are m o r e l i k e l y to be successful in the w o r k b e ­
fore us if we see it in p e r s p e c t i v e .
O u r agen d a is c o n ­
c e r n e d s p e c i f i c a l l y w i t h the m o n e t a r y a n d i n v e s t m e n t
field.
It s h ould be viewed, however, as p a r t of a b r o a d e r
p r o g r a m of a g r e e d a c t i o n a m o n g n a t i o n s to b r i n g a b o u t the
e x p a n s i o n of prod u c t i o n , e m p l o y m e n t a n d trade c o n t e m p l a t e d
in the A t l a n t i c Charter-* a n d in A r t i c l e VII** of the. m u t u a l
a i d a g r e e m e n t s c o n c l u d e d b y the U n i t e d S t a t e s w i t h m a n y of
the U n i t e d Nation.s.
W h a t e v e r we a c c o m p l i s h here m u s t be
s u p p l e m e n t e d a n d b u t t r e s s e d b y other- a c t i o n h a v i n g this
end in vi e w •
P r e s i d e n t R o o s e v e l t has m a d e it c l e a r that.' we are not
a s k e d to m a k e d e f i n i t i v e a g r e e m e n t s b i n d i n g on a n y nation,
b ut that pro p o s a l s here f o r m u l a t e d are to be r e f e r r e d to
our r e s p ective g o v e r n m e n t s for a c c e p t a n c e o r rejection.
O u r task, then, is to confer, a n d to r e a c h u n d e r s t a n d i n g
an d agreement, u p o n c e r t a i n b a s i c m e a s u r e s w h i c h m u s t be
r e c o m m e n d e d to o ur g o v e r n m e n t s f o r the e s t a b l i s h m e n t of a
sound, a n d - stable e c o n o m i c r e l a t i o n s h i p a m o n g us.
•* A t t a c h e d
42-50

2
We can a c c o m p l i s h this task only if we a p p r o a c h it
n o t as b a r g a i n e r s but as p a r t n e r s -- n o t as rivals but as
,men w h o r e c o g n i z e that t h e i r c o m m o n w e l f a r e d e p e n d s , in
peace as in war, u p o n m u t u a l trust a n d joint endeavor.
It is not an e a s y task that is b e f o r e us; b u t I believe,
if we devote our s e l v e s to it in this spirit, e a r n e s t l y
and sincerely, that w h a t we a c h i e v e here will have the
greatest historical significance.
Men and women every­
w h e r e w i l l l o o k to this m e e t i n g for a sign that the u n i t y
w e l d e d a m o n g us b y w a r . w i l l endure in peace.
T h r o u g h c o o p e r a t i o n we are n o w o v e r c o m i n g the most
fearful a n d f o r m idable threat ever to be r a i s e d ag a i n s t
our s e c u r i t y a n d freedom.
In time, w i t h God* s grace, the
scourge of'.war w ill be l i f t e d f r o m us.
But we shall
delude o u r selves if we r e g a r d v i c t o r y as s y n o nymous w i t h
f r e e d o m a n d security.
V i c t o r y in this w ar will give us
s i mply the o p p o r t u n i t y to m o u l d , t h r o u g h our common
effort, a w o r l d that is, in truth, secure a n d free,
'We are to c o n c e r n ourselves h e r e w i t h essential steps
in the c r e a t i o n o f a d y n a m i c w o r l d economy in w h i c h the
people of e v ery n a t i o n w i l l be a ble to realize their
p o t e n t i a l i t i e s in peace; will be able, t h r o u g h their in ­
dustry, their in v e n t i v e n e s s , their thrift, to raise their
own s t a n d a r d s of living a n d enjoy, increasingly, the
fruits of m a t e r i a l p r o g r e s s on a n e a r t h i n f i n i t e l y blessed
w i t h natural riches.
This is the i n d i s p e n s a b l e c o r n e r ­
stone of f r e e d o m and security.
All else m u s t be built
u p o n this.
Por f r e e d o m of o p p o r t u n i t y is the f o u n d a t i o n
for all o t her freedoms.
I hope that this c o n f e r e n c e will focus its a t t e n t i o n
u p o n two e l e m e n t a r y e c o n o m i c axioms.
The first of these
is this:
that p r o s p e r i t y has no f i x e d limits.
It is not
a finite substance to b e d i m i n i s h e d by division.
On the
contrary, the more of it that o t h e r n a t i o p s enjoy, the
m o r e e a c h nati'on w i l l have for itself.
T h e r e is a tragic
f a l l a c y in the n o t i o n that a n y co u n t r y is liable to lose
its c u s t omers b y p r o m o t i n g g r e a t e r p r o d u c t i o n a nd h i g h e r
l i v i n g s t a n d a r d s a m o n g them.
G o o d c u s tomers are p r o s p e r ­
ous customers.
T he p o int c an be i l l u s t r a t e d ver y simply
f r o m the f o r e i g n trade e x p e r i e n c e of m y own country.
In
the p r o w a r decade, about 20 p e r c e n t of our e x p orts w e n t
to the 47 m i l l i o n p e o p l e in the h i g h l y i n d u s t r i a l i z e d
U n i t e d Kingdom; less t h a n three p e r c e n t w e n t to the
450 m i l l i o n p e ople in China.
The second a x i o m is a c o r o l l a r y of the first.
Pros­
perity, like peace, is indivisible.
W e cannot a f f o r d to
have it s c a t t e r e d here or there a m o n g the f o r t u n a t e or to

e n joy it at the e x p e n s e o f others., Poverty, w h e r e v e r - i t
exists, is menacing, to us al l an d u n d e r m i n e s the w e l l ­
b e i n g of e a c h of us..
It can no m o r e be l o c a l i z e d than
war, b u t spreads and s aps the e c o n o m i c s t r e n g t h o f all
the m o r e f a v o r e d a r eas of the earth.
We k p o w n o w that
the t h r e a d of economic life in every n a t i o n is i n s e p a r ­
a b l y w o v e n into a - f a b r i c of w o r l d economy.
L et any
thread b e come f r a y e d and the entire f a b r i c is wea k e n e d .
No nation, h o w e v e r g r e a t a nd'strong, can r e main immune.
All- of us h a v e seen the g r e a t e c o nomic t r a g e d y of
our time.
We saw the w o r l d - w i d e d e p r e s s i o n of the 1 9 3 0 ’s
W e saw c u r r e n c y d i s o r d e r s d e v e l o p a nd s p read f r o m land
to land, d e s t r o y i n g the basis for i n t e r n a t i o n a l trade and
i n t e r n a t i o n a l investment and e v e n i n t e r n a t i o n a l faith.
In their wake, we saw u n e m p l o y m e n t and w r e t c h e d n e s s -idle tools, w a s t e d w e a lth.
We saw their victims fall
prey, in places, to dem a g o g u e s a n d dictators.
We. saw. b e ­
w i l d e r m e n t a n d b i t t e r n e s s b e c o m e the b r e e d e r s of fascism,
and, finally, o f war.
In m a n y cou n t r i e s c o n t r o l s a n d r e s t r i c t i o n s were set
up w i t h o u t regard to their effect On o t her countries.
Some countries, in;a d e s p e r a t e a t t e m p t t o g r a s p a share
of the s h r inking volume of w o r l d trade, a g g r a v a t e d the
d i s o r d e r b y r e s o r t i n g to c o m p e t i t i v e d e p r e c i a t i o n of
currency.
M u c h -of our economic i n g e n u i t y w as e x p e n d e d in
the f a s h i o n i n g of d e v ices to h a m p e r a n d limit the free
m o v e m e n t of goods.
T h ese d e vices beca m e economic w e a p o n s
w i t h w h i c h the e a r l i e s t phase of our p r e s e n t w a r was.
fought by the F a s cist dictators.
T h e r e was a n ironic
i n e v i t a b i l i t y in this proce s s .
E c o n o m i c a g g r e s s i o n can
have no o t h e r offspring' than war.. It is as .dangerous
as it is futile.
We k n o w now that econo m i c c o n f l i c t m u s t d e v e l o p w h e n
n a t i o n s e n d eavor s e p a r a t e l y to deal w i t h economic ills
w h i c h a re i n t e r n a t i o n a l in scope.
To deal w i t h the.
pr o b l e m s of i n t e r n a t i o n a l exchange a n d of in t e r n a t i o n a l
I n v e s t m e n t is b e y o n d the c a p a c i t y of a n y one country, or
of a n y ’two or three countries.
T h ese are m u l t i l a t e r a l
problems, to be s o l v e d only by m u l t i l a t e r a l cooperation.
T h e y a r e fixed; a n d p e r m a n e n t problems, n o t m e r e l y t r a n ­
sitional c o n s i d e r a t i o n s of the p o s t w a r r e c o n s t r u c t i o n .
T h e y are p r o b l e m s n o t l i m i t e d in i m p o r t a n c e to f o r e i g n
e x c hange traders an d b a n kers but are vital f a c t o r s in the
flow of raw m a t e r i a l s and f i n i s h e d goods, in the m a i n ­
tenance of h i g h levels of. p r o d u c t i o n a n d consumption, in
the e s t a b l i s h m e n t of a s a t i s f a c t o r y s t a n d a r d of l i v i n g
for all the p e o p l e o f a l l the countries on this earth.

4

T h r o u g h o u t the past decade, the G o v e r n m e n t o f the
U n i t e d States has sought in m a n y d i r e c t i o n s to p r omote
joint a c t i o n among the n a t i o n s of the world*
In the
r e alm of m o n e t a r y a nd f i n a n c i a l problems, this G o v e r n ­
m ent u n d e rtook, as f a r b a c k as 1936, to f a c i l i t a t e the
m a i n t e n a n c e of o r d e r l y e x c h a n g e s b y en t e r i n g into the
T r i - P a r t i t e A g r e e m e n t w i t h E n g l a n d a n d France, u n d e r
w h i c h they, and s u b s e q u e n t l y Belgium, the N e t h e r l a n d s and
S w i t z e r l a n d , a g r e e d w i t h us to consult on f o r e i g n e x ­
change questions b e f o r e important steps w e r e taken*
This
p o l i c y of c o n s u l t a t i o n was e x t e n d e d in the b i - l a t e r a l e x ­
change a r r a n g e m e n t s w h i c h w e set up, st a r t i n g in 1937,
w i t h our n e i g h b o r s on the A m e r i c a n continents.
In 1941, w e b e g a n to s t u d y the p o s s i b i l i t y of i n t e r ­
n a t i o n a l c o o p e r a t i o n on a m u l t i l a t e r a l b a sis as a means
of e s t a b l i s h i n g a stable a n d o r d e r l y s y s t e m of i n t e r n a ­
tional c u r r e n c y r e l a t i o n s h i p s and to revive- in t e r n a t i o n a l
i nvestment.
Our tec h n i c a l s t a f f -- soon joined b y the
experts of o t h e r n a t i o n s -- u n d e r t o o k the p r e p a r a t i o n of
p r a c t i c a l proposals, d e s i g n e d to im p l e m e n t in t e r n a t i o n a l
m o n e t a r y a n d f i n a n c i a l cooperation,
The op i n i o n s of these
technicians,, as r e p o r t e d in the joint p u b l i c statement
w h i c h t h e y have issued,, reveal a c o mmon b e l i e f that the
d i s r u p t i o n of f o r e i g n e x c h anges c an be prevented, a n d
the collapse of m o n e t a r y systems can be avoided, an d a
sound c u r r e n c y basis for the b a l a n c e d g r o w t h of i n t e r n a ­
tional trade c an be provided, if we are f o r e h a n d e d
e n o u g h to plan a h e a d of time —
a n d to plan together*
It is^the consensus of these t e c h nical experts that the
s o l u t i o n lies in a p e r m a n e n t i n s t i t u t i o n for c o n s u l t a t i o n
a nd c o o p e r a t i o n on in t e r n a t i o n a l monetary, finance a n d
economic problems*
The f o r m u l a t i o n of a de f i n i t e p r o ­
posal for a S t a b i l i z a t i o n F u n d of the U n i t e d a nd A s s o c i a ­
ted N a t i o n s is one of the items on our agenda*
B u t p r o v i s i o n for m o n e t a r y s t a b i l i z a t i o n alone will
not m e e t the n e e d for the r e h a b i l i t a t i o n of w a r —w r e c k e d
economies.
It is not, in fact, d e s i g n e d t o ward that end.
It is proposed, rather, as a p e r m a n e n t m e c h a n i s m to p r o ­
m o t e e x c h a n g e stability,
E v e n to d i s c h a r g e this f u n ction
effectively, it m u s t be s u p p l e m e n t e d b y m a n y o t h e r
m e a s u r e s to remove i m p e d i m e n t s to w o r l d trade.
F or l o n g - r a n g e recons t r u e t i o n ' p u r p p s e s , i nternational
loans on a b r o a d scale will be imperative.
We have in
m i n d a ^ n e e d w h o l l y a p a r t from the p r o b l e m of immediate
aid w h i c h n s b e i n g u n d e r t a k e n by the U n i t e d N a t i o n s Relief
and Rehabilitation Administration.
The n e e d w h i c h we seek
to m e e t t h r o u g h the second p r o p o s a l on our a g e n d a is for

5

loans to p r o v i d e c a p ital for economic r e c o n s t r u c t i o n ,
loans for w h i c h a d e q u a t e s e c u r i t y m a y be a v a i l a b l e a nd
w h i c h will pr o v i d e the o p p o r t u n i t y for investment, u n d e r
p r o p e r safeguards., of c a p i t a l f r o m m a n y lands.
The
technicians have p r e p a r e d the outline of a p l a n for a n
International B a n k for Po s t w a r R e c o n s t r u c t i o n w h i c h w i l l
i n v e s t i g a t e the o p p o r t u n i t i e s for loans of this c h a r ­
acter, w i l l recommend a n d ' s u p e r v i s e t h e m and, if a d v i s ­
able, f u r n i s h to investors g u a r a n t i e s of t h e i r repayment.
I shall no t a t t e m p t here to d i s c u s s these p r o p o s a l s
in detail.
That is the task of this conference.
It is
a task the p e r f o r m a n c e of w h i c h calls for wisdom, f or
s t atesmanship, above all ~for g o o d will.
The t r a n s c e n d e n t fact of c o n t e m p o r a r y life is this -that the w o r l d is a community.
O n b a t t l e f r o n t s the w o r l d
over, the y o u n g m e n of all our u n i t e d cou n t r i e s have
b e e n dying t o g e t h e r -- d y i n g for a c o mmon purpose.
It
is not b e y o n d our p o w e r s to enable the y o ung m e n of all
our c o u n t r i e s to live t o g e t h e r -- to p o u r their energies,
their skills, their a s p i r a t i o n s into m u t u a l e n r i chment
and pea c e f u l progress.
Our final r e s p o n s i b i l i t y is-, to
them.
As they p r o s p e r or perish, the w o r k w h i c h we do
here will be judged.
The o p p o r t u n i t y b e f o r e us has b e e n
b o u g h t w i t h blood.
L e t us m e e t it w i t h f a i t h in o n e a n ­
other, w i t h f a i t h in our c o m m o n future, w h i c h t h ese m en
fought to m a k e free.

- 0O 0-

*

TREASURY DEPARTMENT
Washington

T HE A T L A N T I C C H A R T E R

(Preside nt F r a n k l i n D. R o o s e v e l t a n d Prime M i n i s t e r Winstpp.
C h u r c h i l l m e t ’’S o m e w h e r e on the A t l a n t i c ” e a r l y in
1941, a n d i s s u e d a joint d e c l a r a t i o n of the p e a c e a imp
the U n i t e d States a n d Great B r i t a i n -■* T h e .A t l a n t i 6 “C'naf»pf|)*
The of f i c i a l statement, co v e r i n g the m e e t i n g , i s sued i n ’
W a s h i n g t o n (August 14) said:)

T he P r e s i d e n t of the U n i t e d S t ates a n d the Prime M i n ­
ister, Mr. C hurchill, r e p r e s e n t i n g His M a j e s t y ’s G o v e r n m e n t
in the U n i t e d Kingdom, have m e t at sea.
T h e y h a v e b e e n a c c o m p a n i e d b y o f f i c i a l s of t h e i r two
g o v e r nments, inc l u d i n g h i g h r a n k i n g o f f icers of t h e i r
m i l itary, naval a n d a i r services.
The w h o l e p r o b l e m o f the s u p p l y of m u n i t i o n s of war,
as p r o v i d e d b y the L e a s e - L e n d Act, for the a r m e d forces of
the U n i t e d States a n d for those countries a c t i v e l y e n g a g e d
in resisting a g g r e s s i o n has b e e n f u r t h e r examined#
L o r d B e a v e r b r o o k , the M i n i s t e r o f S u p p l y of the B r i t i s h
Government, h as joined in these c o n f e r e n c e s .
He is g o i n g
to p r o c e e d to W a s h i n g t o n to di s c u s s f u r t h e r d e t a i l s w i t h
a p p r o p r i a t e o f f i c i a l s of the U n i t e d States Government«'
These c o n f e r e n c e s w ill also c o ver the s u p p l y pro b l e m s of
the Soviet Union.
The President a n d the Prime M i n i s t e r have h a d several
conferences.
T h e y h a v e c o n s i d e r e d the d a n g e r s to w o r l d
c i v i l i z a t i o n a r i s i n g f r o m the p o l i c i e s of m i l i t a r y domin*
a t i o n b y co n q u e s t u p o n w h i c h the H i t l e r i t e g o v e r n m e n t of
G e r m a n y and o t h e r g o v e r n m e n t s a s s o c i a t e d t h e r e w i t h have
embarked, a n d have m a d e clear the steps w h i c h their c o u n ­
tries ar e r e s p e c t i v e l y taking for their s a f e t y in the
face of t h e s e ,d a n g e r s »
T h e y have a g r e e d u p o n the f o l l o w i n g joint d e c l a ration:
The P r e s i d e n t of the U n i t e d States of Am e r i c a a n d the
Prime Minister, Mr* C hurchill, r e p r e s e n t i n g His M a j e s t y ’s
G o v e r n m e n t in the U n i t e d K i n gdom, b e i n g m e t together, d e e m
it right to make k n o w n c e r t a i n c o mmon p r i n c i p l e s in the

2
n a t i o n a l p o l i c i e s of t h e i r r e s p e c t i v e coun tries on w h i c h
they b ase their hopes for a b e t t e r future for the world.
FIRST, their c o u n t r i e s
torial or other;

seek no a g g r a n d i z e m e n t ,

terri­

SECOND, t h e y d e s i r e to see no t e r r i t o r i a l changes
that do not a c c o r d w i t h the f r e e l y e x p r e s s e d w i s h e s o f the
pe o p l e s concerned;
THIRD, they r e s p e c t the r i ght of all p e o ples to
choose the f o r m of g o v e r n m e n t u n d e r w h i c h they wil l live;
an d t h e y w i s h to see s o v e reign rights a n d s e l f - g o v e r n m e n t
r e s t o r e d to t h ose who have b e e n f o r c i b l y d e p r i v e d of them,
FOURTH, they w i l l endeavor, w i t h due re s p e c t for^
their existing obligations, to f u r t h e r the e n j o y m e n t by
all States, g r e a t or small, vict o r or vanquished, of
a c c e s s ,• on equal terms, to the trade and to the r a w ^ materials of the w o r l d w h i c h are n e e d e d for their economic
prosperity;
FIFTH, they d e s i r e to b r i n g a b o u t the fu l l e s t c o l l a b ­
o r a t i o n b e t w e e n a3.1 nations. in the e c o nomic f i eld w i t h the
obje c t of securing, for all, i m p r o v e d ^ l a b o r standards,
economic a d j u s t m e n t and social security;
SIXTH, a f t e r the final d e s t r u c t i o n of the Nazi t y r a n n y f
hope
to see e s t a b l i s h e d a p e a c e w h i c h w i l l a f f o r d to
they
na
t
i
o
n
s
the m e ans of d w e l l i n g in s a fety w i t h i n t h e i r
all
bou
n
d
a
r
i
e
s , a n d w h i c h w i l l a f f o r d a s s u r a n c e that all
qwn
m
e
n
in
all
the lands m a y live out their lives in freethe
d o m f r o m f e a r and want;
SEVENTH, s u c h a p e ace should e n able all m e n
erse the h igh seas a n d oceans w i t h o u t h i n d rance;

to t r a v ­

EIGHTH, t h e y b e l i e v e that all of the n a t i o n s of the
world, for r e a l i s t i c as w e l l as spiritual reasons, m u s t
come to the a b a n d o n m e n t of the use of force.
Since no
future peace can be m a i n t a i n e d if land, sea or a i r a r m a ­
m e n t s continue to be e m p l o y e d b y na t i o n s w h i c h threaten,
or m a y threaten, a g g r e s s i o n outside of their frontiers,
they believe, p e n d i n g the e s t a b l i s h m e n t of a w i d e r and
■permanent s y s t e m of general security, that the d i s a r m a m e n t
of s u c h n a t i o n s is essential.
They will likewise aid and
e n c o u r a g e all o t h e r p r a c t i c a b l e m e a s u r e s w h i c h will l i g h t e n
for p e a c e - l o v i n g p e o ples the crushing b u r d e n of a rmaments.
FRA N K L I N D. ROOSEVELT,
W I N STON S. CHURCHILL.

TREASURY DEPARTMENT
Washington

A R T I C L E V II

In the final d e t e r m i n a t i o n of the b e n e f i t s to be
p r o v i d e d to the U n i t e d States o f A m e r i c a b y the G o v e r n ­
m e n t of the U n i t e d K i n g d o m in r e t u r n for ai d f u r n i s h e d
urider. the A c t o f C o n gress o f M a r c h 11, 1941, the terms
and conditions, t h e r e o f shall be such as n o t to b u r d e n
commerce b e t w e e n the two countries, but to p r o m o t e
m u t u a l l y a d v a n t a g e o u s e c o n o m i c rel a t i o n s b e t w e e n the m
and the b e t t e r m e n t of w o r l d - w i d e ec o n o m i c relations.
To that end, they shall include p r o v i s i o n for a g r e e d
a c t i o n b y the U n i t e d States of A m e r i c a a n d the U n i t e d
Kingdom, o p e n to p a r t i c i p a t i o n b y all o t h e r countries
of like mind, d i r e c t e d to the expansion, b y a p p r o p r i a t e
i n t e r national and, d o m estic m e a s u r e s , . o f p r o d uction,
employment, a n d the ex c h a n g e a n d c o n s u m p t i o n of goods,
w h i c h are the m a t e r i a l f o u n d a t i o n s of the l i b e r t y a n d
welfare of all pe o p l e s ; to the e l i m i n a t i o n of all forms
of d i s c r i m i n a t o r y treatment in i n t e r n a t i o n a l commerce,
and to the r e d u c t i o n of tariffs and o t h e r trade b a r ­
riers; and, in general, to the a t t a i n m e n t of all the
e c o nomic o b j e c t i v e s set f o r t h in the J o i n t D e c l a r a t i o n
m a d e on A u g u s t 12, 1941, b y the P r e s i d e n t of the U n i t e d
States of Am e r i c a and the Prime M i n i s t e r of the U n i t e d
Kingdom.
A t an e a rly c o n v e n i e n t date, c o n v e r s a t i o n s shall
be b e g u n b e t w e e n the two G o v e r n m e n t s w i t h a v i e w to
determining, in the light of g o v e r n i n g e c o n o m i c c o n d i ­
tions, the best means of a t t a i n i n g the a b o v e - s t a t e d
o b j e c t i v e s b y their o wn a g r e e d a c t i o n a n d of seeking
the a g r e e d a c t i o n of o t her l i k e - m i n d e d G o v e r n m e n t s .

-oOo-

_ 3 _

Officers found Strauss had a police record of
offenses such as

jumping hotel bills, giving worthless

checks and minor derelictions dating back to 1931.

He

served a short term in the United States Reformatory,
Lorton, Virginia,

in 1940, for obtaining m oney un d e r

false pretenses through giving a bad check.

is cur"

being held in custody in Mi!
^s

1 ing

to whetheygi*«f6re serious charges

¡in other jurisdictio]
officials

su

pend-

Washington, D. C. 1

id to hold a felony

for h im
¡ers

Strauss told officers he has no home, but travels
about the country at his occupation of salesman.

-oOo-

.-iSsVv '

,

Nyl#a-salila# «parati«ms Tt j Strauss la «asklagtea, D. C,,
appraxiaately a year a#a war« charged ky Iaakii#ten palie# fellewiag
kia dataatiaa ia Milwaukee, aad tka palia# eat akaut procedure ta
kara kia kreu^kt kaek ta tka Di at ri et ef CÄlu»kia far trial.
It vas ekarcad la a Ü.S. Casai ssieaar*s warraat tkat Dari à
Flraaa aa Iky 13, 1943, aktaiaad $97.50

fren a Waskiagtaaiaa aa

tka rdprasaatatiaa tkat ka was la a pasitiaa ta fill aa arder far
aylem kasiary. Tka warraat was ferwardad ta Milwaakaa.
\

O^i Ay tudt*—
that thp sales were on a no-money-down basis.

As one of

A

them told the officers,

"My stockholders would have

fired me if the proposition h a d proved legitimate, and
I had turned down the first chance, and m y competitors
had grabbed the hosiery."

Another,

somewhat cautious

storekeeper turned down the proposition, because he
feared w omen would be trampled to death when he put the
nylons on sale at his single^establishment, a n d damage
suits w o u l d ruin him.

He suggested chain store dis-

tributi on.
Strauss is alleged to have flashed his fat book of
orders to cinch small, cash-in-advance transactions
with individuals, and to have perpetrated other petty
abuses of the credit he thus established.
From the magnitude of his operations, however,

the

agents believe he had far more ambitious plans w hich
were disrupted w h e n he was arrested in Milwaukee on a
vagrancy charge.

It appears he was "turned in" by a

woman hotel employee when he failed to deliver on an
order for $9 w orth of his imaginary stockings.

The

woman knew Strauss as a former railroad employee.

She

told the agents she h a d no use for railroad men, b e ­
cause her former husband had been one.
were not forthcoming,

W h e n the hose

Strauss went to jail.

tf*/

/

>

The purveyor of gold bricks of a generation or so
ago has a modern counterpart, but the magic wo r d u s e d by
this newcomer *is "Nylon."
The Treasury today revealed details of a nylon
"sale” that tops all nylon sales, a story so fantastic
that the Milwaukee judge who h eard it promptly ordered
the accused salesman held for mental observation^
The salesman,

David Fixman, alias Dave Strauss,

is said b y Treasury Intelligence Un i t investigators to
have accomplished the unbelievable feat of obtaining
$843,000 worth of orders from leading midwestern m e r ­
chandisers for allegedly hypothetical nylon hosiery to
be manufactured f r o m a mythical ten million pounds of
army rejected yarn, by a non-existent factory, on order
of an imaginary distributor.
Chicago a fertile field.

He found a style show in

More than 30 merchandisers

nibbled for his "wares."
S t r a u s s 1 claim that the Treasury*s Surplus W a r

!

Property Administration, among other Government agencies,
had approved the project, brou g h t the Treasury investi­
gators into the case.
In justice to the usually astute merchandisers 6f
Chicago, Kansas City, a nd St. Louis,

it should be added

TREASURY DEPARTMENT
Washington

FOR RELEASE, M O R N I N G N E W S P A P E R S ,
Saturday, J uly 1, 1944.

Press Service
No. 42-51

The p u r v e y o r o.f g o l d b r icks of a g e n e r a t i o n or so ago
has a m o d e r n counterpart, but the m a g i c w o r d u s e d b y this
n e w c o m e r is ’’N y l o n . ”
The T r e a s u r y t o d a y r e v e a l e d details of a n y l o n ’’s a l e ”
that tops all n y l o n sales, a s t ory so f a n t a s t i c that the
M i l w a u k e e judge w ho h e a r d it p r o m p t l y o r d e r e d the a c c u s e d
salesman h e l d for m e n t a l o b s e r v a t i o n ’
.
The salesman, D a v i d Fixman, a l i a s Dave Strauss, is
said by T r e a s u r y I n t e l l i g e n c e U n i t i n v e s t i g a t o r s to have
a c c o m p l i s h e d the u n b e l i e v a b l e feat of o b t a i n i n g $ 8 4 3 , 0 0 0
w o r t h o f orders f r o m l e a d i n g m i d w e s t e r n m e r c h a n d i s e r s for
a l l e g e d l y h y p o t h e t i c a l n y l o n h o s i e r y to be m a n u f a c t u r e d
f r o m a m y t h i c a l ten m i l l i o n p o unds of a r m y r e j e c t e d yarn,^
b y a h o n - e x i s t e n t factory, on o r d e r of an i m a g i n a r y d i s t r i b ­
utor.
He f o u n d a style show in Chicago a f e r t i l e field.
More t h a n 30 m e r c h a n d i s e r s n i b b l e d f or his ’’w a r e s . ”
S t r a u s s ’ c l a i m t h a t the T r e a s u r y ’s S u r p l u s W a r P r o p e r t y
A d m i n i s t r a t i o n , a m o n g other G o v e r n m e n t agencies, h a d a p ­
p r o v e d the project, b r o u g h t the T r e a s u r y i n v e s t i g a t o r s into
the case.
In justice to the u s u a l l y a s t u t e m e r c h a n d i s e r s of
Ghicago, Kansas City, a nd St. Louis, it should be a d d e d that
the sales as a rule w e r e on a n o - m o n e y - d o w n basis.
As one
of t h e m t old the officers, ”My s t o c k h o l d e r s w o u l d h a v e f i red
me if the p r o p o s i t i o n h a d p r o v e d l e g i t i m a t e , a n d I had
turned down the first chance, a n d m y c o m p e t i t o r s h a d g r a b b e d
the h o s i e r y . ” Another, somewhat cauti o u s s t o r e k e e p e r t u r n e d
down the propo s i t i o n , b e c a u s e he f e a r e d w o m e n w o u l d be
trampled to d e a t h w h e n he put the n y l o n s on sale at his
single e st a b l i s h m e n t , a n d d a m a g e suits w o u l d r u i n him.
He
s u g g e s t e d chain store d i stribution.
S t r a u s s is a l l e g e d to have f l a s h e d his fat b o o k of
orders to c i n c h small, c a s h - i n - a d v a n c e t r a n s a c t i o n s w i t h
individuals, a n d to h a v e p e r p e t r a t e d o t h e r p e t t y a b u s e s of
the credit he thus e s t a b l i s h e d .

2
Pro m the m a g n i t u d e of his operations, however, the
a g e n t s b e l i e v e he h a d f a r more a m b i t i o u s plans w h i c h were
d i s r u p t e d w h e n h e w as a r r e s t e d in M i l w a u k e e on a v a g r a n c y
charge.
It a p p ears he was " t u rned in" b y a w o m a n h o t e l _e m ­
p l oyee w h e n he failed to d e l i v e r on a n o r d e r for $9 w o r t h
of his i m a g i n a r y stockings.
The w o m a n k n e w Strauss as a
f o r m e r r a i l r o a d employee.
She told the a g e n t s she h a d no
use for r a i l r o a d men, b e c a u s e h e r f o r m e r h u s b a n d ha d b e e n
one.
W h e n the hose were not forthcoming, S t r a u s s wen t to
jail •
N y l o n - s e l l i n g o p e r a t i o n s b y S t r a u s s in W a s h i n g t o n , D. C.,
a p p r o x i m a t e l y a y e a r ago w ere ch a r g e d b y W a s h i n g t o n poli c e
f o l l o w i n g his d e t e n t i o n in M i l w a u k e e , a n d the p o lice set
a b o u t p r o c e d u r e to have h i m b r o u g h t b a c k to the D i s t r i c t of
C o l umbia for trial.
It was ch a r g e d in a U. S. C o m m i s s i o n e r ’s
w a r r a n t that D a v i d Fixman on M a y 13, 1943, obtained. $ 9 7 . 5 0
f r o m a W a s h i n g t o n i a n on the r e p r e s e n t a t i o n that he was in
a p o s i t i o n to fill a n order for n y l o n hosiery.
The w a r r a n t
was f o r w a r d e d to Mil w a u k e e .
O f f icers f o und S t r a u s s h a d a p o l i c e r e c o r d of offenses
such as j u m ping hotel bills, g i v i n g w o r t h l e s s checks a n d
m i n o r d e r e l i c t i o n s d a t i n g back to 1931.
He s e r v e d a short
term in the U n i t e d States R eformatory, Lorton, Virginia, in
1940, for o b t a i n i n g m o n e y u n d e r false p r e t e n s e s through,
g i v i n g a b ad check.
S t r auss t old offic e r s he has n o home,
the c o u n t r y at his o c c u p a t i o n of salesman.

-oOo-

b ut

travels a b o u t

JUN 301944
T S S âS im ï DEPARTMENT

Washington

H ^ S

mmamim k ü ô a se

Press Service
y z — 5

Ho,

The Treasury Department today announced that Finland has been
declared to be «enemy territory** under the regulations relating to trade
and communication "with the enemy* and that* as a result* no business*
financial or commercial communication or transaction with the Finnish
Government* its diplomatic representatives, or persons? within Finland
may be effected except pursuant to special Treasury license*
Treasury action was in the form of an amendment to General
Euling Mo* 11 issued under the freezing regulations and the Trading
with the enemy Act*

-oQo-

/

S

m
IGAîJEDsnrd -

6/30Aik

TREASURY DEPARTMENT
Washington

POR I M M E D I A T E RELEASE,
Friday, June 30, 1944.

Press S e r vice
No* 42-52

The T r e a s u r y D e p a r t m e n t
has b e e n d e c l a r e d to be
ulations

t o d a y a n n o u n c e d that

’’e n e m y t e r r i t o r y ” u n d e r the r e g ­

relating to trade a n d c o m m u n i c a t i o n w i t h the

enemy, a n d

that,

commercial

c o m m u n i c a t i o n or t r a n s a c t i o n w i t h the

n i s h G overnment,

as a result,

no business,

f i n a n c i a l or

its d i p l o m a t i c r e p r e s e n t a t i v e s ,

sons w i t h i n F i n l a n d m a y be
special

Finland

Fin­
or p e r ­

e f f e c t e d except p u r s u a n t

to

T r e a s u r y license.

The T r e a s u r y a c t i o n was in the f o r m of a n a m e n d ­
ment

to General

Ruli n g No.

11 i s s u e d u n d e r the f r e e z i n g

r e g u l a t i o n s a n d the T r a d i n g w i t h the e n e m y Act.

-oOo-

TREASURY DEPARTMENT
Foreign Funda Control
Attended June 30, 1944

GENERAL RULING NO. 11, AS AMENDED
UNDER EXECUTIVE ORDER NO. 8389, AS AMENDED, EXECUTIVE ORDER NO. 9193,
SECTIONS 3(a) AND 5(b) OF THE TRADING WITH THE ENEMY ACT, AS AMENDED
BY THE FIRST WAR POWERS ACT, 1941, RELATING TO FOREIGN FUNDS CONTROL.*

General Ruling No. 11 is hereby amended to read as follows:
REGULATIONS RELATING TO TRADE OR COMMUNICATION WITH OR BY AN ENEMY
NATIONAL.
(1) Trade and Communication with an Enemy National Prohibited.
Unless authorized by a license expressly referring to this general
ruling, no person shall, directly or indirectly, enter into, carry on,
complete, perform, effect, or otherwise engage in, any trade or com­
munication w ith an enemy national, or any act or transaction which
involves, directly or indirectly, any trade or communication with an
enemy national.
(2) Acts and Transactions by an Enemy National Prohibited. U n ­
less authorised by a license expressly referring to this general rul­
ing, noenemy national who is within the United States shall, directly
or indirectly, enter into, carry on, complete, perform, effect, or
otherwise engage in, any financial, business, trade, or other c o m ­
mercial act or transaction.
(3) Certain Transactions Licensed Under Section 3(a). Every
act or trsnsaction prohibited by section 3(a) of the Trading with the
enemy Act, as amended, is hereby licensed thereunder unless such act
or transaction is prohibited by paragraph (1) or paragraph (2) hereof
or otherwise prohibited pursuant to section 5(b) of that Act and not
licensed by the Secretary of the Treasury. Attention is directed to
the fact that the General License under section 3(a) of the Act,
issued by the Pre s ident on De c ember 13, 1941, d oe s not license a ny
act or transaction not authorized hereunder.

« A p p e n d i x A; - S e c ,
1 ; 54 S t a t . 1 7 9 ; 55
June 1 4 , 1 9 4 1 , E x .
8 9 9 8 , Dec. 2 6 , 1941
J u n e 1 4 , 1 9 4 1 . and

3 ( a ) . 4 0 S t a t . 4 1 2 ; S e c . 5 ( b ) , 4 0 S t a t . 4 1 5 and 9 6 6 ; S e c . 2 , 4 8 S t a t .
Stat.
8 3 8 ; E x . Or de r
8 3 8 9 . A p r i l 1 0 , 194 0 , « f t a e n d e d by E x . Or d e r 8 7 8 5 ,
Order
8 8 3 2 , J u l y 2 6 , 1 9 4 1 , E x . O r d e r 8 9 6 3 , D e c . 9 , 1 9 4 1 , and E x .
Or d e r
; Ex,
Order 9 1 9 3 , J u l y 6 , 1 9 4 2 ; K e g u l a t i o n a , A p r i l 1 0, 194 0 ,
anended
July 26, 1941.

2

-

(4)
Definition« » As used in this general ruling and in any
other rulings, licenses, instructions, etc.:
(a)

II

The term " enemy nationa1” sha 11 mean the following:
(i )

The Government of any country against which the
United States has declared war (Germany, Italy,
Japan, Bulgaria, Hungary, and Rumania) and any
agent, instrumentality, or representative of the
foregoing Governments, or. other person acting
therefor, wherever situated (including the a c ­
credited representatives of other governments to
the extent, and only to the extent , that they are
actually representing the interests of the Govern­
ments of Germany, Italy, and Japan and Bulgaria,
Hungary, and Rumania);

(ii)

The government of any other blocked country having
its seat within enemy territory, and any agent,
instrumentality, or representat ive thereof, or
other person acting therefor, actually situated
within enemy territory;

(iii)

Any individual within enemy territory, except any
individual who is with the armed forces of any of
the United Nations in the course of his service
with such forces or who is accompanying such armed
forces in the course of his employment by any of
the Governments of the United Nations or organi­
zations acting on their behalf;

(iv )

Any partnership, association, corporation or other
organization tò the extent that it is actually
situated within enemy territory;

( v)

Any person whose name appears on The Proclaimed
List of Certain Blocked Nationals, and any person
to the extent that he is acting, directly or in­
direct ly , for the benefit or on behalf of any
such pe r s o n ; pr ov ided that no person so acting
shall be deemed to be ah enemy national if he is
acting pursuant to license issued under the Order
or expressly referring to this general ruling; and

(Vi)

Any person to the extent that he is acting, d i ­
rectly or 'indirect ly ,''f'or the benef it or oh behalf
of an enemy national (other than a member of the
armed forces of the United States captured by the
enemy) if such enemy national is within any coun­
try against which the United States has declared
war; pr ov ided that no person so acting shall be
deemed to be an enemy national if he is acting
pursuant to license issued under the Order or expressly referring to this general ruling.

The term “ enemy territory” shall mean the following:
(i)

(ii)

The territory of Germany, Italy, Japan, Bulgaria,
Hungary, and Rumania; and
The territory controlled or occupied by the mili­
tary, naval, or police forces or other authority
of Germany, Italy, or Japan.
The territory so controlled or occupied shall be
deemed to be the territory of Albania; Austria;
that portion of Belgium within continental Europe;
Bulgaria; that portion of Burma occupied by Japan;
that portion of China occupied by Japan; Czecho­
slovakia; Danzig; that portion of Denmark within
contin en ta l Europe; Estonia; that portion of
F rance w it hin contin en ta l Europe, including
Monaco and Corsica; French Indo-China; Greece;
Hong Kong; Hungary; Latvia;Lithuania; Luxembourg;
British Malaya; that portion of the Netherlands
within continental Europe; that portion of the
Netherlands East Indies occupied by Japan; Norway;
that portion of the Philippine Islands occupied
hy Japan; Poland; Rumania; San Marino; Thailand,
that portion of the Union of Soviet Socialist R e ­
publics occupied by Germany; Yugoslovia; Finland;
and any other territory controlled or occupied by
Germany, Italy or Japan.

The term “ The Proclaimed List of Certain Blocked N a ­
t i o n a l s ” shall mean The Proclaimed List of Certain
Blocked Nationals, as amended and supplemented, p r o ­
mulgated pursuant to the President’s Proclamation o 4
July 17, 1941.
The term “ trade or communication with an enemy national”
shall mean any form of business or commercial c o m ­
munication or intercourse with an enemy national after
March 18, 1942, including, without limitation, the
sending, taking, obtaining, conveying, bringing, trans­
porting, importing, exporting, or transmitting, or the
attempt to send, take, obtain, convey, bring, trans­
port, import, export, or transmit,
(i)

Any letter, writing, paper, telegram, cablegram,
wireless message, telephone message, or other
communication, whether oral or written, of a fi­
nancial, commercial, or business character, or

Addi t

June

4

(ii)

Any property of any nature whatsoever, including
any goods, wares, nerchandise, securities, c ur rency, stamps, coin, bullion, money, checks,
drafts, proxies, powers of attorney, evidences of
ownership, evidences of indebtedness, evidences
of property, or contracts;

directly or ind ire c 11y to or fr om an e nemy nat iona 1
after March 18, 1942» provided, however, that with re­
spect to any government or person becoming an enemy
national after March 18, 1942, the date upon which such
government or person became an enemy national shall be
substituted for the date March 18, 1942.

HERBERT E. GASTON

Acting Secretary of the Treasury

ilia civilian employees of the Navy have m <
|
record in the War Bond Program#

a s

The Philadelphia Havy Yard,

where we are now, was the first yard to receive the Secretary
of the N a v y ’s W ar Bond Honor Flag in November 1942, and it has
held a preeminent place since that time with 37 percent of all
employees now purchasing War Bonds regularly through Payroll
Savings#
During the first five months of 1944, more than 93 percent
of all the civilian employees of the Navy were participating
in the Payroll Savings Plan, and purchased War Bonds aggregating
more than 12 percent of the total payroll#

For the Fifth War

Loan Drive, a goal of an extra $100 Bond over and above payroll
deduction has been established for every civilian employee#
Forrestal, it gives me great pleasure to
>resent to you, on behalf of the Treasury Department, this honor
flag in token of the magnificent contribution to the War Bond
program by the Navy’s civilian employees#

i
«

s

la these t i m e , it takes & certain temerity for any civilian
to preaent a citation to the fighting chief of a fighting fleet*
But the personnel of the Kavy have made so splendid a record,
not only in their capacity as seamen hut in their capacity as
American citizens, that they merit the warmest public congratu­
lation«*

They have not been content simply to take their ships

and planes into battle#
them#

They have shared in the cost of building

Two-thirds of the officers and the enlisted men and women

of the Navy, Marine Corps and Coast Guard are now purchasing
War Bonds regularly at the rate of about 300 million dollars a
year#

And during the H a v y fs current bond campaign, arrangements

have been made to give each man and woman in uniform an opportunity
to participate through the purchase of an additional bond#
Admiral King, I am honored, on behalf of the Treasury Depart­
ment, to present to you, as Commander in Chief of the United
States Fleet and Chief of fiaval Operation^ this citation for the
Ilavy’s outstanding contribution to the success of the War Bond
program#
* * * x

y

2
:hg m

navy in the world#

I think it will interest you to know that* from the founding
of this Republic in 1789 up through the year 1940» we expended
on our naval establishment a little over six and a hall* billion
;he last four fiscal years» however» naval
amounted to almost SB billion dollars —

of our

rjr*

And just a few ii

war» Congress approve
ion of 33 billion #

>•

*>i

task before our Armed Forces

The i œ e d ü

is more than
W a r Loan Drive#

set out to raise

the sum

m

y is to beat

Germans and the Japanese until they a
ly that

hey can never again embark upon their

scheme of world

We are
total

cannot be content

all of

we fall siseri of
away*
Ly all the

Worse# we shall have

who fought and died»

I hasard the

wo shall bo templed» both in the west and in the
some sort of false capitulation#

%fc us mice sure»

accept the e u s s e s surrender that it is real and
unconditional and final#

There could be ao more appropriate occasion for a Navy
program t h a n Independence Day.

For the simple fact is that

the American people , in very large measure, one their inde­
pendence, now ae in the past, to the strength and courage and
resolution of their fighting forces at sea.

The Navy has seen

to it, over a period of 330 years, that ao Invader has set
foot upon the soil of the United States.
During the past two and a half years, the Navy has served
as America's first line of defense in two oceans at once.

On

this side of the world, in magnificent cooperation with the

t

he Atlantic

back of the U-boat menace upon which
pinned so much
ch Hitler had
h
of his hopes.

On the other side of the world, in the Coral

Sea, at Midway and around the Solomon Islands, it stopped the
Japanese Grand Fleet in its tracks.

And just a fortnight ago,

off the Marianas, it made that fleet turn tail and run for
cover.

Something tells me that the Japanese will not be able

to remain under cover very much longer.

Admiral Nimits will

TREASURY DEPARTMENT
Washington

f
(The following fgaagnam address by Secretary Morgenthau,
featuring the Navy Program,from the Philadelphia Navy
Yard and broadcast by the National Broadcasting Company,
is scheduled for delivery at ¿«15 P.M.4 B.W.T.. on
ISM*.and is for release at ,that time.)

TREASURY DEPARTMENT
Washington

(The following address by Secretary Morgenthau,
featuring the Navy Program, from the Philadelphia
Navy Yard and broadcast by the National Broadcast­
ing Company> is scheduled for delivery at 4-*15 P»MV,
E. viT.T*j on Tuesday, °uly 4-3 194-4-.» and is for
release at that time.)

There could be no Store appropriate occasion for a Navy program than
Independence Day* For the simple fact is that the American people, in very
large measure, owe theii* independence, now as in theppast, to the strength
and courage and resolution of their fighting forces at sea.
The Navy has
seen to it, over a period of 130 years, that no invader has set foot upon
the soil of the United States*
During the past two and a half years, the Navy has served as .America’s
first line of defense in two oceans at once* On this side of the world, in
magnificent cooperation with the sea forces of our Allies, the Atlantic
Fleet broke the back of the U-boat menace upon which Hitler had pinned so
much of his hopes. On the other side of the world, in the Coral Sea, at
Midway and around the Solomon Islands, it stopped the Japanese Grand Fleet
in its tracks*. And just a fortnight ago, off the Marianas, it made that
fleet turn tail and run for cover. Something tells me that the Japanese
will not be able to remain under cover very much longer. Admiral Nomitz
will see to that.
Today the United States has the greatest navy in the world*
I think
it will interest you to know that, from the founding of this Republic in
1789 up through the year 194-0, we expended on our naval establishment
a little over six and a half billion dollars*
During the last four fiscal
years, however, naval expenditures have amounted to almost 5$ billion
dollars — approximately nine tames as much as during the whole preceding
century and a half of our history. And just a few days ago, because of the
new needs of the war, Congress approved another naval appropriation of
33 billion dollars*
This is more than twi^e the sum we set out to raise
during the Fifth War Loan Drive.
The immediate task before our Armed Forces today is to beat back the
Germans and the Japanese until they are crushed so completely that they^ can
never again embark upon their mades cheme of world conquest. We are waging
total war, and we cannot be content with anything less than total victory.
If we fall short of that goal, all of this expenditure, all of this effort,
will have been thrown away* Worse, we shall have betrayed basely all those
who fought and died, I hazard the guess that we shall be tempted, both in
the West and in the East, with some sort of false capitulation.
Let us^make
sure, before we accept the enemy’s surrender that it is real and uncondi­
tional and final.
4-2-53

- 2 In these times, it takes a certain temerity for any civilian to Present
a citation to the fighting chief of a fighting fleet. But the personnel of
the Navy have made so splendid a record, not only xn their capacity as seam
but in their capacity as American citizens, that they.merit
public congratulation.
They have not been content smply_to tato
ships'and planes into battle. They have shared m the cost of
gM ^ l
Two-thirds of the officers and the enlisted men and women of the Navy, Marine^
toiipgoand Coast guarrioammote pimghffis±n| > W w Besdsaregulgr^atrihe^riftffj?atou t
BOO million dollars a year. And during the Navy's current bond campaig ,
arrangements have been made to give each man and woman in uniform an oppor­
tunity to participate through the purchase of an additional bond.
Admiral King, I am honored, on behalf of the Treasury Department, to
presenf t o ^ - o u / ^ Comander in Chief of the United States Fleet and^Chief
of Naval Operations, this citation for the Navy's outstanding contribution
to the success of the War Bond program*

The civilian employees of the Navy have made a splendid record in the
War Bond Program.' The Philadelphia Navy Yard, where we are now, was the
first yard to receive the Secretary of the Navy's War Bond Honor Flag 1
November IQ 42, and it has held a preeminent place since that time with
97 percent of all employees now purchasing War Bonds regularly through
Payroll Savings.
During the first five months of 1 9 U , more than 93 percent of all the
civilian employees of the Navy were participating m the
Plan, and purchased War Bonds aggregating more than 12 P ^ ^ f
the total
payroll. For the Fifth War Loan Drive, a goal of an extra $100 ond ove
above payroll deduction has been established for every civilian employee.
Secretary Forrestal, it gives me great pleasure to present to you, on
behalf of the Treasury Department, this honor flag in token of the magnificen
contribution to the War Bond program by the Navy's civilian employees.

oOo

TREASURY DEPARTMENT
Washington
Prase Service

FOR RELEASE, MORNING NEWSPAPERS
Tuesday. July 4» 1944.

c4 ^ -

r y

The Secretary of the Treasury announced Last evening that the tenders for
11,200,000,000, or thereabouts, of 91-day Treasury bills to bs dated July 6 and to
nature October 5, 1944, which were offered on June 30, were opened at the Federal
Reserve Banks on July 3«
The details of this Issue are as follows:
Total applied for — $2 >215,011,000
Total accented
- 1,216,173*000
Average price

(includes 148,741,000 entered on a fixed*
price basis at 99*905 and accepted in full^
- 99.905/ Equivalent rate of discount approx. 0.375% per anm

Range of accepted competitive bidet

m _h

qg 910 Equivalent rate of discount approx. 0.356$ par annua]
I ^905
*
*
*
*
11
0.376$ *
*

Lew

(49 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
61,915,000
1,330,660,000
51,606,000
66,005,000
29,665,000
10,355,000
418,355,000
52,716,000
31,035,000
26,960,000
9,395,000
163,962,000

#

12,215,011,000

«1,216,173,000

TOTAL

32,973,000
677,679,0(X)
31,308,000
39,590,000
26,530,000
7,805,000
216,660,000
29,513,000
25,935,0«)
23,155,000
8,375,000
98.670.000

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, J u ly 4» 1944.___________

Press Service

liaThe S e cre ta ry o f the T reasu ry announced la s t evening th a t the tenders fo r
$1,200,000,000, o r thereabouts, o f 91-day T reasu ry b i l l s to be dated J u ly 6 and to
mature October 5, 1944# which were o ffe re d on June 30, were opened a t the Federal
Reserve Banks on J u ly 3*
'Hie d e t a ils o f t h is is s u e a re as fo llo w st
T o ta l a p p lie d fo r - $2,215#011,000
T o ta l accepted
— 1,216,173# 000
Average p ric e

(in c lu d e s $48,741,000 entered on a fix e d p ric e b a s is a t 99.905 and accepted in fv n }
- 99.905^ E q u ivale n t ra te o f d isco u n t approx. 0 . 3755? per anir

Range o f accepted com petitive b id s :
_ 99 910 E q u ivalen t ra te o f d isco u nt approx. 0 .3 5 6 Î per annusi
* 99.’ 905
n
«
«
»
«
0.3765? »
»

High
Low

(49 percen t o f the amount b id fo r a t the low p ric e was accepted)
F e d e ra l Reserve
D is t r ic t

T o tal
A p p lied fo r

T otal
Accepted

Boston
New York
P h ila d e lp h ia
Cleveland
Richmond
A tlan ta
Chicago
S t. Lo u is
M inneapolis
Kansas C ity
D a lla s
San F ra n cisco

%

#

$2 ,215 #011#000

$1,216,173,000

6 1, 9 15,000
1 , 3 3 0 , 040,000
5 1 , 606,000
48,005,000
29,845,000
10,355,0 0 0
418,355,000
52, 718 ,0 0 0
31,035,000
26,980,000
9,395,000
1 4 3 ,962.000

TOTAL

32,973,000
677,679,000
3 1 ,308,000
39,590,000
26, 530,000
7 , 805,000
214,840,000
29, 513,000
2 5 , 935,000
2 3 , 155,000
8,375,000
98,470.000

TREASURY DEPARTMENT.
W ash in g to n
Press Service
' No. 42-54

POR RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, July 4, 1944»_________ __
7-3-44
T h e S e c r e t a r y of t he T r e a s u r y a n n o u n c e d last
the t e n d e r s f o r § 1 ,200,000,000,

or thereabouts,

of 9 1 - d a y T r e a s u r y

bills to be d a ted July 6 a n d to m a t u r e O c t o b e r 5,
offered on June 30,

e v e ning that

1944,

w h i c h were'

w e r e o p e n e d at the F e d e r a l R e s e r v e Banks

on

July 3*
The d e t a i l s of t h i s issue a r e as. follows:
T o t a l a p p l i e d for - $ 2 , 2 1 5 , 0 1 1 , 0 0 0
T o tal a c c e p t e d
1 , 2 1 6 , 1 7 3 , 0 0 0 (includes § 4 8 , 7 4 1 , 0 0 0
en t e r e d on a f i x e d - p r i c e basis at 99-9 0 5 a n d a c c e p t e d in
full)
A v e r a g e price

- 9 9 , 9 0 5 / E q u i v a l e n t r a t e of discount approx.
■ 0 .375/0 p e r a n n u m

R a n g e of a c c e p t e d c o m p e t i t i v e bids:
-

Low

49 p e r c e n t

99 .9IQ
0 .356^

E q u i v a l e n t r a t e of dis c o u n t approx.
.per a n n u m
- 9 9 . 9 0 5 E q u i v a l e n t r ate of d i s count approx.
0.376$ per annum

High

of t h e a m o u n t

bid f o r at the lo w p r ice was a c c e p t e d

Federal Reserve
District

Total
A p p l i e d for

Boston
New York
Philadelphia
Cleveland
Richmond
A t l anta
Chicago
St. Louis -,
Minn e a p o l i s .
Kansas C i t y
Dallas
San F r a n c i s c o

$

TOTAL

6 1 ,9 1 5 , 0 0 0
1,330,840,000
51,606,000
48,005,000
29,845,000
10,355,000
418,355,000
52,718,000
3 1 ,0 3 5 , 0 0 0
26,9 8 0 , 0 0 0
.* 9,395,000
143, 962,, 000

§ 2 ,215 ,011,000
- 0 O0 -*

Total
Accepted
#

3 2 ,9 7 3 , 0 0 0
677,679,000
31,308,000
3 9 , 5 90,000
26,530,000
7,805,000
214,840,000
2 9 , 5 13,000
. 25,935,000
23,155,000
8,375,-000
98,470,000

$1,216,173,000

THMSUEf D f A W I
Washington

FOE XMEIEATB EELEA3S
tufisdag»-July, k, „1944

Press Service

¿/fi

The Secretary of the Treasury stated today that in order to
test certain technical aspects of the distinctive currency paper,
two lots of 41 silver certificates, imrked with red letters E or
3, are being issued in regular course*

The red letters will

facilitate identification of the bills follow!^ their redemption
as unfit

TREASURY DEPARTMENT
Washington

F O R I M M E D I A T E RELEASE,
Tuesday, July 4, 1944.
-------- ----------- — --- --------- ---------------

.

The S e c r e t a r y of the T r e a s u r y

Press Service
No. 4 2 -55

stated t o d a y that

in o r d e r

to test c e r t a i n t e c h nical as p e c t s

t i n ctive

c u r r e n c y paper,

two lots

icates, m a r k e d w i t h red letters
i s s u e d in r e g u l a r course.
itate

of the d i s ­

of $,1 silv e r c e r t i f ­

R o r S, are

being

The red l e tters wil l f a c i l ­

i d e n t i f i c a t i o n of the h i l l s f o l l o w i n g

r e d e m p t i o n as unfit.

oOo-

their

IF

FOB IMMEDIATE RELEASE,
July 4. 19**4.

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*43» provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15, 194l, as
follows:

:
:
Authorized for entry
Country of Production : Quota Quantity j_________for consumption
:
(Pounds) 1/
: As of
¿Date)
t (Pounds!
Signatory Countries:
Brazil
Colombia
Costa Bica
Cuba
Dominican Bepublic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1 ,6 2 1 ,6 3 0 ,4 7 9
5 4 9 ,2 6 1 ,9 3 6
34,873,774
1 3 ,9 4 9 ,5 6 2
20,881,883
2 6 ,1 5 5 ,3 3 0
1 0 4 ,6 2 1 ,3 2 1
93,287,384
47,951.373
3,486,928
82,825,279
3 4 ,0 0 1 ,9 4 3
4,359,288
7 3 ,2 3 4 ,8 7 2

>n-Signatory Countries

6 1 ,9 0 0 ,9 3 5

June 2*, 19*44
H
R
R

July 1* ;19*t4 2/
June 24,, 19*44
R
H
H

July 1» 1944 2/
June 2*1, 19*14"“
R
R
H

H

9 3 2 ,5 1 7 ,7 48
4 9 2 ,0 5 5 ,9 6 1
2 3 ,6 0 7 ,8 29
4,905,087
1 7 ,2 7 6 ,6 5 7
1 8 ,9 4 1 ,6 89
8 2 ,1 3 5 ,0 0 5
6 8 ,2 6 2 ,4 4 5
30,338.780
3,456,134
69,819.936
25,318,420
2 ,5 4 0 ,7 01
35,821,744
3,745,983

1j Quotas as established by action of the Inter-American Coffee Board on
April 21, 19*44#
2/

Per telegraphic reports.

TREASURY DEPARTMENT
Washington

Press Service
No. 42-56

RELEASE,
Wednesday, July 5, 1944.

for immediate

The Bureau of Customs announced today preliminary figures showing
the ciuantities 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
(pounds)
As of
(Date)

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
47,95.1,373
3,486,928
82,825,279
34,001,943
4,359,288
73,234,872 *

on-Signatory Countries

61,900,935

it

932,517,748
492,055,961
23,607,829
4,905,087
17,276,657
18,941,689
82,135,005
68,262,445
30,338,780
3,456,134
69,819,936
25,318,420
2,540,701
35,821,744

it

3,745,983

June 24, 1944
ti
it
it

July 1, 1944 2J
June 24, 1944
M
II
I!

July 1, 1944 2/
June 24, 1944
it
it

1/

Quotas as established by action of the Inter-American Coffee Board
on April 21, 1944.

2/

Per telegraphic reports.

-oOo-

3 9 O.
mïmKRm
TREASURY DEPARTMENT
W ashington

"

Press Service

FOR IiMlDIATE RELEASE,
Wednesday . July 5» 1944*

ÜI ™

f~ I

[Secretary Morgenthau announced today that the official Treasury Depart­
ment circulars governing the current offering of 2-1/2 percent Treasury Bonds
of 1965-70 and 2 percent Treasury Bonds of 1952-54 have been amended to per­
mit deferred payment for such bonds allotted to life insurance companies, to
savings institutions, and to States, municipalities, political subdivisions
and similar public corporations, and agencies thereof*

Payment in full on

any such subscriptions must be completed on or before September 30, 1944*
^The Secretary stated that the Treasury has received a number of requests
for such an amendment*

It has been pointed out that in the next few months

there will be substantial accumulations in the way of premiums and deposits
and payments to sinking and other funds.

This provision affords an oppor­

tunity to arrange at this time for the Investment of such anticipated funds.
Ijhe-tyKtw- of
rfIf

WËtM
lit

m

t■-t

■cl

rn follow :
o 5
C 6

TREASURY DEPARTMENT
Washington

FOR I M M E D I A T E RELEASE,
W e d n e s d a y , July 5, 1944.

Press Service
No* 42-57

S e c r e t a r y M o r g e n t h a u a n n o u n c e d t o day that the o f ­
ficial T r e a s u r y D e p a r t m e n t

circulars

g o v e r n i n g the

current o f f e r i n g of 2-1/2 p e r c e n t T r e a s u r y B o nds of
1 9 6 5 - 7 0 a n d 2 p e r c e n t T r e a s u r y Bonds

of 1 9 5 2-54 have

"been a m e n d e d to p e rmit d e f e r r e d p a y m e n t
a l l o t t e d to life
tutions,

insurance

a n d to States,

companies,

thereof.

Payment

to savings

municipalities,

div i s i o n s and s i m i l a r p u b l i c

for s u c h bonds

political

corporations,

in full on a n y s u c h s u b s c r i p t i o n s
1944.

The S e c r e t a r y s t a t e d that the T r e a s u r y ^ h a s
ceiv e d a n u m b e r of r e q u e s t s
has b e e n . p o i n t e d out

re­

for suc h an a m e n dment.

that in the n e x t few m o n t h s

will be s u b s t a n t i a l a c c u m u l a t i o n s
m i u m s a nd deposits a n d p a y m e n t s

It

there

in the w a y of p r e ­

to sinking., a n d o t h e r

This p r o v i s i o n a f f o r d s a n o p p o r t u n i t y to a r ­

range at this
pated

sub­

and agencies

m u s t be c o m p l e t e d on or b e f o r e S e p t e m b e r 30,

funds.

insti­

time for the i n v e s t m e n t of such a n t i c i ­

funds.

-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 •rdinarv 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 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

July 13, 1944
*— a r ------- :—
'
The income derived from Treasury bills, whether interest or gain from

in cash or other immediately available funds on

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 companies) issued hereunder
need include in his income tax return only the difference between the price paid

fiSSl

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,

Friday,. Jialy J ^ 1 9A4__________ •

The Secretary of the Treasury, by this public notice, invites tenders
for $ 1.2 0 0 ,0 0 0 .0 0 0 _, or thereabouts# of

92 _-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

O ctober 13« 19U*

mature
interest.

J u ly 13 v 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,

$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 rclock o. m., Eastern War time,

Monday» JulylO, 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 t 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 Federalj

TREASURY DEPARTMENT
Washington

~

FOR RELEASE, M O R N I N G NEWSPAPERS,
Friday, July 7, 1944.

The S e c r e t a r y of' the Treasury, b y - t h i s publ i c notice,
invites tenders for. $ 1 , 2 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 92d ay T r e a s u r y bills, to-be issued on a . d i s c o u n t b a sis u n d e r
c o m p e t i t i v e and f i x e d - p r i c e ’b i d d i n g a s .h e r e i n a f t e r p r o ­
vided.
The bills of this series' will be d a t e d ’
J ul y 13,
1944, a nd will m a t u r e O c t o b e r 13, 1944, w h e n the face
a m o u n t will be payable, w i t h o u t i n t e r e s t ., T h e y will be i s ­
sued in b e a r e r form only, a n d in d e n o m i n a t i o n s of $1,000,
$5,000, #10,000, $100,000, $500,000, a n d $ 1 , 0 0 0 , 0 0 0 ( ma­
turity v a l u e ) .
T e n d e r s will be r e c e i v e d at Federal Re s e r v e Banks a n d
B r a n c h e s up to the c l o s i n g hour, two o ’clock p. m., E a s t ­
ern W a r _time, M o n d a y ,, July' 10, 1944 . T e n d e r s w i l l not be
r e c e i v e d a t the Treasury. D epartment, W a s h i n g t o n .
Each
tender m u s t be for an e v e n m u l t i p l e of $1,000, a nd the
price o f f e r e d must be e x p r e s s e d on the b a s i s of 100, w i t h
not m ore than three decimals, e. g . , 99.925.
F r a ctions
m a y n o t be used.
It is urged, that tenders be m a d e on the
p r i n t e d f o r m s and f o r w a r d e d in the special e n v e l o p e s w h i c h
will be supplied by Federal Reserve B a n k s or B r a n c h e s on
a p p l i c a t i o n therefor.
Te n d e r s w i l l be r e c e i v e d w i t h o u t d e p o s i t f r o m i n c o r ­
p o r a t e d banks and trust c o m p a n i e s and f r o m r e s p o n s i b l e and
r e c o g n i z e d d e a l e r s in i n v e stment securities.
Tenders from
o t h e r s mus t be a c c o m p a n i e d by p a y m e n t of 2 p e r c e n t of the
iace a m o u n t o f T r e a s u r y b i lls a p p l i e d for, u n l e s s the t e n ­
ders are a c c o m p a n i e d b y a n express g u a r a n t y o f p a y m e n t by
an i n c o r p o r a t e d b a n k or trust company.
I m m e d i a t e l y a f t e r the c l o s i n g hour, tenders will be
o p e n e d at the Federal R e serve Banks a n d Branches, f o l l o w ­
ing w h i c h p u b l i c announcement„ w ill be m a d e by the S e c r e t a r y
of the T r e a s u r y of the a m o u n t a n d price range of a c c e p t e d
bids.
T h o s e s u b m i t t i n g tenders will be a d v i s e d of the
a c c e p t a n c e or r e j e c t i o n thereof.
The S e c r e t a r y of the
T r e a s u r y e x p r e s s l y r e s e r v e s the right to accept or reject
.any or a ll tenders, in whole or in part, a n d his a c t i o n
in a n y such r e s p e c t shall be final.
S u b j e c t to these r e s ­
ervations, tenders f o r y $ 1 0 0 , 0 0 0 o r less f r o m a n y one
b i d d e r a t ^ 9 9 . 9 0 5 e n t e r e d on a f i x e d - p r i c e basis will be
a c c e p t e d in full.
P a y ment of a c c e p t e d tenders at the
p r ices o f f e r e d m u s t be m a d e or c o m p l e t e d a t the Federal
R e s erve B a n k in cash or o t h e r i m m e d i a t e l y a v a i l a b l e funds
on J u l y 13, 1944.
42-58

(Over)

'i

The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r i n t e r ­
est or g a i n f r o m the sale or o t h e r d i s p o s i t i o n of the
bills, shall not hav e a n y .exemption, as such, a n d loss fro m
the sale or o t h e r d i s p o s i t i o n of T r e a s u r y bills shall not
have a n y special, treatment, as such, u n d e r Federal tax
Acts n o w or h e r e a f t e r e n a c t e d . T h e bills shall be subject
to estate, inheritance, gift, or o t h e r excise taxes, w h e ­
ther Federal or State, but shall be exempt f r o m all t a x a ­
tion now or h e r e a f t e r i m p o s e d on the p r i n c i p a l or interest
t h e r e o f by a n y State, or a n y of the p o s s e s s i o n s of the
U n i t e d States, or b y a n y local taxing a u t h ority.
For p u r ­
poses of ta x a t i o n the a m o u n t of d i s c o u n t at w h i c h T r e a s u r y
bills are o r i g i n a l l y sold by the U n i t e d States shall be
c o n s i d e r e d to be interest.
U n d e r Se c t i o n s 42 a n d 117 (a)
(1) of the Internal R e v enue Code, as a m e n d e d by S e c t i o n
115 o f the Revenue Act of 1941, the a m o u n t of d i s c o u n t at
w h ich bills i s s u e d h e r e u n d e r are sold shall not be c o n ­
sidered to a c c r u e u n til such bills shall be sold, r e d e e m e d
or o t h e r w i s e d i s p o s e d of, a n d such bills are e x c l u d e d from
c o n s i d e r a t i o n as capital assets.
A c c o r dingly, the o w n e r
of T r e a s u r y bills (other t h a n life i n s u rance companies)
issued h e r e u n d e r n e e d include in his income tax r e t u r n
onl y the d i f f e r e n c e b e t w e e n the p r i c e p a i d for s u c h bills,
w h e t h e r on original issue or on subs e q u e n t purchase, and
the a m o u n t a c t u a l l y r e c e i v e d e i ther u p o n sale or red e m p t i o n
at m a t u r i t y d u r i n g the taxable y e a r for w h i c h the r e t u r n
Is made, as o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 418, as amended, and
this notice, p r e s c r i b e the terms of the T r e a s u r y b i l l s and
g o v e r n the c o n d i t i o n s of their issue.
Copies of the c i r ­
cular m a y be o b t a i n e d f r o m a n y Federal R e s erve Ban k or

TREASURY DEPARTMENT
Washington
isints »»t »* ot?

w isim ai PAPERS
...,

P re ss S e rv ice

♦

The S V
e cre ta ry o f th e T re asu ry today c a lle d a tte n tio n to the fa c t that
the su b s c rip tio n books fo r the fo u r is s u e s o f m arketable s e c u rit ie s w ill
c lo s e , and the F ift h t a r lo a n D riv e w ill term in a te , a t th e c lo se o f business
J u ly 8 .

