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TREASURY DEPARTMENT LIBRARY
l ib r a r y
PAnM
5030
JU N 1 4 1972
TREASURY DEPARTM ENT
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The memorial medal for Franklin D. Roosevelt will,
on its face, bear his likeness; and on the reverse carries
a design of a seated figure, palm branch in hand, in a
pose suggestive of mourning.
Philadelphia Mint.
0O0
It will be produced at the
2
Coinage orders were executed for Australia, Dominican
Republic, El Salvador, Ethiopia, Greenland, Guatemala,
Netherlands, Peru, Philippine Islands, Saudi Arabia, and
Venezuela.
Currently, Mint experts are working on plans for a
new 10-cent piece commemorating the late President Franklin
D. Roosvelt, which will go into circulation early next
year.
The designs are being made by John R. Sinnock,
57 year old chief engraver, who also designed the Purple
Heart medal, considered by many to be the most beautiful
of the awards to the nation*s war heroes.
Mr. Sinnock,
designer of a number of medals of the presidential and
other series, is considered one of the world*s great
artists in this highly specialized field, and has won many
national and international awards.
* / ?
Mint production of medals for the Army, N a v y C o a s t
Guard
is itself big business,
currently employing substantial personnel and operating on
a 24 hour a day basis.
Mint designers also are preparing for production and
early offering to the public of a memorial medal honoring
Mr. Roosevelt, and an Inaugural medal bearing the likeness
of President Truman, fulfilling a tradition that dates
back to George Washington.
Traditional, also, are medals
bearing the likenesses of Secretaries of the Treasury;
and Secretary Vinson will be so honored*
q
PROPOSED PRESS RELEASE
The United States Mint continue«?to establish new
records for coinage during the past fiscal year, the
Treasury announced today.
Nellie Tayloe Ross, Director of the Mint, reported
that for the twelve months ending June 30, the three
coinage institutions turned out an average of 46 tons of
money a day, for a total of 2,646,134,101 pieces of
domestic issue, and 1,388,971,000 pieces for eleven
friendly foreign governments.
The total number of pieces
struck, domestic and foreign, was 4,035,105,101.
The value
of domestic coinage was $124,754,925.24, also the highest
on record.
For the fiscal year ended June 30, 1944, the total
of domestic coinage was 2,578*640,270 pieces with face
value of $109,464,836.70.
Coinage, domestic and foreign,
totalled 3,066,487,270 pieces that year.
The steady expansion in demand for the nation*s coins
is a result primarily of the wartime tempo of business.
Mint institutions worked 24 hours a day, seven days a week
last year to keep abreast of needs.
Nearly two billion pieces of the 1945 production were
in the ever-busy 1-cent denomination.
Approximately
63.000. 000 half dollars, 126,000,000 quarter dollars,
342.000. 000 10-cent pieces, and 156,000,000 5-cent coins
were turned out.
/
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE' RELEASE,
Monday, July 25, 1945.
Press Service
No. V-l
The United States Mint continued to establish new records for
coinage during the past fiscal year, the Treasury announced today.
Nellie Tayloe Ross, Director of the Mint, reported that for
the twelve months ending June 30, the three coinage institutions
turned out an average of 46 tons of money a day, for a total of
2,646,134,101 pieces of domestic issue, and 1,388,971,000 pieces
for eleven friendly foreign governments.
The total number of
pieces struck, domestic and foreign, was 4,035,105,101.
The value
of domestic coinage was $124,754,925.25, also the highest on record*
For the fiscal year ended June 30, 1944, the total of domestic
coinage was 2,578,640,270 pieces with face value of §109,464,836.70.
Coinage, domestic and foreign, totalled 3,066,487,270 pieces that
year.
The steady expansion in demand for the nation’s coins is a
result primarily of the wartime tempo of business.' Mint institu
tions worked 24 hours a day, seven days a week last year to keep
abreast of needs.
Nearly two billion pieces of the 1945 production were in the
ever-busy 1-cent denomination. Approximately 63,000,000 half dollars, 126,000,000 quarter dollars, 342,000,000 10-cent pieces,
and 156,000,000 5-cent coins were turned out.
Coinage orders were executed for Australia, Dominican Republic,
El Salvador, Ethiopia, Greenland, Guatemala, Netherlands, Peru,
Philippine Islands, Saudi Arabia, and Venezuela.
Currently, Mint experts are working on plans for a new 10-cent
piece commemorating the late President Franklin D. Roosevelt, which
will go into circulation early next year.
The designs are being
made by John R. Sinnock, 57 year old chief engraver, who also
designed the Purple Heart medal, considered by many to be the most
beautiful of the awards to the nation’s war heroes.
Mr. Sinnock,
designer of a number of medals of the presidential and other series,
is considered one of the w orld ’s great artists in this highly
specialized field, and has won many national and international
awards.
Mint production of medals for the Army, Navy, I,ferine Corps and
Coast Guard is itself big business, currently employing substantial
personnel and operating on a 24 hour a day basis.
\
-
2
-
Mint designers also are preparing for production and early
offering to the public of a memorial medal honoring Mr. Roosevelt,
and an inaugural medal bearing the likeness of President Truman,
fulfilling a.tradition that dates back to G-eorge Washington.
Traditional,; also, are medals bearing the likenesses of Secretaries
of the Treasury; and Secretary Vinson will be so honored.
The memorial medal for Pranklin D. Roosevelt will, on its face,
bear his likeness; and on the reverse carries a design of a seated
figure, palm branch in hand, in a pose suggestive of mourning.
It
will be produced at the Philadelphia Mint.
- 0 O 0-
f
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186
TREASURY DEPARTMENT
-Washington
"v
(The following address by Ploy Plough,' Assistant
to the Secretary-of the Treasury, before the
Chicago Association-of Commerce, Chicago, Illinois,
is scheduled for delivery at- 1? 00 PM, Central
War ;T ime, T u e s d a y J u l y 2^, Ì9^j5,-'and is for
release at that time.) 4 '
;
Tax Reducing Provisions òf thè Internal Revenue Code Available
During the Reconversion Period
I.¡
Introduci ion
I am very glad to have an opportunity to participate in the
Postwar Educational Program being conducted by the Chicago Associa
tion of-Commerce. I am particularly happy to be able to talk to you
about some features of the tax law which will be helpful to many of
you during the coming months. [ Usually, in discussing taxes with
businessmen, I feel obliged to draw upon all of the) arts of sales
manship in demonstrating the reasonableness of and the necessity for
particular tax provisions. , Por today’s fare, however, I am sure your
appetites are already sufficiently whetted, and I must be on my
guard lest the tax-reducing provisions of the Internal Revenue Code
available during the reconversion period be made to appear too tempt
ing-
'
I should like to make it perfectly clear at the outset that
the tax-reducing provisions which I am going to discuss this.after
noon are those now. in effect under existing law. We aré, of course,
all free to speculate upon the tax reductions which may be antici
pated following victory in the Pacific.
I would prefer, however,
to stay clear of this field of speculation today and to confine my
remarks to existing realities.
The wartime revenue acts were, of course, primarily designed
to finance the war effort.
They were revenue-raising statutes
which necessarily cut deeply into the disposable income of both
individual and corporate taxpayers. The inhibitory effects which
high taxes might have upon consumption, investment and employment
were not matters of great concern at a time when Government orders
were keeping industry operating under forced draft. The concern
then was over the possibility that there might be too much rather
than too little private spending, and with finding men for jobs
rather than jobs for men*
Nevertheless, even at the time when they were preoccupied with
war finance, the Treasury and the Congress did not lose sight of
the inevitable readjustments which would follow ultimate victory.
In appearing before the Ways and Means Committee early in 19^2,
- 2 Secretary Morgenthau pointed out that after the war there might 'well
be a need for a large volume of expenditure in readjusting industry
and maintaining, employment* ,He suggested that taxes on corporations
in excess of 30 cents on each dollar of profit should be held by the
Government to the account of the corporation and be returned following
the cessation of hostilities.
In giving effect to these and other suggestions for the
assistance of business during the reconversion period, the Congress
wrote into the wartime revenue act a number of provisions which
will result in substantial postwar refunds.
These are the provisions
which I shall discuss with you this afternoon. Specifically, they
include (1) the carryback of unused excess-profits credits and of
business losses, (2) the postwar credit or refund of 10 percent of
the excess-profits tax, and (3) the recomputation of amortization
deductions arising from, the issuance of certificates of non-necessity.
I shall not attempt to discuss refunds arising under Section 722
of the Internal Revenue Code. Although many of these refunds•will
undoubtedly be made during the postwar years and m a y accordingly
facilitate reconversion, this will come about only a s .an incidental
result of the attempt to arrive at a correct standard for the
measurement of excess profits.
In addition, I shall discuss briefly
the position which is being taken by the Bureau of Internal Revenue
with respect to the allowance of reconversion costs as deductions
from current income.
XI.
The carryback provisions
Although the important contributions which the carrybacks will
make to facilitating reconversion is now widely appreciated, the
inclusion of these provisions in the 1942 Act was all but unnoticed
by businessmen.
In fact, I doubt whether any major provisions in this
voluminous act were given less attention at the time by tax laymen.
This indifference of/businessmen to the carrybacks can in part be
explained by the fact that, except in a few rare cases, they had no
immediate effect on tax liabilities; but I suspect that an even better
explanation can be found in the failure of most taxpayers to grasp
the true meaning and significance of these rather novel provisions.
It w^s not until early 1944 -.that any widespread publicity was given
to -the uses which might be made of them.
.,A.
*
<
The circumstances under'which the carrybacks were enacted
A t the -time the -1942 Revenue Bill was under; consideration there
was strong pressure for reserves of one -type or another, primarily
to take care of certain costs, incident to the.„earning" of wartime
'income, which might not be incurred until#after t]he cessation of ,.,
hostilities. -Although interest centered o.n reserves "for deferred
maintenance and inventory, losses, it 'was recognized that an equally
strong .case could' be .presented for reserves .to .,cover: other deferred
expenses such'as- reconversion /costs' and .dismissal compensation. .
\
- 3These specific reserve .-proposals were not adopted because of the
extreme difficulty of their, operation, both from the'point of view of
the taxpayer and from,thè'point of view of the Government«
•f
Attention was next given to the-idea 'of usi'ng omnibus or
overall reserves into which could be.' put ;1G’percent or 15 percent of
profits before Federal taxes during the‘'war years, I t ’waq contemplated
that the funds thus set aside would bé currently deductible, and that
deferred expenses would'be charged against this reserve rather than
deducted from income in the year when ‘they were incurred* Any Unused
portion, would go back into the taxable income of the year, or -years in
which the reserve was set up. Upon further consideration of this
method by the Treasury and Senate Finance Committee, it became apparent
that it would run into some of the same difficulties the specific
reserve method ran into. Moreover, it was feared that once such
omnibus reserves had been set-up and substantial sums had been accumulated
in them, pressure would be great for a relaxation of the restrictions
upon their use. - Ultimately corporations might have recovered these
reserves tax free, irrespective of the amount of deferred expense
actually incurred. If this happened, it would mean that the omnibus
reserve was not a true reserve, but simply an arbitrary method of
reducing Ti/artime taxes-.
•
'
., .
' ■
It.was then that the Senate Finance Committee asked whether
another method could not be- developed to permit deferred war coststo have the same tax effects- as they- w/ould have had if they had been
incurred during the war > . The carryback of losses and of unused
credits was the device suggested by the Treasury and. Joint Committee
staffs to meet this demand.
The♦carrybacks were thereupon included
by the Committee in its amended version of the 1942 Revenue Bill
and were ultimately-accepted by both houses in' the final act.
B.
The purpose and method of the carrybacks
The purpose of the carrybacks was to ensure businessmen-against
the possibility that they would be required to pay high wartime taxes
on illusory income.
The carrybacks, unlike the special reserve
proposals, do not necessarily permit all war-induped.postwar costs
to be charged directly against wartime income, nor 3he they limited
solely to these costs.
They fioriction only in those cases where the
tax effect which wrould follow from such a direct allocation is
necessary in order to-.give taxpayers the full tax benefit to which
they are entitled. Specifically, the carryback of unused credits
operates in this manner only when war-caused costs reduce earnings below
the excess profits credit, and the carryback of losses permits the
charging of such costs against the income to which they relate only to
the extent they result in losses.
The operation of the carrybacks is very simple in most cases. x
Take, for example, a case where a corporation with an excess-profits
credit of 490,000 and the 410,000 specific exemption earned 4150,000
- u -
x
in 19H4 and 19^5*. This company would in both years have to pay a 95- '
percent excess-profits tax on $50,000, or $U7*500* and a UO-percent
corporate tax on $10 0 ,000, or $U0,000 for total taxes of $8 7 *500. If*
in 1 9 U6a the earnings of this corporation fall to $5 0 ,000, with the same
excess-profits credit of $9 0,000, it will have an unused credit of $H0,000
for that year which can he carried hack to increase the 19^4 credit to
$130#000 ($5 0 ,000 plus $90*000). Recomputing the I9HU tax, we find, upon
deducting $13 0 ,0 0 0 plus $1 0 ,000, that only $10 ,0 0 0 is subject to excessprofits tax and that $lU0,000 is subject to the corporation normal tax
and surtax. The total tax is accordingly reduced from $87*500 to $65*500
and the difference, or $2 2 ,000, will be due the corporation as a refund.
The operation of the loss carryback is much the same, but, given a
carryback of the same size as the unused credit, refunds may be more sub
stantial since the offsetting of losses against income may result in
refunds of. both income and excess-profits taxes. Thus, if the corporation
used in my earlier example loses $H0,000 in 19 ^6, it will be entitled to
a refund of $38,000 on its 19 UH taxes, or 95 percent of its loss.
. The carrybacks are applied first to the second preceding and next
to the first preceding year. If unused credits or losses more than offset
the excess profits or income of these two preceding years, they may then
be carried forward against the excess profits or income of the two follow
ing years. Thus, the carrybacks and carryforwards together may permit an
averaging of income and of income and losses over a period as long as
five years. Indeed, under certain circumstances more than five years may
be affected since the carryback of losses may give rise to an unused credit
in the second preceding year, which in turn may result in an excessprofits tax refund in the fourth preceding year. When both losses and
unused credits are carried back, the loss carryback is used first and then
the unused credit carryback, if needed.
In order to appraise the adequacy of these adjustments in achieving
a fair distribution of wartime tax burdens,.it is necessary to understand
something of the philosophy of the carry-back method. The basic element
in the carryback of the unused excess-profits credit is the concept of
normal profits.. The carryback method is based on the assumption that warinduced postwar costs should be charged against wartime income only to the
extent that they contribute to less than normal profits in the year they
are incurred. If, des*pite such costs, a corporation is able to earn more
than its normal profits, there would appear to be no inequity in requiring
these costs to be charged against current rather than wartime income.
Inequities arise under this procedure only if normal profits are incorrectly
measured, or if tax rates fluctuate during the period when the carryback
is in effect.
-
5
-
To the extent that the excess-profits credit, as defined in
the statute, exceeds true normal earnings, the carryback, of the
unused credit will result in a worse distribution of wartime tax "bur
dens than would result- from .'a- direct allocation of war-induced costs.
On the other hand, to the extent that the excess-profits credit under
states true normal profits, war*-induced costs will not receive full
adjustment, although a more equitable result will be achieved with
them than without them*
: ;T
Jl!
Change's in thé tax. ràtes during the ^eriod when the carry-backs
are in" effect nay:result in diffèrent tax liabilities from those
which would have followed a direct allocation'of war-induced costs
to the appropriate .wartime years* For example, i f -effective tax
rates are increasing, the carrybacks will provide a more generous
adjustment than the direct allocation, method , r
. Under the’carryback
method these costs will be deducted in the year they are incurred
or in the two preceding years* Under the direct allocation method
they would tend to be re spread over all the war,yèarpi/ If rates are
rising, this means more costs are deducted in the years of high rates
under the carrybacks than under the direct allocation-method/ The
results-, will; of course, be reversed during periods'of falling effec
tive-tax pates,.
' IHI
Similarly the Ions carryback will have inequitable* results if
income- is incorrectly measured.
It is for this reason that, ;in apply
ing the carryback method corporations are required to-exclude deduc
tions such: as that representing.the excess of percentage depletion
over cost depletion, and include such tax-exempt income as that from
State sand municipal, securities, in computing income both for the year
of the operating loss and the year to which such loss is being car
ried back. These limitations prevent carryback refunds from arising
where nominal but not actual losses have been realized,
C.
The uses of" the carrybacks '
I have stated tha t the purpose of the .carrybacks was to p e r
mit war-induced postwar costs to be charged, under certain cifcuin- .;
stances, against wartime income* • The great advantage of the; carry-.»
back method over other methods- of accomplishing this purpose lies in
the fact-that the. Carrybacks do not require the suedfic identifica
tion and segregation of war-induced costs from other postwar costs.*:
Any cost item which can be exnens'ed -under the Code and Regulations
can set the carrybacks in motion.
Nevertheless, in making an appraisal
of the carryback provisions, it is important to know what types of ex
penditures ■the Congress had in mind when it wrote these provisions -in
to the 19U 2 Act and to know whether the objectives of this legislation
are likely to be, attained*
The two most discussed war-induced postwar costs .are deferred.
maintenance and reconversion costs.
I am sure most of you kfiow
what deferred maintenance is. As my railroad friends would says
"If you don’t, you haven’t tried to drink a cup of coffee in.a dining .'
-rr
•fï
.-6- r>;
car recently*11 The. railroads tell us that they do have a considerable
amount of ’deferred maintenance in their- track accounts, and the hotel
people say they have a'lot too.
•- There'hasn’t been so much said 'about deferred- maintenance in
other industries, but no doubt smaller amounts are being accumulated
.elsewhere* Of course,- a good cleal of the maintenance which has
been deferred on ..account -of labor and material, shortages •will In
a sense never be made good« * The building that hasn’t been paint-ed
in three years will-onl^-need to be painted once when the job is
finally done* Furthermore, much.of the deferred maintenance which
has accumulated during the'war
11 undoubtedly be made good before
the final cessation-of:hostilities in areas where the one-frontwar makes possible.the-release of a-substantial number of war workers*
Nevertheless, amounts'will havo to bo spent after the ¿war .to '1;carry out maintenance ana'repair, jobs-that couldn’t be performed
during- the. war because.-of‘labor or material shortages, and rfo redo
theso things which were badly done because only inferior materials
or inexperienced workers were available• They wall constitute a type
of expenditure which -the Congress intended to cover in enacting the
carrybacks. ‘
%
** ’
It is clearly to the advantage ;Of both the ‘
Treasury and taxpayers
that, in claiming postwar, deductions.for maintenance,:It will ngt be
necessary to -uistinguish between current and deferred maintenance*
li/hile the meaning of deferred maintenance ‘is. reasonably clear, its'
measurement in all but; a few special situations presents a difficult,
if not. a hopeless task.; Indeed, the Interstate Commer.ee Commission
in a recent rate decision has stated! “No satisfactory method for
the measurement of deferred maintenance nas yet been devised*
Standards of maintenance vary from railroad to railroady and- apparently
railroad engineers do not agree as.to what m a y bo,,regarded as a normal
standard* Still less, do they agree as to the extent to which post
ponement of maintenance work resulting in deviations from either the
normal or. s-orne other.standard is properly catalogued as deferred
maintenance.” l/'
Although the. amount.of deferred.maintenance to 'be made good :
after the war- IS hot likely to exceed ,a few hundred million dollars, .
reconversion costs may .rim considerably higher, even if this term
is strictly defined .to embrace' little more than plant rehabilitation*
So defined^ ib would include-only those expenses incidental to the
physical restoration of plant, such as the cost of relocating
..
machinery which w a s .moved' or. of reinstalling' fixtures which were
torn out when plants were converted for war pro duction*• Such costs
are clearly war-induced and so properly)come within .the scope of the
carrybacks*
* •' ’- .
f
1/
Ex Parte No*' 148, Decided .December 12, 19A4-*
- 7 In making use of the carrybacks, taxpayers will not be required
to distinguish between reconversion costs and other déductible
expenses unrelated to plant rehabilitation. It -frill, however, be
necessary to distinguish; between those costs which only put the
plant back into approximately its prewar condition from those which
improve or add to it* Such a distinction will not always be easy
to make, although the Bureau of Internal'-Revenue has laid- down some
general rules relative to these costs which may be expensed and
those which must be capitalized, about which I shall have more to
say later.
Another war-induced postwar cost that may be important in a few
cases is dismissal compensation. Although dismissal compensation
has not been a common practice in American industry, dismissal pay
provisions are understood to have heen included in some union con
tracts negotiated since the beginning of the war.
The firms vdiich
have agreed to the inclusion o f .this provision in their union
contracts will incur additional wage costs if the end of the war and
the termination of war contracts»necessitate reductions in payrolls.
Such expenditures, although not specifically mentioned by the Congress,
would appear to be directly related to the cost of earning wartime
income and so properly to fall within the scope of carrybacks.
There are also those situations where Wartime income has been
overstated by purely transitory increases in inventory valuations.
If, as happened after the last war, these war-inflated inventories
decline in value after the cessation of hostilities, losses will
be realized. Under such circumstances it would seem only fair that
the postwar, losses should have the same tax consequences as the
wartime gains. The carrybacks were intended to effect such an adjustment.
TiUhile the great advantage of the carrybacks lies in the fact
that they do not require the segregation of ’war-induced costs from
other postwar expenses, this is also their principal weakness.
Since, under thé carrybacks,.all postwar expenses are treated in
the same manner as war-induced costs, refunds may occur under■
circumstances quite, different from those contemplated by the Congress
when the carrybacks w e r e .enacted.* Refunds of excess-profits taxes
may occur because the excess-prof its credit, as computed under the
“ statute, overstates normal earnings. Consequently, some reductions
in earnings ,in no w a y .resulting from war-induced postwar expenses
will bring about refunds of wartime, taxes. Or excess-profits tax
and corporation tax refunds may occur if large outlays are incurred
for , the purpose of increasing postwar profits. Abnormal repairs,
advertising, or research are. examples of this kind of cost. Strict
accounting practice would appear to require such-'costs to be carried
forward against future peacetime profits.
’
D.
Speed up of carryback refunds
Although the Congress was aware of the problems which business
men 'would face during the reconversion period when it anacted the
-
8
-
carrybacks in 1942, it did not at that time take steps to meet the
need for prompt payment of these tax refunds.
Under the law as it
was originally written, refunds of taxes resulting frofe the carry
backs could not be made until a considerable length of time after
the occurrence of a loss or an unused credit* Refund claims could
not be made until the close of the year in ;which the .loss or unused
credit arose, and no method was provided for payment of claims before
they had been audited and reviewed*
Consequently, while a businessman
might be certain of the ultimate receipt of a carryback refund, he
could never' be sure how long he would have to wait after the filing
of his claim before he could expect to receive the refund*
This defect in the carryback provisions has been corrected by
the Tax Adjustment Act of 1945, recently passed by both Houses of
Congress,
Under the provisions of this act, businessmen in
carrying back losses and unused excess-profits credits can be
certain that their refund claims will be acted upon and cash refunds
made within 90 days after the filing of the claim*. Moreover, where
such refunds are anticipated in advance, the new law permits taxpayers
to postpone payment of prior year taxes up to the amount of such
anticipated refunds. Consequently, businessmen needing cash for
reconversion will not find themselves in a position of having to pay
current installments on tax. liabilities which pill ultimately be
refunded.
Ill*
The postwar credit
The postwar credit of 10 percent of the excess-prof its tax
should not require extensive discussion. Under the 1942 Act, this
credit could be taxen currently to the exbent of 40 percent of net
debt retirement, but it has generally been taken in the form of
non-interest bearing postwar bonds.
These bonds were made nonnegotiable until after the cessation of hostilities, and were to
mature in from two to six years after that date, the length of time
depending upon the year for which they were issued. For example, if
Japan should be defeated in 1946, bonds issued with respect to 1942
taxes would not have matured until December 31, 194b, and bonds issued
with respect to 1944 taxes would not have matured until December 31, 1950.
These provisions for the issuance and redemption of postwar
bonds failed in two. respects to meet fully the purposes for which
the postwar credit.was enacted* First, corporations facing reconversion
after the end of the war in Europe could not negotiate their bonds until
after the end of the war in the Pacific* Second, even after the
cessation of all hostilities, not all of their bonds would be. available,
since bonds to. be issued with respect to the year immediately preceding
tiie cessation of hostilities could not be issued until full payment of
the excess-profits tax for that year had been made*
- 9 Under the Tax Adjustment Act of 1945* both of these defects
in the earlier act have been corrected.
The maturity date on
postwar bonds has been advanced so that bonds which" have already
been issued -will be payable in full on January 1, 194&* Bonds
which have been certified but not yet issued will be satified by
cash payments« Moreover, for 1944 and subsequent years, the postwar
credit will be made immediately available, so that the present B5-1/2
percent net rate of tax will be the rate at which the excess-profits
tax is actually paid. Quarterly tax installments on 1944 liabilities
which have not already been paid will be reduced by the amount of
the postwar credit.
The tax return forms for 1945 and subsequent
years will be designed to indicate that the postwar credit should
be taken currently.
IV.
The re computation of the amortization deduction
A less well known provision of the tax law which will give rise
to tax refunds during the reconversion period is that permitting the
recomputation of the amortization deduction allov/ed with respect
to emergency facilities. 'Under the present law, facilities 'which
have been certified as being necessary for national defense may be
amortized over a five-year period. If, however, within that period,
the emergency is terminated, or if the particular facilities are
certified to be no longer necessary for national defense, the tax
payer may elect to recompute his amortization deductions for prior
years on the basis of the shorter amortization period.. Since^a
shortening of. the amortization period will result in additional
deductions for such prior years, the taxpayer will ordinarily receive
tax refunds.
Although claims for refunds could be* filed as soon as a tax
payer was granted a certificate of‘necessity, the fact that such
claims had'to be handled through usual administrative procedure made
the prospects of early payment very slight. Accordingly, the
Congress sought to correct this deficiency by means of a special
provision in "the Tax Adjustment net of 1945 under which claims for
refunds arising from the recomputation of the amortization deduction
will be allowed within 90 days after the filing of the claim. The
procedure will be very similar to that which will ;be employed in
the prompt payment of carryback refund claims.
V.
The tax treatment of war contractors1 reconversion costs
No doubt some of you at this point are thinking that, despite
m y optimistic assurances of greater certainty as regards the time
when carryback refunds will be received, I have fai3.ed to dispel
one of the fundamental uncertainties concerning the amount of such
refunds. To say that reconversion costs can give rise to tax refunds
within a certain period of time is all very wellj but as we all know,
this can happen only to the extent that reconversion costs are
allowed as deductible expenses.
To the extent what taxpayersvare
required to capitalise these costs, they will reap little benefit
-
10
-
from the carrybacks* Since the treatment of reconversion,costs
may be an important factor 'in making postwar production plans, as
much of this uncertainty as possible should-bo eliminated in advance*
The treatment of reconversion costs is -a -problem which' has' for
..some time.seriously concerned .the Government* not only .in its role
■.-qf tax collector, but also in its role of purchaser* ‘ In a fe?i. costplus contracts made in 194-0 or 1941* the War Department assumed the
obligation of returning the plants of contractors to the' condition
in which they were prior to rqarrangement for the purpose,of .perform
ing war contracts* On March 6 , 194-2, however, the Chairman of the
l ^ r Production Board, in response to a request from the Under Secretary
of war, established a policy of excluding any specific allowance for
reconversion costs from the price of articles purchased by the Govern
ment. Furthermore-, the war and Navy .Departments have’since that'time
■excluded from the costs of terminating particular contracts any
allowance for the costq of reconverting the contractors’- plant's*.
Since it. had been the established-policy of the Government not
to permit the inclusion qf reconversion costs in'the prices, paid for
most of.the goods.which had been purchased during.the war, th©.cuestioh was .raised early in' 19;44 as to'wh&tiler the Government was
still, under an obligation to compensate war contractors for their
reconversion costs* a careful examination of this question-revealed
that .in ^ f©w cases was there any certainty on the'part of warcontractors, either as to. the amount of money which would be required
for reconversion, or as to the purposes for which it would -be- used*
Furthermore, wide differences of opihion‘'t/ere found, to exist among',
businessmen as to the specific reconversion cost items■for which the
Government should pay* Some businessmen thought that the Government
should bear only tne costs of the-replacement of equipment.and the
rearrangement of .plant to' its exact prewar condition*. Others ax’gued
that since many/improvernents had been ma d e d u r i n g the v/ar both .’in
technolo'gy and in the technique of production, it would be both,
impractical and uneconomic to insist on the restoration of plant to
its exact prewar condition. Although they recognized that the Govern
ment was under no obligation to pay for improvements, they thought that
it might reimburse such contractors for the hypothetical costs of
restoring their plants to their pre-war condition. •. ••
In addition to .the differences of opinion regarding the extent
of the Government's obligation to pay the reconversion costs of war
contractors, there wore widely differing views on the extent to
which adequate^compensation had not already been made* Whereas some
businessmen took the position that failure td recognize: reconversion
.expenses as a specific cost item in negotiating war contracts was
sufficient evidence of non-compensation, representatives-of the
principal purchasing agencies were of the opinion that this was
a question which could bo answered only after an examination of
the income accounts of each individual firm* In view of the
abundant evidence that corporations as a whole had enjoyed abnormally
-
11.
-
high profits during the -war years, it was felt that fen? firms could
demonstrate the need for additional compensation.
'But even if the prices paid by the Government under war .
contracts have, fully compensated most-contractors for their, recon
version costs, such costs¿ when incurred, Jare nonetheless proper
charges against wartime income.
The-carry-backs are, I believe,
adequate recognition of this fact.1 Still* it is appreciated that 1
differences of opinion might, arise between taxpayers and the Bureau of Internal. Revenue on the matter of.expensing or capitalizing
certain specific reconversion costs.
In order to clear up all possible misunderstandings on chat
score before commitments are made, the Bureau, has recently issued
a field memorandum setting forth the treatment of reconversion
costs which it prdposes to follow in the case of war contractors. 1/,
While in no way departing from the general rules now prescribed in
Section 23(a) (1) and Section 24 of the Internal Revenue Code, this
memorandum does enunciate the principle that the cost of restoring
plant and equipment to substantially the same condition it7was in
before, the 'war, depreciation -excepted,: will be allowed as an ex
pense. The cost of, any additions and improvements made to the
plant in'connection with its reconversion váll, howevér, be
capitalized. -In general, the Bureau has taken the position that to
the extent a restored or reinstalled asèe.t; is already adequately
reflected in the capital account of the taxpayer, restoration and
reinstallation costs should-be expensed. If,-however,*the original
assets were fully written off at the time when the plant ■was
converted to war production,it holds that the cost of any replacements
should be capitalized.
j
A. Reconversion plant cosw
*
I;i the process of converting to war production it may have been
necessary for a taxpayer to tear out a wall, to raise a ceiling,
or to discard a floor. * The undepreciated cost of such demolitions
could, of course* have been deducted from taxable Income in the year
of conversion. Nevertheless, in some instances, either because it
was difficult to establish the undepreciated cost of .the portion
«
of the building removed'or because the taxpayer did not choose to
claim it, no. deduction was taken.
Inbsuch cases if the parts of
the building so removed or demolished are replaced in the process
of reconversion-to peacetime production so-, as to' restore the building '
•
to approximately its original condition, such restoration costs ’will
be allowed as expenses'fully deductible from current income. ïf,
on the other hand, the pqrt of the building previously removed or |||
demolished is replaced with a new and improved type of structure,
the amount allowàble as a deduction in computing net income for
the taxpayer in the year of reconversion will be limited to a >
reasonable estimate of the amount necessary to restore such part
of the building to its, original condition*
, ';•~-W..V
17
Mimeogranh 5SJ0, lntern,..l Revenue Bulletin No. 12, June ,25, 19-5* ^
-
12-
In the case of Government plants acquired by the taxpayer, or of
plants fully amortized under certificates of necessity, all expenses
incurred in their conversion for peacetime production must he capital
ized. In the case of plants acquired from the Government this procedure
is of course necessary if the full value of the plant is to.he accurately
reflected in the capital accounts of the taxpayer* The treatment is the
same as that which would he accorded any newly acquired asset* Fully
amortized facilities will* in any case, he considerably under-capitalized
on the taxpayers* hooks. Certainly, no firm would bother to reinstall
or reconvert such facilities unless they would subsequently be worth as
much as their reconversion costs.
B*
Bee onvers ion equipment costs
In the case of machinery and equipment the cost of rearrangement
will be allowed as an expense. In many cases machinery had to be removed
from a plant when it was converted to war production. In other instances,
plant lay-outs had to be rearranged. These conversion costs were properly
recognized as deductible expenses at the time they were incurred. With
the termination of war 1Contracts; the cost of putting these displaced or *
relocated machines hack into their former locations so as to permit their
utilization for peacetime production will also be allowed as a deductible
expense. But one exception is made to this rule, namely, the case where
a taxpayer acquires and moves Government-owned machinery which the Govern
ment was obligated to remove from his plant upon the termination of his
war contracts. In such cases it is assumed that the taxpayer who does
the moving himself will be able to obtain the facility at a lower price.
Finally, mention should be made of the treatment of reinstallation
costs of foundations and other fixtures which were removed at the time
the plant was converted. Here again, as in the ca,se of buildings, the
treatment to be accorded such expenses by the Bureau will follow the
principle of restoring to the capital account as much of the cost of such
new installations as is necessary to give these assets the value at which
the old installation appeared on the taxpayer's books at the time of their
removal. As in the case of fully amortized buildings, however, installation
costs incurred in connection with the reconversion or relocation of fully
amortized machinery will be capitalized.
VI.
Conclusion
*
To recapitulate, the, Internal Bevenue Code contains a number of
provisions which were designed to facilitate through tax refunds the
reconversion of American industry from a wartime to a peacetime basis*
Specifically, the provisions are those relating to the carryback of
losses and of unused excess-profits credits, the postwar credit, and
the recomputation of the amortization deduction. When these provisions
wepe enacted, however, the need for the prompt payment of refunds
arising under them yas not fully met y This deficiency in. the earlier v
legislation .has. now been corrected in the Tax Adjustment Act of 19^5*
Once this act becomes law, businessmen will be able to go ahead with
their reconversion plans with the knowledge jthat the tax refunds to
- 13which they are entitled -under present law will be available to them
at the time when they will most need cash.
will these cash-refunds be adequate to meet the reconversion
needs of business? I doubt whether anyone now knows the answer to
this question, .but they should certainly go a long way towards
removing the danger that reconversion may be impeded by shortages
of eash.
The amount of carryback refunds will depend upon-economic
conditions during the transition period, but it has been estimated
that for 1945 and 1946 they might amount to perhaps i^l billion.
The redemption of the postwar bonds issued for the years 1942 and
1943 will make available to corporations which paid excess profits
taxes in those years about 41*3 billion; and the current availability
of the postwar credit for the years 1944 and 1945 will, by reducing
current tax liabilities, increase the cash balances of such corporations
by about il.5 billion. Assuming that, for purposes of recomputing the
amortization deduction, the emergency period ends at the close of 1945*
It is estimated that the resulting tax refunds would amount to roughly
il.7 billion. In the aggregate, therefore, the tax refunds arising
under the above provisions may amount to as much as i5»5 billion.
This amount may appear small in comparison with the ;.4-4 billion
of cash and Government securities currently estimated to be held
by corporations alone. ' Eut the importance of these tax refunds
is not wholly a matter of thoir aggregate size. For the most part,
the corporations and individual businessmen who will receive this
cash will be those who are faced.with the most serious reconversion
problems.
It is in terms of the needs of such firms that the
importance of these refunds will ultimately be demonstrated.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, July 24. 1945.
Press Service
3
The Secretary of the Treasury announced last evening that the tenders for
11,300,000,000, or thereabouts, of 91-day Treasury bills to be dated July 26 and to matur
October 25, 1945, which were offered on July 20, 1945, were opened at the Federal Reserve
Banks on July 23*
The details of this issue are as follows:
Total applied for - $2,046,886,000
Total accepted
- 1,312,071,000
Average price
(includes $60,077,000 entered on a fixed-price
basis at 99*905 and accepted in full)
- 99*905/ Equivalent rate of discount approx. 0*375$ per annum
Range of accepted competitive bids:
High
Low
(excepting one tender of $75,000)
- 99*908 Equivalent rate of discount approx* 0.364$ per annum
- 99.905
*
»
»
«
«
0.376$ w
»
(60 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
$
32,570,000
1 ,501 ,114,000
37.208.000
15.313.000
1 1 522.000
4.920.000
304,067,000
21 ,805,000
3.437.000
34.745.000
10 055.000
- 70,130,000
$
$2 , 046, 886,000
$1, 312, 071,000
.
.
TOTAL
20,530,000
933.554.000
2 7 ,048,000
15 ,313,000
10,722,000
4 ,670,000
188.462.000
1 5 ,8 0 5 ,0 0 0
3.437.000
31 ,225,000
9.575.000
51*730,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday{ July 24, 1945.
_______
Press Service
No. V<-3
The Secretary of the Treasury announced last evening
that the tenders for #1,300,000,000,, or thereabouts, of 91day Treasury bills to be dated July 26 and to mature October 25,
1945, which were offered on July 20, 1945, were opened at the
Federal Reserve Banks on July 23.
The details of this issue are as follows:
Total applied for - #2,046,886,000
Total accepted
- 1,312,071,000
(includes #60,077,000
entered on a fixed-price basis at 99.905 and accepted in
full)
Average price
.«•
99.905/ Equivalent rate of discount
approx. 0*375% per annum
Range of accepted competitive bids:
High
-
Low
-
(excepting one tender
of #75,000)
99.908 Equivalent rate of discount
approx. 0.364% per annum
99.905 Equivalent rate of discount
approx. 0.376% per annum
(60 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
32,570,000
1,501,114,000
37,208,00015,313,000
11,522,000
4,920,000
304,067,000
21,805,000
3,437,000
34,745,000
10,055,000
70,130,000
#2,046,886,000
oOo
20,530,000
933,554,000
27,048,000
15,313,000
10,722,000
4,670,000
188,462,000
15,805,000
3,437,000
31,225,000
9,575,000
51,730,000
$1,312,071,000
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Xnd©bt©d»©4i« ©f tei©» F~194b# op«n t© ih» holdors ©f Tf**smy C©rtifi~
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1
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, July 24, 1945.
Press Service
No. V-4
The Secretary of the Treasury announced today that the
subscription books for the current offering of 7/8 percent
Treasury Certificates of Indebtedness of Series F-1946, open
to the holders of Treasury Certificates of Indebtedness of
Series E-1945, maturing August 1, 1945, will close at the close
of business Wednesday,
July 25, except for the receipt of sub
scriptions from holders of $100,000 or less of the maturing
certificates.
The subscription books will close for the
receipt of subscriptions of the latter class at the close of
business Saturday, July 28.
Subscriptions addressed to a Federal Reserve Bank or
Branch or to.the Treasury Department, and placed in the mail
before midnight of the respective closing days will be
considered as having been entered before the close of the
subscription books.
Announcement of the amount of subscriptions and their
division among the several Federal Reserve Districts will be
made later.
oOo
t
FOR IMMBDIAM RELEASE
July -e^r 1<&5
T
- s
The Bureau of Customs anuounced today preliminary figures shoving
the quantities of eoffee authorized for entry for consumption under the
quotas for the 12 months commencing October 1 , 19*&, provided for in the
Inter-American Ooffee Agreement , proclaimed by the President on April 1 5 ,
19 *1 1 » as follows:
e
0
Country of Production
*
fe
Authorized for entry
:
for consumotion
: As of (Date) : (Pounds)
:
Quota Qiantity
(Pounds) 1/
Signatory Countries:
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
XL Salvador
Guatemala
Haiti
Honduras
Mexico
Hicaragua
Peru
Venezuela
2.353,628,932
796,79**513
50 .615.676
20,2^6,297
3O.369.3r9
37.961.757
1 5 1 ,8^7,028
135.396,920
69,596,621
5 ,06 1 ,51*1
120 ,212.296
*•§.350.32*
6 .326,893
106 ,292,893
Ron-Signatory Countries:
1/
89,8i»2,785
*»
July 14, 191*5
R
n
1 ,1 7 1 ,1*19,009
538 ,2110,783
R
July 21. 19*6 2/
July 14, 1945
R
R
R
32,215,620
*,390.716
29,***l5,9b2
21,2**S,09**
90,530,708
76 ,556 ,9*0
bs,566,055
(Import quota filled)
July lU, 191*3
7 1 ,*66,719
R
18,336,5*5
R
3,S17,S20
R
52 ,590,1*23
R
679.316
Quotas as of June 1 , 19 6 determined by action of the Int er-American
Coffee Board on May
19*6 •
29,
2] Per télégraphié reports.