These is s u e s a re the 2 -1 /2 p ercen t T re a su ry Bonds o f 196 5-70, the

2 p ercen t T reasu ry Bonds o f 1952-54» th e 1 -1 /4 p ercen t T reasu ry Notes o f
S e rie s B-1947 and the 7 /8 p ercen t T re asu ry C e rt ific a t e s o f Indebtedness of
S e rie s C-1945*

S a le s o f the th re e Issu e s o f sa v in g s bonds, S e rie s I , F and

0 , and o f S e rie s C S avings N otes, w ill, o f co u rse , co n tin u e .
S u b scrip tio n s fo r the fo u r is s u e s o f m arketable s e c u rit ie s w hich are
p la ce d in the n a il up to m idnight o f J u ly 8 w ill be tre a te d as tim e ly sub­
s c rip t io n s .

As p re v io u s ly announced, su b sc rip tio n s fo r savin g s bonds and

savin g s notes p ro cessed by the F e d e ra l R eserve Banks o r th e T re asu ry up to
\

the c lo se o f b u sin e ss J u ly 31 w ill be c re d ite d to the D riv e .

TREASURY DEPARTMENT
Washington

F O R RELEASE, M O R E IRQ- NEWSPAPERS,
Friday, July 7 > ,1944.___

Press Service

No. 42-59

The Secretary of the Treasury today called attention
to the fact that the subscription books for the four issues
of marketable securities will close, and the Fifth War loan
Drive will terminate, at the close of business July 8,
■These issues are the 2-1/2 percent Treasury Bonds of 1965-70,
the 2 percent. Treasury Bonds of 1952-54, the 1-1/4 PercentTreasury Notes of Series B-1947 and the 7/8 percent Treasury
Certificates of Indebtedness of Series C-1945.

Sales of the

three issues of savings bonds, Series E, .F and G-, and of
Series C Savings Notes, will, of course, continue.
Subscriptions for the four issues of marketable securi­
ties-; which are placed in the mail up to midnight of July 8
will be treated as timely subscriptions.

As previously

announced, subscriptions for savings bonds and savings notes
processed by the Federal Reserve Banks or the Treasury up to
the .close of business July 31 will be credited to the Drive.

oOo-

nam e o f c o r p o r a t i o n a n d

officers or employees

CALENDAR
OR FISCAL
YEAR ENDED

SALARY

BONUS

COMMISSION

OTHER
COMPEN­
SATION

TOTAL

ALABAMA
THE BIRMINGHAM NEWS COMPANY
Hanson, Victor H.
WATERMAN STEAMSHIP CORPORATION
Roberts, E. A.

12/31/4+2

9 3 , 9 0 0 .0 0

9,000.00

52,800.00

40,000.00

9/3O/43

102,900.00
180.00

92,980.00

CALIFORNIA

1

PHIL BERG-BERT ALLENBERG, INC.
Allenberg, Bertram
Berg, Phil
BULLOCK'S INC.
Winnett, P. G.
DESMOND'S
Huesman, Ralph R.
THE EMPORIUM CAPWELL COMPANY
Fisher, Haldane S.
V.:
Lipman, E. C.
FOX WEST COAST AGENCY CORPORATION
Skouras, Charles P.
SAMUEL GOLDWYN INC., LTD.
Cooper, Gary
Hope, Bob
HEARST CONSOLIDATED PUBLICATIONS, INC.
Hearst, William Randolph
HEARST PUBLICATIONS, INCORPORATED
Hearst, William Randolph
JOHNSON & HIGGINS OF CALIFORNIA
Field, Alexander
LOCKHEED AIRCRAFT CORPORATION
Barker, C. A., Jr.
Gross, Robert E.
MARCHANT CALCULATING MACHINE COMPANY .
Cooke, D. R.
Kelley, J. E.
McNEIL CONSTRUCTION COMPANY
McNeil, Lawrence G.
NATIONAL THEATRES AMUSEMENT' CO. , INC.
Skouras, Charles P.
Skouras, Spyros P.
PACIFIC GAS AND ELECTRIC COMPANY
Black, Jas. B.
HAL ROACH STUDIOS, INC.
Bendix, William E.
^
ROSENBERG BROS. & CO.
Oppenbeimer, Arthur C . ’
J. D. AND A. B. SPRECKELS <COMPANY
Belcher, F. J., Jr.
STANDARD OIL COMPANY OF CALIFORNIA
Collier, Henry D.
i

12 / 31 / Î 42

9 4 , 333-33
128 , 510.41

9 4 , 333*33
128 , 5 1 0 .4 1

1/31 A 3
7 /3 1 A 3
1/31 A 3
12/31/42
12/ 14A 2

12/31A 2
12/31 A 2

75,000.00

20,000.00

95,000.00

60,000.00

8 4 , 0 4 7 .1 0

1144,047.10

40,000.00
35^000.00

42,542.17
4 8 , 7 3 1 .2 2

82,542.17
83,731.22

132,500.00

132,500.00

2 4 7 , 3 9 7 .0 6

247, 397.06

100,000.00

100,000.00

100,000.00

100,000.00

100,000.00

100,000.00

77,354.07

77,354.07

90,000.00
125,000.00

90,000.00
125,000.00

12/31/42
12/31A 2
12/31/42

175,727.55
88,380.22

175,727.55
88,380.22

12 /31A 2

8 0 , 0 0 0 .0 0

8 0 , 0 0 0 .0 0

12/31A 2
12 /31A 2
8 /3 1 A 3
5 /3 1 A 3
12/31/42
12/31 A 2

»

40,000.00

130,589.38
¿44,810.62

130,589.38
84,810.62

75,000.00

1,020.00

76,020.00

12,374.97
25,000.00

65,241.59

77,616.56

. 134.353.24

159,353.24

■■■ Mi

9 3 , 7 5 0 .0 0

18,750.00

75,000.00

105,000.00

105,000.00^

Includes an annuity of #3,629.60 monthly paid to Mr. Collier by
Insurance Companies, under the Company's Annuity Plan.

WELLS FARGO BANK & UNION TRUST CO.

12/31Ä 2

0 0 0 .0 0

8 0 , 0 0 0 .0 0

30,0 0 0 .0 0

J Lipman, F. L.
CONNECTICUT
EDWARDS AND COMPANY, INC.
Edwards, R. Stafford
McHugh, Edward P.
Miller, Christian
Nolan, Thomas S.
THE HOMELITE CORPORATION
Abbott, J. Allan
THE NATIONAL FOLDING BOX COMPANY
Lynch, Walton D.
Mabee, George W.
REMINGTON ARMS COMPANY INC.
Davis, C. K.
UNITED AIRCRAFT CORPORATION
Rentschler, Frederick B.
Wilson, Eugene E.
NORTHAM WARREN C ΠP 0RATI0N
Warren, Northam

12/31A 2

12/31A 2
12/31A 2
12/31A 2
1 2 /3 1A 2
12/34/42

193 , 4 6 8 .0 6
1 2 5 , 7 5 5 . ¿9
125 , 7 5 5 *¿9
1 2 5 , 7 5 5 .6 9

193,468.06
125.755.69
125.755.69
125.755.69

110.500.00

5,500.00 105,000.00
136,500.00

¿4,000.00
14,000.00

100.00
100.00

122.900.00
140.600.00

38,997.00

142,250.00

320.00

81.567.00

2,650.00

77.650.00
7 7 . 8 0 0 .0 0

9 9 , 0 0 0 .0 0

75,000.00
75,000.00
94,500.00

19 , 8 0 0 .0 0

2 , 8 0 0 .0 0

9 4 , 5 0 0 .0 0

1

HAMB; OF CORPORATION AND OFFICERS OR EMPLOYEES

CALENDAR
OR FISCAL
YEAR ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPENSATION

TOTAL

DELAWARE
AMERICAN SUPPLIERS, INCORPORATED
Lipscomb, James E*, Jr.
BENEFICIAL MANAGEMENT CORPORATION
Watts, Charles H.
THE COCA-COLA COMPANY
Acklin, A. A.
j Jones, Harrison
COLUMBIA GAS & ELECTRIC CORPORATION
Gossler, Philip G.
E. I. DU PONT DE NEMOURS & COMPANY
Bolton, Elmer K.
Brown, J. Thompson
Carpenter, Walter S., Jr.
Crane, Jasper E.
du Pont, Henry B.
Echols, Angus B.
Eliason, James B.
Harrington, Willis F.
McCoy, John W,
Richter, William
Robinson, Edmund G.
Rykenboer, Edward A.
Stine, Charles M. A.
Wardenburg, Frederic A.
Yancey, Edward B.
Yerkes, Leonard A.
HERCULES POWDER COMPANY
Higgins, C. A.
THE LAMBERT COMPANY
Johnston, John L.
VICK CHEMICAL COMPANY
Preyer, W. Y.
Richardson, H. S.

12/31/1*2
116,666.66

116,666.66
12/3 l/l|2

8 2 0 .0 0

1 1 3 ,97l*.0 8
12/31/1*2

8 0 ,0 0 0 .0 0
8 0 ,0 0 0 .0 0

20,000.00
20,000.00

60,000.00
60,000.00

lll*,79l*.08

I2/31/Ì42
90,000.00

90,000.00
12/31/1*2
3!*,930.00
50,000.01*
150,000.00
50,000.01*
50,000.01*
5 7 ,9 9 9 .9 6
38,100.00
50,000.01*
50,000.01*
1*5,1*10.00
1*5,1*10.00
3l*,290.00
50,000.01*
38,100.00
1*1 ,2 8 0 .0 0
52,390.00

5 2 ,01*9 . 1 5 ■
73,681*. 76
29,500.00
66,606.00
l*l*,65l*.88
7 8 ,7 6 3 .5 0
1*0 ,81*1 .1 3
7 5 ,88l* .7 6
7 5 ,88l* .7 6
1*8 ,3 6 9 .7 6
60,91*8.50
1*1*,113.00
73,681*.76
5 3 ,6 9 8 .5 0
63,606.00
62,826.01

55O.OO
55O.OO
6OO.OO
55O.OO
6OO.OO
6OO.OO
55O.OO
6OO.OO
6OO.OO
5OO.OO
55O.OO
5OO.OO
600.00
55O.OO

8 6 ,9 7 9 .1 3
12l*,23l*.80
180,050.00
117,206.01*
9 5 ,20l*.92
1 3 7 ,3 6 3 .1*6
7 9 ,51+1 .1 3
126,1*31*. 80
126,1*81*. 80
9I*,8 7 9 .7 6
106,858.50
78,1*03.00
12l*,23l*.80
9 2 ,2 9 8 .5 0
105,1*86.00
115,766.01

1 2 /3 1 /lj2
60,000.00

32,500.00

92,500.00

8 0 ,0 0 0 .0 0

10,000.00

90,000.00

61*,750.00
50,750.00

25,010.00'
25,010.00

35,000.00

50,000.00

85,000.00

1+9 ,9 9 9 .9 2

1*0,000.00

8 9 ,9 9 9 .9 2

12/31/1*2
6/30/1*3
1*50.00
1*50.00

90,210.00
76,210.00

FLORIDA
GIBBS GAS ENGINE COMPANY OF FLORIDA
Gibbs, Geo. W,

12/31/1*2

ILLINOIS
AMERICAN STEEL FOUNDRIES
Drever, Thomas
BRINK’S INCORPORATED
Allen, Frank
Allen, John D.
BUTLER BROTHERS
Freeman, T. B.
COLUMBIA TOOL STEEL COMPANY
Clarage, Arthur T.
CONTAINER CORPORATION OF AMERICA '
Paepcke, Walter P.
CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST
COMPANY
,
Cummings, Walter J.
CORNELL FORGE COMPANY
Cornell, A. M,
CRANE CO.
Collier, J. H.
CROWE NAME PLATE & MANUFACTURING COMPANY
Coolidge, E. C.
Mabie, E. L.
DIAMOND T MOTOR CAR COMPANY
j Lord, Robert 0 .
j York, Homer
R. R. DONNELLEY & SONS COMPANY
Littell, C. G.
LOUIS B. EMERMAN & COMPANY
Emerman, Louis E.
FAIRBANKS, MORSE & CO.
\
Morse, Robert H.
THE FIRST NATIONAL BANK OF CHICAGO
Brown, E. E.
GENERAL OUTDOOR ADVERTISING CO., INC.
Robbins, B. W,

9 /30/1*3
12/31/1*2
85.000.
85.000.

00
00

325.00
325.00

\j

85.325.00
8 5 .3 2 5 .0 0

1 2 /3 1 /1*2
31,000.00

50,000.00

81,000.00

12/31/1*2
7 5 ,2 2 9 .3 8

75,229.38
12/31/1*2
60,000.00

50,000.00

110,000.00

150,000.00

1,200.00

151,200.00

12/31/1*2
12/31/1*2
15,000.00

90,921.28

50,000.00

25,000.00

105,921.28

12/31/1*2
12/3 l/lj2
25.000.
10.000.

00
00

7OO.OO

110,61*0 .8 8
110,61*0 .8 8

75,700.00
135,61*0.88
1 2 0 ,61*0 .8 8

12/31/1*2
12,000.00

75.000.
75.000.

00
00

6O.OO

7 5 ,0 6 0 .0 0
87,000.00

12/3 l/i*2
61*,7 6 7 .6 5

26,000.00

9 0 ,7 6 7 .6 5

12/31/1*2
1*8,000.00

76,14*9.73

28,1*1*9.73

1 2 /3 1 /1}2
75,000.00

81*,270.OO

2,900.00

162,170.00

1 2 /3 1 /1*2
85,000.00

85,000.00

12/31/1*2
75,000.00

200.00

7 5 ,2 0 0 .0 0

NAFJS OF CORPORATION AND OFFICERS OR EMPLOYEES

GOLDBLATT BROS. INC.
Goldblatt, Morris
Goldblatt, Nathan
GREAT LAKES CARBON CORPORATION
Skakel, George
h a r p e r -w y m a n

company

Harper, Philip S.
HILL-CLARKE MACHINERY CO.
Ditfurth, W. L.
Mons, H. W.
Wiggle sworth, A. W.
HOUSEHOLD FINANCE CORPORATION
Henderson, B. E,
HOWARD FOUNDRY CO.
Howard, Frank C.
HYMAN-MICHAELS COMPANY
IMichaels, Joseph
|Purdy, S. E.
INDEPENDENT PNEUMATIC TOOL COMPANY
Hurley, Neil C., Sr.
INLAND STEEL COMPANY
Sykes, Wilfred
INTERNATIONAL HARVESTER COMPANY
McAllister, Sydney G.
Me Cormick, Fowler
INTERNATIONAL MINERALS & CHEMICAL CORPORATION
Ware, Louis
LADY ESTHER LTD.
Busiel, Alfred
Busiel, Syma
LORD & THOMAS, INC.
Lasker, Albert D.
LUMBERMENS MUTUAL CASUALTY COMPANY
Kemper, James S.
MARS, INCORPORATED
Mars, Mrs. E. V.
MAYBELLINE COMPANY
Williams, Thomas L.
MIAMI CORPORATION
Erminger, H. B., Jr.
MID-WEST DYNAMOMETER AND ENGINEERING CO.
Oberreutter, Paul H.
W. H. MINER, INC.
Withall, A. P.
MONTGOMERY WARD & CO., INCORPORATED
Avery, S. L.
vVRyan, C. D.
NORTHWEST ENGINEERING COMPANY
Houston, L. E.
OAK MANUFACTURE G COMPANY
Bessey, Edward F.
THE PEPSODENT CO.
Smith, Kenneth G.
REID MURDOCH & CO.
Anderson, L. S.
REPUBLIC FOOD PRODUCTS CO.
Clair, J. M.
C. A. ROBERTS CO.
Kaiser, A. A.
ROCK-OLA MANUFACTURING CORPORATION
Rockola, David C.
SEARS, ROEBUCK AND CO.
Wood, Robert E.
J. P. SEEBURG CORPORATION
Seeburg, J. P.
Seeburg, N. Marshall
A. E. STALEY MANUFACTURING COMPANY
Staley, A. E., Jr.
STANDARD OIL COMPANY (INDIANA)
Seubert, E. G.
STANDARD RAILWAY EQUIPMENT COMPANY
Frank, Arthur A.
SWIFT AND COMPANY
Holmes, John
BEN A. TETZLAFF
Tetzlaff, Ben A.

CALENDAR
OR FISCAL
YEAR ENDED

1/31A 3
10/ 51A 5
12/51/2)2
12/51/1)2

12/51/1)2
12/51/1)2
12/51A 2
12/51/1)2
12/51/1)2
10 / 51 A 3

6/ 50A 3
12/51/1)2

SALARY
____

COMISSION

5 0 ,0 0 0 .0 8
5 0 ,0 0 0 .0 8

75.000.

00

BONUS

OTHER
COMPEN­
SATION

50,000.00
50,000.00

100 , 0 0 0 .0 8
100 , 0 0 0 .0 8

¿40,000.00

115.000.

50,388.0!;
50,388.0!+
50,388.0!+

75,388.0!+
75,388.0!+
100,388.0!+

50,000.00

125.000.

00

150,000.00

150.000.

00

7 9 . 9 9 9 .9 6
110 , 9 9 9 .9 6

79.999.96
110.999.96

25.000.
25.000.
50.000.

00
00
00

75.000. 00

25.000.

08

50.000.

00

9 9 . 9 9 9 .9 6
9 9 . 9 9 9 .9 6

50.000.

00

96.000.
96.000.

00
00

103,750.08

78 , 750.00

8 0 , 000.00

30,000.00
5,000.00
12,500.00

1,1130.00

106,1+09.96
113.929.96

50,000.00

1,200.00

101,200.00

1 , 1+10.00

96.000.
96.000.
103,999.95

103,999.95
12/31/2)2
12/31/1)2
12/31/2)2
12/31/1)2
12/31/1(2
1/ 3 i A 3

12/31/1)2
5 / 31 / 1)3

12/31A 2
12/31/1)2
12 / 31 / 1)2

12/31/1)2
2 / 28 A 3
1/ H A 3
9 / 30 / 2)3

12/31/1)2
12/31/1)2
12/31A 2
12/31/2)2
12/31/2)2

00

8 0 , 3 7 5 . 1+0

80 , 3 7 5 . 1(0

12/31/1(2
12/ 31 / 1)2

TOTAL

191,543.63

60,000.00

251 , 543*63

120 , 0 0 0 .0 0

120 , 0 0 0 .0 0

120 , 0 0 0 .0 0

120 , 0 0 0 .0 0

75,000.00

900.00

75,900.00

85,000,00

2 0 0 .0 0

85,200.00

50,000.00
100 , 0 0 0 .0 0

l!+L+,7 7 3 .9 8

9!*-,773*98
8 0 0 .0 0
800.00

100 , 8 0 0 .0 0

53,333.30

£2,500.00

50,000.00

! 50,000.00

100,000.00

75,000.00

j 1+7,820.00

122 , 8 2 0 .0 0

76,633.30

l!+5 , 0 0 0 .0 0

ii+5,000.00
25,000.00

122), 659.56

149,659.56

26,060.00

62, 620.00

8 8 , 6 8 0 .0 0

76,11.56.01

76,1356.01

76,000.00

76,000.00

7i+,!+oo.oo

10,000.00

8!+,!+0 0 .0 0

50,000.00
50,000.00

¿40,000.00
50,000.00

90,000.00
80 , 0 0 0 .0 0
!+!+,500.00

i+8 , 0 0 0 .0 0

92,500.00

!+l,925.72

66,911.76

108 , 837.!+8

60,000.00

25,000.00

85,000.00
85,000.00

85,000.00
72,000.00

19,000.00

91,000.00

00
00

------------ -------------------- —
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
1
CHICAGO TRIBUNE - NEW YORK NEWS
SYNDICATE, INC.
Gray & Gray
NEWS SYNDICATE CO. INC.
Clarke, R. W.
Flynn, F, M.
Holliss, R. C.
TRIBUNE COMPANY
Campbell, C. M.
Maofarlane, W. E.
Rose, L. H.
UNITED DRILL AND TOOL CORPORATION
Kearins, M. J.
VICTOR MFG. & GASKET COMPANY
Victor, John H.
THE WANDER COMPANY
McMillan, James G.
WITTEK MANUFACTURING CO.
Tetzlaff, Ben A.

CALENDAR
OR FISCAL
YEAR ENDED

12/31/1*2
12/31/1*2

SALARY
___

------- ;
---------COMMISSION
BONUS

OTHER
COMPEN*
SATION

814,165.!?8

13,000.00

12 / 5l / i *2

12/31/1*2
12/31/42
12/31/1*2
I 2 / 3 I / I *2

97,165.58
90,000.00
90,000.00'
90,000.00

140,000*00
¡¡0,000.00
¡¡0,000.00

50,000.00
50,000.00
50,000.00

TOTAL

83,250.00
106,362.00
111,068.00
25,000.00

55,000. 00

8 0 , 0 0 0 .0 0

50. 00

78,890.38

75,000.00

3,8140.38

I40,000,00

91,359.1+3

131,359.1*3

72,000.00

19,000.00

91,000.00

14.0,28^.50

5 6 , l 45U*39

96,738.89

60,000.00

27,500.00

INDIANA
MEAD JOHNSON & COMPANY
Johnson, Lambert D.
j SERVEL INC.
4 Ruthenburg, Louis

12/31/1*2
10/ 31 A 3

1,200+,00

88,700.00

IOWA
KLAUER MANUFACTURING COMPANY
Klauer, W. E.

II/30 /I+ 3

115,51*1.70

115,5141.70

51,3140.22
00
00

125,000.00
81,3140.22
90,000.00

KENTUCKY
FRANKFORT DISTILLERIES, INCORPORATED
Brownlee, James F.
Slater, E. D.
Veeneman, W. H,, Sr.
THE STEWART DRY GOODS COMPANY
MoKim, R. J*

6/3o A 3

1/3i A 3

125,000.00
30.000.
90.000.

52,803 .16

30,000,00

82,803.16

LOUISIANA
HIGGINS INDUSTRIES INC.
Higgins, Andrew J.

12/31/1*2

80 , 0 0 0 .0 0

8 0 , 0 0 0 .0 0

MARYLAND
ACACIA MUTUAL LIFE INSURANCE COMPANY
Montgomery, William
THE BALTIMORE SALESBOOK COMPANY
Speer, Talbot T*
COMMERCIAL CREDIT COMPANY '
Duncan, A. E.
CROWN CORK & SEAL COMPANY, INC.
McManus, Charles E.
THE HECHT COMPANY
Davidow, Harry
Dulcan, Charles B., Sr.
CHARLES RUBEL AND COMPANY, INC.
Rubel, Charles
Werres, Paul H.

12/31/1*2
12/31/1*2
12/31/1*2
I2/31A 2
I/31A 3

Y
200 .00

75,000.00
31,375.00

514,150.00

85,585.00
85,000.00

85,000.00
100,000.00

8,333.33

108 , 3 3 3 .3 3

h 5 , 59 3 *1+5

65,163.75
87,11*9.76

110,757.20
137,1149.76

50,000.00

12/31/1*2

75,200.00

226,250.00
155,750*00

226,250.00
135,750.00

90,000.00
100,000.00

90,000.00
100,000.00

MASSACHUSETTS
AMERICAN OPTICAL COMPANY
Cozzens, C. 0.
Mosher, Ira
E. B. BADGER & SONS COMPANY
Badger, Erastus B.
Hall, Walter T.
Peters, William A., Jr.
DRAPER & COMPANY, INC.
Draper, Paul A.
EMERY & CONANT COMPANY, INCORPORATED
Emery, Allan C.
WM. FILENETS SONS COMPANY
Frost, Edward J.

12/31/1*2
12/31/1*2

II/30A 3
2/ 28 A 3
I/31/I+3

108,168.63
108,168.63
108,122.148

18,088.50 90,080.13
18,088.50 90.080.13
18,0142.35 90.080.13
75,000.00

25,000.00

100,000.00

20,000.00

60,000.00

8 0 , 0 0 0 .0 0

8 0 , 0 0 0 .0 0

8 0 , 0 0 0 .0 0

.

4

name of corporation and

o f f i c e r s or e m p l o y e e s

the l a h e y c l i n i c

Lahey, Frank Howard
LANETT BLEACHERY AND DYE WORKS
Simmons, John A*
LEVER BROTHERS COMPANY
Countway, F. A.
MASSACHUSETTS INVESTORS TRUST
Griswold, Merrill
NATIONAL FIREWORKS, INC.

CALENDAR
OR FISCAL
YEAR ENDED

COMMISSION

BONUS

OTHER
COMPENSATION

12 /31/U 2

8 /3 1A 5

2 5 ,0 0 0 .0 0

TOTAL

1 0 0 ,0 0 0 .0 0

1 0 0 ,0 0 0 .0 0

8 5 ,9 1 3 .7 1

6 0 ,9 1 3 .7 1

6/30 A 3
3 0 ,0 0 0 .0 0

1 3 4 ,0 3 3 .5 3

104,033<.5 3

12 /31A 2
8 /3 1 A 3

Babbitt, Edwin V,
Clark, George J* J,
NORTON COMPANY '
Higgins, Aldus C.
Jeppson, George N.
PEPFERELL MANUFACTURING COMPANY
Leonard, Russell H.
STEDFAST & ROULSTON, INC.
Stedfast, Albert M.
STONE & WEBSTER ENGINEERING CORPORATION
Lotz, J. R.
UNITED SHOE MACHINERY CORPORATION
Winslow, Sidney W., Jr.
U. S. BRANCH OF THE EMPLOYERS’ LIABILITY
ASSURANCE CORPORATION, LIMITED
Stone, Edward C.
WHEELOCK, LOVEJOY & COMPANY, INC.
Fulton, A. Oram
WINSLOW BROS. & SMITH CO.
Bacon, Carl K.
\ Cook, Cheney E.

SALARY

5 2 ,0 0 0 .0 0 1 0 0 , 0 0 0 .0 0
5 2 ,0 0 0 .0 0 1 0 0 , 0 0 0 .0 0

2 5 ,0 0 0 ,.0 0
2 5 ,0 0 0 .0 0

8 3 ,6 3 8 .9 0

8 3 ,6 3 8 .9 0

5 0 0 .0 0
5 0 0 .0 0

1 7 7 ,5 0 0 .0 0
1 7 7 ,5 0 0 .0 0

12/31/1(2
1 0 2 ,7 9 9 .2 1
1 0 2 ,2 9 2 ,4 1

1 0 2 ,7 9 9 .2 1
1 0 2 ,2 9 2 .Ij.1

6 /30 A 3
3 /3 1 A 3

2 2 ,2 5 0 .0 0

1 0 0 , 0 0 0 .0 0

4 0 ,0 0 0 .0 0

6 0 ,0 0 0 .0 0

8 2 , 5 4 4 .2 1

6 0 ,2 9 4 .2 1

12/31/1)2
9 0 .0 0

7 9 ,2 0 ^ .6 1

2/ 28 A 3

9 3 ,3 3 3 .4 0

9 3 , 3 3 3 -ho

12/31/1,2

1 1 0 ,1 4 7 .2 6

8 1 , 0 0 0 .0 0

12/31/1*2
2 5 ,0 0 0 .0 0

10/31 A 3

7 9 ,2 9 4 .6 1

1 9 1 ,1 4 7 .2 6
9 8 ,8 3 6 .9 8

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

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

140.00
140,00

100,140.00
9 9 , 1 4 0 .0 0

85,000.00
8 0 , 0 0 0 .0 0

100.00
200.00

85,100.00
8 0 , 2 0 0 .0 0

90,000.00
100,000.00
85,000.00

1,100.00
1,050.00
450.00

91,100.00
101,050.00
6 5 , 4 5 0 .0 0

2 0 , 0 0 0 .0 0
7 5 ,0 0 0 .0 0

MICHIGAN
BOHN ALUMINUM & BRASS CORPORATION
Bohn, Chas. B.
Mar key, P. A.
BURROUGHS ADDING MACHINE COMPANY
Backus, Standish
Doughty, A. J.
CHRYSLER CORPORATION
Hutohinson, B. E.
Keller, K. T.
Zeder, F. M.
DETROIT TAP & TOOL COMPANY
Hellstrom, S. B.
EVANS PRODUCTS COMPANY
Evans, E. S.
FORD MOTOR COMPANY
$ Craig, B. J.
Sorensen, Chas. E.
Wibel, A. M.
GENERAL MOTORS CORPORATION
Archer, Thomas P.
Biechler, Elmer G.

12/31/42

12/31/42

12/31/1¡2

12/31/42
12/31/42

50,000.00
50,000.00

50,000.00
49,000.00

76,518.69

76,518.69
75,000.00

650.91

12/31/42

. 7 5 , 6 5 0 .9 1

116 , 0 8 1 .5 4
220,004.96
101,050.60

116 , 0 8 1 .5 4
2 2 0 , 0 0 4 .9 6

Bradley, Albert

55,000.00
50,000.00
' > '■ ••'
100,000.00

Brown, Donaldson
Codrington, George W,

100,000.00
50,000.00

3,726.00a 98,131.00
2,564.00a
3 , 9 5 9 . 70 b 84,613.08
10,297.00a
550.00 108,607.50
226,990.19
7 , 3 3 5 . 69 *
9 , 9 7 4 . 00 a 217,207.13
600.00 106,633.13
2 , 7 5 4 . 00 a 80,712.05
23,296.88
4,661.17b
9 ,14 0 .00a 203,603.75
300.00 94,163.75
3 , 7 7 8 . 00 a 8 0 , 3 3 6 .7 5
40,558.75
6 , 7 4 7 . 00 a 169,003.55
600.00
71,088.75
5,567.80b
3,263.00a 7 8 , 9 8 2 .2 4
500.00 29,553.75
332.13b
3,899.50a 103 , 1 1 6 .9 1
38,029.38
4,521.39*
3,223.00a 101 , 9 7 2 .0 5
34,878.75
3,870.30b
5,652.00a
127,387.31
56,933.13
4 , 8 0 2 . 18 b
2 , 2 1 8 . 00 a 1 0 5 , 0 9 6 .8 0
22,720.00
5 , 158 . 80 b
74,416.88
7,234.50a 173,468.02
150.00
6,205.50a 1 6 1 , 3 8 0 .0 5
73,573.75
2 0 0 .0 0
6,400.80b

Coyle, Marvin E.
Crawford, James Mark
Curtice, Harlow H.

12/31/42

100 , 0 0 0 .0 0

36,000.00
85,000.00

Donner, Frederic G.

45,333.36

Dreystadt, Nicholas

56,666.64

Earl, Harley J.

60,000.00

Evans, Ronald K,

60,000.00

Fisher, Alfred J.

75,000.00

Fisher, Edward F,
Fisher, Lawrence P.

91,666.64
75,000.00

101,050.60

39,405.00
28 , 089.38

NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

GENERAL MOTORS ¡.CORPORATION
Fisher, William A#

CALENDAR
OR FISCAL
YEAR ENDED

COMMISSION

OTHER
COMPENSATION

BONUS

TOTAL

I2/ 3I/I42

Grant, Richard H.
Hogan, Henry M#

73,000.00

50.00

14,510.63

75,000.00
1*5 ,353.36

¿4.00.00

79,209.3 a
34,390.63

60,000.00
100,000.00
100,000.00
6 6 ,6 6 6 .61}.
56,666.6u

Holler, William E#
Hunt, Ormond E#
Kettering, Charles F.
Klingler, Harry J.
Kroeger, Frederick C#
v' Kunkle, Bayard D.
McCuen, Charles L#
Skinner, Sherrod E#

1+50.00
250.00

50,720.63
110,449.38
106,810.63
47.037.50
14.5,306.88

k

5 , 000.00
71,666.61}.

48,635.00
55,113.75

56,666.6!}.

29,908.75

200,000.00
100,000.00
50,000.00
5I4,166.66
150,000.00

Sloan, Alfred P., Jr.
Smith, John T.
Wetherald, Charles E.
Williams, William C., Jr.
Wilson, Charles E,

v-

SALARY

¿450.00

500.00 106,588.75
47,348.13

¿450.00

34,435.00

128,199.38

1,318.00a
7,ll}0.60b
6,901.00a
3,553.00a
2,¿4l45.7 9 b
¿4,723.50a
ll,3l}Ì4.0 0 a
9 ,9 8 8 .0 0 a
¿4,5 0 3 .50a
¿4,558.50a
l4,7 7 0 .9i*b
¿4,14314.00a
5,570.00a
b,919.95b
3,32l.00a
3,100,58b

98,019.23
161,510.38
85,722.78
1 1 5 ,l»Ì4l4.13
2 2 2 ,2l|3 .3 8
217,0148.63
118,207.614
111,302.96
98,069.00
137,270.314
9 2 ,9 9 6 .9 7

200,1450.00
9,972.00a 217,060.75
¿4,1409.00a 101,757.13
3,709.50a 92,311.16
12,732.50a' 303,116.16
11,73k, 28b

(a) Represents dividends received on bonus stock held in escrow.
(b) Covers General Motors cost in providing benefits to participating employee
Employes Contributory Retirement Plan#

under the

1/ 31/43
Preston, George E.
Webber, James B.
Webber, Oscar
Webber, Richard H.
KOESTLIN TOOL & DIE CORPORATION
Fraliok, Foster L.
S. S. KRESGE COMPANY
Tuttle, Carl B.
Williams, Roy R.
LYON INCORPORATED
Lyon, G. A.
THE R. C. MAHON COMPANY
Mahon, R. C.
Shutz, W. F.
NASH-KELVINATOR C ORPORATION
Armstrong, W. F.
Mason, George W.
NATIONAL BROACH AND MACHINE CO.
Drummond, Robert S.
PACKARD MOTOR CAR COMPANY
Christopher, G. T.
PALACE TRAVEL COACH CORP.
Arehart, David D*
REO MOTORS, INC.
Hund, H. E.
SQUARE D COMPANY
Magin, F. W.

12/31/42
12 /31A 2
12/31/42
12/31/42
9/30/43
11/30 A 3
12/31/42
12/31/42
12/31A 2

77 .500.00
90.000.
139.100.00
88.000.
23,000.00

55,000.00

89.250.00
89.250.00

78,000.00
89.250.00
89.250.00

50,000.00

50,000,00

9 ,000.00
7 ,200.00

75 .585.18
75.585.18

56,2149.88
125,000.16

25,000.00

100,000.00
Il4,l}l4l .65
114,285.36

99,026.83
97,070.5!*
81,2149.88
125,000.16
79,1*77.23

82,1460.00

82,1460.00

75,252.05

735.00

75,987.05

¿40,800.00

70,000.00

110,800.00

12/31/42
¿45,000.00

¿45,000.00-A

NOTE A:
The amount shown above does not include
by the Company under Square D Company
Number One for the year 191*2.
THE TIMKEN-DETROIT AXLE COMPANY
Rockwell, Walter F.
N. A. WOODWORTH COMPANY
Woodworth, N. A.

bonus of 190,900.33 deposited
‘fleers* Trust Agreement

6 /3 O /I 4 3

49,291.70
II/3 O /I4 3

90,000.00

31,483.30

80,775.00

90,000.00

00
00

NAME OF CORPORATION M D OFFICERS OR EMPLOYEES

YELLOW TRUCK & COACH MANUFACTURING COMPANY
Babcock, Irving B.

CALENDAR
OR FISCAL
YEAR ENDED

OTHER
SALARY

COMMISSION

BONUS

COMFENSAT ION

TOTAL

12/31/42
60,000.00

125,00

See Not© A

NOTE j
(a) Mr, Irving B. Baboook was awarded a bonus for the year 191+2, under the Yellow Truck & Coach
Manufacturing Company bonus plan, which plan became operative beginning with the year 1941,
as follows*
,
.
.
..
« ..
(1) #7 5 , 0 0 0 .0 0 paid in cash on September 28, 1943, representing three-fourths ot the
bonus award.
,, .
(2) The remaining 25 percent of the amount of consolidated net income that may be
allocated for 19l*2 Bonus Fund purposes subject to contract price renegotiation
for 19J42, is subject to such reduction, if any, as may result from the final
settlement of contract price renegotiation for 191+2 and refunds of profits ^ e r e under and subsequent final determination of the maximum amount of 1942 consolidated
net income that may be made available fbr Bonus Fund purposes under the Bonus Plan.
After such reduction, if any, Mr. Babcock will participate in the remainder by
virtue of action already taken by the Born^ Committee, but subject to the provisions
of the Bonus Plan, as amended, in the proportion of suoh remainder that the award
of #75,000.00 is of the minimum 191+2 Bonus Fund distributed.
(b) In addition to the above Mr. Babcock is a party to the Contributory Retirement Plan of
Yellow Truck & Coach Manufacturing Company, and may become entitled to receive benefi s
of contributions made by Yellow Truck & Coach Manufacturing Company thereunder in
accordance with the terms of such Contributory Retirement Plan.
•

During the year 19142, the total contributions by employees participating in the plan
amounted to #514,059.02, of which Mr. Babcock contributed #2,850.00. The total contribution by Yellow Truck & Coach Manufacturing Company, during the year 1942, amounted
to #109,9l42.7i4.

MINNESOTA
JOSTEN MANUFACTURING COMPANY
Gainey, Dan ie 1 C.
MINNESOTA AND ONTARIO PAPER COMPANY
Robinson, R. H. M.
NORTHERN ORDNANCE, INCORPORATED
Hawley, John B,, Jr.

6/30/43
12/31/42

6/ 30A 3

12.000.

00

102,000.00

60. 000.

00

19,152.00

1114.000.
79,152.00
1400.000.

3140,000.00

6 0 , 0 0 0 .0 0

00

00

MISSOURI
ANHEUSER-BUSCH, INC.
Busch, Adolphus III
CURLEE CLOTHING COMPANY
Curlee, S. H.
Curlee, S. H., Jr.
D ’ARCY ADVERTISING COMPANY
Le e, A , L .
GENERAL CABLE CORPORATION
Palmer, Dwight R. G.
JAMES R. KEARNEY CORPORATION
Kearney, James R., Sr.
LAWTON BYRNE BRUNER INS. AGCY. CO.
Lawton, C. S.
THE MAY DEPARTMENT STORES COMPANY
Brunmark, Walter J.
Dauby, Jerome
Dauby, Nathan L.
Gries, Lincoln
Gries, Robert H.
Katz, H. L.
May, Morton J.
May, Tom
Rosenberg, S.
Salomon, Fred Z.
Sherman, Sam
Strauss, Leonard
THE PULITZER PUBLISHING COMPANY
Pulitzer, Joseph
SHEFFIELD STEEL CORPORATION
Gray, R. L.
SOUTHERN COMFORT CORPORATION
Fowler, F. E., Jr.

12/31/42
11/30A3
12/31/42
12/31 M
12/31/42

00

60,000.00

1^5,000.00

10.000.

00

10.000.

00

75.006.25
70.006.25

85.006.25
80.006.25

85.000.

60.000.

00

30,000.00

75.000.

00

5,896.10

12/31/42
X/31A

3

123,1450.00

123,14.50.00

50.000.
10.000.

136,1439.10
514,6114.52
110,276.38
150,000.00
82,707.28
75,753.92

014
00

18 , 0 0 0 .0 0

33,583.37

99,999.99

1,1419.

32,500.00
23.000.

00

10. 000.

00

25.000.

00

20 . 000 .

00

101,923.08

,

80 308

52,569.53

62,925.57

50,000.00

12/31A2
12/31/42

1014,6114.56
120,276.38
150.000.
50.00

149,200.00

127,1433.87
83,630.88
135,1114.75

.

150.00
25.00
150.00
150.00

102,757.28
9 3 ,7 5 3 .9 2
814,202.52
1 0 0 ,1149.99
1 5 9 .9 5 8 .8 7

106.630.88

1145,2614.75
7 7 ,5 6 9 .5 3
8 3 ,0 7 5 .5 7

232,231.26
81 ,3 0 9 .2 0

10,000.00

7 8 ,7 3 3 - W

68,733.

NEBRASKA
J. L. BRANDEIS & SONS
Brandeis, George

149,999.92

00

80,896.10

136,1+39.10

2 0 . 0 0 0 . 00

12/31/42

90.000.

57,861.147

107,861.39

00

NAÎffi OF CORPORATION AND OFFICERS OR EMPLOYEES

CALENDAR
OR FISCAL
YEAR ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

NEVADA
SAFEWAY STORES, INCORPORATEDWarren, L. A*

12/ 31/Î42

60,000.00

5 3 ,0 6 4 .8 8

I I 3 , 061).. 88

16,000.00

7 lt.ooo.oo

90,000.00

50,000.00

15,000.00

NEW HAMPSHIRE
EXETER MANUFACTURING CO*
Kent, Hervey

9/20A ?

NEW JERSEY

* Added compensation amounting to

12/31A2
12/31A2
3/31A 3
12/31A2
12/31A2
7/31A3
12/31A2
12/31A2
11/30 A 3
7/31A3

15,000.00

100,000.00

100,000.00
130.000.
128 . 0 0 0 .

8 0 , 0 0 0 .0 0

0 0
0
« 0.
0 00
0
0^0*»

AMERICAN HOME PRODUCTS CORPORATION
Brush, Alvin G*
ATLAS CORPORATION
Odium, Floyd B.
P. BALLANTINE & SONS
Badenhausen, Carl W,
Badenhausen, Otto A*
BENGUE, INC.
Seltzer, Theodore
BRISTOL-MYERS COMPANY
Bristol, Henry P*
CAMPBELL SOUP COMPANY
Dorrance, Arthur C*
COLGATE-PALMOLIVE - PEET COMPANY
Little, E. H.
Railey, B. W.
CONGOLEUM-NAIRN INC.
Hawkes, Albert W. /
FORSTMANN WOOLEN CO.
Forstmann, Curt E.
Forstmann, Julius G.
Wilson, Kenneth
HELLER BROTHERS COMPANY
Heller, Paul E.
HEYER PRODUCTS COMPANY, INC.
Heyer, B. F. W.
HOFFMANN-LA ROCHE, INC.
Bareli, E. C.
Bobst, E. H*
IRVINGTON VARNISH & INSULATOR CO.
Jones, A. E.
NEW JERSEY WORSTED MILLS
Halternann, Frederick W.
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
D ’Olier, Franklin
THE REISS-PREMIER CORPORATION
Burger, John D.
TRIANGLE CONDUIT & CABLE CO., INC.
MoAuliffe, John E.
UNITED STATES PIPE AND FOUNDRY COMPANY
Russell, N. F. S.

15,000.00
15,000.00

00
00

,169,749.05

12,000.00 157 , 71+9 .0 5

77,456.28

17 , 1*5 6 .2 8

6 0 , 0 0 0 .0 0

91,250.00

91,250.00
100 , 0 0 0 .0 8
1*0 , 0 0 0 .0 8

205,857.47
82,235.14

105 , 8 5 7 .3 9

1*2,235.06

8 0 , 0 0 0 .0 0

8 0 , 0 0 0 .0 0

25,000.00
15,000.00
15,000.00

125 , 3 8 3 .1 8
6 2 ,é9 1 .5 9
6 2 , 6 9 1 .5 9

72,000.00

3 8 , 122 . 1*3

1 , 2 00.00
1 , 0 0 0 .0 0
1 , 1 00.00

151 , 5 8 3 .1 8
7 8 . 69 1 .5 9
7 8 . 7 9 1 .5 9
110 , 122.45

12/31/42

85,631.56

85,631.56

12/31/42

81*.,000.00
3 0 8 ,1 7 5 .0 0

12/31/42

82,500.00

12/31A2

119,1*07.91

12,000.00

1 3 1 , 1*0 7 .9 1

12/31A2

,

100 000.00

100,000.00

12/31A2

7 8 ,3 3 3 .8 0

12/31/1)2

90,000.00

90,000.00

12/31/1)2

26,1*09.00*

60,000.00

300.00

86,709.00**

,1*09.00 paid January 27, 191+3*

* in addition to the above there was 126,1*09.00 deposited in Trust Fund for future benefit.
</, In addition, #20,000, was added to a fund to which Mr. Hawkes became entitled upon his retire­
ment as President of the Company on December 31» 191+2.
NEW YORK

J. N. ADAM & COMPANY
Holder, 0. A.
AIR REDUCTION COMPANY INC.
Adams, C . E .
ALLIED CHEMICAL & DYE CORPORATION
Atherton, H. F.
ALLIED STORES CORPORATION
Lawrie, W. H.
Puckett, B. Earl
B. ALTMAN & CO.
Burke, John S.
AMERICAN CAN COMPANY
Anderson, Thos. N,
Figgis, Dudley W.
Sullivan, Maurice J,
AMERICAN' CAR AND FOUNDRY COMPANY
Hardy, Charles J.
Stevenson, F. A..

1/31A3

12/31/1+2
12/ 31/1*2

37,500.00
65,000.00

50,000.00

12/31/1)2

V

30A 3

7 8 ,71*5 .^ 8

8 0 0 .0 0

115,800.00
125,000.00

125,000.00

1/31/1+3

1/ 31A 3

1*1,21*5.1*8

00

69,623.68
l23,98l+.23

1 8 0 .0 0

9 3 ,6 2 3 .6 8
15I*, 16I+.23

75.000.

00

30,000.00

110.00

105,110.00

8 0 .0 0 0 .
80 ,0 0 0 .0 0
150.000.

00

1*,500.00
2 ,8 0 0 .0 0
1*,300.00

8l+,500.00
82,800.00
I5I+, 3OO.OO

1 ,1 8 2 .0 0
51,118.00

1 2 0 ,1 8 2 .0 0
111*,1*18.00

24,000.00
30.000.

119.000.
63,300.00

00
00

8.

NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

AMERICAN CYANAMID COMPANY
Bell, W. B.
AMERICAN LOCOMOTIVE COMPANY
Diekarman, W. C.
Fraser, D. W.
AMERICAN SMELTING AND REFINING COMPANY
Guess, H. A.
AMERICAN TELEPHONE AND TELEGRAPH COMPANY
Cooper, C. P.
Gifford, W. S.
THE AMERICAN TOBACCO COMPANY
Hahn, P. M.
Hill, George W.
Riggio, V.

' dÀLM)AR
OR FISCAL
YEAR ENDED

SALARY

COMMISSION

BONUS

‘ ÖTOäT
COMPEN­
SATION

TOTAL

12/31/142
178,308 .7 9

103 ,3 0 8 .7 9

75,000.00
I2/3I/I42
112,500.00
89,500.00

1,381.00 113,881.00
1,382.00 90,882.00

7 7 ,2 5 0 .0 0

7 7 ,2 5 0.00

99,999.96
206,250.00

1 ,3 0 0 .0 0 101 ,2 9 9 .9 6
U, 000.00 210,250.00

12 / 31 /Î42
I2/3I/Î42

I2/3I/Î42
122,283.82

72,283.82
120,1473.02
72,283.82

50,000.00
120,000.00
50,000.00

2 i*0 ,U7 3 .0 2
122,283.82
1*85,01*0.66

Less - Salary paid to P. M. Hahn by The American Tobacco Company
but billed to subsidiary

50,000.00

i 1*35 ,01*0.66
The following amounts of officials compensation were paid in 191*2 in addition
to those shown above but were not deducted from taxable income in 19l*2 as
such amounts were charged to surplus in 191*2 being accniable in the years

193 U and 1935 *
3U.87t.96

George W. Hill
P. M. Hahn
V. Riggio

2 0 ,92 U «98
20,92U.98

7 6 ,72 U.9 U

AMERICAN WEEKLY, INC.
Berkowitz, Mortimer
AMERICAN WOOLEN COMPANY
Pendleton, Moses
BANKERS TRUST COMPANY
Colt, S. Sloan
BSLDING HEMINWAY COMPANY
Levi, Frank
BELL AIRCRAFT CORPORATION
Bell, Lawrence D.

12/31/1*2

1 2 0 ,8 2 5 .7 9

68,659.15

52,I66.6U
12/31/1*2
125,000.00

6OO.OO 125,600.00

100 ,0 0 0 .0 0

U,250.00 10U,250.00

12/31/1*2

I2/ 3I/U2

7 0 ,85 U .2 6

2 0 ,0 0 0 .0 0

9 0 ,85 U .2 6

12/31/1*2
97,166.66

NOTEi
The above compensation of $9 7 ,1 6 6 .6 6 includes amounts paid directly to
Lawrence D. Bell and amounts paid to a trustee under a trust agreement.
BEST & CO., INC.
LeBoutillier, Philip
CANNON MILLS, INC.
Phillips, Stanley
CARTER CARBURETOR CORPORATION
Weed, Hugh H. C.
CELANESE CORPORATION OF AMERICA
Cameron, Win. McC.
CENTRAL HANOVER BANK AND TRUST COMPANY
Gray, W. S., Jr.
CERRO DE PASCO COPPER CORPORATION
Kingsmill, Harold
CHARLES STORES COMPANY, INC.
Hornstein, B. S.
THE CHASE NATIONAL BANK OF THE CITY OF
NEW YORK
Aldrich, Winthrop W.
Campbell, H. Donald

1/31/U3

1*0 ,8 0 0 .0 0

50,000.00

600.00

91,1+00.00

12/31/42
108,053.1*8
I4/30A3
58,529.00 106,529.00

1*8,000.00
12/31/42

7 6 ,971+.55
12/31/42
100,159.I4IJ

100 ,159 *1*1+
12/31/42
75,000.00

76,029.66

1,029.66

1/31A3
86,622.50

30,000.00

116,622.50

12/31A2
175.000.
100.000.

00
00

5 ,8 0 0 .0 0 1 8 0 ,8 0 0 .0 0
6,500.00 106,500.00

9

name of corporation a n d officers

or e m p l o y e e s

CHEMICAL BANK & TRUST COMPANY
Houston, Frank K.
Johnston, Percy H.
CITIES SERVICE COMPANY
Jones, W e Alton
CLUETT, PEABODY & CO., INC.
Palmer, C. R.
COLUMBIA BROADCASTING SYSTEM, INC.
Paley, William S.
COMMERCIAL INVESTMENT TRUST INCORPORATED
Dietz, Arthur 0.
CONSOLIDATED OIL CORPORATION
Sinclair, E. W.
Sinclair, H. F.
CORN EXCHANGE BANK TRUST COMPANY
Sherer, Dunham B.
THE CROWELL-COLLIER PUBLISHING CO.
Beck, Thomas
__________:
-- y
CRUCIBLE STEEL COMPANY OF AMERICA
Hufnagel, F. B.
THE DIAMOND MATCH COMPANY
Fairburn, W. A.
DONAHUE & COE INC.
Churchill, E. J.
H. DUYS & CO., INC.
.V Steur, John A. C.
EASTMAN KODAK COMPANY
Hargrave, T, J.
Lovejoy, Frank W.
Sievers, H. C.
Sulzer, A. F.
ETHYL CORPORATION, FORMERLY ETHYL
GASOLINE CORPORATION
Webb, Earle W.
FAIRCHILD ENGINE AND AIRPLANE CORPORATION
Ward, J. Carlton, Jr.
THE FIRST NATIONAL BANK OF THE CITY OF
NEW YORK
Fraser, Leon
We11don, Samuel A.
THE FLINTKOTE COMPANY
Harvey, I. J., Jr.
ROBERT GAIR COMPANY, INC.
Dyke, George E.
GENERAL ELECTRIC COMPANY
Reed, Philip D.
Wilson, Charles E.
INTERNATIONAL GENERAL ELECTRIC CO., INC.
Minor, Clark H. GENERAL FOODS CORPORATION
Chester, Colby M.
Francis, Clarence,
Igleheart, Austin S.
Metcalf, Charles W,
GENERAL MOTORS ACCEPTANCE CORPORATION
Schumann, John J., Jr.

CALENDAR
OR FISCAL
YEAR ENDED

12/31A 2

12/ 31/42

SALARY

COMMISSION

BONUS

OTHER
COMPENSAT ION

76,725.00
75,416.67

1,725.00

75,000.00
75A 16 .6 7
150,000.00

200.00 150,200.00

95,000.00

95,000.00

12/31/42
12/31A 2
12/31 A 2
I2/31/42

12/31 A 2
12/31 A 2

185,820.11
100,000.00

110.00

100,110.00

92,500.00
155,200.00

1,350.00
9OO.OO

9 3 , 850.00
156,100.00

75,000.00

1,040.00

76,040.00

75,000.00

24O.OO

7 5 , 240.00

12 /31A 2
12/31A 2

TOTAL

150,000*00

150,000.00

100,000.00

100,000.00

12 /31A 2

127,625.00

3 /3 1 A 3

80,394.30

I2 /31/4 2

80,394.30
108.986.54
92,490.38
77,925.00
108.986.54

I2 /3 I/4 2
12/31A 2
12/31 A 2
12 /31A 2
12/31A 2
1 2 /3 1A 2
I2 /3 I/4 2
1 2 /3 1 A 2

12/31A 2

6 0 , 0 0 0 .0 0

34 , 2 9 7 .4 9

94,297.49

96,069.69

5OO.OO

9 6 , 569.69

8 5 , 0 0 0 .0 0
75,000.00

1 , 2 0 0 .0 0
1 , 2 0 0 .0 0

8 6 , 2 0 0 .0 0
76,200.00

65O.OO

90,050.00

75,000.00

14,400.00

4 8 , 0 0 0 .0 0

4 8 , 0 0 0 .0 0

96,000.00

60,000.00
77.916. A

60,000.00
90,000.00

120 , 0 0 0 .0 0
167 , 9 1 6 .6 4

50,000.00

36,000.00

8 6 , 0 0 0 .0 0

129,999.96
114,999.96
100 , 0 7 4 .9 6
8 5 , 0 7 4 .9 6

129,999.96
114,999.96
100,074.96
85,074.96
65,000.00

300.00

60 , 7 9 3 .7 5

5,492.00a 136 , 8 0 9 .1 8
5,223.43b

(a) Represents dividends received on bonus stock held in escrow,
(b) .Covers General Motors cost in providing benefits to -participating employes under
the General Motors Employes Contributory Retirement Plan.
GIMBEL BROTHERS, INC.
Broido, Louis
Gimbel, Bernard F.
Gimbel, Frederic A.
Kaufmann, Arthur C.
KAUFMANN AND BAER COMPANY
Blum, Jacques
SAKS & COMPANY
Gimbel, Adam L.
W. R. GRACE & CO.
Iglehart, D. S.
W. T. GRANT COMPANY
Fogler, Raymond H.

1/31/43

04

35.000.

00

Í47,500.08
47,500.00

97.500.00
97.500.00

50.000.

00

47,500.00

97.500.00

60.000.

00

40.000.

14.8.000.

00

60.000.

00

50.000.

100.000.
lj.9 , 9 9 9 .9 2
50.000.

1/ 31A 3
1/ 31A 3
12/ 31A 2
1/31A3

00

00

00

3k, 383.3k
58,181.81

8 5 , 0 0 0 .0 4
100,000.00

100 ,0 0 0 .0 0

8 2 , 3 8 3 .5 4

,

118 1 81.81

10

T\iJ
--- NAME

;
of corporation an d officers

or e m p l o y e e s

CALENDAR

““

or

salary

fiscal

^r~
commission

bonus

YEAR ENDED

2/27A 3 •

12/31A2

8/31A 3
12/31A2
1/31 A 3
4/ 30/43

6/ 30A 3
12/31A2
12/31A2
12/31/42

140.00

100 , 0 0 0 .0 0
100 , 0 0 0 .0 0

100,01a .00
100,021.00
100.061.00
100.025.00

6,897.30 106,897.30
7,1+93.11+ 107,1493. lit
0 Q0
0
. .
0 0
0 0
0. 0»

12/3 yl|2

20.00

100,021.00
100,021.00
100,021.00
100,025.00

TOTAL

-¿ J--e l­
eo GO

THE GREAT ATLANTIC AND PACIFIC TEA COMPANY
(NEW JERSEY)
Adams, O* C.
Brooks, C. A*
Byrnes, W. M.
Smith, R. B,
GUARANTY TRUST COMPANY OF NEW YORK
Conway, W. P.
Stetson, E. W*
HANDY AND HARMAN
Handy, C. W.
Niemeyer, G. H.
CHR. HANSEN’S LABORATORY, INC.
Monrad, Karl J.
HEARST MAGAZINES INC.
Berlin, Richard E.
THE WILLIAM HEN GERER COMPANY
Hecht, H. M.
HICKOK MANUFACTURING COMPANY, INC.
Hickok, S. Rae
HOLOPHANE COMPANY, INC.
Cameron, Alexander D,
Franck, Charles
HUROK ATTRACTIONS, INC.
Anderson, M.
IN GER SOIL-RAND COMPANY
Doubleday, George
INTERNATIONAL BUSINESS MACHINES CORPORATION
Nichol, Frederick W.
Watson, Thomas J.

OTHER
COMPENSATION

8Ì4.,0 0 0 .0 0 ,
8 4 , 0 0 0 .0 0
12 , 0 0 0 .0 0

67,6314.85

79,634.85

43,750.00

112 , 2 5 9 . 1+8

156,009.43
146,666.78

30,000.00

17.000.
17.000.

120 , 0 0 0 .0 0

93,000.00

27,000.00

76,666.78

00
63.571.53
00
63.571.53

80.571.53
80 . 5 7 1 .5 3

95,502.57

95,502.57

78,000.00

78,000.00
10,000.00

100 , 0 0 0 .0 0
100 , 0 0 0 .0 0

5,331.00 115,331.00
325,548.94^) 425,548.9^

MOTE I
The above compensations are not inclusive of amounts paid as directors’ fees.
(a) Percentage compensation under employment contract.
JOHNS MANVILLE CORPORATION
Brown, Lewis H.
JOHNSON k HIGGINS
Coe, Geo. V.
Davey, W. N.
Field, Alexander
Friberg, A,
Hall, W. E.
Hunt, E. F.
Keegan, J. S.
La Boyteaux, W. H,
Lowe, H. W.
Ord, W. E. J.
Sexton, H. B.
Taylor, R. J.
JORDAN MARSH COMPANY
Mitton, E. R.
KENNECOTT COPPER CORPORATION
Stannard, E. T.
WALTER KIDDE k COMPANY, INC.
Freygang, Walter H.
Gillespie, T. M.
Morris, R. V.
KING FEATURES SYNDICATE, INC.
Me Manus, George
Ripley, Robert L.
Young, Murat C.
I LACKAWANNA STEEL CONSTRUCTION CORPN.
4 Phillippi, W. H.
ÏHE LANDER CO., INC.
Oestreich, Charles H.
LENNEN & MITCHELL, INC.
Lennen, Philip W.
LEWYT METAL PRODUCTS COMPANY, INC.
Lewyt, Alexander
S. LIEBOVITZ & SONS, INC.
Hyman, Joseph
Rosensweig, Louis
THE LONGINES-WITTNADER WATCH CO., INC.
Car toxin, M, F,
Guilden, Morris
Heinmuller, J. P. V.
Perlman, Samuel

12/ 31 / 1)2
I2/ 31/J42

I/31A

3

12/ 31A 2
12/ 31A 2

96,000.00

1,500.00

218,257.87
206.770.61
1114,872.56
8 0 ,la 0 .7 9
166,565.21
160 , 8 2 1 .5 9
166,565.22
3 2 1 , 6143.17
206.770.61
8 0 , 1410.79
137 , 8147.07
9 1 , 8 9 8 .0 5

120.00
120.00

149,000.00

220.00
1 8 0 .0 0

2240.00
200.00
2140.00
260.00
I6O.OO

35.000.

02
82,71+14.62
00
26,025.19

12/ 31/1)2
12/ 31/1)2
12/31A 2
I2/ 31/J42

126,150.00

108,938.28

110,000.02
8 2 , 74I+. 62
2 3 2 , 9 6 3 .4 7

106,975.67
113,602.46
1A , 738.09

106 , 9 7 5 .6 7
113 , 6 0 2 .4 6
124 , 7 3 8 .0 9

98,000.00

98,000.00
13,000.00

•'

79,999.92
35,000.00
15.000.
25.000.

3/ 31A 3
33.000.
21.000.
25.000.

206,890.61
1114,872.56^
8 0 . 5 9 0 .7 9
166,785.21161 , 0 0 1 . 5 9 166,805.22*321 , 8 4 3 . 1 7 207,010.61 "
8 0 . 4 1 0 .7 9
138,107.07*'
9 2 , 0 5 8 .0 5

1,150.00
75,000.00

2

12/3l/l|2

218 , 3 7 7 .8 7 *"

89,565.06

140,565.06

125,000.00

98.000.
12/31A

180.00

97,500.00

76,505.00

8 9 , 5 0 5 .0 0

3 , 3 33.33

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

60,070.01
500
, 2 2 8 .0 0

78.716.56
78.716.56

7 9 , 9 3 5 .9 9
5 00
4 , 9 3 5 .9 ?
5 00
5 , 3 5 8 .0 4

10,000.00
15.000.
10.000.
10,000.00

00

141,202.00
00

9 8 , 9 4 4 .5 6
103,716.56

00
00

8 9 , 9 3 5 .9 9
102 , 9 3 5 .9 9
86 , 3 5 6 .0 4

76,202.00

11

NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

LORD & TAYLOR
Hoving, Walter
LÜCKENBACH STEAMSHIP COMPANY, INC.
Luckenbach, Edgar F.
R. H. MACY & CO., INC.
Marks, Edwin I.
Straus, Jack I.
MANUFACTURERS TRUST COMPANY
Gibson, Harvey D.
CARL MARKS & CO. INC.
Marks, Carl
THE MATHIESON ALKALI WORKS (INC.)
Allen, E. M,
McCALL CORPORATION
Warner, William B.
McCALLUM-HATCH BRONZE CO., INC.
McCallum, John C.
MC CAMPBELL & COMPANY, INCORPORATED
' Hughes, John Chambers
Mannion, Frank D.
McCampbell, Leavelle
Storm, Raymond fi.
MERCER ENGINEERING WORKS INC.
Scheid, Hugo
METROPOLITAN LIFE INSURANCE COMPANY
Lincoln, Leroy A.
NATIONAL BISCUIT COMPANY
Tomlinson, R. E.
THE NATIONAL CITY BANK OF NEW YORK
Brady, Wm. Gage, Jr.
Burgess, W. Randolph
Rentsc hier, Gordon S.
NATIONAL DAIRY PRODUCTS CORPORATION
Mclnnerney, Thos. H.
Van Borne 1, L. A.
NATIONAL DISTILLERS PRODUCTS CORPORATION
Porter, Seton
NATIONAL GYPSUM COMPANY
Baker, Melvin H.
NESTLE»S MILK PRODUCTS, INC.
Norton, D. F.
NEUSS, HESSLEIN & CO., INC.
Planz, William C.
THE NEW JERSEY ZINC COMPANY
Hayes, J. E.
NEW YORK LIFE INSURANCE COMPANY
Harrison, George L.
THE NEW YORK TRUST COMPANY
Bierwirth, John E.
NORDÂ ESSENTIAL OIL AND CHEMICAL CO., INC.
Kohl, Hermann J.
Rowse, William H.
CARL L. NORDEN, INC.
Barth, T. H.
OHRBACH *S , INC."
Ohrbach, Nathan M.
'
PARAMOUNT PICTURES INC.
Brackett, Charles
Butler, Frank Russell
Chamette, Rene (Rene Clair)
Colbert, Claudette
Crosby, Harry L.
DeSylva, George G.
Freeman, Y. Frank
Ginsberg, Henry
Goddard, Paulette
Griffith, Edward H.
Hope, Bob
^ Kaumeyer, Dorothy S, (Dorothy Lamour)
Keough, Austin C.
Leisen, James Mitchell
MacMurray, Ered
March, Fredpic
Marshall, George
McCrea, Joel
Mi1land, Raymond
Moore, Victor Fred
Rogers, Ginger

CALENDAR
OR FISCAL
YEAR ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

1/31A 3

70,000.00
12/31A2

1/ 31A 3
12/31/1*2
12/ 31/1*2
12/ 31/Ì42
12/ 31/1(2
I2/ 31A

2

12/31A2

18,709.86

150,000.00

88,709.86

150,000.00

88,100.00
97,266.67

280.00
1*20.00

97,686.67

135,000.00

l,599.*0

136,599.*0

88,380.00

150,000.00

150,000.00

91,200.00

91,200.00

75,000.00

35.386.00

587.23

81*,O69.78

110,975.23

81*,069.78

99,083.90
99,083.90
138,793.27
99,083.90

80.00

6O.O.O
80.0Ò
6O.OO

99,163.90
99, A3.90
158,873.27
99,1*3-90

12/3 l A 2

12/51A s
12/ 31A 2
12/ 31A 2

89,121.06

89,121.06

125,000.00

125,000.00

91,200.00

91,200.00

99,999.8*
79,999.92
121),999.92

1*,700.00 10I*,699.8!*
1*,1*00.00

12/ 31A 2
118,500.00
81*,000.00

12/ 31/1*2
100,000.00

12/31/2)2
12/ 31/1*2
12/ 31/1)2
12/ 31A 2
12/ 31A 2
12/ 31A 2
12/31/1*2

1*,600.00

8*.399.92
129,599.92

52O.OO
61*0.00

119,020.00
81*,61*0.00

177,000.00

77,000.00

85,000.00

85,000.00

98,750.00

98,750.00

13,200.00

75,000.00

76,500.00

88,200.00

5 ,130.00

85,000.00

85,000.00

5 ,200.00

72,500.00
15,000.00 103,955.19
59,200.00

12/ 31/1)2
100,000.00

81,630.00

77,700.00

18,225.00

118,955.19
77 ,*25.00

10,000.00

110,000.00

7/31A3

12/ 31/1*2

100,000.00

100,000.00

90,900.00
86,950.00
81*.,317.26

90,900.00
86,950.00
81*,317.26

360,000.00
336,111.09
223,1*16.67
130,000.00
il*,375-00
152,500.00
91,379.68
A8.333.33
127,1*16.66
78,OOOiOO
11*5,881*.20
3*7 ,333.33
100,000.00
131,708.33
90,000.00
130,166.67
103,125.00
21*5,000.00

360,000.00
336,111.09
313,517.06
130,000.00
1A , 375.00
152,500.00
91,379.68
A 8 , 333.33
127,1*16.66
78,000.00
ll*5,88l*.20
3*7 ,333.33
100,000.00
131,708.33
90,000.00
130,166.67
103,125.00
21*5,000.00

90,100.39

12

NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

PARAMOUNT PICTURES INC.
Sandrich, lark Rex
Sturges, Preston
Tone, Franchot
Tugend, Harry
Wood, Sam
Zukor, Adolph
J. C. PENNEY COMPANY
Binzen, F. W,
Burkitt, E. A,
Crocker, G. H.
Herbert, J. I. H.
Hughes, A. W,
Mack, G. E.
Reynolds, W. A.
Ross, Earl A*
Tronwn, R. W.
Williams, G* F.
.EDWARD PE TRY & CO., INC.
V Petry, Edward
CHAS. PFIZER & CO., INC.
Anderson, G. A.
Powers, J. J.
Smith, J. L.
Teeter, A. A,
PHELPS DODGE CORPORATION
Cates, Louis S.
PHILIP MORRIS AND COMPANY LIMITED INCORPORATED
Chalkley, 0. H.
Lyon, A. E.
RADIO CORPORATION OF AMERICA
Sarnoff, David
THE READERS DIGEST ASSN. INC.
Cole, Albert L.
Payne, Kenneth W.
Wallace, DeWitt
REEVES BROTHERS, INC.
Reeves, John M.
REMINGTON RAND INC.
Bledsoe, G. L.
Goodman, H. H.
Jones, H. W.
Knapp, S. M.
Landsiedel, Harry
Rand, J. H., Jr.
RUSSELL, BURDSALL & WARD BOLT & NUT CO.
Ward, Evans
RUSSELL AND STOLL CO.
Stoll, Albert F.
THE F. & M. SCHAEFER BREWING CO.
Schaefer, F. M. E.
Schaefer, R. J. a **---SHELL UNION OIL CORPORATION ^
van der Woude, R. G. A.
THE SINGER. MANUFACTURING CO.
Alexander, Sir Douglas, Bart.
Lightner, Milton C.
Morton, John
S0C0NY-VACUUM OIL COMPANY, INC.
Brown, John A.
Holton, George V.
Sheets, Harold F.
L. SONNEBORN SONS, INC.
Roten, J •
Sonnebora, F.
Sonneborn, R.
SIMPLICITY PATTERN CO. INC.
Shapiro, Joseph M.
STANDARD OIL COMPANY OF NEW JERSEY
| / Sadler, E. J.
STANDARD OIL COMPANY (NEW JERSEY)
Farish, W. S.
Gallagher, R. W.
Harden, Orville
STERN BROTHERS
Riordan, William 0.

CALENDAR
OR FISCAL
YEAR ENDED

12/31/42

SALARY

COMMISSION

BONUS

112 , 00 0 .0 0
229,000.00
121 , 0 0 0 .0 0
119,250.00
111 , 6 2 5 .0 0
104,000.00

1 1 2 , 0 0 0 .0 0

229,000.00
121 , 0 0 0 .0 0
119 , 2 5 0 .0 0
111 , 6 2 5 .0 0
104,000.00

12/31A 2

71,155.16
66,259.88
71,155.16
71,155.16
71,155.16
104,443.05
71,155.16
71,155.16
71,155.16
79 A 33.51

10 , 0 0 0 .0 0
9 , 3 3 3 -3 2
1 0 , 0 0 0 .0 0
10 , 0 0 0 .0 0
10 , 0 0 0 .0 0
9 , 9 9 9 .9 5

10,000.00
10 , 0 0 0 .0 0
10 , 0 0 0 .0 0
9', 9 9 9 .93

12/31/42

12/31A 2

12/31/1)2

101 , 7 8 2 .8 3

19,833.32

65,354.95

72,660.10

6/30A3

12/31/1)2
12/31/1)2

12/31/1)2
12/31/1*2

12/31/1)2

9OO.OO 100,900.00
36,500.00

84,500.00
84,500.00
99,500.00

6 6 , 0 0 0 .0 0

40,000.00

106,000.00

74, 125.02
58,007.01
149,006.80

19,567.09
36,183.86
102,610.70

3,300.00
3,300.00
3,300.00

79,917.02
78,075.06
80,707.71
96,992.11
97,490.87
254,917.50

22,500.00

55 , 9 9 3 .7 7

48,355.00

126 , 84 8 .7 7

81;, 5OO.OO

79,917.02
7 8 , 075.06
8 0 , 707.71

2

12/31A2

2 2 0 .0 0
18 0 .0 0

8 2 , 6 6 6 .6 6
106,000.00
8 0 , 0 0 0 .0 0
100 , 00 0 .0 0
1)0 ^,0 0 0 .0 0
¿ 0 , 0 0 0 .0 0

18 , 0 0 0 .0 0

110 , 0 0 0 .0 0

40,000.00
40,000.00

100 , 0 0 0 .0 0
8 0 , 0 0 0 .0 0
8 0 , 0 0 0 .0 0
120 , 0 0 0 .0 0
8 0 , 0 0 0 .0 0
8 5 , 0 0 0 .0 0

1

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

74,338.06
74,338.06
74,338.06
47,057.66

60,000.00

3

107 , 0 5 7 .6 6

8 2 , 5 0 0 .0 0

8 2 , 5 0 0 .0 0

114 , 0 8 7 .0 0
80 , 0 0 0 .0 0

1 1 4 , 0 8 7 .0 0
8 0 , 0 0 0 .0 0

90,000.00

90’,000.00
I/31A

*8 2 , 8 8 6 .6 6
106 , 1 8 0 .0 0

30,000.00

120 , 0 0 0 .0 0
8 0 , 0 0 0 .0 0

22^500.00
13,500.00
12/31A2

179,176.37

52,000.00 127,176.37

85,000.00

3

105,050.00
105,050.00

35,000.00
35,000.00

4 8 , 0 0 0 .0 0
9 9 , 500.00

3/ 31 A 3

6 /30A 3

129 , 7 8 2 .8 3
9 3 , 6 6 0 .1 0
129 , 78 2 .8 3
8 5 , 188.27

150,000.00

100 , 0 0 0 .0 0

12/ 31/1)2

I2/ 31A

101 , 7 8 2 .8 3

2 8 , 0 0 0 .0 0
2 1 , 0 0 0 .0 0
2 8 , 0 0 0 .0 0

70,050.00
70,050.00

12/31A 2

81 , 1 55,16
7 5 , 59 3 .2 0
8 1 , 1 5 5 .1 6
8 1 , 1 5 5 .1 6
81 , 1 5 5 .1 6
114 , 44 -3 .0 0
81 , 1 5 5 .1 6
81 , 1 5 5 .1 6
81 , 1 5 5 .1 6
89 , 4 3 3 .4 4
7 9 , 0 6 2 .5 0

10 , 3 1 2 .5 0

68,750.00

150,000.00

3/31 A3

I/31A

OTHER
COMPEN­
TOTAL
SATION __

50,000.00

25,000.00

1 8 0 .0 0

75,180.00

15

NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

TECHNICAL METAL FINISHING CORP.
Munzer, Alfred E.
Munzer, William
Munzer, William A.
THORER & HOLLENDER, INC.
Mahler, Curt
TIDE WATER ASSOCIATED OIL COMPANY
Humphrey, William F.
M. H. TREADWELL COMPANY, INC.
Casey, J. S.
TUBIZE CHATILLON CORPORATION
Bassill, J. E.
TWENTIETH CENTURY-FOX FILM CORPORATION
Ameche, Don F.
Bennett, Joan
Benny, Jack
Berle, Milton
Connors, Thomas J.
Cummings, Irving
Fleisher, Sidney R.
Fonda, Henry
Foy, Bryan
\ Gab in, Jean Alexis
-A Goetz, William
Grable, Betty
Hathaway, Henry L.
Hecht, Ben
Henie, Sonja
Johnson, Nunnally H.
Kane, Robert T.
King, Henry
Koenig, William
Lang, Walter R.
.
LeBaron, William
Lubitsch, Ernest
Mayo, Archie Louis
Miranda, Carmen
Mitchell, Thomas
Newman, Alfred
Oakie, Jack
Perlberg, William
Power, Tyrone
Romero, Cesar
Ryskind, Morrie
Skouras, Spyros P.
Stahl, John M.
Swerling, Joseph
Tierney, Gene
Trotti, Lamar
Wellman, "William A.
Wurtzel, Sol M.
Zanuck, Darryl F.
UNDERWOOD ELLIOTT FISHER COMPANY
Wagoner, Philip D.
UNION BAG & PAPER CORPORATION
Calder, Alexander
UNION PACIFIC RAILROAD COMPANY AND AFFILIATED
RAILROAD COMPANIES
Jeffers, W, M.
UNIQUE BALANCE CO. (INCORPORATED)
Smith, H. A.
UNITED ARTISTS CORPORATION
Sears, Gradwell L#
UNITED STATES RUBBER COMPANY
Adamson, Percy
Davis, F. B., Jr.
Humphreys, H. E., Jr.
Needham, T. J.
Roberts, Elmer
Smith, Herbert E.
Tompkins, L. D.
UNITED STATES STEEL CORPORATION
Miller, Nathan L.
Olds, Irving S.
Voorhees, E. M.
R. T. VANDERBILT COMPANY, INC.
Somerville, A. A.
Vanderbilt, R. T.

CALENDAR
OR FISCAL
YEAR ENDED

12/ 31A 2

11/30 A 3
12/31/1+2
12/31/1+2
12/31/1+2
12/31 /1+2

SALARY

COMMISSION

BONUS

OTHER
COMPENSAT ION

29,1+00.00
29,1+00.00
29,1+00.00

57,500.00
57,500.00
57,500.00

86,900.00
86,900.00
86,900.00

2l+, 000.00

52,861.11

76,861.11

75,000.00

3,515.20

78,515*20

1+1+., 8 0 0 .0 0

50,000.00

9 l+,80 0 .0 0

70,000.00

75 . 7 3 3 .3 3

5 ,7 3 3 .3 3

I9I+, 5OO.OI
8l,90l+..76
125,000.00

i9l+,500.oi
81,901+.76
125,000.00
82.500.00
96.750.00
138,666.67

11,323.33
61+5 , 0 00.00

167,625.00
169.000.
00
100.000.
00
155,500.00
92.375.00
li+5,888.90
11+1,500.00
100,000.00
182 , 0 0 0 .0 0
10l+,000.00
135,833.32
85.500.00
11+1,166.61
156.000.
00
138.000. 00
119,1+25.80
33.750.00
128,269.80
78,000.00
135 , 2 0 8 .3 3
101,1+00.00
162,872.22
95,125.00
81,666.67
173 , 0 7 6 . 81+
8 0 ,5 0 0 .0 0

200.00

138 , 000.00
119 , 1+2 5 .8 0
83 . 7 5 0 .0 0

50,000.00

128,269*80
7 8 ,0 0 0 .0 0

12,500.00
1,500.00

90.00
100.00

ll+,90l.20

8l+,999*97

75,000.00

725.00

7 5 , 7 25.00
90,977.142

130,000.00

>0,000.00

75.000.

9 7 , 1+8 9 . 1+5

60,056.75
60,056.75
60,056.75
60,056.73
60,056.75

187,325.00
175,000.00

1+20.00
1+20.00
1+20.00
1+20.00
300.00
310.00
5,1+00.00
i+,900.00
6,200.00

00
08

100 , 0 0 0 .0 8

12/31/I+2

101.250.00
155,000.00
11I+,756.66
175.100.00

100,726.17

9 0 , 9 7 7 . 1+2

100.000.

80.500.00
126.250.00

825.OO

12/31A 2

12/31/1+2

1 7 I 4 /5 7 6 .8 I 4

138.710.00

138,710.00

150,000.00
6o , l 8l +.53
1+1+, 666.68
1+1+,666.68
60,l8l+.53
5 5 , 9 9 9 .9 2

135 . 2 0 8 .3 3
101,1+00.00
175,372.22
95.125.00
81,666.67

7 5 .8 5 0 .0 0

12/31/1+2

12/31A 2

155.700.00
92.375.00
11+5,888.90
11+1,500.00
100,000.00
1 8 2 ,0 0 0 .0 0
10l+,000.00
135 . 8 3 3 .3 2
85 . 500.00

III+, 666.66
175,000.00

12/31 A 2

167.625.00

11+1,166.61
156,000.00

101,250.00

12/31/1+2

82,500.00
108 . 0 7 3 .3 3
138,666.67
61+5 , 0 0 0 .0 0

1$?,000.00
100 , 000.00

126 ,2 5 0 .0 0
75,850.00

12/ 31/I+2

TOTAL

9 7 , 1+8 9 . 1+5
150,1+20.00

120,661.28
105 , 11+3 . 1+3
105 , 11+3 . 1+3
120 , 51+1 .2 8

116,366.67
80 , 1+0 0 .0 0
10l+,900.08

106,200.08
1 8 7 , 325.00

55,000.00

230,000.00

H M

NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

VITAGRAPH, INC.
Einfeld, S. C.
WALL ROPE WORKS, INC.
Wall, Harold M.
WALLERSTEIN COMPANY, INC. ■
Graf, William
Wallerstein, Leo
WALWORTH COMPANY
Holton, W. B., Jr.
WARNER BROS. CIRCUIT MANAGEMENT CORPORATION
Hofftian, I. J.
WARNER BROS. PICTURES, INC.
Bacon, Lloyd
Bernhard, Joseph
Blanke, Henry
Bogart, Humphrey
Butler, David
Curtiz, Michael
Davis, Bette
De Havilland, Olivia
Flynn, Errol
Forbstein, Leo
Garfield, Jules
Glazer, Benjamin F.
Grant, Cary
Hawks, Howard
Hellinger, Mark
Heilman, Sam
Henreid, Paul
Huston, Walter
Lasky, Jesse L., Sr.
Lupino, Ida
Schneider, S.
Sheridan, Ann
Steiner, Max
Walsh, Raoul
Wallis, H. B.
Warner, Albert
Warner, H. M.
Warner,

^,

CALENDAR
OR FISCAL
YEAR ENDED

8 /3 1 A 3

1COMMISSION

BONUS

102+,000.00

OTHER
COMPEN­
SATION

26,000.00

12/31/1(2

105,000.00

60,000.00
81*., 000.00

21,000.00
10,000.00

81 , 000.00
9l*,ooo.oo

75,000.00
8/ 31 A 3

1*5,000.00

52,000.00

28,1+61.11

128,333.33
112,500.00
121,500.00
lll+ , 125.01
156,875.00
193,152.55
220,000.00
79,916.66
175,000.00
78,000.00
7 9 , 1 2 5 .0 0
86,000.00
100,000.00
107,500.00
156,000.00
78,000.00
105,937.3+
118,333.33
91,266.67
11*2,750.00
65,000.00
8 2 , 3 3 3 . 3+
85,800.00
123,750.00
2 0 8 , 0 0 0 .0 0

12/31A 2

130,000.00

75,000.00

12/31/1(2
8/ 31 A 3

TOTAL

30,000.00
12/31/1+2

L.

Wood, Sam
WESTERN ELECTRIC COMPANY, INCORPORATED
Stoll, C. G.
R. C. WILLIAMS & CO., INC.
McMahon, Joseph F.
F. W. WOOLWORTH CO.
Chamberlain, C. S.
Cornwell, A. L.
Crowther, H. S .
Deyo, C. W.
O'Neil, H. E.
YOUNG AND RUBICAM, INC.
LaRoche, Chester, Jr.
Rubicam, Raymond

SALARY

80,1+61.11
19,000.00

f1

13,000.00

91,266.67
11*2,750.00
78,000.00
82 , 3 3 3 - 3 +
85,800.00

13,000.00

90,000.00

560.00

12/31/1(2

128 , 333-33
131,500.00
121,500.00
11k , 125.01
156,875.00
195 , 152.55
220,000.00
79,916.66
175,000.00
78,000.00
79,125.00
86,000.00
100,000.00
107,500.00
156,000.00
78,000.00

105,937.3+
118 , 333-33

91,000.00
182 , 0 0 0 .0 0
182,000.00
157 , 199.97

1+/30 A 3

120,000.00

123,750.00
2 0 8 , 0 0 0 .0 0
10l*,000.00
182 , 0 0 0 .0 0
182 , 0 0 0 .0 0
157 , 199.97
90,560.00

99,518.11

99,518.11

75,156.76
9!+, 209.01
8 0 ,i+8l +.29
250,97+.50
87,675.87

75,156 .76
9h , 209 . o i
80 , i+8l*. 29
250,97+.50
87,675.87

12/3 l A 2

95,000.16
8 0 , 0 0 0 .0 0

NORTH CAROLINA
BLUE BELL GLOBE MANUFACTURING COMPANY
Pox, J. C.
NORTH CAROLINA EQUIPMENT COMPANY
Finley, A. E.
R„J REYNOLDS TOBACCO COMPANY
Wi11iams, S . Clay

12 / 31 A 2

109 , 3 50.00

12/ 31 A 2

95,7+9.29

6,000.00

12/ 31 A 2

101 , 71+9 .2 9
100,000.00

100,000.00

OHIO
THE AMERICAN ROLLING MILL COMPANY
Hook,. Charles R.
Verity, Calvin
THE AETNA PAPER COMPANY
Howard, H, M.
CHAMPION SPARK PLUG COMPANY
Stranahan, Frank D.
Stranahan, Robert A.
COMMERCIAL FORGINGS COMPANY
Elber, 0 . F.
Illingworth, Walter
THE CROSLEY CORPORATION
Cosgrove, R. C.

l2/3l/i42
12/31/1(2

80,290.00
58,880.81+

+2,152.+9

136,771.02
101,033.35

36,000.00

125,900.20

161,900.20

56,1+81.02

12/31/1(2
120,000.00

120,000.00

170,000.00

170,000.00

12/3 lA 2
i+2,000.00

51,000.00
12/31/1(2

1*2,877.02
1+2,877.02

8l+,8 7 7 .02
93,877.02

1+3,000.00

93,000.00

i
50,000.00

15

NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

THE DENISON ENGINEERING COMPANY
Denison, W. C., Jr.
EATON MANUFACTURING COMPANY
Eaton, J. 0,
THE ELECTRIC AUTO-LITE COMPANY
Martin, Royce G.
THE FOREST CITY PUBLISHING CO.
Bellamy, Paul
McCarrens, John S.
THE FOSDICK MACHINE TOOL COMPANY
Linden, C. E.
GENERAL MACHINERY CORPORATION
Rentschler, George A.
THE GLIDDEN COMPANY
Joyce, Adrian D,
THE B. F. GOODRICH COMPANY
Collyer, John L.
THE GOODYEAR TIRE & RUBBER COMPANY
Litchfield, P. W.
Thomas, E. J.
THE GRUEN WATCH COMPANY
Katz, Benjamin S.
INDUSTRIAL RAYON CORPORATION
Rivitz, Hiram S,

CALENDAR
OR FISCAL
YEAR ENDED

12/31/1)2
12/31/1)2
12/ 31 / 1)2

12/31/1)2
12/31/1)2
12/31/1|2
10 / 31 A 3

12/31/1)2
12/31/1)2
3 /31 A 3
12/31/1)2

SALARY

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

100,000.00

89,757.90

189,757.90

¿45,000.00

55,000.00

100,000.00
107,600.00

107,600.00
15,600.00
60,000.00
5,200.00

73 ,909.98

89,509.98

18i+,77l+.95

214,774.95

86,337.82

91,537.82

7 ,500.00

90,000.00

120.00

97,620.00

I4O.OO

96,0Ì40.00

96,000.00
100,000.00

30,000.00

130,000.00

100,000.00
57,250.00

75,000.00
35,239.88

175,000.00
92,1489.88

36,000.00

14,61+3.50

•
'i

75,000.00

80,6143.50
75,OOO.OOA

Note A - This amount does not include an amount of $6 5 ,61)7 * 73 paid by Industrial Rayon
Corporation during 19lj2 into Industrial Rayon Corporation Employees* Pension
Fund Trust for the benefit of this officer. This amount was not available to
this officer during the year 191(2 .
THE ANDREW JERGENS COMPANY
Jergens, Andrew
Nelson, Jos. D.
L. M, Rothenburg
THE KROGER GROCERY & BAKING CO.
Bracy, Harry W,
Morrill, Albert H.
THE F. AND R. LAZARUS AND COMPANY •
Lazarus, Fred, Jr.
Lazarus, Simon
THE LEBLOND ENGINEERING CO.
LeBlond, Harold R.
THE R. K. LEBLOND MACHINE TOOL CO.
Brockman, B. N.
Groene, William E.
Groene, William F.
LeBlond, Richard E.
LeBlond, R. K.
Pierle, Henry C.
Schultz, Edward G.
THE MIDLAND STEEL PRODUCTS COMPANY
Kulas, E. J.
LUCIAN Q. MOFFITT INC.
Bednar,,A.
THE NATIONAL ACME COMP.ANY
Chapin, F. H.
THE NATIONAL CASH REGISTER CO.
Allyn, S. C.
/ Deeds, Edward A,
OWENS-ILLINOIS GLASS COMPANY
Barnard, R. H,
Levis, J. P.
Levis, Wr. E,
PERIODICAL PUBLISHERS* SERVICE BUREAU, INC.
Bull, Herbert G.
Dymond, A. L.
Landy, William
Ory, L, E.
THE PROCTER bf GAMBLE COMPANY AND AFFILIATED
GROUP
Barnes, F. M,
Brodie, R. K.
Deupree, R. R.
Knowles, H. C.
THE RIDGE TOOL COMPANY
Ingwer, C. H*
SPICER MANUFACTURING CORPORATION
Carpenter, R. E.
Dana, C. A,

11/30 A3

2 7 6 , 6 7 5 .7 2
2 4 8 , 1 7 5 .7 2

253 , 175.72

2 5 , 1+8 0 .7 5
100,000.00

226,530.15
10,500.00

25^,010.90
'110,500.00

12/ 31 / 1)8

12/31A 2

100,000.00
100,000.00

100,000.00
100,000.00
7 , 800.00

100,1468.00

8 2 , 9 9 6 .2 8
9 9 , 1 2 7 .6 2

6 , 5 9 5 .5 8
9 , 5 2 8 .9 6
17 , 2714.80
17 , 606.65

100,2914.11

12/31A 2
12/31/1(2
12/31A 2
12/31A 2
12/31A 2

76,670.66

69,170.66

12/31/1)2
1/31 A3

281,675.72

5,000.00
5,000.00
7,500.00

105 , 3 3 9 .0 6
2 1 2 , 8Ì49.67
9 1 , 8 3 8 .9 6
9 5 , 8 3 8 .6 9

108 , 2 6 8 .0 0

■

75I.9O
25,715.88
2 1 , 9 0 8 .2 8

89,591.86
108,656.58
117,568.91
122,91+5.71
213,601.57
117 , 5 5 4 . 81+
117 , 71+6 .9 7
9 9 , 1(2 8 .9 2

9 9 , 1)2 8 .9 2

1u 650.00

229,883.03

23/4,555.03

30,000.00

50,000.00

80 , 0 0 0 .0 0

8 0 , 0 0 0 .0 0
7 5 , 0 0 0 .0 0

16 , 0 0 0 .0 0

96,000.00
100,000.00

65,000.16

¿40,000.00

25,000.00

105,000.16
90,000.08
100 , 0 0 0 .0 8

9 0 , 0 0 0 .0 8
100 , 0 0 0 .0 8
12 / 31 / 1)2

111 , 8 9 9 .3 9

111 , 8 9 9 .3 9

122,383.21

122,383.21

76,176.1)1)

76,176.1)1)

10l),9i)8.1)l loi),91+8.1)1

6/30/1+3

75.000.
75.000. 00
100,000.00
60.000.

00
00

19.000.
19.000. 00
96,022.00
20.000.

12/31/1)3
8 /3 1/I+3

914.000.

9l4.jOOO.oo

00
00

63,250.00

00

196,022.00
00

80. 000.

9 9 , 9 7 1 .6 5

9 9 , 9 7 1 .6 5

36.000.
100.000.

00

9 9 , 2 5 0 .0 0
100 ,0 00 .00

16

00

m

----------------NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

CALENDAR
OR FISCAL SAIARY
YEAR ENDED

THE STANDARD OIL CO. (OHIO)
Holliday, W. T.
THE WM TAYLOR SON & COMPANY
Scholl, D. H.
THOMPSON PRODUCTS, INCORPORATED
(J%Crawford, F. C,
THE TIMKEN ROLLER BEARING COMPANY
Umstattd, Wm, E. .
THE UNITED STATES SHOE CORPORATION
Cohen, A. B #
Salinger, Alvin
Stern, Joseph S.
THE WARNER & SWASEY COMPANY
McDonald, L, D.
Stilwell, C. J.
THE WELDON TOOL COMPANY
Bergstrom, C. A.
THE YOUGHIOGBENY & OHIO COAL COMPANY
Brown, R. Y.

12/31A2
1/31A3
I2/ 3I/I42
12AlA2
II/30A

3

12/31/1*2
12/31A2

OTHER
COMMISSION
BONUS
COMPENTOTAL
________
________ SATION_________

120,000.00

120,000.00

81+,2143.29

51,71+3.29

32,500.00
9 0 , 9 9 9 .9 6

700.00

91,699.96

109,200.00

26,200.00

135,^00.00

50,000.00
50,000.00
50,000.00

1*7,910.31*
1*7,910.31*
1*7,910.31*

9 7 , 9 1 0 . 31;
9 7 , 9 1 0 . 31+

35,000.00
¿.5,000.00

50.000.
60.000.

19,063.30

103,620.97

12/ 31 A 2

97,910.3!;

85,000.00
105,000.00

00
00

122 , 68 l+.27

139,511.1*0

139 , 511.^0

250.00

100,250.00

OKLAHOMA
CONTINENTAL OIL COMPANY
Moran, Dan

12 / 31 A 2
100,000.00

OREGON
M AND M WOOD WORKING COMPANY
Malarkey, James Herbert

7/31A 3

7 6 , I l8 0 .5 7

6 9 , 2 8 0 .5 7

7,200.00

PENNSYLVANIA
ALUMINUM COMPANY OF AMERICA
Davis, Arthur V.
Gibbons, G. R.
Hunt, Roy A.
ANCHOR PACKING COMPANY
Clarke, W. J.
Kohl, Frank
ARMSTRONG CORK COMPANY
Prentis, H. W., Jr.
BARNEY MACHINERY COMPANY
Niemeier, R. C.
BETHLEHEM STEEL COMPANY (DELAWARE)
Mackall, Paul
BETHLEHEM STEEL COMPANY (PENNSYLVANIA)
Bent, Quincy
Berkeley, Norborne
Grace, E. G.
Gross, J. M.
Holton, C. R.
Homer, A. B,
Jacobs, M. L.
Larkin, J. M.
McMath, R. B.
Shick, F. A.
COPPERWELD STEEL COMPANY
Bramer, S. E.
DODGE STEEL COMPANY
Roberts, C. S.
Tolan, Clarence, Jr.
‘ERIE FOUNDRY COMPANY
Currie, D. A.
PELS & COMPANY
Robson, A. Roy
FIRTH-STERLING STEEL COMPANY
Clark, Donald G.
Firth, L. Gerald
Frick, George W.
Steviok, Robert S.
GREAT LAKES STEEL CORPORATION
Fink, George R.
HEINTZ MANUFACTURING COMPANY
Meipel, William J.
HERSHEY ..CHOCOLATE CORPORATION
Murrie, Win. F. R,
HUBBARD AND COMPANY
Hubbard , John W,

12/31 A s

12/31A 2
12 /31A 2

12/31/1(2.
12/31/1*2
12 /31A 2

12/31/1*2

133,000.00
75.14.00.
85.000.

133,000.00
75,i£)0.00
85,000.00
83,529.11*
80,731.12

125,000.00

125,000.00
18 , 0 0 0 .0 0

7 5 , 5 il+.l +7

5 7 , 5 ll*.l *7

90,000.00

107,317.00

197 , 3 17.00

90,000.00
50,000.00
180 , 0 0 0 .0 0
1+5,000.00
50,000.00
l+o, 833.00
50,000.00
50,000.00
60,000.00
60,000.00

107.317.00
59.620.00
357.7214.00
59.620.00
59,620.00
7 1 , 5tô.OO
59,620.00
59.620.00
95.393.00
95.393.00

197 . 3 1 7 .0 0
109.620.00
537.7214.00
1014.620.00
109.620.00
112.376.00
109.620.00
109.620.00
155 . 3 9 3 .0 0
155 . 3 9 3 .0 0

27,508.18

160,738.90

186,2147.08

12/31A 2
2 7 , 2 9 1 .6 7
^ 2 7 , 291.67
6 /3 0 A 3

12/31/1*2
12/31A 2

12/31/1*2
12/31/1*2
12/ 31 / 1*2

12/31A 2

83,529.1!;
90,731.12

10,000.00

38,501.02 100,087.38

.73,750.81

30,000.00

73,1429.72

5 l , 33 l+.55
5 l , 33 l ;.5 5

78,626.22
78,626.22

80.00

212,1419.21
103,1+29.72
110 , 1 9 3 .9 6
116 , 01+3 .9 7
8 1 , 7 0 5 .7 5

17 . 550.00 92,61*3.96
23,14.00.00 9 2 , 61*3 .9 7
6,000.00 7 5 . 7 0 5 .7 5
11.232.00 9 3 , 2 8 8 .0 0

10l+, 520.00

62,500.00

75,000.00

137,500.00

2l+,9 9 9 .9 6

99,023.37

1214,023.33

9 1 , 5 5 0 .0 0

9 1 , 5 5 0 .0 0

100,000.00

100,000.00

17

00
00

NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

JONES & LAUGHLIN STEEL CORPORATION
Lewis, H. E*
LEE RUBBER & TIRE CORPORATION
G&rthwaite, A. A.
LEEDS•& NORTHRUP COMPANY
Redding, C. S.
LEWIS PRODUCTION COMPANY
MoCune, Charles L.
Parker, George
MCCLOSKEY AND COMPANY (DEL.)
MoCloskey, M. H .$ Jr.
THE MIDVALE COMPANY
Frevert, Harry L,
G. C. MURPHY COMPANY
Mack, E. M.
Sample, P. L.
Shaw, W. C.
NATIONAL STEEL CORPORATION
Fink, George R.
Millsop, T. E.
Weir, E. T.
PENNSYLVANIA INDUSTRIAL ENGINEERS
Olson, Oscar R#
Ritts, Arch V,
THE PENNSYLVANIA RAILROAD COMPANY
Clement, M # W.
PITTSBURGH PLATE GLASS CO. (PENNA.)
Brown, C- M.
Clause, R. L.
Higgins, H. B.
Wherrett, H, S,
JACOB SIEGEL COMPANY
Siegel, Jacob
SMITH, KLINE & FRENCH LABORATORIES
Boyer, Francis
(/, Kline, C. Mahlon
TASTY BAKING COMPANY
Baur, P. J.
Morris, H. C.
WEIRTON STEEL CO iffANY (W. VA. )
Millsop, T. E.
WESTINGHOUSB ELECTRIC & MANUFACTURING COMPANY
Bucher, Geo. H,
Robertson, A. W.
SOUTH
i.i
.iCAROLINA
-miiinr i

CALENDAR
OR FISCAL
YEAR ENDED

SALARY

BONUS

OTHER
COMPEN­
SATION

TOTAL

12/3 l/l£

135,000.00
10/ 31A 3

135,000.00

40,000.00

15,000.00 21,596.00

5/31A 3

83,215.00

20,178.84

12/ 31A 2
12/ 31,A 2
12/ 31A 2
12/ 31/2+2
12/ 31A 2

12/ 31A 2
12/ 31A 2
12/31A 2

1/3 l A 3

12/ 31A 2
12/ 31/14.2
12/ 31A 2
12/ 31A 2

76,596.00

%
103 »393 «82+

120,000.00
120,000.00

120,000.00
120,000.00

156,000.00

156,000.00

45,000.00

40,250.00

20,000.00
15,000.00
20,000.00

116,637.40
77,758.27
116,637.40

136,637.210

62,500.00
26,666.64
93,750.00

75 ,000.00
50,000.00
112,500.00

400.00 137,900.00
400.00 77,066.64
400.00 206,650.00

6,000.00
5,400.00

95A 52.78
73 ,239.59

125,000.00

500.00

85,750.00

136,637.2+0
92,758.27

140.67
96.00

101,593.2+5
78,735*59

980.00 125,980.00

32,500.00
48,750.00
2+3,750.00
55,000.00

17,000.00
18,250.00
18,250.00
25,500.00

30,375.00 79.875.00
22,275.00 89,275.00
22,275.00 84,275.00
30,375.00 110,875.00

90,000.00

90,000.00

27,500.00
30,000.00

66,000.00
72,000.00

93,500.00

102,000.00

125,396.83
125,396.83

125,396.83
125,396.83

33,666.72

50,000.00

91,000.02
140,833.32

60,107.00
•80,143.00

83,666.72
1,900.00
1,800'.00

153,007.02
222,776.32

»n

%

GRANITEVILLE COMPANY
Swint, S. H.
Woodhead, H. A.
ROCK HILL PRINTING & FINISHING COMPANY
Joslin, Archie 0.

COMMISSION

12/ 31A 2
12/ 31A 2

if

14,040.00
14,040.00

92+1517.87
91+.517.87

108,557.87

55,000.00

47,806.69

102,806.69

108,557.87

TENNESSEE
COCA-COLA BOTTLING CO. (THOMS), INC.
Hunter, George Thomas

12/31A 2

77 ,2+78.90

77.ii78.90

TEXAS
ESTEVE BROTHERS & CO. INC.
Campdera, Antonio
POLLOCK PAPER AND BOX COMPANY
^ Jacobs, Leslie L.
THE TEXAS COMPANY
Klein, Harry T.
Rodgers, W. S. S.

12/ 31A 2
12/31/2+2
12/ 31A 2

6,000.00 115,852.18
50,000.00

121,852.18
50,000.00

100,000.00

100,000.00
125,000.00

+100,000.00
125,000.00

100,000.00

100,000.00

VERMONT
CHICAGO STOCK YARDS COMPANY
Prince, Frederick Henry

12/ 31/14.2

*

VIRGINIA
NEWPORT NEWS SHIPBUILDING AND DRY DOCK COMPANY
Ferguson, H. L,

12/ 31A 2

40,000.00

380.00

80,754.16

121,134.16
18

(

12/3l/lt2

SALARY

COMMISSION

f
BONUE
1[

5,000.01+ 217,599.96
7 ,500.00 88,100.00

OTHER
COMEBNSATION

00 0
0

9/ 30A 3

PLANTERS NUT AND CHOCOLATE COMPANY
Obici, A,
Peruzzi, M.
RICHMOND ENGINEERING COMPANY
Starke, Thomas J.

1B

S S
00
• .

NAME OF CORPORATION AND OFFICERS OR EMPLOYEES

CALENDAR
OR FISCAL
YEAR ENDED

I

98,71+7.12

833.33

TOTAL

223,000.00
96,000.00
99,580.1+5

WASHINGTON
I2/ 31/J42

PUGET SOUND BRIDGE & DREDGING CO.
Huff, Raymond J.
McCurdy, H. W.

(

12.000.
12.000.

110,1+31.78
110,1+31.78

00 98,1+31.78
00 98,1+31.78

WISCONSIN
THE FALK CORPORATION
Falk, Harold S.
GIDDINGS & LEWIS MACHINE TOOL C O M L ^ , ;
Kraut, H* B.
HARNISCHFEGER CORPORATION
Harnisohfeger, W*
.fi
NORDBERG MANUFACTURING COMPANY
Friend, R. E.
WESTERN PRINTING & LITHOGRAPHING CO.
Wadewitz, E. H.

I2/ 31/Î42

I2/31A

2

26,000.00
50,000.00^

*

56,736.00

68.567.07

9l+,567.07

36,'^gïeo

86,000.00

JiO.liOÿ.éO

77 ,li+5-60
75 ,005.00

75 .005.08N r
12/31A2

11

15,000.00 65,5ll+.06

80,5ll+.06

REPORT OF PAYMENTS OF SALARY, COMMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF 175,000.00 COMPILED FROM
INCOME RETURNS, SCHEDULE F-l, FILED
FOR THE CALENDAR YEAR I9I+I AND FISCAL
YEAR ENDED IN 191+2
SUPPLEMENTAL NO. 2

/

MICHIGAN

GIFFELS & VALLET, INC.
Giffels, R. F.
Vallet, V. E.

)

CRUCIBLE STEEL COMPANY OF AMERICA
SCHENLEY DISTILLERS CORPORATION
Jacobi, Lester E.
Nauheim, Milton J.
Rosenstiel, Lewis S.

12/31 A i

50,000.00
175,000.00

1+0,810.02
75 ,000.00

12/51/1+1
8/ 31A 2

W

90,810.02
250,000.00

' *

150,000.00

150,000.00
75.000.

00

72,1+99.96
85.000.

02

2,500.00

260.00
200.00
220.00

75 ,260.00
75*199*96
85,220.02

TREASURY DEPARTMENT
WASHINGTON 25
O F F IC E O F

COMMISSIONER OF INTERNAL REVENUE
A D D R E S S R E P L Y TO
C O M M ISS IO N E R O F IN TER N A L R EV EN U E
AND R E F E R TO

IT:Rec:DLS

MEMORANDUM for Mr. Charles P. Shaeffer
Director of Public Relations
Treasury Department

j i g U s ’* 44

There is transmitted a report of payments of salary,
commission, bonus or other compensation paid in excess of
#75,000.00, compiled from income tax returns, Schedule F-l,
for the calendar year 1942 and fiscal years ended in 1943,
and supplemental §2 report for the calendar year 1941 and
fiscal year 1942.

of the court:
Provided, that nothing in this sentence
shall he construed to be applicable w i t h respect to a n y
newspaper, or other periodical publication entitled to
admission to the mails as second-class matter.*1
The names of the corporations a n d of the officers and em­
ployees who received compensation in excess of $75,000, as re­
ported to the Secretary by the Bureau of Internal Revenue, are
follows:

TREASURY" DEPARTMENT
Washington

FQS RELEASE.AFTERNOON NEWSPAPERS
Monday. July 17. 1944

y* - 6 0

Secretary Morgenthau today made public, in accordance with
a provision of the Internal Revenue Code, a list o f individuals
receiving f r o m corporations compensation for personal services in
excess of $75,000 for the calendar ye a r 1942 or fiscal years end­
ing in 1943.
The Secretary of the Treasury is required by Section 148 (f)
of the Code, as amen d e d b y Section 407 of the Revenue Act of 1939,
to make public the names of such individuals as were reported by
employing corporations in their income tax returns.
The list com­
piled shows the amounts paid to officers and employees by report­
ing corporations in the form of salary, commission, bonus or other
compensation for personal services.
Section 148 (f) of the Internal Revenue Code, as amended by
Section 407 of the Revenue Act of 1939, is as follows?
"Compensation of Officers a nd Employees: - U nder
regulations prescribed by the Commissioner w i t h the
approval of the Secretary, every corporation subject to
taxation under this chapter shall, in its return, sub­
mit a list of the names of all officers and employees
of such corporation and the respective amounts paid to
them during the taxable year of the corporation by the
corporation as salary, commission, bonus, o r other com­
pensation for personal services rendered, if the a g g r e ­
gate amount so paid to the individual is in excess of
$75,000.
”The Secretary shall compile from the returns made
a list containing the names of, and the amounts paid to,
each such o f f i c e r and employee and the name of the p a y ­
ing corporation and shall make such list available to
the public.
It shall be unlawful for any person to sell,
offer for sale, or circulate, for any consideration w h a t ­
soever, any copy or reproduction of any list, or paft
thereof, authorized to be made public by this Act o r by
any prior Act relating to the publication of information
derived f r o m income tax returns; and any offense against
the foregoing provision shall be a misdemeanor and be
punished by a fine not exceeding $1,000 or by Imprison­
ment not exceeding one year, or both, at the discretion

TREASURY DEPARTMENT
Washington
FOR RELEASE,AFTERNOON NEWSPAPERS
Monday, «July 17, 1944
~

Press Service
No* 4.2—60

Secretary Morgenthay today made public, in accordance with a provision
of the Internal Revenue Code, a list of individuals receiving from corporations
compensation for personal services in excess of $75*000 for the calendar year
1942 or fiscal years ending in 1943*.
The Secretary of the Treasury is required by Section 148 (f) of the Code,
as amended by Section 407 of the Revenue Actoof 1939* to make public the
names of such individuals as were reported by employing corporations in their
income tax returns.
The list compiled shows the amounts paid to officers and
employees by reporting corporations in the form of salary, commission, bonus
or other compensation for personal services.
Section 148 (f) of the Internal Revenue Code, as amended by Section 407
of the Revenue Act of 1939* is as follows:
11Compensation of Officers and Employees: - Under regulations
prescribed by the Commissioner with the approval of the Secretary,
every corporation subject to taxation under this chapter shall, in
its return, submit a list of the names of all officers and employees
of such corporation and the respective amounts paid to them during
the taxable year.1 of the corporation by the corporation as salary,
commission, bonus, or other compensation for personal services
rendered, if the aggregate amount so paid to the individual is in
excess of $75*000.
"The Secretary shall compile from the returns made a list con­
taining the names of, and the amounts paid to, each such officer
and employee and the name of the paying corporation and shall make
such list available to the public. It shall be unlawful for any
person to sell, offer for sale, or circulate, for any consideration
whatsoever, any copy or reproduction of any list, or part thereof,
authorized to be made public by this act or by any prior Act, relat­
ing to the publication of information derived from income tax re turns ;
and any offense against the foregoing provision shall be a misdemeanor
and be punished by a fine not exceeding $1,000 or by imprisonment not
exceeding one year, or both, at the discretion of the court: Provided,
that nothing in this sentence shall be construed to bee applicable
with respect to any newspaper, or other periodical publication
entitled to admission to the mails as second-class matter."
The names of the corporations and of the officers and employees who
received compensation in.excess of $75*000, as reported to the Secretary
by the Bureau of Internal Revenue, are as follows:

- 2 -

NAME OP CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

ARAB ALIA
THE BIRMINGHAM NEWS COMPANY
Hanson, Victor E.
WATERMAN STEAMSHIP CORPORATION
Roberts, E. A.

COMISSION

BONUS

OTHER
COMPEN*SATION

TOTAL

...

12/31/U2
9/30/43

93,900.00

9,000.00

52,200.00

Ho,000.00

102,900.00
180.00

02,980.00

CA1IPORNIA

12/31/^2
PHIL BERG-BERT ALLENBERG? INC.
Allenherg, Bertram
Berg, Phil
BULLOCK»S? INC.
1/31/43
Winnett, P. G.
DESMOND»S
7/31/43
Huesman, Ralph R.
THE EMPORIUM CAPWELL COMPANY
1/31/43
Pisher, Haldane- S.
Lipman, E. C.
POX WEST 'COAST AGENCY CORPORATION 12/31/1*2
Skouras, Charles P.
12/1H/H2
SAMUEL GOLDWYN, INC.$ LTD*
Cooper, Gary
Hope, Boh
HEARST CONSOLIDATED PUBLICATIONS,
12/3l/U2
INCORPORATED
Hearst, William Randolph
HEARST PUBLICATIONSi INCORPORATED 12/31/U2
Hearst, William Randolph

94,333.33
128,510.Hi

94,333-33

128,510.

75,000.00

20,000.00

95,000.00

60,000.00

SH,0H7.10

lHH,oH7 fio,

Ho,000.00
35,000.00

H 2,5H2.17
Hs,731.22

82,5H2.17
83,7^1*22.

132,500.00

132,500.00

2H7,397.o 6
100,000.00

2H7,397,o6
100,000.00

100,000.00

100,000.00

100,000.00

100,000.00

- 3 -

NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
F1SEALCYEAR
YEA1NE1DED

SALARY

COMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

CALIFORNIA (Cont.)
I2/31/U2
JOHNSON & HIGGINS OF CALIFORNIA
Field, Alexander
77,35^.07
12/31/42
LOCKHEED AIRCRAFT CORPORATION
90,000.00
Barker , C . A. ¿ Jr.
125,000.00
Gross, Robert E.
I2/3I/42
MARCHANT CALCULATING MACHINE COMPANY
Cooke, D. R.
175.727.55
887380.22
Kelley, J. E.
I2/3I/42
McNEIL CONSTRUCTION COMPANY
80,000.00
McNeil, Lawrence G.
NATIONAL THEATRES AMUSEMENT CO., INC. 12/31/42
Skouras, Charles P.
40,000.00
Skouras, Spyros P.
12/31/42
PACIFIC GAS AND ELECTRIC COMPANY
75,000.00
Black, Jas. B.
g/
31
/
1+
3
HAL ROACH STUDIOS** INC.
12,374.97
Bendix, William E.
ROSENBERG BROS. & CO.
i t 31A 3
25,000.00
Opneiifceimer, Arthur C.
I
2
/
3
I
/42
J. D. AND A. B. SPRECKELS COMPANY
75,000.00
Belcher, F. J., Jr.
12/31/42
STANDARD OIL COMPANY OF CALIFORNIA
105,000.00/
Collier, Henry D.
/ Includes an annuity of $3 ,629.60 monthly paid to Mr. Collier by
Insurance Companies, under the Companyrs Annuity Plan.
WELLS FARGO BANK & UNION TRUST CO.
Lipman, F. L.

77,351+.07

90,000.00
125,000.00
175,727.55
88,380^22
80,000.00
130,589.38
44,810.62

130,589.3s

1 ,020.00

76,020.00

84,810.62

65,21a. 59

77 ,616.56

134,353.24

159,353.24

18*750.00

93,750.00
105,000.00

12/31/42
50,000.00

3Q,000.00

80,000.00

-

NAME OF CORPORATION
AND OFF ICPUS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

1+

-

SALARY

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

CONNECTI CUT
EDWARDS AND COMPANY, INC!
Edwards, R. Stafford
McHugh, Edward P.
Miller, Christian
Nolan,. Thomas S.
THE HOMELITE CORPORATION
Abbott, J. Allan
THE NATIONAL FOLDING BOX COMPANY
Lynch 9 Walton D.
Mabee, George W.
REMINGTON ARMS COMPANY, INC.
DAvis,. C. K.
UNITED AIRCRAFT CORPORATION
Rentschler, Frederick B.
Wilson, Eugene E.
NORTHAM WARREN CORPORATION
Warren, Northam

12/31/1+2

12/31/1+2
12/31/1+2
I2/31/U2

193,^68.06
125.75569
125.755125,755.69

1 9 3 , Ub8.06
1 2 5 .7 5 5 1 2 5 .7 5 5 1 2 5 , 7 5 5 .6 9

69

5 ,500.00

105,000.00

99,000.00
136,500.00

19,800.00

3^,997*00

12/31/1+2
12/31/1+2

75.000.
75.000.

1 1 0 ,^ 0 0 .0 0
U,0 0 0 .0 0
l+ ,000.00

1 0 0 .0 0
1 0 0 .0 0

1 2 2 , 9 0 0 .0 0
11+0,600.00

1+2,250.00

3 2 0 .0 0

8 1 ,5 6 7 .0 0

2 ,6 5 0 .0 0
2 , 8 0 0 .0 0

7 7 , 6 5 0 .0 0
7 7 , 8 0 0 .0 0

00
00

91+,500.00

9i+,50Q.oo

116,666.66

1 1 6 ,6 6 6 .6 6

DELAWARE
AMERICAN SUPPLIERS'! INCORPORATED
Lipscomb, James E., Jr.
BENEFICIAL MANAGEMENT CORPORATION
Watts, Charles H.
THE COCA-COLA COMPANY
Acklin, A. A.
Jones, Harrison

. 12/31/1+2

12/31/1+2
12/31/1+2

113,971+.08
60,000-00
60,000.00

8 2 0 .0 0
2 0 ,0 0 0 .0 0
2 0 ,0 0 0 .0 0

i l i + ,79U .0 S
8 0 , 0 0 0 .0 0
8 0 , 0 0 0 .0 0

69
69

NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPENSATION

TOTAL

DELAWARE (Coni.)
COLUMBIA GAS & ELECTRIC CORPORATION
Gossler, Philip G*
E. I. DU PONT DE NEMOURS •?;.XrfPANY
Bolton, Elmer K.
Brown, J. Thompson
Carpenter, Walter S., Jr.
Crane, Jasper E.
du Font, Henry B.
Echols, Angus B.
Eliason, James B.
Harrington, Willis F.
McCoy, John W.
Richter, William
PB&himsoii},Edmund G .
Rykenboer, Edward A.
Stine, Charles M. A.
Wardenburg, Frederic A.
Yancey, Edward B.
Yeiikes, Leonard A.
HERCULES POWDER COMPANY
r
Higgins, C. A.
THE LAMBERT COMPANY
Johnston, John L,
VICK CHEMICAL COMPANY
Preyer, W. Y.
Richardson, H. S.

12/

12/31/U2

3*4,930.00
50.000. 0*4
150,000.00
50.000.
50.000.
57,999.96
3s,IOC.00
50.000.
50.000. 0*4
% , *410.00
*45,*410.00
3*4,290.00
50.000.
78.100.00
*41,280.00
52.390.00
12/3 1/*42

12/31/U2

90,000.00

90,000.00

0*4
0*4

0*4

0*4

52,0*49.13
73 ,68*4.76
29,500.00
66,606.00
*4*4,65*4.88
78,763.50
*40,8*41.13
75,88*4.76
75,88*4.76
*48,869.76
60,9*48.50
*4*4,113.00
73,68*4.76
53,698.50
63,606.00
62,826.01

559.00
550.00
600.00
550.00
600.00
600.00
550.00
600.00
600.00
500.00
550.00
500.00
600.00
550.00

S6.979-13
12*4,23*4.80
180,050.00
117,206.0*4
95,20*4.92
W , 3.63 M
79,51*i.i3
126**43*4.80
I26,*48*4.80
9it.s79.76
106,858.50
78,*403*00
12*4,23*4.80
92,298.50
IO5 ,*486.00
115,766.01

32,500.00

92,500.00

80,000,00

10,000.00

90,000.00

6*4,750.00
50.750.00

25,010.00
25,010.00

60.000.

6/30/I+3

00

*450.00
*450.00

90,210.00
76,210.00

-

NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
SIDED

6

-

SALARY

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

-FLORIDA
GIBBS GAS ENGINE COMPANY OF FLORIDA
Gibbs, Geo. W.

12/31/1*2

35,000.00

50,000.00

85,000.00

1*9,999.92

1*0,000.00

39,999.92

ILLINOIS
AMERICAN STEEL FOUNDRIES
Drever, Thomas
BRINK’S, INCORPORATED
Aillen, Frank
Allen, John D.
BUTLER BROTHERS
Freeman, T. B.
COLUMBIA TOOL STEEL COMPANY
Clarage, Arthur T.
CONTAINER CORPORATION OF AMERICA
Faepcke, Walter P.
CONTINENTAL ILLINOIS NATIONAL BANK
. AND TRUST COMPANY
Cummings, Walter J.
CORNELL FORGE COMPANY
Cornell, A.M.
CRANE COMPANY
Collier, J. H.
CROWE NAME PLATE & MANUFACTURING CO.;
Coolidge, E. C.
Mabie, E. L.
DIAMOND T MOTOR CAR COMPANY
Lord, Robert 0.
York, Homer

9/30/43
12-/31/1*2

85,000.00
85,000.00

325.00
325.00

85,525,00
85,725.00

12/31/42

12/31/1*2
12/31/1*2
12/31/1*2
12/31/1*2
12/31/1*2
12/31/1*2
12/31/1*2

50,000.00

31 ,000.00

81-,000.00

75,229.38

75,229.3s

60,000.00

50,000.00

110,000.00

150,000.00

1 ,200.00

151,200.00

15,000.00

90,921.28

50,000.00

25,000.00

25,000.00
10,000.00

110,61*0.88
110,61*0.88

12,000.00

75,000.00
75,000.00

10^,^91.28

700.00

75,700.00
135,61*0.88
120,61*0.88

60.00

75,060.00
87,000.00

NAME OP CORPORATION
AND OFFICERS OR
EMPLOYEES

GAL-Cj.
NDAR OR
FISCAL YEAR
ENDED

SALARY

COMISSION

BONUS

OTHER
COMPENSATION

TOTAL

ILLINOIS yCont. )

12/31/42
12/31/42
12/31/42
12/31/42
12/31/42

12/31/42
12/31/42
12/31/42
12/31/42

s4 ,270.00

75,000.00

2 , 9 0 0 .0 0

162,170.00
3 5 , 0 0 0 .0 0

85,000.00
200.00

75,000.00
50.000.
50.000.

08
08

75,000.,00

50.000.
50.000.

00
00

4 0 .0 0 0 .

00

75,000.00

115,000.00
8 0 , 3 7 5 .4 0

so., 375-^ 0
25.000.
25.000.
50.000.

—11—t

12/31/42

76.UU9.73

22 .,4 U9 . 73

CO to
0 0
*•
0 0
0 0
0«0 .
0 0
O O

10/31/43

4 8 , 0 0 0 .0 0

90,767.65

614,767.65

i

1/31/43

26,000.00

0
0
4
0
0
CVi
*.
LO>
r—

R. It, DONNELLEY & SONS COMPANY
Littell, C. G.
LOUIS E. EMERMAN & COMPANY
Emerman, Louis E.
FAIRBANKS, MORSE & COMPANY
Morse, Robert H.
THE FIRST NATIONAL BANK OF CHICAGO
Brown, E. E.
GENERAL OUTDOOR ADVERTISING CO., INC
Robbins, B. W.
GOLDBLATT BROTHERS, INCORPORATED
Goldblatt, Morris
Goldblatt, Nathan
GREAT LAKES CARBON CORPORATION
Skakel, George
HAEPER-WYMAN COMPANY
Harper, Philin S.
HILL-CLARKE MACHINERY COMPANY
Ditfurth, W. L.
Mens, H. 1.
WigglesForth, A. W* ,
HOUSEHOLD FINANCE CORPORATION
Henderson, B. E.
HOWARD FOUNDRY COMPANY
Howard, Frank C.
HYMAN-MICHAELS COMPANY
Michaels, Joseph
Purd^f, S. E.

00
00
00

7 5 . 3 8 8 .0 4
7 5 . 7 8 8 .0 4
1 0 0 , 3 8 8 .0 4

50.388.04
,50,382.04
50.388.04

50.000.

00

125,000.00

150,000.00

150,000.00

79,999.96
110,999.96

79,999.96
110,999.96

8I
NAME OF CORPORATION
AND OFFICER? OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

ILLINOIS (Cont.)

ou

.3r“i
PO
OJ

H

O
O

INDEPENDENT PNEUMATIC TOOL COMPANY
12/31,"42 '
Hurley, Neil C., Sr.
12/31/42
INLAND STEEL COMPANY
Sykes, Wilfred
INTERNATIONAL HARVESTER COMPANY
10/31/^3
McAllister, Sydney G*
McCormick, Fowler
INTERNATIONAL MINERALS & CHEMICAL CORE U/3Ö/U3
Ware, Louis
12/31/te
LADY ESTHER, LTD.
Busiel, Alfred
Busiel, Syma
12/31/42
LORD & THOMAS, INCORPORATED
Lasker, Altert D.
12/31/42
LUMBERMENS MUTUAL CASUALTY COMPANY
Kemper, James S.
12/31/42
MARS, INCORPORATED
Mars, Mrs. E. V.
12/31/42
MAYBELLJNE COMPANY
Williams, Thomas L*
12/31/42
MIAMI CORPORATION
Erminger, H. B., Jr.
MIDSIEST DYNAMOMETER & ENGINEERING
Oherreutter, Paul H.
I2/3I/42
W.H. MINER, INCORPORATED
Withall, A. P.
i/31/143
MONTGOMERY WARD & COMPANY, INC.
Avery,- S. L.
Ryan, C. D.

25,000.08

78,750.00

103,750.08

50,000.00

30,000.00

99.993.96
99,999.96

5,000.00
12,500.00

1 ,410.00
1 ,430.00

.106,400.96
113,929.96

50,000*00

50,000..00

1 ,200.00

101,200.00

80,000.00

96,000.00
§6,000.00

96,000.00
96,000.00

103,999*95-

103,999.95

191.5^3.63

jSo.ooô.oo

,251.5^3.63

120,000.00

120,000.00

120,000.00

120,000.00

75,000.00

900.00

75,900.00

85,000.00

200.00

85,200.00

50,000.00
100,000.00
53.333.30

91*,773.9S

144,778.98

22,500.00

800.00
800.00

100,800.00
76,63^.30

- 9 NAME OF CORPORATION
AND OFFICERS OR
M F LOYERS

CALENDAR OR
FISCAL YEAR
ENDED

OTHER
SALARY

COMMISSION

BONUS

COMPEN­

TOTAL

SATION

ILLINOIS (Con*.)
NORTHWEST iwMtriNEERING- COMPANY
Houston, L* E.
OAK iMANUFACTURING COMPLY
Bessey, Edward E.
THE PEPSODENT COMPANY
Sinith/ Kenneth G .
REID MURDOCH & COMPANY
Anderson,' L. S.
REPUBLIC FOOD PRODUCTS COMPANY
Clair, J. M.
C. A. ROBERTS COMPANY
Kaiser, A. A.
ROCK-OLA MANUFACTURING- CORPORATION
Rockola, David C«
'
SEARS, ROEBUCK AND COMPANY
Wood, Robert E.
J. p. SEESURG CORPORATION
Seeburg, J. P.
Seeburg, N. Marshall
A. E. STALEY MANUFACTURING COMPANY
Staley, A. E . , Jr.
STANDARD OIL COMPANY (INDIANA)
Seubert, E. G»
STANDARD RAILWAY EQUIPMENT COMPANY
Frank, Arthur A.
SWIFT AND COMPANY
Holies, John
BIN A.„ TSTZLAFF
Tetslaff, Ben A.

12/31/*42
I2/3I/U2
I2/3I/U2
12/31/U2
12/3I/U2
2/28/U3
1/31/U3
9/30/43
1 2 / 3 1 /U2

I2/31/U2
I2/31/U2
12/31/L2
12 / 3 l/U2

FQ.000.00

50,000.00

100,000.00

.75,000.00

U7.s20.00

1 2 2 , 8 2 0 .0 0

lU5,000.00

lU5.OOO.OO
25,000.00

12U.659.56

lU9.659.56

26,060.00

62,620.00

8 8 , 6 8 0 .0 0

76.U56.Ol
, _ _
f0,UUU.UÜ

76,456.01
76,000.00
7U,UOO.OO

10,000.00

sU.Uoo.öo

50,000.00
50,000.00

Uo.ooo.oo
30,000.00 '

90,000.00
8 0 , 0 0 0 .0 0
uu.500.00

Us,000.00

92,500.00

Ul',925.72

66,911.76

1 0 8 .8 lT.U8

60,000.00

25,000.00

8 5 , 0 0 0 .0 0

19,000,00

85,000.00
__ _ _
Oi.uuu.uu

85,000.00
72,000.00

NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
SALARY
E N D E D _____________

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

ILLINOIS (Cont.)
CHICAGO TRIBUNE - NEW YORK NEWS
SYNDICATE, INCORPORATED
. Gray & Gray
NEWS SYNDICATE'COMPANY, INC,
Clarke, R. W.
Flynn, F. M.
Eolliss, R. C.
TRIBUNE COMPANY
Campbell, C. M,
Macfariane, W. E.
Rose, L. H.
UNITED DRILL AND TOOL CORPORATION
Nearins, M. J.
VICTOR MFC. & GASKET COMPANY
Victor, John H.
THE WANDER COMPANY
McMillan, James G.
WITTER MANUFACTURING COMPANY
Tetslaff, Ben A*

12/31/42
13.000.

00

30.000.
30.000.
30,000.00

00
00

34,165.58

97,165.3s

12/31/42

4 0 .000 .
40.000.
4 0 .0 0 0 .

00

90.000.
90.000.
90.000.

00

00

12/31/42
83,250.00
106.362.00
111.068.00
12/31/42
25,000.00

55,000.00

8 0 ,000.00

50.00

78,890.38

12/31/42
75,000,00

3,340.38

40 ,000.00

91,359.^3

131,359.43

72,000.00

19,000.00

91,000.00

40,284.50

56,454.39

96,738.89

60,000.00

27,500.00

12/31/42
12/31/42

INDIANA
MEAD JOHNSON & CQMFANY
Johnson, Lambert D.
:SERVER, INCORPORATED
Ruthenburg, Loui s

12/31/42
IO/3 I/H3.

1 ,200.00

88,700.00

00
00
00

NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
SALARY
COMMISSION
BONUS
ENDED_________________________ _______________

OTHER
GOMPENSAT ION

TOTAL
_______ .

IOWA
KLAUER MANUFACTURING COMPANY
Klauer, W. E.

II/30/U3

il5 ,5Hl .70

115,5Ul.70

KENTUCKY
FRANKFORT DISTILLERIES, INCORPORATED
Brownlee, James F.
Slater, E, D.
Veeneman, W. H., Sr*
THE STEWART DRY GOODS COMPANY
McKim, R. J.

6/30/U3
1/3X/U3

125,000.00
30,000.00
90,000.00

125,000.00
51,31*0.22

81,31*0.22
9QÇ000.00

30,000.00

52,803.16

82,803.l6h

LOUISIANA
HIGGINS INDUSTRIES, X N &
'Hiff

12/31 /HZ
50.000.

00

75.000.

00

• 8 0 ,0 0 0 . 0 0

MARYLAND
ACACIA MUTUAL LIFE INSURANCE COMPANY
Montgomery, William
THE BALTIMORE SALESBOOK COMPANY
Speer,’-Talbot T.
COMMERCIAL CREDIT COMPANY
Duncan, A. E.
CROWN CORK & SEAL COMPANY, INC.
McManus, Charles E.

12/31/U2
12/31/U2
12/31/U2

5^,150.00

200.00
31,375.00

8 5 ,5 8 5 . 0 0

85,000.00

85.000. 00

12/31/1*2
100,000.00

75,200.00

8,333.33

1 0 8 ,3 3 3 .3 3

12

NAME OF,CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

V*-•**■
SALARY

C O M I SSI ON

BONUS

OTHER
COMPENSATI ON :

TOTAL

MARYLAND (Cont.)
THE HECHT COMPANY
Davl/dow, Harry
Dalcan, Charles B., Sr.
CHARLES RUBEL & COMPANY, INC.
Rubel, Charles
werres, Paul H.