TREASURY DEPARTMENT
Washington
Press Service
NoV T-5
FOR IMMEDIATE RELEASE,
Wednesday, July 25, 1945;
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, 1944, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
1941, as follows *
Country of Production
:
:
:
i
Authorized for entry
Quota Quantity r
.for consumption
(Pounds) l/
j 1'As of '(Date)
i (P0unds)
Signatory Countries;
2,353,628,932
796,794^513
50,615,676
20,246,297
30,369,379
37,961,757
151,847,028
135,396,920
69,596,621
5,061,541
120,212,296
49,350,324
6,326,893
106,292,893
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua '
Peru
Venezuela
Non-Signatory Countries
î
89,842,785
1,171,419,009
'538,240,783
«
32,215,620
tt
4,390,716
July 21i 1945 2/'
29,445,962
21,248,094
July 14,. 1945
it
90,530,708
tt
76,556,940
tt
48,566,055
(import Quota fi lied)
71,466,719
July 14 , 1945
tt
18,336*545
tt
3,817,820
tt
52,590,423
July 14, 1945
it
tt
679,316
1/
Quotas as of June 1, 1945, determined by action of the Inter-American
Coffee Board on May 29, 1945,
2/
Per telegraphic reports*
0O0
2
To date, the Procurement Division has received approxi
mately 121,000,000 pounds of clothing, and more is still coming
in from the local Collection Committees.
62,000,000 pounds sent to processors,
baled.
Out of almost
2 5 ,000,000 pounds have been
In order not to swamp the processing plants, the remander
is stored in good commercial warehouse space throughout the coun
try, leased by the Division.
Here ample care is taken to protect
the clothing from dampness, mildew, soiling, moth, or other
deterioration.
In a few areas^flood conditions have made it
necessary for the Procurement Division and processors to take
emergency measures to dry clothing.
Already about 13,000,000 pounds have been sent to ports for
overseas shipment.
The remaining backlog of 12,000,000 pounds
baled, and additional bales, coming daily from processors, will
be sent to ports as soon as space is available on ships, already
overcrowded with relief and war supplies.
Once the,material
reaches shipside the responsibility of the Procurement Division
ends •
During the whole operation from the time the Procurement
Division receives the goods until it is sent to shipside,
Procurement
tors make periodic inspections to assure that
the goods will reach the liberated Countries in good condition.
-oOo-
TREASURY DEPARTMENT
Washington
Press Ser"” ~~
No.
Processing of clothing, collected for overseas relief in
the recent United Nations Clothing Collection drive made through
out the United States, is progressing according to schedule, the
Procurement Division of the Treasury Department announced today.'
In handling the warehousing, baling, and transporting to
shipside, of this material the Division is acting as agent for the
United Nation Relief and Rehabilitation Administration, which
allocates the clothing to Liberated Countries.
UNRRA has
requested that the work be completed by September 30 and the
Treasury expects to meet this schedule.
Because of the tremendous size of the project, processing the
material meant practically the creation of a new industry.
In
areas where baling facilities were not adequate, new processing
plants had to be established.
Thirty-one baling companies have
now been awarded contracts by the Procurement Division.
At these baling plants, the material is sorted into 25
different categories, such as M e n fs Overcoats, Women*s Outer Woolen
Garments, Men*s and Boy*s Underwear,
moth preventive,
etc.
It then is packed, with
in bales for overseas shipment.
To expedite the program, the Treasury has obtained from the
War Production Board priorities for processors on baling wire,
£
1, osnaberg cloth, and other baling materials.
TREASURY DEPARTMENT
Washington
POR IIMMEDIATE RELEASE,
Thursday, July 26, 1945»
Press Service
No. V-6
Processing of clothing, collected for overseas relief in the
recent United Nations Clothing Collection drive made throughout
the United States, is progressing according t o schedule, the
Procurement Division of the Treasury Department announced today.
In handling the warehousing, baling, and transporting to
shipside, of this material the Division is acting as agent for
the United Nation^ Relief and Rehabilitation Administration,
which allocates the clothing to liberated countries.
UNRRA has
requested that the work be completed by September 30 and the
Treasury expects to meet this schedule.
Because of the tremendous size of the project, processing
the material meant practically the creation of a new industry.
In areas/ where baling facilities were not adequate, new process
ing plants had to be established.
Thirty-one baling companies
have now been awarded contracts by the Procurement Division.
At these baling plants, the material is sorted into 25 dif
ferent categories, such as m e n ’s overcoats, women’s outer woolen
garments, m e n ’s and boy-’s underwear, etc.
It then is packed,
with moth preventive, in bales for overseas shipment.
To expedite the program, the Treasury has obtained from the
War Production Board priorities for processors on baling wire,
strapping, osnaberg cloth, and other baling materials.
To date, the Procurement Division has received approximately
121,000,000 pounds of clothing, and more is still coming in from
the local Collection Committees.
Out of almost 62,000,000 pounds
sent to processors, 25,000,000 pounds have been baled.
In order
not to swamp the processing plants, the remainder is stored in
good commercial warehouse space throughout the country, leased
b5' the Division.
Here ample care is taken to protect the clothing
from dampness, mildew, soiling, moth, or other deteribration. In
a few areas flood conditions have made it necessary for the
Procurement Division and processors to take emergency measures
to dry clothing.
Already about 13,000,000 pounds have been sent to ports for
overseas shipment.
The remaining backlog of 12,000,000 pounds
balëd, and,additional bales, coming daily from processors, will
be sent to ports as soon as space is available on ships, already
-
2
-
overcrowded with relief and war supplies.
Once the material
reaches shipside, the responsibility of the Procurement Division
ends.
During the whole operation from the time the Procurement
Division receives the goods until it is sent to shipside, Procure
ment inspectors make periodic inspections to assure that the goods
will reach the liberated countries in good condition.
- 0O 0-
M T O
- 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, orescribe 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.
MM
-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 $200,000 or less from any one bidder at
99.905 entered on a fixed~price basis will be accepted in full.
Payment of accepted
T tenders at the prices offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on
August 2, 191f5
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 betw on the price paid
TREASURY DEPARTMENT
A
Washington
/
FOR RELEASE, MORNING NEWSPAPERS.
Friday, July 27^ 1945
The Secretary of the Treasury, by this public notice, invites tenders
for I 1«300,000*000 , or thereabouts, of
— —
on a discount basis under
vided.
91
-day Treasury bills, to be issued
~sr
competitive and fixed-price bidding
The bills of this series will be dated
mature
a« /**.**♦
°
as hereinafter pro
1QLK
and will
November 1, 19A5_____ , 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, July 30, 1945
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,, 99-925may 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 securit
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 ©f payment by an incoroorated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWS?
Friday,
July 27,
1945«_____
The S e c r e t a r y of the Treasury, by,' this public notice,
invites tenders for $1,300,000,000, or thereabouts., of 9 1 - d a y
T r e asury bills, to be issued on a d i s count 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 this series w i l l be dated A u g u s t 2, 1945»
will •
mature N o v e m b e r 1, 1945, w h e n the face a m o u n t w i l l be p a y able
w i t hout interest.
T h e y w i l l be issued in b e arer f o r m only, and
in d e n o m inations of $1,000, $5,000, $10,000, $100,000, $ 5 0 0 ,0 0 0 ,
and $ 1 , 0 0 0 , 000: (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 nd
Branches up to,the closing hour, two o ’c l o c k p.m., Eastern W a r
time, Monday, July 30, 1945.
Tenders w i l l n ot 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 , . 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 the price o f fered must be
expressed' on the basis of 100, w i t h n ot more t h a n three d e c i
mals, \e.; 'g.y 99.925.
F r a c t i o n s m ay n o t be used. . It is u r g e d
that tenders be made .on- the p r i n t e d forms a n d :f o r w a r d e d in the
Special envelopes w h i c h w i l l be su p p l i e d by 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 therefor.
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.and t r ust companies a n d f r o m r e s p o n s i b l e a nd r e c o g n i z e d
dealers in investment securities.
Tenders f r o m others m ust be
a c c o m p a n i e d by payment 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 ry bills applied*for, unless t he tenders ar 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 trust
company.
I m m e d i a t e l y a f ter th e cl o s i n g hour, tenders 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, fol 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 made by the S e c r e t a r y of the T r e a s u r y
of t h e amount a nd p r ice r a n g e of a c c e p t e d bids.
T h o s e sub-^
mitting 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
thereof.
The S e c r e t a r y of the T r e a s u r y exp r e s s l y r e s e r v e s ^ t h e
right to a c c e p t 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 acti 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 these reservations, tenders for $ 2 0 0 , 0 0 0 or less f r o m
any one bidd e r at 99*905 entered on a f i x e d - p r i c e basis wil l be
accepted in full.
P a y m e n t of a c c e p t e d tenders at the prices
offered must be made or c o m p l e t e d at the F e d e r a l R e s e r v e B a n k
in cash or other 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 2, 1945*
The inco m e de 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
gain f r o m the sale or other d i s p o sition of the bills, shall not
have a ny exemption, as such, a n d loss f r o m the sale or other
disposition of T r e a s u r y bills shall n o t have any*- special
V-7
(O v e r )
2
treatment, as such, u n d e r F e d e r a l tax A c t s n o w or her e a f t e r
enacted..
'The bills shall be s u bject to estate, rlnheritance, gift,
or* other excise taxes, .whether F e d e r a l or State, b ut shall be
exempt f r o m all ta x a t i o n n o w or h e r e a f t e r imposed on the p r i n c i
p al or i n t erest t h e reof by a n y State, or a n y of the possessions
of the U n i t e d States, or by a n y local taxi n g authority.
For
purposes of taxation 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 s old by the U n i t e d States s h all be c o n
s i d ered to be interest.
U n d e r Sections 42 a n d 11? (a) (1) of
the I n t e r n a l R e v e n u e Code, as amended, by S e c tion 115 of the
R e v e n u e A c t of 1941, the a m o u n t of di s c o u n t at which" bills
issued h e r e u n d e r a re sold s h all no t be c o n s i d e r e d to a c c r u e
u n til 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 posed
of, a nd s u c h bills a re 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 pital
assets.
Accordingly, the owner of T r e a s u r y bills (other than
life insurance 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 be t w e e n the p r i c e pai d for
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 th e 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
cxb m a t u r i t y during the t a x a b l e year 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 Do. 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
conditions of t h eir issue.
C o pies of the cir 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-
- 2 «
equivalent to such seigniorage would he applied eventually to retire the
public debt« The fiscal situation since then has changed in many respects*
As a result of the war» Treasury silver stocks have been made avail»*
able to our Allies under Lend-Lease arrangements* Also» considerable
stocks have been sold to industry and the use of silver for subsidiary
coinage has materially increased«
So long as the balance of silver carried in the General Fund was
sufficient to cover the accumulated seigniorage, it Was not necessary
to tie up other assets in the General Fund» but because of the develop
ments recited above the Treasury is now, in effect» required to maintain
a substantial part of this seigniorage in the General Fund with borrowed
money* More recently it has been determined that silver certificates
shall be issued on a basis of the full monetary value of the silver
bullion in the General Fund, up to 300,000,000 ounces» with the
remaining silver to be held available for Lend-Lease requirements,
subsidiary coinage» and sales to industry under the Green Act*
In view
of these substantially changed circumstances, the original reasons for
the segregation of seigniorage in the General Fund Balance no :longer
apply»
TREASURY DEPARTMENT
Washington
For Immediate Release^
Saturday, July 28, 19%
Press Service
No* y C ^
Secretary of the Treasury Vinson announced today that the balance
of increment resulting from reduction in weight of the gold dollar and
the seigniorage resulting from the issue of silver certificates against
silver bullion will no longer be segregated in the General Fund Balance
on the Daily Statement of the Treasury*
Gold Increment
The total increment resulting from the reduction in the weight of
the gold dollar amounted to $2,818,807,826*61, of which $2,029,397,108*56
has been used pursuant to specific appropriations by the Congress and
$6^5t32>7*965*^5
used in connection with the retirement of national
bank notes during the fiscal years from 1933 to 1939 « The unexpended
balance of increment on July 2^, 19 ^5 * amounted to $1 *&,022 , 732*60 , of
which $111 , 755 *2^6*02 is the balance available under the Act approved
June 19 , 193**, for advances to Federal Reserve Baziks for Industrial loans
Inasmuch as the authorisation for payments to Federal Reserve Banks for
industrial loans is maintained in the "appropriation accounts" of the
Treasury and as payments for such purposes are made from the General Fund
in the same manner as payments under appropriations for other purposes,
there is no need to set aside for an indefinite time an amount of gold
for payments to Federal Reserve Banks*
Silver
When the policy of setting aside seigniorage in the General Fund was
initially determined upon, in
193*1» it was
announced that an amount
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE REIEASE
Saturday T July 28. 194-5
v
1
Press Service
N o é V— 'S
Secretary of the Treasury Vinson announced today that the balance
of increment resulting from reduction in weight of the gold dollar and
the seigniorage resulting from the issue of silver certificates against
silver bullion will no' longer be segregated in the General Fund Balance/
on the Daily Statement of the Treasury*
Gold Increment
The total increment resulting from the’reduction in the weight of
the gold dollar amounted to_$2,818,807,826.61, of which $2,029,397,108,56
has been used pursuant to specific appropriations by the Congress and
$64.5,387,965*45 was used in connection with the retirement of national
bank notes during the fiscal years from 1935 to 1939* The unexpended
balance of increment on July 24, 1945, amounted to $144,022,752*60, of
which $111,753,246„02 is the-balance available under the Act approved
June» 19, 1934, for advances to Federal Reserve Banks for industrial loans*.
Inasmuch as the authorization for payments to Federal Reserve Banks for
industrial loans is maintained in the ‘‘appropriation accounts“ of the
¡Treasury and as payments for such purposes áre made, f r o m the general Fund
in the same manner as payments under appropriations for other purposes,
there is no need to set aside for an indefinite time an amount of gold
for payments to Federal Reserve Banks*
. Silver
,
V, ^ *vi
Whten the policy of setting aside seigniorage in the General Fund was
Initially determined upon, in 1934, it was announced that an amount
equivalent to such seigniorage would be applied eventually to retire the
public debt* The fiscal situation since then has changed in many respects*
As a result of the war, Treasury silver stocks have been made avail*able to our Allies under Lend-lease arrangements* Also, considerable
stocks have been sold to industry and the use of silver for subsidiary
coinage has materially increased.
§!o long as the balance of silver carried in the General Fund was
sufficient to cover the accumulated seigniorage, it was not necessary
to tie up other assets in the General Fund, but because of thé develop
ments recited above the Treasury is now, in effect, required to maintain
a substantial part of this seigniorage in the General Fund, with borrowed
money* More recently it has been determined that silver certificates
shall be issued on a basis'of the full monetary válue of the silver
bullion in the General Fund, up to 300,000,000 ounces, with the
remaining silver to be held available for Lend-Lease requirements,
subsidiary coinage, .and sales to industry under the Green Act. In view
of these substantially changed circumstances, the original reasons for ,
the segregation of seigniorage in the General Fund Balance no longer
apply*
0O0
Proposed Press Release
n
y 1
Secretary Vinson today made public the following memorandum,
addressed jointly to Joseph J. O ’Connell, Jr., General Counsel of
the Treasury Department, and to Joseph D. Nunan, Jr., Commissioner
of Internal Revenue:
As one of my first official acts as Secretary of the
Treasury, I want to make clear my firm determination that
the Treasury Department drive against tax evaders shall be
prosecuted to the utmost*
As President Truman has said:
"We are not fighting this war to make mil
lionaires, and certainly we are not going to allow
the black market operators or any other racketeers
to be in a favored class, when the men in the armed
forces, and our citizens generally, are sacrificing
so heavily*"
I should like to have you prepare for me at once a
joint report indicating what progress has been made to
date on this important Treasury task, and specifying what
further action is recommended to make our efforts fully
successful*
I am going to back this drive all the way*
Copies of this memorandum should be made available to
all officials of the Bureau of Internal Revenue and to other
interested Treasury personnel*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, July 30, 194-5
Prass Service
No. V-9
Secretary Vinson today made public the following memorandum,
addressed jointly to Joseph J. O ’Connell, Jr., General Counsel of
the Treasury Department, and to Joseph D. Nunan, Jr., Commissioner
of Internal Revenue:
As one of my first official acts as Secretary of
the Treasury, I want to make clear my firm determination
that the Treasury Department drive against tax evaders
shall be prosecuted to the utmost.
As President Truman has said:
”We are not fighting this war to make
millionaires, and certainly we are not going
to allow the black market operators or any other
racketeers to be in a favored class, when the
men in the armed forces, and our citizens
generally, are sacrificing so heavily.”
I
should like to have you prepare for me at once
a joint report indicating what progress has been made to
date on this important Treasury task, and specifying what
further action is recommended to make our efforts fully
successful.
I am going to back this drive all the way.
Copies of this memorandum should be made available
to all officials of the Bureau of Internal Revenue and
to other interested Treasury personnel.
0O0
TREASURY DEPARTMENT
Washington
Press Service
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, July 31. 1945.______
f ù
The Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated August 2 and to
mature November 1, 194-5, which were offered on July 27, 1945, were opened at the
Federal Reserve Banks on July 30.
The details of this issue are as follows*
Total applied for - $1,936*301,000
Total accepted
- 1,316,707,000 (includes $49,091,000 entered on a fixed-price
basis at 99*905 and accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx. 0.375$ per annua
Range of accepted competitive bids:
Hirfi
Low
- 99.907 Equivalent rate of discount approx. 0.368$ per annua
- 99.905
*
« »
•
»
0.376$ »
w
(65 percent of the amount bid for at the low price was accepted)
Federal Reserve
District_____
Boston
New York
a Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
I Dallas
i San Francisco
TOTAL
Total
Accepted
Total
Applied for
I 13,930,000
1,441,019,000
30 . 150.000
24.535.000
11.475.000
4.625.000
289,427,000
22.570.000
12.590.000
.
21 500.000
5.525.000
60.955.000
# 1 ,9 3 8 ,3 0 1 ,0 0 0
I
10,045,000
962.544.000
21,400,000
20.335.000
10.425.000
4 ,625,000
191.895.000
.
16 130.000
9.090.000
18,683,000
5.175.000
¿6.360.000
#1,316,707,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R NING N E W S P A P E R S ,
Tuesday, July 51, 1945«___________
Press Service
' N o , V-10
‘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 evening that
the tenders for $1,300,000,000,
or thereabouts,
of 9 1 - d a y T r e a s u r y
bills to be dated A u g u s t 2 a nd to mature N o v e m b e r jl, 1945?
wer e o f f ered ©n July 27?
1945?
which
w e r e opened at the F e d e r a l R e s e r v e
Banks on July 30.
The details of. this
issue are as f o l lows :
Total applied for - $1,938?301,000
Total accepted
- 1,316,707,000 (includes $49,091,000
entered on h fixed-price ba^is at 99.905 and accepted in
full)
' :v
Average price
- 99.905/Equivalent rate of discount approx
0,375%
per annumr
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;
High
7 Low
- 99.907 Equivalent rate of discount approx
'
0 . 3 6 8 $ per a n n u m
- 9 9 .9 0 5 E q u i v a l e n t r ate of discount a p p r o x
0.376$ per a n n u m
(65 percent of th e a m o u n t b id for at the l o w 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
$
1 3 ,9 3 0 , 0 0 0
1,441,019,000
3 0 , 150,000
24.535.000
11.475.000
4 .6 2 5 .0 0 0
289, 427,000
2 2 570.000
1 2 590,000
2 1 500,000
.
*
,
5.525.000
6 0 , 9 5 5 »0 0 0
$1,938,301,000
- 0O 0-
$
1 0 ,0 4 5 ,0 0 0
962.544.000
21,400,000
' 2 0 ,3 3 5 , 0 0 0
1 0 ,4 2 5 , 0 0 0
4 ,6 2 5 , 0 0 0
191.895.000
16,130,000
9,090,000
18,683,000
5,175,000
4 6 ,3 6 0 ,0 0 0
$1 ,3 1 6 ,7 0 7 , 0 0 0
V '/ /
FOR IMMEDIATE KBJL84SB
July 3 1 , 19US________
lb® Bureau of Customs announced today preliminary figures shoeing
the quantities of coffee authorized for entry for consumption under the
quotas for the 12 souths eonaenciag October 1,
19kh,
presided for in the
Inter-Aaerica» Coffee Agreeneat, proclaimed by the President on April 15,
191*1, as followst
s
7
Authorized for entry
Country of Production s Quota Quantity t
for Ooasuaption
------------------- i __ (goynd») y __ » Ae of ¿Data) t tPoppdaj
Signatory Countriest
Brazil
Celenbia
Costa Rica
Cuba
Deni.n1 can Republic
Ecuador
El Salvador
Guatemala
Haiti
Hondurae
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries*
2,353,628,932
796,791*,513
50,615,676
20,2l»6,297
30,369,379
37,961,757
I51,8b7,026
135,396,920
69,596,621
5,061,30
120,212,296
1(9,350,321*
6,326,893
106,292,893
89,81(2,785
July 21, 191*5
1,202,825,098
it
51*9,392,851*
a
32,320,638
n
1**390,730
July 28, 191*5 2/
29,692,768
July 21, 191*5
21,273,315
«
91»,972,659
a
83,1*81,923
a
1*9,731»,322
(Inport Quota filled)
July 21, 191(5
71,61(0,136
a
19,083,1*22
a
3,817,276
a
55,297,673
a
679,102
1/
Quotas as of June 1, 191*5, deterained by action of the Inter-American
Coffee Board on May 29, 191*5•
y
Per telegraphic reports.
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Vfednesday, August 1, 1945»______
pf fc'
■
'
)
Press Service
No*. V-ll
,
''
*’ V!'
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, 1944, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
1941, as followsj
*
“V i f
Country of Production
(Pounds) 1/
1'
( -,.V
..
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
2,353,623,932
796,794,513
50,615,676
20,246,297
30,369,379
37,961,757
151,847,028
135,396,920
69,596,621
5,061,541
120^212,296
49,350,324
,6,326,893
106,292,893 ,
Non-Signatory Countries ;
89,842,785
July 21, 1945
tt
<i
tt
July 28, 1945
July 21, 1945
tt
it
tt
(import Quota
July 21, 1945
tt
tt
tt
tt
1,202,825,098
549,392,854
32,320,638
4,390,730
29,892,768
2/
21,273,315
94,972,659
83,481,923
49^734,322
filled)
71,640,136
19,083,422
3,817,276
55^297,673
679,412
l/
Quotas as of June 1, 1945, determined by action of, the Inter-American
Coffee Board on May 29, 1945,
'
V
:(
2/
Per telegraphic reports#
oOo
TREASURY DEPARTMENT
Washington
Press Service
FOR IMMEDIATE RELEASE,
Wednesday. August 1. 19A5
J
L
The Secretary of the Treasury today announced the final subscription
and allotment figures with respect to the current offering of 7/6 percent
Treasury Certificates of Indebtedness of Series F-1946.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows r
Federal Reserve
District______
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
Total Subscriptions
Received and Allotted
*
76 ,505,000
1 ,231 ,223,000
76 ,962,000
116,919,000
46.131.000
.
50 162.000
387.950.000
58,761,000
40 ,154,000
68 ,129,000
69 ,827,000
.
221 750.000
3.078.000
¿ 2 , 469, 571,000
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, August 1, ,1945
Press Service
No. V-12
The, Secretary of the Treasury today announced the final
subscription and allotment figures with respect to the
current offering of 7/8 percent Treasury Certificates of
Indebtedness of Series F-^1946.
Subscriptions and allotments were divided among thè
several Federal Reserve Districts and the Treasury as follows i\
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
TOTAL
{
76,505,000
1,231,225,000
76.962.000
118,919,000
46.131.000
50,162,000 ^
387,950,000
58,781,000
40,154,000
88.129.000
69.827.000
221,750,000
5,078,000
{2,469,571,000
oOo
m
* s u r e v Es m m m t
Washington
POE RELEASE, MORNING- NEWSPAPERS
Dress Service
No*
Secretary of the Treasury Vinson
3ftm Troaaigy-.i'iBparteftfv.
y announced today the relaxation
Treasury Departs»
re
o £ /4 A &
striction» on the importation of currency. Foreign currency without limita
tion and United Staten currency in denominations of $20 or leee may now be
freely imported.
Tfrousury ofHojufifyrecalled that cue of the purposes of the currency
controls was to reduce the foreign exchange value to the Gemans of Unithd States
currency in their possession.
Jhe defeat of Germany has wade it possible
to eliminate the import controls over small denomination bills. This action
removes an inconvenience to travellers to the United States and is a further
illustration of the Treasury's desire to remove wartime financial controls
as rapidly as conditions permit.
Ne
The-■Treasury' also removed the restrictions of Oeneral Ruling No. 5
on the importation of securities Issued or authenticated in the United
States or Canada subsequent to December 7, 1941» einoe the likelihood that
any eeeurities ieeued in the United States or Canada after the outbreak of
war could have been looted by the enemy is relatively remote.
These changes were in the foam of an maendment to General License
No. S4.
-00D001
MWSchwrtajECili'ilahearty* JSIiichardsi JLLew isigr 5/29/45s s g / 6/ 5/45
t o ' . ® - '
\
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
9
Press Service
No. ¿ / ~ / ^
S ecretary of the Treasury Vinson announced today the relaxa
tio n of Treasury Department r e s tric tio n s on the importation of currency.
Foreign currency without lim itatio n and United S tates currency in
denominations of $20 or le s s may now be fre e ly imported.
He re ca lle d th at one of the purposes of the currency controls
was to reduce the foreign exchange value to the Germans of United States
currency in th e ir possession.
The defeat of Germany has made i t possible
to elim inate the import con trols over small denomination b i l l s .
This
actio n removes an inconvenience to tr a v e lle rs to the United States and
is a fu rther illu s tr a tio n of the Treasury*s desire to remove wartime
fin an cial controls as rapidly as conditions perm it.
He also removed the r e s tric tio n s of General Ruling No. 5 on
the importation of s e c u ritie s issued or authenticated in the United
S tates or Canada subsequent to December 7 , 1941, since the likelihood
th a t any s e c u ritie s issued in the United S tates or Canada a f te r the
outbreak of war could have been looted by the enemy is r e la tiv e ly remote.
These changes were in the form of an amendment to General
License No. 84.
-ooOoo-
From:
E ,%
AmoM
(Room)
TREASURY DEPARTMENT
Washington
V
F O R R E L E A S E , MORNING- N E W S P A P E R S ,
T h u r s d a y , A u g u s t 9» 1945.
Press Service
No. V - 1 3
S e c r e t a r y of t h e T r e a s u r y V i n s o n a n n o u n c e d today' t h e
relaxation
tation
of T r e a s u r y .Department r e s t r i c t i o n s
of c u r r e n c y .
Foreign
United States
currency
n o w be f r e e l y
imported.
He r e c a l l e d t h a t
trols was
to r e d u c e
currency without
in d e n o m i n a t i o n s
of U n i t e d S t a t e s
currency
G e r m a n y has
it p o s s i b l e t o
made
ove r s m a l l d e n o m i n a t i o n
venience
to t r a v e l l e r s
illustration
importation
the U n i t e d S t a t e s
States
or C a n a d a
or C a n a d a
import
ofPj
controls
incon
is a f u r t h e r
the
permit.
of G e n e r a l R u l i n g N6.
issued
or a u t h e n t i c a t e d
s u b s e q u e n t to D e c e m b e r
that any securities
after
looted by the e n e m y
L i c e n s e No.
defeat
action removes an
conditions
the r e s t r i c t i o n s
of s e c u r i t i e s
likelihood
These
The
the U n i t e d S t a t e s m a n !
as r a p i d l y as
He a l s o r e m o v e d
since the
to t h e G e r m a n s
in t h e i r p o s s e s s i o n .
the
currency con
of t h e T r e a s u r y ’s d e s i r e to r e m o v e w a r t i m e
financial controls
on t h e
exchange value
b i l l s . 1 This
to
or l e s s m a y
of t h e
eliminate
impor
limitation-and
of $ 2 0
o n e of t h e p u r p o s e s
the foreign
on t h e
issued
o u t b r e a k ’ of w a r
7i
5
in
1941?
in t h e U n i t e d
c o u l d fiave b e e n
is r e l a t i v e l y r e m o t e .
changes were
i n vt h e f o r m of a n a m e n d m e n t to G e n e r a l
84.
-oOo-
TREASURY DEPARTMENT
Washington
■y
FOR RELEASE, MORNING NEWSPAPERS,
3 . !y
PF6 ^ A
Q
a
%%w 4
a
a
7
Secretary Vinson announced, today that the refund of income taxes
in connection with excess withholdings made during 1944 is being stepped
up with a view to completing the work between the first and fifteenth
of September*
This is a month earlier than the original goal of October 15*
Of an estimated 22 million individual refunds to be made, 10,968,000
refund checks were issued up to July 27, amounting to $481,980,000.
fund checks are now being issued at the rate of 1,600,000 a week.
Re
This
is being accomplished by working day and night shifts and overtime, and
utilising equipment to maximum capacity.
Refund checks range from a few cents to several thousand dollars,
the average being about $45*
In order to facilitate payments, refunds
are based on tax returns as filed by taxpayers and are subject to later
audit by the Bureau of Internal Revenue.
oOo
-
TREASURY DEPARTMENT
Fiscal Assistant Secretary
Mr. Bartelt
T R E A S U R Y D E P A R T MEUT
. Washington
POR. R E
Prida.v
NEWSPAPERS,
A u g u s t ^LL
-945 «
Press Service
No. V-14
S e c r e t a r y Y i n s o n a n n o u n c e d t o d a y that the r e f u n d ox t
income taxes
in c o n n e c t i o n w i t h excess w i t h h o l d i n g made
during 1944 is b e i n g s t e pped up w i t h a v i e w to completing
the w o r k be t w e e n t he first a nd f i f t e e n t h of September,
This
is a m o n t h e a r lier t han the or i g i n a l goal of
O c t o b e x 15»
'.
Of an e s t i m a t e d 22 m i l l i o n i ndividual r e funds to be
made,
1 0 , 9 6 8 y 0 0 0 r e f u n d checks w e r e issued up to J u l y 27^
amo u n t i n g t o $481,980,000.*
R e f u n d checks are now/ being
issued at t h e r a t e of 1,6 0 0 , 0 0 0 a week,
This
is being
a c c o m p l i s h e d by w o r k i n g day a nd n i ght shifts a n d o v e rtime
and u t i l i z i n g
equipment to m a x i m u m capacity.
R e f u n d checks r a n g e f r o m a f e w cents to several thou
sand
dollars,/ the a v e r a g e being about $45'.
f a c i l i t a t e payments,
In order to
re f u n d s are b a s e d on ta x r e t u r n s as
f i l e d by t a x p ayers a n d are subject to later a u d i t b y the
B u r e a u of I n t e r n a l Revenue,
oOo-
XXKKX
- 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. 413, as amended, and this notice, orescribe 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 $200,000 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 9, 1945
The income derived fro*Treasury bills, whether interest or gain from
the,sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have any
special treatment, as such, under Federal tax Acts now or hereafter enacted.
The
kills 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,-------m
August *3, 1945
------
The Secretary of the Treasury, by this public notice, invites tenders
for $ 1.300.000,000 , or thereabouts, of
id
91
-day Treasury bills, to be issued
J
on a discount basis under competitive and fixed-price bidding as hereinafter pro
vided.
The bills of this series will be dated
mature
ffoyigimber fl. 1QA5
interest.
August 9, 1945_____ * 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 6. 19AS________ •
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., 99.925may 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
POR RELEASE, MO R N I N G NEWSPAPERS,
Priday, A u g u s t 5, 1945 »__________
The S e c r e t a r y of t h e Treasury, by this p u b l i c ynotice,
invites tenders for $ 1 , 3 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 issued on a d i s count basis u n d e r c o m p e t i
tive a nd f i x e d - p r i c e b i d ding as h e r e i n a f t e r provided.
The
bills df this series w i l l be d a t e d A.ugust 9, 1945> a n d w i l l
m a ture N o v e m b e r 8, 1945, when the fade a m o u n t w i l l be payable
w i t h o u t interest.
The y w i l l be issued in b e arer f o r m only, a n d ,
in d enominations of $1,000, $5,000, $10,000, $100,000, $ 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 feeserve Banks and
Branches up to the closing hour, two o ’c l o c k p.m., Ea s t e r n W a r
time, Monday, A u g u s t 6, 1945»
Tenders w i l l n ot be r e c e i v e d at
the T r e a s u r y Department, W a s h ington.
E a c h tender must be for
an even m u l t i p l e of $1,000, a n d the p r ice o f f ered must bex
expressed on th e basis of 100, w i t h h ot more than three d e c i
mals, e. g., 99.925»
F r a c tions m a y no t be used.
It is u r g e d
that te n d e r s be m ade 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 w i l l be s u p plied by F é d é 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 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 nd 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.
Tenders f r o m others
must be a c c o m p a n i e d by pa y m e n t of 2 p e r c e n t of the face amount
of T r e a s u r y bills applied'for, unless the tenders 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 porated b ank
or t r ust coppany.
I m m e d i a t e l y after the c?LOsing hour, tenders 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 p u b
lic a n n o u n c e m e n t w i l l be made bjr the' S e c r e t a r y of the T r e a s u r y
of the amount a nd price r a n g e of a c c e p t e d bids.
Those sub-^
mitting t e nders 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
thereof. s' The S e c r e t a r y of the T r e a s u r y exp r e s s l y r e s e r v e s the
right to accept*- or r e j e c t a n y or alii tenders, in w h ole or in
part, a nd his action in a n y s u c h r e s p e c t shall b'e final.
Sub
ject t o , these reservations, tenders for $ 2 0 0 , 0 0 0 or less f r o m any one bidder at 99.905 entered on a f i x e d - p r i c e basis w i l l be
accepted in full.
P a y m e n t of a c c e p t e d tenders at the prices
offered must be made or c o m p l e t e d at the F e d e r a l R e s e r v e B a n k
in cas h or other 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 9, 1945 •
The income d e r ived f r o m T r e a s u r y bills, w h e t h e r interest or
gain f r o m the sale or other 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. other
V-15
(O v e r )
2
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 n y special treatment, as such, u n d e r F e d e r a l tax Acts 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, w h e t h e r F e d e r a l or State, but shall be
exempt f r o m al l t a x ation n o w or h e r e a f t e r imposed dn the p r i n
cipal or interest t h ereof by a n y State, or a n y of the p o s s e s
sions of the U n i t e d States, or by a n y local taxi n g authority.
F or 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 T r e a s
u r y bills are o r i g i n a l l y sold by t he 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 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 by S e c tion 115 "of the
R e v e n u e A c t of 1941, the a m o u n t 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 are s old s h all n o t pe c o n s i d e r e d to a c c r u e u n t i l such
oills 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 such
bills are excluded f r o m c o n s i d e r a t i o n as c a p ital assets.
Accord
ingly, ^the owner of T r e a s u r y bills (other than life insurance
companies) issued h e r e u n d e r n e e d include in his income t a x return
only the d i f f e r e n c e between the price p a i d for 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, 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 upon sal e or r e d e m p t i o n at matu
r i t y d u r i n g ' t h e ta x a b l e y e a r fo r w h i c h the r e t u r n is made, as
ordinai’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 Ho, 418, as amended, and 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 an d govern the
c o n d itions of t h eir issue.
Copies of the 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-
STATUTORY DEBT LIMITATION
AS OF JULY 31. 1945
Section 21 of the Second Liberty Bond Act» as amended, provides that the face arnoi«
F of obligations issued under authority of that Act, and the face amount of obligations
guaranteed as to principal and interest by the United States (except such guaranteed
obligations as may be held by the Secretary of the Treasury), nshall not exceed in the
j aggregate $300,000 ,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:
*$300 ,000,000,(X
>Total face amount that may be outstanding at any one time.
......
•
Outstanding July 31* 19^5
Obligations issued under Second Liberty Bond Act, as amended
*
Interest-bearing
Bonds
Treasury.................... $107,889,773.95°
Savings (maturity value)*..... 57,298,393,325
Depositary*........*.*........
919*917*500
Adjusted Service............
«500.157.996 $l66,20h,2^2,731
Treasury notes*».**..*******.**« hh,lhl,03^,825
Certificates of indebtedness.... ^3*005,3^8,000
Treasury b
i
l
l
s
.
17.02h.S71.000
Total interest-bearing.••«.•••••*••*••••••••••
Matured, interest ceased
Bearing no interest
176,1*62,117
War Savings Stamps..••
Excess profits tax refunds bonds
l,Ql*l*.119,711
Total....... .......................... .
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: 7»H*A* **••«*••»•**•
3^,32*3*33^
Demand obligations: C.C.C. .....____ w j « 855.481
Matured, interest ceased.»••••,
10h,171*253,82?
270,375*^95*55
192 ,^33.000
1.220.581.828
271,788,511.381*
hsh,238,817
20.712.000
50^,950,817
Grand total outstanding.... ••••••••••.... ............ ****•**»*«•*•••
Balance face amount of obligations issuable under above authority.
272,293*^2,
27.706,537*71
Reconcilement with Statement of the Public Debt - July 31» 19^5
(Uaily Statement of the United States Treasury, August 1, 1§^5)
Outstanding July 3 1 » 19^5
576,9! i
¡J Total gross public debt...«.... .................•••••....... .
262
Guaranteed obligations not owned by the Treasury....••• ••••••.... .
50^.950^
Total gross public debt and guaranteed obligations......•••*•••••«»•••• 262
Add - unearned discount on U. S. Savings Bonds
(Difference between maturity value and current redemption value)
10,790,209,693
Deduct - other outstanding public debt obligations
not subject to debt limitation..............
1.0^6,275.263
9.7l*3.93y
,ouu,
,5^.527,r
272.293,**62,
* Approximate face or maturity value; current redemption value $1*6,508,183,632
-y~té
BHMulroe/MC
STATUTORY DEBT LIMITATION
AS OF JULY 31, 1945
- Section 21 of the Second Liberty Bond Act, as amended, provides that the
face amount of obligations issued under authority of that Act, and the fa<^e amount
of obligations guaranteed as to principal and interest by the United States (except
such guaranteed obligations as may be.held by the Secretary of the Treasury), ’’shall
riot exceed in the aggregate $300,000,000,000 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 ..•••••...**$3 0 0 , 0 0 0 , 0 0 0 , 0 0 0
Outstanding July,31, 1945
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Bonds
1 %^l
Treasury, .,••••••.•••... •• ••■•[•$107,889,773,950
Savings
(maturity v a l u e ) 57,298,393,325
-D e p o s i t a r y , •
515,917,500
B
Adjusted Service*•...••••«• •• ,_____ 500,157,956 $166,204,242,731
Treasury n o t e s . . • 44,141,034,825
Certificates of indebtedness.... 43,005’
,348,000
104,171,253,825
Treasury bills................... 17,024,871,000 _ _
____
375,496,556
Total interest-bearing.••••••«..•••..•••••••. •
270,375,496,556
192,433,000
Matured, interest ceased.••••••,....
Bearing no interest
War Savings Stamps.
.,
176,462,11.7
1,220,581,828
Excess .profits tax refunds bonds
1,044,119,711
271,788,511,384
Total. .............. ..................... .....
Guaranteed obligations (not held by Treasury)
j Interest-bearing
Debentures: F.H.A, ............
34,383,336
Demand obligations: C.C.C. .....
449,855,481
Matured, interest ceased,
.... .
484,238,817
' 20,712,000
504,950,817
Grand totad. outstanding.
«►.... ............... . 272,293,462,201
Balance face amount of obligations issuable under above authority**,,, 27,706,537,799
Reconcilement with Statement of the Public Debt - July 31, 1945
(Daily Statement of the United States Treasury, August 1, 1945)
I Outstanding July 31, 1945
Total gross public d
e
b
t
262,044,576,95^
Guaranteed obligations not owned by the T r e a s u r y . • ____ 504,950,81/
• Total gross public debt and guaranteed obligations............ ...... . 262,549,527,771
I Add - unearned discount on U.S,Savings Bonds
(Difference between maturity value and current redemption value)
pj
1
'
T
10,790,209,693
I Deduct - other oustanding public debt obligations
not subiect to debt . l i m i t a t i o n * . 1,046,275,263
9,743,934,450
I
V,
272,293,462,201
* Approximate face or maturity value; current redemption value $46,5t)8,183,632
V-16 /
TREASURY DEPARTURET
Washington
FOR RELEASE, MORNIHG HBfSPAPERS,
Tuesday, August 7« 1945»
Press Service
1/W7
the Secretary of the Treasury announced last evening that the tenders for
$1,300,OCX),000, or thereabouts, of 91-day Treasury bills to be dated August 9 and to
mature November 8, 1945» which were offered on August 3, 1945» were opened at the Federal
Reserve Banks on August 6.