1/31/ v

45 ,593,1+5
50,000.00

110,757.20
137,149/76

65,163.75
87,149.76

lZfjl/%2

226,250.00
135,750.00

226,250.00
1^5 ,750.00

30,000.00
100,000.00

90,000.00
100,000.00

MASSACHUSETTS
AMERICAN OPTICAL COMPANY
Cozzens, C. 0.
Mosher, Ira
E. B. BADGER & SONS COMPANY
Badger, Erastus B.
Hall, Walter T.
P°ters, William A., Jr.
DRAPER & COMPANY, INC.
Draper, Paul A.
EMERY & CONANT COMPANY, INC.
Emery, Allan C.
WM. FILENE’S SONS COMPANY
Frost, Edward J,
THE LAHEY CLINIC
Lahey, Frank Howard
LANSTT BLEACHERY & DYE WORKS
Simmons, John A.
LEVER BROTHERS COMPANY
Countway, F. A.

12/31/U2
12/31/HZ
II/30/U3

18,OSS . 50
IS, OSS.. 50
1S,0U2.35

12/31/U2
3/31/43
6/30/43

i o s ,i s

108,122.US

75,000.00

25.000.

00

100,000.00

20,000.00

60.000.

00

80,000.00

2/28/U3

1/ 31/43

108,168.63
6 .63

90,080.13
90,080.13
90,080.13

so,000.00

80,000.00

100,000.00

100,000.00

25,000.00
30,000.00

85,911.71

60,913.71
101»,033.53

1314033.53

-

N M S CF CORPORATION
and officers or

EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

13

-

SALARY

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

'MAS SACHUSETT S (C on t,)
12/31/U2
MASSACHUSETTS INVESTORS TRUST
Griswold, Merrill
;g/31/B3
NATIONAL FIREWORKS, INC.
Babbitt, Edwin V.
Clark, George J. J.
12/31/U2
NORTON COMPANY
Higgins, Aldus C.
Jeunson, George N.
PEPPERELL MANUFACTURING COMPANY
6/30/43
; Leonard,. Russell H.
3/31/43
STEDFAST & ROULSTON, INC.
Stediast, Albert M.
12/31/U2
STONE & T'EBSTFR ENGINEERING CORP.
Lotz, J. R.
?/2S/l'3
UNITED SHOE MACHINERY CORPORATION
Winslow, Sidney W.., Jr.
U. S. BRANCH OF THE EMPLOYERS1 LIABILITY
I2/3I/U2
ASSURANCE .CORPORATION, LIMITED
Stone,. Edward C.
12/31/^2
WHEELOCK,LOVEJOY & COMPANY, INC.
Fulton, A. Oram
WINSLOW BROS. & SMITH COMPANY
Bacon, Carl K«
Cook, Cheney E_

S3,63S.90
52,000.00
52,000.00

100,000.00
100,000.00

25,000.00
25,000:.00

500.00 177,500.00
500.00 177,500.00

102^799-21
102,.292.Ul

102,799.21
102,292,Ul

100,000.00

Uo,ooo.oo

60,000.00
22,250.00

83,688.90

60,29^.21

82,5UU.21
90.00

79,20U..6l

79,294.61

93033-40

93.313-40

gl,000.00

110,1U 7 .26 191,1^ 7.26

25,000.00
10/31/43
20,000.00
75,000.00

98,836.9g

73,836.9s
65,119.27
200.00

85,119.27
75,200.00

-in­

.NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

coimi SS ION

'BONUS

COMPENSATION.

TOTAL

MICHIGAN

12/31/U2
11*0.00
IL0.00

100, Ilio. 00
9 9 ,1Ù0.00

80,000230

100.00
200.00

85,100.00
8 0 ,2 0 0 . 0 0

90,000.00
100,000.00
85,000.00

1-,6100.00
1,,050.00
U50.00

91,100.00
101,050.00
85,%0.O0

50,000.00
Uo,000.00

R0,000.00
0
0
0
0
0

BOHN ALUMINUM & BRASS CORPORATION
Bohn, Charles B.
Markey, P. A.
BURROUGHS ADDING MACHINE COMPANY
Backus, Standish
Doughty, A. J.
CHRYSLER CORPORATION
Hutchinson, B. E. •
Keller, K. T.
Zeder, F* M.
DETROIT TAP & TOOL COMPANY
Hellstrom, S. B. .
EVANS PRODUCTS COMPANY
Evans, E. S.
FORD MOTOR COMPANY
Craig, B. J.
Sorensen, Charles E.
Wihel, A, M.
GENERAL MOTORS CORPORATION
Archer, Thomas P.
Biechler, Elmer G.

I2/3I/U2
85,000.00
I2./3I/H2

?xzfalfltë
76,518.69

76,518.69
12/31/%'
650,91

75,000.00

75,650.°!

12/31/1*2
Il6 ,0 8 1 .5 l|
2 2 0 ,0 0 ^ 1 9 6

116,081.5U
220,001*. 96
101,050.60

101,050.60

12/31/142
39,^05.00
2 8 ,0 8 9 . 3 6

55,000.00
50,000.00

Bradley, Albert

100,000.0c

550.00

108,807.50

Brown, Donaldson
Codrington, George W«

100,000.00
50,000.00

6OO.OO

106,633.13
23,296.88

See Footnote

3 ,726.00a

98,131.00
2 ,S6U.00a
3 ,9 9 9 r7 0 h 8U,613.08
10 ,297.00a 2 2 6 ,9 9 0 . 1 9
7 ,8 3 5 *6 9 h
9 ,9 7 l{.0 0 a 217,207.13
2 ,75U.OOa 80,712.05
li,66l.17h

-

NAME OF CORPORATION
AND OEEICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

15

-

coma ssio n

SALARY

BONUS

OTHER
COMPEN­
SATION

TOTAL

MICHIGAN (Cont.)
G E N E R A MOTORS CORPORATION (Cont,)'
Coyle, Marvin E.
Crawford, James Ma.rk
Curtice, Harlow H.

12/31/42
100*000.'00
36,000. 00
•'gÇV'OOO. 00

300 . 00
600.00

94*163-. 75
40*558.75
71*088.75

D o n n e r F r e d e r i c G.

*45,333. 36

500.00

2 9 >5 5 3 * 7 5

56, S6 6 ► 6 4

38^029.38

Dreystadt, Nicholas

60,000. 00

3 4 ,8 7 8 . 7 5

60,000..00

56» 9 3 3 ..13

7 0 ,0 0 0 .,00

22,720.00

Earl, Harley J .
Evans, Ronald K.
Fisher, Alfred J.
Fisher, Edw ard F .
Fisher, Lawrence P.
Fisher, William A,
Grant, Richard H,
Hogan, Henry M.
Holler, William F.
Hunt, Ormond E,
Kettering, Charles F.
Klingler, Harry J.,
Kroeger, Frederick C.;

9 1 ,b6 b,M

74,416.88

75,000,.00

150.00
200.00

.00
7 9 .0 0 0 .

50;00

14,510;63

.00
71 S5 t.0 0 T?
0,

U00.00

7 9 ,2 0 9 ; 3 8

7 3 ,5 7 3 * 7 5

.36

74,390*63

60 ,000 . 00
100,000 .00
100,000 .00
66,666 . 6 4
M
56
j w ,-666
1

50,720 -'63
1 1 0 *4 4 9 . 7 8
106,810.63
4 7 ,0 3 7 . 5 0
45,306.88

*e Footnote Page

U5O.OO
250,00

16

9,l4 0 .0 0 a
3 ,7 7 8 .0 0 a
6,747.00a
5*567.80h
3,263.00a
3 3 2 .1 3 L
3 *8 9 9 .5 0 a
4,521.39L
3 , 2 2 7 . 00a
3 ,8 7 0 .7 0 b
5 ,6 5 2 .0 0 a
4 ,8 0 2 *.1 8 b
2 ,2 1 8 * 0 0 a
5,158.’80b
7,23U.50a
6*205.POa
6 ,4 0 0 .8 0 b
1,318.00a
7 *l4 0 .6 0 b
6 ,9 0 1 .0 0 a
3, 5 5 3 ;00a
2,445.79b
h, 723.50a
1 1 *3 4 4 .0 0 a
9,988*00a
4,503.50a
4,558.50a
4 ,7 7 0 -9 4 b

203,603.75
80,376.75
169,003*55
7 8 ,9 8 2 . 2 4

103,116.91
101,972.05
127,387.31
105,096.80
1 7 3 ,4 6 8 . 0 2

161,380.05
9 8 ,0 1 9 . 2 3

161,5 1 0 .7 g
85,722.78
115,444.13
2 2 2 ,2 4 7 .3 8
2 1 7 .0 4 8 . 6 3
1 1 8 .2 0 7 . 6 4

111,302.96

- i6 CALENDAR 0 1
FISCAL YEAR
ENDED

NAME OF CORPORATION’
AND OFFICERS OR
EMPLOYEES

SALARY

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

MICHIGAN (Cont.)

I2/3I/U2
0
0
0
0
Q

GENERAL MOTORS CORPORATION (Cont.)
Rankle, Bayard D.
McCuen, Charles L„.

4 ,4 3 4 .0 0 a
5 ,5 7 0 .0 0 a

7 1 ,6 bb.b4

48,635.00
5 5 *1 1 3 .7 5

98,069.00

56,666.64

29,908.75

3,321.00a
3,100.58b

92,996.97

. 106,588.75
47,348.13
34,435.00
128, 1 9 9 ..3 8

9 ^9 7 2 .00a
4 ,4 0 9 *OGa
3 ,7 0 9 .5 0 a

'200,450.60
2 1 7 ,0 6 0 . 7 5
1 0 1 ,7 5 7 .IE
< 9 2 ,33 .1 .lb
307,116.16

1 3 7 ,2 7 0 . 7 4

4 ,919.95P

Skinner, Sherrod E.

2 0 0 ,0 0 0 . 0 0

Sloan, Alfred P . t Jr.
Smith, John T.
Wetheraid, Charles E.
Williams, William C. , Jr.
Wilson, Charles E.

100,000.00'
50,000.00
54,166.66
150,000.0a

450.00
500.00

450.00

12,732.50a
1 1 ,7 3 4 .2 8 b

THE J. L. HUDSON COMPANY
Preston, George E.
Webber, James B.
Webber, Oscar
Webber, Richard H.

(a)

Represents dividends received on 'bonus stock held in escrow.

(L)

Covers General Motors cost in providing benefits to participating employes
under the General Motors Employes Contributory Retirement Plan.

■i/31/ u

77,500.00

00,000,00
139,100.00

S8,000.00

- 17 -

NAME OE COÎPOP-AïÏQ¥
AND CEFICSRS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR.
ENDED

SALARY

COMMISSION:

BONUS'

OTHER
COMPEN-SATI ON

TOTAL:

MICHIGAN (Cent.)
KOESTLIN TOOL & DIE CORPORATION
Fralick, Foster L.
S.S. KRESGE COMPANY
Tuttle, -Carl B.
Williams, Roy R.
LYON, INCORPORATED
Lyon, G. A.
THE^ R. C . MAHON COMPANY
Mahon, R. C.
Shuts, W. F.
NASE-KELVINATOR CORPORATION
Armstrong, W. F.
Mas o i l , George W.
NATIONAL BROACH & MACHINE COMPANY
Drummond, Robert S.
PACKARD MOTOR CAR COMPANY
Christopher., G. T.
PALACE TRAVEL COACH CORPORATION
Arehart,- David D.
REO MOTORS, INCORPORATED
Huni., E. E.
SQUARE D COMPANY
Magin, F. W.

12 / 31/4 2
55,000.00

23,000.00

12 /31/4 2

89.250.00

89.250.00
89.250.00

89.250.00

12 /3 1 /U2

50 ,000*00

50 ,000,00

9,000.00
7 ,200.00

1^,585.18
75^5.18

56 ,249.88
12 5 ,000.16

25 ,000.00

12/31/42

9/ 30/U3

78,000.00

100,000.00

14 ,441.65
14,285.3b

99,026.83
97,070..5481,24°.88

12 5 ,000.16

11/30/Ï43
79 ¿ 7 7

^3

12/31/42
cto hAf> no

12 /31/4 2

75 ,252.05

7EÇOÔO.

75,087105

40,800.00

70 ,000.00

110,800.00

12 / 31/4 2
12 /3 1/4 2

82,460.00

45 ,000.00

45,000jOG-A

NOTE A ;
The amount shown above does not include a bonus of* $90,900.33 derosi tea.
by the Company under Square D Company Officers* Trust Agreement
Number One for the year 1942,

18 name

oe

corporation

AND CERIGERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMI SSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

MICHIGAN (Cont.)

6/3O/U3
THE TIMKEN-DETROIT AXLE COMPANY
MM^iO
49,291.70
u tw * m
Rockwell, Walter F.
II/3O/U3
N. A. WOODWORTH COMPANY
90,000.00
90,000.00
Woodworth, N. A.
YELLO^ TRUCK & COACH MANUFACTURING CO. 1 2 /3 1 / 4 2
See Note .A
125*00
60,000.00
Babcock, Irving B.
NOTE *
--- fit Mr. Irving B. Babcock was awarded a bonus for the year 1 9 4 2 , under the Yellow Truck & Coach
Manufacturing Company bonus plan, which plan became operative beginning with the year 1 9 -1 *
©,s follows:
'
.
,
(1 ) $ 7 5 ,0 0 0 . 0 0 paid in cash on September 2 8 , 1 9 4 3 > representing three-1 ourths of the
bonus award.
(2 ) The remaining 25 percent of the amount of consolidated net income that may be
allocated for 1 9 4 2 Bonus Fund purposes subject to contract price renegotiation
for 1942, is subject to such reduction, if any,, as may result from the final
settlement of contract price renegotiation for 1 9 4 2 and refunds of profits thereunder and subsequent final determination of the maximum amount of 1 9 4 2 consolidated
net income that may be made available for Bonus Fund purposes under the Bonus Plan.
After such reduction, if any, Mr. Babcock will participate in the remainder by^
virtue of action already taken by the Bonus Committee, but subject to the provisions
of the Bonus Plan, as amended, in the proportion of such remainder that the award
of $ 7 5 ,0 0 0 . 0 0 is of the minimum 1 9 4 2 Bonus Fund distriouted,
(b)

In addition to the above Mr. Babcock is a party to the Contributory Retirement Plan of
Yellow Truck & Coach Manufacturing Company, and may become entitled to receive benefi s
of contributions made by Yellow Truck & Coach Manufacturing Company thereunder in
accordance with the terms of such Contributory Retirement Plan.
luring the year 1942* the total contributions by employees participating in the plan
amounted to $*4 ,0 5 9 .0 2 , of which Mr. Babcock contributed $ 2 ,8 5 0 .0 0 . The total con­
tribution by Yellow Truck & Coach Manufacturing Company, during the year 1 9 4 2 , amounted
to $ 1 0 9 ,9 ^ 2 .7 4 .

- 19 -

NAME OE CORPORATION
AND OFFICERS OH
EMPLOYEES

CALENDAR OP.
FISCAL YEAR
SALARY
COMMISSION
BOMS
_____ E N D E D ____________________________________

OTHER
GOMFENSATION

TOTAL

MINNESOTA
JOSTEN MANUFACTURING COMPANY
Gainey, Daniel C.
MINNESOTA & ONTARIO PAPER COMPANY
Robinson, R. H. M.
NORTHERN ORDNANCE, INCORPORATED
HAWLEY, John 3 ., Jr.

6/30/43
12,000.00

102,000.00

llU.OOO.OO

60,000.00

119,152.00

79,152.00

60,000.00

3 ^4 0 ,0 0 0 . 0 0

'
4 0 0 -,0 0 0 . 0 0

83,000.00

60,000•00

1^5,000.00

10,000.00
10,000.00

73,006.25
76,006.25

85,006.25
80,006.25

12/31/H2
6/30/U3

.MISSOURI
ANHEUSER-3 U S C B , INCORPORATED
Busch, Adolphus III
CURLED CLOTHING COMPANY
Curlee, S. H.
Curlee, S. H.., Jr.
D fARCY ADVERTISING COMPANY
Le e>A. L •
GENERAL CABLE CORPORATION
Palmer., Dwight R. G.
JAMES R. KEARNEY CORPORATION
Kearney, James R . , Sr.
LAWTON BYRNE BRUNER INS. AGCY. CO.
Lawton, C. S.

12/31/U2
11/30/U3

12/31/U2
127,1*50.00

123,^30.00
lip/31^2
. 60,000.00

30,000.00

90,000.00

73,000.00

5,896.10

80,896.10

12/31/U2
12/31/1*2
136^439.10

136,^39.10

“ÈAME O/TOSPORATÏÔH
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
SALARY
_____
M U E D _____________

C O M I SSION

OTHER
•' C O M P M : SATT ON

.- BONUS

TOTAL

MISSOURI (Cont.)
THE MAY DEPARTMENT STORES COMPANY
Brunmark, Walter J •
Daub y , Jerome
Dauby, Nathan L.
Gries, Lincoln
Gries, Robert H.
Katz., H. Xjj
May, Morton J.
M a y , Tom
Rosenberg, S.
Salomon, Fred Z.
Sherman, Sam
Strauss, Leonard
THE PULITZER PUBLISHING COMPANY
Pulitzer, Joseph
SHEFFIELD STEEL CORPORATION
Gray., R. L.
SOUTHERN COMFORT CORPORATIONFowler, F. E . , Jr.

1/31/U3

..

/

5Q,.000.0'4

io,000.00
20,000.00
18,000.00
33,563.37

1 .U19.15

5U,6lU.R2
110,276.38
'150.,000,. 00
82,707.28
75,733.92
'49,200.00

9 9 ,9 9 9 * 9 9

32,500.00
23.000.

00

10.000.

00

23.000.

00

20.000.

00

12/Y1/U2
101,923.08

8 0 ,808.18

127,^33.27
88,630.88
135,11^75
52,569.53
62,925.57

150.00
■ 25.00

80 ,000*00 ■

12/31/U2

12/31/U2

50.00

150.. Ö0
150.00

10U,614.56
120,276.38
150,000.00
102 ,757.28
95,753.92
SU,202.52
100 ,1^9 .9 9
159.958.87
106.650.88
1U5.26U.75'
77,569.53
87,075.57
232,251.26

81 ,509.20
1 0 , 00 0 .0 0

78 ,733 .U8

68 ,733.^8

NEBRASKA.
J. L. BRANDEIS & SONS
Brand eis, Gee rge

1 / 3 1 / 1+3
’
45,999.92

57,-861. kl

107., 861.59

-

NAME OF CORPORATION
AND OFFICERS OF.
EMSE0Ä3.

CALENDAR OR
FISCAL YEAR
. ENDED

21

-

SALARY

COMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

NEVADA
SAFEWAY STOFES, INCOFPORATED
Warren, L. A.

12/31/U2

60,000.00

53,o6L.SS

113,06L.8S

16,000.00

7L.000.00

90,000.00

50,000.00

15,000.00

NEW HAMPSHIRE
EXETER MANUFACTURING COMPANY
Kent, Hervey

9/20/U3

NEW JERSEY

12/31/L2
12/31/L2
3/ 31/ p

I2/ 3I/U2

15,000.00
15,000.00

130,000.00
12s,000.00

7/3 V P

12/31/U2

12,000.00
60,000.00

Lo.ooo.os-

12/31/U2

so,000.00

80,000.00

1L 5.000.00
i L3,o o o ..o o

169.7L 9.05

157,7^9.05
17/tL56.28

77.u56.2g
91,250.00

91,250.00
100,000.0s

15,000.00

100,000.00

100,000.00

C\J

r—1

cu
rH

AMERICAN HOME PRODUCTS CORPORATION
Brush, Alvin G.
ATLAS CORPORATION
Odium, Floyd B .
P. BALLANTINE & SONS
Badenhausen, Carl W,
Badenhausen, Otto A.
BENGUE, INCORPORATED
Seltzer, Theodore
BRISTOL-MYERS COMPANY
Bristol, Henry P.
CAMPBELL SOUP COMPANY
Dorrance, Arthur C.
COLGATE-?ALMOLIVE-PEET COMPANY
Little, E. H.
Railey, B. W.
CONGOLEUM-NAIRN, INCORPORATED
Hawkes, Albert W.jé

105,857.39
L2 ,235.0o

205,857.L 7
82,2x5.iL
80,000.00

^ In addition, $2 0 ,0 0 0 , was added to a fund to which Mr. Hawkes became entitled upon his
retirement as President of the Company on December 3 1 » I9L2«

KÄME OE CORPORATION
ANE OEEICERS öEL
EMPLOYEES

CALENDAR OR
EISCAL YEAR
ENDED

SALARY
'

'
COMMISSION
' ______
■

-

’.
BONUS
_______

;OTHER
• COMPENSAT ION____

TOTAL
■■

NEU JERSEY (Cont.)
EORSTMANN WOOLEN COMPANY
Eorstmann, Curt IL
Eorstmann, Julius G.
Wilson, Kenneth
heller brothers

company

II/30/U3

25.000.
15.000.
15.000.00

00
00
^ .

125,3S3%1S
62,691.59
62.,691.59

7/31/H3

72.000.
00
3$,122vU3
Heller, Paul E„
n
12/31/U2
BEYER 'PRODUCTS COMPANY, IN
85,631.56
:Hey er* B . E. W.
12/31/U2
H0EEMANN-LA ROCHE, INC..
Bareli, E. C.
Bohst, E. H.
IRVINGTON TARNISH & INSULATOR COMPANY . 12/31/U2
Jones, A. E.
12/31/U2
NEW JERSEY WORSTED MILLS
12,000.00
119,U07.91
Halt ermann, Erederick W.
THE PRUDENTIAL INSURANCE COMPANY
I2/3I/H2
OE AMERICA
100 ,000.00
D*Oiler, Erahklin
I2/3I/U2
THE REISS-PREMIER CORPORATION
Barger, John D.
12/31/U2
TRIANGLE CONDUIT & CABLE CO., INC.
90,000.00
McAuliffe, John E.
I2
I/U
UNITED STATES PIPE & EOUNBRY COMPANY
¡
¡/¡3I
M P2
,
„r
Russell N. E. S.
60,000.00
26,409.00*
* Added compensation amounting to. .$26,U09*00 paid January 27,, I943 . >
**

1,200.00
1,000.00.
1,100.00

151,523.1a
78,691.99
78,791.59
116,122,Us
85,631.56
BU jOOO.OO
302,175.00
;82,500.00
1 3 1 ,U0 7 . 9 1

100,000.00
78,233.80
90*000.00
IO0ÛOO

■>£ Vi
In addition to the ahove there was $26,UQ9.00
deposited in. Trust Eund for
•Fn+.nrs h P>.n f i t.

86,709.00**

- 23 -

B E OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY
COMMISSION
_____________________

BONUS

OTHER
CO!-PENSAT ION

TOTAL

NEW YORK

I/31/U3
12/31/42
I2/31/U2

3 7 ,500. 00
^3 *000. 00

30,000.C(;

41,245.4s

78 ,745.48

800.00

115,800.00
125,000.00

123,000. 00
I/31/U3

1/31/U3

93,623.68

2 4 ,000. 00
3 0 ,000. 00

69,023.6s
123,934.23

180.00

154 ^164.23

,°c

30,000.00

110.00

105,110.00

so,000,,00
so,000.,00
150, oCo,,00

4,500.0a
2 ,800 .0 0
4,300.00

8 4 .500.00
8 2 .800.00
154 ,300.00

11 Q ,000.,00
63,,300..00

1 ,182.00
5 1 ,118.00

120 ,182.00
114 ,418.00

0
0
0

73 ,
12/31/42

4/30/43
12/31/42

0
0
0
0
0

12/31/42
12/31/42

75 ,

112,,500,.00
S9 ,5°° .00

77 ,,250

178 ,308.79

103,308.79

1 ,381.00
1 ,382.00

12/31/42

99 ,999 .96
206 ,250 .00

113 ,881.00
9 0 ,882.00
77 ,250.00

0
0

J. N. ADAM & COMPANY
Holder, 0. A.
AIR REDUCTION COMPANY, INC.
Adams, C. E.
ALLIED CHEMICAL & DYE CORPORATION
Atherton, H. F.
ALLIED STORES CORPORATION
Lawrie, W. H>
Duckett, B. Earl
B. ALTMAN & COMPANY
Burke, Joim S.
AMERICAN CAN COMPANY
Anderson, Thos. N.
Figgis, Dudley W.
Sullivan, Maurice J,
AMERICAN CAR & FOUNDRY COMPANY
Hardy, Charles J.
Stevenson, F. A.
AMERICAN CYANAMID COMPANY
Bell, W. B.
AMERICAN LOCOMOTIVE COMPANY
Pickerman, W. C»
Fraser, D. W.
AMERICAN SMELTING & 1 E O T Ä COMPANY
Guess, H* A.
AMERICAN TELEPHONE & TELEGRAPH COMPANY
Cooper, C. P.
Gifford, W. S.

1,300.00
4 ,000.00

101 ,299.96
210,250.00

- 24 -

NAME O? CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPENSATION

TOTAL

NEW YORK (Cant.)
THE AMERICAN TOBACCO COMPANY
Hahn,' P. M.
Hill, George W.
Riggio;1
, V.

12/31/U2

50,000.00

72,283.82
120,^73.02

122,283.82
240,473.02

50,000.00

7 2 ,2 8 3 . 8 2

122 ,283.82

120, 000.00

485.040.66
Less - Salary paid to P. M. Halm by The American Tobacco Company
but billed to subsidiary

HO,Q0q.no

435.040.66
The following amounts of official’s* compensation were paid in 1942 in addition
to those shown above but were not deducted from taxable income in 1942 as
such amounts were charged to surplus in 1942 being accruable in the years
I93U and 1935.

34.874.98
20.224.98
20.924.98

George W. Hill
P. M. Hahn
V. Riggio

76,724.94
AMERICAN WEEKLY, INC.
Berkowitz, Mortimer
AMERICAN WOOLEN COMPANY
Pendleton, Moses
BANKERS TRUST COMPANY
Colt, S. Sloan

I2/31/U2
52,166.64

12/31/U2
12/31/U2

68,659.15

120,825.79

125,600.00

125,000.00

,

1 0 0 0 0 0 .0 0

4,250.00

104,250.00

- 25 -

CALENDAR OR
FISCAL YEAR
ENDED

NAME OE CORPORATION
AND OFFICERS OR
EMPLOYEES

SALARY

COMISSION"

BONUS

OTHER
COMPENSATION

TOTAL

NEW YORK (Cont.)

12/3I/H2

BEDDING HEMINWAY COMPANY
Levi, Frank
BELL AIRCRAFT CORPORATION
Bell, Lawrence D.

70,85!*. 26

20,000.00
I2/31/U2

90,85^.26
97,3-66.66

NOTE:
The above compensation of $97,166.66 includes amounts paid directly to
Lawrence D. Bell and amounts paid to a trustee under a trust agreement.

58,529.00

1*8,000.00

106,529.00
76,97^*55

100

1/-31/ P

91,1*00.00
108,053.1*8

I2/3I/U2

12/31/ltè

600,00

100,159.1*1*

159.1*1*
1 ,029.66

75 ,000.00

30 ,000.00
175
100

00
0
00

I2/31/H2

76,029.66
116,622.50

86,622.50
0
0
0
0

I2/31/U2

1*0,800.00

180,800.00

00
0
0

U/30/U3

50, 000.00

106,^00.00

• *

I2/31/U2

CpVJl
VJ1 OQ

I/31/U3

0
0
0
0
0

BEST & COMPANY, INC.
LeBoutillier, Philip
CANNON MILLS, INC.
Phillips, Stanley
CARTER CARBURETOR CORPORATION
Weed, Hugh H. C.
CELANESE CORPORATION OF AMERICA
Cameron, Wm. McC.
CENTRAL HANOVER BANK & TRUST COMPANY
Gray, W. S.? Jr.
CERRO DE PASCO COPPER CORPORATION
Kingsmill, Harold
CHARLES STORES COMPANY, INC.
Hornstein, B. S.
THE CHASE NATIONAL BANK OF THE CITY
OF NEI? YORK
Aldrich, Winthrop W.
Campbell, H. Donald

- 26 NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES __ _

CALENDAR OR
FISCAL YEAR
ENDED

----- :
——
SALARY
COMMISSION

BONUS

OTHER
COMEENSATION

TOTAL
____

NEW YORK (Cont.)
CHEMICAL BANK & TRUST COMPANY
Houston* Frank K.
Johnston, Percy H.
CITIES SERVICE COMPANY
Jones, W. Alton
CLUSTT, PEABODY & COMPANY, INC.
Palmer, C. R.
COLUMBIA BROADCASTING SYSTEM, INC.
Paley, William S.
COMMERCIAL INVESTMENT TRUST, INC.
Diltz, Arthur 0.
CONSOLIDATED OIL CORPORATION
Sinclair, E. W.
Sinclair, H. F.
CORN EXCHANGE BANK TRUST COMPANY
Sherer, Dunham B.
THE CROWELL-COLLIER PUBLISHING CO.
Beck, Thomas H.
CRUCIBLE STEEL COMPANY OF AMERICA
Hufnagel, F. B.
THE DIAMOND MATCH COMPANY
Fairhurn, W. A.
DONAHUE,& COE, INCORPORATED
Churchill, E. J.
H. DUYS & COMPANY, INC.
Steur, John A. C.

12/31/42
12/31/42
12/31/42
12/31/42
12/31/42
12/31/42
12/31/42
12/31/42
12/31/42
12/31/42

76,000,00
75,416.67

76,725.00
75,416.67

1 ,725.00

150,000.00

200.00 150,200.00

95,000.00

95,000.00
185,820.11

100,000000
92,500.00
155,200.00

110.00 100,110.00
,350.00 .193,850.00
900.00 156,100.00

75,000.00

1,040.00

76,040.00

75,000.00

240.00

75,240.00

150,000.00

150,000.00

100,000.00

100,000.00

12/31/42
3/31/43

127,625.00
20,394.30

g0,EQh.3O

- 27 -

NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

OTHER
COMMISSION
BONUS
COMPENTOTAL
______ _______ ________
'
_____ ~ S A T I O N ________

NEW YORK (Cent.)

I2/31/U2
EASTMAN KODAK COMPANY
Hargrave, T . J.
Lovejoy, Frank W.
Sievers, H. C.
Sulzer, A. F.
ETHYL CORPORATION, FORMERLY ETHYL
12/31/H2
GASOLINE CORPORATION
Wefb, Earle W.
12/31/H2
FAIRCHILD ENGINE & AIRPLANE CORP.
Ward, J. Carlton, Jr,
THE FIRST NATIONAL BANK OF THE CITT
12/31/U2
OF NEW YORK
Fraser, Leon
We 1Idon, Samue 1 A .
I2/3I/U2
THE FLINTKGTEF COMPANY
Harvey, I. J., Jr,
12/31/U2
ROBERT GAIR COMPANY, INC.
Dyke, George E.
12/31/U2
GENERAL ELECTRIC COMPANY
Reed, Philip D.
Wilson, Charles 1.
INTERNATIONAL GENERAL ELECTRIC CO.,INC.12/31/U2
Minor, Clark H.
GENERAL FOODS CORPORATION
12/31/U2
Chester, Colby M.
Francis, Clarence
Igleheart, Austin S.
Metcalf, Charles W.

108,986.5U
92.U90.3S
77,925.00
10s.9s6.5u
60,000100

3 U,2 9 7 .U9

9U.297.U9

96,069.69

500.00

96,569.69

85,000.00

13., 200.00
1,200.00

86,200.00

6P0.00

90.0P0.00

75.000.

00

75.000.00

lU.UOO.OO

Us,000.00

Us,000.00

60.000.
77,916.6U

00

60.000.
90.000.

50.000.

00

36,000.00

129,999.96
11U,999.96
100.07U.96
85.07U.96

76,200.00

96,000.00

00
00

120,000.00
167,916.6U
S6.000.00

129,999.96
11U.999.96
100.07U.96
S5.07U.96

- 28 -

NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL TEAR
ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPENSATION

60,793-75

5,492.00a
5 ,223.43b

TOTAL

NEW YORK (Cont.)
GENERAL MOTORS ACCEPTANCE CORPORATION
Schumann, John J., Jr.

12/31/4-2
65,000.00

3^0.00

136,809.18

(a) Represents dividends received on "bonus stock held in escrow.
(fh) Covers General Motors cost in providing "benefits to narticinating employes under
the General Motors Employes Contributory Retirement Plan.
GIMBEL BROTHERS, INC.
Broido, Louis
Gimbel, Bernard F.
Gimbel, Frederic A.
Kaufmann, Arthur C.
KAUFMANN & BAER COMPANY
Blum, Jacques
SAKS & COMPANY
Gimbel, Adam L.
W. R. GRACE & COMPANY
Iglehart, D. S.
W. T. GRANT COMPANY
Fogler, Raymond H.
THE GREAT ATLANTIC & PACIFIC TEA
COMPANY (NEW JERSEY)
Adams, 0. C.
Brooks, C. A.
Byrnes, W. M.
Smith, R. B,

l/M/kj

1/31A3

1/ 31/U3
12/31/U2
.’.1/31/1*3

2/27/1+3

50,000.0^
100,000.00
•49,999.92
50,000.00

35,000.00
47,500.08
47,500.00

100,000.00
97,500.00
97,500.00

50,000.00

47,500.00

97,500.00

60,000.00

40,000.00

100,000.00

48,000.00

60,000.00
100,021.00
100,021.00
100,021.00
100,025.00

85,000.04

34,383.34
58,181.81

82,383.34
118,181.81

• 20.00
40.00

100,041.00
100,021.00
100,061.00
100,025.00

- 29 -

NAME OE CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

NEW YORK (Cont.)

7,U93.lU

I2/31/U2

gU,000.00
8*4,000.00

SU,000.00
SU,000.00

8/31A 3
I2/31/U2
I/3I/U3
^30/^3

6/ 30/U3
12/31/U2
I2/3I/U2

12/31/U2

12,000.00

43,750.00-

67,634.85

79,634.85

112,259.4S

156,009.Ug

30,000.00
27,000.00

106,897.30

xï

6,897.30

100,000.00
100,000.00

rH
P'"'.
cr-

fa)

I2/ 31/U2

r—
10—1

GUARANTY TRUST COMPANY OF NEW YORK
Conway, W. P.
Stetson, E. W.
HANDY AND HARMAN
Handy, C. W,
Niemeyer, G. H.
CHR. HANSEN’S LABORATORY, INC.
Monrad, Karl J.
HEARST MAGAZINES, INC.
Berlin, Richard E.
THE WILLIAM HENGERER COMPANY
Hecht, H. M.
HICKOK MANUFACTURING COMPANY, INC.
Hickok, S. Rae
HOLOPHANE COMPANY, INC.
Cameron, Alexander D.
Franck, Charles
HUROK ATTRACTIONS, INC.
Anderson, M.
INGERSOLL-RAND COMPANY
Doubleday, George
INTERNATIONAL BUSINESS MACHINES CORP.
Nichol, Frederick W.
Watson, Thomas J.
NOTE:
The above

U6,6bb . 76

7b,bbb.78
120,000.00

93,000.00

17,000.00 63.571.53
17,000.00 63.571.53

80,571.53
SO,571.53

95,502.57

95,502.57

7g,000.00

78,000.00

100,000.00
100,000.00

10,000.00

5,331.00
325,5^-8.9U( a)

115,331.00
425,546.94

compensations are not inclusive of amounts paid as directors’ fees.

Percentage compensation under employment contract.

NAME OE CORPORATION
AND OEFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY
___ _______

COMMISSION

BONUS

OTHER
COMPENSATION

TOTAL

NEW YORK (Pont.)
JOffiBMANVILLE CORPORATION
Brown, Lewis H.
JOHNSON & HIGGINS
Coe, George V.
Davey, W. N.
Field, Alexander
Friberg, A.
Hall, W. E.
Hunt, E, F.
Keegan, J. S.
La Boyteaux, W. H,
Lowe, H . W .
Ord, W. E. J.
Sexton, H. B.
Taylor, R. J.
JORDAN MARSH COMPANY
Mitton, E. R.
KENNECOTT COPPER CORPORATION
Stannard, E. T.
WALTER KIDDE & COMPANY, INC.
Freygang, Walter H.
Gillespie, T. M.
Morris, R. V.
KING FEATURES SYNDICATE, INC.
McManus, George
Ripley, Robert L.
Young, Murat C.
LACKAWANNA STEEL CONSTRUCTION CORP.
Phillippi, W. H.

12/31/U2
96,000.00

1,500.00

9 7 ,500.00

21 S,257 .S7

120.00
120.00

218 ,^77.87

12/31/U2
206,770.61
11^,872.56
S0 ,U1 0 .7 9
166.565.21
160,821.59
166.565.22
321,61+3.17
206,770.61
80 ,1+10 .79
1 3 7 ,81+7 .0 7
991 ,898.05
X/3X/U3
1+9,000.00

180.00
220.00

180.00
2U0.00
200.00
21+0.00
260.00
160;00

89,565.06

1+0,565.06

12/31/U2
•1,150.00

125,000.00
12/31/U2
35.000.
9 8 .0 0 0 .

02
82,71+1+. 62
26,025.19
00

75,000.00

108.,93S. 28

I2/31/U2
106-, 975« 67
113,602-. 1+6
124*738.09
12/31/1+2
98,000.00

206,890.61
Hl+,872.56
8 0 ,590.79
166,785.21
161,001.59
166 ,305.22
321 ,81+3.1 7
207,010.61
8 0 ,1+10.79
138,107.07
92 ,0 *8 .0 3

126,150100
110,000.02
g2,7l+U. 62
232 ,963 .1+7

106 ,975-67
117,602.1+6
I2i+,73 S .09
98,000.00

\
- 31 -

ÎIME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
TESCAL YEAR
ENDED

SALARY

COMMISSION

OTHER
COMPENSATI ON

BONUS

TOTAL'-'

NEW YORK (Cont.)
THE LANDER COMPANY, INC.
Oestreich, Charles H.
LENNEN & MITCHELL, INC.
Lennep,Philip W.
L0 ÎÏT METAL PRODUCTS COMPANY, INC.
Lewyt, Alexander
S. LIEBOVITZ & SONS, INC.
Hyman, Joseph
Rosensweig, Louis
THE LONGINES-WITTNAUER WATCH COMPANY
COMPANY, INCORPORATED
Certoun, M. F.
Guilden, Morris
Hëinmuller, J. P. V.
Perlman, Samuel
LORD & TAYLOR
Hcving, Walter
LUCKENBACH STEAMSHIP COMPANY, INC.
Luckenbach, E^gar F.
R. H. MACY & COMPANY, INC.
Marks, Edwin I.
Straus, Jack I.
MANUFACTURERS TRUST COMPANY
Gihson, Harvey D.
CARL MARKS & COMPANY, INC.
Marks, Carl

12/31/42
13,000.00

76,505.00

39*505-oo'

79,999.92

3 ,333-33

83,3^.3.25

12/31/42
12/31/42

95 ,070.01

35,000.00

60,070.01

15.000.
25.000.

5,228 »00
00
00

78.716.56
78.716.56

79 ,935-99
5^,935-99

10.000.
15.000.
10.000.
10,000100

12/31/42

92 ,944.56
103,716.56

3/31/43
33,000.00
21,000.00
25,000.00

55,356.04
4 1 ,202.00

39 ,935.99
102,935.99
8 d ,256.04
76,202.00

00
00
00

1/31/43
7Q,000.00

18,709.86

88,709.86

12/31/42
150,000.00

150,000.00
1/3*/■%

97,266.67

280.00
'420.00

88,380.00
97,686.67

135,000.00

1,599.no

136 ,599.40

2 8 ,100.00

12/31/42
12/31/42
150,000.00

150,000.00

—

NAME OF CORPORATION
AND OFFICERS OR

EMPLOYEES_________ _
NEW YORK (Cent.)
THE MATHIESON ALKALI WORKS (IN6*)
Allen, E. M.
McCALL CORPORATION
Warner, William B.

McCALLUM-HATCH BRONZE COMPANY, INC.
KcCallum, John C.
MC CAMPBELL & COMPANY, INC.
Hughes, John Chambers
Mannion, Frank D.
McCamubell, Leavelle
SSfcennm, Raymond H.
MERGER ENGINEERING WORKS, INC.
Scheid, Hugo
METROPOLITAN LIFE INSURANCE COMPANY
Lincoln, Leroy A.
NATIONAL BISCUIT COMPANY
Tomlinson, R. B.
THE NATIONAL CITY BANK OF NEW YORK
Brady, William Gage, Jr.
Burgess, W. Randolph
Rentschle'r, Gordon S.
NATIONAL DAIRY PRODUCTS CORPORATION
McInnerney, Thomas H .
Van Bomel, L. A.
NATIONAL DISTILLERS PRODUCTS CORP.
Porter, Se ton
NATIONAL GYPSUM COMPANY
Baker, Melvin H.
NESTLE»S MILK PRODUCTS, INC.
Norton, D. F,

CALENDAR OPFISCAL YEAR
ENDED

32

SALARY
COMMISSION
__________________

BONUS

OTHER
COMPEN­
SATION

12/31/U2

91.200.00

91,200.00
12/31/U2
75,000.00

TOTAL

35,386.00

587.23

110,973.23

12/31/U2
8U.069.7S

8U.069.78
12/31/U2

80.00

99.083.90
99.083.90
138,793*27
9 9 ,0 8 3 .90

60.00

80.00
60.00

12/31/U2

99,163.90
Q9.1U3.90
138,873.27
9 9 ,iU3 .9 0
59,121.06

89,121.06
12/31/U2

125.000.

125,000.00
12/31/U2

00

91.200.00

91,200.00
12/31/U2
99,999.8U
79 ,999*92
12U,9 9 9 ‘92

U,700.00
U.Uoo.oo
U,600.00

10U.699.6U
gu.399.92
129 ,.599.92

118,500.00
SU.Ò00.00

520.00
6U0.00

119,020.00

12/31/U2

12/31/U2
100,000.00
12/31/U2

77,000.00

su.a+o.oo
177.000.

85,000100

55,000.00

9 8 ,750.00

98.750.00

12/31/U2

00

- 33 -

NAME OE CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSI ON

BONUS

OTHER
COMPEN­
SATION

TOTAL

NEW YORK (Cont.)
12/31/U2
NEUSS, HESSLEIN & COMPANY, INC.
Planzt William C.
12/31/U2
THE NEW JERSEY ZINC COMPANY
Haye s, J . E .
12/3 1 /4 2
NEW YORK LIFE INSURANCE COMPANY
Harrison, George L.
I2/31/U2
THE NEW YORK TRUST COMPANY
Bierwirth, John E.
NORDA ESSENTIAL OIL & CHEMICAL
12/31/42
COMPANY # INCORPORATED
Kohl, Hermann J .
Rowse, William H.
12/31/42
CARL L. NORDEN, INC.
Barth, T. R.
7 /3 l/L'3
OHRBACH* S, INC.
Ohrbach, Nathan M.
12/31/42
PARAMOUNT PICTURES, INC.
Bracke 1 1 , Charle s
Butler, Frank Russell
Chaînette, Rene (Rene Clair)
Colbert,. Claudette
Crosby, Harry L.
DeSylva, George G.
Freeman, Y. Frank
Ginsberg, Henry
Goddard, Paulette
Griffith, Edward H.
Hope, Bob
EKaum^yer,Dorothy S. (Dorothy Lamour)

88,200.00

75,000.00

13,200.00

5,130.00

76,500.00

85,000.00

85^:000.00
5,200.00

72,500.00

15,000.00

81,670.00

103,955.19
59,200,00

100,000.00

77,700.00

118 ,955.19
18,225.00

77,^-25.00

10,000.00

110,000.00

100,000.00

100,000.00

90.500.00
86.950.00
84,317.26
360.000.
336,111.09
223,416.67
130.000.
114.375.00
152.500.00
91,379.6s

90.900.00
86.950.00
84 ,317.26
360,-000.00
336 ,111.09
517 ,517.06
130,000.00
114 ,775-00
152.500.00
91 ,779 .6 s

127,416.66

00
90,100.39
00

lUg’-?5?*55
127,416.66

-

name of corporation

AND OFFICERS OR
EMPLOYEES

-

calendar or

FISCAL YEAR
SALARY
COMMISSION
_______ENDED_____________________________

BONUS

OTHER
COMPENSATION

TOTAL

NEW YORK (Cont.)
PARAMOUNT PICTURES, INC. (Cont)
Keough, Austin C.
Leisen, James Mitchell
MacMurray, Fred
March, Frederic
Marshall, George
McCrea, Joel
Mi Hand, Raymond
Moore, Victor Fred
Rogers, Ginger
Sandrich, Mark Rex
Sturges, Preston
TTone, Francho t
Tugend, Harry
Wood, Sam
Zukor, Adolph
J. C. PENNEY COMPANY
Binzen, F. ïï.
Burkitt, E. A.
Crocker,.G. H.
Herbert J. I. H.
Hughes, A. W.
Mack, G. E.
Reynolds, W. A,
Ross, Earl A.
Trown, R. W.
Williams, G. F.
EDWARD PSTRY & COMPANY, INC.Petry, Edward

12/31/U2

78 ,000,00
1*45,88 *4.20

1*45,88*4.20

3^7,333.33
100 ,000.00
131,708.33
90,000.00
130,166.67
103,125.00
2*45,000.00
112,000.00
229,000.00
121,000.00
119,250.00
111,625.00
10*4,000 .0 0

3^7,333.33
100 ,000.00
131,708.33
90,000.00
130,166,67
103,125.00
2*45,000.00
112,000.00
229,000.00
121,000.00
119,250.00
111,625,00
10*4,000.00

10,000.00

71,155.16- 81,155.16
75,593.20
66,259.88
71,155.16
81,155.16
81,155.16
71,155.16
81,155.16
71,155.16
11 *4,*4*43.00
x o H,^U3.05
81,155.16
71,155.16
81,155.16
71,155.16
81,155.16
71,155.16
8 9 ,*433.W
79,^33.51

78,000.00

12/31/U2

9,333.32
10,000.00
10,000.00 .
10,000.00

9,999.95
10,000.00
10,000.00
10,000.00
I2/EI/U2

9,999.93
68,750.00

10,312.50

79,062.50

NAME OE CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPENSATION

TOTAL

NEW YORK (Cent.) .
l?ÌZf.pLp\-Z
CHARLES PFIZER & COMPANY, INC.
Anderson, G. A.
Powers, J . J .
Smith, J. L.
Teeter, A. A.
12/31/ b z
PHELPS DODGE CORPORATION
Cates, Louis S.
PHILIP MORRIS & COMPANY
3/511^3
LIMITED, INCORPORATED
Chalklcy, 0 . H. .
Lyon, A. E.
12/31/H2
RADIO CORPORATION OF AMERICA
Sarnoff, David
I2/3I/L2
THE READERS DIGEST ASSOCIATION, INC.
Cole, Albert L.
Payne, Kenneth W,
Wallace, DeWitt
'
,, ,
REEVES BROTHERS, INC.
b/8 0 /4 3
Reeves, lohn M.
. ..
REMINGTON RAND, INC.
3 /3 1/-J
Bledsoe, G. L.
Goodman, H. H.
Jones, H. W.
Knapp, S. M.
Landsiedel, HarryRand, J. H.J Jr.
RUSSELL, BUPDSALL & 17ARD BOLT & NUT CO. 6/3 0 /4 3
Ward, Evans

1

28 ,000.00
21,000.00
23 ,000.00
19 ,833.32

101.782.83 129 .782.83
93,660.10
72,660.10
129
.782.83
101.782.83
8^,188.27
65 ,55^.95
150,000,00

150,000.00
35.000.
35.000.

$0,050.00
70,050.00

109,050.00
105,050.00

00
00
900.00

100,000.00

100,900.00

8L,500.00
Us,000.00
99,500.00

36,500.00

8U,5OO.OO
8^,500.00
99 ,500.00

66,000,00

uo,ooo.oo

106,000.00

71^,125.02
58,007.01
li9,006.so

19,567.09
36,183.86
102,610.70

',30300.00
3.300.00
3.300.00

79,917.02
7s.075.06
80,707.71
9<?S992H 1
97 ,U90 .S7
25U.9i7.5O

22,500.00

55 »993.77

US,355.00

126,8^8.77

79,917.02
7g,075.06
SO.707.7i

'BLAME OF CORPORATION :
’ CALENDAR" "OR"
AMD OFFICERS OR
FISCAL YEAR
• EMPLOYEES
______.
_____ ENDED

— — ---------------------- OTHER
SALARY

COMMISSION

BONUS

COMPEN­
SATION

TOTAL

NEW YORK (Cent.)
RUSSELL & STOLL COMPANY
12/3 1 /H2
Stoll, Altert F.
THE F. & M. SCHAEFER BREWING- COMPANY 12 /31 /H2
Schaefer, F. M. E,
Schaefer, R. J.
12/ ^ l / k 2

’ ‘
12/31/^42

179 ,176.37

127 ,176.37

82,666.60
106,000.00

8 2 ,866.66

1L8QP00

1 0 6 ,1 8 0 .0 0

8 0 ,000.00

30,000.00

1 1 0 ,0 0 0 .0 0

100,000.00
HO,000.00
Ho,000.00

Ho,000.00
Ho,000.00

1 0 0 ,0 0 0 .
80 ,000 .
80 ,000 .

8 88

12 /3 1 /4 2

120,000.

120,000.00
8 0 ,000.00
85,000.00
l/31/143

9220.00

8 88

SHELL UNION OIL C O B L A T I O N
van der Woude, ,R.
A.
THE SINGER MANUFACTURING COMPANY
Alexander, Sir Douglas, Bart.
Lightner, Milton 0 .
Morton, John
SOCONY-VACUUM OIL COMPANY, INC,
Brown, John A,
Holton, George V.
Sheets, Harold F.
L. SONNE.BOEM SONS, INC.
Roten, J.
Sormehorn, F.
Sonnehorn, R.
SIMPLICITY PATTERN COMPANY, INC.
Shapiro, Joseph M.
STANDARD OIL COMPANY OF NEW JERSEY
Sadler. E. J.

52,000.00

18 ,000.00
22,500.00
13,600.00

12/3 1 /4 2
60,000.00
12/3l/H2
82,500.00

80 ,000 .
8 6 ,0 0 0 .
7H,37 S.Ob
74 ,738.06
7H,33 S.o 6
\

92,738.
96,838.
87,838.06
107,057.66
8 2 ,5 0 0 .0 0

- 37 NAME 0? CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSION

BONUS

On'HE'R
COMEENRATION

TOTAL

NEW YORK (Cont. )
STANDARD OIL COMPANY (NEW JERSEY)
Farish, W. S.
Gallagher, R. W,
Harden, Orville
STERN BROTHER,S
Riordan, William 0 .
TECHNICAL METAL FINISHING CORP.
Munzer, Alfred E.
Munzer, William
MunziJ?, William A.
THORER & HOLLENDER, INC.
Mahler, Curt
TIDE WATER ASSOCIATED OIL COMPANY
Humphrey, William F.
M. H. TREADWELL.COMPANY, INC.
Casey, J. S.
TIJBIZE CHATILLON CORPORATION
Bassill, J. E.
TWENTIETH CENTURY-FOX FI Hi CORP.
Ameche, Don F.
Bennett, Joan
Benny, «Jack
Berle, Milton
Connors, Thomas J.
Cummings, Irving
Fleisher, Sidney R.
Fonda, Henry
Foy, Bryan
Gahin, Jean Alexis
Goetz, William

I2/31/U2

114 , 087.00

1 1 4 , 087.00

80,000.00
90 , 000.00

80,000.00
90 , 000.00
x /3^/^ 3

12 / 31/'42

11 / 30/^3
12 / 31/4 2
12 / 3 1/4 2
12 / 31/4 2
12 / 3 1/4 2

180.00

75,180.00

00 , 000.00

2 5 , 000.00

29.400.00
29.400.00
29.400.00

517. 500.00
5 7 . 500.00
5 7 . 500.00

86 . 900.00
86 . 900.00
86 . 900.00

24,000.00

52 , 8 6 1.11

7 6 , 8 6 1.11

7 5 , 000.00

3 , 515.2 0

7 8 , 515.20

44,800.00

50 , 000.00

94 , 800.00

194 , 500.01
8 1 , 904.76
1 2 5 . 000 .
8 2 . 500.00
96 . 750.00
1 38 , 666.67
1 6 7 , 625.00
169 . 000 .
100 . 000 .
155,500100

75,778.38

5,733.31

7 0 , 000.00

00
1 1 , 3 2 3 .3 3
645 , 000.00
00
00

200.00

194 , 500.01
8 1 , 904.76
1255 QOOOOO
82 . 500.00
108 , 6 7 3 .3 3
138 , 666.67

645.000.
16 7 . 625.00
169 . 000 .
100 . 000 .
15 5 . 700.00

00
00
00

name of corporation

AND OFFICERS OR
EMPLOYEES

c a l e n d a r ,o r

FISCAL TEAR
SALARY
.
______ ENDED______ ________

COMMISSION

BONUS

OTHER
COMPENSATION

TOTAL

NEW YORK (Cont.)
TWENTIETH CENTURY-FOX FILM GÛBPÇÏÿSâ&GN) 12/3 1 /U2
Grable, Betty
Hathaway, Henry L.
Hecht, Ben
Henie, Sonja
Johnson, Nunnally H,
Kane, Robert T.
King, Henry
Koenig, William
Lang, Walter R.
LeBaron, William
Lubitsch, Ernest
Mayo, Archie Louis
Miranda, Carmen
Mitchell, Thomas
Newman, Alfred
Oakie, Jack
Perlherg, William
power,. Tyrone
Romero, Cesar
Ryskind, Morrie
Skouras, Spyros P.
Stahl, John M.
Swerling, Joseph
Tierney, Gene
-Trotti, Lamar
Wellman, William A.
Wurtzel, Sol M.
Zanuck, Darryl F.

9 2 ,37.5 .0 0
lî+5 ,8 8 8 .9 0
1^1,500.00
100,000.00
1 8 2 ,0 0 0 .0 0
10H,000.00
1 3 5 ,2 3 3 .3 2
85,500.00
1U1,166.61
156,000.00
138,000.00
119,^25.80
33,750-00
128,269.80
78,000.00
135,208.33
101,^00.00
162,872.22
95,125.00
81,666.67
175,076.8U
80,500.00
126,250.00
7 5 ,8 5 0 .0 0
101,250.00
155,000.00
ili,666.66
175,000.00

9 2 .8 7 5 .0 0
1 ^5 , 8 8 8 .9 0

1^1,500.00
1 0 0 ,0 0 0 .0 0
1 8 2 , 0 0 0 .0 0
10^,000,00
l ’,5,8^8. 82
8 5 ,POO. 00

lUi,l66.6l

50,000.00

12,500.00
1,500.00

90.00
1 0 0 .0 0

156,000.00
1 8 8 , 0 0 0 .0 0
> 1 1 9 ,U2 5 .8 0
88,750.00
1 2 8 ,2 6 9 .8 0
7 8 ,0 0 0 .0 0
1 8 5 , 2 0 8 .8 8
1 0 1 ,t o ).0 0
175,572. 2?
9 5 . 1 2 5 .0 0
8 1 ,6 6 6 .6 7
17 ^ , 5'7 6 . 8 U
8 0 .5 0 0 .0 0
126,250.00
75,850.00
101,250>00
155,000.00
l i § v 756 6665
175,100.00

- 39 "*NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPENSATION

TOTAL

NEW YORK (Cont.)
UNDERWOOD ELLIOTT FISHER COMPANY
Wagoner, Philip D.
UNION BAG & PAPER CORPORATION
-Calder, Alexander
UNION PACIFIC RAILROAD COMPANY
AND AFFILIATED RAILROAD COMPANIES
Jeffers, W. M.
UNIQUE BALANCE,COMPANY (INC,)
Smith, H. A.
UNITED ARTISTS CORPORATION
Sears, Gradwell L.
UNITED STATES RUBBER'COMPANY
Adamson, Percy
Davis, F. B. Jr,
Humphreys, H. E,, Jr.
Needham, T. J.
Roberts, Elmer
Smith, Herbert E,
Tompkins, L. D*
UNITED STATES STEEL CORPORATION
Miller, Nathan L.
Olds, Irving S.
Voorhees, E, M.
R. T. VANDERBILT COMPANY, INC.
Somerville, A. A*
Vanderbilt, R. T.

12/31/U2
138,710.00

1 3 8 ,7 1 0 .0 0
12/31/^2
ll+,901.20

825.00

100,726.17

725.OO

75.725.00

I2/31/U2
75,000.00
12/31/U2

90 ,977-^2

90,977.1+2

xg/31 /te
130.000.

130,000.00

00

12/31/U2
150.000.
60,18^.53
i+i+,6 6 6 ,6 8
l+i+,6 6 6 .6 8
60,1211.53

97^
00

9 .1*5
60.056.75
60.056.75
60.056.75
60.056.75
60.056.75

55 *999-92

1+20.00
U20.00
1+20.00
1+20.00
300.00
310.00

12/31/I+2
5,1+00.00
l+,900.00
6,200.00

75,000.00

100 .000 .
100 ,000.08

08

I2/31/I+2
187,325,00
175,000.00

55,000.00

97,1+89.1+5
150,1+20.00
120,661.28
105,11+3.1+3
105,11+3.1+7
120,51+1.28
116,766.67

80 ,1+0 0 .00 “
10U,9 0 0 .0g
1 0 6 ,2 0 0 .0 8
187 .725.00
230.000.

00

40
NAME OP CORPORATION
. AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMISSION

.OTHER
COMPENSATI ON

BONUS

TOTAL

NEW YORK (C0nt.)
VITAGRAPH, INCORPORATED
Einfeld, S. C.
WALL ROPE ?/ORKS, INC,
Wall, Harold M.
WALLERSTEIN COMPANY, INC,
Graf, William
Wallerstein, Leo
WALWORTH COMPANY
Holton, W, B., Jr.
WARNER BROS. CIRCUIT MANAGEMENT CORF,
Hoffman, I. J.
WARNER BROTHERS PICTURES, INC.
Bacon, Lloyd
Bernhard, Joseph
Blanke, Henry
Bogart, Humphrey
Butler, David
Curtiz, Michael
Davis, Bette
De Havilland, Olivia
Elynn, Errol
Kerbstein, Leo
Garfield, Jules
Glazer, Benjamin E.
Grant, Cary
Hawks, Howard
Hellinger, Mark
Heilman, Sam
Henreid, Paul
Huston, Walter

S/31/U3

104 .000 .

00

26,000.00

130 ,.000.00

12/3 1 /4 2
30,000.00

75.000.

00

2 1 ,000500
1 0 .0 0 0 .

00

105.000.

00

I2/31/U2
60,000.00
84 .000 .

00

75.000.

00

52.000.

00

8 1 ,0 0 0 .0 0
94.000.

00

12/3l/ 42
45,000.00

1 2 0 .0 0 0 .

00

g/31/4-3
8 0 ,4 6 1 .1 1

2 8 ,4 6 1 .1 1

S/3X/U3
1 2 8 ,8 8 8 .3 8

1 2 8 ,3 3 3 .3 3
112,500.00
121,500.00
114 ,125.01
1 5 6 .8 7 5 .0 0
1 9 ^,1 5 2 .5 5

19,000.00

133-0 QQQOO

1 2 1 ‘‘500COO
1 1 4 ,1 2 5 .0 1
1 ^6 ,8 7 0 .0 0
193,152.50

00

220,000.00
79 ,916.66

175.000.
00
7 8 ,0 0 0 .0 0
79,125.00
8 6 0 0 0 .0 0
1 0 0 .0 0 0 .
00
107.500.00
156,000.00
78,000.00
105 .9 3 7 -3 1*
n s . 333-33

175.000.
7 8 ,0 0 0 .0 0
7 9 ,1 2 5 .0 0

200.000.

79»9l6.66

,

8 6 ,0 0 0 .0 0
1 0 0 ,0 0 0 .0 0
107,500.00
156,000.00
7 8 ,0 0 0 .0 0
IO5,9 3 7*34
118 ,333*83

00

Hl -

M E 07 CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED '

SALARY
________ _

COMMISSION

BONUS

COMPENSATION

TOTAL

NEW YORK (Cent.)
WARNER BROTHERS PICTURES,CORP.(Cont.)
LaLasky, Jesse L., Sr.
Lupino, Ida
Schneider, S.
Sheridan, Ann
Steiner, Max
Walsh, Raoul
Wallis, H. B.
Warner, Albert
Warner, H. H.
Warner, J. L.
Wood, Sam
WESTERN ELECTRIC COMPANY, INC.
Stoll, C. G.
R. C . WILLIAMS &. COMPANY, INC.
McMahon, Joseph F.
F. W. WOODWORTH COMPANY
Chamberlain, C. S.
Cornwell, A, L.
Crowther, H. S.
Deyo, C . W.
O ’Neil, H. E.
YOUNG AND RUBICAM, INC.
LaRoche, Chester, Jr.
Rubicam, Raymond

S/3I/U3

9 1 ,266.67
lH2 ,750.00
65.000.
22,333.3H
85,800.00
123,750.00
205.000.
91.000.
1 8 2 .000 .
182 ,000 .0 0
1 5 T,i9 9 .9 7

00

1 3 ,0 0 0 .0 0

00
00
00

13,000.00

00

56O.OO

12/31/H2
90.000.
H/30/H3

91,266.67
IH2,75O.OO
7 8 ,0 0 0 .0 0
S2 .8 8 8 .8H
8 5 ,8 0 0 .0 0
1 2 8 ,7 6 0 .0 0
208 ,000.00
10H,000.00
182 ,000.00
182 ,000.00
157 ,0)99*97
00,560.00

9 9 ,5 1 8 .1 1

99,518.11

75.156.76
9U,209.0l
S0,HSH.29
250.97H.50
87,675-87

75,156.76
9H.209.Ol
80,H8H.29
250.97H.50
87,675.27

I2/31/H2

12/31/H2

95.000.
8 0 .000 .

16
00

- 42 NAME OE CORPORATION
AND OFEICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

NORTH CAROLINA
BLUE BELL GLOBE MANUFACTURING COMPANY
Fox, J. C.
NORTH CAROLINA EQUIPMENT COMPANY
Finley, A. E.
R. J, REYNOLDS TOBACCO COMPANY
Williams, S. Clay

12/3 1 /4 2
109,350.00
I2/31/U2
6,000.00

95,7^9.29

1 0 1 ,7 4 9 .2 9

I2/31/U2
100,000.00

100,000.00

OHIO
THE AMERICAN ROLLING MILL COMPANY
Hook, Charles R.
Verity, Calvin
THE AETNA PAPER COMPANY
Howard, H. M.
CHAMPION SPARK PLUG COMPANY
Stranehan, Frank D.
Stranahan, Rohert A*
COMMERCIAL FORGINGS COMPANY
Elher, 0 . F.
Illingworth, Walter
THE CROSLEY CORPORATION
Cosgrove, R. C.
THE DENISON ENGINEERING COMPANY
Denison, W, C., Jr.
EATON MANUFACTURING COMPANY
Eaton, J, 0 .
THE ELECTRIC AUTO-LITE COMPANY
Martin, Royce G.

I2/3I/H2
80,290.00
58,880.8 4

5 6 ,4 8 1 .0 2
42,152.149

136,771.02
1 0 1 ,0 3 3 .3 3

36*000.00

125,900.20

161,900.20

12/31/te
I2/3I/H2
120,000.00
170,000.00

120,000.00
170,000.00

12/3 1 /4 2
4 2 ,0 0 0 .0 0
51,000.00

42,877.02
42,877.02

8 4 ,8 7 7 .0 2
9 3 ,8 7 7 .0 2

50,000.00

43,000.00

9 % 0 0 0 .0 0

1 0 0 ,0 0 0 .0 0

89.757.90

1 8 9 ,7 5 7 -9 0

45,000.00

55,000.00

1 0 0 ,0 0 0 .0 0

12/31/U2
I2/3I/U2
12/31/U2
I2/31/H2
107,600.00

107,600.00

- U3 .-

NAME OE CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
‘ENDED

SALARY

COMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

OHIO (Cont.)
THE FOREST CITY IWBLISHING COMPANY
Bellamy, Paul
McCarrens, John S.
THE FOSDICK MACHINE TOOL COMPANY
Linden, C. E.
GENERAL MACHINERY CORPORATION
Rentschler, George A.
THE GLIDDEN COMPANY
Joyce, Adrian D.
THE B. F. GOODRICH COMPANY
Collyer, John L.
THE GOODYEAR TIRE & RUBBER COMPANY
Litchfield, P. W.
Thomas, E. J.
THE GRUEN WATCH COMPANY
Eat2, Benjamin S.
INDUSTRIAL RAYON CORPORATION
Rivits, Hiram S.

I2/31/U2
15,600.00
60,000.00

73,909.92
lgU.77U.95

39,509.98
2UU>77U.95

I2/31/U2
5,200.00

86,337.S2

91,537.82

12/3 l7.k2
90,000.00

*7,500.00

120.00

97,620.00

U0,00

96,o Uo .o o

10/3X/U3
96,000.00
12/3l/^*2
100,000.00

30,000.00

170,000.00

100,000.00
57,250.00

755Q0 0 Q00
35,239.88

175,000.00
92.us9.gg

36,000.00

UU.6U3.5O

S0.6U3.50

12/31/U2

3/3Ì/U3
I2/31/U2
7 5 .0 0 0 .00 A

75,000.00

Note A - This amount does not include an amount of $65,6^*7.73
hy Industrial Rayon
Corporation during I9U2 into Industrial Rayon Corporation Employees' Pensidn
Fund Trust for the benefit of this officer. This amount was not available to
this officer during the year I9U2.

THE ANDREW JERGENS COMPANY
Jergens, Andrew
Nelson, Joseph D.
L . M . Ro thenburg

II/3O/U3
5 r^0 0 .0 0
5 #0 0 0 .0 0
7 »5^0 *00

2 7 6 ,6 7 5 .7 2
2hg,1 7 5 .7 2
69,170.66

281.675.72
2 5 3 .1 7 5 .7 2
76,670.66

.