>
,
the details of this issue are as follows:
ife
Total applied for - $2,007,689,000
Total accented
1,317,735,000
Average price
(Includes $52,114,000 entered on a fixed-prii
basis at 99.905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0.375# per annus
Range of accepted competitive bids:
High
Low
- 99.908 Equivalent rate of discount approx. 0.364# per annum
- 99.905
"
•
"
■
*
0.376# "
■
(62 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Sew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
#
1
15,215,000
40,757,000
22,145,000
15,297,000
9,925,000
301 ,072,000
12 ,925,000
12 ,690,000
13,976,000
13 ,665,000
89.370.000
10,237,000
937,918,000
31,257,000
19,750,000
11,497,000
9,925,000
192 ,677,000
1 0 ,113,000
8 ,890,000
12,076,000
11 ,005,000
62,390,006
12,007,669,000
#1,317,735,000
1 ,460,652,000
TOTAL
TREASURY DEPARTMENT
Washington
if ] |,j
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, August 7, 1945«_____ __
Press Service
No. V-17
The Secretary of the Treasury announced last evening that
the tenders for $1,300,000,000, or thereabouts, of 91-day
Treasury bills to be dated August 9 and to mature November 8,
1945, which were offered on August 3, 1945, were opened at the
Federal Reserve Banks on August 6.
The details of this issue are as follows:
Total applied for - $2,007,689,000
Total accepted
- 1,317,735,000
(includes $52,114,000
entered on a fixed-price 'basis at 99*905 and accepted in
full)
Average price
- 99.905/ Equivalent rate of discount
approx. 0.375$ per annum
Range of accepted competitive bids:
High
Low
- 99.908 Equivalent rate of discount
approx. 0.364$ per annum
- 99.905 Equivalent« rate of discount
approx. 0.376$ per annum
(62 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
Richmond1
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Gan Francisco
$
$
TOTAL
IS (
15,215,000
1,460,652,000
40.757.000
22.145.000
15.297.000
9,925,000
301,072;000
12.925.000
12.690.000
13.976.000
13.665.000
89,570,OOP
$2,007,689,000
oOo
10,237,000
937.918.000
31.257.000
19,750,000.
,11,497,000
9.925.000
192.677.000
10.113.000
8.890.000
12.076.000
11.005.000
62.590.000
$1,317,735,000
2
-
COTTON CARD STRIPS made from cottons.having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING- WASTE, WHETHER
OR NOT llANEEACTIJREI) OR OTHERWISE ADVANCED IN VALUE. Annual quotas commencing
September '2Q;;;'ty Countries of Origin:
1 '
Total quota, provided,•however, that not more than 33-1/3 percent of the quotas
shall he filled by cotton wastes other than card strips made from cottons
having a staple leas than 1-3/16 inches in length and comber wastes made from
cottons of 1-3/16 inches or more in staple length in the case of the follow
ing countries: United Kingdom, France, Netherlands,,* Switzerland, Belgium,
Germany, and Italy : ,
'
(In Pounds)
f -J
TOTAL'IMPORTS i' ESTABLISHED ; Imports
Established *
Country of Origin : TOTAL QUOTA : Sept. 20, 1944 i .33-1/3#' of : Sept. 20, 1944
:
Total Quota : •tcjuly 28. 1/
f to July 2b,
191*5
United Kingdom,.....
Canada.......... ...
■France.............
British India......
Netherlands.........
Switzerland........
Belgium........ ....
Japan...............
China..... .........
Egypt.-... ..........
Quha...............
Germany.......... ..
Italy........... ...
TOTALS
1./
;—
1,441,152 .
75,807
69,627
-.
22,747
14,796
12-,.853.;
‘25,443
7,088
| j■
'’ / ||§f‘ ;
4,323,457
239,690
227,420
69 ,627
68 ,240
44,388
38*559
341,535
17,322
8,135
6,544
76,329
21,263 .
69,627
5,482,509
Included in total imports, column 2.
-oOo-
1,599,886
„ ’
— .
•
—
mm
•
•*
-
m m
FOR IMMEDIATE
RELEASE
.,
/
Augustjiff
r W
6
19b$
The Bureau of Customs announced today that preliminary reports frbm 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,.i§39y
as amended by the proclamations of December IS,
" ^ r c h '31, 1942, and June
29, 1942, during the period September 20, 1944*
,,
||
..
*•
|
>
,
COTTON HAVING A STAPLE OP DESS THAN 1-11/16 INCHES (OTHER THAN HARSH'OR ROUGH
- COTTON OP DESS- THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY'USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING,. AND OTHER THAN LINTERS).: Annual quotas
Commencing September 20, by Countries of'Origin:
(In Pounds) .
Country of
■
'
...
-v,
*i;
:
Staple length less
: Staple length 1-1/8" or more
:
than 1-1/8"______ ;
but less than 1-11/16»
L .. . ..
:Imports Sept.: Established : Imports Sept.
{Established:20, 1944, to t . Quota ' :. 20, 1944, to
; •Quota :July 2 8 , 1?U5 45,656,420 July 28, \ 9 k $
Egypt and the AngloEgyp.t ian' 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
•*
Socialist Republics...
475,124
Argentina........
5,203
Haiti
237
Ecuador......./..
9,333
Honduras...... . .
752
Paraguay...... •..
871
coiombia.Trr.vr:: —
- *
Iraq......... .. •
195
British East Africa.....
2,240
Netherlands East Indies.
. 71,388
Barbados............
Other British Nest
Indies 1/.......
21,321
Nigeria..............
5,377
Other British Nest
Africa 2/
16,004
Other French Africa 3/.y
689
Algeria and Tunisia^^-rCL
14,516,882
1/
2/
3/
39,471,575
TÙ.
'mm ■
— / ■.
. 2 ,562,028
8,883,259
3#903
«•
mm
m
' mm1
W
L
mm
m m.
■ '■
mm
~
■
*
V
*"’*
m
-• .
-
—
-
mm
-
-
mm
8 #803>259
45,656,420
-------------- -------------Other than Barbados, Bermuda, Jamaica, Trinidad, and'Tobago
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar,
42,037,506
TREASURY DEPARTMENT
Washington
FCR IMMEDIATE RELEASE, ,
Yfednesday, August 8, 1945,
Press Service
No. V-18
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the Presidents proclamations of.September 5, 1939,
as amended
the proclamations of December 19, 1940, March 31, 1942, and June
29, 1942, during the pepiod September 20, 1944, to July 28, 1945*
COTTON HAVING A STAPLE OF LESS THAN l-ll/l6 INCHES (OTHER THAN HARSH OR ROUGH •
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS)• Annual quotas
commencing September 20, by Countries of Origins
(in Pounds)
Country of
Origin
, •
s
Staple 'length less
: Staple length 1-1/8’’ or more
:
than l-l/8”
s
but less than l-ll/l6’1
s
:Import s Sopt• • Estab1i shod : Imports Sept.
:Establisheds20, 1944, to :
Quota
s 20, 1944, to
s
Quota
sJuly 28, 1945; 45,656,420 s July 28, 1945
Egypt and the AngloEgyptian S u d a n * •
783,816
Peru............
247,952
British India.,,.......* 2,003,483
China,,,...,..... •••••• 1,370,791,
Mexico.................. 8,883,259
Brazil*..... .........
618,723
Union of Soviet
J; .
Socialist Republics*.,
475,124
Argentina. .*••••••••••• •
'5,203
Haiti.... ..........
237
Ecuador.............
9,333
Honduras........... ..
v 752
Paraguay..............
871
Colombia..*........
124
Iraq,....... .......
195
British East Africa..,..
2,240
Netherlands East Indies.
71,388
Barbados.......,.,.',.....
Other British'West
Indies l/,...........
21,321
Nigeria........ ........
5,377
Other British Yfest
Africa 2
i
/
.
•
16,004
Other French A f r i c a ,
689
Algeria and Tunisia,.,..
14,516,882'
l/
2/
3/
8,883,259
-
39,471,575
2,562,028
**
3,903
-
“
. -
-
-
-
-
8,883,259
“
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other thah Gold Coast and Nigeria,
Other than Algeria, Tunisia, and Madagascar.
42,037,506
2
COTTON CARD STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, 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 made from cottons
having a staple less than 1-3/16 inches in length and comber wastes made from
cottons of l-3/l6 inches or more in staple length in the case of the follow
ing countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(in Pounds)
Country of Origin
•
:ESTABLISHED:
Imports
: TOTAL IMPORTS
: Established : Sept. 20, 1944 . :33-I/3/ of :Sept. 20, 1944 1
TOTAL QUOTA : to July 28, 1945 :Total Quota:July 28, 1945 1/
United Kingdom...••.
Canada ».... .
France..............
British India.......'
Netherlands •.... . •.
Switzerland.........
Belgium.. . •... 44 .•
Japan
China............. .V
Egypt........,.v..VV
Cuba...... .
Germany...... .
Italy...............
sTOTALS
l/
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
69,627
•
-
-
5,482,509
69,627
1,441,152
75,807
22,747
14,796
12,853
-
-
-
25,443
7,088
—
1,599,886
-
-
Included in total imports, column 2,
-0O0-
✓
Commodity
9
•
:
Established Qnot a
: Period and Country s Quantity
Silver or black
foxes» furs»
aad articles: May - Nov* I 9U 5
Poxes valued ill countries
under $250 each
aad whole furs
and skins
12 months from
falls
Sec« 1, 19 H 5
9
i
:
:
Unit
of
Quantity
52.176
Humber
5»ooo
Pieces
1 Imports as of
:
July 28
: ..19)W
22,798
Paws» heads» or
other separated
parts
K
500
Pound
500
Piece plates
*
550
Pound
mmm
Articles, other
than piece plates
*
500
Unit
21
i/ - / 9
FOR IMMEDIATE PTET/BASra
iagUBt
194-5
®he Bureau of Customs announced today preliminary figures shoving the
imports for consumption of commodities within quota limitations provided
for under trade agreements, from the beginning of the quota periods to
July 28, 19 ^5 , inclusive, as follows$
Commodity
e
:
5
Established Quota
Period and Countrv : Quantity
e
e* Unit
:
of
i Quantity
:
:
:
Imports as of
July 28,
19 U5
Whole Milk, fresh
or sour
Calendar year
3 ,000,000
Gallon
18,883
Cream, fresh or
sour
Calendar year
1 ,500,000
Gallon
676
Fish, fresh or
frosen, filleted,
etc«, cod, haddock,
hake, pollock, cask
and rosefish
Calendar year
1 7 ,668,311
White or Irish
potatoes:
certified seed
other
12 months from
Sept. 1 $. 19 I*
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Red cedar shingles
90.000.
60.000.
Pound
Quota filled
000
Pound
000
Pound
Quota filled
Quota filled
1
Pound
(unstemmed
equivalent)
22 *000,000
Qiota filled
Calendar year
1 ,727 ,2^2
Square
93*t722
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than
of
total soluble
solids
Calendar year
1,500,000
Gallon
9*7.9«*
1
TREASURY DEPARTMENT
.
,
'
Washington
FOR IMiEDIATE .RELEASE,
Wednesday, August 8, 1945.
I
Press Service
No. V-.19
The'Bureau of Customs*, announced today preliminary figures showing the
imports for cons umption of commodities within quota limitations provided
for under trade agreements, from the beginning of the quota periods to
July 28, 1945, inclusive, as follows:
Commodity
•
*
Established Quota
: Per iod and Country : Quantity'
:
:
:
Unit'
of
Quantity
Imports as of
July 28,
1945
Whole Mi lit, fresh
or sour
Calendar year
3,000,000
Gallon
18,883
Cream, fresh or
sour(
Calendar year
1,500,000
Gallon
676
Fish, fresh or
frozen, filleted,
etc., cod, haddock,
hake, pollock,-cusk
and rosefish,
Calendar year
17,$68,311
Pound
Quota filled
000Pound
000,Pound
Quota filled
Quota filled
White or Irish
potatoes :
certified seed
other
12 months from
Sept* 15, 1944 90.000.
60.000.
Cuban filler tobacco
unstemmed or stemmed
(other tha n cigarette
■ leaf tobacco), and
scrap tobacco
Calehdar year
Red cedar shingles'
.\
Pound
(unstemmed
equivalent)
22,000,000
Quota filled
Calendar year
1,727,242
Square
934,722
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble
|§
solids
Calendar year
1,500,000
Gallon
987,984
3
-
Commodity
*. .
•
;
Established Quota
: Period and Country ':
Silver or black
foxes, furs
and articles:
May-Nov. 1945
Foxes valued
All countries
under $250 each
and whole furs
.and skins
12 months from
Tails
Dec. 1, 1945
2
: Unit
:
of
Quantity : Quant it;
52,176
Humber
5,000
Pieces
Paws, heads, or
other separated
parts
ti
500
Pound
Piece plates
tt
550
Pound
Articles, other
than piece plates
n
500
Unit
Imports as of
July .28,
1945
22,798
500
21
TOR
IMMEDIATE RELEASE
M>m*t ^
I9b5
The Bureau, of Custom« announced today preliminary figures shoving
the quantities of coffee authorised for entry for consumption under the
quotas for the 12 months commencing October l t 19 b b # provided for in the
Inter-American Coffee Agreement, proclaimed b y the President on April 1 5 #
19*11# as follows:
Country of Production
:
Quota Quantity
Authorised for entry
for consumption
Signatory Countries:
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Xcuador
XI Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Yenesuela
2,353.628,932
796,794,513
50 ,6 15.6 76
20,2bo,297
3 0 ,369,379
3 7 ,9 6 1,7 5 7
151,847,028
135.396,920
69.596,6a
5 .0 6 1,5 4 1
1 2 0 , a 2,296
**9.350,324
6.326.893
10 6 ,292,893
Non-Signatory Countries:
89,842,785
July 28, 19**5
s
August b, I 9b5 2/
July 28, 19b5
R
R
R
1 ,228 ,0b7 ,26b
55*.862,116
35#003,536
**■#390,733
29#933.568
22,G15*5*H
97#875#626
8b,13^ ,6 0 7
**9#9io,6b2
(Import quota filled)
July 28, 19 U 5
72,217,280
*
20,340,952
■
3.817,276
55.864,621
*
687,192
1/
Quota« a« of Juno 1 , 1945, determined 1>jr actios of the Inter-imerican
Coffee Board on May 29 , 1945 .
2/
Per telegraphic reports.
-
.
FOR IMMEDIATE RELEASE,.
Wednesday, August 8, 1945
TREASURY DEPARTMENT
Washington
i
Press Service
Uo, V-20
s
.
g>
''..'Mv-v
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, 1944, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
1
i 9
1941, as follows:
Country of Production
•t
•
:
:
Quota Quantity
(Pounds) 1/
:
:
:
Authorized for entry
for consumption
*As of (Bate)
: (Pounds) 1
Signato ry C ount ries»
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signfe.tory Countries:
2,353,628,932
796,794,513
50,615,676
20,246,297
30,369,379
37,961,757
151,847,028 .
135,396,920
69,596,621
5,061,54V
120,212,296
4.9,350,324
6,326,893
106,292,893
N 89,842,^785
; July 28, 1945
tt
«
»
tr
August 4, 1945 2/
July 28, 1945
tt
tt
tt
(import quota filled)
July 28, 1945 _
tt
M
It
it
1,228,047,264
558,862,116
35,003,536
1
4,390,733
29,933,568
22,015,541
97,875,626
-v&4,134,607
49.910.642
72,217,280
20,340,952
3,817,276
, 55,864,621
687,192
Quotas as of June 1, 1945, determined by action of the Inter-American
Coffee Board on May 29, 1945,
y
Per telegraphic reports.
oOo
V-x
|
FOR IMMEDIATE RELEASE,
August
1945
%
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, 1941,
and Aprf^il 29, 1943, for the 12 months commencing May 29, 1945, as follows:
Wheat
Country
of
Origin
Established
Q,uota
(Bushels)
Canada
795,000
China
Hungary
Hong Kong
Japan
•iUnited Kingdom
100
—■
Australia
Germany
10 0
Syria
100
\
—
New Zealand
- .
Chile
Netherlands
100
Argentina
2,000
Italy
10 0 '
Cuba
Prance
1,000
—
Greece
Mexi co
100
Panama
U ruguay
'—
Poland and Danzig
-.
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guat emala
100
3razil
100
Union of Soviet
Socialist Republics
100
Belgium
100
800,000
;
Imports
JMay 29, 1945, to
: July 28, 1945
(-Bushels)
794,375
1 "$:
i■
T
- §|gj|
,-
■
' ' '; %
XEEB
—
A
-
A
'■ -
—
-
.
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat uroducts
Established :
Imports
Quota
S May 29, 1945.
S t0 July 28, P 45
(Pounds)
(Pounds)1
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
112,000
1,000
1,000
1,000
1,000
1,000 ,
1,000
1,000
1,000
1,000
1,000
-"
-
0O0**
- ;@H
- ¡¡1
-. - i
- I
r 11
.'J
-
■:"""
7947375
2 3 5 ,0 1 5
-
m9
4,000,000
235,015
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE' RELEASE,
Wednesday, August. 8, 1945j
'
Press Service
No* V-21
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, 1941j as modified by-the President’s proclamations of April 13* 1942,
and April 29 j 1943, for the 12 months commencing Ms.y 29, 1945, as follows A
Country
of*'
Origin
Wheat
Imports
Established s
Quota
:May 29, 1945, to
: July 28, 1945
(Bushels)
795,000
Canada
China
Hungary
Hong Kong
Japan
100
United Kingdom
.- 1
Australia
100
Germany
100
Syria
New Zealand
Chil®
100
Netherlands
2,000
Argentina
100
Italy
Cuba '
1,000
France
Greece
100 .
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
. 1,900
Rumania
100
Guatemala
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
sdo^ooo
(Bushels)
794,375
- 1
•-■
-
- .j
794,375
oOo
Wheat f lbur , seiiio1ina,
crushed or cf&cked.
i
wheat, and similar
wheat products
Imports
Established :
: May 29, 1945, tp
,Quota
: July 28, 1945
(Pounds)
(Pounds)
- 235,015
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
A .
12,000
1,060
1,000.
1,000
1,000
1,000
1,000
1,000
1,000
1,000
- v
1,000
-"
4,000,000
235,015
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. U S ,
as amended, and this notice, ore-
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
I
all tenders, in whole or in part, and his action in any such respect shall be final,
j
Subject to these reservations, tenders for $200,000 or less from any one bidder at
i
99.905 entered on a fixed-price basis will be accepted in full.
Payment of accepted I
tenders at the prices offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds-*, on
August 16. 19A5
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 j
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
|
I
TREASURY DEPARTMENT
Washington
FOR RELEASE,- MORNING NEWSPAPERS,
Friday, August 1 0 . 1945________ .
The Secretary of the Treasury, by this public notice, invites tenders
$ 1 , 3 0 0 ^ 0 , 0 0 0 , 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
Novembe|OL5r 1945
mature
interest.
Augus^ l6 f 1945
and will
, when the face amount will be passable 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 1 3 , 1945
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
W a s h i n g t o n ..
.
, POR RELEASE, MO R N I N G NEWSPAPERS,
( .Friday, A u g u s t 10, 1945«
.
-
The S e c r e t a r y of the 'Treasury, by this public notice.,
invites tenders for $ 1 :,3 0 0 ,0 0 0 , 000 !, or t h e r e a b o u t s , ,of 9 1 -day
Treasury, bills, to be issued on a discount basis u n der c o m p e t i
tive, a nd f i x e d - p r i c e b i d ding as h e r e i n a f t e r provided.
The bills
of this series w i l l be dated A u g u s t 16, 1945, a n d w ill mature
N o v e m b e r 15, 1945, when the face a m o u n t w i l l be pay a b l e ' w i t h o u t
interest.
T h e y wil l be issued! in bearer form, only, an d in
d e n o m i n a t i o n s ' o f $1,000, $ 5 ;000, $10,000, $100,000, $ 5 0 0 , 0 0 0 ,
and $ 1 ,000,,000 (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 nd
Branches up to the c l o sing hour , two o *c l o c k p.m. , Eastern W a r .
time, Monday, A u g u s t 13, 1945*
T e n d e r s ' w i l l not ibe r e c e i v e d at
the T r e a s u r y Department, Wa shington.
E a c h t e n d e r must be for
an even -multiple of $ 1 ,0 0 0 , a n d the price .offered must be ex
pressed on tijie basis of 1 0 0 , w i t h .not more than three decimals ,
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 made on the pi*inted forms a n d f o r w a r d e d in the s p e
cial envelopes w h i c h w ill be s u p plied by F e d e r a l R e s e r v e Banks
or Branches oh a p p l i c a t i o n therefor.
x
^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
rated banks a nd trust companies and- f r o m r e s p o n s i b l e and recog- ♦
nized dealers in investment securities.
Tenders f r o m others
must be. a c c o m p a n i e d bv p a y m e n t 'of 2 pe r c e n t o f 'the face amount
of T r e a s u r y bills a p p l i e d for, unless the ^tenders are a c c o m
panied by an express g u a r a n t y of p a yment by an i n c o r porated
bank or trust c o m p a n y .I m m e d i a t e l y a f ter the closing hour, -tenders w ifi be opened
at the F e d e r a l R e s e r v e Banks a nd Branches, f o l l o w i n g w h i c h 'pub
lic a n n o u n c e m e n t w i l l be made by the S e c r e t a r y of the T r e a s u r y
of the amou n t a n d price r a n g e of a c p e p t e d bids.
Those, sub■
mitting 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
thereof.
The S e c r e t a r y of the T r e a s u r y e x p ressly r e s erves the
right tp accept or r e j e c t a n y or a ll tenders, in whole or in
p a rt,;a nd 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. - S u b
ject vjto these reservations, tenders for $ 2 0 0 ,0 0 0 or less f r o m
any one bidder at 99.905 entered on a f i x e d - p r i c e basis will,
be ac 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
offered mus t be made or c o m p leted at the F e d e r a l R e s e r v e Ban k
in cash or other 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 16, 1945.
The income d e r ived f r o m T r e a s u r y bills, wh e t h e r interest,
or gain f r o m the sale o r { other disp o s i t i o n of thev bills, shall
not have a n y exemption, as such, a nd loss f r o m the sale or
other disposition o f T r e a s u r y bills shall not have a n y special
Y-22
(O v e r )
2
treatment, as. such, u n d e r F e d e r a l t a x Acts n o w or h e r e a f t e r
enacted.
Th e bills sfciall' be s u b ject to estate, inheritance, gift,
or other excise taxes, -whether F e d e r a l or State, but shall be
exempt f r o m all taxation n o w or h e r e a f t e r imposed on the p r i n c i
pal or interest thereof by a ny State, or a n y of the possessions
of the U n i t e d States, or by a n y l o cal taxing authority.
Fo r p ur
poses of t a x a t i o n the a m o u n t o f ' d i s c o u n t at w h i c h T r e a s u r y biils
are o r i g i n a l l y sold by t he 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 Sections 42 a n d 1 1 7 (a) (1) of t^e Internal
R e v e n u e Code, as a m e n d e d by S e c tion 115 of the R e v e n u e A c t of
1941? the a m o u 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
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 shall be
sold, r e d e e m e d or o t h erwise d i s p o s e d of, a nd such bills are
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 i t a l .a s s e t s . Accordingly, the
owner of T r e a s u r y bills (other than life insurance companies)
issued liereunder need, include in his income- t ax r e t u r n only the
diff e r e n c e between the price p a i d for s uch bills, w h e t h e r on
o r i ginal issue^or on s u b s e q u e n t purchase, a nd the a m o u n t actually
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 the
t a x able ;^ear for w h i c h the 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 he te r m s ' o f the T r e a s u r y bills a n d gove r n the
conditions of their issue.
Copies of the cir c u l a r may be
o b t ained 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-
\
|p
- 4 4.
90-DAY REFUND DUE TO CARKYBACK--The deferment described in the
preceding paragraph w ill be based on a mid-year estim ate by a corporation of
i t s carryback#
Therefore, when th e taxab le year is over and the exact amount of
carryback can be determined, a corporation which has deferred current taxes on
account of an an ticip ated carryback should f i l e an ap p lication on Form 1139 for
an expedited adjustment.
Sim ilar applications also may be f ile d by corporations
which, though e n title d to carrybacks, have not deferred any current ta x e s.
Individuals having a net operating lo ss carryback may apply for corresponding
adjustments by m&ing an ap p lication on Form 1045#
In a l l "these instances, the
Commissioner w i ll, w ithin 90 days, make a te n ta tiv e refund of any amount due in
excess of deferred ta x e s , unless he finds "m aterial omissions or e rro rs" in the
applications#
5#
90-DAY REFUNDS DUE TO AMORTIZATION ALLOWANCES ON TERMINATE WAR
FACILITIES—M e a ^ ^ f ^ ^ o n ^ a c t6*
have received special permission to take
am ortization deductions ovar a fiv e -y e a r period on c e rta in "emergency f acilities»n
wnT*
'"TTTtrrr. t h~~
tiq f or iinch f a c i l i t i e s boro boon tnnuinoted In
-p-iia. o
-fcowtHnnt. 1-na -hhft
“\ ) i r
a-p
ffor*"—
t r and f ile an
refund
t.hft wVnnT»t.Br pogiod of am ortisation# Unless he finds m aterial omissions
or erro rs in th e ap p lication , the Commissioner w ill, w ithin 90 days, determine the
amount due the taxpayer, apply as much of i t as necessary to outstanding taxes
ow&d by the taxpayer, and refund the balance#
Two sp ecial forms (Form 1140 for
corporations and Form 1046 f o r individuals) have been prepared fo r the use of war
co n tracto rs d esirin g such t en tative adjustments#
6.
I f for any reason not covered in th e preceding paragrahs the taxpayer has
any ta x payments coming due while an ap p licatio n i s pending fo r a 90-day refund on
account of a carryback or am ortization allowance, he may apply to the collector
of in tern al revenue far an extension of time so as to avoid making any payments
which would th e re a fte r have to be refunded t o him#
- 0 -
I f before th e exp iration of the f iv e years th e War Production Board has certified
that the f a c i l i t i e s are no longer needed fo r emergency purposes (o r the President
proclaims the end of th e emergency) the taxpayer may f i l e a n o tice teiminating the,
arrangement, and f i l e an ap p licatio n f o r te n ta tiv e adjustment or refund of his prie
y e a rs’ taxes on the b asis o f th e sh o rter period of amortization*
- 3 be permitted to reduce th is payment by the amount of the post-war cre d it
applicable to
(cL)
deficiency*
In th e case of a corporation which has paid in f u l l th e excess
p r o fits ta x due for a year beginning on or a f te r January 1» 1944, the Bureau
w ill on i t s own in itia tiv e refund th e amount of the current c re d it t o the
corporation*
(e)
In the case o f a l l c o lo r a ti o n s f i lin g excess p r o fits ta x
returns (Fora X 121)th ereafter, the cred it should be taken on the re tu rn ,
reducing the t o t a l - t a x by 10 per c e n t.
in th e usual installm ents.
This reduced totaL ta x should be paid
I f using a 1944 ed ition of Pom 1121, the corporation
should en ter the cred it on lin e 2 1 , page 1 (lin e 21 o rig in a lly indicated a "credit
fo r debt re tire m e n t", which has been replaced by the current c re d it under the new
law*)^/The 1945 form w ill s p e c if ic a lly indicate the current c re d it*
2*
REDEMPTION OF EXCESS PROFITS REHJND BONDS—“Formerly, a corporation was
issued "Excess P r o f its Tax Refund Bonds" to evidence the 10 per cent post-war
refund due on i t s excess p r o fits t a x .
specified dates a f te r th e war.
These bonds were to become redeemable at
Under the new law, a l l bonds of th is type will
become redeemable in cash, a t the option o f the holder, on or a f te r January 1 ,
1946.
S p ecific procedure f o r presentation of the bonds f o r redemption w ill be
issued soon by th e S ecretary of the Treasury.
In instances where bonds are due a
corporation but cannot be issued p rio r to January 1 , 1946, the corporation will
receive cash instead of bonds.
3.
DEFERMENT OF CURRENT TAXES DUE TO ANTICIPATED CARRYBACK—The new law
permits corporations who an ticip ate carryback refunds (due to eith er "net
operating lo s s " or "unused excess p r o f its c re d it" in the current year) to defer
current ta x payments equal to the an ticip ated refund, pending f in a l determination
of the refund.
The Bureau has prepared a sp ecial blank, Form 1138, for the
taxpayer to use in applying fo r such deferments to the c o lle c to r to whom the
ta x i s payable
I
-
(a )
2
-
l a th e case of a corporation paying remaining installm ents due
on excess p r o fits ta x fear a year which began on or a f te r January 1 , 1944» the
corporation should divi.de i t s c re d it by th e number of remaining installm ents,
and reduce each.remaining installm ent payment by th a t amount.
(Example:
Corporate
X f ile d an excess p ro fits ta x retu rn on March 1 5 , 1945, showing i t owed #400,000
excess p r o fits ta x fo r the preceding y ear.
The corporation paid one installmsnt ■
of #100,000 on March 15 and another of #100,000 on June 15*
make sim ilar payments on September 15 and December 1 5 .
Normally, i t would
,
(
However, under the new
law i t is e n title d to a curren t cred it of 10 per cent o f the ta x —10 per cent of
# 4 0 0 ,0 0 0 , o r # 4 0 ,0 0 0 .
Since th e corporation has two more installm ents to pay,
i t should divide the #40,000 by 2 , and take a c re d it of #20,000 on each o f the
remaining in stallm en ts.
Thus, th e corporation should pay #80,000 on September 15 j
and #80,000 on December 1 5 , instead of #100,000 each tim e .)
(b)
■!
In the case of a corporation paying remaining installm ents due
on excess p r o fits ta x fo r a year which began p rio r to January 1 , 1944, the
corporation should reduce i t s la s t installm ent by the amount of the c re d it.
Although th e new law is s ile n t on th is p o in t, the Commissioner has authorized
th is sp ecial procedure so th a t affected corporations w ill not have to pay the
c re d it and then wait fbr i t s refund.
(Exa mple:
Corporation Y f ile d an excess
p r o f its ta x retu rn on February 1 5 , 1945, showing #300,000 excess p ro fits ta x
due fo r i t s f is c a l year which ended November 3 0 , 1944.
installm ents to ta llin g # 1 5 0 ,0 0 0 .
I t has already paid two
|
Normally, i t would owe another installment
of #75,000 on August 1 5 , and another of #75,000 on November 1 5 .
However, i t is
e n title d to a post-war c re d it of 10 per cent of #300,000 or # 3 0 ,0 0 0 .
In th is
case th e corporation should pay i t s August installm ent o f #75,000 in f u l l , and
l
should reduce i t s l a s t in stallm ent, in November, to # 4 5 ,0 0 0 .)
(c )
In th e case of a corporation making payment on a deficiency assess^
fo r a taxable year which began p rio r to January 1» 194 4 , the corporation also will
Joseph D. Nunan, J r . , Cormiiss loner of Internal Revenue, announced today the
adoption o f sp e c ific procedures to expedite fo r businessmen the various benefits
provided fo r them in the Tax Adjustment Act of 1945, which was signed by
President Truman on Ju ly 3 1 .
•
.... ■
. ...
.
•.
..- \-.
•• .
.
- . , "
•-• ./•-j
In announcing these procedures, th e Commissioner s a id , "Our war-time ta x
laws, recognizing possible in equities and hardships upon business which might
re su lt in some c a se s , provided eventual refunds of c e rta in ta x amounts.
J
The
Tax Adjustment Act speeds up these repaymants so th a t American business may
make immediate use o f i t s own money f o r reconversion and other pressing needs.
"In fu lfillm en t of th is o b jectiv e, we have adopted procedures which w ill
make these adjustments as simple and speedy as the law allow s.
S p ecific
in stru ction s are being issued to the f ie ld o ffic e s of the Bureau of Internal »
Revenue, and any businessman seeking further information about the s p e c ific
J
app lication of the new law to his p a rtic u la r situ a tio n i s in vited to consult
the nearest o f f ic e of a c o lle c to r of In tern al revenue or a revenue agent-in-charge
»»The necessary forms fo r the purposes of the new Act w ill be distrib uted
|
through lo c a l co llecto rs of in tern a l revenue as soon as they can be printed and
shipped, probably within a few weeks."
The p rin cip al b e n e fits, and the general methods by which they w ill be realize
a re :
1.
CURRENT CRH)IT-EXCESS PROFITS TAX (in lie u of former post-war cre d it)—
Formerly, each corporation paying excess p ro fits ta x was e n title d to a post-war
cre d it equal t o 10 per cent of the excess p r o fits t a x paid.
Under th e new law
vOC
v*
fo r taxable years beginning on or a f te r January 1 , 1944, th e ^ ta x '£ s reduced 10
per cent and the post-war c re d it is abolished.
e f fe c t as follow s:
This plan w ill be put into
TREASURY DEPARTMENT
B u r e a u of In t e r n a l R e v e n u e
Washington
POR RELEASE, M O RNING NEWSPAPERS,
Wednesday,
A u g u s t 15»
1945«
Press Service
No. Y-23
Jose p h P. Nunan, Jr,, C o m m i s s i o n e r of I n t ernal Revenue,
ann o u n c e d t o d a y the a d o ption of specific proc e d u r e s to expedite
for .businessmen th e various benefits p r o v i d e d for t h e m in" the
T a x A d j u s t m e n t A ct of 194b, w h i c h was s i gned by P r e s i d e n t T r u m a n
on July 31.
In a n n o u n c i n g t h ese procedures, the C o m m i s s i o n e r said, nOur
wa r - t i m e t a x laws, r e c o g n i z i n g p o s s i b l e inequities a n d hardships
upon business,.which might r e s u l t in some ,cases, p r o v i d e d eventual
refunas of certain t a x amounts*
T h e T a x A d j u s t m e n t ' A c t speeds
ux3 tnese r e p a y m e n t s so that A m e r i c a n business- may--make- immediate
use of its own m o n e y for r e c o n v e r s i o n a nd other p r e s s i n g needs*
In f u l f i l l m e n t of this objective, we have a d o p t e d p r o
cedures w h i c h w i l l make these a d j u s t m e n t s as simp l e a n d speedy
as the law allows.
S p e cific instructions are being issued to
the f i eld offices of the B u r e a u of Int e r n a l Revenue, a n d a n y
businessman seeking f u r t h e r i nformation a b out the specific
application of the n e w law to his p a r t i c u l a r s i t u a t i o n is i n
vited to consult the n e a r e s t office of a col l e c t o r of internal
revenue or a r e v e n u e 'agent-in-charge.
nThe n e c e s s a r y forms for tlie purposes of the n e w Ac t w i l l b e
distributed t h r o u g h l o cal collectors of internal r e v e n u e as soon
as t hey can be p r i n t e d and shipped, p r o b a b l y within a f e w weeks. n
..The p r i n c i p a l benefits,
will be realized, are:
a nd the g e n e r a l methods -by w h i c h t h e y
C U R R E N T C R E D I T - E X C E S S PR O F I T S T A X (in l i e u of form e r
post-war c r e d i t ) — Formerly, each c o r p o r a t i o n p a y i n g excess profits
cax was entitled to a p o s t - w a r . c r e d i t equal to 10 p e r cent of the
excess profits t a x paid.
U n d e r the new- law f o r taxable years
beginning on or a f t e r J a n uary 1, 1944, the a m o u n t of tax' payable
is r e d u c e d 10 p e r c e n t and t h e p o s t - w a r credit is abolished." This
plan w i l l be put into effect as follows:
(a )
In t he case of a c o r p o r a t:i r
oe
n m apaying
ining
'»
Installments due on excess profits ta x f o r a year1 w h i c h began on
or after J a n u a r y 1, 1944, the c o r p o r a t i o n should divide its . 6
credit b y the n u m b e r of r e m a i n i n g installments, a nd r e d u c e each
2
r e m a i n i n g I n s t a l l m e n t p a y m e n t by that amount.
(Example:
Corpor a t i o n 1$ f i l e d an excess p r o fits t a x r e t u r n on ijarch 15, 1945*
s h o w i n g it owed $ 4 0 0 , 0 0 0 excess profits t ax f o r t he preceding*
year.
T h e c o r p o r a t i o n p a i d one installment of $ 1 0 0 , 0 0 0 on
__ ? & r c h 15 ^and a n o t h e r of $ 1 0 0 , 0 0 0 . on June 15*
Normally, it would
make similar p a y m e n t s on S e p t e m b e r 15 a n d D e c e m b e r 15.
However,
u n c e r the n e w l a w it is entit l e d to a c u r r e n t credit of 10 p e r
cent of the t a x — 10 p e r c e n t of $400,000, or $40,000.
S i n c e ’the
c o r p o r a t i o n has two more installments to pay, it shou l d divide
the $ 4 ^ , 0 0 0 by 2, a n d take a Credit of $ 2 0 , 0 0 0 on each of the
r e m a i n i n g installments.
Thus, the c o r p o r a t i o n should p a y $80,000
on S e p t e m b e r 1 5 a nd $ 8 0 , 0 0 0 on D e c e m b e r 1 5 , instead o f $100.000
each t i m e . )
.
^ ^ ) In the case of a c o r p o r a t i o n p a y i n g r e m a i n i n g
p:
installments due on excess profits
t a r for- « y ^hy w h i c h '
began
p r i o r to January 1 1944. t'he c o r p o r a t i o n should r e d u c e its last
ins oalrment by rhe a m o u n t of the credit.
A l t h o u g h the n e w law
is silent on uhis point, the C o m m i s s i o n e r has a u t h o r i s e d this
s p e c i a l p r o c e d u r e so that a f f e c t e d c o r p o rations w i l l n ot have to
p a y the credit a n d then wai t for its refund.
(Example:
Corpo
r a t i o n Y. f i l e d an excess profits tax r e t u r n on F e b r u a r y 15, 1945,
s h o wing $ 3 0 0 , 0 0 0 excess profits t a x due f or its f i s c a l year which
ended N o v e m b e r 3 0 ., 1944.
It has a l r e a d y p a i d two installments
totaling
000.
Normally, it w o u l d owe a n o t h e r installment
of $ 7 5 , 0 0 0 cn A u g u s t 15, a nd a n o t h e r of $ 7 5 , 0 0 0 on N o v e m b e r 15.
? c 2 ^ v ?r ? ^
is e n t i t l e d to a p o s t - w a r c r e d i t ,of 10 pe r c e n t of
$ 3 0 0 , 0 0 0 or $30,000*
In this case the c o r p o r a t i o n shou l d p ay its
A u g u s t inst a l l m e n t of $ 7 5 , 0 0 0 in full, a n d s h o u l d r e d u c e its last
installment, in November, to $45,000.)
(c ) In the case of a c o r p o r a t i o n m a k i n g p a y ment on a
■^i..iciency a s s e s sment i or a ta x a b l e .year w h i c h began p r i o r to
uk-puary .l , 1944. the corporation- also w i l l be p e r m i t t e d to reduce '
,
p a y m e n t by the a m o u n t of the p o s t - w a r credit a p p l i c a b U e to
tne, deficiency.
^
(d) I P , t h e case of a c o r p o r a t i o n w h ich has p a i d in full
ess,.profits t a x due f or a y ear b e g i n n i n g on or a f t e r
japlja."::-. 1, ^1 9 4 4 . the B u r e a u will, on its own i nitiative r e f u n d the
a m ouru of t he c u r r e n t credit to th e corporation.
In the case of a ll corp o r a t i o n s f i ling excess profits
jag_-r eiurns (Form 1121) h e r e a f t e r , the c r edit s h ould be t a k e n ' on
"
utiu lecurn, reducing- the total tax by 10 percent.
This reduced
tobda. t a x ,s h o u l d be p a i d in the u s u a l installments.
If u s ing a
1944 edition of F o r m 1121, the c o r p o r a t i o n s h o u l d enter the credit
on line 21, page 1 (line 21 o r i g i n a l l y indicated a "credit for
debt r e t i r e m e n t " , w h i c h has b e e n :r e p l a c e d by the current credit
under, the n e w law.)
The 1945 f o r m w i l l s p e c i f i c a l l y indicate the
current credit.
2.
R E D E M P T I O N OP EXCESS P R O FITS R E F U N D BONDS - - F o r m e r l y , a
corporation was issued "Excess P r ofits Tax R e f u n d Bonds" to e v i
dence the 10^pe r c e n t p o s t - w a r r e f u n d due on its excess profits
tax.
T h e s e bonds were to become r e d e e m a b l e at s p e c i f i e d dates
a f ter ,th.e war. .U n d e r the new'law, a ll bonds of this type wil l
become r e d e e m a b l e in cash, at tile option of the holder, on or
after January 1, 1946.
Specific p r o c e d u r e f or p r e s e n t a t i o n of the
bonds for r e d e m p t i o n w i l l be issued soon by the S e c r e t a r y of thè
Treasury.
In instances w h e r e bonds are due a c o r p o r a t i o n but c a n
not be issued p r i o r to J a n uary 1, 1946, the c o r p o r a t i o n wil l
receive c ash instead of bonds,
3.