NAME OE CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMISSION

BONUS

OTHER
COMPENSATI ON

TOTAL

OHIO (Cont.)
12/31/42*'
25.u20.75
100,000.00

2 5 2 ,0 1 0 .9 0
110,500.00

226,530.15
10,500.00

1/31/1+3
rH

0 0
0 0
0 0
0 0
0A 0*
O O
O O

rH

100,000.00
100,000*00

12/31/U2
7 ,8 0 0 .0 0

1 0 0 ,4 6 8 .0 0

108,268.00

82,996.28
99,127.62
1 0 0 ,2 9 4 .1 1
1 0 5 ,3 3 9 .0 6
2 1 2 ,8 4 9 .6 7
91,838*96
9 5 ,238..69

6 ,5 9 5 .5 2
9 ,5 2 8 .9 6
1 7 ,2 7 4 .8 0
117,606.65
7 5 1 .9 0
25,715.88
2 Î,9 0 8 .2 8

89,591.86
108,656.58
117,568.91
122,945*71
213,601.57
1 1 7 ,5 5 4 .8 4
1 1 7 ,7^6 .9 7

12/31/U2

12/31/^2
9 9 ,4 2 8 .9 2

9 9 ,4 2 8 .9 2
12/31/^2
4 ,6 5 0 .0 0

229,883.03

2 3 4 ,5 3 3 .0 3

30,000.00

50,000.00

8 0 ,0 0 0*00

fcO

0
0
0
0
0
0

16,000.00

I—

0
0
d
0
0
m

THE KROGER GROCERY & BAKING CO.
Bracy, Harry W.
Morrill, Arbeit H.
THE F. AND R. LAZARUS AND COMPANY
Lazarus, Fred, Jr*
Lazarus, Simon
THE LEBLOND ENGINEERING CO.
LeBlond, Harold R.
THE R. K. LEBLOND MACHINE TOOL CO.
Brockman, B. N.
Groene, William B.
Greene, William F»
LeBlond, Richard E,
LeBlond, R. K*
Pierle, Henry C.
Schultz, Edward G.
THE MIDLAND STEEL PRODUCTS COMPANY
Kulas, E. J*
LUCIAN Q, MOFFITT INC.
Bednar, A.
THE NATIONAL ACME COMPANY
Chapin, F. H.
THE NATIONAL CASH REGISTER CO.
Allyn, S. C.
Deeds, Edward A.

12/3 1 /4 2
12/3 1 /4 2
25,000:oo

96,000.00
100,000 *00

NAME OP CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMISSION
__________

BONUS

OTHER
COMPEN­
SATION

TOTAL

OHIO (cont.)
OWENS-ILLINOIS GLASS COMPANY
Barnard, R. H.
Levi s, J . P ♦
Levis, W. E.
PERIODICAL PUBLISHERS* SERVICE
BUREAU^ INC.
Bull, Herbert G.
Dymond, A. L.
Landy, William
Ory, L. E.
THE PROCTER & GAMBLE COMPANY AND
AFEILIATED GROUP
Barnes, F. M.
Brodie, R. K.
Deupree, R. R*
Knowles, H. C.
THE RIDGE TOOL COMPANY
Ingwer, C. H.
SPICER MANUFACTURING COPRORATION
Carpenter, R. E.
Dana, C. A.
THE STANDARD OIL CO.(OHIO)
Holliday, W. T.
THE WM. TAYLOR SON & COMPANY
Scholl, D. H.
THOMPSON PRODUCT'S; INCORPORATED
Crawford, F. C.

12/31/42
65.000.
90.000. 0s
100,OOO.OS

16

105,000.16
90,000.08
1 0 0 ,0 0 0 .0 8

4o ,000.00

12/31/42
111,399.39
76,176.44
122,333.21
lo4,94s.4l

m , S 99*39
76,176.44

00

9 4 .0 0 0 .
‘
94,000.00
196,022.00
3 0 .0 0 0 .

122,383.21
lo4,94s.4l

6 /3 0 /1 + 3

75.000.
00
75.000. 00
100,000.00
60.,
000.00

19.000.
19.000.00
96,022.00
20.000.

00

12/31/U2
99,971.65

99,971.65
S /3X /1+ 3

36,000,00
100,000.00

99,250.00
100,000.00

63,250.00

12/31/U2
120,000.00

120,000.00
1/31 A 3
32,500.00

SU,2U^.29

51.7U3.29

12/31/U2
90,999.96

700.00

91,699.96

00

00

NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

comí ISSION

BONUS

OTHER
COMPRES­
SAT ION

TOTAL

OHIO (Pont.)
12/31/ÌI2
THE TIMKEN ROLLER BEARING COMPANY
Umstattd, Wm. E.
THE UNITED STATES SHOE CORPORATION 11/30/U3
Cohen, A. B*
Salinger, Alvin
Stern, Joseph S.
I2/31/U2
THE WARNER & SWASEY COMPANY
McDonald, L. D.
Stilwell, C. J.
12/31/42
THE WELDON TOOL COMPANY
Bergstrom, C. A.
THE YOUGHIOGHENY & OHIO COAL COMPANY 1 2 /3 1 /4 2
Brown, R. Y.

109,200.00

26,200.00

135,400.00

50,000.00
50,000.00
50,000.00

u7.910.3u
47,910.34
47,910.34

97.910.3u
97,910.74
9 7 ,9 1 0 .7U

v35,000.00
45,000.00

50,000.00
60,000.00

85,000.00
105,000.00

19,063.30

103,62c.97

1 2 2 ,6 8 4 .2 7
139,511.40

139,511

OKLAHOMA
CONTINENTAL OIL COMPANY
Moran, Dan

12/31/42
100,000.00

250,00

100,250.00

OREGON
M AND M WOOD WORKING COMPANY
Malarkey, "James Herbert

7/31/U3
7 ,2 0 0 .0 0

6 9 ,2 8 0 .5 7

76,USO.57

NAME or CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSION

BONUS

OTHER
CONDEN­
SATION

TOTAL

PENNSYLVANIA
ALUMINUM COMPANY OP AMERICA
12/31/U2
liavis* Arthur V.
Gibbons, G. R.
Hunt, Roy A.
I2/3I/U2
ANCHOR PACKING COMPANY
Clarke, W. J.
Kohl, Prank
ARMSTRONG CORK COMPANY
isfoi/Ua
Prentis, H. W., Jr.
12/31/U2
BARNEY MACHINERY COMPANY
Niemeier, R. C.
BETHLEHEM STEEL COMPANY (M I M M Z )
12/31/U2
Mackall, Paul
BETHLEHEM STEEL COMPANY (PENNSYLVANIA) 12/3 l/U2
Bent, Quincy
Berkeley, Norborne
Grace, E. G.
Gross, J, M.
Holton, C, R.
Homer, A. B.
Jacobs j M. L.
Larkin, J. M.
McMath, R. E,
Shick, P. A.
COPPERWELD STEEL COMPANY
12/31/ÏI-2
Bramer, S. E.
DODGE STEEL COMPANY
12 /31 /Î42
Roberts, C. S.
Tolan, Clarence, Jr.

133,000.00
75,Uoo.oo
85,000.00

133 ,000.00
75,Uoo.oo
85,000.00

83 ,529 .lU
80,731.12

s3.529.1u
90,731.12

10,000.00

125,000.00

18 ,000.00

125,000.00
57.51U.U7

75.5iii.it7

90,000.00

107,317.00

197,317.00

90,000.00
50,000.00
180 ,000.00
^5,000.00
50,000.00
Uo,833.oo
50,000.00
50,000.00
60,000.00
60,000.00

107,317.00
59,620.00
357 .72 U .00
59,620.00
59,620.00
71.5U3.00
59,620.00
59,620.00
95.393.00
9 5 ,3 9 3 ‘00

197,317.00
109,620.00
537.72U.OO
10U,620.00
109,620.00
112,376.00
109,620.00
109,620.00
155 ,393-00
155 >393 .o o

27,508.18

160,738.90

188 ,2U 7.08

27,291.67
27,291.67

51.33u.55
51,33^155

78,626.22
78,626.22

NAME OF CORPORATION
AND OFFICERS OR
. EMPLOYEES___

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMISSION

BONUS

OTHER
COMPEN­
SATION

TOTAL

PENNSYLVANIA (Cont.)
ERIE FOUNDRY COMPANY
Currie, D. A.
FELS & COMPANY
Robson, A. Roy
FIRTH-STERLING STEEL COMPANY
Clark». Donald G.
Firth,, L. Gerald
Frick, George W.
Stevick, Robert S.
GREAT LAKES STEEL CORPORATION
Fink,,George R...
HEINTZ MANUFACTURING COMPANY
Meinel, William J.
HERSHEY CHOCOLATE CORPORATION
Marrie» Wm. F. R.
HUBBARD AND COMPANY
Hahbard, John W.
JONES à LAUGHLIN STEEL CORPORATION
Lewis, H. E*
LEE RUBBER & TIRE CORPORATION
Garthwaite, A. A*
LEEDS & NORTHRUP COMPANY
Redding, C. S.
LEWIS PRODUCTION COMPANY
McCone, Charles L.
Parker, George

6/30/U3
38,501.02

100,087-33

73*750-31

80.00

I2/31/H2

103,429.72

73,429.72

30,000.00
Î2/31/U2
17.550.00
23 .400.00
6.000. 00
11.232.00

212,419.21

110.193.96

92.643.96
92.643.97
,75 *705*75
93,288.00

116.043.97
81,705.75
104,520.00

12/31/^2
62.500.00

75,000.00

137,500.00

24,999.96

99,023.37

124,023.33

12/31/42
I2/3I/4?.

91,550.00

91.550.00
12/31/42
100.000.

00

135.000.

00

100,000.00

12/31/42
IO/31/4-*
40.000.

00

5/31/43

135,000.00
15,000.00
83,215.00

20,1 /8.84
12/31/42
1 2 0 .0 0 0 .

00

120.000.

00

21,596.00

76,596.00
103,393.34
120.000.
120.000.

00
00

- I9

NAME o f c o r p o r a t i o n
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

-

COMMISSION

BONUS

COMPEL!SATION

TOTAL

PENNSYLVANIA (Con t.)
12/31/U2
MCCLOSKEY AND COMPANY (DEL.)
McCloskey, M. H. , Jr.
12/31/U2
THE MIDVALE COMPANY
Frevert, Harry L.
12/31/U2
Cr. C. MURPHY COMPANY
Mack, E. M.
Sample, P. L.
Shaw, W. C.
12/31/U2
NATIONAL STEEL CORPORATION
Fink, George R.
Millsop, T. E.
Weir, E. T.
12/31/U2
PENNSYLVANIA INDUSTRIAL ENGINEERS
Olson, Oscar R,
Ritts, Arch V.
I2/31/U2
THE PENNSYLVANIA RAILROAD COMPANY
Clement, M* I.
PITTSBURGH PLATE GLASS CO. (PENNA.) I2/31/U2
Brown, C. M.
Clause, R. L.
Higgins, H. B,
Wherrett, H. S.
1/31 /H3
JACOB SIEGEL COMPANY
Siegel, Jacob
12/31/U2
SMITH; KLINE & FRENCH LABORATORIES
Boyer, Francis
KAine, C. Mahlon

156,000.00.

156,000.00
15,000.00

10,250.00

20,000.00
15,000.00
20,000.00

116.637.10
77,751-27
116.637.10

62,500.00
26,666.61
93,750.00

75.000.
50.000. 00
112,500.00

500.00

136.637.10
92,752-27
136.637.10
100.00
100.00
100.00

137.900.00
77,066.61
206.650.00

110.67
96.00

101,593.^5
72,735*59

9S0.00

125,980.00

30,375-00
22.275.00
22,275400
30.375.00

79.275.00

00

95,152.7s
73,239.59

6,000.00
5,100.00
125,000.00
32.500.00
is,750.00
13.750.00
55,000.00

\

17^000.00
is,250.00
is,250.00
25,500.00

89.275.00
¿1,275.00
110,875.00
90,000*00

90,000.00
27,500.00
30,000.00

85,750.00

66.000.
72.000.

00
00

93,500.00
102,000.00

NAME OF CORPORATION
M D OFFICERS OR
EMPLOYEES
__

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

COMMISSION

BONUS

OTHER
COMFENSATION

TOTAL

PENNSYLVANIA (Cont, )
TASTY BAKING COMPANY
1 2 /3 1 /^ 2
Banr, P. J.
Morris, H. C,
. *v
ÏÏEIRTON STEEL COMPANY (1?. VA.)
12 /3 1 /4 2
Mi1 1 son, T. E.
ITESTINGHOUSE ELECTRIC & MANUFACTURING
' COMPÂKY
1 2 /3 1 /te
Bacher, Geo. H.
. Robertson, A. ÏÏ.

1 2 5 .3 9 6 .8 3
1 2 5 .3 9 6 .8 3

125.396.53
125.396.53
33.666.72

.

83,666,72

50,000.00

1.900.00
1.500.00

155,007.02
222,776.32

91,000.02
11*0,333.32

60,107.00
S0 ,lU3 .0 0

lU ,jOAO .00
lU,0 '
4 0 .0 0

9u.517.s7
9^,517.27

108.557.87
108.557.87

55,000.00

L7,S06.69

102,806.69

SOUTH CAROLINA
GRANITEVILLE COMPANY
Swint, S. H*
Y/oodhead, H> A.
ROCK HILL PRINTING & FINISHING
Î COMPANY
Joslin, Archie 0 .

12/31/U2

I2/31/U2

TENNESSEE
COCA-COLA BOTTLING CO. (THOMAS) % INC. I2/3I/U2
Hunter, George Thomas

77.U78.90

7 7 ^ 7 2 *9 0

TEXAS
ESTEVE BROTHERS & CO. INC.
Campdera, Antonio
POLLOCK PAPER AND BOX COMPANY
Jacobs. .Leslie L.

I2/31/U2
12/3 1 /4 2

6,000.00
50,000.00

1 2 1 ,3 5 2 .1 3

115,852.1s
50,000.00

100,000.00

-

NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDED

SALARY

5*

-

COMMISSION

BONUS

OTHER
COMPEN_
SATI ON

TOTAL

TEXAS (Coni.)
THE TEXAS COMPANY
Klein, Harry T.
Rodgers, %
S. S.

I2/31/H2
1 0 0 ,0 0 0 .0 0
125,000.00

1 0 0 ,0 0 0 .0 0
125,000.00

1 0 0 ,0 0 0 .0 0

1 0 0 ,0 0 0 .0 0

VERMONT
CHICAGO STOCK YARDS COMPANY
Prince, Frederick Henry

I2/31/U2

VIRGINIA
NEWPORT NEWS SHIPBUILDING AND DRY
DOCK COMPANY
Ferguson, H. L.
PLANTERS NUT AND CHOCOLATE COMPANY
Olici, A.
Peruzzi, M.
RICHMOND ENGINEERING COMPANY
Starke, Thomas J .

12/31/1+2
U0 ,0 0 0 .0 0

3 8 0 .0 0

5,000.0*4
7,500.00

217 ,599.96

8 0 ,75*4.16

121,13*4.16

9/30/U3

*400.00
*400.00

8 8 ,1 0 0 .0 0

223,000.00
96,000.00

I2/31/U2
9 8 ,7^7 .1 2

2 3 3 .3 3

9 9 ,5 8 0 .*45

WASHINGTON
PUGET SOUND BRIDGE & DREDGING COL.. §< E1 2 /3 1 /U2
Huff, Raymond J.
McCurdy, H. 'W.

1 2 ,0 0 0 .0 0
1 2 ,0 0 0 .0 0

98,^31.78
98,^31.78

110/431.78
n o , *431.78

■

- 52 NAME OF CORPORATION
M R OFFICERS OR
EMPLOYEES

CALENDAR OR
FISCAL YEAR
ENDER

SALARY

COMMISSION

BONUS

OTHER
COMPENSATI ON

TOTAL

WISCONSIN
THE FALK CORPORATION
Falk, Harold S.
GILDINGS & LEWIS MACHINE TOOL CO,
Kraut, H. B.
HARNISCHFEGER CORPORATION
Harnischfeger, W.
NORBBERG MANUFACTURING COMPANY
Friend, R. E.
WESTERN PRINTING & LITHOGRAPHING CO,
Wad.ewitz, E. H.

12/31/U2
26,000.00

68,567.07

9H f5 6 7 .0 7

50,000.00

36,000.00

8 6 ,0 0 0 .0 0

36,736.00

Uo ,Bo 9.6o

7 7 ,1^5 .6 0

I2/31/U2
12/51/U2
12/31/U2
7 5 ,0 0 5 .0 0

75,005.00
12/31/U2
15vQ00.00

80,51U.06

65,51^.06

REPORT OF PAYMENTS OF SALARY, COMMISSION, BONUS OR OTHER COMPENSATION PAIR IN EXCESS OF
$7 5 ,0 0 0 .0 0 COMPILER FROM INCOME RETURNS, SCHERULE F-l, FILED FOR THE CALENDAR YEAR I9UI
AND FISCAL YEAR ENDED IN I9U2 - SUPPLEMENTAL NO. 2 .
MICHIGAN
GIFFELS & VALLET, INC.
Giffels, R. F.
Vallet, V. E,

12/31/Ul
U0 ,8 1 0 .0 2
75,000.00

0 0 ,8 1 0 .0 2
250,000.00

50,000.00
175,000.00

NEW YORK
CRUCIBLE STEEL COMPANY OF AMERICA
Hufnagel, F. B.
SCHENLEY DISTILLERS CORPORATION
Jàcobl, Lester E.
Nauheim, Milton J.
Rosenstiel, Lo^is S.

12/31/Ul
150,000.00

150,000.00
8/3I/U2
75,000.00
72,1*99-96
s5.000.02

..
2,500.00

260.00
200.00
220.00

75,260.00
7 5 ,1 9 9 .9 6

88 , 220.02

-

2

-

reason, the Secretary said, that the reporting period for the Fifth War
Loan, as announced at the beginning of the drive, will extend to July 3 1 *
"The results of this.drive will be good news to the men on the fighting
fronts,” liiliL Duii'fghwfy said.

"But we should not forget that the sale of

War Bonds is a continuous obligation and opportunity for all on the home
front.

The Fifth War Loan Drive is another demonstration of the loyalty,

unity and determination of the American people. /J^juagnificent job has been
done by the great army of volunteer workers who, in this drive, will have
surpassed all previous records.”

I

Secretary Morgenthau announced this- aftcnfooon-that at the close of

business July 7 , total subscriptions to the Fifth War Loan already received
had exceeded the goal^ and amounted to $1 6 ,6 5 0 ,0 0 0 ,0 0 0 ,

Of this amount,

fl2 ,4.0 0 ,0 0 0 ,0 0 0 has come from corporations, and $4-,2 5 0 ,0 0 0 ,0 0 0

hwa '
¿enic

from individual purchasers.
| Although the total goal for the drive has been exceeded, the Secretary
said the returns are still incomplete.

There is still a large volume of

sales attributable to the Fifth War Loan "which has not been reported.

This

is especially the case with individuals whose bonds are issued to them
through more than 75>000 agents in every state, county and local community
in the United States.j ^-he magnitude of this job, the Secretary said, is
indicated by the fact that in the Fourth War Loan more than 70 million
individual bonds were issued.

Each issuing agent must record and report

his“ sales to a Federal Reserve Bank which in turn reports to the Treasury.
Tnis process normally takes several days and in some cases, much longer,
Cho Oeeretoaisy pointed out that a large percentage of bond sales to individuals
are made through payroll deductions affecting 27 million workers in over
2 0 0 ,0 0 0

establishments*

The payroll periods of these firms vary widely ——

weekly, bi-weekly or monthly and it usually requires two or more payroll
periods for a worker to accumulate not only enough for his regular purchase
but to pay for his extra War Bond subscription as well.
C*
)%>
—1i ^ jjSecretarVj point l
id
that in previous loans, only about two-thirds
of the total bond subscriptions made by individuals during the course of
the drive are reported to the Treasury by its closing date.

It is for this

TREASURY DEPARTMENT
Washington
F O R I M M E D I A T E RELEASE,
Saturday, July 8 , 1 9 4 4 «

Press Se r v i c e
No, 4 2 - 6 1

S e c r e t a r y M o r g e n t h a u a n n o u n c e d t o d a y that at t h e close of
business July 7 ? t o t a l s u b s c r i p t i o n s to t h e F i f t h W a r L o a n
a l r e a d y r e c e i v e d h a d e x c eeded t h e goal, a n d a m o u n t e d to
$ 1 6 , 6 5 0 , 0 0 0 ,0 0 0 . Of this amount, $ 1 2 ,4 0 0 ,0 0 0 , 0 0 0 has come f r o m
corporations, a n d $ 4 ,2 5 0 ,0 0 0 , 0 0 0 f r o m i n d i v i d u a l purchasers.
A l t h o u g h t h e t o t a l g o a l f o r t he d r i ve.has been exceeded,
the S e c r e t a r y sai d t h e r e t u r n s are s t i l l incomplete.
T h ere is
still a large volume of sales a t t r i b u t a b l e to the F i f t h W a r
L o a n w h i c h has not been reported.
This is e s p e c i a l l y t h e case
w i t h indi v i d u a l s w h o s e bonds are issued to t h e m t h r o u g h more
t h a n 7 5 > 0 0 0 agents in every state, c o u n t y a n d local c o m munity
in t h e U n i t e d States..
The m a g n i t u d e of thi s job, t h e S e c r e t a r y said, is i n d i ­
cated by t h e fact tha t in t h e F o u r t h W a r Loa n m ore t h a n 70
m i l l i o n i n d i v i d u a l bonds w e r e issued.
E a c h issuing a g ent must
r e c o r d a n d r e port his sales to a F e d e r a l R e s e r v e B a n k w h i c h in
t u r n r e p o r t s to th e Treasury.
This p r o c e s s n o r m a l l y takes s e v ­
eral days a nd in some cases, m u c h longer,
Mr, M o r g e n t h a u p o i n t e d out t h a t a large p e r c e n t a g e of b ond
sales to individuals are mad e t h r o u g h p a y r o l l d e d u ctions a f f e c t ­
ing 27 m i l l i o n w o r k e r s in over 2 0 0 ,0 0 0 establishments.
The p a y ­
rol l pe r i o d s of t h e s e firms v a r y w i d e l y -- weekly, b i - w e e k l y or
monthly, a n d it u s u a l l y r e q u i r e s t w o or m ore p a y r o l l p e r iods f or
a w o r k e r to a c c u m u l a t e not only e n o u g h f or his r e g u l a r p u r c h a s e
but to p a y for his extra W a r B o n d s u b s c r i p t i o n as well.
S e c r e t a r y M o r g e n t h a u o b s e r v e d that in p r e v i o u s loans, only
about t w o - t h i r d s of t h e t o t a l b o n d s u b s c r i p t i o n s m a d e by i n d i ­
viduals d u r i n g t he course of t h e drive are r e p o r t e d to t h e
T r e a s u r y by its c l o sing date.
It is f o r thi s reason, t h e
S e c r e t a r y said, t h a t t h e r e p o r t i n g p e r i o d f o r t he F i f t h W a r
Loan, as a n n o u n c e d a t the b e g i n n i n g of t h e drive, w i l l extend
to July 3 1 .
”lhe r e s u l t s of this, drive w i l l b ’
e g o o d news to t h e m en on
the f i g h t i n g f r o n t s , u Mr. M o r g e n t h a u said.
!,But w e s h o u l d not
f o r g e t t h a t the sale of W a r Bonds is a continuous o b l i g a t i o n a nd
o p p o r t u n i t y f o r a l l on the h o m e front.
The F i f t h W a r L o a n D r i v e
is a n o t h e r d e m o n s t r a t i o n of t h e loyalty, u n i t y a nd d e t e r m i n a t i o n
of t h e A m e r i c a n people.
"A m a g n i f i c e n t job has been done by t he g r eat a r m y of
v o l u n t e e r w o r k e r s who, in this, drive, w i l l have s u r p a s s e d all
p r e vious r e c o r d s .
-0 O 0 -

treasury

% p n t

Washington
FOB RELSAS8, MQRKIHG NEWSPAPERS,
Tuesday, July 11# 1944.

Press Service

The Secretary of the Treasury announced last evening that the tenders for
11,200,000,000, or thereabouts, of 92—day Treasury bills to be dated duly 13 and to
stature October 13, 1944, which were offered on July 7, were opened at the Federal Re­
serve Banks on July 10.
The details of this issue are as follows:
Total applied for - $2,042,316,000
Total accepted
- 1*203,823,000 (includes 154*389,000 entered on a fixedprice basis at 99*905 and accepted in full)
Average price
- 99,904/ Equivalent rate of discount approx. 0.374$ per annus
Range of accepted competitive bids:
High
Low

- 99.910 Equivalent rate of discount approx. 0.352$ per annum
- 99.904
*
*
*
*
*
0.376$ *
*

(51 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

# 58,065,000
1,314*253*000
53,616,000
34,135,000
61,645,000
17,815,000
379,668,000
12,383,000
20,750,000
29*704,000
63,870,000
36,812.000

8

82,062,316,000

81,203,823,000

TOTAL

33,075,000
715*914,000
60,136,000
30*215,000
35,520,000
12,665,000
205,518*000
9*933,OCX)
15*850,000
29,655,000
43,870,000
31.622.000

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, July 11, 1944«

Prass Service
,
/J

The Secretary of the Treasury announced last evening that the tenders for
ft,200,000,000, or thereabouts, of 92*,d8y Treasury bills to be dated July 13 and to
mature October 13, 1944, which were offered on July 7, were opened at the Federal Reyia L.

■■

serve Banks on July 10.

■

'

'

#

The details of this issue are as follows:
Total applied for - $2,042,316,000
Total accepted
- 1,203,023,000 (includes $54,309,000 entered on a fixedprice basis at 99.905 and accepted in full)
Average price
— 99.904/ Equivalent rate of discount approx. 0.374$ per anmap
Range of accepted competitive bids:
High
Low

- 99,910 Equivalent rate of discount approx. 0.352$ per annus
- 99.904
"
*
*
•
»
0.376$ ** *

(51 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

59,06S,000

33,075,000
715,914,000
40,186,000
30,215,000

1,314,253,000
53,416,000
34,135,000
41,645,000
17,815,000
379,468,000
12,383,000
20,750,000
29,704,000
43,870,000
36,812.000

12,665,000
205,518,000
9,933,000
15,850,000
29,655,000
43,870,000
31.422.000

$2,042,316,000

$1,203,823,000

35,520,000

TREASURY, DEPARTMENT
W ash in g to n
FOR RELEASE, MORNING NEWSPAPERS,
T u e sd a y , J u l y 1 1 , 19 4 4 .
7 -1 0 - 4 4

P r e s s S e r v ic e
No*. 4 2 -6 2

The S e c r e t a r y o f th e T r e a s u r y announced l a s t e v e n in g t h a t
th e t e n d e r s f o r $ 1 ,2 0 0 ,0 0 0 ,0 0 0 , o r t h e r e a b o u t s , o f 9 2 -d a y T r e a s v

)'

u ry b i l l s

to be d a te d J u l y 13 and to matulre O cto b e r 13? 1944?

w h ic h 'w e re o f f e r e d on J u l y 7? w ere opened a t 'th e F e d e r a l R e s e rv e
Banks on J u l y 1 0 .
The d e t a i l s o f t h i s

is s u e a r e a s f o llo w s :

T o t a l a p p lie d f o r - .$ 2 ,0 4 2 ,3 1 6 , 0 0 0
T o t a l a c c e p te d
- 1 ,2 0 3 ? 8 2 3 ? 0 0 0 ( in c lu d e s $ 5 4 ,3 8 9 ,0 0 0
e n te re d on a f i x e d - p r i c e b a s is a t 9 9 .9 0 5 and a c c e p te d in
f u ll) '
A v e ra g e p r i c e

- 9 9 . 9 0 4 /E q u iv a le n t r a t e o f d is c o u n t a p p ro x .
0 .3 7 4 $ p e r annum

Range o f a c c e p te d c o m p e t it iv e b id s :
H ig h

- 99*910 E q u iv a le n t r a t e o f d is c o u n t a p p ro x .
0 . 3 5 2 $ p e r annum
9 9 .9 0 4 E q u iv a le n t r a t e of d is c o u n t a p p ro x .
0 .3 7 6 $ p e r annum

Low

(5 1 p e rc e n t o f th e amount b id f o r a t th e lo w p r ic e was a c c e n te d )
F e d e r a l R e s e rv e
D is t r ic t

T o ta l
A p p lie d f o r

T o ta l
A c c e p te d

B o sto n
New Y o rk
P h ila d e lp h ia
C le v e la n d
Richm ond
A t la n t a ■
C h ic a g o
S t , L o u is
M in n e a p o lis
K ansas C i t y
D a lla s
San F r a n c is c o

$

1

TOTAL

' 5 8 , 0 6 5 ,0 0 0
1 ,3 1 4 ,2 5 3 ,0 0 0
53-, 4 1 6 ,0 0 0
3 4 ,1 3 5 ,0 0 0
4 1 , 6 4 5 ,0 0 0
1 7 ,8 1 5 ,0 0 0
3 7 9 ,4 6 8 ,0 0 0
1 2 , 3 8 3 ,0 0 0
• 2 0 , 7 5 0 ,0 0 0
2 9 , 7 0 4 ,0 0 0
4 3 ,8 7 0 ,0 0 0
3 6 , 8 1 2 ,0 0 0 ‘

$ 2 , 0 4 2 , 3 1 6 ,0 0 0
0O 0-

3 3 , 0 7 5 ,0 0 0
715? 9 1 4 , 0 0 0
4 0 , 1 8 6 ,0 0 0
3 0 , 2 1 5 ,0 0 0
3 5 , 5 2 0 ,0 0 0
1 2 , 6 6 5 ,0 0 0
2 0 5 , 5 1 8 ,0 0 0
9 , 933^000
1 5 , 8 5 0 ,0 0 0
2 9 , 6 5 5 ,0 0 0
4 3 ,8 7 0 ,0 0 0
3 1 , 4 2 2 ,0 0 0

$ 1 , 2 0 3 , 8 2 3 ,0 0 0

FOB IMMEDIATE RELEASE
July 11. 19*&.

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
Inter-American 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

1 ,621,630 > 7 9
549 ,261,936
34,873.774
13.949,562
20,881,883
2 6 ,155,330
10 ^,621,321
93,287,381*
4 7 ,951,373
3,486,928
82 ,825,279
34,001,943
4,359,288
73,234,872

Ron-Signatory Countries

61 ,900,935

July 1, 19l*l*

tt
it
tt

July 8, 1944 2/
July 1, I9I4I*

995 ,321,516
500 ,768,353
24 ,336,431
4 ,905,087
1 7 ,276,657

19,621,1*87
83 ,146,136
7 1 ,298,527
30,356,482
(import quota Filled)
July 1, 19l*l*
72,812,888
it
25,404,215
n
2,5l*0,70Ì
«
38,180,529

it
it
it

tt

3,750,943

1/

Quotas as established by action of the Inter-American Coffee Board
on April 21, 19*&#

2/

Per telegraphic reports.

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Wednesday, July 1 2 , 1 9 4 4 .

Press Service
No. 4 2 -6 3

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 , 1 9 4 3 , provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 1 5 , 1 9 4 1 ,
as follows:
:
:
Countxy of Production : Quota Quantity :
_______ .
________ i (Pounds) 1/ :

,
As of

Authorized for entry
for consumption_______ _
(Date)______ : (Pounds)

Signatory Countries:
1 ,6 2 1 ,6 3 0 ,4 7 9
5 4 9 ,2 6 1 ,9 3 6
3 4 ,8 7 3 ,7 7 4
1 3 ,9 4 9 ,5 6 2
2 0 ,8 8 1 ,8 8 3
2 6 ,1 5 5 ,3 3 0
1 0 4 ,6 2 1 ,3 2 1
9 3 ,2 8 7 ,3 8 4
4 7 ,9 5 1 ,3 7 3
3 ,4 8 6 ,9 2 8
8 2 ,8 2 5 ,2 7 9
3 4 ,0 0 1 ,9 4 3
4 ,3 5 9 ,2 8 8
7 3 ,2 3 4 ,8 7 2

Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guat emala
Haití
Honduras
México
Nicaragua
Perú
Venezuela

Non-Signatoxy Countries!:

6 1 ,9 0 0 ,9 3 5

July

1, 1944
1
it
it

July 8 , 1944 ’ 2 ]
July 1, 1944

it
it
it

(Import quota filled)
July 1, 1944
h
h
h

ti

9 9 5 ,3 2 1 ,5 1 6
5 0 0 ,7 6 8 ,3 5 3
2 4 ,3 3 6 ,4 3 1
4 ,9 0 5 ,0 8 7
1 7 ,2 7 6 ,6 5 7
1 9 ,6 2 1 ,4 8 7
8 3 ,1 4 6 ,1 3 6
7 1 ,2 9 8 ,5 2 7
3 0 ,3 5 6 ,4 8 2
7 2 ,8 1 2 ,8 8 8
2 5 ,4 0 4 ,2 1 5
2 ,5 4 0 ,7 0 1
3 8 ,1 8 0 ,5 2 9
3 ,7 5 0 ,9 4 3

\
1J

Quotas as established by action of the Inter-American Coffee Board on
April'2 1 , 1 9 4 4 .

2/

Per telegraphic reports.

COTTON CARD STRIPS, / COMBER WAS^E* L4 R WASTE, SLIVER WASTE, AND ROVING WASTE,
WHETHEk OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
commencing September 2 0 , By Countries of Origin;
's j
Total quota, provided, however, that not more than 33-«l/ 3 .percent/ of the.
quotas shall be filled by cotton wastes other than card, strips,/ and comber
wastes made from cottons of 1— 3 /1 6 inches or more in staple length in the
case of the following countries? United Kingdom,t France, Netherlands,
Switzerland, Belgium, Germany and Italy;

i

-'y

(In Pounds)
IMPORTS'*''; i’ESTAB'LrSRRD:Imports Sept. 2 0 ,

i TOTAL

Country of Origin ; E stablished ;Sep t. 20, 1943 :33-1/3$ of ;1943, to .,
,•-■■ '.■4 .TOTAL QUOTA .-Juts 1, 1 9 U
, u( 1Jf. ,rn ru .It
A Total
Quota .July 1, 19UU

.... .JT -.........

United Kingdom......
Canada.v*.
i,... . .*
France
British India.......
Netherlands,........
Switzerland..
Belgium.*...........
tT
• • * »# **• •* * * m 4
China*••«•••*«•••«•»
Egypt.............. .
Cuba................
Germany.............
X
•

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

TOTALS

5,482,509

mm

'

29,398
.

-* ‘
— ’
' —
>* '
- '
-

'

mm

29,398

1,441,152
—’
75,807
—
22,747
14,796
12» 853
—
—

25,443
7,008‘

mm

-

2:

‘4

.* . - J
—
—
■

1,599,886.

17 -Included in total imports, column 2.
2]

„The President’s proclamation, signed March 3 1 , 1 9 4 2 , exempts from import
„quota restrictions card strips made from cottons having a staple 1- 3 /1 6
„inches or more in length. ~

— oOo~

if FOR IMMEDIATE RELEASE
july 11, w k k -

Y U

W

The Bureau of Customs announced:today that preliminary reports from the
collectors of customs shcfvr imports of cotton and cotton Waste chargeable to the
1inport quotas established by the President.1fi proclamations of September 5* 1939,
and December 19» 1940» as follows, during the period:September 20, 1943, to
July 1, 19l&*

COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU­
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN L INTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)

Country ofOrigin

Staple length less : Staple length l-i/8" or more
than 1-1/8"
:
but less than 1-11/16"
«
:Imports, Sept•: Established : Imports Sept.
*Established:20, 1943, to :
Qpota
': 20, 1943, to
— ..Quota__ -Ju.lv 1. 19)tit : 45.656.420 ’.Tply
X9)|]j

Egypt and the AngloEgyptian Sudan....»*..
Peru.... ...............
British India.... % .. *.
China......... .........
Mexico..................
Brazil..................
Union of Soviet
Socialist Republics,.*
Argentina. *.,.
Haiti.. .......
Ecuador ....... . i......
Honduras*...............
Paraguay................
Colo ml)1

Iraq................
British East Africa....
Netherlands East Indies.
Barbado s.. . . . . . . . . . . . . . .
Other British West
Indies l/.......... ..
Nigeria...................
Other British West
Africa ,§/..............
Other French Africa 3/*
Algeria and Tunisia.....

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723

2/
Zj

am.

■

’ r

8 ,883,259

*

kl7 , 5 8 0

475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
~

mm

,
mm ''

' mm
mm

mm

. a.
0»
-

mm
'mm

V^

H>'Mk

21,321
5*377

...

—
a*
• ‘

a.
«
, a*
m
’ mm
mm

«•
...

’‘ ,

'—

■ ■

mm ~
mm■
-mm •"

mm''''.

16,004
689
14,516,882

l/

31,808,177
1,197>319

7 3 ,5 7 6

—
9,

37k,1 0 - 5

45,656,420

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

33,005,1*96

-

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, July 12, 1944.

Press Service
No. 42-64

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
July 1, 1944.
COTTON HAWING- A STAPLE OP -LESS THAN 1-11/15 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OE LESS THAN' 3/4 INQH 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

:
Staple length less
:Staple length 1-1/8,f or more
:
than 1-1/8u ____ but less than 1-11/16”
: . ’ .
;Imports Sept*:Established; Imports Sept.
:Established:20, 1943, to :
Quota
i 20, 1943, to
Quota
:July 1, 1944 :45,656,420 : July 1, 1944

Egypt and the AngloEgypt ian Sudan........
783,816
Peru.,................... .
247,952
British India.......... . 2,003,483
China................... . 1,370,791
Mexico,................. . 8,883,259
618,723
Brazil............ ..... .
Union of Soviet
475,124
Socialist Republics.., .
,
5,203
Argentina,.... ..
237
Haiti................... ,
9,333
Ecuador...,...........
752
Honduras................ .
871
Paraguay................
124
Colombia..........*..... .
195
Iraq--- -- /.--- • .... ■. §
2,240
British East Africa....
71,388
Netherlands East Indies*
Barbados................ .
Other British West
21,321
Indies I f ...........
5,377
Nigeria............. ....
Other British West
16,004
Africa 2/ ...........
689
Other French Africa 3/
Algeria and Tunisia..... •#
14,516,882
•
1/
2/
3/

73,576
8,883,259
417,580

31,808,177
1,197,319
--

-

'f

;

-

Ip
-

-

-■

—
1
'
9,374,415

45,666,420

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

33,005,496

~ 2
COTTON CARD STRIPS, 2/ COMBER WASTE, LAP ’TASTE, 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 ndt hiore 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)
T
:
:TOTAL IMPORTS :ESTABLISHED? Imports Sept. 20,
Country of Origin : Established :Septf 20, 1943 :33-1/3$ of :
1943, to
. ; TOTAL QUOTA :July 1, 1944
;Total Quota: July 1, 1944 1/
United Kingdom.....
4,323,457
239,690
Canada. ............'„.
227,420
France.............
69,627
British India......
68,240
Netherlands.....;..
Switzerland........ . v 44,388
38,559
Belgium............ .
J apari*.............
341,535
17,322
China...........,
8,135
Egypt.......---6,544
Cuba.
... •> l|p...-♦
76,329
Germany..... .....
Italy..............
21,263

TOTALS

- \
29,398
-• •
•1 -

29,398

5,482,509

1,441,152
75,807
T22,747
14,796
12,853
$
-

25,443
7,088

-

—

1,599,886

1/

Included in total imports, column 2.

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 lëngth.

oOo-

Y Z - é S

FOB IMMEDIATE RELEASE

The Bureau of Customs announced today preliminary figures shoving the
quantities of wheat and vheat 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, 1944, as fol­
lows!

Country
of
Origin

! Wheat flour, semolina, crushed
! or cracked wheat, and similar
s_______ wheat •products
!
!
Imports
t
t
Imports
Established! May 29, 1944, to
!Established! May 29, 1944, to
July 1. 1944
s
Quota
!
Quota
! July 1, 1944
(Pounds)
(Pounds)
(Bushels)
(Bushels)
*

795,000
Canada
»
China
•
Hungary
me
Hong Hong
m
Japan
United Kingdom
100
*
Australia
100
Germany
100
Syria
me
Hew Zealand
Chile
Netherlands
100
2,000
Argentina
Italy
100
Cuba
1,000
Prance
Greece
Mexico
100
Panama
«
Uruguay
Poland and Danzig
Sweden
m
Yugoslavia
Norway
m
Canary Islands
1,000
Issami*
100
Guatemala 3
Brazil ^ «
100
Union of Soviet
Socialist HepublicslOO
100
Belgium
800,000

WHEAT

795,000
me
•*
m

«
m

me
«e
-

-

me
me
me
•*»

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

-

-■

me

-

me
«• ■
795,000

4,000,000“

6,616

6,616

TREASURY DEPARTMENT
Washingt on
EOR IMMEDIATE RELEASE,
Wednesday, July 13, 1944.

’

Press Service
No. 42-65

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, 1944, as follows:

Country
of
Origin

WHEAT
Imports
Established: May 29, 1944, to
July 1, 1944
Quota
:
(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
Argent ina
100
Italy
Cuba
1,000
Prance
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
800,000

795,000
-

■— ’
—
- .
■ —
—
—
—
—

Wheat flour, semolina, crushed
or cracked wheat, and similar
wheat nroducts
Import s
Established May 29, 1944, to
July 1, 1944
Quota
(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

—

6,616
—
—
—*

—
—
—

—
—
—

—
—

—
—
—
Tw
~
—

~

• V*
-

—
795,000

— .

4,000,000

' - 1

6,616

2

Commodity

Silver or black
foxes, furs
and articles!
Poxes valued
under $250 each
and whole furs
and skins
Sails

5
;
*______ Established Quota
,t
s Period and Countay?Quantity:

May - Nov. 1944
All countries

12 months from
Bee. 1, 1943

Unit
s Imports as
0f
• 0f July 1,
Quantity:
1944

59,174

Number

7,169

5,000

Piece

2

Paws, heads, or
other separated
parts

n

500

Pound

495

Piece plates

H

550

Pound

-

Articles, ether
than piece
plates

a

500

Unit

~o0o~

59

FOR IMMEDIATE RELEASE
¿Stoll. 1944_______
The Bureau of Gust one announced today preliminary figures for imports of
commodities within quota limitations prorided for under trade agreements, from
the beginning of the quota periods to July 1, 1944, inclusive, as follows:

Commodity

:
Established Quota
'
t Period and Country : Quantity

• Imports as
: Unit
:
of
: of July 1,
: Quantity :
1944

Whole milk, fresh
or sour

Calendar year

3,000,000

Gallon

2,728

Cream, fresh or sour

Calendar year

1,500,000

Gallon

451

Fish; fresh or
frosen, filleted,
etc«, cod, haddock,
hake, pollock, cask
and resefish

Calendar year

18,210,658

Pound

13,940,371

90,000,000
60,000,000

Pound
Pound

64.276.287
rosTtss?:

2,153,984

Square

White or Irish
potatoes;
certified seed
other

12 months from
Sept« 15, 1943

Bed cedar shingles

Calendar year

Cuban filler tobacco,
unstemmed or stemmed
(other than eigarette
leaf tobacco), and
scrap tobacco

Calendar year

22,000,000

Molasses and sugar
sirups containing
soluble monsugar
solids equal to
sore than 6$ of
total soluble
solids

Calendar year

1,500,000

Pound
(unstommed
equivalent)

Gallon

728,376

Quota
filled

18,201

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday. July 12« 1944«

Press Service
No« 42-66

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 July 1, 1944, inclusive, as follows;

Commodity

;
!____ ^
Established Quota
: Period, and Country : Quantity

Whole milk, fresh
or sour

:
Unit
: Imports as
t
of
! of July 1,
! Quantity :
1944

Calendar year

3,000,000

Gallon

2,728

Cream, fresh or sour Calendar year

1,500,000

Gallon

451

Fish, fresh or
frozen, filleted,
etc., cod, haddock,
hake, pollock, cusk
and rosefish
Calendar year

18,210,658

White or Irish
potatoes;,
certified seed
other

12 months from
Sept. 15, 1943
90.000.
60.000.

Red cedar shingles

Calendar year

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

Calendar year

2,153,984

22,000,000

1,500,000

Pound

13,940,371

000
Pound
000
Pound

64,276,287
26,627,367

Square

728,376

Pound
(unstemmed Quota
filled
equivalent)

Gallon

18,301

-

Commodity

Silver or black
foxes, furs,
and articlesi
Poxes valued
■under $250 each
and whole furs
and skins
Tails

2

-

:
Established Quota
’
: Period and Country :Quantity :

May - Nov. 1944
All countries

12 months from
Dec. 1, 1943

59,174

Unit
:
of
::
Quantity :

Number

Imports as
of July 1,
1944

7,169

5,000

Piece

2

Paws, heads, or
other separated
parts

ii

500

Pound

495

Piece plates

it

550

Pound

-

500

Unit

Articles, other
than piece
plates'

n

59

F

R ecognizing I t would teas* tim e to wcrle out the adm in istra­
t io n o f the 1942 requirem ents. Congress lias pro vid ed th a t an
em ployer could in s t it u t e a p la n w ithout w aitin g f o r a r u lin g on
i t s ta x statu e and it the p la n wan subm itted in pro per form p r io r
to December 31 , 1944« the employer co u ld have a deduction f o r h is
co n trib u tio n s to the p la n in 1943 mid 1944« as w a ll as subsequent

years*

e

f o r t h is reason« Commissioner Nunan explained« every e ffo r t
w ill be made to complete ru lin g s on these caeee b efore the end o f
the year* Ee added th a t any em ployers who expect to f i l e p la n s
t h is year should do so at the e a r lie s t p o s s ib le date so th a t the
hand ling o f t h e ir p la n s can be programmed e x p e d itio u sly along w ith
the p la n s a lre a d y on file #
In determ ining the p o lic ie s to be fo llo w ed by the f ie ld o ffic e s
in h an d lin g these cases« the Commissioner s a id he hoped to continue
co n su lta tio n s w ith re p re se n ta tiv e s o f in su ra n ce companies« under*
w rit e rs 1 a s s o c ia tio n s and t ru s t companies, who are fa m ilia r w ith the
employers* problem s in s e ttin g up end o p e ratin g such plans*

* 0 C 0 *

TREASURY DIPARTMEOT
Bureau o f In t e rn a l Revenue
Washington, D. C.

W S S RELEASE

Joseph 0* Hunan, J r . , Commissioner o f In t e rn a l Revenue,
today announced a program fo r e x p e d itin g a ctio n on pension mod
p ro fit -s h a rin g p la n s , w ith a view to making r u lin g s on a l l pond­
in g oases b e fo re the end o f 1944.
A la rg o s t a f f o f spool a lly tra in e d revenue agents through­
out the co un try has been dalegated a u th o rity to co n sid e r md r u le
upon a l l p la n s besoming e ffe c t iv e a ft e r Beoember S I, 1941. T h is
w il l enable em ployers to work out t h e ir p la n s co n ve n ie n tly and
e x p e d itio u sly w ith revenue agents in t h e ir own lo c a lit y *
H e re to fo re , co n sid e ra tio n o f a l l such p la n s was c e n tra lis e d
in Washington so th at a groiq? o f s p e c ia lis t s co uld form ulate the
p o lic ie s a ffe c tin g the h ig h ly complex le g a l and a c t u a ria l problem s
in vo lve d in th ese plans* T h is group has now developed procedures
and tra in e d enough f ie ld agents so th a t i t i s p o s sib le to tra n s fe r
the b u lk o f the work to the f ie ld o f fic e s where la r g e r s t a f f s
rsa d y co n tact w ith « ip lo y e rs should speed up the work*
The f ie l d o f f ic e s , under t h is pro cedu re, w il l handle the v a st
m a jo rity o f the n e a rly 4,000 p la n s on f ile * The Washington o f fic e ,
however, w il l co ntinue to handle cases in v o lv in g p la n s which became
e ffe c t iv e p r io r to January 1 , 1942.
C o m ie sio n e r Hunan explained th a t i t i s e n t ir e ly up to each in ­
d iv id u a l employer to d ecid e what k in d o f pension o r p ro fit -s h a rin g
p la n he wants to h are fo r h is em ployees, o r i& e th e r he wants any p lan
at a l l . The o n ly fu n ctio n o f the Bureau o f In te rn a l Revenue i s to
determ ine whether a p la n adopted by an employer s a t is f ie s re q u ire meats o f the Revenue Act o f 1942 and so e n t it le s the p la n to ta x
oxamption and e n t it le s the csployw r to a deduction on h ie own income
tax fo r h is co n trib u tio n s to th e p la n .
B e la y in making these ru lin g s has been unavoidable because o f
the com plexity o f the 1942 requirem ents and because wartime b u sin ess
co n d itio n s hare stim u lated a huge in cre a se in the nuaber o f proposed
p la n s .

-

2

-

Recognizing it would take time to work out the administra­
tion of the 1942 requirements, Congress has provided that an
employer could institute a plan without waiting for a ruling on
its tax status and if the plan was submitted in proper form prior
to December 31, 1944, the employer could have a deduction for his
contributions to the plan in 1943 and 1944, as well as subsequent
years*
For this reason, Commissioner Nunan explained, every effort
will be made to complete rulings on these cases before the end of
the year* He added that any employers who ezpect to file plans
this year should do so at the earliest possible date so that the
handling of their plans can be programmed expeditiously along with
the plans already on file*
In determining the policies to be followed by the field offices
in handling these cases, the Commissioner said he hoped to continue
consultations with representatives of insurance companies, under­
writers* associations and trust companies, who are familiar with the
employers* problems in setting up and operating such plans#

- 0 0 0 -

TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington, D* C®

&

p jM n e jo rvrwr-ra ar m

7

f

Joseph D* Nunan, Jr*, Commissioner of Internal Revenue,
today announced a program for expediting action on pension and
profit-sharing plans, with a view to making rulings on all pend*»
ing cases before the end of 1944*
A large staff of specially trained revenue agents through­
out the country has been delegated authority to consider and rule
upon all plans becoming effective after December 31, 1941* This
will enable employers to work out their plans conveniently and
expeditiously with revenue agents in their own locality*
Heretofore, consideration of all such plans was centralized
in Washington so that a group of specialists could formulate the
policies affecting the highly complex legal and actuarial problems
involved in these plans* This group has now developed procedures
and trained enough field agents so that it is possible to transfer
the bulk of the work to the field offices where larger staffs and
ready contact with employers should speed up the work*
The field offices, under this procedure, will handle the vast
majority of the nearly 4,000 plans on file. The Washington office,
however, will continue to handle cases involving plans which became
effective prior to January 1, 1942*
^ Commissioner Nunan explained that it is entirely up to each in­
dividual employer to decide what kind of pension or profit-sharing
plan he wants to have for his employees, or whether he wants any plan
at all* The only function of the Bureau of Internal Revenue is to
determine whether a plan adopted b y an employer satisfies require­
ments of the Revenue Act of 1942 and so entitles the plan to tax
exemption and entitles the employer to a deduction on his own income
tax for his contributions to the plan*
Delay in making these rulings has been unavoidable because of
the complexity of the 1942 requirements and because wartime business
conditions have stimulated a huge increase in the number of proposed

TREASURY DEPARTMENT
B u r e a u of I n t ernal R e v e n u e
W a s h i n g t o n , ;B, C .
B O R RELEASE, M O R N I N G NEWSPAPERS,
Friday, July 1 4 , 1 9 4 4 «
7 -1 3 - 4 4
1

Press S e r v i c e
No. 4 2 - 6 7

J o s e p h B-. Nunan, Jr., C o m m i s s i o n e r of Internal Revenue,
t o d a y a n n o u n c e d a p r o g r a m f o r e x p e d i t i n g a c t i o n on p e n s i o n
a n d p r o f i t - s h a r i n g plans, w i t h a v i e w to m a k i n g r u l i n g s on
a ll p e n d i n g cases b e f o r e th e end of 1 9 4 4 .
A l a r g e S t a f f of s p e c i a l l y t r a i n e d r e v e n u e agents
t h r o u g h o u t t h e c o u n t r y h as been d e l e g a t e d a u t h o r i t y to c o n ­
s i d e r a n d r u l e upo n all plans b e c o m i n g eff e c t i v e a f t e r
D e c e m b e r 3 1 ? 1 9 4 1 . This w i l l enable emp l o y e r s to w o r k out
t h e i r plans c o n v e n i e n t l y a n d e x p e d i t i o u s l y w i t h r e v e n u e
a g ents in t h e i r own locality.
Heretofore, c o n s i d e r a t i o n of al l s u c h plans was central
ized in W a s h i n g t o n so that a g r oup of s p e c i a l i s t s c o uld f o r ­
m u l a t e the p o l i c i e s a f f e c t i n g the h i g h l y c o m p l e x legal a n d
a c t u a r i a l p r o b l e m s i n v o l v e d in t h e s e plans.
This g r o u p has
n o w d e v e l o p e d p r o c e d u r e s a n d t r a i n e d enough f i e l d a g e n t s so
tha t it is p o s s i b l e to t r a n s f e r the b u l k o f th e w o r k to the
f i e l d offices w h e r e l a r g e r staffs a n d r e a d y contact w i t h
employers s h o u l d s p e e d U p t he work.
Th e f i e l d offices, u n d e r this procedure, w i l l h a n d l e
the vast m a j o r i t y of t h e n e a r l y 4 , 0 0 0 plans on file.
The
W a s h i n g t o n office, however, w i l l continue to h a n d l e cases
i n v o l v i n g plans w h i c h b e c a m e e f f e c t i v e p r i o r to J a n u a r y 1 ,
1942.
C o m m i s s i o n e r N u n a n e x p l a i n e d tha t it is e n t i r e l y up to
each i n d i v i d u a l emp l o y e r to d e c i d e w h a t k i n d of p e n s i o n or
p r o f i t - s h a r i n g p l a n he w a n t s to have for his employees, or
w h e t h e r he w a n t s a n y p l a n at all.
The onl y f u n c t i o n of the
B u r e a u of Internal R e v e n u e is to d e t e r m i n e w h e t h e r a p lan
a d o p t e d b y an employer s a t i sfies r e q u i r e m e n t s of t h e R e v e n u e
A ct of 1 9 4 2 a n d so entitles t h e pla n to t a x exe m p t i o n a n d
entitles t he e m p l o y e r to a d e d u c t i o n on his own income t a x
f or his c o n t r i b u t i o n s to t he plan.
D e l a y in m a k i n g t h e s e r u l i n g s has bee n u n a v o i d a b l e
b e c a u s e of the c o m p l e x i t y of the 1 9 4 2 r e q u i r e m e n t s a n d
b e c a u s e w a r t i m e b u s iness c o n d itions h a v e s t i m u l a t e d a huge
i n c rease in the n u m b e r of p r o p o s e d plans.

2
R e c o g n i z i n g it w o u l d "take "time "to w o r k out "the a d m i m s t r a t i o n of t h e 1 9 4 2 requi r e m e n t s , C o n g r e s s has p r o v i d e d t h a t _
an e m p loyer c o uld ins t i t u t e a p l a n w i t h o u t w a i t i n g f o r a r u l i n g
on its t a x status a n d if t h e p lan was s u b m i t t e d in p r o p e r f o r m
p r i o r to D e c e m b e r 31» 1 9 4 4 » t h e employer c o uld hav e a d e d uction
f or his c o n t r i b u t i o n s to the p l a n in 1 9 4 3 a n d 1 9 4 4 , as w e l l as
subsequent y e a r s •
F o r t his reason, C o m m i s s i o n e r H u n a n explained, every effort
w i l l be m a d e to co m p l e t e r u lings on t h e s e cases before, t h e end
of t h e year.
He a d d e d that a n y employers wh o expect to file
plans t h i s y e a r s h ould do so at the earliest p o s s i b l e dat e so
t h a t the h a n d l i n g of t h e i r plans can be p r o g r a m m e d e xpeditiously
a l o n g w i t h t he plans a l r e a d y on file.
In d e t e r m i n i n g t h e po l i c i e s to be f o l l o w e d b y t h e f i e l d
offices in h a n d l i n g t h e s e cases, t h e C o m m i s s i o n e r said he h o p e d
to continue c o n s u l t a t i o n s w i t h r e p r e s e n t a t i v e s of i n s urance
companies, u n d e r w r i t e r s ’ a s s o c i a t i o n s a n d t r u s t companies, who
ar e f a m i l i a r w i t h t h e e m p l o y e r s ’ p r o blems in se t t i n g up a n d
o p e r a t i n g s u c h plans,

-oOo-

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. 41Ô, 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 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 afiy 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

J u ly 20. 19Uh

- .....

------------------- •

The income derived from Treasury bills, whether interest or gain from
,the sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have any
special treatment, as such, under Federal tax-Acts now or hereafter enacted.

The

bills shall be subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the possessions of
the United States, or by any local taxing authority.

For purposes of taxation the

amount of discount at which Treasury bills are originally sold by the United States
shall be considered to be interest.

Under Sections 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

I

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,

F rid a y , J u ly 14, 1944__________
~$d§c

The Secretary of the Treasury, by this public notice, invites tenders
fQr $1*300 «000 >000

91-day Treasury bills, to be issued
i55r
on a discount basis under competitive and fixed^price bidding as hereinafter pro­
vided,

or thereabouts, of

The bills of this series will be dated _— J u ly* _20,
1944
1 ^ E-------

October 19. 1944

mature
interest.

, 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, J u ly 17 j 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 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
•
•
5

:

>\

".FOR RELEASE, MORNING- :N E W S P A P E R S ,
Friday, J uly 1 4 , 1 9 4 4 .
7 -1 3 - 4 4
; '

T h e S e c r e t a r y of t he Treasury, by this p u b l i c notice,
invites te n d e r s for § 1 , 2 0 0 ,0 0 0 ,0 0 0 , o r thereabouts, of 9 1 -day
T r e a s u r y bills, to be issued on a discount basis u n d e r c o m p e t i ­
tive, a n d f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r p r o v ided.
Th e .
bills of' this series w i l l be d a t e d Jul y 2 0 , 1 9 4 4 , an d w i l l
m a t u r e O c t o b e r 1 9 , 1 9 4 4 ,.'when t he fac e a m o u n t w i l l be p a y a b l e
wi t h o u t interest.
The y w i l l be- issued in bear.er f o r m only, and
in d e n o m i n a t i o n s o f .$1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 , $ 1 0 0 , 0 0 0 , $ 5 0 0 , 0 0 0 ,
and $ 1 , 0 0 0 , 0 0 0 (maturity value).
Tenders w i l l be r e c e i v e d at F e d e r a l R e s e r v e Banks and
B r a nches up to the closing'hour, two o Tclock p. m . ,' E a s t e r n W a r
time, Monday, July 1 7 , 1 9 4 4 . Tenders w i l l not be r e c e i v e d at
t he T r e a s u r y D e p a r t m e n t W a s h i n g t o n .
B a c h t e n d e r m u s t . b e fcg:
an even m u l t i p l e of $ 1 ,0 0 0 , and. t he p r i c e o f fered must be ex ­
p r e s s e d on t he basis of 1 0 0 , w i t h not mor e -than t h r e e d e c i m a l s ,
*e. g., 99.925,.
F r a c t i o n s .m a y not' be used.
It is u r g e d tha t
tenders be mad e on t h e printed; forms a n d f o r w a r d e d in t he s p e ­
cial envelopes w h i c h w i l l be s u p p l i e d by Federal R e s e r v e Banks
or B r a n c h e s on a p p l i c a t i o n therefor.
T e n d e r s w i l l ’be r e c e i v e d w i t h o u t deposit f r o m i n c o r p o ­
r a t e d b a nks’ a n d t r u s t companies' a n d f r o m r e s p o n s i b l e a n d r e c ­
o g n i z e d dealers in i n v e stment s e c u r i t i e s ., ) Tenders f r o m others
must be a c c o m p a n i e d b y payment, of 2 pe r c e n t of t he "face a m ount
of T r e a s u r y bills a p p l i e d for, unless t h e t e n ders are a c c o m ­
p a n i e d b y an express g u a r a n t y of* p a y m e n t by an i n c o r p o r a t e d
b a n k or trust" company!. '
I m m e d i a t e l y a f t e r t he c l o s i n g hour, t e n ders w i l l be opened
at t h e F e d e r a l R e s e r v e Banks a n d Branches, f o l l o w i n g w h i c h p u b ­
lic a n n o u n c e m e n t w i l l be m a d e ’ by t he S e c r e t a r y of t he T r e a s u r y
of the a m o u n t a nd p r i c e r a n g e of a c c e p t e d bids..
Those sub­
m i t t i n g t e nders w i l l be a d v i s e d of t h e a c c e p t a n c e or r e j e c t i o n
thereof...
T he S e c r e t a r y of t h e T r e a s u r y e x p r e s s l y re s e r v e s the
r i ght to a c c e p t or r e j e c t a n y or all tenders, in w h o l e or in
part, a n d his a c t i o n in a n y s u c h r e s p e c t shall be final.
Sub­
ject' to t h e s e reser v a t i o n s , t e n d e r s for $ 1 0 0 ',0 0 0 or less f r o m
a ny one b i d d e r at 9 9 - 9 0 5 entered on a f i x e d - p r i c e basis w ill
be a c c e p t e d in full.
P a y m e n t of a c c e p t e d t e n d e r s at the
prices of f e r e d must be m ade or c o m p l e t e d at t he F e d e r a l R e s e r v e
B a n k in c a s h or o t her i m m e d i a t e l y a v a i l a b l e funds on July 2 0 ,
1944*
. \
*
o M f

42-68

(Over)

The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r interest
o r gai n f r o m the sale or o t her d i s p o s i t i o n of the bills, shall
n o t ; have a n y ex e m p t i o n , . a s such, a n d loss f r o m t h e sale or
o t h e r d i s p o s i t i o n of T r e a s u r y bills shall not hav e a n y special
treatment, as such, u n d e r f e d e r a l t a x A c t s now. or h e r e a f t e r
enacted..; The bills s h a l l be subject to estate, inheritance,
gift, or o t h e r excise taxes, w h e t h e r f e d e r a l or State, but
s h a l l be exempt f r o m a l l t a x a t i o n n o w or h e r e a f t e r im p o s e d on
the p r i n c i p a l or i n t erest t h e r e o f by a n y State, or a n y of the
p o s s e s s i o n s of .the U n i t e d States, or b y a n y local t a x i n g
a u t h ority,
f o r p u r p o s e s of t a x a t i o n t h e amount of d i s count at
w h i c h T r e a s u r y bills a re o r i g i n a l l y sol d by. t he U n i t e d States
s h all be c o n s i d e r e d t o be interest.
U n d e r S e c tions 42 a n d
1 1 7 (a) (1 ) of the Internal R e v e n u e Code, as a m e n d e d b y S e c ­
t i o n 1 1 5 of t h e R e v e n u e A ct o f . 1 9 4 1 , the amou n t of discount at
w h i c h bills i s s u e d h e r e u n d e r are sold s h all not be c o n s i d e r e d
to a c c r u e u n t i l s u c h bills s h a l l be sold, r e d e e m e d or otherwise
d i s p o s e d of, a n d s u c h bills a r e ex c l u d e d f r o m c o n s i d e r a t i o n as
c a p ital assets.
A c c o r d i n g l y , t he owner, of T r e a s u r y bills
(other tha n life i n s u r a n c e companies) issu e d h e r e u n d e r n e e d
i n c lude in his i n c o m e t a x r e t u r n o n l y the d i f f e r e n c e b e t w e e n
t h e p r i c e p a i d f o r s u c h bills,, w h e t h e r on or i g i n a l issue or
on s u b s e q u e n t purchase, a n d the a m o u n t a c t u a l l y r e c e i v e d either
u p o n sale or r e d e m p t i o n at m a t u r i t y d u r i n g the t a x a b l e y e a r for
w h i c h t h e r e t u r n is made, as o r d i n a r y gain or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No, 4 1 8 , as amended, a n d this
notice, p r e s c r i b e th;e t e r m s of t he Treasury" bills a n d g o v ern
the c o n d i t i o n s of t h e i r issue,
C o p i e s of t h e ci r c u l a r m a y be
o b t a i n e d f r o m a n y f e d e r a l R e s e r v e B a n k or Branch.

••

w>
°)

i

July 7» 1944

i ■

B arin g the isonth o f Jan#, 1944» the fo llo w in g market
tra n sa c tio n s took p la ce in d ir e c t and guaranteed l e e t r i U n
o f the Government*
Purchases *«****#*♦ **»*••*##♦ *#*
Sale® ****#»***•**#•♦••***♦#*•♦*

S et p u rc h a s e s ........ . ..........

i$0O»QOO
É*|d§li:*Gci€i

t?0«A75.QQQ .

(Sgd) Joseph G r e t t i

HU and

Copy to* Mr. Heffelfinger
Mr* Sh&effer
Miss Sanford

TREASURY DEPARTMENT
FIS C A L SER V IC E
B U R E A U

O F

A C C O U N T S

WASHINGTON

OFFICE OF THE COMMISSIONER

During the month of June, 1944-* the following market
transactions took place in direct and guaranteed securities
of the Government:

Purchases ............................................... $ 2 6 ,8 0 0 ,0 0 0
Sales •••«•••»•••»•••«••••••••••
Net purchases . . . . . ................ $ 2 0 .¿7 5 .0 0 0

TREASURY DEPARTMENT
Washington

P O R I M M E D I A T E RELEASE,
Saturday, Jul y 1 5 , 1 9 4 4 -

Press

^ ~ 59

D u r i n g t h e m o n t h of June,
market transactions
teed securities

Service

1944,

in direct a n d g u a r a n ­

of t h e G o v e r n m e n t f o r

T r e a s u r y inv e s t m e n t a n d o t her a c c o u n t s
r e s u l t e d in net p u r c h a s e s

of § 2 0 ,4 7 5 > 0 0 0 ,

S e c r e t a r y M o r g e n t h a u a n n o u n c e d today.

TREASORT DKPARTMSIIT
Washington
FOE RELEASE, m m i m WMSPAPIRS,
Tuesday. J u ly 18, 1944.

P re s , S e rv ice

The S e cre ta ry o f the T reasu ry announced la s t evening th a t the ten d ers fo r
$1,200,000,000, o r thereabouts, o f 91-day T reasu ry b i l l s to be dated J u ly 20 and to
nature O ctober 19, 1944, w hich were o ffe re d on d u ly 14, were opened a t the F e d e ral
Reserve Banks on d u ly 17*
The d e t a ils o f t h is is s u e a re as fo llo w s:
T o tal a p p lie d f o r - $ 2,074,323,000
T o tal accepted
- 1,206 ,577,0 00
Average p ric e

(in c lu d e s $59,701,000 entered on a fix e d p r ic e b a s is a t 99*905 and accepted in f u ll)
- 99*905/ E q u iv a le n t ra te o f d isco u n t approx* 0*375$ per &rmua

Range o f accepted com petitive b id s :
~ 99*910 E q u ivale n t ra te o f d isco u n t approx. 0*356$ per annum
~ 99.905
*
*
»
•
»
0*376$ 8
»

Lem

(5 3 percent o f the amount b id fo r a t the low p ric e was accepted)
F e d e ra l Reserve
¡D is t ric t

T o ta l
A p p lied fo r

T o ta l
Accepted

Boston
Mew York
P h ila d e lp h ia
C levelan d
Richmond
A tlan ta
Chicago
St* L o u is
M inneapolis
Kansas C ity
D a lla s
San F ra n cisco

#
61,770,000
1,2 56 ,312 ,00 0
64,735,000
35,59 5,000
20,786,000
67,240,000
349,340,000
40,405,000
13,58 2,000
29,533,000
15,650,000
119 ,575.000
» ,0 7 4 ,3 2 3 ,0 0 0

1

35,314,000
692,512,000
45,794,000
30,703,000
16,274,000
42,789,000
190,638,000
24,237,000
11,222,000
26,989,000
13,770,000
x
76,335,000
11,206,577,000

TREASUHT DEPARTMENT
Washington
NEWSPAPERS,

pre a s service

M g d a ii J u X y lg , 1944.__________

q

FOR RELEASE,

Uöfflim

yj „

the S e cre ta ry o f the tre a su ry announced la s t evening th a t the tenders fo r
$ 1,200,000,000, o r thereabouts, o f 91~d*y tre a su ry b i l l s to be dated «inly 20 and to
n ature October 19, 1944, w hich were o ffe re d o s J u ly 14, were opened a t the F ed eral
Reserve Banks on J u ly 17,
the d e t a ils o f t h is is s u e a re a s fe llo w s:
T o ta l a p p lie d f o r - $ 2,074,323,000
T otal accepted
- 1,206 ,577,0 00 (in c lu d e s $59,701,000 entered on a fix e d .
,
price b a s is a t 99*905 and accepted in f u ll)
Average p ric e
- 9 9 .9 05/ E q u iva le n t ra te o f d isco u n t approx* 0.37556 p er annum
Range o f accepted co m petitive b id s :
- 99*910 E q u ivale n t ra te o f d isco u n t approx. 0 .356 $ per annum
** 99*905
*
»
e
e
n
0 .376 $ *
»

lew

(5 3 p ercent o f the amount b id fo r a t the lew p ric e was accepted)
F e d e ra l Reserve
D is t r ic t .......

T o ta l
A p p lie d f o r

T o ta l
Accepted

Boston
Hew York
P h ila d e lp h ia
C leveland
Richmond
A tla n ta
Chicago
St* L o u is
M in n eapo lis
Kansas C ity
D a lla s
San F ra n cisco

#

I

61 ,770,000
1 ,256,112,000

6 4.735.000
35.59 5.0 00
20.786.000
67.240.000
349.340.000
4 0.405.000
1 3 582.000
29 .533.0 00
15.6 50.00 0
119 .575.000
» ,0 7 4 ,3 2 3 ,0 0 0

.

35,314,000
692 ,512,000
45.794.000
30.703.000
16.274.000
42.789.000
190 ,638,000
2 4 .237.000

11 .222.000
26 ,989,000
13,770,000
76,335,000
, 206, 577,0 0 0

TREASURY DEPARTMENT
Washington

FOR RELEASE, M O R N I N G N E W S PAPERS,
Tuesday, July 1 8 , 1 9 4 4 .

' "

Press S e r vice
No#

The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that
the tenders for $ 1 , 2 0 0 ,0 0 0 ,0 0 0 , or thereabouts,
Treasury bills

of 9 1 -day

to be d a t e d July 2 0 and to m a t u r e O c t o b e r 1 9 ,

1 9 4 4 , w h i c h were o f f e r e d on July 1 4 , were o p e n e d at the Federal
Reserve Banks

on J u l y 1 7 .

The d e t a i l s o f this issue are as
Total a p p l i e d for
Total a c c e p t e d

Average price

follows$

$ 2 ,0 7 4 , 3 2 3 , 0 0 0
1 ,2 0 6 , 5 7 7 , 0 0 0 (includes $ 5 9 ,7 0 1 , 0 0 0
e n t e r e d on a f i x e d - p r i c e basis at
9 9 . 9 0 5 a n d a c c e p t e d in full)

9 9 .9 0 5 / E q u i v a l e n t rate of d i s c o u n t
approx. 0 .3 7 5 $ per a n n u m

Range of a c c e p t e d c o m p e t i t i v e bids:
High
Low

* 9 9 . 9 1 0 Equivalent
approx. 0
- 9 9 . 9 0 5 Equivalent
approx. 0

rate
.3 5 6 $
rate
.3 7 6 $

of d i s c o u n t
per annum
of d i s c o u n t
per annum

( 5 3 p e r cent of the a m o u n t b i d for at the low p r ice was accepted)
Federal Reserve
D i s t r i c t ______ _

Total
A p p l i e d for

Bos ton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis '
K a n s a s C ity
Dal la s
San F r a n c i s c o

$

Total
Accepted

6 1 ,7 7 0 , 0 0 0
1 ,2 5 6 ,1 1 2 , 0 0 0
6 4 .7 3 5 . 0 0 0
3 5 .5 9 5 . 0 0 0
2 0 .7 8 6 . 0 0 0
6 7 .2 4 0 . 0 0 0
3 4 9 .3 4 0 . 0 0 0
4 0 .4 0 5 . 0 0 0
1 3 .5 8 2 . 0 0 0
2 9 .5 3 3 . 0 0 0
1 5 .6 5 0 . 0 0 0
1 1 9 .5 7 5 . 0 0 0

3 5 ,3 1 4 . 0 0 0
6 9 2 ,5 1 2 . 0 0 0
4 5 ,7 9 4 . 0 0 0
3 0 ,7 0 3 . 0 0 0
1 6 ,2 7 4 . 0 0 0
4 2 ,7 8 9 . 0 0 0
1 9 0 ,6 3 8 . 0 0 0
2 4 ,2 3 7 . 0 0 0
11 , 2 2 2 .0 0 0
2 6 ,9 8 9 . 0 0 0
1 3 ,7 7 0 . 0 0 0
7 6 ,3 3 5 . 0 0 0

$ 2 ,0 7 4 , 3 2 3 , 0 0 0

$ 1 ,2 0 6 ,5 7 7 , 0 0 0

-oOo-

f o t - ? /
FOR IMMEDIATE RELEASE
July 18. 19*&.

The Bureau of Customs announced today preliminary figures shoving
the quantities of coffee authorized for entry for consumption under the
quotas for the 12 months commencing October 1, 19^3* provided for in
the Inter-American Coffee Agreement, proclaimed by the President on
April 15, 19^1, as follows:

•

:
Country o f P ro d u ctio n : Quota Q uantity :
•
•
(Pounds) 1 / :

A uthorized f o r entry
fo r consumption
As o f (D ate)
: (Pounds)

S ign ato ry C o u n trie s:
B ra z il
Colombia
Costa R ic a
Cuba
Dominican R epub lic
Ecuador
E l Salvador
Guatemala
H a it i
Honduras
Mexico
N icaragua
Peru
Venezuela
N on-Signatory C o u ntries]

1 , 621, 630,479
549, 261,936
3 M 7 3 .7 7 H
13,9^9,562
20,881,883
26, 1 5 5 .3 3 0
10i}-,6 2 1,32 1
93,287,384
* 7.9 51,373
3,^6,928
8 2,825,279
3 ^ ,0 0 1, 9^3
4,359,288
7 3 , 2 34 ,872
6 1 , 900,935

J u ly 8, 19Ì44
J u ly 15, 19lft 27
J u ly S, I 9I&
H

J u ly 1 5 . 19*& 2 /
J u ly 8, I 9I&
it
it
N

(Im port quota f i l l e d )
J u ly 8, 13m
it

11
it

n

1 ,024, 374 ,6 56
532,628,881
25,407,104
6,303,092
1 7 , 612,978
19,907,161
8^,6^9,oHo
7 2 , 9 72 ,8 17
3 2 , 3 6 5 ,7 3 7
75,491,643
2 5 . 936,927
2,58 3,950
38,180,529
3,748,957

l/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 19*&,

2/

Per telegraphic reports.

TREASURY DEPARTMENT
Washington

Im m e d i a t e r e l e a s e ,
Wednesday, July 19, 1944.

Press service
No* 42-71

for

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 InferAmerican Coffee Agreement, proclaimed by the President on April 15, 1941, as
follows:

Country of Production : Quota Quantity
: (Pounds) 1/

Authorized for entry
_______for c o n s umption______
As of
(Date)
;
(Pounds)

Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Gruat emala
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

July 8, 1944
July 15, 1944
July 8, 1944

§/

ii

July 15, 1944
July 8, 1944
it
ii

ti

Import quota filled)
July 8, 1944
n

1,024,374,656
532,628,881
25,407,104
6,303,092
17,612,978
19,907,161
84,649,040
72,972,817
32,365,737

n

75,491,643
25,936,927
2,583,950
38,180,529

ti

3,748,957

ti

1/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944.

2/

Per telegraphic reports.

- q Qo-

%?.
1.

GENERAL PROVISIONS

A« fiscal agent« of the United States, Federal Reserve Bank« are

authorised and requested to receive subscriptions, to sake allotment« 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 rseeivs payment for certificates allotted, to make delivery of
certificates on full-paid subscriptions allotted, and they may issue interim
receipts pending delivery of the definitive certificates,
2,

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

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

D. 1 , BELL,
Acting Secretary of the Treasury.

- a -

3*
moneys,
4.

The c e r t if ic a t e s w il l be accep tab le to secu re d ep o sit« o f p u b lic
they « i l l not be a cce p ta b le in payment o f taxes.
B earer c e r t if ic a t e s w ith in t e r e s t coupons attached w il l be Issu e d In

denom inations o f » ,0 0 0 , » , 0 0 0 , » 0 , 000, 1100,000 and |l|0OD}£)00<

The ce r­

t if ic a t e s w i l l not be Issu e d in re g is te re d form .
3*

The c e r t if ic a t e s w il l be su b je ct to the g e n e ra l re g u la tio n s o f the

T reasu ry Department« now o r h e re a fte r p re scrib e d « governing U nited State«
c e r t if ic a t e s .
III.

1.

SUBSCRIPTION AND AUUOTKENT

S u b scrip tio n s w i l l bs re ce iv e d a t the F e d e ra l Reserve Banks and

Branches and a t the T reasu ry Department« W ashington.

Banking institutions

g e n e ra lly may subm it s u b s c rip tio n s f o r account o f customers« but o n ly the
F e d e ra l Reserve Banks and the T reasu ry Department are a u th o rise d to a c t as
o f f i c i a l a g e n cie s.
2.

The S e cre ta ry o f the T reasu ry re se rv e s the r ig h t to re je c t any sub­

s c rip tio n « in whole o r in part« to a llo t le s s than the amount o f c e r t if ic a t e s
a p p lie d fo r« and to d o s e the books as to any o r a l l su b s c rip tio n s a t

any

time

w ithout n o tic e j and any a ctio n he may take in these re sp e cts s h a ll be f in a l.
S u b ject to these re se rv a tio n s« a l l s u b s c rip tio n s w il l be a llo t t e d in f u l l .
A llotm ent n o tic e s w il l be sen t out prom ptly upon a llo tm e n t.
IF.

1.

PAYMENT

Payment a t p ar fo r c e r t if ic a t e s a llo t t e d hereunder must be made on o r

b e fo re August 1« 1944« o r on la t e r allotm ent« and may be made o n ly in T reasury
C e r t ific a t e s o f Indebtedness o f S e rie s D-1944« m aturing August 1« 1944# which
w il l be accepted a t par« and should accompany the s u b s c rip tio n .

¡¡Pl

UNITED STATES OF AMERICA
7 /8 PERCENT TREASURE CERTIFICATES OF INDEBTEDNESS OF SERIES E-1945
Due August 1, 1945

Dated and bearing interest from August 1, 1944

1944
Department Circular Ho. 746

TRSASUHX DEPARTMENT,
Office of the Secretary,
Washington, July 20 , 1944 .

Fiscal Service
Bureau of the Public Debt

1.
1.

OFFERING OF CERTIFICATES

the Secretary of the Treasury, pursuant to the authority of the

Second Liberty Bond Act, as amended, invites subscriptions, at par, from the
people of the Ifoited States for certificates of indsbtsdnsss of ths United
States, designated 7/8 percent Treasury Certificates of Indebtedness of Ssrlss
E-1945, in exchange for Treasury Certificates of Xnd^te&iess of Series D-1944,
maturing August 1, 1944*

II •
1.

DESCRIPTION OF CJ&TIFICATES

The certificates sill be dated August 1, 1944, and «ill bear interest

from that date at the rats of 7 /8 percent per annua, payable semiannually on
February 1 end August 1, 1945*

They sill mature August 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, nos 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 nos 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.

t r e a s u r y d ® >h n ' m f f l ?

Washington

FOR RELEASE, UORNING HBWSPAPBR5,
Thursday, July 20. 1944»

Presa Service

The Secretary of the Treasury today announced an offering, through
the Federal Reserve Bank*, of 7/8 percent Treasury Certificates of In­
debtedness of Series E-1945, open on an exchange basis, par for par, to
holders of Treasury Certificates of Indebtedness of Series B-1944,
maturing August 1, If44* Cash subscriptions will not be received.
The certificates now offered will be dated August 1, 1944, and will
bear interest fro® that date a t the rate of seven-eighths of one percent
per annum, payable semiannually on February 1 and August 1, 1945. They
will mature August 1, 1945* They will be issued in bearer form only,
with two interest coupons attached, in denominations of 11,000, $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 $2,$45,392,OCX) of the Series D-1944 cer­
tificates.
The text of the official circular followss

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, July 2 0 , 1 9 4 4 .

Press
No.

Service
4 2 -7 2

T h e S e c r e t a r y o f the T r e a s u r y t o d a y a n n o u n c e d a n o f f e r ­
ing, t h r o u g h t h e F e d e r a l R e s e r v e B a n k s , of 7 / 8 p e r c e n t
T r e a s u r y Certif i c a t e s of Indebtedness of Series E - 1 9 4 5 , open
o n a n e x c h a n g e b a s i s , p a r f o r par, to h o l d e r s of T r e a s u r y
C e r t i f i c a t e s of I n d e b t e d n e s s of S e r i e s D - 1 9 4 4 , m a t u r i n g
A u g u s t 1 , 1 9 4 4 . C a s h s u b s c r i p t i o n s w i l l n o t be r e c e i v e d .
c e r t i f i c a t e s n o w o f f e r e d w i l l be d a t e d A u g u s t 1 ,
b e a r i n t e r e s t f r o m t h a t d a t e a t the r a t e o f
s e v e n - e i g h t s o f one p e r c e n t p e r a n n u m , p a y a b l e s e m i a n n u a l l y
on February 1 and August 1 , 1 9 4 5 . They will mature A u gust 1 ,
1 9 4 5 . T h e y w i l l be i s s u e d in b e a r e r f o r m o n l y , w i t h two
i n t e r e s t c o u p o n s a t t a c h e d , in d e n o m i n a t i o n s o f $ 1 , 0 0 0 ,
$ 5 ,000,: $ 1 0 , 0 0 0 , $ 1 0 0 , 0 0 0 a n d $ 1 , 0 0 0 , 0 0 0 V
The

1 9 4 4 , a n d will

Pursuant

to the p r o v i s i o n s o f the P u b l i c D e b t A c t o f
u p o n the c e r t i f i c a t e s n o w o f f e r e d s h a l l n o t
h a v e a n y e x e m p t i o n , a s such, u n d e r F e d e r a l t a x A c t s n o w o r
h e r e a f t e r enacted.
T h e f u l l p r o v i s i o n s r e l a t i n g to t a x ­
a b i l i t y a r e s e t f o r t h in the o f f i c i a l c i r c u l a r r e l e a s e d t o ­
day.
1 9 4 1 , interest

S u b s c r i p t i o n s w i l l b e r e c e i v e d a t the F e d e r a l R e s e r v e
B a n k s a n d B r a n c h e s a n d a t the T r e a s u r y D e p a r t m e n t , W a s h i n g t o n ,
a n d s h o u l d b e a c c o m p a n i e d b y a l i k e f a c e a m o u n t o f the m a ­
turing certificates.
S u b j e c t to the u s u a l r e s e r v a t i o n s ,
a l l s u b s c r i p t i o n s w i l l be a l l o t t e d In f u l l . T h e r e a r e n o w o u t s t a n d i n g $ 2 ,5 4 5 , 3 9 2 , 0 0 0
D - 1 9 4 4 certificates.
The

text

of

the o f f i c i a l

circular

of

follows:

the S e r i e s

UNITED STATES OF AMERICA
7 /B PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E - 1 9 4 5

Dated and bearing interest from August 1 , 1 9 4 4

1944 i
Department Circular No. 7 4 6
___ _

Dae Augast 1 , 1 9 4 5

TREASURY DEPARTMENT,
Office of the Secretary,
Washington, July 2 0 , 1 9 4 4 *

Fiscal Service
Bureau off the^.Public Debt
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, from the
people of the United States for certificates of indebtedness of the United '
States, designated 7/S percent Treasury Certificates of Indebtedness of
Series E- 1 9 4 5 , in exchange for Treasury Certificates of Indebtedness of
Series D-1 9 4 4 , maturing August 1 , 1 9 4 4 #

II.
1.
interest
annually
and will

DESCRIPTION OF CERTIFICATES

The certificates will be dated August 1 , 1 9 4 4 , and will bear
from that date at the rate of 7/S percent per annum, payable semi­
on February 1 And August 1 , 1 9 4 5 * They will mature August 1 , 1 9 4 5 ,
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.
3.
moneys.

The certificates will be acceptable to secure deposits of public
They wall not be acceptable in payment of taxes.

4 * Bearer certificates with interest coupons attached wall be issued
in denominations of $1 ,0 0 0 , $ 5 ,0 0 0 , $1 0 ,0 0 0 , $1 0 0 , 0 0 0 and $1 ,0 0 0 ,0 0 0 . The
certificates vail 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.

- 2 III. ' SUBSCRIPTION AND ALLOTMENT
1 * Subscriptions will be received at the Federal Reserve Banks and
Branches and at the Treasury Department, Washington.
Banking institutions
generally may submit subscriptions for account of customers, but only the
Federal Reserve Banks and the Treasury Department are authorized, to act as
official agencies.
2 . The Secretary of the Treasury reserves the right to reject any sub­
scription, 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 thèse reservations, all subscriptions will be allotted
in full. Allotment notices will be sent out promptly upon.allotment.

IV.

PAYMENT

1 . Payment at par for certificates allotted hereunder must be made on
or before August 1 , 1 9 4 4 , or on later allotment, and may be made only in
Treasury Certificates of Indebtedness of Series D-1 9 4 4 , maturing
August 1 , 1 9 4 4 , which wall be accepted at par, and should accompany the
subscription.

V.

GENERAL PROVISIONS

1 . As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to
the Federal Reserve Banks of thé respective districts, to issue allotment
notices, to receive payment for certificates allotted, to make delivery of
certificates on full-paid subscriptions allotted, and they may issue interim
receipts pending delivery of the definitive certificates.
2 » The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve Banks.

D. W. BELL,
Acting Secretary of the Treasury.

fiMft
- 3 for such bills, whether on original issue or on subsequent pprehase, and the amount
actually received either upon sale or redemption at maturity during the taxable
year for which the return is made, as trdinarv gain or loss.
Treasury Department Circular No. 4 1 8 , 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 $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 offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on

July 2?, 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.

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 4 2 and 1 1 7 (a) (l) of the

Internal Revenue Code, as amended by Section 1 1 5 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 (oilier than life insurance companies) issued hereunder
need include in his income tax feturn only the difference between the price paid

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,

Friday, July 21, 1944_______ .
pQC

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 competitive and fixed-price bidding as hereinafter pro­
vided.

The bills of this series will be dated

October 26® 1944

mature
interest.

July 27® 1944

. and will

, when the face amount will be payable without

They will be issued in bearer form only, and in denominations of $1 ,0 0 0 ,

$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* Juljr 2 4 * 1 9 4 4

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 expressedon the basis of 1 0 0 , with not more than three decimals, e. g., 9 9 .9 2 5 .
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 supolied 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

q>f

payment by an incorporated bank or trust company.

Immediately after the closing hour, tenders will be opened at the Federal

TREASURY DEPARTMENT
Washington

F O R RELEASE, MORNING- NEWSPAPERS,
Friday., July 2 1 , 1 9 4 4 * '
7-2 0 -4 4

The S e c r e t a r y of t he Treasury, by this p u b l i c notice,'
invites t e nders fo r $ 1 , 2 0 0 ,0 0 0 ,0 0 0 , or thereabouts, of 9 1 -day
T r e a s u r y bills, to be i s s u e d on a disco u n t basis u n d e r c o m p e t ­
itive a n d f i x e d - p r i c e bi d d i n g as h e r e i n a f t e r provided.
The
bills of this series w i l l be d a ted J u l y 2 7 , 1 9 4 4 , a n d wil l
m a t u r e O c t o b e r 2 6 , 1 9 4 4 , w h e n t he f a c e amount w ill be p a y a b l e
w i t h o u t interest.
T h e y w i l l be issued in b e a r e r f o r m only, a n d
in d e n o m i n a t i o n s of $ 1 , 0 0 0 ,.$ 5 ,0 0 0 , $ 1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $500,000,
a n d $ 1 ,0 0 0 , 0 0 0 (maturity value).
T e nders w i l l be r e c e i v e d at F e d e r a l R e s e r v e Banks a nd
Bra n c h e s up to t he closing hpur, t wo o ^ c l o c k p. m . , E a s t e r n W a r
time, Monday, Jul y 2 4 , 1 9 4 4 . Tenders w i l l not be r e c e i v e d at
the T r e a s u r y D e p a rtment, W a s h i n g t o n .
E a c h t e n d e r must be for an
even m u l t i p l e of $ 1 , 0 0 0 , a n d the p r i c e offered must be expressed
on t he basis of 1 0 0 , w i t h - n o t m ore t h a n t h ree decimals, e. g.,
9 9 .9 2 5 . F r a c t i o n s m a y n ot be used.
It is u r g e d that t e n d e r s be
m a d e on t h e p r i n t e d forms a n d f o r w a r d e d in t h e s p e cial envelopes
w h i c h w i l l be s u p p l i e d by F e d e r a l R e s e r v e Banks or Branc h e s on
a p p l i c a t i o n therefor.
Tenders w i l l be r e c e i v e d w i t h o u t deposit f r o m i n c o r p o r a t e d
banks a n d t r u s t companies a n d f r o m r e s p o n s i b l e a n d r e c o g n i z e d
dealers in inv e s t m e n t securities.
T e n d e r s f r o m others' m ust be
a c c o m p a n i e d by p a y m e n t o f 2 p e r c e n t of the face amount of T r e a s ­
u r y bills a p p l i e d for, u n l e s s the t e n d e r s a r e :a c c o m p a n i e d by an
express g u a r a n t y of p a y m e n t by an i n c o r p o r a t e d b a n k or t r ust *
company.
I m m e d i a t e l y a f t e r the closing -hour, t e n d e r s w i l l be opened
at t he F e d e r a l R e s e r v e Banks a n d Branches, f o l l o w i n g w h i c h p u b ­
lic a n n o u n c e m e n t w i l l be m a d e by th e S e c r e t a r y of t he T r e a s u r y
of t he a m ount a n d p r ice r a n g e of a c c e p t e d bids.
T h ose s u b ­
m i t t i n g tenders w i l l be a d v i s e d of t h e a c c e p t a n c e or r e j e c t i o n
thereof..
The S e c r e t a r y of t h e T r e a s u r y e x p r essly reserves the
r i ght to accept or r e j e c t a n y or a ll tenders., in w h o l e or in
part, a n d his a c t i o n in a n y suc h r e s p e c t shall be final.
Sub­
ject to these r eservations, t e n ders f or $ 1 0 0 , 0 0 0 or less f r o m
a n y one b i d d e r at 9 9 - 9 0 5 entered on a f i x e d - p r i c e basis w i l l be
a c c e p t e d in full.
P a y m e n t of a c c e p t e d tenders at the prices
of f e r e d must be m a d e or c o m p l e t e d at t h e F e d e r a l R e s e r v e B a n k
in c a s h or o t her i m m e d i a t e l y a v a i l a b l e funds on -July 2 7 , 1 9 4 4 .

42-75

(Over.)

2
T h e income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r interest or
g a i n f r o m t h e s a l e or other d i s p o s i t i o n of the bills, s h a l l not
h a v e a n y exemption, as such, and. loss f r o m t h e sale or other
d i s p o s i t i o n of T r e a s u r y b i l l s . s h a l l not- h a v e a n y s p e c i a l t r e a t ­
ment, as such, u n d e r F e d e r a l t a x A cts n o w or h e r e a f t e r enacted.
T h e bills shall be subject to estate, inheritance, gift, or other
excise taxes, w h e t h e r F e d e r a l or State, bu t s h a l l be exempt from
a l l t a x a t i o n n o w or h e r e a f t e r i m p o s e d on t he p r i n c i p a l or i n t e r ­
est t h e r e o f by a n y State, or a n y of t h e p o s s e s s i o n s of t h e U n i t e d
States, or b y a n y local t a x i n g a u t h o r i t y .
F o r p u r p o s e s of t a x a ­
t ion t h e a m ount of di s c o u n t at w h i c h T r e a s u r y bills are originally
s o l d b y the U n i t e d States s h a l l be c o n s i d e r e d to be interest.
U n d e r .Se c t i o n s 42 a n d 1 1 7 (a) (1 ) of t h e Inter n a l R e v e n u e Code,
as a m e n d e d by S e c t i o n 1 1 5 of t h e R e v e n u e Ac t of 1 9 4 1 ? t h e amount
of di s c o u n t at w h i c h bills i s s u e d h e r e u n d e r are s o l d shall not be
c o n s i d e r e d to a c c r u e u n t i l s u c h bills s h all be sold, r e d e e m e d or
o t h e r w i s e d i s p o s e d of, a n d s u c h bills are e x c l u d e d f r o m c o n s i d e r ­
a t i o n as c a p i t a l assets.
A c c o r d i n g l y , t he owner of T r e a s u r y
b i l l s (other than life i n s u r a n c e c o m p anies) i s s u e d h e r e u n d e r
n e e d i n clude in his income t a x r e t u r n o n l y t he d i f f e r e n c e b e t ween
t he p r i c e p a i d f o r such.bills, w h e t h e r on o r i g i n a l issue or on
s u b s e q u e n t purchase, a n d t he a m o u n t a c t u a l l y r e c e i v e d either upon
sale or r e d e m p t i o n at m a t u r i t y during t h e t a x a b l e y e a r for w h i c h
the r e t u r n is made, as o r d i n a r y gai n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r Ro* 4 1 8 , as amended, a n d this
notice, p r e s c r i b e t h e t e r m s of t h e T r e a s u r y bills a n d g o v e r n t he
c o n d i t i o n s of. t h e i r issue.
Copies of t h e c i r c u l a r m a y be obtained
f r o m a n y F e d e r a l R e s e r v e B a n k or Branch.

-oOo-

THEASÜKT DÄPABTSCTT

Washington
POR RELEASE, WORHIHO
Frlday, July

2La

miSPAPftBS,

Prass Service

1944*

1ha Secretary of tha Treasury announced today that tha eubscription
books for tha current offering of 7/8 pereant Treasury Certificate» of
Xndebtedness of Serie» 15-1945, open t© tha holder» of Ihasoy Certificate»
of Indebtedness of Serie» D-1944 «aturing August 1, 1944, will dose at tha
dosa of business tomorrow, July 22«
Subscriptions addrassed io a Federal Reserve Bank or Branch, or to
tha Treasury Department, and plaead in ths »all before 12 o*clock mldnight,
Saturday, July 22, vili ba considered aa having been entered before tha
dosa of tha subscrlption books*
Announcement of tha amount of subacriptions and their division among
tha aavard Federal Reserve Distriets will ba nada later*

\

T R E A S U R Y D E P A R T MENT
Washington

Press S e r v i c e
No, 4 2 - 7 4

P O R RELEASE, MORISOTS R M S P A P E R S ,
Friday, July .2 1 , 1 9 4 4 .______.
7 -2 0 -4 4

The- S e c r e t a r y of t h e T r e a s u r y a n n o u n c e d t o d a y that
t h e s u b s c r i p t i o n books f or t h e
percent Treasury Certificates
Series

o f f ering

of I n d e b tedness

E - 1 9 4 5 , open to t h e holders

f i c a t e s of I n d e b t e d n e s s
August

current

of 7/8

of

of T r e a s u r y C e r t i ­

of Series D - 1 9 4 4 -m a t u r i n g

1 , 1 9 4 4 , w i l l close at t h e blose of b u s iness

tomorrow,

July 2 2 .

/

S u b s c r i p t i o n s a d d r e s s e d to a F e d e r a l R e s e r v e B a n k
or Branch,

or to t h e T r e a s u r y Department,

in th e mai l b e fore 1 2

p ’clock midnight,

and placed

Saturday,

July 2 2 , w i l l be c o n s i d e r e d as h a v i n g been
b e f o r e t he

e n tered

close of t h e s u b s c r i p t i o n books.

Announcement- of t h e a m o u n t

of s u b s c r i p t i o n s a n d

t h e i r division a m o n g t he s e v e r a l F e d e r a l R e s e r v e D i s ­
tricts w i l l be made later.

-oOo-

erected a signpost — a signpost pointing down a highway broad
enough f o r a l l men to w aik fsid e'b y s id e . tfFhey w ill se t out
to g e th e r, th ere is nothing on e a rth th a t need stop them.

- 6 -

should be fr e e from monopoly c o n tr o l, and a v a ila b le upon
reasonable terms to th o se who would put i t to use f o r the
g en eral w e lfa re .
d eleg ates and te c h n ic a l s t a f f a t B retto n Woods have
completed t h e ir p ortion of the jo b .

They have sa t down toge

1

talk ed as friends^and have p erfected imtb- plans to cope w ith the
in te r n a tio n a l monetary and f in a n c ia l problems which a l l t h e ir countiki

le g is la t u r e s and th e peoples of the p a r tic ip a tin g n a tio n s.
w ill pass upon what has been accomplished h e re,

They

fhxxxsxxitxxwili

kxxxxkxxBfxxxixixxmpBxixaxs
f ' The r e s u lts w ill be of v i t a l importance to everyone in

every country.

I

In the l a s t a n a ly s is , i t w ill help determine

whether or not people w ill have jobs and the amount of money
they a re to fin d in t h e i r weekly pay envelope.

More important

s t i l l , i t concerns the kind of world in which our ch ild ren are
to grow to m a tu rity .

I t concerns the o p p o rtu n ities which w ill

await m illio n s of young men when a t l a s t th e y x a n take o f f th e ir
uniforms and can come home nriH

*tf th^vr r 1naves and go—fro—

^^This monetary agreement is but one s te p , of co u rse, in the broad
program of in te r n a tio n a l a c tio n necessary f o r the shaping of a fre e
fu tu r e .

But i m h x i t is an ind ispen sable tm eafr step in the v i t a l

t e s t of our in te n tio n s .
one way or the o th e r.

We are at a cro ssro a d , and we must go
The Conference a t B retton Woods has

- 5 -

sound .ind ustry and in crea se in d u s tr ia l and a g r ic u ltu r a l production
in nations whose economic p o t e n t ia l i t i e s have not y et been
developed*

I t i s e s s e n t ia l to us a l l th a t these nations play

t h e ir f u l l p art in the exchange of goods throughout the w orld.
........■■■)

) They must be enabled to produce and to s e l l i f they eft»e to be
%ble to purchase and consume.

The Bank f o r In te rn a tio n a l Recon­

s tr u c tio n and Development i s designed to meet th is need,
r—

*

^ O b je ctio n s to t h i s Bank have been ra ise d by-flggjja^iernbaps
and -asfli economists.

jbhe in s t it u t io n proposed by the
B retto n Woods Conference would

lim it the co n tro l

^gprwhich^private bankers have in the past e x ercise d over in t e r ­
n a tio n a l fin a n c e .

I t would by no means r e s t r i c t the investment

sphere in w h i c h c o u l d engage.

On the co n tra ry , i t would

expand^ t h is sphere by enlarging the volume of in te r n a tio n a l inveat-

A

ment and would a ct as an enormously e ff e c tiv e s t a b i li z e r and
guarantor of loans which they might make.

.

The* Bank fo r International

R econ stru ctio n and Development/iwouid make loans only when these ^
\

could not be flo a te d through the
a t reasonable, r a t e s .

pri

r jmmifwuiwf channels

The e f f e c t would be to provide c a p ita l fo r

those who need i t a t lower in t e r e s t r a te s than in the p a st, and to
drive only th e usurious money lenders from th e temple of in te r ­
n a tio n a l fin a n c e .

For my own p a r t, I cannot look upon the outcome

with any sense of dismay.

C a p ita l, lik e any other commodity.

- 4 -

p eacefu l world and with standards of liv in g which w i l l permit the
r e a liz a tio n of man’ s reasonable hopes.
»•— ■

What are the fundamental co n d itio n s under which th e commerce
among the n atio n s can once more flo u r is h ?
•rrtarj or

F i r s t , th e re must be a reasonably s ta b le standard of in te r ­
n a tio n a l exchange to which a l l co u n tries can adhere without
s a c r if ic in g the freedomoof a c tio n necessary to meet t h e i r ,
in te r n a l economic problems.
c m
kkjr £XX£

, i s the -&SS& a lte r n a tiv e to the desperate t a c t i c s of
the past — com petitive currency d e p re cia tio n , excessive

t a r i f f b a r r ie r s , uneconomic b a r te r d e a ls , m u ltip le currency
p ractices^ and unnecessary exchange r e s t r ic t io n s — by which govern­
ments v a in ly sought to m aintain employment and uphold liv in g
stand ard s.

In the f i n a l a n a ly s is , th ese t a c t i c s only succeeded

in c o n trib u tin g to world-wide depression and even war.

The

In te r n a tio n a l Fund agreed upon a t B retto n Woods w ill help
remedy th is s it u a t io n .
p

.....in mu

/ Second, thsxlong-term f in a n c ia l aid must be made a v a ila b le
a t reasonable ra te s to those co u n tries whose industry and ag ricu ltu re
have been destroyed by the ru th le s s to rch of an invader or by the
h eroicssco rch ed e a rth p o licy of th e ir d efen d ers.
^Long-term funds must be made a v a ila b le a lso to promote

. - 3 -

l i e s in in te r n a tio n a l co o p eratio n .

We have come to recognize that

th e w isest and most e f f e c tiv e way to p ro tect our n a tio n a l in te re sts
i s through in te r n a tio n a l coop eration — th a t ‘i s to say, through
united e f f o r t f o r th e attainm ent of common g o a ls .

This has been

the g re a t le sso n taught by the war, and i s , I th in k , the g reat
le sso n of contemporary l i f e — th a t & B t the peoples o f the earth are
insep arably lin ked to one another by a deep, underlying community
of purpose.

This community of purpose i s no le s s r e a l and v it a l in

peace than in war, and cooperation i s no le s s e s s e n t ia l to i t s
f u lf illm e n t .
t—

To seek the achievement of our aims se p a ra tely through the

p la n le s s , se n se le ss r iv a lr y th a t divided us in the p a s t, or through
the o u trig h t economic aggression which turned neighbors in to
enemies would be to in v ite ruin again upon us a l l .

Worse, i t

would be once more to s t a r t our step s ir r e tr a c e a b ly down the steep,
d isa stro u s road to war.

That so rt of extreme n ation alism belongs

to an era th a t is dead.

Today the only enlightened form of

n a tio n a l s e l f in te r e s t l i e s in in te r n a tio n a l accord .

At B retton Wood1

we have taken p r a c tic a l steps toward pu ttin g th is le ss o n into
p r a c tic e in monetary and economic f i e l d s .

a

ake i t as an axiom th a t a f t e r t h is war i s ended no people —
and th e re fo re no government of the people — w ill again to le r a te

prolonged or wide-spread unemployment.

A re v iv a l of in te rn a tio n a l
4

trad e i s ind ispensable i f f u l l employment i s to be achieved in a

procedural d e t a i ls .

The f a c t th a t we have done so , and th a t we have

done i t in a s p i r i t of good-w ill and mutual t r u s t , i s , I b e lie v e ,
one of the hopeful and heartening p o rten ts of our tim e.

Here is

a sign blazoned upon the horizon, w ritte n la rg e upon the threshold
o f the fu tu re — a sig n f o r men in b a t t l e , fo r men a t work in mines,
and m ills , and in the f i e l d s , and a sign fo r women whose h earts
have been burdened

cancer of war a s s a i l yet

another g en eration - - a sign th a t the peoples of the earth are
lea rn in g how to jo in hands and work in u n ity .
^There i s a curious notion th a t the p ro te c tio n of n a tio n a l
in t e r e s t and the development of in te r n a tio n a l coop eration are
c o n flic tin g philosophies — th a t somehow or other men o f d iffe re n t
nations cannot work to g eth er without s a c r if ic in g the interew ts
of t h e ir p a r tic u la r n a tio n .

There has been t a lk of t h is so rt —

and from people who ought to know b e t t e r — concerning the in te r ­
n a tio n a l coop erative nature of the undertaking ju s t completed
a t B retto n Woods.

I am p e r fe c tly c e r ta in th a t no d eleg atio n to

t h is Conference has lo s t sig h t fo r a moment of the p a r tic u la r
n a tio n a l in te r e s t i t was sent here to re p re se n t.

The American

d eleg a tio n which I have the honor
A

conscious of i t s primary o b lig a tio n — the p ro tectio n of
American i n t e r e s t s .

And the other re p re se n ta tiv e s here have

been no le s s lo y a l or devoted to the w elfare of t h e ir own p e o p le ..
Yet none of us has found any in co m p a tib ility between devotion
to our own country and jo in t a c tio n .

Indeed, we have found on the

con trary th a t the only genuine safeguard fo r our n a tio n a l in te r e s ts

Se

hau 1

e ch

ttf/be
¥ 2 ' " ? *

to announce th a t the Conference at B retton
Woods ha^successfully|^c^ p le t e d ^the ta sk before i t *
J i t was, as we knew when we began, a d i f f i c u l t ta s k , involv­
ing com plicated te c h n ic a l problems.

We came here to work out

methods which would do away w ith the economic e v ils — the
com petitive currency devaluation and d e stru ctiv e impediments to
trad e — which preceded the presen t war.

We have succeeded in that

e ffo rt.
]The a ctu a l d e ta ils of a f in a n c ia l and monetary agreement
may seem m ysterious to the general p u b lic .

Yet at the h eart of i t

l i e the most elementary bread and b u tte r r e a l i t i e s of d a ily l i f e .
What we have done here in B retto n Woods i s to devise machinery
by which men and women everywhere ca n ^ ^ e e l^ t^ ch an ge^ ^

a fa ir

and sta b le b a s is , the goods which they produced through th e ir
la b o r.

And we have taken th e in itia l step through which th e nations

of the world w ill be able to help one another in economic develop­
ment to t h e ir mutual advantage and fo r the enrichment of a l l .
> re p re se n ta tiv e s of the fo rty -fo u r n ations faced d ifferen ces

■

of opinion fra n k ly , and reached an agreement which is rooted in

genuine understanding. None of the nations represented here has
alto g eth erfh ad ^ i t s own way.

We have had to y ie ld to one another not

in resp ect to p rin c ip le s or e s s e n tia ls but in resp ect to methods and

(The following broadcast by
Secretary Morgenthau, marking j
the completion of the Inter­
national Mone t a r y Conference a
Bretton Woods, N. H., will be
broadcast on a coast to coast
CBS hookup, and is for release
in morning papers of Sunday,
July 23, 1944.
It is being
released at Bretton Woods also

Mr. Shaeffer

TREASURY DEPARTMENT
Wàshington

FOR RELEASE^ MORNING NEWSPAPERS,
Sunday, July 23, 1944.______ ___

Press Service
No. 42-75

(The following broadcast by Secretary
Morgenthau, marking the completion of
the International Monetary Conference
at Bretton Woods, N. H., will be
broadcast on a coast to coast CBS
hookup, and is for release in morning
papers of Sunday, July 23, 1944.
It
is being released at Bretton Woods
also,)

I am gratified to announce that the Conference at
Bretton Woods has successfully completed the task before it.
• It was, as^we knew when we began, a difficult task,
involving complicated technical problems. We came here to
work out methods which would do away with the economic
evils^
the competitive currency devaluation and destruc­
tive impediments to trade —
which preceded the present war.
W e have succeeded in that effort.
The actual details of an international monetary and
financial agreement may seem mysterious to the general public.
Yet at^the heart of it lie the most elementary bread and butter
realities of daily life. What we have done here in Bretton
Woods is to devise machinery by which men and women everywhere
can freely exchange, on a fair and stable basis, the goods
which they produce-. through their labor. And we have taken
the*initial steps through which the nations of the world will
be able to help one another in economic development to their
mutual advantage and for the enrichment of all.
The representatives of the forty-four nations faced dif­
ferences of opinion frankly, and reached an agreement which
is rooted in genuine understanding. None of the nations rep­
resented hero has altogether had its own way. We have had
to yield to one another not in respect to principles or

- 3 -

all* Worse* it would be once more to start our steps irretraceably down the steep* disastrous road to war. That sort
of extreme nationalism belongs to an era that is dead. To­
day the only enlightened form of national self interest
lies in international accord. At Bretton Woods we have taken
practical steps toward putting this lesson into practice in
the monetary and economic field.
I take it as an axiom that after this war is ended no
people — and therefore no government of the people — m i l
again tolerate prolonged and wide-spread unemployment, A
revival of international trade is indispensable if full em­
ployment is to be achieved in a peaceful world and with
standards of living which will permit the realization of
m e n ’s reasonable hopes.
What are the fundamental conditions under which commerce
among the nations can once more flourish?
First* there must be a reasonably stable standard of
international exchange to which all countries can adhere
without sacrificing the freedom of action necessary to meet
their internal economic problems.
This is the alternative to the desperate tactics of the
past — competitive currency depreciation* excessive tariff
barriers* uneconomic barter deals* multiple currency prac­
tices* and unnecessary exchange restrictions — by which
governments vainly sought to maintain employment and uphold
living standards.
In the final analysis* these tactics only
succeeded in contributing to world-wide depression and even
war. The International Fund agreed upon at Bretton. Woods
will help remedy this situation.
Second* long-term financial aid must be made available
at reasonable fates to those countries whose industry and
agriculture have been destroyed by the ruthless torch of an
invader or by the heroic scorched earth policy of their
defenders.
Long-term funds must be made available also to promote
sound industry and increase industrial and agricultural
production in nations whose economic potentialities have not
yet been developed.
It is essential to us all that these
nations play their full part in the exchange of goods
throughout the world.
They must be enabled to produce and to sell if they are
to be able to purchase and consume. The Bank for International
Reconstruction and Development is designed to meet this need.

~ 4

-

Objections to this Bank have been raised by some
bankers and a few economists. The institutions proposed by
the Bretton Woods Conference would indeed limit the con­
trol which certain private bankers have in the past exer­
cised over international finance* It would by no means
restrict the investment sphere in which bankers could en­
gage* On the contrary, it would greatly expand this sphere
by enlarging the volume of international investment and
would act as an enormously effective stabilizer and guar­
antor of loans which they might make* The chief purpose
of the Bank for International Reconstruction and Develop­
ment is to guarantee private loans made through the usual
investment channels*
It would make loans only when these
could not be floated through the normal channels at reason­
able rates* The effect would be to provide capital for
those who ^need it at lower interest rates than in the past,
and to drive only the usurious money lenders from the temple
of international finance. For my own part, I cannot look
upon this outcome with any sense of dismay. Capital, like
any other commodity, should bq free from monopoly control,
and available upon reasonable terms to those .who will put
it to use for the general welfare.
The delegates and technical staffs at Bretton Woods have
completed their portion of the job. They sat down together,
talked as friends, and perfected plans to cope with the
international monetary and financial problems'which all their
countries face in common* These proposals now must be sub­
mitted to the legislatures and the peoples of the participat­
ing nations. They id.ll pass upon what has been accomplished
here*
The result will be of vital importance to everyone in
every country* In the last analysis, it will help determine
whether or not people have'jobs and ,the amount of money
they are to find in their weekly pay envelopes. More im­
portant still, it concerns the kind of world in which our
children are to grow to maturity.
It concerns the oppor­
tunities which will await millions of young .men when at
last they can take off their uniforms and come: home and '
■
roll up their sleeves and go to work.
This monetary agreement is but one step, of course, in
the broad program of international action necessary for the
shaping ^of a free future. But it is an indispensable step
and a vital; testtof our. intentionso -

- $ -

Incidentally, tonight we had a dramatic demonstration of
these intentions. Tonight the Soviet Government informed me,
through Mr. Stepanov, Chairman of its Delegation here in
Bretton Woods, that it has authorized an increase in its sub­
scription to the International Bank for Reconstruction and
Development to $ 1 ,200 ,000 ,000 « This was done after a subscrip­
tion of $ 900 ,000,000 had been agreed upon unanimously by the
Conference. By this action, the Union of Soviet Socialist
Republics is voluntarily taking a greatly increased responsi­
bility for the success of this Bank in the post-war world*
This is an indication of the true spirit of international co­
operation demonstrated throughout this Conference.
We are at a crossroads, and we must go one way or the
other. The Conference at Bretton Woods has erected a signpost
a signpost pointing down a highway broad enough for all men to
walk in step and side by side. If they will set out together,
there is nothing on earth that need stop them.

0O0

COINAGE PRODUCTION BY INSTITUTION. BY NUMBER OF PIECES AND WEIGHT. DURING THE FISCAL YEAR M E D JUNE 30. lqllU

Denomination

Number of
PiflP.fiB

Gross weight in

Number of

P m m ifl

P ie ce s

"" ill Mints

Denver

San Frsndt sco

Philadelphia

Gross weight in
Pounds
Tons

Number of
Pieces

Number of
Gross weight in
Pounds
Tons___ Pieces

Gross weight in
Pounds
Tons

Domestic coinage:
Half dollars

32,918,000

907,lU6.9S

U53.57

12,158,000

335.OU7.h8

167.52

5,607,800

15b,538.51

77.27

50,683,800

1 .396,732.97

698.37

Quarter dollars

79,688,000

1 ,098,012.16

5U9.OI

19,^76,000

268,357.65

13U.18

12,086,800

l66.5h2.68

83.27

111,250,800

1,532»912.h9

766.U6

Dimes

156.b30.000

862,172.68

U31.09

63,530,000

350,lh9.1h

175.07

2h,U62,000

13h.823.68

•
67.UI:

2hh,h22,000

I,3h7.ih5.50

673.57

Five-cent pieces

161,678,000

1,782,153.U9

891.08

61,510,000

678,015.9U

339.01

30,hb2,ooo

335,557.82

253,630,000

2,795.727.25

1,397.86

1.2U1.93 1,918,653.670 i2.h50.37i.35

6,225.19

1 ,637.66

2,578,6h0,270 19,522.889.56

9.7&.b5

5,185,698.36

2,592.86

One-cent pieces
ill denominations

1 ,119,U23,670

7,213.37b.93 3 ,606.69 U18,U90,000 2,753,132.1U 1.376.57 380,7ho,ooo 2,b83,86b.28

1 .550,137,670

11,862,860.2U 5.931.UU 575,l6U,000 h,38h,702.35 2,192.35 h53.338.6oo 3,275,326.97

167.78

J7/i J d K

Foreign coinage

Total domestic aid foreign coinage

370,120,000

1 ,920,257,670

3,883,753*^9 l,9bl.8S

52,1100,000

582,198.08

291.10

65.327,000

719,7h6.79

15,7U6,613.73 7.873.32 627,56h,000 h,966,900.U3 2,hS3.h5 >518,665,600 3,995.073.76

359.88

b87.8b7.0oo

1.997.5b 3,066,h87.270 2b,708,587.92 12,35b.31
(3b.32 Tons
Daily Aver­
age)____

Deliveries Silver and Minor Coins Requisitioned by the Treasurer of the United States

Fiscal Years
(Bound Numbers)

/

t
:
•
:
Cents
July 1 » Sept*
Oct. 1 - Dec.
Jan* 1 - Mar.
ipr. 1 - June
Total
Nickels
July 1 - Sept*
Oct. 1 — Dec.
Jan. 1 — Mar.
Apr. 1 «» June
Total

1934

e
e
:

1
1935

A

•

-

-

-

3

1937

1938

30
31
31
30

30
31
31
30

Pieces

Pieces

2 0 0 ,0 0 0

10.050,000
13,550,000

Quarters
740,000
July 1 Sept. 30
3,800,000
Oct. 1 Dec. 31
1,040,000
Jan. 1 Mar. 31
Apr. 1 June 30 t 9,120,000
Total
»^14,700,000
-

152,070,000
216,494,000
14,721,000
92.301.000
476,086.000

à

1
i

i
t

A

A

4_

A

:

3

t

A

A
A

11,160,000
20*480,000
1*440*000 î
9,140,000 î
42,220*000 x
:

:

•

m

t

A
A

1,000,000 l 4,920,000
1,210,000 t 5,660,000
70,000 i
660,000
1,450,000 1 3*930,000
3,730,000 i 15,170,000
3

3
t

3
:

3

A
A

11,260,000:
18,940,000:
1,760,0003
9,540.000:
41,500,000:

t

3
5,350,000*
5;856,000:
472,0003
4,430,000:
16,158,000:

5,701,000
27,512,000
13,787,000
27,764.000
74,764,000

:

25,460,000
30,510,000
7,000
3 .0 0 1 ,0 0 0
58,978,000

8,804,000
29,552,000
2,319,000
23.751,000
64,426.000

15,992,000
22,520,000
1,820,000
6,460,000
46*792,000

9,964,000
9,501,000
602,000
1,042,000
21,109,000

3,602,000
9,021,000
1,304,000
7,823.000
21,750,000
»

7,240,000
6,370,000
1,090,000
3,950*000
19,150,000

A
3
i
4
3
209,040,000 t 501,640,000 i 521,968,000: 725,192,000

5,766,000
2,823,000
54,000 :
973,000
9,616,000

loll,2 7 0 ,0 0 0
7 1 ,0 6 7 ,0 0 0
1 5 .2 0 5 ,0 0 0
5 2 ,3 5 5 ,0 0 0
2 U2 ,8 9 7 ,0 0 0

23,561,000
36,372,000: 6 8 ,0 0 0 ,0 0 0 : 95,102,000
43,689,000 s 54.452,000: 100,652.000: llfl,9 5 2 ,0 0 0
2,664,000
19,683,000: 10,703,000: 2 2 ,^6 1 ,0 0 0
29.167.000
68,895,000: 53.452,000: 8 0 ,1 6 0 . 000
179,402,000: 232,812,000: 3 3 9 ,6 7 5 ,0 0 0
99,081,000
12,420,000
20,405,000
1,234,000
9,270,000
43,329,000

»

2,050,000
3,497,000
209,000
2,552,000
8,308,000

A
A

t

44,901,000
79.471,000s
57.243,000 i 101,854.0003
11,337,000 j 26,531,000:
67.191.000 ? 103.100,000:
311,006,000:
180,672,000

1 0 5 .5 3 5 ,0 0 0
1 0 0 ,0 6 5 ,0 0 0
2 6 ,^ 6 ,0 0 0
9 5 ,1 7 9 .0 0 0
3 2 7 ,2 2 5 ,0 0 0
f
A

A
A

13.017,000: 34,260.000:
25,985,000: 42,411,000:
6,684,000:
3,736,000:
30,947,000: 27.550,000:
73,685,0003 110,905,000:

44,842,000
5 3 ,6 6 2 ,0 0 0
11,888,000
38,622,000
lU9 .OlU.OOO

A
A
A

>

A
A
A
A
A
A

»43,9e2,000
U'4,793,000
1 0 ,5 5 6 ,0 0 0
35.2U3.000
1 3 H.51 U.OOO

A
A

A
A

A
A

1944

A

%
100,301,000: 28,611,000
69,444,000: 8 6 ,2 2 6 ,0 0 0
11,747,000: 53.30U.ooo
35.037,000: Q8,9ÇU,000
216,529,000: 2 6 7 ,0 9 5 ,0 0 0

-,A
A

A
A

A
A

A
A
A
■Jh

A
A

A

A

A
A

i

A

i

A
A

1943

A
A

17*700*000 t 20,480,000s 29,400,000
24,300*000
28,840,000: 54,900,000
3,100,000
3,200*000:
4,950,000
21,750,000 3 24,410.000: 19.640.000
66,850,000
76*930,000; 108,890,000

A
i

i

:
A

A

34,000,000
16,192,000
4,005,000
5,106.000
59,303,000

A

1942

Pieces
j Pieces
: Pieces
: Pieces
«
4
3
: 342,151,000: 355,700,000: 442,902,000 uio,6cu,ooo
: 333,114,000: 489,325,000: 315.H55.000 U8U,UQQ.000
2 0 8 ,6 9 2 ,0 0 0
: 60,083,000: 30,465,000: 3H,7«o.qoo
UHl.UOU.0 0 0
: 221.889,000« 176,210.000: 1 U9»0 2 1 , 0 00
957,247,000:1,052,700,000: 9U2 , 15 s,ooo 1,5>*5.199.000
A
A

-

Total, all denoainations

a

A

éA

Half-dollars
July 1 - Sent, 30 t
'Oct. 1 - Dec. 31
^J&n. 1 - Mar. 31
Apr. 1 - June 30
il
Total
r

20,770,000
125,825,000
4,595,000
72.390.000
224,630,000

1
:

A
A

-

;

Pieces

1941

A
A

t
4e

-

Pieces

3
:
e

.A

e

600,000
2,700,000

1940

♦

m

:

1939

t

680,000 ! 20,660.000 : 23,280,000s 57,360,000
6,460,000 ? 21,920,000 : 37*460,000: 50,980,000
600,000 t 1,860,000 ; 4.300,000:
7,060,000
14.320,000 t 19*.060,000 : 41,240.000: 27,960.000
j 22,060,000 4 63,500,000 i 106.280,000: 143,360,000
:

:
:

128,500,000
157,550,000
542,000
1.835.000
288,527,000

128.400,000
198,000,000
17,500,000
53.000.000
407,000,000

♦

30
31
31
30

:
A

A

A

A

-

A

1935

Pieces » Pieces i Pieces 3
•
4
i
m
: 13,200*000 Î 75,900,000 s 79,700,0003
: 42*400,000 t 150,200,000 S 152.700,000:
26,400,000 | 4,300,OOOl
: 30.500,000
58,800.000 t 51é400.000 i 44.400.000:
156,000,000 : 313*900,000 : 281,100,000s

I

Dimes
July 1 Sept.
Oct. 1 Dec.
Jan. 1 Mar.
Apr. 1 June
Total

t

437,533,000

393,928,000

3,591,000
6,009,000 3
173,000
2,547,000
12,320,000

3
3,788*0003
9.322,0003
1,777,000:
10,395,0003
25,782,000:

A

15.182,000:
14,813,000:
4,204,000:
16,382,000:
51,081,000:

23,332,000
82,25^,000
16,828,000
22,871,000
8,0U5,000 é 5,399.000
21.lt73.000
1 U,7 1 6 ,0 0 0
59,197.600
75.721,000
A
A

A
A
A

A
A

A

A

A
A

A
A

A
A

A

A
A

811,488,000 1,547,122,000:1,664,027,000:1.773.663,000: 2 ,3 0 9 ,0 3 2 , 0 0 0
A
A

:

A
A

X

Production of Subsidiary Silver and Minor Coins by Fiscal Years and by (Quarters

*

Fiscal Years
(Bound Numbers)

Cents
July 1 - Sept. 30
Oct. 1 - Dec. 31
Jan. 1 - Mar. 31
Apr. 1 - June 30
Total
Nickels
July 1 - Sept. 30
Oct, 1 » Dee, 31
Jan, 1 - Jfer* 31
Apr. 1 - June 30
Total
2>iaes

July 1 - Sept. 80
Oct. 1 » Dec, 31
Jan. 1 - ¿far. 31
Apr. 1 - June 30
Total
Quarters
July X - Sept. 30
Oct. 1 - Dec. 31
Jan. 1 - Mar. 31
Apr. 1 - June 30
Total
Half-dollars
July 1 - Sept. 30
Opt. 1 - Dec. 31
Jan. 1 - Mar. 31
Apr. 1 * JUne 30
Total
Total, all denom*
inations

.

i
j
:
s
:
:
:
:
$ 1934
1 1935
J 1936
1937
: 1938
: 1939
: 1940
:
1941
: 1942
1943
______ *__________: --_________ :
* .__________
__ I__________ _________ i___ _______ S__ «
: Pieces
* Pieces
t Pieces
Pieces
: pieces
: Pieces
Pieces
: Pieces
: Pieces
Pieces
t
t
i
:
:
i
1,004,000 f 64,764,000* 65,079,000
78.629.000 r 49,800,000 : 46,700,000
98.864.000 : 324,409.000 s 330,515,000
îlS'ai»
* 5,600,000 > 153,146,000* 71,655,000
185,270,000 : 189,900,000 : 18,000,000
230,978,000 : 346,050,000 : 446,597,000
12 U,9 9 2 ,0 0 0
* 3,000,000 : 49,974,000* 57*620,000
2U,708,000
84.973.000 ; 84,800,000 : 34,200,000
63.694.000 : 133,205,000 : 311,538,000
1 7 0 .uuu.0 0 0
* 26*616*000 * 144*382,0001 57,868,000
69.428.000 : 42,300,000 : 19.700,000
47.004.000 : 197,782,000 : 350,819,000
; 36,220,000 Ï 412,256,000* 252,222,000 418,300,000 * 366,800,000 : 118,600,000
440,540,000 : 1,001,445,000 :1,439*459,000
Ug2 ,9 10 ,0 00
*
*
i
:
:
:
:
s
«
:
t
t
:
t
*
* 8*525,000* 15,846,000
68.603.000 : 27,800,000 : -----39.181.000 :
50,083,000 * 94,665,000
*
t
19,168,000* 30,521,000
48.007.000 * 25,920,000 : 29,000,000
54.117.000 * 109,313,000 i 67,652,000
9 0 .8 01.000
t
* 8,593,000: 17,924,000
25.889.000 : 4,900,000 : 19,080,000
1 2 2 ,5 6 3 ,0 0 0
30.112.000 :
43,071,000 : 60,581,000
|
* 25,696,000: 24*211,000
22.334.000 : 2,120,000 : 10,400.000 Jl 52.222.000 :
94,762,00Q : 3,175.000
92.721.000
f
* 61,982,000* 88,502,000 : 154,833,000 : 61,740,000 * 65,480,000
175,532,000 : 315,229,000 * 226,083.000 1 3 0 6 ,0 8 5 ,0 0 0
!
*
t
i
:
:
•
t
t
*
:
:
t
s
:
:
:
* 10,550,000* 9,670,000 : 32,651,000 : 24,830,000 : 10,440,000
22.221.000 :
39,280,000 « 64,372,000
93,077,000
*
| 19,629,000: 35,243,000 : 58,004,000 : 35,500,000 : 11.920,000
52.789.000 :
46,574,000 : 103,628,000
1 1 5 .61U.0 0 0
t
t 9,070*000: 5,550,000 : 10,033,000 : 5,880,000 : 7,720,000
3,083,000 :
28,215,000 : 44,999,000
133.5^9.000
: 673.000 i 30.154.000: 16.540,000 : 10.302.000 : 6.590,000 : 19.950.000
6 6 .UOO.OOO
19.183.000 :
67.616.000 : 61.782.000
| 573*000 t 69.413,000* 68,103,000
110,990,000 : 73,890,000 : 50,030.000
97,275,000:
181,685,000: 274,781,000* U0 7 ,6U0 ,0 0 0
1
z
I
t
i
:
i
*
•
j
:
i
*
*
*
i
:
f
: 8,738,000* 11,704,000 ; 13.801.000 : 7,584,000 : 5,552,000
11.305.000 :
15,283,000 i 29,541,000 : 44,018,000
:
: 19,497,000* 19,550.000 3 23.783.000 : 12,408,000 *
888,000
21.540.000 :
23,352,000 : 43,128,000 : U9,8U5.000
f
t 4,250,000* 6,540,000
6.172.000 : 3,564,000 : 2,084,000
3.831.000 z
4,956,000: 17.295,000 : 50.1U7, 000
t
?*204*000 * 8.420*000* 6.282.000
2.378.000 : 2.308,000 : 8.340.000
4.291.000 :
34.217.000 : 27.829.000 :
fingono
f 7,204,000 : 40,905,000* 44,176,000
46,134,000 : 25,864,000 : 16,854,000
40,957,000 :
77,808,000 : 117.794,000
1 8 0 ,618,000
:
i
t
:
'
:
3
*
:
t
t
t
:
:
î
:
:
j
:
5,000 : 6,424,000: 3,886,000
5.542.000 | 2.720,000 :
820,000 i 4.241.000 *
2,802,000 « 16,781,000 j 25.590.000
: 1,785,000 s 6,054.000: 6,784,000
8.922.000 :
5,834,000 :
410,000 3
7.025.000 ;
8,504,000 : 14,897,000
2 0 .7U7 .0 0 0
:
t
938,000: 2.722,000
881,000 * 2,722,000 *
348,000
2.169.000 *
2,514,000 : 7,516,000
2 0 .3 7 2 .0 0 0
« 746.000 : 4.796.000: 3.205.000
4.214.000 :
724,000 : 2.042.000 :
243.000 :
9,363.000 : 17.567.000
28.036.000
: 2,537.000 : 18*212*000: 16,597,000
20,559,000 : 12,000.000 : 3,620,000 * 13,678,000 :
23,183,000 : 56,761,000
9U,8U5 ,0 0 0
î
*
i
*
t
î
*
:
i
t
*
3
:
:
:
*
:
:
*
:
j
:
:
:
:
:
s 46.634,000 * 602,778,000: 459,600,000 : 750,915,000 : 540,294,000 : 255,594,000 : 768,093,000 : 1,599,351,000 *2,114*888,000 I.U7 2 ,09 8,000
:
:
*
3
:
:
:
:
*

$JLvMuirV V

ill, o o

5^9*0

:
:
: 1944
*
s
•
* Pieces
:
*
•
*
.7 6 8 .0 0 0 »
. 388
509 ,9 1 9 ,0 0 0 :
. 389,092,000 .
; 6 3 0 ,8 7 5 ,0 0 0 ;
*1 ,9 1 8 ,65 U, 000
:
:
: 1 0 2 ,7 6 8 ,0 0 0
* 7 2 ,U6 7 .0 0 0
* 1 9 ,1 9 7 ,0 0 0
l 59,198,000
* 2 5 3 ,6 3 0 ,0 0 0
:
:
t 61,590,000
: 6 3 ,5 2 0 ,0 0 0
* 5.510,000
* 1 1 3 .8 02,000
: 2UU.U22.000
i

:
*
:
t
*
*
t
t
:
:
*
:
:
•
:

*
:
:
*
*
,
:
:
*
:
*
t
i

.
:
t
t

29.892,000
20,dig,000
2U,632,000
3*5.878.000
m , 2 5 1 ,0 0 0
17,868,000

*
*
*
t

*
*
i
t

1 1 ,7 1 0 ,0 0 0

:
11,018,000 *
10,088,000 *
5 0 .68U.OOO :
*
:

* 2 ,5 7 8 ,6Ul,0 0 0

1
i

1 é

*

t

VV

-

2-

pieces, an average of nearly 35 tons of domestic and foreign
money each d a y •

Foreign— coins w e r e mi n t g r i -Pn-r - t h e g ^ Y o m m r n t j

of

The Philadelphia Mint produced the largest number of domestic
coins during the year with 1,550,137,670 pieces valued at
$71,302,136.70.

The greatest n u m b e r of foreign coins also came

ifo r that mint w hich stamped out 370,120,000 pieces.

San Francisco

produced 575,164,000 domestic coins valued at $24,561,400 and
52,400,000 foreign coins while D e nver turned out 453,338,600
domestic coins worth $13,601,300 and 65,327,000 coins for foreign
governments.

-oOo

Tons of money were turned out by U n i t e d States Mints during the
last fiscal year;to be exact 9,761 tons of domestic coins and 2,592
tons of coins f or foreign governments*
Breaking all production records the three mints, at Philadelphia,
San Francisco and Denver, work i n g a 24-hour day produced 2,578,640,270
domestic coins valued at #109,464,836*70 during the fiscal year ended
June 30, 1944, Mrs. Nellie Tayloe Ross,
announced today.

director of the Mint,

The previous production record for a fiscal year

was in 1942 when 2,144,888,000 coins valued at #94,261,940 were
minted*
Record production by the mints was necessary, Mrs. Ross said,
to meet the increasing demands of the n a t i o n fs business f or coins*
During the year the Treasurer of the U n i t e d States called upon the
mints for 2,309,032,000 coins valued at #^23,546,340 to be made
available for circulation purposes,

she said.