D E F E R M E N T OF C U R R E N T TAXES D U E TO A N T I C I P A T E D C A R R Y B A C K __
The n e w law permits c o r p o rations who a n t i c i p a t e c a r r y b a c k r e f unds
(due to either "net ope r a t i n g loss" or "unused excess profits
credit" in the current year) to defer current tax payments equ a 1
to the a n t i c i p a t e d refund, p e n d i n g f i n a l d e t e r m i n a t i o n of the
refund.
T h e B u r e a u has p r e p a r e d a s p e c i a l blank, F o r m 1138, for
the t a x p a y e r to u se in a p p l y i n g f or s u c h deferments to the c o l
lector to w h o m the tax is payable.
4.
9 0 - D A Y R E F U N D D U E TO C A R R Y B A C K - - T h e de f e r m e n t des c r i b e d
in the p r e c e d i n g p a r a g r a p h w i l l be b a s e d on a m i d - y e a r estimate
by a c o r p o ration of its carryback.
Therefore, w hen the taxable
year is over a n d the exact a m o u n t of c a r r y b a c k can be determined,
a corporation w h i c h has d e f erred c u r rent taxes on ac c o u n t of an
anticipated c a r r y b a c k should file an a p p l i c a t i o n on F o r i 1139 for
an expedit ed adjustment.
S i m ilar a p p l i c a t i o n s also ma y be f i l e d
by corporations which, t h ough e n t itled to carrybacks, have not
deferred a n y current taxes.
I n d i v i d u a l s h a ving a pet operating
loss c a r r y b a c k m a y a p p l y for c o r r e s p o n d i n g a d j u s t m e n t s by m a k i n g
an a p p l i c a t i o n on F o r m 1045«
In a ll these instances, the
Commissioner will, w i t h i n 90 days, m ake a ten t a t i v e r e f u n d of a ny
amount due in excess of de f e r r e d taxes, unless he finds "material
omissions or errors" in the a pplications.
5.
9 0 - D A Y R E F U N D S D U E TO A M O R T I Z A T I O N A L L O W A N C E S ON T E R
MINATED W AR F A C I L I T I E S --M a n y tax p a y e r s w i t h wa r contracts have
received special p e r m i s s i o n to take a m o r t i z a t i o n deductions over
a five-year p e r i o d on certain " e m e r g e n c y facilities."
If before
the expiration of the f ive years the W a r P r o d u c t i o n B o a r d has
certified that t h e f a c i lities are no l o nger n e e d e d for emergency
- 4 pu^po^es (oo. the President- pro c l a i m s "the end of ,the emergency) the
a ^ p a y e r m a y f i l e a n o t i c e t e r m i n a t i n g t he arrangement, a nd file
an a p p l i c a t i o n for t e n t a t i v e a d j u s t m e n t or r e f u n d of his prior
years
raxes on the basis of the s h o r t e r p e r i o d of amortisation.
U ^ e s s he iinds m a t e r i a l omissions or errors in the a p p l i cation
e
0^ jQJ s sl0^ e r will, w i t h i n 90 days, d e t e rmine the a m o u n t d u e ’
tj-xG taxpayer, a p p l y as m u c h of it 'as necessarj' to outs t a n d i n g
taxes owed by the taxpayer, a n d r e f u n d the balance.
Two special
forms (jorm 1 1 4 0 fo r corpo r a t i o n s a nd F o r m 1046 f or individuals)
*a v ?
P r e p a r e d f or t h e u s e of w a r c o n t r actors d e s i r i n g such
tentative, adjustments.
6 akjUOX,‘
°*
for a n y r e a s o n n o t co v e r e d in the p r e c e d i n g paragraphs
■tne t a x p a y e r has a n y t a x pa y m e n t s c o m i n g due w h i l e an appliclticn
is pending, f or a 9 0 - d a y r e f u n d o n a c c o u n t of a carrybaclV or amor
tisation allowance, he m a y a p p l y to t he c o l l e c t o r of internal
r e v e n u e J o r an extension of time so as to a v o i d m a k i n g a n v . p a y
ments w i nch w o u l d t h e r e a f t e r h a v e to be r e f u n d e d to him« "
-oOo-
TREASURY DEPARTMENT
Washington
p i
Î RELEASE, MORNING NEWSPAPERS,
Press Service
tili |gday3 August 14. 1945.______
^ I
Prior I
nation,
cati0i)
ntdtift
T he
If
Secretary of the Treasury announced last evening that the tenders for
¡300,000,000, or thereabouts, of 91-day Treasury Mils to be dated August 16 and to
special
Inaisi (are November 15, 1945, which were offered on August 10, 1945, were opened at the
such
feral Reserve Banks on August 13.
The details of this issue are as follows;
alicatic!
or a®
ermi ’
ay.Tjay-
Total applied for ~ #2,005,975, 0 0 0
Total accepted
- 1,314,474,000
Average price
(includes $57,077,000 entered on a fixed-price
basis at 99*905 and accepted in full)
- 99.905/ Equivalent rate of discount approx. 0.375f per annum
Range of accepted competitive bids;
High
Low
-99.908 Equivalent rate of discount approx. 0.364& per annum
- 99.905
**
*
*
*»
« 0.376^ i?
»
(62 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
# 22,450,000
1,489,228,000
35.295.000
16 .125.000
19.733.000
24.375.000
263,569,000
18.130.000
13.725.000
13.595.000
21.910.000
67.840.000
t
#2,005,975,000
#1,314,474,000
TOTAL
I
14,812,000
953.758.000
23.857.000
16 .125.000
17.453.000
20 .325.000
167.714.000
13.418.000
9,925,000
12 .151.000
16 ,476,000
48,460,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G NEWSPAPERS,
T u e s d a y , A u g u s t 14, 1945.
The
the
Secretary
tenders
1945,
or
to be d a t e d A u g u s t
which were
Federal Reserve
The de t a i l s
of
on A u g u s t
this
i ssue
last
thereabouts,
16 a n d
offered, on A u g u s t
Banks
Service
No. W&i
o f the T r e a s u r y a n n o u n c e d
for $1,800,000,000,
Treasury bills
Press
10,
evening
tha t
of 91-day
to m a t u r e N o v e m b e r
1945,
were
o p e n e d at
15,
the
13.
a re as
follows?
T o t a l a p p l i e d f o r - $2,005,975,-000
Total accepted
1,314,474,000
(includes $57,077,000
e n t e r e d on a f i x e d - p r i c e b a s i s at 9 9 . 9 0 5 a n d a c c e p t e d in
f ull )
Average
Range
price
- 99.905/ Equivalent
approx. 0.37 5 $ per
of accepted
High
bids?
9 9 . 9 0 8 E q u i v a l e n t r a t e of d i s c o u n t
approx. 0 . 3 6 4 $ per a n n u m
- 99.905, 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 6 $ per a n n u m
Low
(62 p e r c e n t
competitive
rate of discount
annum
of the
amount
Federal R e s erve
District
Boston
New Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. L o u i s
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
bid
Total
Applied
$
TOTAL
f o r at
the l o w , p r i c e w a s
f or
accepted)
Total
Accepted
22,450,000
1,489,228,000
35.295.000
16.125.000
19.733.000
24.375.000
263,569,000
18,130,\000
13.725.000
13.595.000
21.910.000
67.840.000
953.758.000
23.857.000
16.125.000
17.453.000
20.325.000
167.714.000
13.418.000
9,925,000
12.151.000
16.476.000
48.460.000
$2,005,975,000
$1,314,474,000
o Oo
August 14, 1945
ICompt o lle r of the Currency announce^jbhat the
^Comptr
decision as to whether a national bank remains open on VJ
Day re s ts with i t s Board of D irectors* j~In making the deci
sion, only the applicable s ta te laws, including the negotiable
yju,. MjJt*^**
instruments s ta tu te s , need be taken into consideration,
announcement
made to c o rre c t ce rta in misunderstandings which
have-arisen as to the a ttitu d e of the C om ptrollers O ffice with
regard to the closin g of national banks on VJ Day.
OUvO
m
TREASURY DEPARTMENT
Washington
(
y
PGR IMMEDIATE RELEASE,
Tuesday, August 14, 194-5«
Pres Si Service
'i No. V-25
Comptroller of the Currency, Preston Delano,
announced today that the decision as to whether a
national bank remains open on
Y J
Day rests with its
Board of Directors.
In making the decision, only the applicable
state laws, including the .negotiable instruments
statutes, need be taken into consideration,
Mr. Delano said. '
The announcement was made to correct certain
misunderstandings which had arisen as to the atti
tude of the Comptroller’s Office with regard to the
closing of national banks on
-oOowm
Y J
Day.
FOR IMMEDIACE RELEASE
August l4. 19*15
Che Bureau of Customs announced today preliminary figure« shoving
the quantities of eoffee authorised for entry for consumption under the
quotas for the 12 months commencing October 1 , 1944» provided for in the
Inter-American Coffee Agreement» proclaimed by the President on April 19»
1941, as fellows*
0e
Country of Production
t
*
Quota Quantity
(Pounds) 1
/
s
:
:
Authorised for entry
for consumotion
As of (Date) :
(Pounds)
Signatory Countries:
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Ouatseals
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries*
1/
2,353.628,932
796,79^,513
50,6x5,676
20 ,2 *6,297
30,369,379
37,961,757
151,8*7,028
135.396,920
69 ,5 9 6 ,6 2 1
5 ,0 6 1 ,5 * 1
1 2 0 ,2 12 ,2 9 6
*9.350,32*
6,326.893
10 6 ,292,893
$9 ,$42,785
August
* ,
«
19 *5
1,285,733,2**
578 ,16 1,4 3 3
N
•
35,656,703
*.390 .75 *
(Import quota filled)
August 4, 19^5
22.015,7*3
s
10 *,0 2 * ,13 7
N
86 ,*16 ,9 78
II
(Import quota filled)
August 4, I9H5
s
11
R
R
51,812,106
73.256.58*
20 ,340,952
3,817,276
56,13**998
687.273
Quotas as of June 1» 1945, determined by action of the Inter-American
Coffee Board on Kay 29» 19^5*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, August 14, 1945«
Press Service
No# V-26
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, 1944, 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 Countriess
Brazil
Colombia
Costa Rica
Cuba
Dominican, Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:
2,353,628,932
796,794,513
50,615,676
20,246,297
30,369,379
37,961,757
151,847,028
135,396,920
69,596,621
5,061,541
120,212,296
49,350,324
6,326,893
106,292,893
August 4, 1945
tt
tt
1!
(import quota filled)
August 4, 1945
t!
t«
tt
(import quota filled)
August 4, 1945
tt
tt
tt
tt
89,842,785
1,285,733,244
578,161,433
35,656,703
4,390,754
22,015,743
104,024,137
86,416,978
51,812,106
.73,256,584
20,340,952
3,817,276
56,134,998
687,273
l/
(¿uotas as of June 1, 1945, determined by action of the Inter-American
Coffee Board on May 29, 1945.
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
y^ar for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 413, as amended, and this notice, orescribe 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.
>
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 $200,000 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 23* 194.5
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 DEPARAIENT
Washington
Friday, August 17. 19A5______ «
W
The Secretary of the Treasury, by this public notice, invites tenders
for $ 1.300.OCX).000 , or thereabouts, of
92 -day Treasury bills, to be issued
'W
' &&
on a discount basis under competitive and fixed-price bidding as hereinafter pro
vided.
The bills of this series will be dated
mature
interest.
November 23, 1945
w — —
August 23, 1945
, and will
an*
* 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 $1 ,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o fclock p.m., Eastern War time,
Mondayv August 20. 19A5
X$jx.
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of «fi,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
FOR RELEASE,. MORNING NEWSPAPERS,
Friday, August 17» 1945»_______
The Secretary of the Treasury, by this public notice, invites
tenders for $1,300,000,000, or thereabouts, of 92-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 August 23, 1945, and will mature November 23,
1945, when the face amount will be payable without interest, They
will be issued in bearer form only, and in denominations of $1,000,
$5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity
value).
• .
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two olclock p,m., Eastern War time, Monday,
August 20, 1945. 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 5.00, with not more than three decimals, e. g., 99.925. Frac
tions may not be used. It is urged that tenders be made on the
printed forms and forwarded in the special envelopes which will
be supplied by Federal Reserve Banks or Branches on application
therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of Treas
ury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which pub
lic announcement will be made by the Secretary of the Treasury
of the amount and price range of accepted bids. Those sub-^ .
mitting tenders will be advised of the acceptance or rejection
thereof. The Secretary of the Treasury expressly reserves the
right to accept or reject any or all tenders, in whole or in
part, and his action in any such respect shall be final. Sub
ject to these reservations, tenders for $200,000 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 23, 1945;
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
v-2 7
(Over)
2
disposition of Treasury bills shall not have any special treat
ment, as such,: under .-Federal tax'Acts how or hereafter enacted.
The bills shall be subject to .estate, inheritance, gift, .or
other excise taxes, whether Federal or State, but shall be exempt
from all taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of the
United States, or by any local taxing authority. For purposes
of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be
interest. Under Sections 42 and 117 (a) (1) of the Internal
Revenue Code, as amended by Section ,115 of the Revenue Act of
1941, the amount of discount at which bills issued hereunder are
sold shall not be.considered to accrue until such bills shall be
sold, redeemed or otherwise disposed of, ,and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return.only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actually
received either upon sale or* redemption at maturity during the
taxable year for1which the return is made, as ordinary'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 nd 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 vern the
c o n d itions of t h eir issue.
Copies of the ci r c u l a r ma y be
^obtained f r o m a n y F e d e r a l R e s e r v e Bank, or Branch.
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TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday,
Press Service
No • 40-38*
Jiilju-jrê, 1945.
1/ ~ ^ &
V
%JIh
During the month of J w w , 1945, market
transactions in direct and guaranteed securities
of the Government for Treasury investment and other
accounts resulted in net sales of CJ&$y414»050,
¡ecretary MergOTEK&u announced today.
oOo
ta» o
to
August 7, 1945
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TO MR» D. W. BELLI
During the jaonth of July, 1945# the following market
transactions took place In direct and guaranteed securities
of the Government:
Sales •••«*•«•••••*•*••*•»• ’
917,000,000
Purchases
m t
Sales
.... . $17,000,000
(Sgd), Joseph Greenberg
Joseph Greenberg
Copy to :
HNaud
Mr. H effelfinger
Mr. Shaeffer .
Miss Sanford
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Wednesday, August 15. lQdq.
Press Service
N o . V-28
During the month of July, 1945, market
transactions in direct and guaranteed securities
of the Government for Treasury investment and
other accounts resulted in net sales of
$17,000,000,
Secretary Vinson announced today.
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have and to buy more.
National stability will be advanced by having our
national obligations held by the greatest possible number
of our citizens.
And the individual who adds systematically
to his bond holdings will find he has built up the best
possible protection against any need.
I am confident that the Victory Loan will be a tre
mendous success.
The most effective way to celebrate victory is to
buy Victory Bonds.
By buying bonds —
and holding them —
solidate the victory and sustain our economy.
we will con
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suffering and of so many lives.
All this will cost money.
In the last war, ex
penditures in the six months following the Armistice were
greater than those in the last six months of fighting.
This time the first steps toward an orderly reconversion
and our transition to a peacetime economy should be less
costly proportionately.
Nevertheless heavy expenditures
attributable to the war will continue for many months.
We should make the Victory Loan the last of our
organized drives, but for the benefit of the country and
for the benefit of its citizens, we should continue the
sale of United States Savings Bonds, especially under the
payroll savings plan.
In doing this we will be meeting
the many requests we have received from leaders of labor
and industry.
Millions of our citizens, as Savings Bond buyers,
have learned the value of thrift.
They hold the soundest securities that are available
in the world today —
securities that will never be worth
less than the purchase price and that will increase in value
As they approach maturity.
They should be encouraged to hold the bonds they now
¡ 7 ^
c h \
f J>lwrtdpy> August loipf11
Secretary Vinson today
issued the following statement«
I have sent telegrams to all state chairmen of the
War Finance Division, asking them to meet in Washington
this Saturday, to lay plans for a Victory Loan Drive, and
to discuss with me the problems of our postwar financing,
I believe the Victory Loan should be scheduled for
the earliest possible date*
It should provide a fitting
climax for the series of successful drives by which we at
home have financed the war.
It will give each one of us an opportunity to tell
the men —
and the women —
of our Army, of our Navy, of
our Marine Corps, of our Coast Guard, and all others whose
selfless services have helped us win this war, how proud
we are of them.
It will give us all an opportunity to
share in the tasks yet to be done.
There are millions of our men overseas.
Billions
of dollars will be needed to bring them home, to provide
their mustering out pay, and to care for the disabled.
Other billions will be required to provide for con
tract cancellations and
et other costs incident to the
liquidation of our war effort.
We must maintain forces of occupation in German and
Japanese territory, as long as necessary, to make secure
the victory that has been achieved at the cost of so much
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G NEWSPAPERS,
Thursday, A u g u s t 16, 1945%_______
Press Service
No. V - 2 9
S e c r e t a r y Vinson today issued the f o l l o w i n g statement:
i'
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V .‘.ty.
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have sent telegrams to all state ch a i r m e n of the Wa r
Finance Division, asking t h e m to m e e t in W a s h i n g t o n this Saturday,
to lay plans for a V i c tory L oan Drive, and to discuss w i t h me the
problems of our p o s t w a r financing.
I
believe the V i c tory Loa n should be scheduled for the
earliest po s s i b l e d a t e . • It should provide a fitting climax for
the series of successful drives by w h i c h we at home have financed
the war.
It will give e a c h one of us an o p p o r t u n i t y to tell the m e n -and the w o m e n -- of our Army, of our Navy, of our Marine Corps,
of our Coast G-uard, and all others whose selfless services ,have '
helped us w i n this war, ,how p r oud we are of them.
It w i l l give
us all an o p p o r t u n i t y to share in the tasks ye t to be done.
There are m i l l i o n s of our m e n overseas.
Billions of{ dollars
will be n e e d e d to b r i n g t h e m home, to provide their m u s t e r i n g out
pay, and to care fpr the disabled.
Other bi l l i o n s will be required to provide for contract c a n
cellations and ♦ j m e e t other costs incident to the l i q u i d a t i o n of
our ,war effort.
We must m a i n t a i n forces of o c c u p a t i o n in G e r m a n a n d Japanese
territory, as long as necessary, to m a k e secure the vi c t o r y that
has been a c h i e v e d at the cost of so m u c h suffering and of so m a n y
lives*
All this will cost money.
In the last war, expenditures in
the six months following the A r m i s t i c e were g r e a t e r than those in
the last six m o n t h s of fighting.
T his time the first steps toward
an orderly r e c o n v e r s i o n and our t r a n s i t i o n to a peacetime economy
should be less c o s t l y proport i o n a t e l y .
Nevertheless heavy expendi
tures a t t r i butable to the w a r will continue for m a n y months.
m
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We should mak e the V i c t o r y L o a n the last of our organized
drives, but for the benefit of the country and for the benefit
of its citizens, we should contiriue the sale of U n i t e d States
Savings Bonds, e s p e c i a l l y u n d e r the payroll savings plan.
In
■doing this we w ill be m e e t i n g the m a n y requests we have received
f r o m leaders of labor and industry.
M i l l i o n s of our citizens,
learned the value of thrift.
as Savings Bon d buyers, have
T h e y h o l d the soundest securities that are* available in the
w o r l d today -- securities that will n e v e r be w o r t h less than the
p u r chase price and that w il l increase in value as they a p p r o a c h
maturity.
T h e y should be e n c o uraged to hol d the bonds
and to b u y more.
they n ow have
N a t i o n a l sta b i l i t y will be ad v a n c e d by h a v i n g our na t i o n a l
obligations hel d by the g r e a t e s t possible number of our citizens.
A nd the individual who adds s y s t e m a t i c a l l y to his b ond h o l d i n g s will find he has b u i l t up the best p o s s i b l e p r o t e c t i o n against
any need.
I
success.
a m confident
that the V i c t o r y L o a n will be a tremendous
The m ost e f f e ctive w a y
Bonds•
to celebrate (victory is to bu y V i c t o r y
By b u y i n g bonds —
and h o l d i n g t h e m •—
the v i c tory and s u s t a i n our economy.
we will
consolidate
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TREASURY DEPARTMiSiT
Washington
FOR RELEASE, MOHKIBO HmSPAPMS,
fend4t» August 20, 1945.
P
I
Press Service
\/-J$ O'
Secretary of the Treasury Vinson today announced the offering, through
the Federal Reserve Banks, of one-year Treasury Certificates of Indebtedness
of Series G-1946, In exchange for Treasury Certificates of Indebtedness of
Series F-1945, maturing September 1, 1945, and Treasury Bonds of 1945-47,
called for redemption on September 15, 1945. Exchanges will be made par for
par in the case of the maturing certificates, and at par with an adjustment
of interest as of September 15, 1945 in the case of the called bonds. Cash
subscriptions will not be received.
The certificates now offered will be dated September.,1, 1945, and will
bear interest from that date at the rate of seven-eighths b f one percent per
annum, payable semiannually on March 1 and September 1, 1946. they will
mature September 1, 1946. They will be issued in bearer form only, in de
nominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000.
Although the called bonds are outstanding in denominations of $50 to
$100,000, inclusive, exchanges may be made only in amounts or multiples of
$1,000, since this is the lowest denomination in which the new certificates
will be available.
Pursuant to the provisions of the Public Debt Act of 1941, (Jntereit
upon the certificates now offered shall not have any exemption, as such,
under Federal tax Acts now or hereafter enacted. The fullpx^vislons relating
to taxability are set forth in the official circularCreleased 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 securities to be exchanged and, where called bonds in
coupon form are presented, by payment of accrued interest at the rate of
$0.33^4 per $1,000. Subject to the usual reservations, all subscriptions
will be allotted in full.
The subscription books will close at the close of business Wednesday,
August 22, except for the receipt of subscriptions from holders of ¿100,000
or less of the maturing certificates or the called bonds. The subscription
books will close for the receipt of subscriptions of the latter class at the
close of business Saturday, August 25.
There are new outstanding $3,693,537,000 of the maturing certificates
and $1,214,42$,950 of the called bonds.
The text of the official circular followst
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G .NEWSPAPERS,
Monday, A u gust 20, 1945.
'
Press Service
No. V - 3 0
S e c r e t a r y o f the T r e a s u r y V i n s o n today ann o u n c e d the offering,
t h r o u g h the F e d eral R e s e r v e Banks, of one-year T r e a s u r y Certificate
of Indebtedness of S e ries G-1946, in exchange for T r e a s u r y C e r t i
ficates of Inde b t e d n e s s of Series F-1945* m a t u r i n g S e p t e m b e r 1,
1945, and T r e a s u r y Bonds of 1945-47, called for r e d e m p t i o n on ;
S e p t e m b e r 15, 1945.
E x c h a n g e s will be made par for par in the case
of the m a t u r i n g certificates, and at p ar w i t h a n adjustment of
interest as of S e p t e m b e r 15, 1945 in the case o f the called bonds.
Cash s u bscriptions will not be received.
The certi f i c a t e s n o w offered will be dated S e p t e m b e r 1, 1945,
and will b e a r interest f r o m that date at the rate of seven-eighths
of one percent p er annum, payable s e m i a n n u a l l y on M a r c h 1 ahd
S e p t e m b e r 1, 1946.
T h e y will m a t u r e S e p t e m b e r 1, 1946.
T h e y will
be issued in b e a r e r f o r m only, in de n o m i n a t i o n s of $>1,000, $5,000,
$10,000, $ 1 0 0 , 0 0 0 and $ 1,00 0,000.
A l t h o u g h the called bonds are o u t s t a n d i n g in denom i n a t i o n s of
$50 to $100,000, inclusive, exchanges m a y be m a d e only in amounts
or mul t i p l e s of $1,C)00> since this is the lowest d e n o m i n a t i o n in
w h i c h the h e w c ertificates will be available.
Pursuant to the p r o v i s i o n s c/f the Public D e b t Act of 1941,
interest u p o n the c e r t i ficates n o w o f fered shall not- have any
exemption, 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
acted.
The full prov i s i o n s relating to t a x a bility are set forth
in the official c i r cular released today.
S u b s c r i p t i o n s will be re c e i v e d a t the Federal R e s erve Banks
and Branches, and a t the T r e a s u r y Department, Wash i n g t o n , and
should be a c c o m p a n i e d by a like face amount of the securities to
jbe exchanged and, where called bonds in coupon form are presented,
by p a y ment of ac c r u e d inter est.at the rate of $ 0 .3584 p e r $1,000.
Subject to the u s ual reservations, all s u bscriptions will be
allotted in full.
The s u b s c r i p t i o n . b o o k s will close at the close of business
Wednesday, A u g u s t 22, except 'for the r e c eipt of subscriptions
from holders of $ 1 0 0 , 0 0 0 or less of the m a t u r i n g certificates or
the called b o p d s . The s u b s c r i p t i o n books will close for the
receipt of
s u bscriptions o f the latter class at the close of
business Saturday, A u g u s t 25.
There are n o w o u t s t a n d i n g $ 3 , 6 9 3 , 5 3 7 , 0 0 0 of the m a t u r i n g
certificates and $ 1 , 2 1 4 , 4 2 8 , 9 5 0 of the called bonds.
The text of the
official
circular
follows
UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES G-1944
Dated and Rearing interest from September 1, 1945
1945
Department Circular No. 774
Due September 1, 1946
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, August 20, 1945.
Fiscal Service
Bureau of the Public Debt
I.
OFFERING OF CERTIFICATES
1, The Secretary #f the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions from the people of the United
States f#r certificates of indebtedness of the United States, designated 7/8 per
cent Treasury Certificates of Indebtedness of Series G-1946, in exchange for
Treasury Certificates.of Indebtedness of Series F-1945, maturing September 1,
1945, or Treasury Bonds of 1945-47, called for redemption on September 15, 1945.
Exchanges will be made par for par in the case of the maturing certificates, and
at par with an adjustment of interest as of September 15, 1945 in the case of
the called bonds.
II.
DESCRIPTION OF CERTIFICATES
1. The certificates will be dated September 1, 1945, and will bear interest
from that date at the rate of 7/8 percent oer annum, payable semiannually «n
March 1 and September 1, 1946. They will mature September 1, 1946, and will not
be subject to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all
Federal taxes, now or hereafter imposed. The certificates shall be subject t*
estate, inheritance, gift or other excise taxes, whether Federal or State, but
shall be exempt from all taxation now cr hereafter imposed on the principal #r
interest thereof by any State, mr any of the possessions of the United States,
or by any l#cal taxing authority.
3. The certificates will be acceptable tf> secure deposits of public moneys.
They will not be acceptable in payment of taxes.
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4. Bearer certificates with interest coupons attached will be issued in
denominations of #1,Q00, #5,000, #10,000, #100,000 and #1,000,000. The certifi
cates will not be issued in registered f^rm. 5. The certificates will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United States cer
tificates.
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III.
2
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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 lor account of customers, but only the Federal Reserve Banks
and the Treasury Department are authorized to act as official agencies.
2* The Secretary of the Treasury reserves the right to reject any^ subscrip
tion, in whole or in part, to allot less than the amount of certificates applied
for, and to close the books as to any or all subscriptions at any time without
notice; and any action he may take in these respects shall be final.
Subject to
these reservations, all subscriptions will be allotted in full. Allotment notices
will be sent out promptly upon allotment.
^4
IV.
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PAYMENT
1, Payment for certificates allotted hereunder must be made on or befere
September 1, 1945. Payment of the principal amount may be made only in Treasury
Certificates of Indebtedness of Series F-1945, maturing September 1, 1945, or
in Treasury Bonds of 1945-47, called for redemption on September 15, 1945, which
will be accepted at par and should accompany the subscription. In the case of
the called bonds in coupon form, payment of accrued interest on the new certifi
cates from September 1, 1945, to September 15, 1945 ($0.3384 per $1,000) should
be 'made when the subscription is ,tendered and„in the case of registered bonds,
the accrued interest will be deducted from the amount of the check which will be
issued in pajanent of final interest on the bends surrendered. Final interest due
September 15 on bonds surrendered wi3.1 be paid, in the case of coupon bonds, by
payment of September 15, 1945" coupons, which should be detached by holders before
presentation of the bonds, and in the^case of registered bonds, by checks drawn
in accordance with the assignments on the bonds surrendered.
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V.
SUPJRSMDER OF CALLED BONDS
I* Coupon bonds.- Treasury Bonds of 1945-47 in coupon form tendered in
payment for certificates offered hereunder should be presented and surrendered
with the subscription to a Federal Reserve Bank or Branch or to the Treasurer
of the United States, Washington, D. C. Coupons dated March 15, 1946, and all
coupons bearing subsequent dates, should be attached to such bonds when surren
dered, and if any such coupons are missing, the subscription must be accompanied
by cash payment equal to the face amount of the missing coupons.
The bonds must
be delivered at the expense and risk of the holder. Facilities for transporta
tion of bonds by registered mail insured may be arranged between incorporated
banks and trust.companies ana the Federal Reserve Banks, and holders may take
advantage of such arrangements when available, utilizing such incorporated banks
and trust companies as their agents.
•
2. Registered bonds.- Treasury Bonds ,of 1945-47 in registered, form ten
dered in payment for certificates offered hereunder should be assigned‘by the
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registered payees or assignees thereof to "The Secretary of the Treasury for ex
change for Treasury Certificates of Indebtedness of Series G - 1 % 6 to be delivered
to ______________________” , in accordance with the general regulations of the
Treasury Department governing assignments for transfer or exchange, and thereafter
should be presented and surrendered with the subscription to a Federal Reserve
Bank or Branch or to the Treasury Department, Division of Loans and Currency,
Washington, D. C. The bonds must be delivered at the expense and risk of the
holder.
VI.
GENERAL PROVISIONS
1. As fiscal agents of die United States, Federal Reserve Banks are author
ized and requested to^receive subscriptions, to make allotments ®n the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve
Banks of the respective Districts, to issue allotment notices, to receive payment
for certificates allotted, to make delivery of certificates on full—paid subscrip
tions ^allotted, and they may issue interim receipts pending delivery of the
/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 of fey-t
ing, which will be communicated promptly to the Federal Reserve Banks.
FRED M. VINSON,
Secretary of the Treasury.
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The Secretary of Hie Treasury, la accept lug this arrangea» nt, has expressed
the appreciation of the United States Government f o r the friendly action taken
by the French Gore n a » nt.
9H
P8S&S
f>
At «eotingteld «Ith the Secretary of the Treasury, ai which X* Rene Pleven,
Ministar of Finane« and of National Eeonosgr of the Freneh Governaent, conferred
oilll representativo* of t e t e t e t e t e t e and Treasury Departe nta, consideratloa
«a» g i m a to th® problens which t e ® t e a of eoxioora to t e t e t e t e t e Goveram m % relating to th® general «alfar® and purchasing power of nsnhors of th® traed
Forces of the United State®» X» F l e m a ©flus,lasó the Freneh Ooranatat1! desir®
to aake arrangemente alloaing the nany s o t e of the A m a d Forces of t e tetad
Jtato» «ha « I1IOI etationed la, or ia traaolt tfarough, Franca during the parlad
of redeployaent to t e t e greateot possible opportunities of eajoyiag the ir feriftf
stay ia Franco.
Xa Washington, aa agreeaeat «es reached oa t e h r t e principies of e progne
intended to provid® nos® enterteinaent facillties, greater availablility of norationed goods oa special tora® «id sea® speeial aftdasifls for gene rally iapootUg
t e percha®iag pover of aeahsr» of t e traed Forcee of th® t e t e t e t e ia Frase®«
Xt «a® ferther agreed that th® lar and Treasury Depártete would sppoiat repre
sentativos to «arte oat ia Parió» ia cooporatioa with the Asaricen Forces ia Frase®
and with tí® Freneh Goveraaeat, the detalla of tho prograa»
Aa a result of t e o o nogotiations «hich haré beea preceeding la Fite®» t e
F m a c h Governasnt 1« aow aanouneing th® followiag «osearos which it ha® put lata
offset»
fho firat of t e a ® lo o prograa of sabataniial parteo reduettea® for article®
a t e ia Praa«® oa m i ® at Arar K w j bangos and for entertaiaosnt and refreteste
at contera already t e t e er to be oponed with Freneh Governmnt cooperatioa.
The se priee reductions ala® apply to gifto purchased la Freneh ahupa aben « t e t e
to «a address outside Franco hy tho eoldisir p á r t e t e * Ais©, tho Arar Central
Welfaro Faad «111 benefit from a partial refuad o f tho priooo herotofor® paid
for local perchases ia ftteacc by tho Asar £xchango Service» % ordor t® acquaist
«otero of tho A r t e forcé® of tho h d t e á States «itii tho «car p i t e » la Frote
of historie and secóle interest, th® Psoach Governaent ha®
for eo&éMte
toara» «t no co»t to « é t e r ® of tho Aiaod Poro®» of th» United States, starting
froa th® aaior l o t e or l a a d l f area®.
— 1B1
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ThexFr®neh Governaent ' h e t e arrangíag to Anereoao th® parchasing p e t e
O f tho «sohor® of tho A|«od Forces of th® United States l a Friao®. Dador t h U
arrangeaent th® Freneh Goverruasnt « t e p l a c e a t th® l l ^ t e
t e Aasrlcan
Governaent a substantial a t e t e of fraao® for distrlbatlozi to tho a t e n of
tho Asete Forces o f th® United State®* Th®s® franco «111 b® paid at th® rata
of 8JS franca per aonth to aeteers of tho A n t e Fcrco® o f tb» United States
regularly ststioned la Frasee,and S50 franco «111 be paid to a t e n of t e
A n t e Forces of th® United States sta t i o w d outside Fr«ne®vSt tho tiao of tb®if
entry indo Fraao® na l o t e » «o temporary duty o r i a traaolt during redeployaast.
th® dlstribmtlott of franca «111 go lato offset a t the «ad o f August.All otb«r
f«atures o f the a t e prograa as® already la operation la córtala aaetioa® of
Franco aad are being a c t i m l y « p e t e .
m j L
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á~o
TREASURY DEPARTMENT
p
Washington
FOR. RELEASE AT 6.00 P.M. , E W T ’
Monday, August 20, ,1945« ! . '
Press Service
.No. V-31
. i:
-The Treasury and the War Department, and the French Government,
today issued the following joint statement:
At meetings held with the Secretary of the
Treasury,.at which M. Rene Pleven, Minister of
Finance and of Rational Economy of the French
Government, conferred with representatives of
the United States War ana Treasury Departments,
consideration was-given to the problems which
have been of concern to the United' Sta'tes
Government relating to the general welfare and-'
purchasing power of members of the Armed Forces
of. the United States.
M. Pleven emphasized the
French Government’s desire to make arrangements
allowing the many members of the Armed Forces
of the United States who will be stationed in,
: or in transit.through, France during the period
• of redeployment to have the greatest possible
opportunities of enjoying fbeir brief-stay in
Franc e .
I
' .yti
In Washington, an agreement was reached on
the broad principles cf a.program intended to
provide more entertainment facilities, greater
!availability' of nonrationed goods on special
terms and some Special mechanism for generally
1 •improving'the purchasing power of members of
the Armed Forces of the United Statesfin France *
It was further agreed that the War and Treasury
Departments 'would appoint representatives to
’work out in Paris, in cooperation with the
American Forces in France and with the French
Government, the details of the program.
■ As a result, of these negotiations which
have been proceeding in Paris, the-French
Government, is now. announcing the following
measures which it has put into effect.
The first of these is a program of sub
stantial price yeductions for articles made in
France on sale at.Army Exchanges;and for enteriaihmert and refreshments at centers already
..
- 2
opened or to be opened with French Government
cooperation. These price reductions also apply
to gifts purchased in French shops when exported
to an address outside France by the soldier p ur
chaser. Also, the Army Central Welfare F u n d 'will
benefit from a partial refund of the prices here
tofore paid for local purchases in France by the
Army Exchange. Service.
In order to acquaint
members of the Armed Forces of the United States
with the many places in France of historic and
scenic interest, the French Government has
arranged for conducted tours, at no cost to
members of the Armed Forces of the United .States,
vstarting from the major .leave or assembly areas.
\
The French Government is also arranging to
increase the purchasing' power of the members of
The Armed Forces of the United'States in France.
Under this arrangement the French Government
'Will place at the disposal of the American
Government a substantial number of francs for
distribution to the members of the Armed Forces
of the United States.
These francs will be, paid
at the rate of STQ francs per month, to members
of the Armed Forces of the United'States regu
larly stationed in France, and 850 francs .will
be paid to members of the Armed Forces of the
United States stationed outside France at the
time of their entry into France on leave, on
temporary duty or in transit during redeploy
ment .
..
The distribution of francs will go into
effect at the end.of August.
All other features
of the above program are already in operation in
certain sections of France and are being actively
expanded.
,. 1^. Secretary of Treasury Vinson, in accepting
.tois arrangement, has expressed the appreciation
of the U n i t e d .States Government for the friendly
action taken by the French Government.
-oOo-
TRBASÜHT DSPARTMSÏ?
Washington
FOR RELEASE, MOHNBIG ÄEWSPAPSRS,
Frasa Standes
itowdT, imit a, ms._____
y' 3
y
thè Secretar/ of thè Treasury announced last evening that thè tendere for
11,300,000,000, or thereahoute, of 92-day Treasury bilie to be dated August 23 and to
/
nature Koveaber 23, 1945, ehieh wert offered on August 17, 1945, wert opened at thè
Federal Reserve Baaks on August 20*
The details of thls issue are as follosas
Total applied for - #1,954,339,000
Total aecepted
* 1,310,514,000 (ineludes $50,105,000 entered on a fixed-prici
basis at 99*905 and aecepted in fall)
Average pries
* 99*904/ Equivalent rate of discount approx. 0*375$ per asm»
lange of aecepted competitive bides
High
Los
« 99*909 Equivalent rate of diseount
- 99*904
*
«
e
«
a p p ro x .
«
0*354$ per annua
0*376$ »
»
(43 percent of thè amount bld for at the los pries vas aecepted)
Federal Reserve
Bistriet
Tetti
Applied for
Total
Aecepted
• 38,670,000
1,450,387,000
43,457,000
20,925,000
28,040,000
4,215,000
264,830,000
26,385,000
8,195,000
12,815,000
8,610,000
59.S10.000
*
»,956,339,000
»,310,516,000
iw %
Boston
les Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* louis
Minneapolis
Kansas City
Bailas
San Francisco
■>
TOTAL
25,350,000
943,832,000
36,057,000
9,445,000
26,190,000
4,215,000
172,SU,000
19,947,000
6,345,000
12,815,000
8,129,000
45,380.000
T R E A S U R Y DEPARTMENT.
Washington
E OR RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, A u g u s t 21,, 1945«
Press Service
No. 7-32
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 evening that
the tenders f o r $1-,300,000,000,
or thereabouts,
of 9 2 - d a y
T r e a s u r y bills to be d a t e d A u g u s t 23 a n d to m â t u r e N o v e m b e r 23,
1945,
w h i c h w e r e of f e r e d on A u g u s t 17,
1945,
w e r e opened at the
F e d e r a l R e s e r v e Banks on A u g u s t 20.
The details of this
issue are as follows:
T o tal a p p l i e d for - $ 1 , 9 5 6 , 3 3 9 , 0 0 0
Total a c c e p t e d
1 , 3 1 0 , 5 1 6 , 0 0 0 (includes $ 5 0 , 1 8 5 , 0 0 0
, entered on a f i x e d - p r i c e basis at 99.905 a nd a c c e p t e d in
full )
A v e r a g e p r ice
- 9 9 . 9 0 4 / E q u i v a l e n t r ate of discount a p p r o x
0 . 3 7 5 $ per 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:
High
- 99.909
0 . 356$
- 9 9 .9 0 4
0.376$
Low
E q u i v a l e n t rat e of d i s count a p p r o x
per a n n u m
E q u i v a l e n t rat e of discount a p prox
per a n n u m
(63 pe r c e n t of the a m o u n t bid for at the l ow p r ice was accepted)
Federal R e s e r v e
District
Total
A p p l i e d for
Total
Accepted
\
Boston
New York
P hiladelph ia
C l e v eland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y
Dallas
San F r a n cisco
$
TOTAL
38,670,000
1*450,387,000
43,457,000
10,925,000
28,040,000
4,215,000
264,830,000
26,385,000
8,195,000
12,815,000
8,610,000
59,810,000
$ 1 ,9 5 6 ,3 3 9 ,0 0 0
$
2 5 ,3 5 0 ,0 0 0
943,832,000
36,057,0^)0
9 , 4 45,000
2 6 ,1 9 0 ,0 0 0
4,215,000
172, 8 1 1 , 0 0 0
19,9 4 7 , 0 0 0
6 ,3 4 5 ,0 0 0
1 2 , 8 15,000
8 ,1 2 9 ,0 0 0
45,380,000
$1,310,516,000
TREASURY DEPARTMENT
Washington
POR RELEASE,
Friday, August 24. 1945
Press Service
No* V-33
Secretary of the Treasury Vinson today made publio the
first of a series of tabulations which will appear in the report
Statistice of Income for 1942, Part 2,M compiled from corporation
income and declared value excess-profits tax returns, excess prof
its tax returns, and personal holding company returns* These
data are prepared under the direction of Commissioner of Internal
Revenue Joseph D„ Nunan, Jr*
SUMMARY DATA
The number of corporation income and declared value excessprofits tax returns for 1942 is 479,677, of which 269,942 show
net income of #24,052,357,501, while 172,723 show a deficit of
#1,000,746,361, and 37,012 have no income data (inactive corpo
rations).