Production of domestic coins during the fiscal year included
50,683,800 half dollars,

111,250,800 quarters and 244,422,000 dimes.

These silver coins were valued at #77,596,800.

In addition,

minor

coins turned out during the year included 253,630,000 nickels and
1,918,653,670 pennies wi t h a value of #31,868,036.70.
The demand for pennies was chiefly responsible for the sharp
increase in the number of coins stamped out during the y e a r over
production for the previous year.
produced 482,910,000 pennies,

During fiscal year 1943 the mints

306,085,000 nickels,

407,640,000 dimes,

180.618.000 quarters and 94,845,000 half dollars, a total of
1.472.098.000 coins valued at #153,474,350.
Foreign coinage turned out by the mints during the year amounted
to 487,847,000 pieces to bring total production to 3,066,487,270

money each day

ih e P h ilad elp h ia Mint produced the la r g e s t number o f domestic
co in s during th e year w ith 1 *5 5 0 ,1 3 7 ,6 7 0 p ie c e s valued a t
$ 7 1 *3 0 2 ,1 3 6 .7 0 *

The g r e a te s t number o f fo re ig n co in s a ls o came

fo r th a t mint which stamped out 3 7 0 ,1 2 0 ,0 0 0 p ie c e s .

Baa Pran cisc o

produced 5 7 5 ,1 6 4 ,0 0 0 domestic co in s valued a t # 2 4 ,5 6 1 ,4 0 0 aad
5 2 ,4 0 0 ,0 0 0 fo re ig n co in s w hile Denver turned out 4 5 3 ,3 3 8 ,6 0 0
domestic co in s worth $13*6 0 1 ,3 0 0 and 6 5 ,3 2 7 ,0 0 0 co in s f o r fo reig n
governments.
@ © %

£ons o f money were turned out by United S ta te s l i n t s during th e
l a s t f i s c a l y e a r :to be e x a ct 9*761 tons o f domestic co in s and 2 r5 $ 2
tons o f coins f o r fo re ig n governments•
Breaking a l l production record s th e th ree m ints, a t P h ilad elp h ia,
San F ran cisco and Denver, working a 24-hour day produced 2 *5 7 8 ,6 4 0 ,2 7 0
domestic co in s valued a t $ 1 0 9 ,4 6 4 ,8 3 6 .7o"during th e f i s c a l year ended
June 3 0 , 1944, Mrs, H e llie Tayloe R oss, d ir e c to r o f th e Mint,
announced today.

Hie previous production record f o r a f i s c a l year

V, H*fI¡I

o*o

was in 1942 when 2 g1 4 4 , 8 8 8 ¿009-coin s valued a t

were

minted«
Reeord production by th e mints was n ecessa ry , Mrs* Ross s a id ,
to meet th e in cre a sin g demands o f th e n a tio n ’ s business f o r c o in s .
During the^year th e T reasu rer o f th e United S ta te s c a lle d upon th e
mints f o r 2 ,3 0 9 ,0 3 2 ,0 0 0 "coin s valued a t # 1 23,546,340 t o be made
a v a ila b le f o r c ir c u la tio n purposes, she s a id .
Production o f dom estic co in s during th e f i s c a l y ear included
5 0 ,6 8 3 ,8 0 0 h a lf d o lla r s , 1 1 1 ,2 5 0 ,8 0 0 q u a rters and 2 4 4 ,4 2 2 ,0 0 0 dimes.
These s i l v e r coins were valued a t # 7 7 ,5 9 6 ,8 0 0 .

In a d d itio n , minor

coins turned out during th e y ear included 2 5 3 ,6 3 0 ,0 0 3 n ic k e ls and
1 ,9 1 8 ,6 5 3 *6 7 0 pennies w ith a value o f # 3 1 ,8 6 8 ,0 3 6 .7 0 « "
The demand fo r pennies was c h ie f ly re sp o n sib le f o r th e sharp
in cre a se in th e number o f co in s stamped out during th e y ea r over
production f o r the previous y e a r.

During f i s c a l y ear 1943 th e mints

produced 4 8 2 ,9 1 0 ,0 0 0 p ennies, 306,085,000^ n ic k e ls , 407,640,00o" dimes,
1 8 0 .6 1 8 .0 0 0 q u a rters and 9 4 ,8 4 5 *0 0 0 h a lf d o lla r s , a t o t a l o f
1 .4 7 2 .0 9 8 .0 0 0 co in s valued a t # 1 5 3 ,4 7 4 ,3 5 0 .*
wtL

Foreign coinage turned out by th e mints during th e y ear amounted
V *-

A

*

to 4 8 7 ,8 4 7 ,0 0 0 p ie c e s to brin g t o t a l production t o 3 ,0 6 6 ,4 8 7 ,2 7 0

Mr. fîhaeffer

I return the story concerning the
1 9 4 4 fiscal year’s production.

There'

are some slight corrections in the
figures which have been inserted in
pencil,

id so attached is a story of

the medals which I think would be of
interest to the public at this time.|

July 22, 1944*
/
S
«

MR. HOWARD

TREASURY DEPARTMENT
VtfasMngton

FDR RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, J uly 2 5 , 1 9 4 4 .

Press Se r v i c e
No. 4 2 - 7 6

Tons of morjey w e r e t u r n e d out by U n i t e d States Mints
during the last fiscal year:
to be exact 9 , 7 6 1 tons of d o ­
m e s t i c coins a n d 2 , 5 9 3 tons o f coins for fo r e i g n g o v e r n ­
m e nts .
B r e a k i n g a l l p r o d u c t i o n records the three mints, at
Phila d e l p h i a , S a n F r a n c i s c o a n d Denver, working'* a 2 4 - h our
day p r o d u c e d 2 , 5 7 8 , 6 4 0 , 2 7 0 d o m estic coins v a l u e d at
$ 1 0 9 ,4 6 4 ,8 3 6 . 7 0 d u r i n g the fiscal y e a r e n ded June 3 0 , 1 9 4 4 ,
Mrs. N e l l i e T a y l o e Ross, Dir e c t o r of the Mint, a n n o u n c e d
today!
The previ o u s p r o d u c t i o n r e c o r d for a fiscal y e a r
was In 1 9 4 2 w h e n 2 ,1 1 4 ,8 8 8 , 0 0 0 coins valu e d at $ 1 1 1 ,0 0 5 , 9 4 0
were minted.
R e c o r d p r o d u c t i o n by the m i n t s was
said, to m e e t the i n c r e a s i n g d e m a n d s of
ness for coins.
D u r i n g the fiscal y e a r
the U n i t e d States called u p o n the m i n t s
coins v a l u e d at $ 1 2 3 , 5 4 6 , 3 4 0 to be mad e
c u l ation purposes, she said.

necessary, Mrs. Ross
the n a t i o n ’s b u s i ­
the T r e a s u r e r of
for 2 , 3 0 9 ,0 3 2 , 0 0 0
a v a i l a b l e for c i r ­

P r o d u c t i o n of d o m estic coins d u r i n g the fiscal y e a r
i n c l u d e d 5 0 ,6 8 3 , 8 0 0 hal f dollars, 1 1 1 ,2 5 0 , 8 0 0 quarters and
2 4 4 .4 2 2 . 0 0 0 dimes.
T h ese silver coins w e r e v a l u e d at
$ 7 7 ,5 9 6 ,8 0 0 . In a d d i t i o n , m i n o r coins t u r n e d out d u r i n g
the yea r i n c l u d e d 2 5 3 , 6 3 0 , 0 0 0 n i c k e l s a n d 1 ,9 1 8 ,6 5 3 , 6 7 0 p e n ­
nies w i t h a value o f $ 3 1 ,8 6 8 ,0 3 6 .7 0 .
The demand for p e n nies was c h i e f l y r e s p o n s i b l e for the
sharp increase in the n u m b e r of coins st a m p e d out d u ring
the year over p r o d u c t i o n f or the p r e v i o u s year.
During
fiscal y e a r 1 9 4 3 the m i n t s p r o d u c e d 4 8 2 ,9 1 0 , 0 0 0 pennies,
3 0 6 .0 8 5 . 0 0 0 n i c k e l s , 4 0 7 ,6 4 0 , 0 0 0 dimes, 1 8 0 ,6 1 8 , 0 0 0 q u a r ­
ters a n d 9 4 ,8 4 5 , 0 0 0 h a l f dollars, a total of 1 ,4 7 2 ,0 9 8 , 0 0 0
coins v a l u e d at $ 1 5 3 , 4 7 4 ,3 5 0 .
Foreign coinage t u r n e d out by the mints during the fis-*
cal y e a r 1 9 4 4 a m o u n t e d to 4 8 7 ,8 4 7 , 0 0 0 pieces to bring total
p r o d u c t i o n to 3 ,0 6 6 ,4 8 7 , 2 7 0 pieces, an a v e r a g e of n e a r l y 35
tons of domestic a n d foreign m o n e y e a c h day.

-

2

-

The P h i l a d e l p h i a M i n t p r o d u c e d the la r g e s t n u m b e r of
do m e s t i c coins during the yea r w i t h 1 ,5 5 0 ,1 3 7 , 6 7 0 pieces
v a l u e d at $ 7 1 ,3 0 2 ,1 3 6 .7 0 . The g r e a t e s t n u m b e r of f o r e i g n
coins a l s o came for that m i n t w h i c h s t a m p e d out 3 7 0 ,1 2 0 , 0 0 0
piecbs.
San F r a n c i s c o p r o d u c e d 5 7 5 ,1 6 4 , 0 0 0 d o m e s t i c coins
v a l u e d at $ 2 4 ,5 6 1 , 4 0 0 a n d 5 2 ,4 0 0 ,0 0 0 -f o r e i g n coins w h i l e
D e n v e r t u r n e d out 4 5 3 , 3 3 8 , 6 0 0 d o m e s t i c coins w o r t h
$ 1 3 ,6 0 1 , 3 0 0 a n d 6 5 , 3 2 7 , 0 0 0 coins for f o r e i g n g overnments.

-oOo-

TREASURY d e p a r t m e n t
Washington

Press Service

row RELEASE, MORNING NEWSPAPERS,
Tuesday, July 25. 1944.

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 July 27 and to
mature October 26, 1944, which were offered on July 21, were opened at the Federal
Reserve Banks on July 24*
. The details of this issue are as follows;
Total applied for - $2,177,348,000
Total accepted
- 1,214,292,000
A-rerago price

ern_
(includes

- 99.905/ Kqulv«a.n?r& ? eb!!i!

^
entered

m

a

i

&&&

Range of accepted competitive bids:
“ 99.Sjc Equivalent rate of discount approx. 0.~«*5 per annum
- 99. 5
*
n n n
n q 376* ,, H

Low

(48 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

$
45,155,000
1 ,4 3 4 ,9 1 0 ,0 0 0
4 0 ,9 5 5 ,0 0 0
a , 4 0 5 ,0 0 0
19,248,000
12,455,000
383,362,000
32,950,000
9,853,000
18,078,000
14,147,000
124.830.000

8

#2,177,348,000

$1,214,292,000

TOTAL

25,763,000
752,150,000
25,511,000
30,667,000
17,584,000
11,165,000
2 0 3 ,7 5 4 ,0 0 0
19,582,000
7,253,000
15,946,000
13,107,000
91.810,000

TREASURY DEPARTMENT
Washington

¡¡¡B7

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday. July 25. 1944.________

Press Service

The Secretary of the Treasury announced last evening that the tenders for
#1,200,OCX),000, or thereabouts, of 91-day Treasury bills to be dated July 27 and to
mature October 26, 1944, which were offered on July 21, were opened at the Federal
Reserve Banks on July 24,
The details of this issue are as follows:
Total applied for - $2,177,348,000
Total accepted
- 1,214,292,000
Average price

£
(includes $56,082,000

mtQre<3i on

a

- 99 .9°5^ Equivalenfrra!ebo?i3 l I c o w i ^ p r o x .

annul

Range of accepted competitive bids:
** 99»Q-- Equivalent rate of discount approx.
«• 99.7U?
«
n * n
n q

Low

per annum

J7o% „

„

(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

$
45,155,000
1 ,4 3 4 ,9 1 0 ,0 0 0
4 0 ,9 5 5 ,0 0 0
4 1 ,4 0 5 ,0 0 0
19,248,000
12,455,000
383,362,000
32,950,000
9,853,000
18,078,000
1 4 ,1 4 7 ,0 0 0
124.830.000

#

12,177,348,000

# 1,214,292,000

TOTAL

25,763,000
752,150,000
25,5H,000
30,667,000
17,584,000
11,165,000
203,754,000
19,582,000
7,253,000
15,946,000
13,107,000
91.810.000

TREASURY DEPARTMENT
-Washlngt pn
FOR RELEASE, MORNING NEWSPAPERS*
Tuesday, July 25, 1944,»____ ____ _
7-24-44

Press Service
No. 42-77

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 July 27 and to mature October 26, 1944,
which were offered on July 21, were opened at the Federal Reserve
Banks on July 24.
The details of this issue are as follows:
Total applied for - $2,177,348,000
Total accepted'
- 1,214,292,000 (includes $ 56 ,082,000
entered on a fixed-price basis at 99.905 and accepted in
full)
Average price

- 99*905#Equivalent rate of discount approx*
0 . 3 7 5 # per a n n u m

Range of accepted competitive bids:
High
low

- 99.910 Equivalent
0,356# per
- 99.905 Equivalent
0*376# per

rate of discount approx
annum
rate of discount approx
annum

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

Total
Applied for

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

$

TOTAL

45,155,000
1,434,910,000
40,955,000
■41,405,000 .
19 ,248,000
12,455,000
383 ,362,000
32,950,000
.9,853,000
18 ,078,000
14,147,000
124,830,000

#2,177,348,000
-oOo

Total
Accepted
$

25,763,000
752,150,000
25,511,000
30,667,000
17,584,000
11 ,165,000
203,754,000
19,582,000
7 ,253,000
15 ,946,000
13 ,107,000
91 ,810,000

#1 ,214,292,000

TOR IMMEDIATE

RELEASE

July 25. 19*&.

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, I9H3 , provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15* 19^1, as
follows:
e•

Authorized for entry
:
for consumption
Country of Production f Quota Quantity
•
•
:
As of (Date)
:
(Pounds)
(Pounds) 1/
:

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

1 ,6 2 1 ,630,1479
5 4 9 ,2 6 1 ,9 3 6
3*4,873.77*4
1 3 ,9*49,562
20,881,883
2 6 ,1 5 5 ,3 3 0
1014,6 2 1 ,3 2 1
93,287,3814
*47,951,373
3.>485,928
£2 ,825*279
314,001,9143
14,359,288
73,23*4.872
6 1 ,9 0 0 ,9 3 5

July 1 5 , 19*&
1 ,0 ^9 ,6 6 7 ,9 6 8
(Import quota filled)
2 6 ,2 1 8 ,9 3 0
July 15, 19*&
ft
6 ,3 6 2 ,0 9 6
July 22, I9I& 2/
17.612,978
July 15, I9UI+
20,780,838
II
8^,7 6 7 ,8 8 1
II
73,581.859
H
3^.768.975
(Import quota filled)
July 15, 191(14
76,731,781
It
2 7 ,029,7114
H
2 ,8714,1419
R
38,858,682
R

3 ,7148,963

1/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 19*&,

2/

Per telegraphic reports.

TREASURE DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Wednesday,'July 26, 1944.

Press Service
No. 42-78

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, 1241, as follows:
:
:
Country of Production j 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
Eaiti
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 ;

July 15, 1944
(import quota filled)
July 15, 1944
it

July 22, 1944
July 15, 1944

2/

n
ii

n
(import quota filled)
July 15, 1944

61,900,935

1,049,667,968
26,218,930
6,362,096
17,612,978
20,780,838
84,767,881
73,581,859
34,768,975

H
»1

76,731,781
27,029,714
2,874,419
38,858,682

11

/ 3,748,963

ii

1/

Quotas as established by action of the Inter-Arneriean Coffee Board on
April 21, 1944.

2/

Per telegraphic reports.

-oOo—

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 erdipary 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.

M&m
-

Reserve

2

-

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

August 3, 1944
—
----- i—

>

-The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have any
special treatment, as such, under Federal tax Acts now or hereafter enacted.

The

bills shall be subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the possessions of
the United States, or by any local taxing authority.

For purposes of taxation the

amount of discount at which Treasury bills are originally sold by the United States
shall be considered to be interest.

Under Sections 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
Wàshington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, July 28, 1944

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 competitive and fixhd-price bidding as hereinafter pro­
vided.

The bills of this series will be dated

November 2, 1944

mature
interest.

August 3* 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,

$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, July 31» 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 rf 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, M O R N I N G N E W S P A P E R S ,
Friday, Jul y 28; 1944;

The S e c r e t a r y of the Treasury, by this p u b l i c notice,
invites te n d e r s for $ 1 , 2 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 91d ay T r e a s u r y bills, to be issu e d on a d i s c o u n t b a s i s , u n d e r
c o m p e t i t i v e a n d f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r p r o ­
vided.
The bills of this series wil l be d a t e d A u g u s t 3, 1944,
a nd w i l l m a t u r e N o v e m b e r 2, 1944, w h e n ' t h e face a m o u n t will
be p a y a b l e w i t h o u t Interest.
T h e y will be i s s u e d in b e a r e r 1
f o r m only, a n d In denominations, o f $1,000, $5,000, $10,000,
$ 1 0 0 ,000, $500,000, a n d $ 1 , 0 0 0 , 0 0 0 (m a t u r i t y v a l u e ) •
T e n d e r s will be r e c e i v e d at. Federal Reserve B a nks a n d
B r a n c h e s up to the c l o s i n g hour, two o 1clock p. m., E a s t e r n
W a r time, Monday, Jul y 31, 1944.: T e n d e r s will n o t be r e ­
c e ived at the T r e a s u r y D e p a r t m e n t , W a s h i n g t o n .
E a c h tender
m u s t be for a n e v e n m u l t i p l e of $1,000, a nd the price
o f f e r e d m u s t be e x p r e s s e d on the b a sis of 100-, w i t h not
m o r e than three decimals, e. g., 99.925.
F r a c t i o n s m a y not
be used.
It is u r g e d that tenders be m a d e on the p r i n t e d
forms a nd f o r w a r d e d in the special env e l o p e s w h i c h will be
s u p p l i e d b y Federal R e s e r v e B a nks or B r a n c h e s on a p p l i c a ­
tion th e r e f o r .
Tenders w i l l be r e c e i v e d w i t h o u t d e p o s i t f r o m i n c o r ­
p o r a t e d banks a n d trust companies a n d f r o m responsible a nd
r e c o g n i z e d d e a l e r s in i n v e s t m e n t secu r i t i e s .
Tenders f r o m
others m u s t be a c c o m p a n i e d b y p a y m e n t o f 2 p e r c e n t of the
face a m o u n t of T r e a s u r y b i l l s .a p p l i e d f o r , u n l e s s the t e n ­
ders ar e a c c o m p a n i e d by a n e x p r e s s g u a r a n t y of p a y m e n t by
a n I n c o r p o r a t e d b a n k o r trust company.
I m m e d i a t e l y a f t e r the c l o s i n g hour, tenders w ill be
o p e n e d at the Federal Re s e r v e B a n k s a nd Branches, f o l l o w i n g
w h i c h p u b l i c a n n o u n c e m e n t will be m a d e b y the S e c r e t a r y of
the T r e a s u r y of the a m o u n t a n d price range of a c c e p t e d bids.
Those sub m i t t i n g tenders will be a d v i s e d of the a c c e p t a n c e
or r e j e c t i o n thereof.
The S e c r e t a r y of the T r e a s u r y e x ­
p r e s s l y re s e r v e s the right to a c c e p t or reject a n y or all
tenders, in whole or in part, a n d his a c t i o n in a n y such
r e s pect shall be f i n a l S u b j e c t to these reservations, t e n ­
ders' for $ 1 0 0 , 0 0 0 or less f r o m a n y one b i d d e r at 9 9 . 9 0 5
e n t e r e d on a f i x e d - p r i c e b a s i s w ill be a c c e p t e d in full.
Payment of a c c e p t e d tenders at the p r ices o f f e r e d m u s t be

2
m a d e or c o m p l e t e d at the Federal Reserve B a n k in c a s h or
o t h e r i m m e d i a t e l y av a i l a b l e funds o n A u g u s t 3, 1944.
The income d e r i v e d fro m T r e a s u r y bills, w h e t h e r i n t e r ­
est or g a i n f r o m the sale or o t h e r d i s p o s i t i o n of the bills,
shall, not have a n y exemption, as such, a n d loss f r o m the
sale,- or, o t h e r d i s p o s i t i o n of T r e a s u r y bills shall n ot have
any, special t r e a tment, as such, u n d e r Federal -tax Acts n ow
or, h e r e a f t e r enacted.
The bills shall be subject to estate,
inheritance,, gift, or o t h e r excise taxes, w h e t h e r Federal or
State, b u t shall be exempt f r o m all t a x a t i o n n o w or h e r e a f t e r
.i m p o s e d on.the pri n c i p a l or interest t h e r e o f ■by a n y State,
o r - a n y of the p o s s e s s i o n s of the U n i t e d States, or b y a ny
locai'taxing authority.
For p u r p o s e s of t a x a t i o n the a m o u n t
of d i s c o u n t at w h i c h T r e a s u r y bills a r e o r i g i n a l l y sold by
the U n i t e d States shall be c o n s i d e r e d to be interest.
Under
Sections 42 and. 117 (a) (1) of the In t e r n a l R e v enue Code,
as a m e n d e d b y S e c t i o n 115 of t h e Revenue A.ct of 1941, the
a m o u n t of dis c o u n t at w h i c h bills i s s u e d h e r e u n d e r are sold
shall n o t be c o n s i d e r e d to a c c r u e until s uch bills shall be
sold, r e d e e m e d or o t h e r w i s e d i s p o s e d of, and s u c h bills are
e x c l u d e d f r o m c o n s i d e r a t i o n as capital assets* 'Accordingly,
the, o w n e r o f T r e a s u r y bills (other than life i n s u r a n c e
companies) issued h e r e u n d e r n e e d include in his income tax
r e t u r n o nly the d i f f e r e n c e b e t w e e n the p r ice p a i d for such
bills, w h e t h e r on Original issue or on s u b s equent purchase,
a nd the a m o u n t a c t u a l l y r e c e i v e d e i t h e r u p o n sale or r e ­
d e m p t i o n at- m a t u r i t y d u ring the taxable year for w h i c h the
return is made, as o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 418., a s amended, 'and
this notice, p r e s c r i b e the terms o f the T r e a s u r y b i l l s and
g o v e r n the c o n d i t i o n s of t h e i r issue.
Copies of the circ u l a r . m a y be o b t a i n e d f r o m a n y Federal Re s e r v e B a n k or
Branch.

oOo-

»

«
DiSPARBCSST
Washington

FOB IMMEDIATS RELEASE,
Saturday^ July 2 9 , 1 9 4 4 .

Press Service

-F it -

fro

the Secretary ©f 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 £-1945.
* Subscriptions and allotments were divided among the several Federal
Boscrve Districts and the Treasury as follows t
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

1 108,9«),0C»
1,281,939,000
66,446,000
157,450,000
48,533,000
42,737,000
366,325,000
60,248,000
53,744,000
' 65,036,000
66,622,000
191,857,000
2,614,000
TOTAL

#2,512,491,000

TREASURY DEPARTMENT
Washington

Press Se r v i c e
No. 4 2 -80

POR I M M E D I A T E RELEASE,
Saturday, J u l y 29, 1 9 4 4

The S e c r e t a r y of the T r e a s u r y t o day a n n o u n c e d the
s u b s c r i p t i o n a n d a l l o t m e n t figures w i t h r e s p e c t
o f f e r i n g of 7/8 p e r cent T r e a s u r y C e r t i f i c a t e s

final

to the current

of I n d e b t e d n e s s

of Series E-1945,
S u b s c r i p t i o n s a nd a l l o t m e n t s were d i v i d e d a m o n g
eral

Federal Re s e r v e Districts a n d the T r e a s u r y as

follows;

Total S u b s c r i p t i o n s
Received and Allotted

Federal Reserve
Di s t r i c t

$

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Ch i c a g o .
St. Louis
Minneapolis
Kansas City
Dall a s
S a n F r a ncisco
Treasury
TOTAL

-oOo

108,940,000
1,281,939,000
66.446.000
157.450.000
48.533.000
42.737.000
366.325.000
60.248.000
53.744.000
65.036.000
66.622.000
191.857.000
2,614,000

$2,512,491,000

the s e v ­

TREASURY DEPARBIBHf
Washington

h
FOR

‘IMffEjpiATB RELEASE

P ress S e rv ic e
Ho*

S e cre ta ry Morgenthau today announced th e appointment
7 1

o f Josi& h R. B eB ois, J r . o f Woodbury, Hew Je rse y as
A ss ista n t General Counsel in th e trea su ry Department*
Mzf. DuBois came to th e fre a su ry in 1936.
i

In 1939 he

resigned to engage in th e p riv a te p r a c tic e o f th e law in

|

Camden^ Hew Je r s e y .

He retu rned to the tre a su ry in

January! 1941 to handle Foreign Funds C ontrol m atters and
■
was subsequently named C h ief Counsel f o r th a t d iv is io n .
i s a graduate o f th e U n iv e rsity o f Pennsylvania and
o f th e U n iv e rsity o f Pennsylvania Law School, having receiv ed
M s 1LB
f; degree in 1934.

He i s married and has two ch ild re n .

3?

oOo*

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,

Press Service

________________________________________

"°*

i

Secretary Morgenthau today announced the appointment
of Josiah E. Djpois,

Jr. of Woodbury,

Assistant General Counsel

New Jersey as

the Treasury Department*

Mr. DuBois came to the Treasury in 1936.

In 1939 he

resigned to engage in the private practice of the law in
Camden, New Jersey.

He returned to the Treasury in

January 1941 to handle Foreign Funds Control matters and
was subsequently named Chief Counsel f o r that division.
He is a graduate of th e Un i v e r s i t y of Pennsylvania and
of the U n i v e r s i t y of Pennsylvania Law School, having received
his LLB degree in 1934.

He is married and has two children.

-oOo-

TREASURY DEPARTMENT
Washington
F O R M E D I A T E RELEASE,
Saturday, July 29, 1944«

.

Press S e r v i c e
No. 4 2 -81

S e c r e t a r y M o r g e n t h a u t o d a y a n n o u n c e d t he a p p o i n t ­
ment of J o s i a h E. DuBois,

Jr.

of Woodbury,

N e w Jersey,

as A s s i s t a n t G e n e r a l C o u n s e l of t hé T r e a s u r y D e p a r t ­
ment .
Mr.

D u Bois

came to t h e T r e a s u r y in 1936.

In 1939

he r e s i g n e d to

engage in t h e p r i v a t e p r a c t i c e of the

l a w in Camden,

N e w Jersey.

He r e t u r n e d to t h e T r e a s u r y

in J a n u a r y 1941 to h a n d l e F o r e i g n F u n d s C o n t r o l matters
a nd was

s u b s e q u e n t l y n a m e d C h i e f C o u n s e l for t h a t d i v i ­

sion i
He is a g r a d u a t e of t h e U n i v e r s i t y of P e n n s y l v a n i a
a nd of the U n i v e r s i t y of P e n n s y l v a n i a L a w School,
h a v i n g r e c e i v e d his LL B d e g r e e in 1934.
a n d has t w o

children.

-oOo

He is m a r r i e d

TR3ASUHT DSPARW3IT
Washington

Praat Service

FOR RELEASE, MOSWIHO BE8SPAP8R5,
Tuesday, August 1# 1944»_______

th« 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 August 3 and to
mature November 2, 1944, which were offered on July 28, were opened at the Federal Re­
serve Banks on July 31.
The details of this issue are as follows:

ft

Total applied for - $2,010,374,000
_ 1,214,112,000
Total accepted
Average price

(includes $57,549,000 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. 0.35655 per annum
- 99.905
w
•
*
•
*
0.376# *
*

(52 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

$
58,470,000
1,299,286,000
32.948.000
82.060.000
18.037.000
13.415.000
334.859.000
9,849,000
28.470.000
17.607.000
14,348,000
101.025.000

I

TOTAL

12,010,374,000

*

34,418,000
749,350,000
19.988.000
6 8 .3 3 2 .0 0 0
14.917.000
13.367.000
189,0 U , 000
8,571,000
20.790.000
14,915,000
U , 828,000
68,62->.000

91,214,112,000

39'0
TREASONS' DEPARTMENT
Washington

Press Sendee

FOR RELEASE, MORNING NEWSPAPERS,
Tuesdayt August 1, 1944»

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 August 3 and to
mature November 2, 1944, which were offered on July 28, were opened at the Federal Re­
serve Banks on July 31»
The details of this Issue are as follows:
Total applied for - §2,010,374,000
Total accepted
- 1,214,112,000
Average price

(includes §57,549,000 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% par annum
- 99.905
*
«
«
»
n
0.376% »
«

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

Total

Total
Accepted

Federal Reserve
District______

Appum for

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

3
58,470,000
1,299,286,000
32.948.000
82.060.000
18.037.000
1 3 ,as, ooo
334.859.000
9,849,000
28.470.000
1 7 607.000
14,348,000
101.025.000

§

§2,010,374,000

§1, 214, 112,000

.

TOTAL

34,418,000
749,350,000
19.988.000

68.332.000
14.917.000
13.367.000
189,0 U , 000
8,571,000

.

20 790.000
14.915.000
11.828.000
68.625.000

TREASURY DEPARTMENT
Washington

Press S e r vice
No. 42-82

FOR RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, A u g u s t 1, 1944.

The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that
the

tenders for $ 1 , 2 0 0 , 0 0 0 , 0 0 0 ,

or thereabouts,

T r e a s u r y bills to be dated A u g u s t
1944,
eral

which were

3 a n d to m a t u r e N o v e m b e r 2,

o f f e r e d on Jul y 28,

Reserve B a n k s

of 9 1 - d a y

wer e o p e n e d at the F e d ­

on J u l y 31.

The details of this

issue are as follows:

Total a p p l i e d for ^ $ 2 , 0 1 0 , 3 7 4 , 0 0 0
Total a c c e p t e d
1 , 2 1 4 , 1 1 2 , 0 0 0 (includes $ 5 7 , 5 4 9 , 0 0 0
e n t e r e d on a f i x e d - p r i c e b a sis
at 9 9 . 9 0 5 a nd a c c e p t e d in full)
9 9 * 9 0 5 / E q u i v a l e n t rate o f d i s count
approx. 0 . 3 7 5 % p e r a n n u m

A v e r a g e price

Range

of a c c e p t e d c o m p e t i t i v e bids:
99.910 Equivalent
approx. 0 . 3 5 6 /
99.9 0 5 E q u i v a l e n t
approx. 0 . 3 7 6 %

High
Low

(52 p e r c e n t of t h e a m o u n t b i d f or at
Federal Reserve
Di s t r i c t

Total
A p p l i e d for

Boston
New York
Philadelphia
Cleveland
Richmond
A tlanta
Chicago
St. Louis
Minneapolis
K a nsas C i t y
Dallas
San Francisco

$

TOTAL

rate of d i s c o u n t
per annum
rate of d i s c o u n t
per annum

the low p r ice was accepted)
Total
Accepted

58,470,000
1,299,286,000
32.948.000
82.060.000
18.037.000
13.415.000
334.859.000
9,849,000
28.470.000
17.607.000
14.348.000
101.025.000

34.418.000
749.350.000
19.988.000
68.332.000
14.917.000
13.367.000
189.011.000
8,571,000
20.790.000
14.915.000
11.828.000
68,625,000

$2,010,374,000

$1,214,112,000

First: Goal, $9,000,000,000^ total subscribed $12,900,000,000 t
Second: Goal, $13,000,000,000: total subscribed $18,600,000,000,
Third: Goal, $15,000,000,000: total subscribed $18,900,000,000.
Fourth: Goal, $14,000,000,000j total subscribed $16,700,000,000
Fifth: Goal, $16,000,000,OOOj total subscribed $20,600,000,000 .

^

. ^-¿^J

Sales of War Bonds in July brought the final yield of the Treasury*s
Fifth War Loan to an unprecedented total of $20,639,000,000, Secretary
Morgenthau announced last night.

This response by the American people to

the nation’s latest "Back the Attack" call set a new world record for a
war financing operation.
ms

The grewii!incsMhiigli >BubeggB.yba0»i mill'll fOTTIftf

nf t.ha Th^ ,., .3jL_wh.irh fnihflBT!.1nt 1 nniT rmnab^..jia8n.»eftta6» )aeftr.

The goal of the Fifth Loan was $16,000,000,000.

The corporation

quota was $10,000,000,000, which was exceeded by approximately $A,309,000,000,
and the quota for individuals was $6,000,000,000, which was exceeded by

$ 330, 000, 000.

'

"This remarkable achievement was only possible because of the whole­

hearted cooperation of all the American people.

This is excellent news

to send to our fighting men," observed Secretary Morgenthau.
More individuals bought bonds in the Fifth Loan than in any previous
loan.

More men and women than ever before served as members of the State

organizations of volunteer salespeople.
"I want to thank them from the bottom of my heart for the hard work
they have performed to make the Fifth War Loan a success," said

Secretary

Morgenthau.
Goals for the five War Loans so far conducted agregated $67,000,000,000
and they were exceeded by a total of $20,700,000,000, a recapitulation showed.
The results of the loans were:

TREASURY DEPARTMENT
Washington
POR RELEASE, M O R N I N G N E W S P A P E R S
Wednesday, A u g u s t 2, 1944»______

Press S e r v i c e
No.. 42-83

Sales o f ' W a r Bonds in J u l y b r o u g h t the final y i e l d of the
T r e a s u r y ’s F i f t h W a r Loa n to an u n p r e c e d e n t e d t o t a l of
¿ 2 0 ,639,000,000, S e c r e t a r y M o r g e n t h a u a n n o u n c e d last night.
This r e s p o n s e by t h e A m e r i c a n p e o p l e to t h e n a t i o n ’s latest
’’■Back t h e A t t a c k ” c a l l set a n e w w o r l d r e c o r d f o r a w a r f i n a n ­
cing operation.
The goal of the F i f t h L o a n was ¿ 1 6 , 0 0 0 , 0 0 0 , 0 0 0 .
The c o r ­
p o r a t i o n q u o t a was ¿ 1 0 , 0 0 0 , 0 0 0 , 0 0 0 , w h i c h was e x c e e d e d by
a p p r o x i m a t e l y $ 4 , 3 0 9 »0 0 0 ,0 0 0 , a n d t he q u o t a f or individuals
was $ 6 , 0 0 0 , 0 0 0 , 0 0 0 j w h i c h was e x c e e d e d by ¿330,0 0 0 , 0 0 0 .
Pre­
l i m i n a r y f i g u r e s sho w that t h e E B o n d goa l of ¿ 3 , 0 0 0 , 0 0 0 , 0 0 0
was s l i g h t l y exceeded.
’’This r e m a r k a b l e a c h i e v e m e n t was o n l y p o s s i b l e b e c a u s e
of t h e w h o l e h e a r t e d c o o p e r a t i o n of a l l t h e A m e r i c a n people.
This is excellent news to send to our f i g h t i n g m e n , ” o b s e r v e d
S e c r e t a r y Morg e n t h a u .
Mor e i n d i v iduals b o ught bonds in the F i f t h L o a n than in
a n y previ o u s loan.
M o r e men a n d w o m e n t h a n ever b e f o r e s e r v e d
as m e m b e r s of th e S t a t e o r g a n i z a t i o n s of v o l u n t e e r salespeople.
v . ” 1 wan t to t h a n k t h e m f r o m the b o t t o m of my heart f o r the
h a r d w o r k t h e y h ave p e r f o r m e d to make t h e F i f t h W a r L o a n a
s u c c e s s , ” said S e c r e t a r y M o r g e n t h a u .
Goals f or t h e five W a r Loans so f ar c o n d u c t e d a g g r e g a t e d
¿ 6 7 , 0 0 0 , 0 0 0 , 0 0 0 a n d they w e r e exceeded, by a t o t a l of
¿ 2 0 , 7 0 0 , 0 0 0 , 0 0 0 , a r e c a p i t u l a t i o n showed.
The r e s u l t s of the
loans were:

-oOo-

FOR IMMEDIATE RELEASE
August 1. 19*&«

The Bureau of Customs announced today preliminary figures shoving the
quantities of coffee authorized for entry for consumption under the quotas
for the 12 months commencing October 1 , 19^3» provided for in the InterAmerican Ooffee Agreement, proclaimed by the President on April 13» 19^1*
as follows:

:
:
Authorized for entry
Country of Production S Quota Quantity :
for consumption____
: (Pounds) 1/ s As of (Date)
:
(Pounds!
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
11 Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela

1 ,6a , 6 3 0 ,1*79
51t9 .2 6 1 .9 3 6
31t.s7 3 .771t
1 3 .91t9 .5 6 2
20,881,883
26,155,330
10U,6 2 1 ,3a
93,2S7,3SU
lt7.951.373
3 .U8 6 .9 2 8
8 2 ,8 2 5 ,2 7 9
3U,0 0 1 ,9U3
U,359,288
7 3.23U.S72

Non-Signatory Countries:

6 1 ,9 0 0 ,9 3 5

July 2 2 , 19UH
1 .,08l,713,U3S
(Import quota filled)
July 2 2 , 1 9 UU
2 6 ,2 1 7 ,6 6 5
n
6 ,US5 ,10U
July 29. 19UU
July 2 2 , 19UU
H
ft
ft

2/

(Import quota filled)
July 29. I944 2/
July 2 2 , 19l&
tt
tt
ft

1 8 .3 3 2 .UU1
2 0 ,7 8 1 ,1 8 7
89,995.078
7 6 .50i .6 6 9
39.033,997
7 9 .0 2 9 .7 0 8
27,029.575
2 .87U.U19
3 9 ,670,Uo6
3.7U8.966

1/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1 9 ^ #

2/

Per telegraphic reports*

TREASURY DEPARTMENT
Washington

POR IMMEDIATE RELEASE,
Wednesday, August 2, 1944.

Press Service
No. 42-84

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 Rica
Cuba
Dominican Republic
Ecuador
El Salvador
G-uatemala
Haiti
Honduras
Mexic o
Nicaragua
Peru
Venezuela
Non-Signatory Countries:

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

July 22, 1944
(import quota filled)
July 22, 1944

if

July 29, 1944
July 22, 1944

2/

it
it
ii

(import quota filled)
July 29, 1944 2/
July 22, 1944

61,900,935

1,081,713,438
26,217,665
6 ,.425,104
18,332,441
20,781,187
89,995,078
76,501,669
39,033,997

it
it

79,029,708
27,029,575
2,874,419
39,670,406

'it

3,748,966

1/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944,

2/

Per telegraphic reports.

-oOor

- 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.

$

:

-

2

-

R eserve Banks and B ran ch es, fo llo w in g which p u b lic announcement w i l l be made by the
S e c r e ta r y o f th e T reasu ry o f th e amount and o r i c e range o f a cce p te d b id s .

Those

su b m ittin g te n d e rs w i l l be ad v ised o f th e a c ce p ta n ce o r r e j e c t i o n t h e r e o f .

The

S e c r e ta r y o f th e T reasu ry e x p r e s s ly r e s e r v e s th e r i g h t to a c c e p t o r r e j e c t any. o r
a l l te n d e r s , i n whole o r in p a r t , and h is a c tio n in any such r e s p e c t s h a l l be f i n a l .
S u b je ct to th e se ^ re s e rv a tio n s , te n d e rs f o r $1 0 0 ,0 0 0 o r l e s s from any one b id d er a t
9 9 .9 0 5 e n te re d on a f i x e d - p r i c e b a s is w i l l be a cce p te d in f u l l .

Payment o f accep ted

te n d e rs a t th e p r i c e s o f fe r e d must be made o r com pleted a t th e F e d e ra l R eserve Bank
in cash o r o th e r im m ediately a v a ila b le funds on

August 10, 1944

The income d e riv e d from T reasu ry b i l l s , w hether i n t e r e s t o r g ain from
th e s a le o r o th e r d is p o s itio n o f th e b i l l s , s h a l l n o t have any exem ption, a s such,
and l o s s from th e s a le o r o th e r d is p o s itio n o f T reasu ry b i l l s s h a l l n o t have any
s p e c i a l tre a tm e n t, as such, under F e d e ra l t a x A cts now o r h e r e a f t e r e n a cte d .

The

b i l l s s h a l l be s u b je c t to e s t a t e , in h e r i t a n c e , g i f t , o r o th e r e x c is e t a x e s , whether
F e d e r a l o r S t a t e , but s h a l l be exempt from a l l ta x a t i o n now o r h e r e a f t e r imposed
on th e p r i n c i p a l o r i n t e r e s t th e r e o f by any S t a t e , o r any o f th e p o s s e s s io n s o f
th e U n ited S t a t e s , o r by any l o c a l ta x in g a u th o r ity .

F o r purposes o f t a x a t i o n the

amount o f d isco u n t a t which T reasu ry b i l l s a re o r i g i n a l l y so ld by th e U n ited S ta te s
s h a l l be co n sid ered to be i n t e r e s t .

Under S e c tio n s 42 and 117 (a )

(l)

o f th e

I n te r n a l Revenue Code, a s amended by S e c tio n 115 o f th e Revenue A ct o f 1941 , th e
amount o f d isc o u n t a t which b i l l s is s u e d hereunder a r e so ld s h a l l n o t be con sid ered
to acd ru e u n t i l such b i l l s s h a l l be s o ld , redeemed o r o th erw ise disp osed o f , and
such b i l l s a r e exclud ed from c o n s id e ra tio n as c a p i t a l a s s e t s .

A c co rd in g ly , th e

owner o f T reasu ry b i l l s (o^ h er than l i f e in su ra n ce companies) issu e d hereunder
need in clu d e in h is income t a x r e tu r n on ly th e d if f e r e n c e between th e p r i c e p aid

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday. August A. 1944________ .

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 competitive and fixed-price bidding as hereinafter pro­
vided,

The bills of this series will-be dated

November

mature
interest.

1944

August 10. 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,

$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, August

7%

Tenders will not be received at the Treasury Department, Washington.

1944
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

tf

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, M O R N I N G N E W S P A P E R S
F r i d a y , August- 4» 1944.__________
8-3-44

T h e S e c r e t a r y of t h e Treasury, by this, p u b l i c notice,
invites t e n d e r s , f o r $ 1 , 2 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of, 9 1 -day
T r e a s u r y bills, to be i s sued on a d i s count basis u n d e r c o m ­
p e t i t i v e a n d f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r provided. The
bills of this .series w i l l be d a t e d A u g u s t 10, 1944, a n d w i l l
m a t u r e N o v e m b e r . 9, 1944, whe n t h e -fac e amou n t w i l l be p a y a b l e
w i t h o u t i n t e r e s t . T h e y will be i s sued in b e a r e r f o r m only, and
in d e n o m i n a t i o n s of $1,000, $5,000, $10,000, $100,000, ^ 5 0 0 ,0 0 0
a n d $1, 000,000 '(maturity value).
. P e n d e r s w i l l be r e c e i v e d at F e d e r a l R e s e r v e Banks a n d
Br a n c h e s u p to the closing hotir, t w o .o 4 c l o c k p. m,, Ea s t e r n W a r
time, Monday, A u g u s t 7, 1944.
Tenders w i l l n o t . b e r e c e i v e d at
t he T r e a s u r y D e p a r t m e n t W a s h i n g t o n ,
Each, t e n d e r mus t be f or
an even m u l t i p l e of $1,000, a n d t h e p r i c e of f e r e d must be ex­
p r e s s e d on t h e basis of 100, w i t h not m o r e t h a n t h r e e decimals,
e . g , , 99*925/
Fractions, m a y not be used.
It is u r g e d t h a t
t e n ders be mad e on the -printed forms a n d f o r w a r d e d in t he
s p e cial envelopes w h i c h w i l l be s u p p l i e d by Federal, R e s e r v e
Banks or Br a n c h e s on a p p l i c a t i o n t h e r efor.
Tenders w i l l be r e c e i v e d w i t h o u t d e p osit f r o m i n c o r p o r a t e d
banks a n d trust companies a n d f r o m r e s p o n s i b l e .and r e c o g n i z e d
dealers in i n v e stment s ecurities.
Tenders f r o m others mus t be
a c c o m p a n i e d b y p a y m e n t of 2 p e r c e n t of t he fac e a m o u n t of Treas
u r y bills a p p l i e d for, u n l e s s th e t e n d e r s a r e a c c o m p a n i e d b y an
express g u a r a n t y of p a y m e n t by an i n c o r p o r a t e d b a n k or trust
company
I m m e d i a t e l y a f t e r t h e c l o s i n g hour, t e n ders w i l l be opened
at t he F e d e r a l R e s e r v e Banks a n d Branches, f o l l o w i n g w h i c h p u b ­
lic a n n o u n c e m e n t w i l l be mad e b y t h e S e c r e t a r y of t he T r e a s u r y
of t he a m ount a n d p r ice r a n g e of a c c e p t e d bids.
Those sub­
m i t t i n g te n d e r s w i l l be a d v i s e d of t h e a c c e p t a n c e or r e j e c t i o n
thereof.
The S e c r e t a r y of t h e T r e a s u r y e x p r e s s l y r e s e r v e s the
r i ght to a c c e p t or r e j e c t a n 2/ or all tenders, in w h o l e or in
part, a n d his a c t i o n in a n y s u c h r e s p e c t s h all be final.
Sub­
ject to t h e s e r e servations, t e n d e r s f or $ 1 0 0 , 0 0 0 or less f r o m
a n y one b i d d e r at 99*905 e n t e r e d on a f i x e d - p r i c e basis w i l l be
a c c e p t e d in full.
P a y m e n t of a c c e p t e d t e n d e r s at t he prices
o f f e r e d must be m a d e or c o m p l e t e d at th e F e d e r a l R e s e r v e B a n k
in c a s h or o t her i m m e d i a t e l y a v a i l a b l e funds on A u g u s t 10, 1944
42-85

(Over)

2
T h e . i n c o m e d e r i v e d f r o m T r e a s u r y bills, w h e t h e r interest
or gai n f r o m the sale or other d i s p o s i t i o n of the bills, shall
not h ave a n y exemption, as such, a nd loss f r o m t h e sale or
other d i s p o s i t i o n ox T r e a s u r y bills shall not hav e a n y special
treatment, as such, u n d e r F e d e r a l t a x A c t s n o w or h e r e a f t e r
enacted,
T h e bills shall be su b j e c t to estate, inheritance,
gift, or o t h e r excise taxes, w h e t h e r F e d e r a l or State, b ut shall
be exempt f r o m all t a x a t i o n n o w or h e r e a f t e r im p o s e d on the p r i n ­
cipal or interest t h e r e o f by a n y State, or a n y of the poss e s s i o n s
of the U n ited States, or b y anjr local t a x i n g authority.
For pur­
poses of t a x a t i o n the a m ount of di s c o u n t at w h i c h Tr e a s u r y bills
are o r i g i n a l l y sold b y the U n i t e d States s h all be c o n s i d e r e d ’to
be interest.
U n d e r S e c tions 42 a n d 117 (a) (1) of the Internal
R e v e n u e Code, as a m e n d e d by S e c t i o n 115 of the R e v e n u e Act of
1941, t he amou n t of d i s count at w h i c h bills issued h e r e u n d e r are
sol d shall not be c o n s i d e r e d to a c c r u e u n t i l s u c h bills shall be
sold, r e d e e m e d or o t h e r w i s e d i s p o s e d of, a n d s u c h bills are
e x c l u d e d f r o m c o n s i d e r a t i o n as c a p ital assets.
A c c o r dingly, the
o w n e r of T r e a s u r y bills (other than life ins u r a n c e companies)
issued h e r e u n d e r n e e d include in his income t a x r e t u r n onl y the
d i f f e r e n c e b e tween the p r i c e p a i d for s u c h bills, w h e t h e r on
ori g i n a l issue or on s u b s e q u e n t purchase, a n d - t h e a m o u n t a c t u a l l y
r e c e i v e d either u p o n sale or r e d e m p t i o n at m a t u r i t y during t h e
t a x a b l e y e a r for w h i c h t he r e t u r n is made, as o r d i n a r y gain, or
loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r Do, 418, as amended, a nd this
notice, p r e s c r i b e t h e t e rms of t he T r e a s u r y bills a n d g o v e r n t h e
conditions of t h e i r issue.
Copies of the. c i r c u l a r rnav be
o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k or Branch,

-0O 0-

- 4

while 100 percent convictions were obtained in 28 additional

I‘
cases involving other offenses.
handed

Federal judges generally

down stiff sentences for wartime tax evaders.

Chief Frank Wilson of the Secret Service reported that
losses to the public from counterfeit bills and coins dropped
to another all time low of only $27*362.

The annual loss ran

as high as $1*000,000 a year prior to 1937 lyfann

n gBKi.ri.tsc

The Service found its work cut out for it in the field of
safeguarding Government checks from thieves and forgers, with
the total of such checks issued during the fiscal year exceeding
300*000*000.

Educational methods similar to those used in

combatting counterfeiting contributed to keeping the number of
forgery cases down to a moderate increase* with 1,691 arrests in
this field, compared to 1,004 in the 1943 period.
In cooperation with investigators of the Office of Price
Administration the Service arrested 192 persons for trafficking
in counterfeit War ration stamps* and reported 149 convictions
for these offenses during the fiscal year.
The Service met successfully the security problems involved
in the historic trips of the President to Canada* Cairo* and
Teheran.

Its unifoimed force had under its protection a total

of nearly $500*000*000,000 in money, staaps* and Government
securities.

oOo

no evidence of organized, large scale rum running such as
flourished some years ago.

Liquor seizures in 1943 fiscal

were 3,920.
Quantities of narcotic drugs seized by Customs and Bureau
of Narcotics agents declined compared with 1943, from 9,796
ounces to 4,436, and marihuana seizures also dropped sharply.
There was, however, a slight increase in arrest^ for offenses
against the drug laws, from 2,571 in 1943 to 2,629.

H. J.

Anslinger, Commissioner of Narcotics, reported illicit drugs
continued extremely scarce, and prices high.

Persia, India,

and Mexico were the main sources of smuggled drugs*

Mexican

authorities are cooperating in efforts to starp out the traffic
over our southern border.
The Foreign Funds Control Compliance Section, under T. H.
Ball, continued to ferret out assets of enemy nationals
concealed in this country, and, working with the Bureau of
Customs, built a wall against the entry of possible Axis loot,
especially currency and objects of art.
The Intelligence Unit, of which W. H. Woolf is chief,
investigated more than 1,000 cases of suspected tax evasion
during the year, involving probable ultimate additional receipts
to the Government of nearly $46,000,000.

Of 87 criminal tax

evasion cases brought to trial, 85 resulted in convictions$

-

2

-

of sugar is believed to have contributed to the increase in
moonshine operations«
With an average of fewer than 1900 agents employed, the
six Treasury investigative agencies accounted for 10,500
convictions of violators of laws within their jurisdiction
during the fiscal year*

The agencies are the Intelligence

and Alcohol Tax Units of the Bureau of Internal Revenue, the
United States Secret Service, the Bureau of Narcotics, and the
investigative divisions of the Bureau of Customs and the
Foreign Funds Control*
As a result of their activities, there were potential
financial returns to the Government of #61,500,000in the form
of fines, penalties, and value of seizures, taxes and penalties
recommended for assessment, and offers in compromise.
Enforcement work incident to the prosecution of the war
continued a major function of the Treasury agents.

The Customs

Service exercised strict scrutiny of merchant shipping, of
imports and exports, and of individuals arriving in and leaving
the United States.
E. J* Shamhart, Deputy Commissioner of Customs, reported that
a sharp increase in small scale liquor smuggling attempts partially
offset fewer seizures in other lines, and total confiscations of
smuggled commodities were 9,640, compared to 10,800 in the 1943
period.

Liquor seizures made up 7,110 of this total, but there was

Treasury's Alcohol Tax Unit, smashing at the Black Market
in liquor during the last eight months of the 1944 fiscal year,
brought 548 cases to United States attorneys with recanmendations
for criminal prosecution, Elmer L. Irey, Chief Coordinator of
Enforcement, today reported to Secretary Morgenthau.
These cases involve 1,174 individuals*

Before the close of

the year, June 30, grand juries had indicted 485 persons in some
200 cases, and convictions had been obtained in the courts of
175 persons*

Liquor, otherwise legal, worth $700,000 had been

seized in connection with Blade Market investigations*
Stewart Berkshire, head of the Unit, said that reports from
the industry and from agents in the field indicate that liquor
sales

over-the-ceiling prices have been effectively curbed at

the wholesale and manufacturing levels where the Treasury has
controls*
The Treasury agents worked closely with the Office of Price
Administration in the offensive against the Black Market*
The last six months of the fiscal year saw an upward trend
in seizures of moonshine stills and mash, compared with the
extremely low figures of the earlier War months, but such violations
continued well below pre-war levels*

During the fiscal year,

6,801 stills were seized, compared with 5,654 in 1943*

Virtually

all such illicit operations were small scale affairs, aid 94 per­
cent of them were in fourteen southern states.

Greater availability

TREASURY DEPARTMENT
Washington
E O R RELEASE, M O R N I N G N E W S P A P E R S ,
Monday, A u g u s t 7» 1044-.
8-4-44

P r ess S e r v i c e
No. 42-86

T r e a s u r y ’s A l c o h o l Tax Unit, s m a s h i n g at the B l a c k Market
in l i q u o r duri n g th e last eight months of the 1 9 4 4 f i s c a l year,
b r o u g h t 548 cases to U n i t e d States a t t o r n e y s w i t h r e c o m m e n d a t i o n s
f o r criminal prosecution, E l m e r L. Irey, C h i e f C o o r d i n a t o r of
Enforcement, t o d a y r e p o r t e d to S e c r e t a r y M o r g e nthau.
T h e s e cases involve 1,1.74 individuals.
B e f o r e th e close of
t h e year, June 30, g r a n d juries h a d I n d icted 485 pe r s o n s in some
20 0 cases, a nd c o n v ictions h a d been o b t a i n e d in the courts of
175 persons.
Liquor, o t h e r w i s e legal, w o r t h # 7 0 0 , 0 0 0 h a d been
s e i z e d in connection w i t h B l a c k M a r k e t i n v estigations.'
S t e wart Berkshire, h e a d of the Unit, said t h a t re p o r t s f r o m
t h e i n d u s t r y a n d f r o m Agen t s in t h e f i e l d indicate that l i q u o r
sales at o v e r - t h e - c e i l i n g prices h a v e been e f f e c t i v e l y curb e d at
t h e w h o l e s a l e a n d m a n u f a c t u r i n g levels w h e r e th e T r e a s u r y haa
controls•
T h e T r e a s u r y a g ents w o r k e d c l o s e l y w i t h t h e Office of P r ice
A d m i n i s t r a t i o n in the o f f e n s i v e a g a i n s t t he B l a c k M a r k e t .
The last six months of t h e f i s c a l y e a r saw an u p w a r d t r e n d
in seizures of m o o n s h i n e stills a nd mash, c o m p a r e d w i t h t he
ext r e m e l y low f i g u r e s of t he earlier w a r months, but s u c h v i o l a ­
tions con t i n u e d w e l l b e l o w p r e - w a r levels.
D u r i n g the f i scal
year, 6,801 stills w e r e seized, c o m p a r e d w i t h 5 , 6 5 4 in 1 9 4 3 .
V i r t u a l l y all suc h illicit oper a t i o n s w ere s m a l l s c a l e affairs,
a n d 94 p e r c e n t of t h e m w e r e in f o u r t e e n s o u t h e r n states. ' G r e a t e r
availability, of s u gar is b e l i e v e d to h a v e c o n t r i b u t e d to the
in c r e a s e in m o o n s h i n e operations.
W i t h an a v e r a g e of f e w e r t h a n 1 , 9 0 0 agents employed, the s ix
T r e a s u r y i n v e s t i g a t i v e ag e n c i e s a c c o u n t e d f or 1 0 , 5 0 0 convictions
of v i o l a t o r s of laws w i t h i n t h e i r j u r i s d i c t i o n during the f i s c a l
year.
T he ag e n c i e s a r e t h e I n t e l l i g e n c e a n d A l c o h o l T a x U n its of
t h e B u r e a u of I n t ernal Revenue.* the U n i t e d States Secr e t Service,
t he B u r e a u of Narcotics, a nd t h e i n v e s t i g a t i v e div i s i o n s of the
B u r e a u of C u s t o m s a n d th e f o r e i g n Funds Control.
As a r e s u l t of t h e i r activities, t h e r e w e r e p o t e n t i a l f i n a n ­
cial returns to the G o v e r n m e n t of $>61,50b,OOQ in the f o r m of fines,
penalties, a n d v a lue of seizures, taxes and p e n a l t i e s r e c o m m e n d e d
f o r assessment, a nd offers in compromise.

2
E n f o r c e m e n t w o r k incident to t h e pros edition of t he w a r cont i n u e d a m a j o r f u n c t i o n of t he T r e a s u r y agents.
T he C u s t o m s
S e r v i c e e x e rcised strict s c r u t i n y of me r c h a n t shipping, of imports
and exports, a n d of i n d i v iduals a r r i v i n g in a n d l e a v i n g t h e U n i t e d
States.
E. J, S h a m h a r t , D e p u t y C o m m i s s i o n e r of Customs, r e p o r t e d that
a ^ s h a r p increase in small s c ale l i q u o r s m u g g l i n g at t e m p t s p a r ­
t i a l l y offset f e w e r seizures in other lines, and t o t a l c o n f i s c a ­
t i o n s of s m u g g l e d commodities w e r e 9 > 6 4 0 , c o m p a r e d to 1 0 , 8 0 0 in
the 1943 period.
l i q u o r seizures mad e up 7 , 1 1 0 of this total, but
t h ere was no evidence of organized, l a r g e scale r u m r u n n i n g such
as f l o u r i s h e d some years ago.
l i q u o r seizures in 1 9 4 3 f i s c a l w ere
3,920.
« Q u a n t i t i e s of n a r c o t i c drugs s e i z e d by C u s t o m s a n d B u r e a u of
N a r c o t i c s agents d e c l i n e d c o m p a r e d w i t h 1 9 4 3 , f r o m 9 , 7 9 6 ounces to
4,436, a n d m a r i h u a n a s e i zures als o d r o p p e d sharply;
T h e r e was,
however, a slight increase in a r r e s t s f o r offenses a g a i n s t t he drug
laws, f r o m 2,571 in 1943 to 2, 629.
,H * J . Anslinger, C o m m i s s i o n e r
of Narcotics, r e p o r t e d - i l l i c i t drugs c o n t i n u e d e x t r e m e l y scarce,
a n d p r ices high.
Persia, India, a nd M e x i c o w e r e t h e m a i n sources
of s m u g g l e d d r u g s . M e x i c a n a u t h o r i t i e s are c o o p e r a t i n g in efforts
to stamp out t h e t r a f f i c over our s o u t h e r n border.
T he F o r e i g n F u nds C o n t r o l C o m p l i a n c e Section, u n d e r T. H. Ball,
c o n t i n u e d to ferret out assets of e n e m y 'n a t i o n a l s con c e a l e d in this
country, and, w o r k i n g w i t h t he B u r e a u of Customs, built a wal l
a g a i n s t the e n try of p o s s i b l e Axi s loot, e s p e c i a l l y c u r r e n c y a n d
objects of art.
The I n t e l l i g e n c e Unit, of_ w h i c h W. H, W o o l f ' i s chief, i n v e s ­
t i g a t e d m ore tha n 1 , 0 0 0 cases, of s u s p e c t e d t a x evasion d u ring the
year, i n v o l v i n g p r o b a b l e u l t i m a t e a d d i t i o n a l re c e i p t s to the
G o v e r n m e n t of n e a r l y $ 4 6 , 0 0 0 , 0 0 0 .
Of 87 c r i m i n a l t a x evasion
cases b r o u g h t to trial, 85 r e s u l t e d in «convictions; w h i l e 1 0 0 p e r ­
cent convictions wer e o b t a i n e d in 28 a d d i t i o n a l cases i n v olving *
o t her offenses.
F e d e r a l judges g e n e r a l l y h a n d e d d o w n stiff s e n ­
t e n c e s for w a r t i m e t a x evaders.
s C h i e f F r a n k W i l s o n of t h e S e c r e t S e r v i c e r e p o r t e d that losses
to t h e p u b l i c f r o m c o u n t e r f e i t bills an d coins dr o p p e d to a n o t h e r
a l l time l ow of o nly $27,362,
T h e a n n u a l loss r a n as h i g h as
$ 1 ,0 0 0 , 0 0 0 a y e a r p r i o r to 1 9 3 7 .
T h e S e r v i c e f o u n d its w o r k cut out for it in the f i e l d of
s a f e g u a r d i n g G o v e r n m e n t checks f r o m t h i e v e s a n d forgers, w i t h the
t o t a l of suc h checks issued d u r i n g t he fisc a l y e a r exceeding

- 3 300,, 000,000.
E d u c a t i o n a l methods s i m i l a r to those u s e d in c o m ­
b a t t i n g c o u n t e r f e i t i n g c o n t r i b u t e d to k e e p i n g the n u m b e r of f o r ­
g e r y cases dowp to a m o d e r a t e increase, w i t h 1 , 6 9 1 a r r ests in
this field, c o m pared to 1 , 0 0 4 in the 1 9 4 3 period.
I n _c o o p e r a t i o n w i t h i n v e s t i g a t o r s of t h e Office of P r i c e
A d m i n i s t r a t i o n the ‘S e r v i c e a r r e s t e d 1 9 2 p e r sons fo r t r a f f i c k i n g
in c o u n terfeit W a r r a t i o n stamps, a n d r e p o r t e d 1 4 9 c o n v ictions
f or t h e s e offenses, d u r i n g t h e f i s c a l year*
T h e S e r v i c e met s u c c e s s f u l l y t h e s e c u r i t y p r o b l e m s in v o l v e d
in t h e h i s t o r i c t r i p s of the P r e s i d e n t t o Canada, Cairo, a n d
Teheran.
Its u n i f o r m e d f o r c e h a d u n d e r its p r o t e c t i o n a t o t a l
of n e a r l y $ 5 0 0 , 0 0 0 , 0 0 0 , 0 0 0 in money, stamps, a n d G o v e r n m e n t
securities.

*-o0 e>

- 5 fines totalling $22,000.

Five

persons involved in a similar case at

Ashland, Ky., drew sentences totalling 20 months and fines totalling
$4-0*000.

At St. Paul, Minn*, Sam Taran and six others drew fines

amounting to $51,000, in addition to prison sentences totalling two
years.

William Levin was sentenced at Los Angeles on April 17, to 10 years
in prison, and his wife to eighteen months*

A week later, Irwin was

sentenced to five years; and Sieman subsequently was tried in Canada,
and given a 7 year term*
dinted States Secret Service officials foresaw a new post-war
problem in fighting the forgeiy racket with the arrest on June 12, ty
Atlanta agents, of David KLagg, Jr*, on charges of theft and forgery
of nine ¡$100 checks issued to soldiers as mustering—out pay*

Among

check forgeiy cases developed during the year was one involving two
19 year old Altoona, Pa*, girls identified as passers of a number of
Treasuiy and commercial checks; a case involving six 12 to 14 . year old
boys at Louisville, Ky*, in numerous letter box thefts of checks; and
one involving a Chicago woman whose stock in trade consisted of a baby
in arms to facilitate passing the stolen checks, and a screwdriver with
which she pried open mail boxes*
Wholesale thefts of mail in Harlem, New York City, in which arny
and navy allotment and allowance checks were taken, were curbed with
a series of arrests made ty the Service in cooperation with New York City
police and Post Office Inspectors*
Substantial jail or prison terms were handed down ty the courts
in a number of HLack Market liquor conspiracy cases brought to trial on
evidence deyeloped cy the Alcohol Tax Unit of the Rireau of Internal Revenue*
At Newark, N* J*, Hariy Sorowitz, Emanuel Kremer and four others
pleaded guilty to selling large quantities of whiskey at

over—the—ceiling

prices, and drew sentences totalling two and a half years to serve, and

- 3 tiie Mexican border, dealing in such items as zippers, fight switcies,
ladies* hosieiy and underwear, and other "war scarce merchandise, as
well as the bales of elastic, and jeweliy#

Customs officers have

seized contraband worth $20,000 and bail bonds of $8,500 have been
forfeited for Mondlak and an associate#

The smugglers operated near

El Paso#
Customs officers at Buffalo, New York broke up a lucrative business
in smuggled Canadian silver fox furs with tne arrest of Harvey A# Milne,
F e m e A# Milne and William Siegel#
at $6,000 were seized#
m

One hundred and twenty skins appraised

Barxy Friefeld of New York City also was indicted

this c a s e c l a i m s totalling $55,000 are being pressed against

handlers of other shipments totalling 520 skins#
Major narcotics case developed during tne year involved William Levin,
identified fcy the Bureau of Narcotics as a member of the notorious
»‘Slack Tony» Parmagini gang only recently released after serving a 17 year
prison sentence for trafficking in Narcotics#

Levin reestablished

connections with another old offender, Jack Sieman of Vancouver, B# C#
and organized a traffic in narcotics out of Mexico, using Morris Irwin,
Canadian Customs employee, as a courier#

Irwin was arrested at Glendale,

California, Februaiy 9, 1944> as he boarded a Canada bound train with
a large shipment of opium#

Levin and his wife, Elizabeth, were arrested

tne following day with more contraband, and attested unsuccessfully to
flush down a drain $5,000 they allegedly had received from Irwin in pay­
ment for the opium#

Canadian authorities arrested Sieman#

Sharp-eyed Treasury agents found one man who made money on the races —
at least temporarily.