The income tax liability reported on these returns is
#4,337,727,815 and the declared value excess-profits tax is
#66,854,462, while an excess profits tax liability of
#7,851,813,849, after credits, is reported on 54,002 corporation
excess profits tax returns for the same period. Thus the total
amount of corporation income and excess profits taxes is
#12,256,396,126, representing an increase of 71 percent as com
pared with the total for 1941* The amounts of income tax
ex
cess profits tax liability do not take into account any credit
claimed for income and profits taxes paid to a foreign country or
United States possession.
The 54,002 taxable corporation excess profits tax returns
for 1942 show excess profits net income of #17,084,370,115 and
adjusted excess profits net income of #10,494,667,373.
-
2
-
A comparison of the 1942 returns with the 1941 returns is pro
vided in the following summary:
Corporation returns, 1942 and 1941:
Summary data
(Money figures In thousands of dollars)
1942
1941
Increase or
decrease (-)
Number
or
Percent
amount
Inoome and declared value excess-profits tax returns
Total number of income and
declared value excessprofits tax returns:
Returns with net income: l/
Number
Net inoome 1/
Tax liability:
Income tax 2/
Declared value excessprofits tax
Excess profits tax 3/
479,677
509,066
-29,389
—6
269,942
24*052,358
264*628
18,111,095
5,314
5*941,263
2
33
4,337,728
3,744,568
593,160
16
66,854
7,851,814
64,149
3,359,186
2,706
4,492,628
4
134
Total
12*256,396
7,167,902
5,088,494
71
Returns with no net income: 1/
Number
Deficit 1/
Number of returns of inactive corporations
172,723
1,000,746
204,278
1,778,553
-31,555
-777,806
-15
-44
37,012
40,160
-3,148
-8
11,590
5,011,854
27
41
4,159,803
66
Excess profits tax returns
Taxable excess profits tax
returns:
Number
54,002
42,412
fficcess profits net income 4/ 17,084,370 12,072,516
Adjusted excess profits
net income 5/
10*494*667
6,334,864
Excess profits tax
(See above)
___________ I___________
For footnotes, see p. 16.
Allowance of the net operating loss deduction reduced the net inoome for
declared value excess-profits tax computation by $378,113,851 on 46,008 re
turns filed for 1942* as compared with $330,029,537 on 50,894 returns filed
for 1941« See note 14, p. 16.
- sRETURNS INCLUDED
The data presented in these tabulations are from returns for
the calendar year ending December 31, 1942, a fiscal year ending
within the period July 1942 through June 1943, and a part year with
the greater portion of the accounting period in 1942•
Thé data are from corporation income and declared value excess*»
profits tax returns. Form 1120| life insurance company income tax
returns, Form 1120L$ mutual insurance company income tax returns,
Form 1120M; and corporation excess profits tax returns. Form 1121*
Included for this purpose in addition to returns filed by domestic
corporations are the returns filed by foreign corporations engaged
in business within the United States* The complete report,
* Statistics of Income for 1942, Part 2, will contain more detailed
statistics from corporation income and declared value excess—profits
tax returns and from corporation exoess profits tax returns, to
gether with data from personal holding company returns, Form 1120H*
The statistics are compiled from the returns as filed, prior to
revisions that may be made as a result of audit by the Bureau of
Internal Revenue and prior to any ohanges which may result from the
renegotiation of war contracts after the returns were filed*
Changes resulting from the renegotiation of war contracts are re
corded as settlements are reached, however, and the effect of re
negotiation settlements reached to date with respect to the tax
year 1942 will be shown in a special tabulation to be included in
the complete report, Statistics of Income for 1942, Part 2*
CHANGES IN LAW AFFECTING CORPORATION RETURNS
"V ** * ****
The comparability of the figures tabulated from the 1942 returns
with those from the 1941 returns is affeoted by the ohanges in law
introduced by the Revenue Act of 1942* The most significant changes
are as follows:
Income Tax Returns, Forms 1120, 1120L, and 1120M
(1)
There is a substantial increase in the surtax rates for 1942
ever 1941, as shown below:
1942 rate 1941 rate
Sise_of surtax net inoome
percent
percent
Not over $25,000«
........ .........
Over $25,000 but not over $50,000:
First $25,000«***«,........ .
Next $26,000.«. •••♦•*...... *.....«
io
6
10
22
6
Over $50,000:
First $25,000««•••*••............ .
Excess over $25,000*«...............
16
16
7
6
7
- 4 -
Domestic corporations deriving income principally from trade or
business in foreign countries within the Western Hemisphere are exempt
from surtax*
«
The normal tax rates are changed slightly with respect to inoomee
over $25,000 but not over $50,000« The 1942 rate applicable within
these limits is $4,250 plus 31 percent of the amount in exoess of
$25,000, whereas for 1941 the rate on incomes over $25,000 but not over
$38,461,54 was $4,250 plus 37 percent of the amount in excess of
$25,000, and the rate on incomes over $38,461.54 was 24 percent of the
entire normal-tax net income. The complete normal tax rate sohedule
for 1942 is shown below:
Sise of normal tax net income
Not over $5,000*..... .......
Over $5,000, not over $20,000••
Over $20,000, not over $25,000
Over $25,000, not over $50,000
| ¡gj '
--
V
Over $50,000.*....
1942 rate
15 percent of the normal
tax net income
$750, plus 17 percent of
the amount in exoess of
$5,000
$3,300, plus 19 peroent
of the amount in exoess
of $20,000
*4, 250, plus 31 peroent
of the amount in exoess
of $25,000
24 percent of the normal
tax net income
Foreign corporations engaged in business within the Uhited States
are subject to a flat 24 peroent tax on their normal tax net inoome*
(2) The privilege of filing a consolidated return for normal tax
and surtax is extended to all affiliated corporations with taxable
years beginning after December 31, 1941. The surtax rates in the
oase of a consolidated return for 1942 are 2 percentage points higher
than those otherwise applicable. For the previous taxable year only
railroad corporations and Pan-American trade corporations were per
mitted to file consolidated returns for income tax purposes*
(3) Provision is made for the deduction of the inoome subject
to excess profits tax for the taxable year in computing normal-tax
net inoome and surtax net inoome, whereas, for 1941, the excessprofits tax was allowed as a deduction.
(4) Public utilities, other than railroads, are allowed a credit
against surtax net inoome for dividends paid on certain preferred
stock during taxable years beginning after December 31, 1941*
- 5 -
(5) The definition of capital assets was changed for 1942 to ex
clude land used in the business, making it a non-capital asset for
the purpose of determining gain or loss from the sale or exchange of
capital assets»
For taxable years beginning after December 31, 1941, "short-term"
applies to gains or losses on the sale or exchange of capital assets
held six months or less; "long-term" applies to gains or losses on
capital assets held over six months. For 1941, the period of time was
eighteen months or less for short-term and over eighteen months for
Nlong-term#
Beginning 1942 gains and losses from (a) sale or exchange of
depreciable property and real property, used in the trade or business
and held for more than six months, and from (b) involuntary conversion
of such property and of capital assets held for more than six months
are treated as long-term capital gains and losses, if the gains exceed
the losses. If the losses exceed the gains, the net loss is deductible
as an ordinary loss#
Short-term capital losses, for 1942, are allowed against short
term or long-term capital gains, while in 1941 the short-term capital
losses were allowed only against, the short-term capital gains#
Long-term capital losses, for 1942, are allowed solely against
short-term or long-term capital gains, while for 1941 the excess of
long-term capital losses over capital gains (long-term and short-term)
could be applied against other income as well.
An alternative method is prescribed for computing normal tax
surtax for corporations with net long-term capital gain in excess of
net short-term capital loss# This method, in effect, limits the tax
on the excess of net long-term gain over net short-term loss to 25
percent# For the previous taxable year net long-term gain was taxed
at the regular normal tax and surtax rates#
(6) Corporations with 1942 fiscal years ending after June 30
are required to compute two tentative taxes, one under the 1941 Act,
the other under the 1942 Act, and prorate each on the basis of the
number of days before July 1, 1942, and after JUne 30, 1942, respec
tively, The prorated portions of the two tentative taxes are then
combined to determine the actual liability# Previously the net income
for the entire year was taxed under the law applicable to the calendar
year in which the fiscal year began,
(7) While life insurance companies retain investment inoome as
the tax base, the computation of their net income is substantially
revised by the Revenue Act of 1942 in order to reduce the reserve
earnings deduction to correspond more closely with the amount aotually
needed to maintain reserves, and to eliminate the possibility of taxexempt interest being deduoted twice - once as tax-exempt interest
and a second time to the extent that tax-exempt interest was repre
sented in the reserve earnings deduction# Provision is made for a
"reserve and other policy liability credit" equal to a flat percentage
of investment income less tax-exempt interest* This credit, which
is deducted after arriving at net income, takes the place of the
deductions for reserve earnings, deferred dividends, and interest
paid, which formerly were allowed in computing net income. For 1942
the credit rate is 93 percent and for normal tax purposes the aggre
gate amount of credit is #812,080,485* reported only on returns with
net income.
As a consequence of this change, the net income (less the deficit)
reported on life insurance company returns for 1942 is automatically
increased over the amount for 1941 by more than one billion dollars
and there is a considerable increase in the proportion of such returns
showing a net income*
In the case of a life insurance company deriving a portion of its
income from contracts other than life insurance, annuities, or non
cancell able health and accident insurance, the Revenue Act of 1942
provides for an adjustment of the tax base to include interest received
on the non-life insurance reserves* This adjustment, which amounts to
#4 ,343,433 for 1942, is an offset to the reserve and other policy
liability credit and accordingly appears only among returns with net
income.
(8)
Section 101 (11) of the Internal Revenue Code, which grants
exemption to certain mutual insurance companies other than life, is
revised in such a manner as to limit the exemption to mutual insurance
companies, other than life or marine, having gross receipts from in
terest, dividends, rents, and premiums of not more than #75,000.
Mutual insurance companies other than life or marine not granted an
exempt status are taxed under a new method which provides in general
that the tax shall be the larger of (1) a tax on the net investment
income at regular corporate normal tax and surtax rates, or (2) a
special tax of'l percent on the gross amount received from interest,
dividends, rents, and net premiums - minus dividends to policyholders
and wholly tax-exempt interest*
Excess Profits Tax Returns, Form 1121
(1) The percentage of invested capital allowed as a credit under
the invested capital method was reduced for 1942 as follows«
Invested capital
Percentage allowed as credit
------First #5,000,000
Next
5,000,000
Next 190,000,000
Over 200*000,000
8
7
6
5
m i-----8
7
7
7
- 7 -
(2) The unused excess profits credit for any taxable year begin
ning on or after January 1, 1942, may be carried back and credited
against the excess profits not income for the two preceding years
(but not for any taxable year beginning before January 1, 1941) there
by reducing the adjusted excess profits set income for the earlier
years* The unused excess profits credit for any taxable year whioh
is not used as a carry-back may be carried forward to the two succeed
ing taxable years* For the taxable year 1941, the unused credit could
be carried forward only*
(3) There is an increase in the excess profits tax rates* For
a taxable year beginning in 1942, the exoess profits tax rate is a
flat 90 percent of adjusted exoess profits net income*, However, the
total corporate normal tax, surtax, and exoess profits tax (before
any credits) is limited to 60 percent of surtax net income (before
credit for adjusted excess profits net income)* For 1941, the exoess
profits tax rates varied from 35 percent on the first #20,000 of ad
justed exoess profits net income to 60 percent on amounts over
#500,000*
(4) For 1942 a credit of 10 percent of the excess profits tax
is allowed for whioh there are issued noninterest-bearing, nonnegotiable bonds* Originally such bonds were to be redeemable after
the war* however, the Tax Adjustment Act of 1945 advances their
maturity date to January 1, 1946* Part or all of this credit may
be availed of currently by the taxpayer for debt retirement as
explained in the following paragraph* Ho post-war refund applies if
the taxable year began in 1941 and ended before July 1, 1942*
(§) At the election of the taxpayer a credit for debt retirement
is allowed against the exoess profits tax* This oredit is limited to
the lesser of (l) 10 percent of the exoess profits tax or (2) 40 per
cent of the net debt reduction for the year* To measure the net debt
reduction, the indebtedness as of the olose of the taxable year is
compared with the indebtedness as of September 1, 1942, or, if the tax
able year begins after this date, with the smallest amount of indebted
ness during the period beginning September 1, 1942, and ending with the
olose of the preceding taxable- year* Ho credit for debt retirement
is allowed for taxable years beginning in 1941, or ending before
September 1, 1942*
(6) Provision is made for increasing the excess profits oredit
based on average earnings in certain oases* A corporation which, in
any year of its base period, had income of less than 75 percent of
the average of the three remaining years is allowed to substitute 75
percent of the average of the three other years in computing its
base period average* Broader and more liberal provisions, retroactive
to 1940, have been made in the general relief granted under section
722* Taxpayers using the average earnings method of computing exoess
profits credit are permitted to have their base period earnings recon
structed in oases of abnormality or hardship, provided they oan
establish that their actual base period earnings were abnormally low*
8
(7) Corporations with 1942 fiscal years ending after June 30 are
required to compute two tentative taxes and prorate each in a manner
similar to that described above for income tax«
CLASSIFICATIONS PRESENTED
In table 1, pages 10 - 14 # selected data from corporation in*»
come and declared value excess-profits tax returns for 1942 and ex
cess profits tax liability from corporation excess profits tax returns
are shown by major and minor industrial groups for returns with net
income and returns with no net income«
The industrial classification is based on the business activity
reported on the return* When multiple businesses are reported on &
return, the classification is determined by the business aotivity
which accounts for the largest percentage of total receipts« There
fore, the industrial groups do not refleot pure industry olassifio&tions«
The principal change in the industrial classification for 1942 as
compared with 1941 is that there are five additional minor groups within
the major group "Iron, steel, and products•" The added minor groups as
well as the minor and major groups in which they were included in 1941
are as followss
------------- ------------------ --------------- I5ÎI-----------Added minor groups
Major groups, in
which included
Minor groups, in I Major groups, ix
which included
1 which included
Firearms, guns,
Iron,8teel, and
howitsere,mortars, products
and related
equipment
Other iron,steel,
and products
Iron, steel,and
products
Ammunition
Do«
Other ohemioal
products
Chemicals and
allied products
Tanks
Do«
Automobiles and
truoks (including
bodies and indus
trial trailers)
and military
vehicles
Automobiles and
equipment,
exoept eleotrlcal
Sighting and firecontrol equipment
(exoept optioal)
Do«
Other
manufacturing
Other
manufactur ing
Ordnance and ac
cessories, not
elsewhere clas
sified
Do«
Blast furnaces
and rolling
mills
Iron,steel, and
produots
- 9 -
The only change* in addition to the above* is the transfer of
mutual marine insurance oarriers to the minor group "Other insurance
carriers" from the minor group "Mutual insurance* except life*"
The classification of the returns by net inoome »«d deficit
classes* shown in table 2* end the classifioation by returns with net
income and returns with no net income* shown in both tables* are
based on the amount reported fbr declared value excess-profits tax
computation* adjusted by excluding the net operating loss deduction*
Certain tabulations prepared from the 1942' returns were made public
previously in a preliminary report issued as of February 16* 1945* and
are omitted from this series of releases* Table 1-A of the preliminary
report shows by major industrial groups the number of consolidated
income tax returns filed by affiliated corporations* with the
corresponding amount of total compiled receipts* net inoome* income
subject to excess profits tax* income tax* deolared value exeessprofits tax* and dividends paid* In table 5 of the preliminary
report* there is shown by adjusted excess profits net inoome classes
and by method of credit computation the number of taxable corpo
ration excess profits tax returns for 1942* with the corresponding
amount of excess profits net Inoome* exoess profits credit* adjusted
excess profits net income* exoess profits tax* credit for debt
retirement* and post-war refund*
X * U e 1» - Corporation rataraa, 1942, by major industrial groups and minor Industrial groups, for returns with not Income and returns with no net incomei Number of returns, total — p'l—* receipts, net
inc°"® °f »«iolt» «nd dividends paid In cash and assets other than own stock] also, for returns with net Incomet Income subject to excess profits tax, total tax. Income tax, declared value excessprofits tax, and excess profits tax
.
’
(Money figures in thousands of dollars)
88S388SSJ8P8665Sii*
Major Industrial groups and minor
Industrial groups t/
All Industrial groups
Mining and quarrying
Metal mining
Iron
Copper
Lead and sine
Cold and silver
Other metal mining
Metal mining not allocable
Anthracite mining
Bltiatlnous coal, lignite, peat, eto.
Crude petroleum and natural gas production
Crude petroleum, natural gas, and natural gasoline
production
Field service operations
Nonmetalllc mining and quarrying
Stone, sand,and gravel
Other nonaetallic mining and quarrying
Nonmetalllc mining and quarrying not allocable
Mining and quarrying not allocable
Manufacturing
Food and kindred products
Bakery products
Confectionery
Canning fruits, vegetables, and sea foods
Heat products
Qraln mill products, except cereal preparations
Cereal preparations
Dairy products
Sugar
Other food, Including Ice and flavoring syrups
Food and kindred products not allocable
Beverages
Malt liquors and malt
Distilled, rectified, and blended liquors
Nine
Nonalcoholic beverages
Beverages not allocable
Tobacco manufactures
Cotton manufactures
Textile-mill products, except cotton
Woolen and worsted manufactures, including dyeing and
finishing
Rayon and silk manufactures
Knit goods
Hats, except cloth and millinery
Carpets and other floor coverings
Dyeing and finish!-” textiles, except woolen and worsted
Other textile-mill products
Textile-mill products, except cotton, not allocable
Apparel and products made from fabrics
Men's clothing
Women's clothing
Fur garments and accessories
Millinery
Other apparel and products made from fabrics
Apparel and products made from fabrics not allocable
Leather and produots
Leather, tanned, curried, and finished
Footwear, except rubber
Other leather produots
Leather and products not allocable
far footnotes, see p. 16,
Total
number
of
returns
u
Number Total
of
compiled
returns receipts
Income sub
Net
ject to ex
Income 1/ cess profits
6/
Total tax
tax 9/
Taxes
Declared
Excess
value excès* profits
profits tax
tax 6/
Incone
tax 2f
B ra 3 5 n & —
paid In cash Number Total
and asssts
of
compiled
other than
returns receipts
Dividends
paid in cash
Deficit
\/ and assets
0/
other than
479,«77
11,184
2,092
96
10S
257
996
214
446
148
1,921
4,496
5,945
269,942 206,160,215 24,052,558
4,507
5,454,941
445,926
501
1,229,062
228,560
54
176,192
17, U O
16
650,051 ' 129,657
68
188,264
25,682
98
64,922
15,011
57
91,509
50,950
48
58,324
7,969
79
219,671
10,588
906
1,126,449
77,042
2,087
488,579
72,509
1,891
412,626
65,399
10,502,756
110,247
60,202
4,955
41,323
7,525
108
6,508
2
1,474
16,852
8,664
7,802
12,256,396 4,357,728
197,643
109,026
52,879
102,593
7,931
4,068
60,678
26,084
12,451
6,564
5,634
5,545
15,889
8,591
2,051
2,028
4,207
5,122
55,790
20,757
26,221
19,690
25,619
17,750
68,854 7,851,814
624
87,994
272
49,442
255
3,628
54,593
(15)
4
5,865
5
85
27
5,271
A
(15)
4
1,081
88
12,966
111
6,420
101
5,769
5,490,167
259,757
161,958
12,117
101,059
14,961
10,558
15,456
8,007
6,620
25,624
46,860
45,597
172,725
4,608
844
34
38
94
384
111
185
58
851
2,078
1,782
U , 520,297
567,846
64,810
26,165
5,445
11,848
8,211
5,254
9,909
95,186
175,852
186,559
151,414
1,000,746
56,219
11,595
502
61S
1,458
5,116
1,695
4,209
2,275
9,127
28,508
24,541
116,918
7,885
700
5SS
196
75,955
6,910
911
566,256
58,654
753
262,669
39,338
152
101,519
18,771
6
2,268
545
23
4,924
973
59,723 115,443,852 13,809,135
7,086 15,992,504
942,299
1,147
1,251,545
91,955
485
661,052
86,559
1,065
1,415,668
150,671
689
8,575,011
121,261
818
1,754,611
77,707
57
252,355
52,293
1,259
2,045,203
107,441
138
692,100
63,652
1,225
1,116,659
166,357
243
428,500
44,441
2,285
2,611,760
280,974
568
1,193,487
120,714
167
874,649
74,878
115
65,952
6,503
1,609
456,623
77,297
26
23,049
1,781
141
1,791,520
179,255
752
2,828,859
579,281
2,996
4,716,255
492,504
455
1,386,568
139,503
863
22,419
17,140
5,089
190
656
7,963,833
308,385
26,868
57,928
70,088
51,547
26,546
10,202
25,456
6,930
55,631
17,190
95,615
36,105
52,048
3,033
23,726
701
42,258
259,135
285,112
91,754
2,602
1,940
30,320
12,494
20,965
7,340
9,065
5,018
290
136
512
104
8,228,017 2,173,112
472,196
229,210
45,132
23,529
48,610
18,310
82,520
27,325
55,395
31,808
39,478
18,170
16,525
8,640
51,588
31,252
25,735
20,107
85,366
40,548
21,848
9,521
159,821
68,071
59,877
31,679
38,094
16,398
3,385
1,005
57,525
18,632
942
357
86,903
53,185
245,899
51,978
293,780
79,208
90,075
18,813
U
651
149
17,677
142
15,482
6
4,041
me
154
408
(13)
41,868 6,015,037
3,948
239,059
132
21,470
482
29,818
896
54,299
207
23,380
1,435
19,875
236
7,649
20,179
156
107
5,521
180
44,638
116
12,210
980
70,770
49
28,148
127
21,570
102
2,279
685
18,207
18
567
42
53,676
641
191,280
1,470
215,102
268
70,994
1,263
20,409
6,954
13,291
165
265
2,496,901
238,352
26,156
20,SOI
29,671
25,473
20,722
11,694
21,594
25,605
48,320
12,617
67,041
29,582
16,526
945
19,872
116
70,781
45,768
60,676
15,556
296
627
450
173
4
170
22,451
2,394
477
84
279
195
205
17
464
15
571
89
528
117
61
44
297
9
84
73
750
84
54,945
55,967
28,614
7,146
207
9,675
5,997,029
1,892,055
68)571
4,651
27,107
1,592,737
45,622
621
77,500
20,657
45,581
9,245
85,281
47,945
15,168
4,586
15,001
584
8,*67
22,452
109,817
18,596
3,967
4,150
2,659
1,464
7
584
159,055
14,175
1)989
504
1,352
4,294
1,755
19
895
558
2,566
462
4,922
2,545
1,447
269
609
52
503
1,464
6)255
1)402
242
209
86
121
2
8
14,517
5,195
86
4
50
2,584
227
9,764
12,985
1,594
6,705
5,579
7,576
3,120
22,098
9,774
5,157
126
119
6,505
417
28,491
7,216
17,212
1,696
367
83
191
116
33
118
63
62
2,173
328
839
556
155
411
104
558
55
190
111
2
15,950
16,488
20,851
3)980
14,712
1,278
.'900
408
241
1,125
'526
574
7,075
1,545
148
62
52
2
15
8
5
148
49
59
50
5
7
1,668
1,281
569
18
859
84,795
9,702
1,668
575
1,413
897
1,056
63
1,761
161
1,841
547
2,973
530
505
164
1,955
45
259
854
3,856
552
440
1,255
289
111
510
424
277
8,855
1,784
5,718
764
441
1,741
587
2,055
555
951
747
22
549
1,032
171
74
585
352
198
6,559
1,456
2,846
424
284
1,504
265
1,667
269
750
628
20
681,444
978,076
115,331
285,115
458,643
444,70ft
386,568
5,741,856
1,526,448
1,402,972
105,665
55,056
755,452
118,264
2,055,805
574,542
1,205,395
257,457
18,611
81,654
97,559
5,769
24,441
55,408
44,906
45,264
214,989
92,036
56,996
1,861
1,036
57,621
5,458
140,449
47,540
76,709
14,700
1,500
45,922
51,452
1,090
7,761
35,083
25,604
52,058
109,559
46,927
25,368
269
79
54,187
2,559
66,709
25,497
55,779
6,785
651
45,957
56,595
2,420
12,550
32,187
25,604
28,594
118,859
51,810
28,927
595
285
34,442
2,780
77,108
28,166
40,552
7,534
Ë58
13,513
16,781
1,518
6,315
7,719
8,35«
6,200
34,986
15,575
9,669
405
218
8,508
815
26,497
8,666
15,075
2,462
295
290
431
22
27
132
58
245
1,144
412
552
18
9
507
46
491
152
200
127
55
32,154
39,583
879
6,208
24,536
17,196
21,951
82,709
55,825
16,907
173
58
25,827
1,921
50,119
19,368
25,279
4,945
527
6,617
14,565
212)125
38)630
95)158
52,714
11,703
26)137
7,800
57)754
9)501
36,158
12,055
60
2)535
1)019
'510
1,272
'596
2,261
'S50 V
1,441
'468
2
2
124
101
475
25
759
6,184
5,942
;
18
92
149
5
510
195
99
10
6
20
16
559
70
50
5
12
55
&
1
m
Jj
1
2
5
4
5
6
7
8
9
10
11
12
15
14
15
16
17
18
19
20
21
22
25
24
25
28
27
28
29
50
51
52
55
54
55
56
57
58
59
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
L
0
1
b b l * 1. - Corporation ratona, 1842, tor major inda»trial group« and minor Inda»trial group«, for ratona with not Incoa« and ratona with no not incoa*i habar of ratona, total----vnslnt«
Inooaa or daflolt, and dividends paid In oaah and nasata othar than oan stook; alao, for ratona with net Incsaet Incaaa aubjaot to axoaaa profit* tan, total tax, lneone tax,
pronte tax, and axoaaa pronta tex — Continuad
9
9
^
not
*-Tr-
(Honor figuro« In thooaanda of dollars)
Major industrial (roups and alnor
Industrial groupa ¡/
100
101
102
10S
104
105
106
107
ioe
109
110
111
112
US
114
ns
ne
U7
ns
U9
120
m
Manufacturing - Continued
Rubber products
liras and limar tubas
$
Othar rubber product«, including rubberised fabriee and
olothing
Inbar and timber basic produets
Logging eanpa and a m i l i *
Planing alila
Furniture and finished luaber products
Furniture (wood and natal)
Partitions and fixtures
Wooden containers
Matches
Other finished luaber products, including cork products
Furniture and finished luaber products not allocable
Paper and allied products
Pulp, paper, and paperboard
Pulp goods and converted paper products
Paper and allied products not allocable
Printing and publishing Industries
Newspapers
Periodicals
Books and anisic
Commercial printing
Other printing and publishing
Printing and publishing industries not allocable
dimoicela and allied products
Paints, varnishes, and colore
Soap and glycerin
Drugs, toilet preparations, sto.
Rayon (raw material) and allied products
Fertilisers
Oils, animal and vegetable, except lubricants
cooking oils
Plastic materials
Industrial chemicals
Other chemical products
Chemicals and allied products not allocable
Petroleum end coal products
Petroleum refining
Other petroleum and coal products
Petroleum and coal products not allocable
Stone, olay, and glass products
Cut-stone products
Structural olay products
Pottery and porcelain products
Qlass and glass products
Cement
Concrete and gypsum products, sailboard
Abrasives and asbestos products
Stone, olay, and glass products not allocable
Iron, steel, and products
Blast furnaces and rolling mills
Structural steel, fabricated; ornamental metal work
Tin cans end other tinware
Hand tools, cutlery, end hardware
Heating apparatus, except electrical, and plumbers'
supplies
Firearms, guns, howitsers, mortars, and related equipment
Ammunition
Tanks
Sighting and fire-control equipment (except optical)
Ordnanee and accessories, not elsewhere classified
Other Iron, steel, and products (not classified below)
Iron, steel, and products not allocable
Total
nunber
of
ratons
1/
■unbar Total
of
oompllad
rotuna reoalpta 8/
506
45
465
404
39
365
1,882,095
1,514,518
567,776
2,658
1,650
828
4,159
1,867
391
514
1,850
1.258
594
2,935
1,593
214
392
1,-852,058
1,282,958
569,098
1,790,255
876,881
65,595
257,566
1,259
115
2,126
435
1,679
848
77
1,730
352
1,370
10,848
2,448
959
800
3,326
1,570
1,747
6,618
877
195
2,460
7
276
255
5,978
1,440
510
410
1,897
875
846
4.258
625
118
1,564
5
102
13
12
689
1,142
615
60S
416
189
3,131
406
766
206
444
96
778
380
51
6,658
145
920
79
741
1,215
81
3,069
237
Hat
Inooaa
Jaot to ex-
\/ c«a« profits
tax 9/
Inooaa
tax 2/
158.826
113,521
40,505
72,462
49,972
22,490
91,780
75,762
16,019
68,467
51,774
2,745
13,370
1,464
11,872
5,243
179.581
107.582
71,199
206
193,554
165,211
50,543
149,593
70,709
5,486
23,807
68,211
6,848
451,240
35,487
91,545
9,256
2,825,107
3S8,59S
1,550,640
219,240
1,252,577
136.827
22,090
2,528
2,427',819
251,055
919,123
116,120
555,547
54,805
239,658
22.956
578,570
48,617
187,436
17,502
167,686
11,055
7,205,529 1,140,399
802,039
62,772
,607,179
57,449
947,741
160,995
158,288
40,698
239,585
25,076
564,116
55,540
65,498
24,058
10,541
4,815
15,729
6,441
1,914
488,268
22,372
5,317
66,484
24,171
4,286
16,620
36,252
107,502
90,694
51,272
16,808
4,960
80,255
29,201
37,818
13.892
3,006
848
13,787
5,565
3,360
2,078
16,512
7,521
5,752
1,698
205,699
67,530
124,667
42.893
79,712
23,928
■1,520
510
115,594
65,357
52,052
35,223
16,789
6,410
10,077
6,142
23,615
10,916
8,555
5,686
4,527
2,980
600,914 250,446
14,560
50,470
25,494
21,508
95,056
41,562
6,567
24.654
10,027
6,654
19.074
6,075
67
508
755
402
589
276
115
121,249
2,747,199
416,711
- 599,422
7,530,028
7,028,754
501,274
18,414
585,175
45,177
93,104
544,700
496,902
47,798
11,412
275,225
21,630
42,552
62,695
59,651
25,044
11.655
508,589
25,288
50,806
218,991
190,990
28,001
1,841
2,237,814
185
35,931
580
247,362
144
151,681
287
573,050
78
280,617
469
315,804
270
611,964
28
21,424
5,550 16,582,334
125
7,151,535
756
657,058
54
398,004
594
687,572
685
1,447,475
376,320
2,417
29,155
16,975
90,579
63,251
45.956
126,124
2,402,974
842,971
87,020
58,558
128,994
219,525
207,431
529
11,431
9,539
50,625
25,436
22,796
66,488
787
1,682,138
536,513
63,228
8,504
82,979
151,282
90,611
200,724
54.714
23,871
7,360
641,914
86.714
89,286
169,455
28,805
16,952
5,214
481,158
68,767
13
228
67
85
2,545
198
707,656
855,425
265,757
140,165
57,202
3,672,487
561,985
1,866
1,000
85,120
61,115
24,005
Declared
talus axoass
profits tax
28,935
22,006
6,929
Excess
profita
tax 8/
55,984
89.104
16,880
428
298
150
775
294
59
70,842
59,125
11,718
50,258
25.831
2,119
10.105
1,185
190
9,000
54
4,020
549 158,020
92
81,682
256
55,528
810
(13)
654
49,583
115
18,716
111
8,268
98
5,836
12,475
75
4,774
1,515
54
1,600 568,868
118
15,791
4,152
52,987
18,087
223
5,282
12,850
Dividends
paid In each ■unbar Total
and ansata
of
ooapllad
othar than
returns receipt»
25.784
95
640
45,558
41,190
4,169
26,507
11,300
510
5,009
2.525
8,667
696
71,260
45.785
2S,555
142
75,756
58,074
9,859
7,717
12,046
5,516
2.525
309,943
16,740
21,379
50,893
9,371
6,856
5.525
715
499
216
1,157
444
187
113
86.502
57.525
28,779
101,539
45,596
11,869
15,015
5,661
4.040
1,621
6,062
2,997
715
766
395
38
359
72
285
26,675
4,583
70,545
54,877
35,435
1,571
214
5,447
1,966
1,478
4,574
971
415
345
1,581
672
794
2,098
227
274,541
59,517
42.880
21,614
77.502
42,409
30,618
121,948
24,301
3,283
20.609
268
2,831
19,528
19,327
6,750
5,359
1,878
5,442
2.041
1,877
15,521
1,257
177
2,239
34
430
681
1,592
24,821
16.881
8,035
106,471
83.610
22,861
194
6,157
1,545
807
2,128
1,758
390
109,806
13,190
39,458
10,377
14,756
7,171
15,214
7,176
2,484
208,484
31,655
9,363
26,064
8.525
45,921
11,873
1,622
4,535
460
906
2,459
1,390
460
262
15,177
2,941
505
988
555
3,254
6,178
774
1,272
14
(13)
355
5,959
565
68
975
1
45
31
160
363
185
186
225,874
65.689
988
571
15,438
9,597
2,854
52,627
14,946
35,039
14,646
26,102
9,216
65,014
14,513
1,069
518
1,559,951 275,544
556,566 117,264
55,662
9,070
18,554
11.690
80,810
17,229
159,646
24.054
159,723
410
8,996
55
6,708
96
37,585
49
20,542
112 16,774
144
68,556
550
(13)
8,4011,276,206
2,215 417,086
281
46,311
14
6,650
564
63,017
1,118 114,474
71,194
1,138
4,704
2,739
21,107
18,188
8,195
14,692
434
309,606
144,140
7,646
15,585
17,134
26,768
1,200
210
154
790
346
20
2,092
828
50,715
126,277
21,654
15,423
3,962
562,194
50,444
othar than
8,658
77
8,581
1,978
167,555
10,550
19,297
308,447
500,125
8,521
8,585
12,581
2,419
2,615
768
62.055
7,016
8/
91
8,890
204,473
16.832
51,524
49,068
30,751
18,318
59,250
159,648
24.075
16,564
4,750
426,541
58,288
paid In oaah
I/ and ansata
5,582
20,202
2,728
105,429
8,388
19,174
169,842
160,167
9,675
6,423
Dividendi"
Deficit
6,520
11,251
2,467
2,097
590
69,580
5,828
121
65
557
292
95
22
1,163
12
175
22
126
287
12
33
11,211
210
20
461
66
5,715
59,124
4,454
4
636
3
256
207
49
206
46
54
20 70
97
361
37
38
110
75
99
22
2,629
1,438
71
72
73
74
75
76
77
78
79
80
61
82
85
84
85
2
70
96
99
325
10
213
28
29
1
2,067
1,547
100
101
102
105
104
105
106
107
108
109
110
in
U2
ns
U4
ns
U6
n7
U8
U9
120
121
19**» *ST»«Jo p Industrial group« and minor industrial groups, for rsturns with nst income and returns with no net income t lumber, of returns, total compiled receipts, net
lneon« or deficit, and dividends paid In cash and assets other than own stock} also, for returns with net income» Income subject to excess profits tax, total tax, Income tax, declared value axoessproflts tax, and excess profits tax - Continued
Major industrial groups and minor
industrial groups 6/
122
12S
124
125
1M
»7
128
129
150
151
152
1S5
184
155
156
157
158
159
140
141
142
145
144
145
146
149
150
151
152
155
154
155
156
157
158
159
160
161
162
165
164
165
166
167
168
169
170
in
172
178
174
175
Manufacturing*- Continued
Monferroue metals and their products
Monferrous metal basic produote
Clocks and watches
Jewelry (except costume), silverware, plated ware
Other manufactures of nonferrous metals and their alloys
Monferrous metale and produote not allocable
Mleotrloal machinery and equipment
Electrical equipment for public utility, manufacturing,
mining, transportation (exoept automotive), and con
struction use
Automotive electrical equipment
Communication equipment and phonographs
Electrical appliances
Other electrical machinery and equipment
Electrical machinery and equipment not allocable
Machinery, except transportation equipment and electrical
Special industry machinery
General industry machinery
Metal-working machinery, including machine tools
Engines and turbines
Construction and mining machinery
Agricultural machinery
Office and store machines
Household and service—industry machines
Machinery, except transportation equipment and electri
cal, not allocable
Automobiles and equipment, except electrical
Automobiles and trucks (including bodies and industrial
trailers)
Automobile accessories, parts (exoept electrical), and
passenger trailers
Automobiles and equipment, except electrical, not
allocable
Transportation equipment, except automobiles
Railroad and railway equipment
Aircraft and parts
Ship and boat building
Motorcycles and bicycles
Other transportation equipment, except automobiles
Transportation equipment, except automobiles, not
allocable
Other manufacturing
Manufacturing net allocable
Public utilities
Transportation
Railroads, switching, terminal, and passenger ear
service companies
Hallway express companies
Hallways, street, suburban, and interurban, Including
bus lines operated in conjunction therewith
Taxicab cosipanies
Other highway passenger transportation
Highway freight transportation, warehousing, and storage
Air transportation and allied services
Pipe line transportation
*
Mater transportation
Services incidental to transportation
Transportation not allocable
Communication»
Telephone (wire and radio)
Telegraph (wire and radio) and cable
Radio broadcasting and television
Other c n u n 11cation
tor footnotes, see p. 16
Total
number
of
Humber Total
of
compiled
returns receipts
2,568
295
90
614
1,562
9
1,762
682
1,881
219
67
465
1,125
1,525
549
99
75
454
551
156
101
192
295
77
98
6,501
4,922
1,126
891
1,781 • 1,369
1,524
1,277
84
105
456
561
518
226
255
149
565
240
415
525
Met
income
income sub
ject to ex
1/ cess profits Total tax
6/
5,177,050
1,580,882
149,550
256,796
1,588,249
1,595
5,017,749
2,407,972
tax 9/
Declared
Income value exoese
tax Zj profits tax
411,548
165,711
18,518
24,754
204,454
111
753,855
588,988
246,816
95,469
7,505
12,056
155,933
54
517,992
269,694
251,522
100,406
10,056
14,141
126,677
6!