This case was developed "by agents of the Intelligence

Unit of the Bureau of Internal Revenue, and resulted in a five year prison
term and a $5,000 fine for tax evasion for James J. Gavin of Jeffersonville,
Indiana.

Gavin Hbeat the races” during the period 1935 to 1938 to the

extent of $125,000.

He failed to share his luck with Uncle Sam, on the

professed theory that sooner or later he would lose it to the hookies.

Th^delinquonoy-was suspected hy arrevenue.agent vjIlu made a~routine
check o f “the man1l 1^% re burns.
rrnm

Sudden

'jfahy^Ijitial rescript s

davideru&on o ecu ritio -s- aroused the curiosity of

t

ro p e r t o d -a y r e a T lle i -ycrars wao too cmffl 1 to penult sncIi large investmentb.
The Intelligence Unit then developed the evidence of evasion.
A three year prison term and a $40,000 fine was assessed Almon B. Hall,
and an eighteen months term and $20,000 fine imposed on his brother, Louis
C. Hall, on tax evasion charges.

The brothers engaged in a chicken-raising

business at Wallingford, Connecticut^were found to owe approximately
$300,000 additional tax.
Almon B. Hall is the individual who testified at the trial, several
years ago, of former Judge Martin T. Manton, that he paid $62,000 to
obtain a favorable court decision by Manton in a pending ca.se.
A little matter of 143 miles of elastic (unstretched) figured in one
of the most interesting Customs cases developed during the 1944 fiscal year.
The case involved IeekM. Mondlak, a European war refugee, who abused
United States hospitality by engaging in two-way smuggling operations on

Owners of $11,000 now held in a special blocked bank account are
going to have to do some explaining away of suspicious circumstances
before they regain control of the money, the Treasury indicated today.
The $11,000 figured in one of several incidents involving attempts
during the 1944 fiscal year to smuggle into this country money suspected
of being Axis loot,

Elmer L. Irey, Chief Coordinator of Enforcement,

reported the case to Secretary Morgenthan in a resume of important in­
vestigations made by the six Treasury Enforcement agencies during the
year.
Attempt of an airplane passenger to bring the $11,000 into Miami in
his baggage led him to grief.

The money was uncovered by Customs search

after the passenger had declared $50, the maximum importation of currency
permitted without license under foreign funds Control regulation.

In-

vestigation traced the money

soucg^ nas yet~~to be presented.
In a similar case, a seaman on a Portuguese vessel drew a year in
jail for smuggling currency into Philadelphia and attempting to take
the proceeds out in the form of travellers' checks.
The foreign funds Control also discovered and blocked substantial
funds held in a Hew York Bank in the name of an American citizen on
behalf of a German residing in Tokyo and employed there by a large
German chemical company.

Criminal action in the case is under consideration.

TREASURY DEPARTMENT
Washington
F O R RELEASE, A F T E R N O O N N EWSPAPERS,
Monday, A u g u s t 7, 1 9 4 4 « _______ _____ _
8-4-44

Press S e r v i c e
No. 4 2 -87

Owners of $ 1 1 , 0 0 0 n o w h e l d in a s p e c i a l b l o c k e d b a n k account
a r e g o i n g to hav e to do some e x p l a i n i n g a w a y of s u s p icious c i r ­
c umstances b e f o r e t h e y r e g a i n c o ntrol of t he money, t h e T r e a s u r y
i n d i c a t e d today.
T he $ 1 1 , 0 0 0 f i g u r e d in one of se v e r a l incidents i n v o lving
a t t e m p t s during the 1 9 4 4 f i s c a l y e a r to s m u g g l e into.this country
m o n e y s u s p e c t e d of b e i n g Axis loot.
E l m e r L. Ire.3r,- C h i e f C o o r d i ­
n a t o r of Enforcement, r e p o r t e d t h e case to S e c r e t a r y M o r g e n t h a u
in a r e s u m e of important i n v e s t i g a t i o n s m a d e by t h e s i x T r e a s u r y
E n f o r c e m e n t ag e n c i e s d u r i n g t h e year.
A t t e m p t of an a i r p l a n e p a s s e n g e r to b r ing t h e $ 1 1 , 0 0 0 -into
M i a m i in his b a g g a g e l ed h i m to grief.
T he m o n e y was u n c o v e r e d
b y C u s toms s e a r c h a f t e r t he p a s s e n g e r h a d d e c l a r e d $50, t h e m a x i ­
m u m i m p o r t a t i o n of c u r r e n c y p e r m i t t e d w i t h o u t li c e n s e u n d e r
F o r e i g n Funds C o n t r o l r e g u l a t i o n .
Investigation traced the money
to a p r o m i n e n t c i t i z e n of a L a t i n A m e r i c a n country, but s a t i s ­
f a c t o r y e x p l a n a t i o n of h o w this p e r s o n o b t a i n e d th e c u r r e n c y has
yet to be presented.
In a s i m i l a r case, a seaman on a P o r t u g u e s e v e s s e l d r e w a
y e a r in jail f or s m u g g l i n g c u r r e n c y into P h i l a d e l p h i a a n d a t t empt
ing to t a k e t he pr o c e e d s out in t he f o r m of t r a v e l l e r s 1 checks.
The F o r e i g n F u n d s C o n t r o l als o d i s c o v e r e d a n d b l o c k e d s u b ­
s t a n t i a l funds h e l d in a N e w Y o r k b a n k in the n a m e of an A m e r i c a n
citizen on b e h a l f of a G-erman r e s i d i n g in T o k y o a nd employed
t h e r e by a l a r g e G-erman chemical company.
C r i m i n a l a c t i o n in the
case is u n d e r consi d e r a t i o n .
S h a r p - e y e d T r e a s u r y agents f o u n d one man w ho m a d e m o n e y on
t h e races -- at least t e m p o r a r i l y .
This case was d e v e l o p e d b y
agen t s of t h e I n t e l l i g e n c e 'Unit of t h e B u r e a u of Inter n a l R e v e n u e
a n d r e s u l t e d in a five y e a r p r i s o n t e r m a nd a $ 5 , 0 0 0 f ine for t a x
evasion fo r James J. G-avin of Jeffersonville, Indiana,
G-avin
’’beat t h e r a c e s ’1 d u ring the p e r i o d 1 9 3 5 to 1 9 3 8 to t h e extent of
$125,000 .
He f a i l e d to share his l uck w i t h U n c l e Sam, on the
p r o f e s s e d t h e o r y t h a t s o o n e r or l a t e r he w o u l d los e it to t h e
bookies•

2
S u d d e n ev i d e n c e of a f f l u e n c e a r o u s e d the c u r i o s i t y of a r e v e ­
nue a g ent m a k i n g a r o u t i n e check of the m a n ’s income t a x returns.
The I n t e l l i g e n c e U n i t then d e v e l o p e d t h e evidence of evasion.
A t h r e e y e a r pris on t e r m a n d a § 4 0 , 0 0 0 fin e was a s s e s s e d
A l m o n B, Hall., a n d an eighteen m o n t h s ’ t e r m a n d § 2 0 , 0 0 0 f i n e imThe
p o s e d on his brother, Louis 0. Hall, on t a x - e v a s i o n charges.
broth e r s engaged in a c h i c k e n - r a i s i n g business at W a l l ingford,
C o n n e c t i c u t , a nd w e r e f o u n d to owe a p p r o x i m a t e l y § 3 0 0 ,0 Q 0 a d d i ­
t i o n a l tax*
A l m o n B, H a l l is t h e i n d i v i d u a l who t e s t i f i e d at th e trial,
s e v e r a l years ago, of f o r m e r Judge M a r t i n T. Manton, tha t he p a i d
§ 6 2 , 0 0 0 to o b tain a f a v o r a b l e court d e c ision b y M a n t o n in a p e n d ­
ing case»
A litt l e m a t t e r of 143 miles of elastic (unstretched) f i g u r e d
in one of the most i n t e r e s t i n g C u s t o m s cases d e v e l o p e d during th e
1 9 4 4 f i s c a l year.
T h e case i n v o l v e d lee k Iff* Mondlak, a E u r o p e a n
w a r refugee, w h o a b u s e d U n i t e d Stat e s h o s p i t a l i t y by engaging in
t w o - w a y s m u g g l i n g o perations on t h e M e x i c a n border, d e a l i n g in
.such items as zippers, light switches, l a d i e s ’ h o s i e r y a n d u n d e r ­
wear, a n d o t her w a r s c a r c e m erchandise, as w e l l as th e bales of
elastic, a nd jewelry.
C u s t o m s o f f icers have s e i z e d c o n t r a b a n d
w o r t h § 2 0 , 0 0 0 a n d .bail bonds of § 8 , 5 0 0 have b e e n f o r f e i t e d * f o r
M o n d l a k a n d an associate.
T h e sm u g g l e r s o p e r a t e d n e a r El Paso*

Custom s officers a t B u f f a lo , lew York, b r oke up a l u c r a t i v e
bu s i n e s s in s m u g g l e dA C a n a d i a n s i l v e r f ox furs w i t h t h e arre s t of
'erne A. M i l n e a n d W i l l i a m Siegel.
One h u n d r e d
H a r v e y A , Mr In

ii.
a n d t w e n t y skins
a p p r a i s e d at § 6 , 0 0 0 wer e seized.
Harry Briefeld
of „Hew Y o r k C i t y also was i n d i c t e d in this case, a n d claims
t o t a l l i n g § 5 5 , 0 0 0 ar e b e i n g p r e s s e d a g a i n s t h a n d l e r s of other
shipments t o t a l l i n g 5 2 0 skins.
M a j o r n a r c o t i c s case d e v e l o p e d d u r i n g t h e y e a r i n v o l v e d
W i l l i a m levin, i d e n t i f i e d b y t h e B u r e a u of B a r c o t i c s as a m e m b e r
of t h e ' n o t o r i o u s " B l a c k Tony" P a r m a g i n i g a n g o nly r e c e n t l y r e ­
l e a s e d a f t e r s e r v i n g a s e v e n t e e n y ear p r i s o n s e n t e n c e for t r a f ­
f i c k i n g in narcotics,
levin reestablished connections wit h
a n o t h e r o ld offender, Jack S i e m a n of Vancouver, B. C., a n d o r g a n ­
ized a t r a f f i c in n a r c o t i c s out of Mexico, using M o rris Irwin,
C a n a d i a n C u s t o m s employee, as a courier.
Irwin was a r r e s t e d at
G-lendale, California, F e b r u a r y 9, 1944,' as he b o a r d e d a C a n a d a
b o u n d t r a i n w i t h a l a rge sh i p m e n t of opium*
l e vin a n d his wife,
Elizabeth, w e r e a r r e s t e d th e f o l l o w i n g day w i t h m ore contraband,
a n d a t t e m p t e d u n s u c c e s s f u l l y to f l u s h down a drain § 5 , 0 0 0 t h e y
a l l e g e d l y h a d r e c e i v e d f r o m Irwin in p a y m e n t for the opium.C a n a d i a n a u t h o r i t i e s a r r e s t e d Sieman*,

3
W i l l i a m L e vin was s e n t e n c e d at Los A n g e l e s on A p r i l 17, to
10 years in prison, and his w i f e - t o eighteen months,
A w e e k later,
Irwin was s e n t e n c e d to five years; a n d S i e m a n s u b s e q u e n t l y was
t r i e d in Canada, a nd g i ven a seven y e a r term,
. U n i t e d States Secret S e r v i c e officials f o r e s a w a n e w p o s t ­
w a r p r o b l e m in f i g h t i n g the f o r g e r y rack e t w i t h t h e a r rest on
June 12, b y A t l a n t a agents, of B a v i d Plagg, Jr., on charges of
t h e f t a n d f o r g e r y of n i n e $5100 checks i s s u e d to soldiers as mustering-out pay.
A m o n g check f o r g e r y cases d e v e l o p e d d u ring the y ear
was one i n v o l v i n g two 19 y e a r old; Altoona, Pa., girls i d e n t i f i e d
as p a s s e r s of a n u m b e r of T r e a s u r y a n d c o m m e r c i a l checks; a case
i n v o l v i n g si x 12 to 14 y e a r old boys at Louisville, K y , , in n u m e r ­
ous l e t t e r box t h efts of checks;
a n d one i n v o l v i n g a C h i c a g o w o man
w h o s e s t o c k in t r a d e con s i s t e d of a b a b y in arms to f a c i l i t a t e
p a s s i n g the stolen checks, and. a s c r e w d r i v e r w i t h w h i c h she p r i e d
open m a i l boxes.
W h o l e s a l e t h efts of mail in Harlem, H e w Y o r k City, in w h i c h
A r m y a n d H a v y a l l o t m e n t a nd a l l o w a n c e checks w e r e taken, w e r e
c u rbed w i t h a series of a r r e s t s mad e by t he S e r v i c e in coop e r a t i o n
w i t h H e w Y o r k C i t y p o l i c e a n d P ost O f f i c e inspectors.
S u b s t a n t i a l jail or p r i s o n t e rms w e r e h a n d e d down b y the
courts in a n u m b e r of B l a c k M a rket l i q u o r c o n s p i r a c y cases b r o ught
to t r i a l on evidence d e v e l o p e d b y the A l c o h o l T a x U n i t of t h e
B u r e a u of In t e r n a l Re v e n u e . .
A t Hewark, H. J., H a r r y Sorowitz, B m a n u e l K r e m e r a n d fou r
others p l e a d e d g u i l t y t o s e l l i n g large q u a n t i t i e s of w h i s k e y at
o v e r - t h e - c e i l i n g prices, a n d d rew s e n t ences t o t a l l i n g two a n d a
h a l f years to serve, and. fines t o t a l l i n g $22,000.
P i v e p e r sons
i n v o l v e d in a s i m i l a r case at Ashland, K y ,, drew s e n t e n c e s t o ­
t a l l i n g 20 m o n t h s a n d fines t o t a l l i n g $40,000,
At St, Paul, Minn.,
S a m T a r a n a n d six others d r e w fines a m o u n t i n g to $ 5 1 , 0 0 0 in a d d i ­
t i o n to p r i s o n sen t e n c e s t o t a l l i n g two years.

-*o0o-

August 3, 19«i4
STATUTORY DEBT LIMITATION
AS 0? JULY ^1. 1Q1&
Section 21 of the Second Liberty Bond Act, ns attended, provides that the
face amount of obligations issued under authority of that Act, 9shall not exceed
in the aggregate $260»0001000,000 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 limitation:
Total face amount that nay be
outstanding at any one time

$260,0 0 0 ,0 0 0 ,0 0 0

Outstanding as of July 31» 19Uhs
Interest-bearing:
Bonds Treasury
81 096 896,350
Savi og s(Maturity
value)*
*H5.239.75M75
Depositary^8 2 ,1 9 6 ,2 5 0
Adjusted Service
716,720,797

$, ,

Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

$127,535,568,232

36.M65.279.675
36.098,531.000
15.523.88M .000

88,087.69^675
$215,623,262,907

Matured obligations on
which interest has ceased
Bearing no interest
U.S. Savings stamps
180,398,956
Excess profits tax refund
bonds
177*789,639
Face amount of obligations
issuable under above authority

167,800,67^

358,188,591

2X6.1>I9.252,172
$ M3.850.7M7.828

Reconcilement with Bally Statement of the United States Treasury
July 31. 19MM
Total face amount of outstanding publie debt obligations
issued under authority of the Second Liberty Bond Act,

$2 1 6,1^9 ,2 5 2 ,1 7 2

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 (Postal Savings, etc«,)
$199*917»9^
Matured obligations on which
interest has ceased
7*9**6*l60
Bearing no interest
922,869.6*19

31» 19*&
♦Approximate maturity value, Principal amount (current
redemption value) according to preliminary public debt
statement $36,537,763,780

Total gross debt outstanding as of July

BHM/bf

207, ^ 7 *261,077

1.12^333/3»«
$208.373.59M.M26

August 5, 1944
STATUTORY DEBT LIMITATION
AS OR JULY 31, 1944
Section 21 of the Second Liberty Bond Act, as amended, provides that the
face amount of obligations issued under authority of that Act, 11shall not exceed
in the aggregate $260,000,000,000 outstanding at any one time.11
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 July 31, 1944:
Interest-bearing:
Bonds Treasury
$81,096,896,350
Savings (Maturity
45,239,754,875
value)*
482,196,250
Depositary
716.720,757
Adjusted Service
Treasury notes
Certificates of
Indebtedness
Treasury Bills
(Maturity value)

$260,000,000,000

$127,535,568,232

36,465,279,675
36.098.531.000
15.523.884.000

Matured obligations on
which interest has ceased
Bearing no interest
U. S, Savings stamps
180,398,956
Excess profits tax refund
“bonds '
177,789,635

88,087,694,675
$215,623,262,907
167,800,674

358,188,591

Pace amount of obligations
issuable under above authority

216,149,252,172
$ 43,850,747,828

Reconcilement with. Daily Statement of the United States Treasury
July 31, 1944
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 (Postal Savings, etc.,)
$195,917,540
Matured obligations on which
interest has ceased
7,546,160
Bearing no interest
922,869,649
Total gross debt outstanding as of July 31, 1944
* Approximate maturity value. Principal amount (current
redemption value) according to preliminaiy public debt
statement $36,537,763,780
42-88

$216,149,252,172
8,701,991,095
207,447,261,077

1,126,333,349
$208,573,594,426

• m u m m department

Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, August 8* 1944.

Press Service

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 August 10 and to
nature November 9, 1944, which were offered on August 4, were opened at the Federal
Reserve Banks on August 7*
The details of this issue are as followst
Total applied for - 12,001,061,000
Total accepted
- 1,210,910,000
Average price

(includes 160,643,000 entered on a fixedprice basis at 99*905 and accepted in full)
- 99-905/ Equivalent rate ©f discount approx* 0.375# per annua

Range of accepted competitive bids:
High
Low

- 99*910 Equivalent rate of discount approx. 0.356# per annum
- 99-905
■
* 1
*
•
0-376# *
tt
(54 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for___

Total
Accepted

Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco

< 46,125,000
1,344,974,000
39,408,000
40,840,000
20,043,000
14,413,000
307,460,000
9,200,000
12,691,000
20,438,000
16,879,000
128,590*000

I

<2,001,061,000

<1,210,910,000

TOTAL

27,472,000
790,812,000
26,999,000
32,721,000
16,764,000
10,299,000
173,130,000
7,728,000
* 9,471,000
17,241,000
12,693,000
85*580.000

TR3ASÜHQT DEPARTM2KT
Washington

FOR RELEASE, M0BJOT0 NEWSPAPERS,
Tuesday, August 8^ 1944*______

Press Service
J

•i

The Secretary of the Treasury announced last evening that the tenders for
$1,200,030,000, or thereabouts, of 91-day Treasury bills to be dated August 10 and to
mature November 9, 1944, which were offered on August 4, were opened at the Federal
Reserve Banks on August 7«

I:

The details of this issue are as followss

1

Total applied for * $2,001,061,000
Total accepted
- 1,210,910,000
Average price

(includes $60,643,000 entered on a fixed- I
price basis at 99*905 and accepted in full)I
* 99*905/ Equivalent rate of discount approx. 0,375% per annus I

Range of accepted competitive bids:
High
Low

' '

- 99*910 Equivalent rate of discount approx. 0.356# per annum
- 99.905
*
»
«
*
*
0.376# *
•
1

J li,

X

(54 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

# 46,125,000
1,344,974,000
39,408,000
40,640,000
20,043,000
14,413,000
307,460,000
9,200,000
12,691,000
20,438,000
16,879,000
128.590.000

I

<2,001,061,000

*1,210,910,000

TOTAL

27,472,000
790,812,000
26,999,000
32,721,000
16,764,000
10,299,000
173,130,000
7,728,000
9,471,000
17,241,000
12,693,000
85.580.000

I

TREASURY DEPARTMENT
Washington

FOR RELEASE, M O R N I N G N E W S PA PE J3S,
Tuesday, A u g u s t 8, 1944,

Press S e r vice
No. 42-89

The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g .that,
the tenders

for $ 1 , 2 0 0 , 0 0 0 , 0 0 0 ,

T r e a s u r y bills
1944,

o r thereabouts,

of 9 1 - d a y

to be d a t e d A u g u s t 10 a n d to m a t u r e N o v e m b e r 9,

w h i c h w e r e o f f e r e d on A u g u s t 4,

were o p e n e d at the Federal

Reserve B a n k s on A u g u s t 7.
The details

of this

issue are as

follows:

Total a p p l i e d for - $ 2 , 0 0 1 , 0 6 1 , 0 0 0
Total a c c e p t e d
- 1 , 2 1 0 , 9 1 0 , 0 0 0 (includes $ 6 0 , 6 4 3 , 0 0 0
e n t e r e d on a f i x e d - p r i c e basis at
9 9 . 9 0 5 a n d a c c e p t e d in full)
A-verage p r ice

-

9 9 * 9 0 5 / E q u i v a l e n t rate of d i s c o u n t
approx. 0 * 3 7 5 % p e r a n n u m

Range o f a c c e p t e d c o m p e t i t i v e bids:
High

(54 percent

- 9 9 * 9 1 0 E q u i v a l e n t rate o f discount
approx. 0 . 3 5 6 % p e r a n n u m
- 9 9 .905 E q u i v a l e n t rate of d i s c o u n t
approx. 0 . 3 7 6 % p e r a n n u m
of the a m o u n t b id for at the lo w p r ice was accepted)

Federal R e s e r v e
Dis triet

Total
A p p l i e d for

Total
A c c e p t e d _______

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
C h i cago
St. L o uis
Minneapolis
Kans a s C i t y
Dalla s
S a n Francisco

$

$

46,125,000
1,344,974,000
39.408.000
40.840.000
20.043.000
14.413.000
307.460.000
9,200,000
12.691.000
20.438.000
16.879.000
128.590.000

27,472,000
790.812.000
26.999.000
32.721.000
16.764.000
10.299.000
173.130.000
7. 7 2 8 . 0 0 0
9.471.000
17.241.000
12.693.000
85.580.000

TREASURY DEPARTMENT
Washington

y a - t o

FOR IMMEDIATE RELEASE,
August 8, 19Ui*______

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, 19l?l, as modified by the President’s proclamations of April 13, 19U2,
and April 29, 19U35 for the 12 months commencing May 29, 19hh9 as follows?

C ountry
of
O rig in

?
WHEAT
:
•
?
•
Im ports
••E s ta b lis h e d : May 2 9 , 1 9 4 4 , to
•
Quota :
•
J u ly 2 9 , 19bk
(B u sh e ls )
(B u sh e ls)

Canada
7 9 5 ,0 0 0
China
Hungary
Hong Kong
Japan
U nited Kingdom
100
A u stra lia
100
Germany
100
S y r ia
New Zealand
C h ile
N etherlands
100
2 ,0 0 0
A rg en tin a
100
Ita ly
Cuba
1 ,0 0 0
F ran ce
G reece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Y u g o slav ia
Norway
Canary Is la n d s
1 ,0 0 0
Rumania
100
Guatemala
100
B ra z il
Union o f S o v ie t
S o c i a l i s t R ep u b lics 100
100
Belgium
8 0 0 ,0 0 0

7 9 5 ,0 0 0
. -

3 ,8 1 5 ,0 0 0
2 4 ,0 0 0
1 3 ,0 0 0
1 3 ,0 0 0
8 ,0 0 0
7 5 ,0 0 0
1 ,0 0 0

5,000
5,ooo

-

-

-

-

Wheat f l o u r , sem o lin a, crush ed
o r crack ed w h eat, and s im ila r
wheat p ro d u cts
•
•
In p o rts
E sta b lis h e d ? May 2 9 , 19*4?, to
Quota
:
J u ly 2 9 , 1944
(Pounds )
(Pounds )

.

1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
11?,000
2 ,0 0 0
1 2 ,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

1 1 ,6 2 7
-

-

m
m
-

-

-

-

-

—

—

-

-

-

7 9 5 ,0 0 0

1 ?,0 0 0 ,0 0 0

1 1 ,6 2 7

-

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Wednesday, August 9, 1944.

Press Service
u0. 42-90

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 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, 1944, as follows;

Country
of
Origin

Canada
China
Hungary
Hong .Kong
J apan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argent ina
Italy
Cuba
Franc e
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium

:Wheat flour, semolina,
:crushed or cracked wheat,
Jand similar whea.t r>roducts
Import s
t '
Imports
:Established: May 29, 1944, to ; Established May 29,1944,to
:
Quota
:
July 29, 1944 :
Quota
July 29, 1944
î,

WHEAT

(Bushels)

(Bushels)

795,000
-

795,000
-

100
100
100
-

-

—
**

-

100
2,000
100
1,000
si;;:
100
.*
, 1,000
100
100

-r
<r
-

- ■
-

«
->

(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 1,000
1,000
1,000
1,000
1,000
1,000
1,000

11,627
—
—
—
—

4m
—
—
—
—
—
—

—
—

—

—
—

—
—
—

—

—

*
—

—
_

.
100
100
800,000

T*
' '795,000

**
4,000,000

—
-

11,627

Commodity

Silver or black
foxes, furs
and articles:
Foxes valued
under $25>0 each
and whole furs
and skins
Tails

! ■■ ■ ■ ■ ■
Established
Quota — ——■ ■ ■ §#
..I. I——II — — - ............■ »■ ■ "'
I
J
Fexiod-a.nd-Caunt.ry :Quanti,ty— 1

May - Nov. 19iUi
All countries

$9,17k

12 months from
Dec. 1, 19U3

5,000

Unit
: Imports as
of
t of July 29,
Quantity :
19hh

Number

12,588

2

Piece
1

Paws, heads, or
other separated
parts

n

5 oo

Pound

h9$

Piece plates

n

HO

Pound

*

Articles, other
than piece
plates

tt

500

Unit

60

FOR IMMEDIATE RELEASE
August 8, 19kk*
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 July 29, I9U 1, inclusive, as follows:

Commodity

:

Established Quota

____________ - Period and Country : Quantity
Whole milk, fresh
or sour

: Unit
:
: of
:
¿Quantity :

Inports as
o f J u ly 29,
19kli

3,000,000

Gallon

3,078

Cream, fresh or sourCalendar year

1,£00,000

Gallon

553

Fish, fresh or
frozen, filleted,
etc., cod, haddock,
hake, pollock, cusk
and ro s e fis h
Calendar year

18,210,6£8

Pound

15,536,925

White or Irish
potatoes;
certified seed
other

12 months from
Sept. l£, 19h3

90,000,000
6 0 , 000,000

Pound
Pound

61*,366,287
3lt,1*77,71*7

Red cedar shingles

Calendar year

Calendar year

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

2,l£3,981*

Square

839,1*72

22,000,000

Pound
unstemmed
equivalent)

Quota
filled

1,£00,000

Gallon

86,1*27

TREASURY DEPARTMENT
Washington

POR IMMEDIATE RELEASE,
Wednesday, August 9, 1944.

Press Service
^°* 42-91

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 July 29, 1944, inclusive, as follows:

Commodity

Established Quota

:
: Period and Country |

Quantity

!
:

Unit
of
Quantity

: Imports as
: of July 29,
:
1944

Whole milk, fresh
or sour

Calendar year

3,000y000

Gallon

3,078

Cream, fresh or
sour

Calendar year

1,500,000

Gallon

553

Fish, fresh or
frozen, filleted,
etc., cod, had­
dock, hake, pol­
lock, cusk and
rosef ish

Calendar year

18,210,658

Pound

15,536,925

90,000,000
60,000,000

Pound
Pound

64,366,287
34,477,747

2,153,984

Square

White or Irish
potatoes;
certified seed
other

12 months from
Sept. 15, 1943

Red cedar shingles

Calendar year

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
of
total soluble
solids

Calendar year

22,000,000

1,500,000
(Over)

pound
(unstemmed
equivalent)

Gallon

839,472

Quota
filled

86,427

- 2 -

Commodity

:

Established Quot a ,
Period and Country :

Silver or "black
foxes, furs
and articles:
Foxes valued
under $250 each
and whole furs
and skins
Tails

1

Quant ity

May - Nov. 1944
All countries

12 months from
Dec. 1, 1943

:

Unit
of
Quant ity

t Imports as
: of July 29,
:
1944

12,588

59,174

Number

5,000

Piece

2

Paws, heads, or
other separated
parts

ti

500

Pound

495

Piece plates

ti

550

Pound

-

Articles, other
than piece
plates

!!

500

Unit

-oOo—

60

- 2

GOiTOli CARD STRIPS,/ C0MBER WASTE, 1 AP:VASTjB, ' SLIVER WASTE, AND ROVING- WASH,.
WITHER OR'NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
commencing"Sdpt&nber'SO, by C ou n tries of O rig in :
4
m
2/
Total quota, provided, however, that not more than 33-G./3 percent/"1of 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
case of the following countries: United Kingdom, France, Netherlands, *
Switzerland, Belgium, Germany and Italy:
---- ---- ---- ■ (In Poundsl

____________
20,
Country of Origin : Established :Sept. 20, 1943 :33-1/3# of :1943, to
¿...TOTAL Q.U0TA ?Jdlv 29^ ’19kU :Total Quota: July 29« 19liJh.
i/

*

United Kingdom......
Canada*...........,.,
France
Briti sh India.......
Netherlands:,.......
Switzerland.
Belgium,

Japan,....... ........
China,..............
Egypt..............
Cub a................
Germany.............
Italy...............
TOTALS

_

.»TOTAL IMPORTS :ESTABLISHED:Imports Sept*

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

2 9 ,3 9 8
—
- ,

5,482,509

29,398

'~ .‘*
mm

'm m *

—

—

1,441,152

mm
mm

75,807
22; 747
‘ 'A
• 14,796
12V 853 ' ’ "■
•"
^
• '■‘/
*
,L

__

mm

-

,«1»f,i
________ l

v

,

25,443 ' *
7,”088 '' '’ ’
1,599,886. . ., .

2j -Included in total imports, column 2*
Zj -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~*

*F(M immediate ;r e l e a s e

g
7c/

August 8, 1?U*

_

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 thè period September 20, 1943, to

July 29, 19M*.

^

COTTON HAVING A STAPLE OP LESS THAN 1-11/l6 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OP LESS THAN 3/4 INCH IN STABLE LENGTÈ AND GHIEPLY USED IN THE MANU­
FACTURE OP BLANKETS M L BLANKETING, AND OTHER THAN _LINTERS). Annual quotas
commencing September 20, b y ‘Countries of Origin: J';
*"
(In Pounds)

Country of
Origin

J - ' Staple length less . : Staple length 1-1/8" or more
than 1-1/8”
:
but less than 1—11/16"
•
•Imports Sept#: Established : Imports Sept.
•Establishedi 20, 1943, to :
Quota
; 20, 1943, to
r tyiota
.Tply 2Pj Tpljlj » 45» 656*420 LTnly 90^ TOl|lj

Egypt and the AngloEgyptian Sudan........
783,816
Peru*...................
247,952
British India.........
•2,003,483
China....... ....... . .. 1,370,791
Mexico..................
8,883,259
Brazil..................
618 ,.723
Union of Soviet
475,124
Socialist Republics,..
Argentina.
5,203
Haiti............
237
...
Ecuador..... .
• 9,333
Honduras,.,. .......... ..*,
752
Paraguay*...............
871
Colombia.
124
Iraq. .. r........ *..... .
195
British East Africa..,,.
2,240
71,388
Netherlands East Indies. ,
* —
Barbado s...............,
Other British West
Indies 1/ ..... .
21,321
Nigeria*.
5,,377
Other British West
16,004
Africa ,§/*.,......... *
689
Other French Africa Z(+
Algeria and Tunisia,....*

32,622,572
73,576
- (
-

if
2/

¿/

i,U57,133
—
-V
—“

8,883,259
10-7,580
• —
— >
,L.
-. V,
-

—
_

\*

mm'
,. •

■*»
■ -f ty

:

mm
mST*"

—

-

14,516,882

'

*

—
—
—
—
—
—
-

9,37U,10.5

: '
*-

'

'mm
mm■
_

mm •- '
• mm

mm?l\*
mm.

45,656,420

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

3ll.,079,70S

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,' ■
Tednesday, August 9,-1944.

‘
■

'[f-'C '
' .

-

- Press Service
Ho. 43-92

.

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 fpllows, during the period September 20, 1943, to
July 29, 1944.
t
COTTON HA3riNil^..5T.APLE OP LESS THAN 4-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OE DESS THAN 3/4 'iNeR IlTS'TAPLE* LENGTH AND -CHIEELY.. USED IN THE MANU­
FACTURE OF BLANKETS AND BLANKETING,. AND OTHER THAN LINTERS)7 Annual quotas
commencing September 20, by Countries of Origin:
(in Pounds)
:
Staple length less
:Staple length:1-1/8n or more
*— —
than 1-1/ 8”
: put les~s- than 1-1-1/16”
Country of
•
:Imports Sept*: Established : Imports Sept.
Origin
:Established:20, 1943, to :
Quota
: 20, 1943, to
— -------:
_____ ;
_________ :
Quota
:July 29, 1944 : 45,656,420 : July 29, 1944
Egypt and the AngloEgypt ian Sudan.. . . . . . . .
Peru....................
British India........... ....
China........ ... ... ..... ...
Mexico.......... ...
Brazil........................
Union of Soviet
Socialist Republics...
Argentina.;. . . . . . . . . . . . . . .
Haiti...................
Ecuador..................
-Honduras..... ........ ........
Paraguay.... ...
Colombia*
Iraq................ ............................................................
British East Africa*....*
Netherlands East Indies.*.
Barbados............... „
Other British West
Indies 1/ .......... ...
Nigeria........ ... ........
Other British West
Africa 2/ ......... ...
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

32,622,572
1,457,133

73,576
•w*

Î>

*«•

» •

8,883,259
417,580

—

imm
■mm.
+*•

$

*
*.

4''

_ -

«»*

-

21,321
5,377
:

16,004
689

&
-

14,516,882
1/
2/
3/

A

9,374,415

igi

45,656,420

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

34,079,705

- 2 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 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)
'
Country of Origin
.________

:

"
~
:TOTAL IMPORTS :ESTABLISHED:Imports Sept. 20,
Established :Sept. 20, 1943 :33~l/3$ of : ' 1943, to
; TOTAL QUOTA :July 29, 1944 :Total Quota:July 29, 1944 1/

United Kingdom.,....
4,323,457
Canada............ .1
239,690
Prance........ 227,420
'
British India,.....
: 69,627
Netherlands...........
68,240
Switzerland.........
44,388
Belgium,...... .....
38,559 '
Japan...,......... .
341,535
China.,------ ......
17,322
Egypt....,.,,......,
8,135
Cuba, ...v
....
6,544
Germany......--- ...
76,329,
Italy,.,...,..... ..
21,263
>

TOTALS

29,398
h
~
-

*

5,482,509

-

29,398

1,441,152
75,807
22,747
14,796
12,853
V

~

25^443
7,088

1,599,886

1/

Included in total imports, column 2,-

2/

The Presidentfs 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
August 8, 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 InterAmerican Coffee Agreement, proclaimed by the President on April 15, 1941, as
follows:

Country of Production : Qqpta OukiVL+i^i
(: (Pounds) 1/
— 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
34*873,774
13,949,562
20,881,883
26,155,330
104,621,321
93,287,384
47,951,373
3,486,928
82,325,279
34,001,943
4,359,288
73,234,872
61,900,935

As of

(Date)

July 29, 1944
(Import quota filled)
July 29, 1944
n
August -5, 1944 2/
July 29, 1944
n
tt

H
(Import quota filled)
August
5, 1944 2/
July 29, 1944tt
tt

n

:

(Pounds)

1,093,710,504
28,291,213
8,192,335
18,333,786
21,036,387
92,831,798
79,902,202
39,033,997
80,831,177
27,182,470
2,874,419
39,670,406
3,749,019

i/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944.

2/

Per telegraphic reports.

TREASURY DEPARTMENT
Washington

EOR IMMEDIATE RELEASE, .
Wednesday, August f, 1944.

Press Service
No, 42-93

The Bureau of Customs announced today preliminary figures showing the quan­
tities 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:

•

C ount ry of Produc t ion :

Quota Quantity
(Pounds) 1/

:
:

Authorized for entiy
for consumption
i.s of
(Date)
:
(Pounds)

Signâtory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
G-uatemala
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-Signâtory Countries:

61,900,935

July 29, 1944
(import quota filled)
July 29, 1944
it

August 5, 1944 2/
July 29, 1944
ti
if
ti

(Import quota filled)
August 5, 1944 2J
July 29, 1944
ii
it
it

1,093,710,504
,.... ¡s
28,291,213
8,192,335
18,333,786
21,036,387
92,831,798
79,902,202
39,033,997
80,831,177
27,182,470
2,874,419
39,670,406
3,749,019

1/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944.

2/

Per „telegraphic reports.

oOo-

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 »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 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 Cft*
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

August 17. 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.

The

bills shall be subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the possessions of
the United States, or by any local taxing authority.

For purposes of taxation the

amount of discount at which Treasury bills are originally sold by the United States
.shall be considered to be interest..

Under Sections.42 and 117 (a) (l) of the

Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the
amount of discount at which bills issued hereunder are sold shall not be considered
to accrue until such bills shall be sold, redeemed or otherwise disposed of, and
such bills are excluded from consideration as capital assets.

Accordingly, the

owner of Treasury bills (other than life insurance 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, August 1 1 , 1944_______ _

The S e c r e ta r y o f th e T re a su ry , by t h i s p u b lic n o t i c e , i n v i t e s te n d e rs
fo r $

1*200^ 0,000

, o r th e r e a b o u ts , o f

9 1 ^ ;- day T reasu ry b i l l s , to be is s u e d

on a d isc o u n t b a s is under co m p e titiv e and f i x e d - p r i c e bidding a s h e r e i n a f t e r p ro v id e d .

The b i l l s o f t h i s s e r i e s w i l l be dated

m ature

November 1 6 , 1 9 4 4
_
gg
'

in te re s t.

Av>»v«<*+.

i

*7

io u

,

and w i l l

, when th e f a c e amount w i l l be p ayab le w ith o u t

They w i l l be is s u e d in b e a re r form o n ly , and in denom inations Of $ 1 ,0 0 0 ,

$ 5 ,0 0 0 , $ 1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $ 5 0 0 ,0 0 0 , and $ 1 ,0 0 0 ,0 0 0 ( m a tu rity v a l u e ) . .
Tenders w i l l be r e c e iv e d a t F e d e ra l R eserve Banks and Branches up to the
c lo s in g h o u r, two o ’ c lo c k p. iru, E a s te rn War tim e ,

Monday, Au

t 1 4 , 1944

Tenders w i l l n o t be r e c e iv e d a t th e T reasu ry D epartm ent, W ashington.

Each ten d er

must be f o r an even m u ltip le o f $ 1 ,0 0 0 , and th e p r i c e o f f e r e d must be exp ressed
on th e b a s is o f 1 0 0 , w ith n o t more than th r e e d e cim a ls, e , g . , 9 9 .9 2 5 .
may n o t be u sed .

F r a c tio n s

I t i s urged t h a t ten d ers be made on th e p r in te d forms and f o r -

warded in th e s p e c i a l envelopes which w i l l be su p p lied b y -F e d e ra l R eserve Banks
o r B ranches on a p p lic a tio n t h e r e f o r .
Tenders w i l l be r e c e iv e d w ith o u t d e p o s it from in c o rp o ra te d banks and
t r u s t companies and. from re s p o n s ib le and reco g n ized d e a le r s in in v estm en t s e c u r i ­
tie s .

Tenders from o th e r s must be accompanied by payment o f

2

p e r c e n t e f th e fa ce

amount o f T reasu ry b i l l s ap p lied f o r , u n le s s th e te n d e rs a r e accom panied by an
e x p re s s gu aran ty o f payment by an I n c o rp o ra te d bank o r t r u s t company.
Im m ediately a f t e r th e c lo s in g h o u r, te n d e rs w i l l be opened a t th e F ed eral

TREASURY DEPARTMENT
Washington

F OR RELEASE, M O R N I N G N E W S P A P E R S ,
Friday, A u g u s t 1 1 , 1944.
8 - 1 0-44
'

T h e S e c r e t a r y of t h e Treasury, by this p u b l i c notice,
invites t e n d e r s f o r $ 1 ,2 0 0 ,0 0 0 , 0 0 0 , or thereabouts, of 9 1 - d a y
T r e a s u r y bills, to be issued on a di s c o u n t basis u n d e r c o m p e t ­
itive a n d f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r provided.
The
bills of this series w i l l be d a ted A u g u s t 1 7 , 1 9 4 4 , a n d wil l
m a t u r e N o v e m b e r 16, 1944, w h e n t h e fac e a m ount w i l l be p a y a b l e
w i t h o u t interest.
The y will be issued in b e a r e r f o r m only, a n d
in d e n o m i n a t i o n s of $ 1 ,0 0 0 , $ 5 , 0 0 0 , $ 1 0 ,0 0 0 , $ 1 0 0 ,0 0 0 , $ 5 0 0 , 0 0 0 ,
a n d $ 1 ,0 0 0 ,0 0 0 (maturity value)..
T e n d e r s w i l l be r e c e i v e d at F e d e r a l R e s e r v e B a n k s a n d
B r a n c h e s u p to t he cl o s i n g hour, t w o o ' c l o c k p. m., E a s t e r n W a r
time, Monday, A u g u s t 14, 1944,
Tenders w i l l not be r e c e i v e d at.
t h e T r e a s u r y Department, W a s h i n g t o n . E a c h t e n d e r m u s t be f o r
an even m u l t i p l e of $ 1 ,0 0 0 , a n d t h e p r i c e of f e r e d must be e x ­
p r e s s e d on t he basis of 1 0 0 , -with not m o r e tha n t h r e e decimals,
e. g., 99.925,
F r a c t i o n s m a y n ot be used.
It is u r g e d t hat
t e n d e r s be m ade on t h e p r i n t e d f o rms a n d f o r w a r d e d in t h e sp e c i a l
envelopes w h i c h w i l l be s u p p l i e d by F e d e r a l R e s e r v e Banks or
B r a n c h e s on a p p l i c a t i o n the r e f o r .
T e n d e r s w i l l be r e c e i v e d w i t h o u t deposit f r o m i n c o r p o r a t e d
banks a n d t r u s t com p a n i e s a n d f r o m r e s p o n s i b l e a n d r e c o g n i z e d
d e a l e r s i n _i n v e stment securities.
Te n d e r s f r o m others must be
a c c o m p a n i e d b y p a y ment of 2 p e r c e n t of t h e fac e a m o u n t of Teasu r y .bills a p p l i e d for, u n less t h e te n d e r s are a c c o m p a n i e d by an
express g u a r a n t y of p a y m e n t by an i n c o r p o r a t e d b a n k or t r u s t
company.
I m m e d i a t e l y a f t e r the cl o s i n g hour, te n d e r s w i l l be open e d
at t h e F e d e r a l R e s e r v e Banks a n d Branches, f o l l o w i n g w h i c h p u b ­
lic a n n o u n c e m e n t w i l l be mad e b y t h e S e c r e t a r y of t h e T r e a s u r y
of the a m o u n t a n d p r i c e r a n g e of a c c e p t e d oids.
Those sub­
mit uing t e n d e r s w i l l b e a d v i s e d of t he a c c e p t a n c e or r e j e c t i o n
thereof.
The S e c r e t a r y of t h e T r e a s u r y e x p r e s s l y r e s e r v e s t h e
r i ght to a c c e p t or r e j e c t a n y or all tenders, in w h o l e or in
part, a n d his a c t i o n in a n y s u c h r e s p e c t shall be final.
Sub­
ject to t h e s e re s e r v a t i o n s , t e n d e r s f or $ 1 0 0 , 0 0 0 or less f r o m
a n y one b i d d e r at 9 9 *905 e n t e r e d on a f i x e d - p r i c e basis w i l l be
a c c e p t e d in full.
Pajmient of a c c e p t e d tenders at t he prices
.roust be m a d e or completed, at t he Federal. R e s e r v e B a n k
in c a s h or o t her i m m e d i a t e l y a v a i l a b l e funds on A u g u s t 17, 1944.
42-94

(Over)

2
The income d e r i v e d • f r o m T r e a s u r y bills, w h e t h e r in t e r e s t or
gai n f r o m t he sale or othe r d i s p o s i t i o n of the bills, s h all not
h ave a n y exemption, as such, a n d loss f r o m the sal e or o t her d i s ­
p o s i t i o n of T r e a s u r y bills s h all not h a v e a n y sp e c i a l treatment,
as such, u n d e r F e d e r a l t a x A c t s n o w or h e r e a f t e r enacted.
Th e
bills shall be s u b ject to estate, inheritance, gift, or other
excise taxes, w h e t h e r F e d e r a l or State, but s h all be exempt f r o m
a l l t a x a t i o n n ow or h e r e a f t e r 'imposed on t he p r i n c i p a l or i n t e r ­
est t h e r e o f b y a n y State, ‘or a n y of th e p o s s e s s i o n s of th e U n i t e d
States, or by a ny l o c a l t a x i n g aut h o r i t y .
F o r p u r p o s e s of t a x a ­
t i o n t he amount of disco u n t at w h i c h T r e a s u r y bills are .originally
sold by t h e U n i t e d States s h a l l be c o n s i d e r e d to be interest.
U n d e r Se c t i o n s 42 a n d 117 (a) (1) of t h e I n t ernal R e v e n u e Code,
as a m e n d e d b y S e c t i o n .115 of t h e R e v e n u e A ct of 1941, t h e a m ount
of disco u n t at w h i c h bills i s s u e d h e r e u n d e r a re sold shall .not be
c o n s i d e r e d to a c c r u e u n t i l s u c h bills s h a l l be sold, r e d e e m e d or
o t h e r w i s e d i s p o s e d of, a n d s u c h bills a re exclu d e d f r o m c o n s i d e r a ­
t i o n as c a pital assets.
A c c o r dingly, the owner of T r e a s u r y bills
(other than life i n s u r a n c e companies) i s sued h e r e u n d e r n e e d in ­
clude in his i n come t a x r e t u r n o n l y the d i f f e r e n c e .b e t w e e n the
p r i c e p a i d for s u c h bills, w h e t h e r on or i g i n a l issue or on s u b s e ­
q u ent purchase, a n d the a m o u n t a c t u a l l y r e c e i v e d either u p o n sale
or r e d e m p t i o n at m a t u r i t y d u r i n g t h e t a x a b l e y e a r f o r w h i c h the
r e t u r n is ma d e , . a s o r d i n a r y g ain or loss, ■
T r e a s u r y D e p a r t m e n t C i r c u l a r No, 416, as amended, a n d this
notice, p r e s c r i b e t he terms of t h e T r e a s u r y bills a n d g o v e r n the
cond i t i o n s of t h e i r issue.
Copi e s of t h e c i r c u l a r m a y be obtained
f r o m a n y F e d e r a l R e s e r v e B a n k or B r a n c h , '

-oOo

m m

p m a r n y esa su r t bombs o f 1 9 U -5 4

B0TIC8 O f CALI- FOR BKDg&gPTXOS

To H old ers o f 4 p ercen t T re a su ry Bonds o f 1944*54» and O thers Concerned*
1.

p u b lic n o tic e i s hereby g ive n th a t a l l o u tstan d in g 4 p ercen t

T re a su ry Bonds o f 1944—54# dated December 15» 1924# a re hereby c a lle d
f o r redem ption on December 15# 1944# on w hich date in te re s t on such
bonds w ill cease.
2*

H olders o f th ese bonds may» in advance o f the redem ption date»

be o ffe re d the p riv ile g e o f exchanging a l l o r any p a rt o f t h e ir c a lle d
bonds f o r o th e r in te re s t-b e a rin g o b lig a tio n s o f the D nited S tates» in
w hich event p u b lic n o tice w ill h e re a fte r be g iven and an o f f ic ia l c ir ­
c u la r

governing the exchange o ffe rin g w ill be issu e d .
3.

P u ll in fo rm atio n reg ard in g th e p re se n ta tio n and su rre n d e r o f

th e bonds fo r cash redem ption under t h is c a ll w ill be found in D epart­
ment C ir c u la r Mo. 666, dated J u ly 21» 1941*

Henry Morgenthau, Jr.,
Secretary of the Treasury.

& S & 8 :¡1 ::1
T S M » f MRUfflMr*
Washington» August 14» 1944*

TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G NEWSPAPERS,
Monday, A u g u s t 14, 1944.
8-12-44

' Press Se r v i c e
No. 42-95

T h e S e c r e t a r y of t h e T r e a s u r y a n n o u n c e d t o d a y t hat all
o u t s t a n d i n g 4 p e r c e n t T r e a s u r y B o nds
f o r r e d e m p t i o n on D e c e m b e r 15,
$>1 ,0 3 7 ,0 0 0 ,0 0 0
T he tex t

1944.

of 1 9 4 4 - 5 4 are called
Approximately

of t h ese bonds a r e n o w outstanding.
of t h e f o r m a l n o t i c e of call is as follows:

F O U R P E R C E N T T R E A S U R Y B O NDS

OF 1 9 4 4 - 5 4

N O T I C E OF C A L L F O R R E D E M P T I O N

To H o l d e r s of 4 p e r cent T r e a s u r y Bonds
an d Others Concerned:

of 1 9 4 4 - 5 4 ,

1.
P u b l i c n o t i c e is h e r e b y g i v e n that a l l o u t ­
s t a n d i n g 4 p e r c e n t T r e a s u r y Bonds of 1 9 4 4 - 5 4 , d a ted
D e c e m b e r 15, 1924, ar e h e r e b y c a l l e d fo r r e d e m p t i o n
on D e c e m b e r 15, 1944, on w h i c h date interest on suc h
bonds w i l l cease.
2.
H o l d e r s of t h e s e bonds may, in a d v a n c e of
the r e d e m p t i o n date, be o f f e r e d the p r i v i l e g e of
e x c h a n g i n g a l l or a n y par t of t h e i r c a l l e d bonds
f or o t her i n t e r e s t - b e a r i n g o b l i g a t i o n s of t h e U n i t e d
States, in w h i c h event p u b l i c n o t i c e wil l h e r e a f t e r
be g i v e n a nd an o f f i c i a l c i r c u l a r g o v e r n i n g t h e
e x c hange o f f e r i n g w i l l be issued.
3F u l l i n f o r m a t i o n r e g a r d i n g t he p r e s e n t a t i o n
a n d s u r r e n d e r of t h e bonds f or c a s h r e d e m p t i o n u n der
this call w i l l be f o u n d in D e p a r t m e n t C i r c u l a r
No. 6 6 6 , d a t e d J u l y 2 1 , 1941.

/ S i g n e d / H e n r y Morgenthau, Jr.,
S e c r e t a r y of the Treasury.
T R E A S U R Y DEPARTMENT,
Wash i n g t o n , A u g u s t

14,

1944.

TREASUHÎ DEPARTMENT
Washington
Press Servies

FOR

RELEASE, M0ES1HG KEWSPAPERS,
Tuesday. August 15. 1944»----- —
The Secretary of the Treasury announced last evening that the tenders for
$1,200,000,OCX), or thereabouts, of 91-day Treasury bills to be dated August 17 and to
November 16, 1944, which -ere offered on August 11, were opened at the Federal
Reserve Banks on August 14*
The details of this issue are as f o l l o w *
Total applied for - ^,033,411,09^
Total accepted
- 1,205,774,000
Average price

(includes $62,038,000 entered on a fixed< £ £ ^ , £ ^ 9 9 . 9 0 5 and accepted in full)

- 99.905/ Equivalent rate of discount approx. 0.375* P*r annum

Range of accepted competitive bid#« (Excepting one tender of $10,000)
High

- 99.908

Lon

* 99*905

Equivalent rate of discount approx. 0.364* per annua

(53 percent of the amount bid for at the low price mas accepted)

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

Total

Total
Applied for

Federal Reserve
District_______
$

36,805,000
1,394,257,000
34.482.000

.

26 510.000
30.736.000
16.730.000
303.760.000
29.086.000
4,885,000
23.900.000
23.035.000
107.225.000
»2,033,411,000

Accepted
$

21,433,000

783,808,000
21.252.000
23.850.000
27.752.000
15.910.000
178,139,000
20.297.000
4,885,000
19.075.000
16.643.000
72.680.000
$1,205,774,000

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday. August 15. 1944.

Press Service

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 August 17 and to
mature November 16, 1944, which were offered on August 11, were opened at the Federal
Reserve Banks on August 14*
The details of this issue are as follows:
Total applied for - $2,033,411,000
Total accepted
- 1,205*774*000
Average price

(includes $62 ,038,000 entered on a fixedprice basis at 99*905 and accepted in full)

- 99 .905/ Equivalent rate of discount approx. 0.375* par annum

Range of accepted competitive bids: (Excepting one tender of $10,000)
High
Low

(5 3 percent of the amount bid for at the low price was accepted)

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

Total
Accepted

Total
Applied for

Federal Reserve
District_____ _
$

36,805,000
1,394,257,000
34.482.000

$

21,483,000

26.510.000

783,808,000
21 ,252,000
23,850,000

30.736.000

27.752.000

.

.

18 730.000

15 910.000

303,760,000
29,086,000

178,139,000
20.297.000

4 ,885,000
23 ,900,000
23,035,000
107.225,0QQ
$2,033,411,000

4,885,000
19.075.000
16.643.000
72.6S0.OOP
».,205,774,000

TREASURY DEPARTMENT
I'ashingt on

Press S e r v i c e

F O R RELEASE, 'MORNING NEWSPAPERS,
Tuesday,- A u g u s t 15. 1944.________

.

No,

42-9

8- 1 4 - 4 4
T h e S e c r e t a r y of t h e T r e a s u r y a n n o u n c e d last
t h e t e n d e r s f or | l , 200,000,000,

or t h ereabouts,

evening that

of 9 1 - d a y T r e a s u r y

b i lls to be d a t e d A u g u s t 17 a nd to m a t u r e N o v e m b e r 16,

1944,

which

w e r e o f f e r e d on A u g u s t 11, w e r e o p e n e d at t he F e d e r a l R e s e r v e Banks
on A u g u s t 14•
T h e details of t h i s

issue are as follows:

T o t a l a p p l i e d f o r - $2,033? 4 1 1 ? 0 0 0
Total accepted
1 , 2 0 5 , 7 7 4 ? 0 0 0 (includes $ 6 2 , 0 3 8 , 0 0 0
e n t ered on a f i x e d - p r i c e "basis at 9 9 * 9 0 5 a n d a c c e p t e d in
full)
Average price

- 9 9 .905/Equivalent r a t e of di s c o u n t approx.
0 . 375/o p e r a n n u m

R a n g e of a c c e p t e d c o m p e t i t i v e bids:

(Excepting one t e n d e r

of $10,000)
High
£ 0W

- 9 9 .9 0 8
0.364^
_ 9 9 .9 0 5
0.37 6 ^

E q u i v a l e n t rat e of d i s c o u n t approx.
per annum
E q u i v a l e n t r a t e of dis c o u n t approx.
per annum

(53 p e r c e n t of t h e a m ount b i d f o r at t h e l ow p r i c e was accepted)

Boston
Dew York
Philadelphia
Cleveland
Richmond J
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas C i t y
Dall a s
S an F r a n c i s c o

Total
Accepted

Total
A p p l i e d for

federal Reserve
District
._____

$

36 ,805,000
1,394,257,000

$

2 1 ,4 8 3 * 0 0 0
7 8 3 ,8 0 8 , 0 0 0
2 1 ,2 5 2 , 0 0 0
2 3 ,8 5 0 , 0 0 0

. 34 ,482,000
26 ,510,000
30.736.000
18.730.000
303,760,000
2 9 086.000
4 885,000
23,900,000
2 3 , 035,000
107.225,000

178,139,000
20.297.000
4,8 8 5 , 0 0 0
19.075.000
16.643.000
7 2.680/000

$-2,033,411,000

$1,205,774,000

.
,

-o0o<-

27,752^000

1 5 ,9 1 0 , 0 0 0

August f ,

19U

» ,

Duping the month of July,
44 the following narket trsnsu U n t i took p U o o In direct end guaranteed esauriti«« of the

Government*
Sales

***##*•#•**♦•*♦•**»*

Pnroimsos »♦♦♦O'***********

Not » a le s ***••**•«***•*

Hüaud

Copy tos

Mr* Heffelfinger
Mr. Shaeffer
Miss Sanford

^

1® # ¿$ ¿¡^ 0 0 0

ÏREASUM ütrñrtíMEHT

TREASURY DEPARTMENT
F I S C A L S E R V IC E
WASHINGTON

During the month of July, 1944> the following market trans­
actions took place in direct and guaranteed securities of the
Government:

Sales • *>»•*•»*•••••**••*•« $18,434* 000
Purchases ...... .........

none

Net sales •*»••••••••••• $18.484.000

VICTORY
BUY

UNITED
STATES

WAR

BONDS
AND

STAMPS

TREASURY DEPARTMENT
Washington
P O R I M M E D I A T E RELEASE,
Tuesday, A u g u s t 15, 1944.

D u r i n g t h e m o n t h of July,
transactions
ties

Press S e r v i c e
No. 42-97

1944,

market

in direct a n d g u a r a n t e e d s e c u r i ­

of t he G o v e r n m e n t

f or T r e a s u r y i n v e s t ­

ment and o t her a c c ounts r e s u l t e d in net
sales

of $18,484,000,

Secretary Morgenthau

a n n o u n c e d today.

-oOo-

TREASURE DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, August 16« 1944.

Press Service
No» 42-98

The Bureau of Customs announced today preliminary figures showing 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:

Country of Production
:
',,.N ’•

Quota Quantity
(Pounds) 1j

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

August 5, 1944
1,099,031,783
(import quota filled)
August 5, 1944
28,317,065
it
8,192,397
August 12, 1944 2J
18,373,860
August 5, 1944
21,068,683
ii
93,059,895
ii
81,314,869
it
38,919,365
(import quota filled)
August 12, 1944 2/
81,687,678
August 5, 1944
28,109,493
it
2,919,684
ii
39,670,406
ii

3,749,039

1/

Quotas as established by action of the Inter-American Coffee Board on
April 21, 1944.

2/

Per telegraphic reports.

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- 3 f o r such b i l l s , w hether on o r i g i n a l is s u e o r on subsequent p u rch a se , and th e amount
a c t u a l l y r e c e iv e d e i t h e r upon s a l e o r redem otion a t m a tu rity during th e ta x a b le
y e a r f o r which th e r e tu r n i s made, a s o rd in a ry gain, .or l o s s .
T reasu ry Department C ir c u la r No. 41S, as amended, and t h i s n o t i c e , pre­
s c r ib e th e term s o f th e T reasu ry b i l l s and govern th e co n d itio n s o f t h e i r i s s u e .
Copies o f th e c i r c u l a r may be o b tain ed from any F e d e ra l R eserve Bank o r B ranch.

Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and nrice 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

August 2A. 19hk _______.

p |

Wk

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 Treasurj7" bills shall not have any
special treatment, as such, under Federal tax Acts now or hereafter enacted.

The

bills shall be subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the possessions of
the United States, or by any local taxing authority.

For purposes of taxation the

amount of discount at which Treasury bills are originally sold by the United States
shall be considered to be interest.

Under Sections 42 and 117 (a) (l) of the

Internal Revenue Code, as 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
i Jr? i

$ -^jESEwB

LA

FOR RELEASE, MORNING NEWSPAPERS,
Friday« August IS, 1944________*
--

The Secretary of the Treasury, by this public notice, invites tenders
for $1,200«000>000

, or thereabouts, of

92- -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

November* 2A« 1944

interest.

August 2A. 19AA

, 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 0. m., Eastern War time,

Monday, August 21, 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 rf 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 cdmpany.
Immediately after the closing hour, tenders will be opened at the Federal

TREASURY DEPARTMENT
Washington

E O R RELEASE, MORNING- N E W S P A P E R S ,
Friday; A u g u s t 18, 1944.
8-17-44

The S e c r e t a r y of the Treasury, by this p u b l i c notice, invites
tenders f o r $>1,200,000,000, or thereabouts, of 9 2 - d a y T r e a s u r y
bills, to be issu e d on a d i s c o u n t basis u n d e r c o m p e t i t i v e a n d
f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r p r o v ided.
The bills of this
series .will be d a t e d A u g u s t 24, 1944, a n d w i l l m a t u r e N o v e m b e r 24,
1944, w h e n the face a m o u n t w i l l be p a y a b l e w i t h o u t interest.
They
„will be issued in b e a r e r f o r m only, a nd in d e n o m i n a t i o n s of $1,000,
$5,000, $10,000, $100,000, $500,000, and $ 1 , 0 0 0 , 0 0 0 (maturity
value),
Tenders w i l l be r e c e i v e d at F e d e r a l R e s e r v e Banks a n d Br a n c h e s
up to the closing hour, two o Tc l o c k p. m . , E a s t e r n W a r time,
Monday, A u g u s t 21, 1944.
'Tenders w i l l not be r e c e i v e d at the
T r e a s u r y Department, W a s h i n g t o n ,
E a c h t e n d e r m ust be f or an even
multiple, of $1,000, a n d the p r i c e o f f e r e d m u s t be e x p r e s s e d on
t he basis of 100, w i t h n o t mor e t h a n t h ree decimals, e.g., 99.925,
F r a c t i o n s m a y n o t be used.
It is u r g e d that t e n ders be m a d e on
the p r i n t e d forms a n d f o r w a r d e d in the s p e c i a l envelopes w h i c h
w i l l be s u p p l i e d by F e d e r a l R e s e r v e Banks or B r a nches on a p p l i ­
cation therefor.
Tenders w ill be r e c e i v e d w i t h o u t de p o s i t f r o m i n c o r p o r a t e d
banks a n d t r u s t companies a nd f r o m r e s p o n s i b l e and r e c o g n i z e d
dealers i n .i n v e s t m e n t s ecurities.
Tenders f r o m others must be
a c c o m p a n i e d by p a y m e n t of 2 p e r c e n t of the face a m o u n t of
T r e a s u r y bills a p p l i e d for, unless the t e n ders are a c c o m p a n i e d
by an 'express g u a r a n t y of p a y m e n t b y an i n c o r p o r a t e d b a n k or
t r u s t company.
I m m e d i a t e l y aftear the closing; hour, t e n d e r s w i l l be opened
at the F e d e r a l R e s e r v e Banks a n d Branches, f o l l o w i n g w h i c h public
a n n o u n c e m e n t w i l l be m a d e by the S e c p e t a r y of the T r e a s u r y of the
a m o u n t a n d p r i c e r a n g e of a c c e p t e d bids.
Those s u b m i t t i n g tenders
w i l l be a d v i s e d of the a c c e p t a n c e or r e j e c t i o n t h e reof.
The
S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s the r i g h t to accept
or r e j e c t a n y or a ll tenders, in w h o l e or in p a r t , ; a n d his a c tion
in a n y such, r e s p e c t s h a l l be final.
S u b j e c t to t h e s e reservations,,
te n d e r s f or $ 1 0 0 , 0 0 0 or less from a n y one b i d d e r at 9 9 .9 0 5 entered
on a f i x e d - p r i c e basis w i l l be a c c e p t e d in full.
P a y m e n t of a c ­
c e pted tenders at t h e prices o f f e r e d
m u s t be m a d e or c o m p l e t e d
at t h e , F e d e r a l R e s e r v e B a n k in cash or o t h e r i m m e d i a t e l y a v a i l a b l e
funds on A u g u s t 24, 1944.
42-99

(Over)

2
The income derived- £ r o m : Tr e a s u r y bills, w h e t h e r interest
or gain f r o m the sale or o t h e r d i s p o s i t i o n of the bills, s h all
not have a n y exemption, as such, a n d loss f r o m the sale or
o t her d i s p o s i t i o n of T r e a s u r y bills s h a l l not have a n y s p e c i a l
treatment, as such,, u n d e r F e d e r a l t a x A c t s n o w or h e r e a f t e r
enacted*
The bills shall be s u bject to estate, inheritance,
gift, or other excise taxes, w h e t h e r F e d e r a l or State, but shall
be exempt f rom all ta x a t i o n n o w or h e r e a f t e r i m p o s e d on the
p r i n c i p a l or interest t h e r e o f b y a ny State, or a n y of the p o s ­
sessions of the U n i t e d States, or by a n y local t a x i n g a u t h ority.
F o r pur p o s e s of t a x a t i o n the a m o u n t of, d i s c o u n t at w h i c h Tr e a s u r y
bills are o r i g i n a l l y sold by the U n i t e d States s h all be c o n ­
s i d e r e d . t o be
interest.
U n d e r S e c t i o n s 42 a n d 117 ( a ) (1) of
the I n t e r n a l R e v e n u e Code, as a m e n d e d b y S e c t i o n 115 of the
R e v e n u e Act' of 1941, the a m ount of d i s c o u n t at w h i c h bills issued
h e r e u n d e r a r e sold shall n o t be c o n s i d e r e d to a c c r u e u n t i l such
bills shall be sold, r e d e e m e d or o t h e r w i s e d i s p o s e d of, a n d s u c h
bills a re e x c l u d e d f r o m c o n s i d e r a t i o n as capital assets.
Accord­
ingly, the o w n e r of T r e a s u r y bills (other tha n life ins u r a n c e
companies) issu e d h e r e u n d e r n e e d include in his income t a x r e t u r n
onl y t h e d i f f e r e n c e b e t w e e n t he p r i c e p a i d for such, bills,
w h e t h e r on o r i g i n a l issue or on s u b s e q u e n t purchase, a n d t he
a m o u n t a c t u a l l y r e c e i v e d either upo n sale or r e d e m p t i o n at m a t u ­
r i t y during the t a x a b l e y e a r f o r w h i c h the r e t u r n is made, as
o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r Ho. 418, as amended, a n d this
notice, p r e s c r i b e t h e terms, of t he Treasury' bills a n d g o v e r n
t he c o n d itions of t h e i r issue.
C o p i e s of t h e c i r c u l a r m a y be
o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k or Branch.

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