488,594
248,801
59,720
26,55«
4,25«
4,550
24,357
17
79,723
36,864
186,201
57,570
1,419,955
187,590
114,506
12,574
244,682
28,855
644,452
98,658
9,959,084 2,115,855
955,597 • 177,731
2,201,545
452,247
2,566,615
739,457
641,709
121,257
961,839
176,564
1,123,754
168,483
538,041
110,598
341,111
49,377
629,072
118,122
23,757
140,465
3,789
16,336
63,975
1,585,889
106,829
550,656
650,909
102,675
123,807
85,477
57,829
14,910
92,796
23,934
128,442
6,145
16,701
64,575
1,401,581
107,462
507,506
522,623
85,074
115,893
94,592
67,186
25,414
77,831
5,015
17,551
5,121
4,385
12,988
208,403
26,590
39,350
38,615
9,061
20,525
31,943
20,288
12,471
9,580
943
7«
17
162
687
Excess
profits
tax 5/
Dividends--paid in cash Humber Total
and assets
of
compiled
other than
returns receipts
own stoek
Dividends
paid in cash
Définit
8/
190,659
73,794
5,759
9,429
101,652
44
406,722
210,589
77,559
40,527
5,559
5,753
27,714
6
105,052
60,196
624
61
22
143
394
4
379
121
45,061
14,477
1,683
7,666
21*172
65
91,637
26,600
34
18,887
579
110,512
45
2,977
47
12,269
98
51,488
7,828 1,185,149
652
80,220
1,889
266,087
2,804
481,204
590
75,422
655
94,713
589
62,060
174
46,724
137
10,806
559
67,912
6,802
14,007
5,573
6,122
14,552
226,917
28,818
42,131
43,498
7,341
20,926
35,576
23,066
16,932
8,828
19
85
49
92
15
1,191
207
354
229
12
63
78
73
103
72
1,034
41)706
17,385
4,563
549
111,554
22,756
29,992
15) 155
9,879
4^485
2,150
1,347
y and assets
othir thftn
own etook
87
15
3,236
l)l7S
89
568
1,600
H
65
14,829
2,455
251
202
4,877
15,962
4)978
70
11,077
'710
469
48
9,231
944
2,903
2)343
*542
500
552
644
817
585
15
55
(15)
(15)
2,603
*110
2,178
6
5
250
(15)
1
52
122
125
124
125
126
127
128
129
5
150
151
152
155
154
155
156
157
158
159
140
141
142
145
144
514
259
4,077,226
5,197,666
415,212
252,091
272,575
143,016
255,696
146,246
54,692
41,822
2,041
560
198,962
108,864
46,512
32,173
148
66
13,354
7,511
955
502
55
51
145
146
275
879,411
161,115
129,560
109,448
12,869
1,481
95,098
14,139
82
5,822
451
22
2
148
7
-
2
1
-
-
-
-
-
-
1,108
95
405
560
24
725
71
268
553
16
17
12,548,413
1,069,759
7,9S2,9S1
3,273,021
46,909
5,772
1,500,296
137,370
1,097,738
256,060
8,395
733
1,013,052
85,158
716,247
207,809
5,499
559
950,815
84,270
685,346
177,639
5,144
413
201,753
20,976
159,461
19,810
1,374
133
4,904
6
2,812
2,078
2
6
*
744,156
63,289
521,075
155,751
3,768
275
“
209,475
35,885
158,015
14,427
953
193
"
304
22
108
159
8
5
2
129,703
l)911
65
41)668
1,454
'663
672
4,929
86
2,575
2*185
47
n
27
4,185
2,552
21,658
14,591
811
2,759
1,596
12,904
8,851
447
1,928,748
1,066,229
17,807,766
11,427,711
7,924,121
281,694
154,150
5,719,905
2,181,978
1,616,552
162,619
86,197
683,482
402,565
210,277
168,029
42,402
81,759
16,909
1,577,534 1,030,702
948,989
627,470
674,785
504,020
1,499
857
2,774
2,674
1,066
124,128
64,015
544,058
518,844
169,699
40,985
17,582
1,117,632
508,755
195,524
1,504
596
7,335
4,794
220
87,185
44)545
841)806
591^891
iso)359
8,622
5¡169
91*521
72^086
25)665
141
1
90
156,294
558,547
12
49,880
.
2,840
12
16,168
'«.
13,865
12
12
2,291
5,047
2
34
1
145,049
2
23,603
425
1, 300
4,617
167
108
906
695
79
2,009
1,580
16
410
118,579
499,851
925,813
195,030
230,307
732,878
265,219
21,291
2,184,826
1,841,215
167,905
175,621
88
10,245
152,937
74,465
58,675
56,790
145,940
52,745
5,938
587,591
535,476
21,050
50,884
2
3,764
77,503
21,927
800
9,797
49,546
23,249
2,865
128,858
115,722
2,750
10,585
4,765
79,278
53,489
14,730
24,693
69,895
28,719
2,456
251,333
206,582
9,061
15,689
1
1,911
17,499
16,259
13,421
18,234
31,153
10,782
526
127,285
112,801
6,839
7,645
1
2,795
61,558
16,945
620
6,423
38,555
17,861
2,118
104,011
95,755
2,222
8,055
1,099
21,850
16,782
3,857
16,947
si)s6i
16,001
488
353,199
539,972
4,404
8,825
185
468
2,522
211
47
442
599
64
1,533
l)328
12
193
8,557
159,087
5^255
8'758
53*559
55^141
3*551
43*505
12*411
22'945
558
5,279
5¡859
*645
1,651
6¡500
5¡877
*888
6,617
*802
4,569
7)947
1)246
678
514
22
(IS)
T
650
1,818
7,447
456
166
1,481
1,585
229
5,705
5,015
51
656
5
3
57
,
2
41
286
689
56
188
75
15
37
27
(13)
10
5)512
83)354
25)014
50
52
2
244
805
1?,305
*994
149
150
151
152
155
154
155
7
156
157
158
159
160
276
161
162
2 165
66 164
268 165
1 166
1 167
351 168
15 189
9 170
99 171
15 172
72 175
14 174
175
|\
-f/ imf
-H?Jrüi
sm¡ l%I m\ m
m
T*ble !• ” Corporation return*, 19«, by Major Industrial groups and minor Industrial groups, for returns with nst income and return* with no net incomet Number of returns, total compiled rwoelpta. net
lnoams or deficit, and dividends paid In oash and assets other than own stock; also, for returns with net incomei Income subject to excess profits tax total fax. incase
declared value----profits tax, and excess profits tax - Continued
^
Major Industrial groups and minor
industrial groups 8/
Public utilities - Continued
Other public Utilities
Kleetrie light and power
Qas, distribution and manifactura
Water
Public utilities not elsewhere classified
Other public utilities not allocable
Trade
Wholesale
Camaisslon merchants
Other wholesalers
Food, including market silk dealers
Alcoholic beverages
Apparel and dry goods
Chemicals, paints, and drugs
Hardware, electrical goods, plumbing and heating
equipment
Umber and mlllwork
Wholesalers, not elsewhere classified
Wholesalers, not allocable
Detail
General merchandise
Department, dry goods, other general merchandise
limited-price variety stores
Mail-order houses
Food stores, including market milk dealers
Package liquor stores
Drug stores
Apparel and accessories
FUrniture and house furnishings
Fating and drinking places
Automotive dealers
Automobiles and trucks
Accessories, parts, etc.
Filling stations
Hardware
Building materials, fuel, and lee
Other retail trade
Detail trade not allocable
Trade not allocable
Service
Hotels and other lodging places
Personal service
Laundries, cleaners, and dyers
Photographic studios
Other personal service
Personal service m.i all'cable
Uisiness service
Advertising
Other business service
Business service not allocable
Automotive repair services and garages
Miscellaneous repair services, hand trades
Motion pictures
Motion-picture production
Motion-picture theatres
Amusement, except motion pictures
Other service, including schools
Service not allocable
For footnotes, see p. 16,
Total
number
of
returns
7/
Number Total
of
compilad
returns receipts
5,564
860
645
1,588
179
92
151,684
57,104
5,791
51,515
6,566
1,508
V
1,534
2,614
36
3,737
1,586
4,219
583
3,636
5,229
5,662
150
8/
Income sub
«et
ject to ex
Income j/ cess profits
tax 9/
Total tax
Income
tax 2/
2,376
1,067
2,134
4,195,229
5,280,211
811,085
8S,689
11,947
6,296
52,596,715
25,625,073
1,186,370
24,438,703
5,988,774
1,504,191
1,949,289
1,225,296
1,936,945
950,555
787,613
159,680
20,614
1,271
1,357
,660,585
,066,063
85,933
980,130
162,914
49,779
113,764
65,478
110,814
152,260
127,481
23,453
787
115
«4
1,128,247
497,774
38,382
459,393
66,131
21,639
67,363
29,502
59,376
897,212
321,578
67,515
7,008
479
637
1,402,126
574,423
43,943
530,480
83,751
25,714
66,445
35,856
65,156
275,946
220,217
48,678
6,369
584
299
513,581
187,884
14,516
173,368
51,352
9,761
15,708
13,137
17,410
5,490
3,402
10,185
20,341
2,471
5,122
3,052
309
1,756
5
3,652
954
2,683
15
1,691
1,001
2,742
240
2,502
1,811
1,792
59
762,206
9,738,109
1,333,893
22,835,283
7,675,515
6,228,173
1,302,715
144,627
5,162,312
116,341
780,976
2,534,466
870,114
784,279
1,184,751
989,537
195,215
267,272
213,261
1,247,690
1,183,755
814,550
4,136,358
3,851,971
564.10S
663,709
525,858
35,564
101,869
418
708,757
383,703
323,330
1,725
114,547
122,128
1,135,028
471,621
663,408
207,099
329,337
7,260
27,546
394,120
55,715
,375,674
673,009
531,984
130,219
10,805
114,250
2,901
43,522
165,141
86,358
36,966
49,125
36,778
12,347
11,998
14,564
60,478
82,438
34,924
218,848
413,023
51,242
42,888
32,319
2,763
7,752
54
57,622
18,553
38,456
612
7,178
13,654
172,337
80,289
92,048
25,386
41,656
1,081
13,534
181,948
19,899
550,659
352,622
267,390
61,175
4,057
34,594
320
15,347
72,833
16,367
8,905
10,325
7,138
3,187
2,747
4,350
13,159
31,423
7,666
79,813
121,236
12,604
9,073
7,167
950
916
41
15,263
2,789
10,366
107
1,481
8,096
43,107
15,834
29,272
8,834
24,517
262
14,801
211,574
27,383
719,494
395,566
313,345
76,575
5,646
56,216
871
20,351
85,428
36,599
15,101
19,304
13,620
5,684
5,312
6,292
24,417
39,861
14,176
108,210
182,112
21,243
16,433
12,650
1,234
2,517
32
24,745
7,522
17,028
195
2,665
7,932
73,858
31,562
42,296
11,723
23,053
459
4,501
69,981
11,517
281,286
127,7101
97,906
27,212
2,592
28,754
568
8,732
28,997
24,280
8,082
11,218
8,101
3,117
3,103
2,690
13,704
15,296
8,151
44,412
89,588
11,316
9,403
7,191
476
1,733
3
14,268
5,322
8,839
107
1,458
1,450
40,719
20,741
19,978
5,156
5,575
244
Declared
value exoess
profits tax
63
31
14
(13)
15,49(
6,125
327
5,798
1,462
222
81t
536
716
115
1,855
276
7,576
2,987
2,710
252
25
851
50
225
1,018
558
310
210
127
83
21
251
395
880
380
1,795
1,463
187
231
119
43
68
—
147
34
112
1
48
184
362
228
135
104
194
6
Excess
profits
tax 1/
Dividend*
paid In cash Number Total
and assets
of
compiled
other than
returns receipts
ÛlTLdend#
paid ln oash
Deficit
y and assets
8/
other tfrfHi
121,208
101,320
18,822
651
93
358
875,049
380,414
29,100
351,314
50,937
15,750
49,921
22,382
47,031
455,678
372,654
69,704
11,857
1,143
320
495,636
183,124
16,435
166,689
30,189
4,611
13,072
12,601
18,215
1,006
207
208
497
74
20
39,176
9,026
1,923
7,103
1,422
296
521
422
447
206,612
172,440
23,811
7,465
2,634
262
3,325,405
1,303,397
136,990
1,166,407
406,440
57,552
53,221
38,167
37,035
12,618
8,294
2'279
1,658
364
23
91,570
29,856
4,136
25,720
5,156
1,442
1,414
1,245
1,862
11,210
10)972
10,185
139,538
15,589
430,632
264,870
212,730
49,111
3,029
27,130
255
11,594
55,413
11,781
6,708
7,876
5,392
2,484
2,187
3,371
10,318
23,684
5,646
62,003
91,060
9,741
6,800
5,340
715
716
29
10,330
2,166
8,078
87
1,159
6,297
32,777
10,594
22,183
6,465
17,284
209
4,S15
228
72,332
5,341
11,156
426
280,220 25,962
150,502
1,235
112,183
1,078
36,251
86
2,067
71
30,306
2,536
64
634
10,612
1,698
25,010
2,542
12,« 7
1,430
8,348
4,958
8,413
3,666
5,797
5,413
2,616
253
5,464
1,041
1,648
624
14,407
2,463
9,269
2,275
5,751
862
30,291- 4,188
85,567 18,108
6,880
2,359
7,132
3,413
5,316
1,524
145
219
1,720
1,665
•
5
16,107
3,245
5,554
755
10,436
2,472
138
16
893
1,935
762
552
44,492
1,308
15,829
281
28,662
1,027
4,528
2,716
4,463
2,543
259
61
23,229
495)555
55j409
1,546,699
54)488
49j757
3,090
1,641
272,365
32,275
71,077
107,SSS
65,203
301j191
249,271
240,863
8,408
52,502
18,531
171,478
95,341
55,4«
475,306
766,148
212,336
146'321
107,756
5,692
52,693
180
108,046
34,536
73,085
«5
62,860
9,950
82,654
18,889
63,765
73,007
69,474
1,499
1,815
11)962
1,324
S0)l06
2,635
2)458
79
98
5,149
624
1,684
4)298
3)211
9)443
8)280
7)705
'577
1,254
954
5,713
5)118
l)788
11,607
56,260
19)661
5,522
5,449
«2
1,648
5
6,304
1,599
4,444
261
2,806
620
5,470
2,434
5)036
9,050
6,673
174
642
1,403
17
2,612
156
155
(IS)
'l05
76
57
6,167
2,868
512
2,557
213
25
57
172
47
450
118
375
481
442
59
17
36
608
257
76
686
1,454
555
117
88
29
392
135
257
53
5
157
10
147
216
162
Table 1» • Corporation returns, 1942, by major Industrial groups and minor industrial groups, for returns with net Income and returns with no net Incomei Number of returns, total compiled receipts, net
Income or deficit, and dividends paid In cash and assets other than own stock; also, for returns with net income; Income subject to excess profits tax, total tax, income tax, declared value excessprofits tax, and excess profits tax - Continued
(Money figures In thousands of dollars)
fl
Major Industrial groups and minor
Industrial groups 6/
5
s
253
254
255
256
257
258
259
240
241
242
245
244
245
246
247
248
249
250
251
252
255
254
255
256
257
258
259
260
261
262
265
264
265
266
267
268
269
270
271
272
275
274
275
276
277
278
279
280
281
282
285
Finance, Insurance, real estate, and lessors of real
property
Finance
Banks and trust companies
Long-term credit agencies, mortgage companies,
except banks
Short-term credit agencies, except banks
Sales finance and industrial credit
Personal credit
Other short-term credit agencies
Short-term credit agencies, except banks, not
allocable
Investment trust and Investment companies 10/
Management type
Fixed or semifixed type
Installment Investment plans and guaranteed
face-amount certificates
Mineral, oil, and gas royalty companies
Investment trust and investment companies not
allocable
Other Investment companies, Including holding companies
Holding companies 11/
Operating-holding companies 12/
Security and commodity-exchange brokers and dealers
Other finance companies
Finance not allocable
Insurance carriers, agents, etc*
Insurance carriers
Life insurance companies
Mutual Insurance, except life or marine
Other Insurance carriers
Insurance agents, brokers, etc*
Real estate, including lessors of buildings
Owner operators and lessors of buildings
Lessee operators of tuildings
Owners for improvement
Trading for own account
Real estate agents, brokers, etc.
Title abstract companies
Real estate, including lessors of buildings, not
allocable
Lessors of real property, except buildings
Agricultural, forest, etc, properties
Mining, oil, etc* properties
Railroad properties
Public-utility properties
Other real property, except buildings
Lessors of real property, except buildings, not
allocable
Construction
Oenoral contractors
Special trade contractors
Construction not allocable
Agriculture, forestry, and fishery
Agriculture and services
Forestry
Fishery
Nature of business not allocable
Total
number
of
returns
Number Total
of
Oompiled
returns receipts 8/
1/
Income subJect to ex
Net
income 1/ cess profits
tax 9/
Total tax
Dividends
paid in cash Number Total
compiled
of
and assets
returns receipts
other than
own stock
Taxes
Excess
Declared
Income value excess* profits
tax
tax 2/ profits tax
i/
Deficit
6/
Dividends
paid in cash
tl
1
other them
own stock
•S
H
1/and assets
145,846
68,489
7,684,557
2,529,465
61,130
398,151
349,071
1,307
47,773
971,939
68,393
1,552,606
486,169
67,579
235
36,409
16,220
■5,372
21,584
11,089
1,423
2,812,235
1,586,402
26,974
930,974
268,406
6,243
15,725
1,635
257
179,041
61,076
1,830
166,399
59,581
1,642
439
166
12
12,203
1,329
175
730,068
200,304
2,360
12,571
4,171
1,751
527,514
576,980
14,192
158,828
66,989
8,917
56,701
28,354
796
234
235
256
4,599
2,060
1,753
410,894
252,546
146,161
1,587
10,579
129,377
84,790
41,472
463
2,653
10,284
7,638
2,486
3
158
52,450
35,807
15,708
7,962
5,953
1,908
94,079
72,601
19,789
246
1,443
1,597
789
523
67
218
20,697
12,498
5,931
379
1,889
12,524
10,493
1,444
814
44,412
29,790
13,789
119
713
76
64
586
2,708
1,135
1,160
106
507
1,252
731
447
36
35
257
238
259
240
241
3,586
468
99
96
2,490
377
77
64
193,527
88,627
19,136
2,654
154,205
67,238
18,123
1,911
47
9,579
3,474
1,078
158
9,513
3,456
1,077
156
141,730
60,480
20,117
1,027
1,019
85
19
30
22,636
4,132
232
15,102
9,781
2,310
138
530
12,478
U,623
46
242
243
244
245
128
2,795
71
1,901
1,050
82,059
406
66,526
108
4,761
108
4,714
406
59,699
49
836
152
3,020
163
6,641
18
791
246
247
1,010
885
1,579
1,847
5,311
8,243
2,082
719
492
871
6,161
93,761
73,308
2,068
5,840
2,006
3,132
1,338
6,069
1,335
682
653
673
668
1,198
5,045
1,521
514
386
621
3,522
38,755
52,810
899
1,615
558
1,381
579
913
445,203
270,220
174,984
62,995
58,914
27,326
3,542,490
3,344,304
1,312,662
20,599
2,011,043
198,186
1,128,765
962,485
38,346
28,986
7,032
47,526
19,423
24,967
325,899
226,914
98,985
9,731
29,050
8,063
1,295,151
1,261,106
1,018,992
14,833
227,281
•34,045
205,207
177,891
4,042
6,900
2,227
5,016
2,451
6,679
13,659
9,186
11,745
9,487
427
898
65
504
167
195
39,583
23,112
16,472
2,319
9,815
2,389
117,681
103,214
27,427
5,629
70,158
14,467
60,979
53,436
1,350
2,223
524
1,522
721
1,204
38,614
22,982
15,832
2,019
8,179
2,239
99,338
92,166
27,427
5,629
59,110
7,173
51,422
45,827
980
1,431
462
582
1,019
454
28
111
15
22
6
34
11,042
7,183
8,887
7,155
341
680
47
378
133
1SJ.
267,075
194,014
73,061
3,507
15,314
5,698
111,791
98,841
15,971
61
82,808
12,950
65,894
58,771
1,129
1,210
661
864
1,712
1,546
506
276
230
826
916
1,785
2,862
447
150
86
211
2,415
49,426
39,218
1,094
3,579
1,180
1,550
686
2,319
44,305
5,031
59,274
31,809
9,791
7,103
211,040
178,039
1,536
5,792
170,711
33,001
773,989
689,683
23,618
14,068
2,821
20,698
4,925
18,178
12,278
10,532
10,599
19,192
8,216
93,985
90,890
287
1,059
89,544
3,095
214,871
160,327
2,333
14,977
5,884
1,786
290
29,274
7,433
1,285
2,966
458
205
2,311
228
3,107
515
1,598
227
103
566
98
201,066
7,117
75,120
96,694
14,996
3,900
3,239
98,133
2,452
34,280
52,646
5,577
1,844
1,334
10,815
114
4,913
5,274
298
83
133
40,450
705
13,700
22,905
2,172
535
432
31,912
605
9,846
18,724
1,945
467
324
79
10
55
11
(13) *
2
1
8,460
90
3,799
4,170
227
66
107
64,186
1,095
25,255
33,812
2,197
753
1,074
3,534
696
1,229
137
94
1,286
92
40,063
2,731
8,506
25,575
1,881
1,191
181
14,769
6,656
7,846
267
7,769
7,025
459
285
20,140
8,249
3,678
4,515
56
4,092
3,761
174
157
2,044
4,452,894
3,349,134
1,091,386
12,374
701,526
669,454
15,645
16,426
185,995
357,310
279,550
76j889
871
94,722
89,934
2,878
1,910
22,286
207,580
164,209
43,027
344
22,210
21,263
228
719
4,790
206,823
164,209
42,240
374
39,783
38,038
878
868
8,484
45,805
56,184
9,481
139
22,197
21,216
669
312
4,647
2,358
1,650
704
5
861
818
29
15
103
158,660
126,374
32,056
229
16,725
16,004
180
541
3,734
35,115
28,161
4,943
11
25,607
23,402
1,920
286
6,033
5,448
2,327
5,054
67
3,226
2,878
241
107
3,980
335,768
214,877
US , 574
5,317
103, U 4
89,765
9,132
4,217
32,57?
200
l,e95
-
47
873
95
778
334
2,128
171
22,845
13,659
-
121
1,121 >
10
1
2
28
18
((iIsS))
(15)
lo
74
64
10
29
40
13
118
6
-
6
112
671
2
99
38
-
“
-
38
695
65
630
271
1,597
156
18,225
11,042
-
212
376
22,en
1,758
107
7,498
5,896
56
502
544
24
14
484
248
249
250
251'
252
255
254
255
256
257
258
259
260
261
262
265
264
265
266
267
18,484
3,181
5,803
5,762
608
2,826
505
1,474
ISO
367
860
25
62
10
268
269
270
271
272
273
274
17,708
12,185
4,877
646
14,237
11,985
1,692
560
28,231
1,390
1,528
63
“
971
572
394
5
4,854
275
276
277
278
279
280
281
282
285
6,736
992
5,743
465
2,674
3,948
1,905
1,799
61
Table 2* - Corporation returns, 1942, by net Income and deficit classes, for returns with net income and returns with no net
Income: Number of returns, and net income or deficit; also, for returns with net income: Income subject to excess profits
tax, total tax, income tax, declared value excess-profits tax, and excess profits tax
Net income and
deficit classes 2/
Under 1
1 under 2
2 under 5
3 under 4
4 under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 \mder 100
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000
5,000 under 10,000
10,000 and over
Income tax on returns
with no net income '¿J
Total
No income data (in
active corporations)
For footnotes, see p. 16
(Net income and deficit classes and money figures in thousands of dollars)
Returns with net income 2/
Income
Taxes
Declared
subject
Excess
Number of Net
Income
to
excess
value
Total
tax
profits
returns
income 2/ profits
tax %J
excesstax £/
rrofits tax
tax 9/
Returns with no
Number of
returns
Deficit 1/
70,220
50,264
20,115
15,482
14,016
55,424
17,165
10,525
7,455
17,465
12,040
9,828
4,598
2,518
2,562
557
554
27,628
44,107
49,754
55,886
65,230
255,671
210,610
182,621
167,082
615,455
850,465
1,559,055
1,557,059
1,765,208
4,810,679
2,588,546
9,495,589
121
241
299
526
425
7,858
19,909
27,771
52,005
175,621
519,518
689,098
778,519
895,800
2,458,470
1,194,252
5,726,743
5,485
9,234
10,838
12,047
14,628
62,945
60,580
58,349
56,972
257,879
419,932
817,948
852,624
975,128
2,674,611
1,312,629
4,638,616
5,254
8,782
10,257
11,390
13,776
55,152
43,901
35,772
31,462
121,302
170,425
288,158
261,933
300,005
805,561
408,309
1,766,065
139
266
553
406
528
1,851
1,500
1,258
1,021
3,776
4,483
7,807
6,153
5,710
12,485
4,849
14,269
95
186
229
250
324
5,941
15,179
21,319
24,489
132,802
245,024
521,983
584,558
669,415
1,856,565
899,471
2,858,285
105,757
21,948
11,107
6,640
4,426
10,445
3,910
2,075
1,328
2,711
1,277
705
228
96
64
6
2
29,888
31,406
27,249
22,956
19,799
75,044
47,666
35,745
29,615
94,417
88,832
108,203
79,462
65,805
119,826
43,599
/ 85,257
-
-
-
229.
229
-
-
-
-
4,337,728
66,854
7,851,814
172,725
1,000,746
-
-
-
57,012
-
269,942 24,052,558 10,502,756 12,256,396
-
-
-
-
-
16
-
Footnotes for tables in this release
1/ "Net income" or "Deficit" for 1941-42 is the
amount reported for declared value excess-profits tax
computation adjusted by excluding net operating loss
deduction (items 31 and 27. respectively, page 1, Form
1120 for 1942), See note 14.
2/ "Income tax" for 1942 oonsists of normal tax,
surtax, and, for taxable years beginning after
December 31, 1941, alternative tax reported in lieu of
normal tax and surtax where the income includes an ex
cess of net long-term capital gain over net short
term capital loss,
if and only if such tax is less
than the normal tax and surtax. Tabulated with the
income tax for returns with net income is a u i i
anount of surtax reported on returns with no net in
come, where receipts for the taxable year include in
terest on obligations of certain instrumentalities of
the United States.
■Income tax" for 1941, shown in text table, p. 2,
consists of income and income defense taxes reported
on returns for a fiscal year ending in the period July
through November 1941 (and on returns for a part year
beginning in 1940 and ending in 1941, the greater part
of the accounting period falling in 1941); ani normal
tax and surtax reported on returns for the calendar
year 1941 and on returns for a fiscal year ending in
the period January through June 1942 (and on returns
for a part year beginning and ending in 1941, and for
a part year beginning in 1941 and ending in 1942, the
greater part of the accounting period falling in
1941). There is tabulated with the income tax for re
turns with net income a small amount of surtax re
ported on returns with no net income, «here receipts
for the taxable year include interest on obligations
of certain instrumentalities of the United States.
5 / The excess profits tax shown is that imposed
by section 710 of the Internal Revenue Code as amended
and should not be confused with the declared value
excess-profits tax. For 1942 the amount shown is the
excess profits tax liability reported on corporation
excess profits tax returns, less the credit for debt
retirement and the set post-war refund. Throughout
this release, the 1942 tax is after the amount de
ferred under section 710(a)(5) (relating to abnormal
ities under section 722) as well as adjustments under
other relief provisions. Owing, in some instances, to
the non-availability of the corresponding income and
declared value excess-profits tax return for matching
with the corporation excess profits tax return,
$15,723,446 of the total excess profits tax shown for
1942 is not distributed by industrial groups or by net
income classes.
The amount for 1941, shown in text table, page 2,
is the excess profits tax deduction (item 35, page 1,
Fora 1120, for 1941) allowed in the computation of
normal-tax net income, except that for fiscal years
beginning in 1940, with the greater part of the ac
counting period in 1941, there is tabulated the amount
of excess profits tax liability (item 32, page 1, Form
1121 for 1940),
4/ The excess profits net income is obtained from
the normal-tax net income by making certain adjustments,
consisting principally of the exclusion of long-term
capital gains and losses, and dividends received from
domestic corporations. For returns with
t year
beginning in 1942, the normal-tax net Income used for
this purpose is computed without allowance of credit
f°r Income «abject to excess profits tax «ad without
allowance of dividends received credit; for 1941, the
normal-tax net income used for this purpose was com
peted without deduction of excess profits tax,
fj The adjusted excess profits nst income is the
excess profits net income less the sum of the specific
exemption, excess profits credit, and unused excess
profits credit adjustment. (In 1941, the latter item
was referred to as "Excess profits credit carry-over.")
For part year returns, the amounts of excess profits
net income and adjusted excess profits net income have
been placed on an annual basis,
6/ The industrial classification is based on the
business activity reported on the return, When multi
ple businesses are reported on a return, the classifi
cation is determined by the business activity which
accounts for the largest percentage of total receipts.
Therefore, the industrial groups do not reflect pure
industry classifications. Changes made in 1942 to
provide five additional minor groups are described on
P. 8.
2/ Total number of returns includes returns of in
active corporations,
SJ "Total comp!1ed receipts" consists of gross
sales (less returns and allowances), gross receipts
from operations (where inventories are not an incomedetermining factor), all interest received on Government
obligations (less amortizable bond premium), other in
terest, rents and royalties, net capital gain, net gain
from sale or exchange of property other than capital
assets, dividends, and other receipts required to be in
cluded in gross income. "Total compiled receipts" ex
cludes nontaxable income other than tax-exempt interest
received on ceirtain Government obligations.
£/ "Income subject to excess profits tax," allowed
as a credit in computing normal tax and surtax net in
come for taxable years beginning in 1942, is, in general,
equal to the adjusted excess profits net income. How
ever, in case the excess profits tax is determined as
provided in section 721 (relating to abnormalities in
income in the taxable period), section 726 (relating to
corporations completing contracts under the Merchant
Marine Act of 1936), section 731 (relating to corpora
tions engaged in mining strategic minerals), or section
736(b) (relating to corporations with income from long
term contracts), the credit for income subject to excess
profits tax is the amount of which the excess profits tJ>v
is 90 percent. For the purpose of oomputir^ such credit,
the excess profits tax used is the tax computed without
regard to the limitation provided in section 710(a)(1)(B)
(the 80 percent limitation), without regard to the credit
provided in section 729(c) and (d) for foreign taxes paid,
and without regard to the adjustments provided in section
754 in ease of position inconsistent with prior incase
tax liability.
12/ The industrial classification designated "Invest»
sient trust and investment companies" consists of corpo
rations which derived 90 percent or more of receipts fro*
investments and which at no time during the taxable year
had investments in corporations in which they owned 50
percent or more of the voting stock.
21/ The industrial classification designated "Holding
companies" consists of corporations which derived 90 per
cent or more of receipts from investments and which at
some time during the taxable year had investments in cor
porations in which they owned 50 percent or more of the
voting stock.
12/ The industrial classification designated "Oper
ating-holding companies" consists of corporations which
derived less than 90 percent but more than 50 percent of
receipts from investments,
15/ Less
than $500.
1 $/ The "Net operating loss deduction" is the net oper
ating loss carry-over reduced by certain adjustments. In
general, the net operating loss carry-over is the sum of the
net operating losses, if any, for the two preceding taxable
years. If there is net income in the first preceding taxable
year, the net operating loss for the second preceding taxable
year is reduced to the extent such loss has been absorbed by
such net income. The amount tabulated is the amount originally
reported and does not take into account any carry-back of net
operating loss from the two succeeding tax years for which
provision is made by the Revenue Act of 1942,
Footnotes for tabi» In this rale«««
1/ The Industrial classification 1« baasd on the bosinass acti
vity reported on tha return, than multiple bualaaaaaa are reported on
a return, the classification is determined tgr the business activity
which accounts for the largest percentage of total receipts. There
fore, the industrial groups do not reflect pure industry classifications.
Changes in the industrial classification for 1942 affecting comparability
with 1941 and earlier years are described an page 8 of the first release
of this series, Press Service Bo. 7 -3 3 , dated August 84 1940.
2/ The Industrial classification designated "Investment trust end
investment coepaniea" consists of corporations which derived 90 percent
or sore of receipts fro* investments and which at no tins during the
taxable year had investment# in corporations in which they own'd SO per
cent or wore of the voting stock.
y The industrial classification designated "Other investment com
panies, including holding companies," consists of (1) corporations which
derived 90 percent or more of receipts from investments and which at same
tins during the taxable year had investments In corporations in which they
owned SO percent or more of the voting stock and (2) corporations which
derived less than 90 percent but more than SO percent of receipts from in
vestments.
y
Number of returns excludes returns of Inactive corporations.
y
"Gross sales" consists of amounts received for goods, less re
hums and allowances, in transactions where inventories are an lnodmedetemining factor. For "Cost of goods sold," see "Deductions."
y
"Cross receipts from operations" consists of amounts received
from transactions in which inventories are not an lnccne-deteiaiqbw
factor. Por "Cost of operations," see "Deductions."
Tj "Interest received on Government obligations, wholly taxable"
oonslsts of Interest on Treasury notes issued on or after December 1,
1940, and obligations Issued on or after March 1, 1941, by the'United
States or any agency or instrumentality thereof, reported as item 9
(b), page 1, P o m 1120.
y "Interest received on Government obligations, subject to de
clared value excess-profits tax and surtax" consists of Interest on
United States savings bonds and Treasury bonds .owned in excess of the
principal amount of $5,000 Issued prior to March 1 1941, reported as
lt m 9 (a), page 1, Form 1120.
9/ "Interest received on Govarment obligations, subject to sur
tax only" consists of Interest on obligations of instrumentalities of
tbs United States (other than obligations of Federal land banks, Joint
stock land banks, and Federal intermediate credit banks) issued prior
to Harsh 1, 1941, reported as item 52, page 1, Form 1120.
¡y
"Interest received on Government obligations, wholly taxexempt" consists of interest on obligations of States, Territories, or
political subdivisions thereof, the District of Columbia, and United
States possessions; obligations of the United States issued on or before
September 1, 1917; all postal savings bonds; Treasury notes issued prior
to Dee«bor 1, 1940; Treasury bills Issued prior to March 1, 1941; United
States savings bonds and Treasury bonds owned in principal amount of
$5,000 or less, issued prior to March 1, 1941; and obligations issued
prior to March 1, 1941, by Federal land banks, joint stock land banks,
and Federal intermediate credit banks. Interest from such sources is re
ported under item 15 (a) of schedule M, page 4, Form 1120.
22/ Amount shown as "Rents and royalties" consists of gross amounts
received. The amounts of depreciation, repairs, interest, taxes, and other
expenses, which are deductible frem the gross amount received for rents,
u d .the amount of depletion, which is deductible from the gross amount of
royalties received, are included in the respective deduction its«.
¿2/ "Bet capital gain" is the net amount of gain arising from the
sale or exchange of capital assets. (A net loss from this source is not
deductible for the current year, but may be carried over and applied
against capital gains in the five succeeding taxable years.) The tens
Capital assets" means property held by the taxpayer (whether or not con
nected with trade or business) but excludes (1) stock in trade or other
property which would properly be included in inventory if on hand at the
close of the taxable year, (2) property held primarily for sale to cuataaers in the ordinary course of trade or business, (5) property used in
trade or business, of a character which is subject to the allowance for
depreciation, (4) Oovernaent obligations issued on or after March 1, 1941,
on a discount basis and payable without interest at a fixed maturity date
not exceeding one year from the date of issue, and (5) real property used
inthe trade or business of the taxpayer. Beginning 1942 gains and losses
v ™
sale or exchange of depreciable property and real property, used
in tee trade or business and held for more than 6 months, and from (b)
involuntary conversion of such property and of capital assets held for
ewe than 6 months are treated as long-term capital gains and losses, if
the gains exceed the lossese If the losses exceed the gains, the net
n-dedUCtible M 8X1 ordinary loss. For taxable years beginning
•iter December 31, 1941, "short-term" applies to gains or losses on the
sale or exchange of capital assets held six months or less; "long-term"
Wiles to gains or losses on capital assets heldXover six months.
K ^ j S r "Bet gain or lose, sales other than capital assets" is the net
.°* g*in or loss arising from the sale or exchange of depreciable
Property and real property used in trade or business. If such property
has been held for more than 6 months, special treatment of the gain or
loss is provided as described in note 12 above.
. i i / "Dividends, domestic corporations* consists of dividends rs« « domestic corporations subject to income taxation under
«Mpter 1 of the Internal Revenue Code. This item is reported in col2 ****?*!“ *
P®g® 5, Form 1120, and is the amount used for c « <JiTld®nds received credit. There is excluded from this
■mount dividends from corporations organized under the China Trade Act,
^t.i-!Toeon>or*iiona,entltl<,d 40 th® benefits of section 251 of the
ternal Revenue Code (corporations receiving a large portion of their
®°urces within a possession of the United States),
*uoa “ "Mends being included in "Other receipts."
25/ "Dividends, foreign corporations" is the amount reported in
column S, schedule E, page S, P o m 1120, and is not used for the com
putation of dividends received credit.
W
"Total compiled receipts'! excludes nontaxable income other
“ •h tax-exwipt interest received on certain Government obligations.
12/ Bhere the amount reported as "Cost of goods sold" or "Cost of
operations" includes items of deductions such as depreciation, taxes,
ete., these items ordinarily are not transferred to their specific head
ings. However, an exception is made with respect to amortization of
emergency facilities reported in costs, such amount being transferred to
"Amortization."
W / Amount shown as "Repairs" is the cost of incidental repairs,
including labor and supplies, which do not add materially to the value
of the property or appreciably prolong its life.
19/ The item "Taxes paid" excludes (1) Federal income tax and Fed
eral Axcess profits taxes, (2) estate, inheritance, legacy, succession,
and gift taxes, (5) income taxes paid to a foreign country or possession
of the United States if any portion is claimed as a tax credit, (4)
w
aasesaed against local benefits, (S) Federal taxes paid on tax-free cove
nant bonds, and £6) taxes reported in "Cost of goods sold" and "Cost of
operations."
22/ The deduction claimed for "Contributions or gifts* la n
to S percent of net income as computed without the benefit of this de
duction.
|i/ laouht shown as "Amortization" is the deduction provided by the
Second Revenue Act of 1940 with respect to the amortization of the coat
of emergency facilities necessary for national defense.
22/ "Bet income" or "Deficit" is the amount reported for declared
value excess-profits tax computation adjusted by excluding net operating
loss deduction (items 31 and 27, respectively, page 1, Form 1120). See note 23.
25/ ®*® "Bet operating loss deduction" is the net operating loss
carry-over reduced by certain adjustments. In general, the net operating
loss carry-over is the sum of the net operating losses, If any, for the
two preceding taxable years. If there is net income in the first precedM g taxable year, the net operating lose for the second preceding taxable
year is reduced to the extent such lose has been absorbed by such net in—
c«e. The amount tabulated ie the amount originally reported and does not
take into account any carry-back of net operating loss from the two suc
ceeding tax years for which provision is made by the Revenue Act of 1942.
24/ "Inc«e subject to excess profits tax," allowed as a credit in
computing normal tax and surtax net income for taxable years beginning in
1942, ie, in general, equal to the adjusted excess profits net income.
V?*®*®'» M case the excess profits tax is determined as provided in sec
tion 721 (relating to abnormalities in income in the taxable period), sectlon 726 (relating to corporations completing contracts under the Merchant
Marine Act of 1956), section 731 (relating to corporations engaged in a in
i'« strategic minerals), or section 756 (b) (relating to corporations with
income from long-term contracts),the credit for Income subject to excess
profit* tax is the amount of which the excess profits tax is 90 percent.
For the purpose of computing such credit, the excess profits tax used is
/ wi^?o\0?pute<1 wlthout regard to the limitation provided in section 710
U M 1 K B ) (the 80 percent limitation), without regard to the credit pro
vided in section 729 (c) and (d) for foreign taxes paid, and without re
gard to the adjustments provided in section 734 in ease of position
Inconsistent with prior lnc«e tax liability.
2y
"Income tax" for 1942 consists of normal tax, surtax, and, for
taxable years beginning after December 31, 1941, alternative tax reported
in lieu of normal tax and surtax where the income includes an excess of
net long-term capital gain over net short-term capital loss, if and only
if such tax is less than the normal tax and surtax. Tabulated with the
Income tax for returns with net income is a small amount of surtax reported
on returns with no net lnc«e, where receipts for the taxable year include
interest on obligations of certain Instrumentalities of the United States
described in note 9.
’
2fi/ T|le excess profits tax shown is that imposed by section 710 of
the Internal Revenue Code as amended and should not be confused with the
declared value excess-profits tax. For 1942 the amount shown is the ex
cess profits tax liability reported on corporation excess profits
re
turns, less the credit for debt retirement and the net post-war refund.
Throughout this release, the 1942 tax is after the amount deferred under
section 710(a)(5) (relating to abnormalities under section 722) as well
as adjustments under other relief provisions. Owing, in some Instances,
to the non-availability of the corresponding income and declared value
excess-profits tax return for matching with the corporation excess profits
tax return, $15,725,446 of the total excess profits tax shown for 1942 Is
not distributed by industrial groups*
|Z/ Amount shown as "Compensation of officers" excludes compensation
of officers of life insurance companies which file Fora 1120L. Data not
available*
2§/ "Other deductions" shown for the major group "Insurance carriers,
agents, etc." for 1942 is decreased as compared with 1941 by reason of the
discontinuance of the special deduction of life insurance companies re
lating to reserves for dividends and reserve funds required by law* In
lieu of this deduction, such companies are allowed a credit against net in
come as explained on page 1*
29/
See notes 27 and 28.
50/ Compiled net loss or deficit*
Compiled net loss after total tax payment*
52/
Less than $500*
(Money
Agriculture, forestry, and fishery
Security
and
commodity- Other
Finance
exchange finance not
brokers
companies allocable
and
dealers
Number of returns 4/
Receiptsi
Gross sales 5/
Gross receipts from operations 6/
Interest on Government obligations
(less aaortisable bond prealua)i
Wholly taxable 7/
Subject to declared value excessprofits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exeapt W
Other Interest
Bents and royalties 11/
Net capital gain 12/^
Net gain, sales other than capital
assets 18/
Dividends, doaestlo corporations 14/
Dividends, foreign corporations w
Other reoelpts
Total oospiled receipts 16/
Deductions!
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Bent paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Dspreelation
Depletion
Amortisation 21/
Net loss, sales other than oapltal
assets 13/
Other deductions
Total oempiled deductions
Compiled net profit or net loss (15 less SO)
Net income or deficit 22/ ¿5 1 less (6 ♦ 7j7
Net operating loss deduction 28/
Income subject to exoass profits tax 24/
Income tax 25/
Declared value excess-profits tax
Excess profits tax 26/
Total tax
Compiled net profit less total tax
(81 less 88)
Dividends paidi
40
Cash and assets other than own stock
41
Cornoratlcn’a own stock
footnotes, see p. 8.
1,499
1,584
Total
insurance
carriers,
agents,
etc.
2,985
Real
estate,
Insurance including
agents,
lessors
brokers, of build
etc.
ings
Insurance
carriera
lessors
Total
of real
agricul
Nature of
property Construc ture,
Agricul
business
except tion
forestry, ture and Forestry Fishery not
build
and
services
allocable
ings
fishery
7,905
1,966
5,957
88,181
6,641
13,697
7,518
6,689
415
264
6,024
44,010
5,441
6,454
14,068
2,245,217
214,876
29,983
905,885
5,054
2,050,541
588,650
4,088,747
635,640
134,406
608,828
124j041
16,208
4'589
14,109
5^775
127,750
64,387
1,411
574
17
57
817
148
58,119
187,060
58,089
157,006
80
54
2,215
987
159
280
179
209
175
603
162
598
U
10
2
(52)
158
48
4
5
178
2,768
3,391
889
2,189
81,599
10
24
1,022
10,265
4,071
1,199
280
10,085
88,509
906,762
177,576
2,402
257
10,081
88,487
905,869
176,082
2,H O
157
22
893
1,293
292
100
129
1,292
179
29,475
1,892
819,645 214,872
10,347
2,482
48,490
931
25
396
2,756
17¿406
7,955
3,454
148
2,575
12,555
4,723
1,491
157
2,075
U, 775
2,646
856
6
275
800
1,955
'574
(52)
2
26
258
141
62
25
3,028
46,680
480
715
85 7
,487 8
,417 9
305 10
1,670 U
3,789
218
9,620
9,130
200
67,554
3,552
909
10,278
8,554
873
9,574
175
86
659
23
(82)
' 245
2,370 12
11 13
7,939 14
251,187 1,902,755 241,129 4,786,663
804,658
759,219
24,777
20,643
218,578
421,486
52,075
24,348
15,052
11,415
8,696
U,630
20,176
291
28,339
2,002
13
6,588
898,912
46,474
22,589
14,769
10,667
8,545
10,571
18,807
277
27,207
509
10
6,269
18,263
2,283
'870
168
145
290
877
1,055
5
514
1,492
5
274
9,510
5^516
889
115
604
62
181
354
10
618
✓
45
99,256
21,143
17,823
3,049
2,O U
2,413
5,283
7,U8
U7
5,558
558
27
16,792
88
4,077
16
3,755
4,731
1,148
1,487
61
1,491
111,944
1,598
14,402
108,205
1)186
4,782
94,804
68,706
84,429
3,758,550
5,522,548
7,446
20,878
4,315
114
748
2,620
8,668
100
1,113
4
6
4,560
676
5,750
799
195
5,484
8,164
2,258
37
6,400
16
-
2,974
8,483
926
110
1,956
6,515
1,768
29,884
27/ 59,111
20,749
2,154
4,400
5,748
107,418
881
88,230
48
88
763
26
600
9,478
15)517
1,906
2,707
2,635
102,795
550
36,543
44
6,515
27/
.
29,284
49,683
7,251
248
1,694
1,U4
4,619
352
1,687
4
—
1,253
14,695
842
59,575
1,995
52
15,295
17,654
59,780
101,085
86,567
88,096
18,745
298,877
527,710
1,496
261,241
476
545
91,758
5,002
3,232
1,817
575
67,809
21,225
78
6,247
21,680
42
6,831
457,869
8,433,494
154,192
13,478
18,150
9,622
12,699
46,612
1,964
48,000
320
430
5,788
556,987
23,278
3,478
-
(82)
4,580
6,005
1,886
46,994
25,461
13,091
2,179,405
2,076,291
108,U 4
246,021
121,893
115,724
2,568
3,806
43,288
92,530
58,800
33,536 29/ 2,458,770
2,258,559
200,211 1,910,998 161,293 4,446,639
724,000
681,129
25,580
19,291
224,410
2,274
668
931
384
2,019
29
271
2,819
81/ 45
50/
8,970
__ 7
9,906
893
9,858 50/ 155
1,478
450
2,123
171
8,179
2,239
40
IS
1,597
186
9,815
2,889
91 81/ 1,496
17,988
9,647
7,748
28/
1,299,760
1,201,166
5,124
22,845
99,858
118
18,225
117,681
1,182,079
1,268,784
1,170,216
4,733
15,659
92,166
6
11,042
108,214
1,165,570
115,696
100,689
50,976 50/ 8,245
50,950 50/ 9,664
591
15,600
9,186
U,745
7,178
51,422
112
671
7,183
8,887
14,467
60,979
16,509 51/ 69,222
79,837
79,649
1,367
10,815
31,912
79
8,460
40,450
59,587
540,023
389,602
U,276
207,580
45,805
2,358
158,660
206,825
188,201
80,658
80,485
4,669
22,210
22,197
861
16,725
39,785
40,855
78,090
77,948
4,558
21,265
21,216
818
16,004
38,088
40^052
1,196
ljl87
218
228
669
29
180
878
518
13,057
65,660
54,505
26,579
23,974
2,814
73,898
1,552 30/ 5,838
l]S50 50/ 5,945
118
1,401
719
4,790
312
4,647
15
105
541
3,734
868
8,484
485
291
40
41
Corporation return», 1942, by major industrial group»« Number of return», compiled receipt», compiled deduction», compiled net profit or net loss, net Income or deficit,
net operating loe» dedueticn, Income »ubjeot to excess profits tax, Income tax, declared relue excess-profit» tax, excess profits tax, total tax, compiled net profit
less total tax, and dividends paid by type of dividend - Continued
’
’ ^
H
(Money figures in thousands of dollars)
Automo
tive
Business repair
service services
and
garages
1 Number of returns 4/
2
S
4
6
6
7
e
9
10
11
12
18
14
15
16
17
16
19
20
21
22
28
24
25
26
27
28
29
50
Receipts.
Cross sales 5/
Cross receipts from operations 6/
Interest on Government obligations
(less amortisable bond premium) t
Wholly taxable Tj
Subject to declared value excessprofits tax and surtax 8/
Subject to surtax on U
Wholly tax-exempt 10/
Other interest
Rents and royalties 11/
Net capital gain _
ÜT
Net gain, sales other than capital
assets 15/
dividends, domestic corporations 14/
Dividends, foreign corporations 15/
Other receipts
Total oospiled receipts 16/
Deductionsi
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Rent paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortisation 21/
Net loss, sales other than capital
assets 15/
Other deductions
Total compiled deductions
51
82
58
54
85
56
57
58
59
Compiled net profit or net loss (15 less 50)
Net income or deficit 22/ /5l less (6 + 7J/
set operating loss deduction 25/
Inooms subject to excess profits tax 24/
Income tax 25/
Declared value excess-profits tax
Excess profits tax 26/
Total tax
Compiled net profit less total tax
(51 less 58)
Dividends paid.
40
Cash and assets other then own stock
41
Corporation1s own stock
For footnotes, see p. 8,
Miscel
laneous
repair
Motion
services, pictures
hand
trades
6,895
5,624
72,008
717,019
91,207
76,518
109
158
7
4
3
2
3
71
1,008
9,462
706
538
(52)
4
140
5,776
170
196
2,696
332
12,714
48
5,538
-
816,803 177,408
47,504
405,104
61,306
16,888
3,989
2,725
2,269
13,291
434
15,567
14
64
460
58,058
34,838
12,246
18,618
1,576
850
2,006
5,075
42
7,684
(32)
IS
323
198,197
31,699
765,411 173,031
51,392
51,318
1,581
15,263
14,268
147
10,350
24,745
26,647
16,499
529
1,553
Other
service,
including
schools
Total
finance,
vioe insurance,
real estate,
Locable and lessors
of real
property
Finance
long-term
credit
Short
Total
Banks anc agencies, term
finance trust
mortgage credit
companies companies, agencies,
except
except
banks
banks
Invest
ment
trust
and In
vestment
compa
nies 2/
Other in
vestment
companies,
including
holding
corapanies 3/
4,050
4,527
4,555
120
136,882
34,155
15,260
3,174
4,305
3,509
1,841
49,910
23,915
81,129 1,122,846
34,956
231,539
46,512
559,722
2,534
5,258
93,231
5,836,158
58,264
685,106
18,206
55,087
226,008
4,585
17,736
54,635
2
317,145
169
16
34
13
54
46
208,324
541,623
147,833
203,346
144,239
200,591
67
38
191
143
653
812
938
983
4
(52)
1
32
224
158
89
29
121
3,731
22,592
1,239
514
1
10
574
4,999
517
372
14
47
869
2,528
555
255
37,564
27,342
284,020 194,040
2,130,167 1,192,038
1,371,474 159,581
40,852
25,621
87,640
37,962
26,867
187,211
916,159
88,741
12,781
1,561
115
14,535
2,582
792
558
17
197
142,655
3,903
684
447
25
1,304
27,619
2,365
4,098
1,378
218 6
1,389 7
74,386 8
10,400 9
3,497 10
1,424 U
17
(52)
532
16,140
4,120
22,252
288
8
6,995
7,444
100
(32)
501
24,731
1,708
41,649
508
15
3,945
4,825
86
17,348
165,184
5,392
2,752
297,038 12
22,296 15
4,568 14
132,078 1,2Î7,682
280,106
398,811
8,760
9,257,163 3,359,749 1,963,382
41,166
431,590
216,163
489,508
1S
19,190
108,222
15,149
13,600
4,467
908
2,841
12,542
484
13,278
36
56
1,006
31,461
177,460
27,282
17,630
2,718
1,981
1,887
7,616
369
7,913
35
990
1,0Q4
1,716
1,729
958
272
87
46
30
232
3
230
2
6,778
721
98
4,687
18,928
4,468
406
547
411
12,486
2S'918
8'791
2,731
1,098
5,517
58,780
11,791
578
3,936
1,003
88
4,554
16
17
18
19
5,824
26,289
6,240
25,993
10,241
831
22,904
47,488
12,361
546
5,370
560
185
10,107
983
3
(32)
34
514
17
(32)
631,014
31,571
143,726
31,239
51,396
11,529
1,689
1,013
431
458
2,387
45
2,062
2
138
61
15,402
606,755
24,655
79,344
8,595
2,110
14,651
29,097
521
34,355
46
43
2,231
16,634
232,881
71,961
85,420
2,549
119,063 1,050,666
263,741
563,766
7,852
167,017
166,867
3,535
43,107
40,719
362
32,777
73,858
95,159
16,566
16,555
1,645
8,834
5,156
104
6,463
11,725
4,643
35,044
34,983
1,289
24,517
5,575
194
17,284
23,053
11,991.
907
907
49
262
244
6
209
459
448
2,564,881
2,043,297
30,482
61,130
349,071
1,307
47,773
598,151
1,966,730
44,649
407
4,744
10
4,624
197
259
1,039,518
4,377
13,015
4,373
13,014
391
241
1,481
8,096
1,458
1,450
184
. 48
1,159
6,297
2,665
7,952
1,712 . 5,084
946
6
Amuse
ment,
except
motion
pictures
765
94
64,446
135,057
27/ 443,102
174,356
106,261
163,262
709,858
607,392
8,410
374,267
24,376
860
263,982
502,580
29,579
76,657
_
1
5
5
43,334
45,394
277,904
63,808
14,193
139,544
339,425
151,044
5,955
68,548
2,172
273
157,645
276
204,627
42,938
11,431
96,459
194,955
112,549
4,206
51,384
150
125,520
28/
3,796,653 1,036,984
703,411
18,923
149,409
32,130
47,563 29
29/
6,872,282 2,346,221 1,547,887
43,720
514,523
70,413
184,813 50
995,528
772,146
8,392
15,725
166,399
439
12,203
179,041
814,487
415,495 30/ 2,554
201,417 30/ 2.674
2,291
405
1,635
257
59,581
1,642
166
12
1,329
175
61,076
1,830
354,419 31/ 4,384
117,068
116,853
993
10,284
44,412
76
7,962
52,450
64,618
145,751
144,424
649
47
9,513
28
38
9,579
156,172
304,695
503,088
1,195
873
38,814
74.
695
39,583
265,112
786,769
228,658
95,331
154,208
273,811
1,865
5,605
1,137
316
1,788
6,975
2,185
45
1,036
22
3,156
•
1,239
20
22
21
25
24
25
26
27
28
51
52
55
54
55
56
57
58
59
t W U S M
Drug
stores
lumber of returns 4/
Receipts t
Gross sales 5/
dross receipts from operations 6/
Interest on Goremeant obligations
(less amortiaabla bond premium)i
Wholly taxable 7/
Subject to declared value excessprofits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exempt W
Other Interest
Bents and royalties 11/
Net capital gain 12/
let gain, sales other than capital
assets 15/
Dividends, doeestio corporations 14/
Dividends, foreign o orporations 157
Other receipts
15
651,967
7,227
Total oonpiled deductions
Compiled net profit or net loss (15 less 50)
Net income or deficit 22/ /§1 less (6 + VjJ
Net operating loss deduction 25/
Income subject to «ness profits tax 24/
Inooae tax 25/
Declared value excess-profits tax
Kxcess profits tax 26/
Total tax
Compiled net profit less total tax
(51 leas 58)
Dividends paid:
40
Cash and assets other than own stock
41
Corporation1■ own stock________________
For footnotes,
10,551
5,056
2,555,559
22,475
806,817
11,552
8
540
991,611 1,354,983
81,454
51,104
508,297
6,644
2,587
7,856
7,765
225,079 1,566,997 1,214,555
2,472
27,671
29,474
14
55
25
1,927
2,591
77
75
44
158
4,929
50
149
12
3,511
5,194
249
184
55
36
163
2,279
36
77
(52)
58
769
454
33
24
12
40
2,546
4,888
'849
618
55
2,867
5,261
191
175
409
(52)
112,203
498
5
6,511
524
1
20,545
127
(32)
2,012
133
(52)
2,798
1,089
3
14,291
741
(52)
27,757
2,641,999
955,517 1,085,470 1,434,023
519,774
251,792 1,419,168 1.279,096
1,675,419
10,257
81,494
159,562
7,750
10,159
5,025
29,492
1,840
17,592
15
64
1,515
465,859
5,485
42,798
28,820
2,551
9,701
4,675
16,230
‘596
6,005
4
5
1,257
576,460 1,012,014
55,279
29,195
39,021
61,265
57,419
28,359
9,616
3,485
989
5,723
2,857
11,162
25,437
17,368
299
398
20,150
10,162
18
20
55
45
2,404
548
235,604
4,735
5,952
5,608
1,587
743
767
5,452
57
5,255
7
18
191
166,948 1,048,374
1,444
18,946
11,755
47,996
3,886
7,982
306
6,370
1,298
10,017
906
5,948
2,971
18,921
82
516
1,293
14,233
1
76
2
108
190
1,511
272,576
269,933
501,255
810,200
2,481,054
41,854
41,858
1,072
15,547
8,752
225
11,594
20.551
160,965
160,845
5,551
72,855
28,997
1,018
10,614
2,225
65
49
155,767
__ÌHS.
9,055
39
38
(52)
47,895
572,058
4,685
20,600
55,106
5,555
576
2,845
11,057
241
7,625
4
9,974
24
52
2,220
Total oompllsd receipts 16/
Deductionsi
16
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Bant paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortisation 21/
let loss, sales other than oapltal
assets 15/
Other deductions
ggssssfss g ë g’isïsisîsæ&ggsts
4,862
Eating
Building
Apparel and Furniture and
Automotive Filling
materials, Other
aooe'saorles and house drinking dealers
stations Hardware fusi, and retail
funi ahinca places
55.415
25,127
621
215,419
42,966
852,140 1,057,897 1,593,164
308,940
•83,177
85,147
1,566
16,567
24,280
538
U, 781
56,599
46,578
12,485
27,573
27,524
2,476
8,905
8,082
510
6,708
185,355
4,264
14,373
12,472
10,834
10,765
188
2,747
5,103
21
2,187
5,312
5,523
15,669
13,630
381
4,350
2,690
231
3,571
6,292
7,377
54,817
54Ì765
1,643
13,159
13,704
595
10,318
24,417
50,401
8,725
8,894
3,481
1,684
15,015
58,449
856,786 4,453,239 764,543
9,431
85,009 5,645,744
4,810
8,555
253,932 189,569
460,422 611,290
688
274
852,845
12,887
50,915
55,059
2,667
7,648
5,621
17,648
572
8,525
‘56
82
922
208,512
218,123 1,564,351 ,201,737
40,859
40,844
963
10,325
11,218
210
7,876
19,504
21,555
15,101
Trade
Hotels
Retail
not
Total
and other Personal
trade not allocable servioe lodging service
places
117
47
27,042
»
9,526
19
1,299
1,727
183
159
5,883
15,542
2,347
802
57
302
8,299
96,321
4,012
2,456
1,446
48,512
610
269
2,664
7,352
40,550
22,076
4,618
68,748
1,119
153
9,641
4,611,664 4,618,118
776,441 810,029
672,710 5,526,266 446,490
4,705
34,952 1,899,631
18,285 116,795 224,325
10,882
43,816 214,772
2,054
12,104
57,354
4,521
15,741
15,452
2,591
12,146
57,327
8,113
49,649 132,698
254
1,601
2,687
55,186 155,985
5,629
74
269
225
7
253
1,340
446
4,382
7,786
139,364 102,755
173,367 542,762
17,952 53,249
44,283 22,449
24,520 10,570
2,530
3,850
28,595
4,630
42,185 20,473
515
474
47,081 26,014
49
42
15
19
1,964
734
106,964
222,628 184,798 29
553,156 ,046,767
836,853 ,404,298 ,260,996
744,847 772,619
557,122
556,763
15,685
121,236
89,588
1,463
91,060
182,112
175,010
57,411
417,366
1,942
9,075
9,405
251
6,800
16,453
20,977
5,827
50,977
40
41
Corporation return», 19*2, by major industrial groupai Humber of return», eaapiled receipts, compiled deductions, compiled net profit or net loss, net
net operating loss deduction, income subject to excess profits tax, income tax, declared Talus excess-profits tax, excess profits tax, total tax,
less total tax, and dividends paid by type of dividend - Continued
or deficit,
net profit
(Money figures in thousands of dollars)
Transpor
tation
Other
equipment, nanufaoturing
except
automo
biles
1 ■mb*r of returns
t
5
4
6
6
7
8
»
10
11
12
IS
14
IS
16
17
18
19
20
21
22
25
24
25
26
27
28
29
50
SI
52
SS
54
55
56
57
58
59
40
41
A/
1,029
Receiptsi
Cross sales 5/
(boss reoeipts from operations 6/
Interest on Government obligations
(less amortisable bond premium) t
■holly taxable 7/
.Subject to declared value excessprofits tax and surtax 8/
Subject to surtax only 9/
■holly tax-exempt W
Other Interest
Bents and royalties 11/
■*t «vital gain 12/
Net gain, sales other than capital
assets 15/
Dividends, domestic corporations 14/
Dividends, foreign corporations
Other receipts
l57
fetal compiled reoeipts 16/
Deductionsi
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Rent paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortisation 21/
let loss, sales other than capital
assets 15/
Other deductions
Total compiled deductions
Compiled net profit or net loss (15 less 50)
Bet income or deficit 22/ /Si less (6 ♦ 7J/
Bet operating lose deduction 25/
Income subject to excess profits tax 24/
Inocam tax 25/
Declared value excess-profita tax
Kxoesa profits tax 26/
Total tax
Compiled net profit less total tax
(51 less 58)
Dividends paidi
Cash and assets other than own stock
Corporation1» own stock_______________
For footnotes, see p.. 8.
4,065
Manu
fac
turing
not
allo
cable
1,992
■holesale
Total
public
Trans
Utilities portation
20,257
15,625
Other
Comauni- public
oation utilities
5,542
5,070
Total
trad*
128,969
Total
Commis
wholesale sion
merchants
56,541
9,525,658 1,974,008 1,094,145 1,028,656
794,215 115,250
119,211 55,946,805 25,967,192
5,041,419
17,217
4,859 16,761,207 10,756,896 1,905,724 4,118,587 1,119,402
705,882
5,609
Other
whole
salers
50,752
Total
retail
78,255
Retail
Food
General stores,
Package
merchan including liquor
dise
market
stores
millf
6,060
6,219
1,805
1
955,254 25,031,958 25,526,575 7,519,450 5,570,141
548,370
557,512
328,510
32,504 ' 42,800
144,572
5^942
2
5
(52)
4
5
1,828
550
228
112
105
142
5,525
2,544
2,071
2,184
708
46
745
514
2,375
1,489
935
590
82
22
851
568
1,213
775
718
515
47
58
24
252
4,565
12,556
5,242
425
15
150
2,229
4,116
565
289
6
58
908
2,461
521
557
153
2,050
107,215
508,575
47,217
9,512
52
1,494
50,296
250,097
44,820
9,027
6
159
7,272
54,472
440
224
75
597
49,644
24,005
1,958
261
258
1,613
69,968
121,603
10,685
7,662
98
726
26,561
22,956
5,629
4,839
10
122
6,162
2,236
462
129
88
605
20,399
20,720
5,167
4,709
105
798
57,524
85,505
2,709
2,021
15
298
21,390
42,859
551
280
14
123
891
4,875
578
186
51,945
8,465
47,668
2,989
2,515
11,505
757
104
6,598
501,019
5,962
71,984
76,414
798
51,258
158,102
1,156
4,650
66,505
4,028
16,116
40,041
18,075
582,164
21,482
5,296
166,287
5,295
19
25,219
16,189
5,277
141,068
15,%96
5,425
575,526
6,294
5,402
100,126
1,205
5
15,758
12,478,115 2,015,955 1,110,775 18,649,575 12,019,602 2,228,129 4,401,841 55,922,116 26,928,470 1,323,560 25,605,110 24,581,982 7,750,005 5,454,678
7,552,711 1,295,525
2,565,868
9,559
42,498
63,552
28,914
12,459
120,050
14,412
5,698
6,021
17,056
5,255
46,935
214,810
2,975
1,256
91,441
25,969
521
12
52,885
5,605
2,655
687
506,458
259,675
10,982,495 1,742,699
1,495,625
1,495,567
7,240
1,015,052
201,753
4,904
744,156
950,813
544,810
275,255
275,072
5,502
162,619
42,402
1,499
124,128
168,029
105,206
209,558
1.655
41,227
868
774,892
2,681
54,447
4,750
11,612
2,055
5,528
17,520
573
14,241
32
2,152
1,129
561,629
449,054
8,814,401 6,255,272
147,690
110,262
610,696
559,860
60,746
57,297
50,794
15,551
1,051,105
589,788
1,216,840
645,704
7,592
2,378
1,075,807
408,527
25,711
8,176
91,512
77,278
45,859
56,491
110,379 1,280,862
754,545
49,417
65,178 42,665,706 22,467,850
855,626 1,725,505
570,297
545,822
11,968
25,461 1,095,402
479,908
47,187
25,649
747,485
96,825
12,885
10,564
128,260
28,652
6,586
8,857
157,659
56,025
390,646
70,670
141,419
54,977
157,799
413,358
529,995
159,579
1,707
3,507
21,272
7,897
228,007
459,273
511,125
74,955
2
15,554
1,613
978
501
13,753
2,766
2,086
1,858
7,510
32,169
6,608
875,817 21,594,052 16,669,590 4,902,050 4,574,092
157,378
206,444
191,523
15,418
31,245
57,954
421,974
496,698
72,002
38,200
7,990
88,855
606,845 190,094
65,159
850
27,802
87,524
52,528
15^475
5,945
52,080
85,894
50,788
5,840
4,994
49,984
74,295
27,405
6,355
8,525
151,054
520,767 125,150
42,049
715
7,182
11,774
5,577
1,519
5,409
71,525
203,005
68,159
57,959
36
942
566
74
56
18
2,068
427
28
24
557
6,051
21,179
1,952
10,127
225,417
141,286 1,970,055 4,285,624 1,584,155
522,901 6,950,081 2,111,521
709,819
979,751 15,018,825 9,908,165 1,647,210 5,465,452 55,551,249 25,891,459 1,241,432 24,650,007 25,055,512 7,059,515 5,525,440
151,024
150,980
5,968
86,197
16,909
857
64,015
81,759
49,264
3,650,747 2,111,459
5,628,585 2,109,895
158,099
155,181
685,482
402,565
1,050,702
627,470
2,774
2,674
544,058
518,844
1,577,554
948,989
2,055,214 1,162,450
18,585 1,129,955
456
4.046
509,748
1.416
580,920
580,775
715
128,858
127,285
37
104,011
251,355
549,586
958,589
957,917
4,205
152,260
275,946
63
121,205
597,212
541,177
555,298
576
466,888
2.254
2,570,867 1,057,031
2,569,016 1,056,207
38,955
15,702
1,128,247
497,774
515,581
187,884
IS,496
6,125
873,049
580,414
1,402,126
574,425
1,168,741
462,609
499,805
12.556
185,995
7.015
81,929
81,797
1,168
58,582
14,516
327
29,100
45,945
37,985
955,105 1,526,470
954,410 1,525,568
12,555
20,874
459,595
550,659
175,368
281,286
7,576
5,798
551,314
450,632
550,480
719,494
424,623
606,976
670,608
670,574
2,728
552,622
127,710
2,987
264,870
595,566
275,121
109,258
109,101
2,298
54,594
28,754
551
27,150
56,216
55^022
16,747
125
169,246
6.892
150,658
1.252
50,755
546
282,855
4.058
6
(52)
7
7 8
87 9
7 10
9 11
(52)
12
IS
192 14
148,616
IS
117,198
5,248
6,415
3,129
205
91
563
2,901
' 25
663
5
4
16
16
17
18
19
20
21
22
25
24
25
26
27
28
12,082 29
146,559
50
2,277
2,277
260
520
568
50
255
871
1,406
51
52
55
54
55
56
57
58
59
64 40
5 41
Corporation returns, 1942, by major industrial groups i Number of returns, compiled receipts, compiled deductions, compiled net profit or net loss net
l e s s ^ S l ^ L ^ ^ & s S^/SS^rdi^eS
iB00“e *“ * <te°Ur6d
Lumber
leather
and
and
Rubber
timber
products products basic
products
Number of returns
4/
Receiptsi
Cross sales 5/
Cross receipts from operations 6/
Interest on Government obligations
(less amortisable bond premium)t
Wholly taxable Tj
Subject to declared value excessprofits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exempt 10/
Other interest
Bents and royalties 11/
Net capital gain 12/
Net gain, sales ether than capital
assets 15/
Dividends, domestic corporations 14/
Dividends, foreign corporations 15/
Other receipts
Total compiled receipts 16/
Deductions!
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Bent paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortisation 21/
Net loss, sales other than capital
assets 15/
29
Other deductions
Total compiled deductions
Compiled net profit or net loss (15 less 50)
Net income or deficit 22/ ¿51 less (6 ♦ 7j7
Net operating loss deduction 25/
Income subject to excess profits tax 24/
Income tax 25/
Declared value excess-profits tax
Excess profits tax 26/
Total tax
Compiled net profit less total tax
(51 less 58)
Dividends paidt
Cash and assets other than own stock
Corporation's cam stock
2,025
2,565
Furniture
and
Paper and
finished allied
lumber
products
products
4,092
2,089
Printing
and pub
lishing
industries
10,552
«°»*»™***
*»*>
Chemicals Petroleum Stone,
and
and coal clay, and
allied
products glass
products
products
6,556
or dafiait
8X0688 P«>^s tax, total tax, compiled net profit '
3,041
Iron,
steel,
and
products
Nonferrous
metals and
their
products
Electrical
machinery
and equip
ment
Machinery,
except trans
portation
equipment and
electrical
Automobiles
and equip
ment, except
electrical
6,493
2,505
1,704
6,115
662
2,091,547 1,842,685 1,675,219 1,861,615 2,849,725 2,464,805 7,119,215 6,762,751 2,298,879 15,977,926
7,887
27,519
29,058
11,651
11,066
175,594
56,637 651,045
11,555
628,981
5,091,463
84,031
5,044,229
11,US
9,803,567
128,518
4,012,854
29,022
2,440
1,394
565
282
1,471
1,483
86
46
570
6,764
11,324
714
240
65
1,589
12,500
59,027
5,476
2,359
164
6,575
5,682
160
158
1,442
1,288
1,165
626
11
85
1,746
7,370
7,588
1,541
19
157
1,240
2,565
1,156
559
11
488
5,626
6,482
1,272
505
56
746
3,804
16,206
845
450
145
1,076
9,171
24,575
5,508
490
228
838
24,255
55,984
11,545
1,710
57
501
1,828
5,646
1,855
501
745
52,675
42,866
5,218
2,848
103
14,681
1,908
459
10,405
5,560
1,741
13,933
9,772
1,850
28,908
70,308
9,706
54,817
17,217
54,519
6,729
5,552
14,108
34,865
5,194
59,212
14,499
5,509
19,405
12,753
7,535
13,250
15,557
9,131
54,097
2,008
1,549
33,204
7,636,499 2,547,620 16,790,818
3,222,111
5,109,587
10,070,658
4,090,5S9
1,714,549 1,567,219 1,210,615 1,392,764 1,982,224 1,601,780 4,640,720 4,965,751 1,497,169 11,605,674
4,855
653
17,314
4,519
2,879
83,735
11,083 227,497
5,662
422,066
59,135
14,045
33,649
55,331
56,123
111,531 102,020
21,598
45,401
201,227
9,752
5,832
6,889
10,255
11,158
31,233
20,874
75,843
7,381
51,478
15,010
24,463
13,999
17,277
59,586
10,427
89,313 110,388
49,922
405,762
1,921
2,729
5,134
3,834
4,545
13,402
12,309
15,484
4,031
15,427
5,526
8,406
7,380
6,256
15,178
16,329
19,364
77,298
88,461
7,650
44,261
26,859
33,003
34,106
55,517
51,992 113,456 204,084
46,197
304,034
1,038
825
704
912
2,071
2,609
3,458
2,221
1,349
8,342
12,082
51,745
54,166
21,157
74,073
46,619 161,458 281,489
57,582
305,668
2
163
30,016
715
4,443
112
7,701 204,771
2,281
22,412
260
2,664
6)16
984
86
5,059
31,107
12,889
3,393
89,001
1,091
1,520
1,649
1,843
, 6,887
6,266
5,578
3,493
3,140
17,628
2,500,461
47,525
53,698
10,821
31,182
2,459
9.621
55,536
1.621
47,353
11,912
26,740
1,728
3,579,103
1,596
52,529
14,080
59,170
4,322
18,182
111,461
2,732
62.723
6,218,260
23,195
179,699
25,143
142,810
15,063
18,729
189,676
6,837
116,443
428
43,127
5,205
3,256,120
26,527
20,945
5,551
84,715
2,407
5,510
61,522
1,826
45,245
520
10,747
511
1,722
6
9,088
1,520
7,562
5,622
2,115,559 1,890,752 1,758,557 1,891,574 2,895,452 2,702,360
145,497
231,967
158,272
197,954
260,664
494,417
977,869
890,054
251,675
1,220
10
18,592
4,209
686
474
865,014
213,144
441,057
979,768
1,975,317 1,737,549 1,550,550 1,747,887 2,540,006 2,469,851 6,196,980 7,092,861 1,982,834 14,402,192
2,813,600
4,369^765
7,964,380
5,678,113
158,242
158,188
3,120
66,709
26,497
491
50,119
77,108
61,154
153,203
155,186
6,528
72,462
28,955
201
55,984
85,120
68,085
187,987
187,893
2,432
91,780
36,232
428
70,842
107,502
80,485
143,688
143,531
2,117
66,467
29,201
775
50,258
80,235
63,454
355,446
354,948
1,975
179,581
67,350
349
158,020
205,699
149,747
26,541
565
25,799
56
45,614
115
26,715
1.962
71,406
608
232,510 1,128,297
231,728 1,127,078
5,460
7,070
63,498 488,268
65,357 230,446
654
1,600
49,583 368,868
115,594 600,914
116,915 527,383
74,117
602
312,572
2.957
176,190 29
543,638
542,573
10,076
62,695
169,842
81
49,068
218,991
324,648
364,785
364,447
1,264
207,431
63,689
461
159,723
223,874
140,912
2,388,626
2,387,797
10,171
1,682,138
275,344
8,401
1,276,206
1,559,951
828,675
408,511
408,312
680
246,816
59,720
943
190,659
251,322
157,190
739,622
739,006
25,784
517,992
79.723
2,150
406,722
488,594
251,028
2,106,258
2,104,604
5,782
1,585,889
208,405
7,828
1,185,149
1,401,581
704,878
412,446
412,280
5,414
272,375]
54,692
2,041
198,962
255,696
156,750
308,554
5.617
71,519
311,674
77,647
105,505
229,521
46,565
For footnotes, see p. 8.
nab profit '
le«, total ta*, end dividends
' dacl*r*d ral118 «««-profite tax, excese profits tax, total tax, conpiled net profit
’
(Money figures in
ill
industrial
groups
1 lober of retaros 4/
2
S
«
5
6
7
8
9
10
11
12
U
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
80
SI
83
62
84
85
86
87
88
89
40
41
442,665
Receiptsi
Gross sales 6/
Gross reoeipts fro operations 6/
Interest on Gorerneent obligations
(lose aiaortisable bond prood.ua)i
Wholly taxable 7/
Subject to declared vaio smses •
profits tax and surtax 8/
Subject to surtax only 9/
lholly tax-exaapt W
Other interest
Bants and royalties 11/
let capital gain 1Z/
let gain, sales other than capital
assets 18/
Dividends, doaastic corporations 14
Dividends, foreign corporations 15~
Other reoeipts
Total eoapiled reoeipts
16 /
Deduotlansi
Cost of goods sold 17/
Cost of operations 17/
Conpensation of officers
Rerfcpald on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributicns or gifts 20/
Depreciation
Depletion
inertisation 21/
let loss, sales other than capital
assets 18/
Other deductions
Total
■ining
Matai
win4Tig
and
quarrying
8,915
1,146
Rltunlaous
Anthra coal,
cite
lignite,
peat, sto.
157
1,757
Crude
petroleuu and
natural
gas pro-
Nonnetallio
■ining
and
quarry-
4,165
1,558
Mining
and
quarry Total
ing not nanufacalloom- turing
198
82,174
Food and
kindred
products
9,480
TextileTobaoeo Cotton
Mill
Beverages nanufac- nanufac- products,
tures
tares
except
,2,815
ZZI
828
5,746
Apparai
and
products
made iron
8,782
178,574,858 8,502,848 1,222,414 277,551 1,142,758 482,818 664,925 12,104 112,689,055
17,646,550 2,659,617 1,782,198 2,812,465 4,651,562 3,850,898
85,282,266
868,667
52,044 25,005
125,255 152,570 28,654 2,160 5,268,549
107,827
9,785
2,462
10,995 152,726
79,607
229,754
857,654
889
1,188
560
458
41
184
118
225
111
242
65
78
88,947
298,098
2,475,860
2,277,712
179,843
180,962
47
896
6,548
48,122
8,651
8,755
8
694
1,555
5,661
1,088
556
27
260
9,817
87
69
IS
127
1,948
18,247
2,641
596
20
298
2,620
11,495
4,615
2,241
8
SO
557
2,656
420
445
1,844,488
156,451
1,584,875
50,597
598
55,525
17,557
450
11,571
154
1
1,879
3,227
108
9,645
8,696
68
9,178
1,165
1
5,449
(82)
(82)
15,444
9,685
551
618
169
187
82
240
161
166
876
189
57
45
855
8,608
144,596
295,464
. 52,965
13,361
50
533
15,845
20,817
5,178
724
24
188
2,846
4,614
1,729
569
25
95
5,089
2,888
477
22
6
189
1,769
8,061
1,479
210
18
164
6,484
6.198
1.199
448
2
41
1,125
7,851
261
590
504,655
94,709
546,957
21,175
8,678
56,054
2,753
9
12,753
5,881
935
5,788
2,666
14
15,112
4,281
1,110
24,567
1,571
168
16,187
12
18
14
217,680,512 4,002,788 1,295,671 814,857 1,502,501 674,957 402,225 14,596 119,440,882
17,884,557 2,695,041 1,800,177 2,851,290 4,826,071 8,955,979
15
150,506,124 2,551,677
18,808,619
251,348
27/ 5,690,842
54,820
2,219,199
17,585
1,942,494
75,891
544,105
6,987
2,459,456
59,615
5,194,255
156,751
98,296
1,281
5,914,000
162,559
578,557
258,926
410,827
4,599
486,464
11,757
779,670 224,384
19,557 17,235
6,276
2.450
1,574
1,389
29,284
6,251
417
517
4,094
6,859
44,710 12,557
575
46
45,693
7.450
94,105
8,847
2,855
482
1,601
964
88S,328 215,506 216,706
84,414 95,472 15,876
18,939 18,605 16,065
5,196
6,035 3,346
24,909
5,561 11,660
2,829
2,028 1,192
9,166 16,159 3,242
41,928 25,804 11,344
335
297
224
58,689 55,990 16,124
32,620 92,329 10,878
267
780
517
4,080
5,695 1,392
68
79
52
20
105
8,080 85,256,565 14,748,708 1,537,789 1,350,645 2,177,260 6,645,564 5,085,290
1,496 3,651,175
39,671
2,854
849
4,194
87,210
59,602
285 1,531,159
127,135
37,562
5,541
22,768
85,214 127,516
45 • 422,929
41,191
6,831
1,517
1,554
12,768
28,695
447 1,482,426
121,605
16,976
1,875
51,701
45,249
7,142
5
149,240
18,693
5,904
557
784
5,526
6,178
94
430,501
43,659
15,149
8,951
6,627
17,802
10,826
612 2,496,470
193,210 406,247 114,715
52,555
74,781
44,258
5
54,881
4,326
1,958
507
1,498
5,040
2,407
615 1,754,363
159,921
42,929
7,666
40,417
61,-580
14,598
648
572
286,834
154
(52)
64
11
18
309,480
2,349
56
1,759
1,269
184
25
97,763
16,900
3,112
594
2,840
6,058
1,765
28/ 25,641,678
298,562
50,914 17,877
90,084 97,072 40,779 1,836 9,857,551 1,437,929 345,275 128,115 129,845 297,566
560,769
29/ 194,291,856 8,612,156 1,078,705 506,515 1,284,248 650,818 547,647 14,207 105,781,317
16,955,869 2,418,777 1,621,107 2,475,279 4,659,668 9,746,021
Conpiled net profit or net lose (15 lees 80
25,888,656
590,650 215,166
8,342
68,058 44,119 54,576
389 13,659,564
928,688 276,264 179,070 378,011 486,455 207,958
let incone or deficit 22/ /¡SI lees (6 ♦ 7J/
25,051,611
589,707 214,765
8,514
67,915 45,801 54,523
389 15,650,102
928,126 276,052 178,952 377,817 486,251 207,915
let operating lose deduction 23/
578,114
9,466
575
1,067
3,279 1,728
2,602
18
128,080
11,649
5,592
112
7,221
1,528
4,200
Incone subject to excess profits tax 24/
10,802,756
110,247
60,202
1,474
16,852
8,664 22,419
656 7,963,835
308,385
95,615
42,258 259,135 285,112 109,559
Ineoae tax 25/
4,857,728
109,026
52,879
5,122
20,787 19,690 12,494
104 2,173,112
68,071
229,210
55,185
51,978
79,208
54,986
Declared value excess-profits tax
66,854
624
272
4
86
111
149 (52)
41,868
3,948
980
42
641
1,470
Sxeaea profits tax 26/
1,144
7,851,814
87,994
49,442
1,081
12,966
6,420 17,677
408 6,013,037
239,039
70,770
33,676 191,280 215,102
Total tax
82,709
12,256,596
197,645 102,596
4,207
26,221
58,790
512
30,520
8,228,017
472,196
159,821
86,905 245,899 295,780 118,859
Conpiled net profit lese total tax
196,006 112,576
11,182,260
4,155
54,267 17,698 24,256 SI/ 123 5,431,547
456,492 156,445
92,167 164,112 192,655
(31 lees 88)
89,119
Dividends paddi
Cash and assets other then osn stock
5,607,088
267,621 162,658
6,642
24,585 55,044 20,619
275 2,511,218
241,526
67,550
70,000
45,784
Corporation’s own stock
61,015
22,247
72.717
964
26
35.614
2.078
187
1.154
5.583
1.990
for footnotes, see p, 8<
6
7
8
9
10
11
16
17
18
19
20
21
23
22
24
25
26
27
28
29
Total eoapiled deductions
80
SI
82
88
84
TREASURY DEPARTMENT
Washington
FOR RELEASE,
Monday, August 87. 1945
Pros a Service
No* V-34
Secretary of the Treasury Vinson today made public the seoond in the
series of tabulations which will appear in the report "Statistics of Income
for 1942, Bart 2," compiled from corporation income
declared value
excess-profits tax returns, excess profits tax returns, and personal hold
ing company returns* These data cure prepared under the direction of
Commissioner of Internal Revenue Joseph D* Nunan, Jr*
The following table shows data from corporation returns for 1942,
classified by major industrial groups. Items tabulated inolude number of
corporation income and declared value excess-profits tax returns, items
of compiled receipts and compiled deductions, compiled net profit or net
loss, net income or deficit, net operating loss deduction, income subject
to excess profits tax, income tax, declared value excess-profits tax, ex
cess profits tax, total tax, compiled net profit less total tax, and divi
dends paid by type of dividend*
The industrial classification is based on the business aotivity re
ported on the return* When multiple businesses are reported on a return,
the classification is determined by the business activity which accounts
for the largest percentage of total receipts. Therefore, the industrial
groups do not reflect pure industry classifications*
In analyzing the data compiled from returns classified under the major
group "Insurance carriers, agents, etc*," it should be noted that life in
surance companies are required to include only interest, dividends, and rents
in gross income. Beginning 1942, life insurance companies are allowed a
reserve and other policy liability credit" equal to a flat percentage of
investment income less tax-exempt interest. This credit, which is deducted
after arriving at net income, takes the place of the deductions for reserve
earnings, deferred dividends, and interest paid, whioh formerly were allowed
in computing net income. For 1942 the credit rate is 93 percent and for
normal tax purposes the aggregate amount of credit is #812,080,485, reported
only on returns with net income*
As a consequence of
ported on life insurance
over the amount for 1941
considerable increase in
this change, "the net inoame (less the deficit) re
company returns for 1942 is automatically increased
by more than one billion dollars and there is a
the proportion of such returns showing a net income.
In the case of a life insurance company deriving a portion of its in
come from contracts other than life insurance, annuities, or non-cancell&ble
health and accident insurance, the Revenue Act of 1942 provides for an ad
justment of the tax base to include interest received on the non-life insur
ance reserves. This adjustment, whioh amounts to #4,343,433 for 1942, is an
offset to the reserve and other policy liability credit and accordingly ap
pears only among returns with net income*
TREASURY DEPARTMENT
Washington
POR RELEASE»
Monday, August 27, 1945
Press Serrioe
No* V-34
Secretary of the Treasury Vinson today made public the seoond in the
series of tabulations which will appear in the report "Statistics of Income
for 1942, Part 2," compiled from corporation income and declared value
excess -profits tax returns, excess profits tax returns, and personal hold
ing company returns* These data are prepared under the direction of
Commissioner of Internal Revenue Joseph D* Nunan, Jr*
The following table shows data from corporation returns for 1942,
classified by major industrial groups* Items tabulated inolude number of
corporation income a n d ’declared value excess-profits tax returns, items
of compiled*reoeipts and oompiled deductions, compiled net profit or net
loss, net income or deficit, net operating loss deduction, income subject
to excess profits tax, income tax, declared value excess-profits tax, ex
cess profits tax, total tax, oompiled net profit less total tax, and divi
dends paid by type of dividend*
The industrial classification is based on the business activity re
ported on the return* When multiple businesses are reported on a return,
the classification is determined by the business activity which accounts
for the largest percentage of total receipts* Therefore, the industrial
groups do not refleot pure industry classifications*
In analyzing the data compiled from returns classified under the major
group "Insurance carriers, agents, etc*," it should be noted that life in
surance companies are required to include only interest, dividends, and rents
in gross income* Beginning 1942, life insurance companies are allowed a
"reserve and other policy liability credit" equal to a flat percentage of
investment income less tax-exempt interest* This credit, which is deducted
after arriving at net income, takes the place of the deductions for reserve
earnings, deferred dividends, and interest paid, which formerly were allowed
in computing net income* For 1942 the credit rate is 93 percent and for
normal tax purposes the aggregate amount of credit is 1812,080,485, reported
only on returns with net income*
As a consequence of
ported on life insurance
over the amount for 1941
considerable increase* in
this change, the net inoame (less the deficit) re
company returns for 1942 is automatically increased
by more than one billion dollars and there is a
the proportion of such returns showing a net income*
In the case of a life insurance company deriving a portion of its in
come from contracts other than life insurance, annuities, or non^cancellable
health and accident insurance, the Revenue Aot of 1942 provides for an ad
justment of the tax base to include interest received on the non-life insur
ance reserves* This adjustment, whioh amounts to $4,343,433 for 1942, is an
offset to the reserve and other policy liability credit and accordingly ap
pears only among returns with net income*
SÍS
s2_
(Roney figura» In
All
industrial
groups
1 Rater of returns 4/
2
8
4
S
6
7
8
9
10
n
12
u
14
IS
IS
17
IS
19
20
22
21
28
24
25
26
27
28
29
80
Reoaiptsi
Gross m Im 5/
Gross reoeipts froa operations 6/
Interest on Government obligations
(less aaortisafal» bond premium):
Wholly tarsble 7/
Subject to declared Talus excessprofits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exempt w
Other interest
Bants and royalties 11/
Ret capital gain 12/
Ret gain, sales other than capital
assets 15/
Dividends, donestlo corporations 14/
Dividends, foreign corporations 15/
Other reeelpts
Total complied reeelpts 16/
Deductions!
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Bantpaid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid IS/
Contributions or gifts 20/
Depredation
Depletion
teortisatlon 21/
Ret loss, sales other than capital
assets 18/
Other deductions
Total conplled deductions
81 Conplled net profit or net loss (15 less SO)
82 Ret lncoaw or defidt 22/ ¿Si less (6 ♦ 7j/
88 Ret operating loss deduction 28/
84 Inoons subject to excess profits tax 24/
85 Inoons tax 25/
86 Declared value excess-profits tax
87 Excess profits tax 26/
88
Total tax
89 Compiled net profit less total tax
(51 less 58)
Dividends paid!
40
Cash and assets other tban own stock
41
Corporation's pen stock ______________
for footnotes, see o. 8.
442,665
Total
mining
Retal
and
quarrying
T<tl4wi£
8,915
Bituminous
Anthrs- coal,
olte
lignite,
mining
peat, etc
1,145
1,757
MonweCrude
petrole tallio
um and mining
natural and
gas pro- quarry4,165
1,558
Mining
and
quarry Total
ing not manufac
allooa- turing
195
82,174
Food and
kindred
products
9,480
Tobacco
Beverages manufac
tures
2,815
178,874,658 8,502,848 1,222,414 277,551 1,142,758 482,818 564,925 12,104 112,689,055
17,646,550 2,659,617 1,782,198 2,812,465 4,651,562
85,282,266
868,667
82,044 25,005
125,255 158,570 28,654 2,160 5,268,549
107,827
9^785
2,462
10,995 152,725
229,754
557,654
889
1,188
560
458
41
184
118
225
111
242
65
78
88,947
298,098
2,475,860
2,277,712
179,848
180,962
47
896
6,548
48,122
8,681
5,785
8
1
894
1,855
5,861
1,088
586
27
260
9,817
87
69
15
127
1,948
18,247
2,841
595
20
298
2,620
11,495
4,615
2,241
5
50
557
2,656
420
445
1,844,488
156,451
1,584,875
80,597
596
55,525
17,587
450
11,571
154
5,227
108
9,545
8,696
58
9,175
1,165
1
5,449
1
1,879
(52)
(52)
-
8
68
79
52
20
.-
105
779,670 224,584
19,557 17,255
6,276
2.450
1,574
1,589
29,284
6,251
417
517
4,094
6,859
44,710 12,557
575
46
45,695
7.450
94,105
8,547
452
2,855
1,601
964
885,528 215,506 218,708
84,414 95,472 15,576
15,959 18,805 15,065
5,196
6,055 5,546
24,909
5,561 11,660
2,829
2,028 1,192
9,166 16,159 5,242
41,925 25,804 11,544
555
297
224
58,689 55,990 16,124
52,620 92,529 10,878
750
267
517
4,080
5,695 1,592
551
618
169
187
4
5
855
8,608
144,596
295,464
52,965
15,561
50
555
15,845
20,817
5,178
724
24
188
2,846
4,614
1,729
569
6
504,655
94,709
546,957
21,175
8,678
56,054
2,755
9
12,755
8,080 85,256,565 14,748,708 1,557,789 1,550,645
1,496 5,651,175
59,671
2,854
849
285 1,551,159
127,155
57,562
5,541
45
422,929
41,191
6,851
1,517
447 1,482,426
121,605
16,976
1,875
5
149,240
18,695
5,904
557
94
450,501
45,659
15,149
8,951
612 2,496,470
195,210 406,247 114,715
5
54,881
4,526
507
1,958
615 1,754,565
159,921
7,666
42,929
648
286,854
572
154
18
509,480
2,549
56
25
97,765
16,900
5,112
28/ 25,641,678
298,562
50,914 17,877
90,084 97,072 40,779 1,856 9,857,551 1,457,929 545,275
29/ 194,291,856 8,612,186 1,078,705 506,515 1,284,245 650,818 547,647 14,207 105,781,517 16,955,869 2,418,777 1,621,107
28,588,656
28,051,611
578,114
10,802,756
4,557,728
66,854
7,851,814
12,256,596
11,182,260
590,650
589,707
9,466
110,247
109,026
624
87,994
197,645
195,006
215,166
214,765
575
60,202
52,879
272
49,442
102,595
112,575
8,542
8,514
1,067
1,474
5,122
4
1,081
4,207
4,155
12,966
55,790
54,267
44,119
45,801
5,279
8,664
19,690
111
6,420
26,221
17,898
5,607,085
72.717
267,621
964
162,658
6,642
24,585
55,044 20,619
68,058
67,915
2,802
16,852
20,787
88
54,576
589 15,659,564
54,525
589 15,650,102
1,728
18
128,080
22,419
656 7,965,855
12,494
104 2,175,112
149 (52)
41,868
17,677
408 6,015,057
50,520
512 8,228,017
24,256 51/ 125 5,451,547
275
2
8
15,444
9,685
217,680,512 4,002,786 1,298,871 814,857 1,502,501 674,957 402,225 14,596 119,440,882 17,884,557 2,695,041
1,800,177 2,851,290 4,826,071 8,955,979
150,805,124 2,551,677
18,808,619
251,848
27/ 8,690,842
54,620
2,219,199
17,585
1,942,494
75,891
544,105
6,987
2,459,456
59,615
5,194,255
156,751
98,296
1,281
8,914,000
162,559
578,557
288,926
410,827
4,599
486,464
11,757
1
2,511,218
928,688
928,126
11,649
508,585
229,210
5,948
259,059
472,196
456,492
276,264
276,052
5,592
95,615
68,071
980
70,770
159,821
156,445
241,526
67,550
7
8
9
10
11
12
18
14
15
IS
17
18
19
20
21
22
25
24
25
26
27
28
29
SO
51
52
55
54
55
56
57
58
59
40
41
Corporation returns, 1942, by major industrial groupsi Number of returns, compiled receipts, ocopiled deductions, compiled net profit or net loss, net income or deficit,
net operating loss deduction, income subject to excess profits tax, income tax, declared Talus excess-profits tax, excess profits tax, total tax, compiled net profit *
less total tax, and dividends paid by type of dividend - Continued
(Money figures In thousands of dollarsi
Lumber
leather
and
and
Rubber
timber
products products basic
products
Number of returns 4/
Receiptst
Cross sales 5/
Cross receipts from operations 6/
Interest on Government obligations
(less amortisable bond premium)i
Wholly taxable 7/
Subject to declared value excessprofits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exempt 10/
Other interest
Rents and royalties 11/
Net capital gain 1Z/
Net gain, sales ether than capital
assets 15/
Dividends, domestic corporations 14/
Dividends, foreign corporations 151
Other receipts
Total compiled receipts 16/
Deductions !
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Rent paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortization 21/
Net loss, sales other than capital
assets 15/
Other deductions
Total compiled deductions
Compiled net profit or net loss (15 less 50)
Net income or deficit 22/ ¿51 less (6 + 7J/
Net operating loss deduction 25/
Income subject to excess profits tax 24/
Income tax 25/
Declared value excess-profits tax
Excess profits tax 26/
Total tax
Compiled net profit less total tax
(51 less 58)
Dividends paid)
Cash end assets other than own stock
Corporation1s own stock
For footnotes, see p. 8,
2,025
497
2,565
Furniture
and
Paper and
finished allied
lumber
products
products
4,092
2,089
Printing
and pub
lishing
industries
10,552
Chemicals Petroleum Stone,
and
and coal clay, and
allied
products glass
products
products
6,556
575
3,041
Iron,
steel,
and
produots
Machinery,
Nonferrous Electrical except trans Automobiles
metals and machinery portation
and equip
their
and equip- equipment and ment, except
products
6,495
2,505
1,704
6,113
662
1
2,091,547 1,842,685 1,675,219 1,861,615 2,849,725 2,464,805 7,119,215 6,762,751 2,298,879 15,977,926
7,887
27,519
29,058
11,631
11,066
175,594
56,657 651,045
11,553
628,981
3,091,463
84,031
5,044,229
11,113
9,803,567
128^518
4,012,854
' 29'022
2
3
430
113
4
5
106
79
72
51
190
99
2
52
1,179
1|S10
197
184
8
10
1,525
4,259
114
28
1,722
6
9,088
1,520
7,562
5,622
160
138
464
583
421
924
1,442
1,288
1,165
626
409
421
2,440
1,394
556
176
565
282
1,471
1^483
85
1,746
7,570
7,588
1,541
19
157
1,240
2,365
1,156
559
11
488
3,626
6,482
1,272
505
56
746
5,804
16,206
845
450
145
1,076
9,171
24,575
5,508
490
228
838
24,255
55,984
11,345
1,710
37
301
1,828
5,646
1,855
501
86
743
32,673
42,866
3,218
1,220
IS
184
2,257
3,567
561
87
46
570
6,764
11,324
714
240
65
1,589
12'300
59^027
3,476
2,359
2 6
164 7
6,573 8
5^682 9
'686 10
474 11
2,848
103
14,681
1,908
459
10,405
5,560
1,741
13,933
9,772
1,850
28,908
70,308
9,706
27,715
54,817
17,217
54,519
6,729
5,352
14,108
34,863
5,194
59,212
14,499
5,509
19,405
12,753
7,535
13,250
13,557
9,151
54,097
2,008 12
1^349 IS
3S'204 14
2,115,559 1,890,752 1,758,537 1,891,574 2,895,452 2,702,360 7,325,276 7,636,499 2,547,620 16,790,818
3,222,111
5,109,587
10,070,638
4,090,559 15
1,714,549 1,567,219 1,210,615 1,392,764 1,982,224 1,601,780 4,640,720 4,965,751 1,497,169 11,605,674
4|855
655
17,314
4,519
2,879
83,735
11,083 227,497
5,662
422,066
59,135
14,045
35,649
55,331
56,123
111,531 102,020
21,598
45,401
201,227
9,752
6,889
5,852
10,255
11,158
31,233
20,874
75,843
7,381
51,478
15,010
24,463
13,999
17,277
59,386
10,427
89,313 110,588
49,922
405,762
1,921
2,729
5,134
3,834
4,345
13,402
12,309
15,484
4,031
15,427
5,526
8,406
7,380
6,256
15,178
16,329
19,364
77,298
7,650
88,461
44,261
26,859
33,003
34,106
55,517
51,992 113,436 204,084
46,197
304,034
1,038
823
704
912
2,071
2,609
3,458
2,221
1,349
8,342
12,082
51,745
34,166
21,157
74,073
46,619 161,458 281,489
57,582
305,668
'2
163
30,016
715
4,443
112
7,701 204,771
2,281
22,412
260
2,664
616
984
86
5,059
31,107
12,889
3,393
89,001
1,091
1,520
1,649
1,843
6,887
5,578
6,266
3,493
3,140
17,628
2,300,461
47,325
53,698
10,821
31,182
2,459
9,621
55,536
1,621
47,353
11,912
26,740
1,728
5,579,103
1,596
52,529
14,080
59,170
4,522
18,182
111,461
2,732
62,723
10
18,592
4,209
6,218,260
23',195
179^699
25,143
142,810
15,063
18,729
189,676
6^837
116,445
428
43,127
5,203
145,497
231,967
n
158,272
197,954
260,664
494,417
977,869
890,054
16
17
18
19
20
21
22
25
24
25
26
27
28
865,014
215,144
441,057
979,768
176,190 29
1,975,517 1,737,549 1,550,350 1,747,887 2,540,006 2,469,851 6,196,980 7,092,861 1,982,834 14,402,192
2,813,600
4,369*765
7,964,380
5,678,113 50
158,242
158,188
5,120
66,709
26,497
491
50,119
77,108
61{154
155,203
153,186
6,528
72,462
28,955
201
55,984
85,120
68,083
187,987
187,893
2,432
91,780
36,232
428
70,842
107,502
80,485
143,688
143,531
2,117
66,467
29,201
775
50,258
80,233
63,454
355,446
354,948
1,975
179,581
67,350
349
138,020
205,699
149,747
26,541
565
25,799
56
45,614
115
26,71$
1.962
71,406
608
232,510 1,128,297
251,728 1,127,078
5,460
7,070
63,498 488,268
65,357 230,446
654
1,600
49,583 368,868
115,594 600,914
116,915 527,383
74,117
602
312,572
2.937
251,675
3,236,120
26,527
20^945
5'531
84^715
2^407
5^310
61I522
1,826
45^245
520
10,747
511
543,638
542,573
10,076
62,695
169,842
81
49,068
218,991
324,648
364,785
364,447
1,264
207,431
63,689
461
159,723
223,874
140,912
2,388,626
2,387,797
10,171
1,682,138
275,344
8,401
1,276,206
1,559,951
828,675
408,511
408,312
680
246,816
59,720
943
190,659
251,322
157,190
739,622
739,006
23,784
517,992
79,723
2,150
406,722
488,594
251,028
2,106,258
2,104,604
5,782
1,583,889
208,405
7,828
1,185,149
1,401,361
704,878
308,554
5.617
71,519
1.747
311,674
2.793
77,647
721
105,305
1.657
229,521
a'ni
412,446
412^280
3,414
272,375
54,692
2,041
198,962
255,696
156^750
31
32
33
34
55
56
57
38
39
46,565 40
154 41
1 Wuaber of returns 4/
2
s
4
5
6
7
8
9
10
11
12
IS
1«
stosss
Total compiled reoeipts 16/
Deductionsi
Cost of goods sold 17/
Cost of operations 17/
Cessnastion of offleers
Bant paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifta 20/
Depreciation
Depletion
Amortisation 21/
Vet loss, sales other than oapltal
assets 15/
29
Other demotions
16
17
18
19
£0
21
22
25
24
25
26
27
28
SO
Total ooagdled deductions
51
52
55
54
55
56
57
58
59
taring
not
biles
oeble
1,029
Reoeiptsi
Gross sales 5/
(boss reoeipts fro» operations 6/
Interest on Govarment obligations
(less anortlsable bond preelua):
Wholly taxable 7/
Subject to declared Tains
profits tsx snd surtax 8/
Subject to surtax only 9/
Wholly tax-exempt 10/
Other Interest
Bents and royalties 11/
let capital gala If/'
Bet gain, sales other than capital
assets 15/
Dividends, doneatlo corporations 14/
Dividends, foreign corporations l57
Other reoeipts
IS
equipment, ■anufaoexcept
turlng
Compiled net profit or net loss (15 less 50)
Bet lnooas or defloit 22/ /Si leas (6 * T^J
Bet operating loss deduction 25/
Incone subject to excess profits tax 24/
Inocew tax 25/
-Declared value excess-proflta tax
Kxoesa profits tax 26/
Total tax
CoapUed net profit less total tax
(51 less 58)
Dividends paldi
40
Cash and assets other than own stock
41
Conniatlon'a own stoek
4,065
1,992
public
Trans
utilities portation
20,257
5,542
5,070
Total
trade
128,969
Total
Coaedswholesale eion
merchants
56,541
9,525,658 1,974,008 1,094,145 1,028,656
794,215 115,250
119,211 55,946,805 25,967,192
5,041,419
17,217
4,859 16,761,207 10,756,896 1,905,724 4,118,587 1,119,402
705,882
5,609
Other
wholeealere
50,752
Total
retail
78,255
Food
General stores,
Package
aerohan- including liquor
market
dlee
stores
milk
6,060
6,219
1,805
955,254 25,051,958 25,526,575 7,519,450 5,570,141
548,570
557,512
528,510
52,504
42,800
144,572
5,942
1,828
550
228
112
105
142
5,525
2,544
2,071
2,184
708
46
745
514
2,575
1,489
955
590
82
22
851
568
1,215
775
718
515
47
58
24
252
4,565
12,556
5,242
425
15
150
2,229
4,116
565
289
6
58
908
2,461
521
557
155
2,050
107,215
508,575
47,217
9,512
52
1,494
50,296
250,097
44,820
9,027
6
159
7,272
54,472
440
224
75
597
49,644
24,005
1,958
261
258
1,615
69,968
121,605
10,685
7,662
98
726
26,561
22,956
5,629
4,859
10
122
6,162
2,256
462
129
88
605
20,599
20,720
5,167
4,709
105
798
57,524
85,505
2,709
2,021
15
298
21,590
42,859
551
280
14
125
891
4,875
578
186
51,945
8,465
47,668
2,989
2,515
11,505
757
104
6,598
501,019
5,962
71,984
76,414
798
51,258
158,102
1,156
4,650
66,505
4,028
16,116
40,041
18,075
582,164
21,482
5,296
166,287
5,295
19
25,219
16,189
5,277
141,068
15,896
5,425
575,526
6,294
5,402
100,126
1,205
S
15,758
12,478,115 2,015,955 1,110,775 18,649,575 12,019,602 2,228,129 4,401,841 55,922,116 26,928,470 1,525,560
25,605,110 24,581,982 7,750,005 5.454.678
7,552,711 1,295,525
2,565,868
9,559
42,498
65,552
28,914
12,459
120,050
14,412
5,698
6,021
17,056
5.255
46,955
214,810
1.256
, 2,975
91,441
25,969
521
52,885
5,605
2,655
687
506,458
259,675
10,982,495 1,742,699
1,495,625
1,495,567
7,240
1,015,052
201,755
4,904
744,156
950,815
544,810
275,255
275,072
5,502
162,619
42,402
1,499
124,128
168,029
105,206
209,558
41,227
1.655
868
774,892
2,681
54,447
4,750
11,612
2,055
5,528
17,520
575
14,241
52
2,152
1,129
561,629
449,054
8,814,401 6,255,272
110,262
147,690
610,696
559,860
60,746
57,297
50,794
15,551
1,051,105
589,788
1,216,840
645,704
7,592
2,578
1,075,807
408,527
25,711
8,176
91,512
77,278
45,859
56,491
49,417
65,178 42,665,706 22,467,850
855,626 1,725,505
570,297
545,822
11,968
25,461 1,095,402
479,908
47,187
25,649
747,485
96,825
12,885
10,564
128,260
28,652
6,586
8,857
157,659
56,025
70,670
590,646
141,419
54,977
157,799
415,558
529,995
159,579
1,707
5,507
21,272
7,897
228,007
459,275
511,125
74,955
2
IS,554
1,615
978
501
15,755
2,766
2,086
1,858
7,510
52,169
6,608
875,817 21,594,052 16,669,590 4,902,050 4,574,092
157,578
206,444
191,525
15,418
51,245
57,954
421,974
496,698
72,002
58,200
7,990
88,855
606,845 190,094
65,159
850
27,802
87,524
52,528
15,475
5,945
85,894
52,080
50,788
5,840
4,994
49,984
74,295
27,405
6,555
8,525
151,054
520,767 125,150
42,049
715
7,182
11,774
5,577
1,519
5,409
71,525
205,005
68,159
57,959
56
566
942
74
56
16
427
2,068
28
24
557
6,051
21,179
1,952
10,127
110,579 1,280,862
754,545 225,417
522,901 6,950,081 2,111,521 141,286 1,970,055 4,285,624 1,584,155 709,819
979,751 15,018,825 9,908,165 1,647,210 5,465,452 55,551,249 25,891,459 1,241,452 24,650,007 25,055,512 7,059,51!> 5,525,440
151,024 5,650,747 2,111,459 580,920
958,589 2,570,867 1,057,051
81,929
955,105 1,526,470 670,608 109,258
150,980 5,628,585 2,109,895 580,775
957,917 2,569,016 1,056,207
81,797
954,410 1,525,568 670,574 109,101
5,968
158,099
155,181
715
4,205
58,955
15,702
1,168
12,555
20,874
2,728
2,298
86,197
685,482
402,565 128,858
152,260 1,128,247
58,582
497,774
459,595
550,659 552,622
54,594
16,909 1,050,702
627,470 127,285
275,946
515,581
187,884
14,516
281,286 127,710
175,568
28,754
857
2,774
2,674
57
65
IS,496
6,125
527
7,576
5,798
2,967
551
64,015
518,844 104,011
544,058
121,205
875,049
580,414
29,100
551,514
450,652 264,870
27,150
81,759 1,577,554
948,989 251,555
597,212 1,402,126
574,425
45,945
550,480
719,494 595,566
56,216
49,264 2,055,214 1,162,450 549,586
541,177 1,168,741
462,609
57,985
424,625
606,976 275,121
55,022
18,585 1,129,955
456
For footnotes! sao p. 8«
CMonmntr
í
15,625
Other
Coanuni- public
oatlon utilities
509,748
555,298
466,888
499,805
185,995
16,747
169,246
6.892
282,855
4.058
150,658
1.252
50,755
546
(82)
(52)
7
87
7
9
(52)
192
148,616 15
117,198
5,248
6,415
5,129
205
91
565
2,901
25
665
5
4
16
12,082.
146,559
2.277
2.277
260
520
568
50
255
871
1,406
64
5
-
(Money figures In thousands of iimi».)
Drug
stores
Number of returns 4/
Rooeiptsi
Gross sales 5/
Gross reoeipts from operations 6/
Interest on Government obligations
(less amortisable bond premium) i
Wholly taxable 7/
Subject to declared value excess—
profits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exempt w
Other interest
Bents and royalties 11/
Net capital gain 12/'
Wet gain, sales other than capital
assets IS/
Dividends, domestic corporations 14/
Dividends, foreign o orporations 15/
Other reoeipts
Total compiled receipts 16/
Deductionst
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Bent paid on business property
Bepairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortisation 21/
Wet loss, sales other than capital
assets 15/
Other deductions
Total compiled deductions
Compiled net profit or net loss (15 less 50)
Met lnooms or deficit 22/ /51 less (6 * l y
Ret operating loss deduction 25/
Income subject to excess profits tax 24/
Inoome tax 25/
Declared value excess-profits tax
Excess profits tax 26/
Total tax
Compiled net profit less total tax
(51 leas 58)
Dividends paldi
Cash and assets other than own stock
Corporation's own s t o c k ____
For footnotes, see p. 8,
4,862
.
"____________ ______ :.;v?
Eating
Building
Apparel and Furniture and
Automotive Filling
materials, Other
aooe'ssorles and house drinking dealers
stations Hardware fuel, and retail
fumishlnss places
10,551
5,056
851,967
7,227
2,555,559
22,475
806,817
11,552
14
15
98
98
24
52
9,974
9,055
2,225
991,611 1,554,983
81,434
51,104
508,297
6,644
2,587
7,856
7,763
225,079 1,566,997 1,214,535
2,472
27,671
29,474
Trade
Hotels
Retail
not
Total
and other Personal
trade not allocable service lodging service
4,264
14,373
58,449
856,786 4,453,259 764,543
9,431
85,009 5,645)744
4,810
8,555
253,952 189,569
460)422 61l)290
J. * ■
59
58
65
49
14
55
35
36
163
2,279
36
77
117
47
55
46
35
19
227
125
688
274
501
25
51
31
(52)
58
769
434
33
24
12
40
2,546
4,888
849
618
2
33
2,867
3,261
191
175
19
1,299
1,727
183
159
35
90
5,883
15,542
2,347
802
57
302
8,299
96,521
4)012
2,456
3
9
1,446
48*512
*610
269
6
39
465
1,914
259
206
135
(32)
2,798
1,089
3
14,291
741
(52)
27,737
20,016
2,664
7,352
40,550
22,076
4)618
68)748
1,119
153
9,641
685
2
5,551
(52)
IS
594
2,161
25
41
115
1,405
12,221
85
46
25
1,927
2,591
77
75
44
158
4,929
50
149
2
12
3,511
5,194
249
184
2,546
7
7,441
2,220
(52)
47,895
409
(52)
112,203
498
3
6,511
324
1
20,345
127
(32)
2,012
852,055
2,641,999
935,317 1,085,470 1,434,023
519,774
251,792 1,419,168 1,279,096
869,992 4,611,664 4,618,118
776,441 810,029
572,058
4,685
20,600
55,106
5,555
576
2,845
11,057
241
7,625
4
8
540
1,675,419
10,257
81,494
159,562
7,750
10,159
5,025
29,492
1,840
17,592
13
64
1,515
465,859
5,485
42,798
28,820
2,551
9,701
4,673
16,230
'596
6,005
4
5
1,237
576,460 1,012,014
55,279
29,195
59,021
61,265
57,419
28,359
9,616
3,485
989
5,723
2,857
11,162
25,437
17,568
299
398
20,150
10,162
18
20
33
45
548
2,404
255,604
4,735
5,952
5,608
1,587
743
767
5,452
57
5,255
7
18
191
166,948 1,048,374
1,444
18,946
11,755
47,996
3,886
7,982
306
6,370
1,298
10,017
906
5,948
2,971
18,921
82
516
1,293
14,233
1
76
2
108
190
1,511
672,710 5.526.266 446,490
4,705
34,952 1,899,631
18,285 116,795 224)325
10,882
45,816 214,772
2,054
12,104
57,354
4,321
15,741
15,432
2,391
12,146
57,527
8,113
49,649 152,898
254
1,601
2,687
5,629
35,186 155*985
74
269
225
7
253
1,540
446
4,382
7,786
139,364 102,755
173)367 542)762
17)952 55)249
44)285 22)449
24)520 10)570
2,530
3^850
28)595
4*630
42)l8S 2 0)47 3
*515
*474
47,081 26,014
49
42
15
19
1,964
754
272,576
269,935
106,964
555,136 1,046,767
222,628 184,798
836,853 4,404,298 4,260,996
744,847 772,619
852,843
12,887
50,915
55,059
2,667
7,648
5,621
17,648
572
8,525
36
82
922
512
155,767
501,255
810,200
2,481,034
41,854
41,858
1,072
15,547
8,752
225
11,594
20,551
21,502
160,965
160,843
5,551
72,833
28,997
1,018
55,413
85,428
75,556
•85,177
83,147
1,566
16,367
24,280
538
11,781
36,599
46,578
27,575
27,524
2,476
8,905
8,082
310
6,708
15,101
12,472
40,859
40,844
963
10,525
11,218
210
7,876
19,504
21,555
10,854
10,763
188
2,747
5,105
21
2,187
5,312
5,523
15,669
13,630
381
4,350
2,690
231
3,571
6,292
7,577
54,817
54,765
1,643
13,159
13,704
595
10,318
24,417
30,401
77,360
77,325
2,717
31,425
15,296
880
23,684
39,861
37,499
33,160
33,136
1,052
7,666
8,151
380
5,646
14,176
18,983
207,566
207,241
4,379
79,813
44,412
1,795
62,005
108,210
99,156
557,122
356,763
15)685
121,236
89)588
1,465
91,060
182)ll2
175,010
31,593
3l)581
5 )015
12)604
11j516
*187
9,741
2l)245
10)550
*251
6,800
16)453
20)977
10,614
25,127
621
12,485
476
8,725
152
8,894
5,481
1,684
15,015
9,526
5,827
50,977
87,020
7,255
7,299
__
215,419
42,966
852,140 1,057,897 1,595,164
508,940
27,042
185,353
208,512
218,123 1,364,551 1,201,737
37,411
3 7)366
1 )9 4 2
9 )0 7 3
9 )4 05
Corporation returns, 1942, by major industrial groupsi Number of returns, compiled receipts, oompiled deductions, compiled net profit or net loss, net Income or deficit,
net operating loss deduction, income subject to excess profits tax, income tax, declared value excess-profits tax, excess profits tax, total tax, compiled net profit
less total tax, and dividends paid by type of dividend - Continued
(Money figures in thousands of dollars)
Automo
tive
Business repair
service services
and
garages
1
2
S
4
5
6
7
8
9
10
U
12
15
14
15
16
17
18
19
20
21
22
25
24
25
26
27
28
29
50
Number of returns 4/
Receiptsi
dross sales 5/
dross receipts from operations 6/
Interest on Government obligations
(less amortisable bond premium) t
W&lly taxable Tj
Subject to declared value excessprofits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exempt 10/
Other interest
Rents and royalties 11/
Net capital gain XZ/
Net gain, sales other than capital
assets 15/
Dividends, domsstio corporations 14/
Dividends, foreign corporations 15/
Other receipts
Total oompiled receipts 16/
Deductionst
Cost of goods sold 17/
Cost of operations 17/
Compensation of officers
Rent paid on business property
Repairs 18/
Bad debts
Interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortisation 21/
Net loss, sales other than capital
Other deductions
Total oompiled deductions
51
52
55
54
55
56
57
58
59
Compiled net profit or net loss (15 less 30)
Net income or deficit 22/ /SI less (6 + 7j7
met operating loss deduction 25/
Inoome subject to excess profits tax 24/
Income tax 25/
Declared value excess-profits tax
Excess profits tax 26/
Total tax
Compiled net profit less total tax
(51 less 58)
Dividends paidi
40
Cash and assets other than own stock
41
Corooration1s own stock
For footnotes, see p. 8.
Miscel
laneous
repair
Motion
services, pictures
hand
trades
6,895
5,624
72,008
717,019
91,207
76,518
109
158
7
4
5
2
5
71
1,008
9,462
706
558
(52)
4
140
5,776
170
196
2,696
552
12,714
48
3,338
816,805 177,408
1,555
Amuse
ment,
except
motion
pictures
Total
finance,
Other
Service insurance,
service, not
real estate,
including allocable and lessors
schools
of real
property
Invest
ment
trust
and in
vestment
conpa—
Other in
vestment
companies,
Including
holding
corapa-
banka
4,050
4,527
4,335
120
136,882
34,155
15,260
3,174
4,305
3,509
1,841
1
49,910
25,915
81,129 1,122,846
34,956
231,539
46,512
339,722
2,534
5,258
93,231
3,836,158
58,264
685,106
18,206
55,087
226)008
4,585
17,736
54^635
2
317,145
169
16
34
13
34
46
208,324
341,623
147,833
205,546
144,239
200)591
67
38
191
143
653
812
938
983
4
(52)
1
32
224
158
89
29
121
3,731
22,592
1,239
514
1
10
574
4,999
317
372
14
47
869
2,328
555
255
26,867
187,211
916,159
88,741
12,781
1,561
5
115
14,535
2,582
792
558
17
197
142,655
3,903
684
447
23
1,304
27j619
2,365
4,098
l)578
218
1,389
74)386
10^400
3^497
6
34
514
17
(32)
37,564
27,342
284,020 194,040
2,130,167 1,192,038
1,371,474 159,581
25,621
40,852
37,962
87,640
10
1 )4 2 4
11
17
(52)
532
16,140
4,120
22,252
288
8
6,995
983
3
7,444
100
(32)
501
24,731
1,708
41,649
308
15
3,945
4,825
86
17,348
165,184
5)392
2)752
297,038 12
22)296 15
4)568 14
132,078 1,217,682
280,106
398,811
8,760
9,237,163 3,339,749 1,963,382
41,166
431,590
216,163
489,508
15
1,716
1,729
958
272
87
46
30
232
3
230
6,778
'721
98
4,687
18,928
4)468
'406
547
411
12,486
25)918
8)791
2)731
l)098
5)517
S8)780
11,791
'578
3,936
1,003
88
4,534
16
17
18
19
47,504
403,104
61,506
16,888
5,989
2,725
2,269
15,291
434
15,367
14
64
460
58,058
34,838
12,246
18,618
1,576
850
2,006
5,075
42
7,684
(52)
15
325
51,239
51,596
11,529
1,689
1,015
431
438
2,387
45
2,062
2
138
61
15,402
606,755
24,655
79,344
8,595
2,110
14,631
29,097
521
34,355
46
43
2,231
19,190
108,222
15,149
13,600
4,467
908
2,841
12,542
484
13,278
36
56
1,008
31,461
177,460
27,282
17,630
2,718
1,981
1,887
7,616
369
7,913
35
990
1,0<H
198,197
31,699
16,634
232,881
71,961
85,420
119,063 1,050,666
263,741
563,766
765,411 175,031
Finance
Dong-term
credit
Short
Total
Banks and agencies, term
finance trust
mortgage credit
companies companies, agencies,
except
except
(32)
-
631,014
31,371
143,726
64,446
135,057
27/ 443,102
174,356
106,261
163,262
709,858
607,392
8,410
374,267
24,576
860
265,982
502,380
29,579
76,657
5
5
7
8
9
43,334
45,394
277,904
63,808
14,193
139,544
339,425
151,044
5,955
68,548
2,172
273
157,645
125,520
3,824
26,289
6'240
25)993
10)241
831
22,904
47,488
12,361
546
3,370
560
185
10,107
2,549 28/ 3,796,653 1,036,984
703,411
18,923
149,409
32,150
47,563 29
7,852 2g/ 6,872,282 2,346,221 1,547,887
43,720
314,523
70,413
184,813 50
117,068
116)853
993
10,284
44,412
76
7,962
52,450
64,618
145,751
144)424
’649
47
9,513
28
38
9,579
156,172
304,695
503)088
l)l95
'873
38,814
74
695
39,583
265,112
95,351
154,208
273,811 40
41
-
2
276
204,627
42,938
11,431
96,4S9
194,955
112,549
4,206
51,384
130
1,865
5,605
1,137
316
1,788
6,975
2,185
45
1,036
22
51,392
51,318
1,581
15,263
14,268
147
10,350
24,745
26,647
4,377
4,373
391
1,481
1,458
48
1,159
2,665
1,712
13,015
15,014
241
8,096
1,450
184
6,297
7,952
5,084
167,017
166,867
3,533
43,107
40,719
362
32,777
73,858
95,159
16,566
16,355
1,645
8,834
5,156
104
6,463
11,723
4,643
35,044
34,983
1,289
24,517
5,575
194
17,284
23,053
11,991
907
907
49
262
244
6
209
459
448
2,364,881
2,043,297
30,482
61,130
349,071
1,307
47,773
398,151
1,966,730
993,528
772,146
8,392
15,725
166,399
439
12,203
179,041
814,487
415,495 30/ 2,554
201,417 30/ 2.674
2,291
405
1,635
257
59,581
1,642
166
12
1,329
175
61,076
1,830
354,419 31/ 4,384
16,499
529
946
6
765
94
44,649
407
4,744
10
4,624
197
259
10
1,039,518
16.018
786,769
12.907
228,658
3,156
1,239
20
21
22
25
24
25
26
27
28
51
52
55
54
55
56
57
58
59
Corporation returns, 1942, by major industrial groupst Number of returns, compiled receipts, compiled deductions, compiled net profit or net loss, net
or deficit
net operating loss deduction, income subject to excess profits tax, income tax, declared value excess-profits tax.
excess profits tax.
total tax. compiled net
less total tax, and dividends paid by type of dividend - Continued
’
’
* ^
p
Finance - Continued
Insurance carriers, scents. etc.
Security
and
Total
commodity- Other
Finance
insurance
Insurance Insurance
exchange flnanoe not
carriers,
carriers'
agents,
brokers
companies allocable agents,
brokers,
and
etc.
etc.
dealers
Number of returns 4/
Receipts!
Cross sales 5/
Cross receipts from operations 6/
Interest on Government obligations
(less amortisable bond premium)!
Wholly taxable Tj
Subject to declared value excessprofits tax and surtax 8/
Subject to surtax only 9/
Wholly tax-exempt 10/
Other Interest
Rents and royalties 11/
Net capital gain 12/
Net gain, sales other than capital
assets 15/
Dividends, domestic corporations 14/
Dividends, foreign corporations 15/
Other reoeipte
Total oospiled receipts 16/
Deductions!
Cost of goods sold 17/
Cost of operations 17/
Compensation of offToers
Rent paid on business property
Repairs 18/
Bad debts
interest paid
Taxes paid 19/
Contributions or gifts 20/
Depreciation
Depletion
Amortisation 21/
Net loss, sales other than capital
assets 15/
Other deductions
Total compiled deductions
Compiled net profit or net loss (15 less 50)
NSt income or deficit 22/ ¿El less (6 ♦ 7j7
Net operating loss deduction 25/
Income subject to exoess profits tax 24/
income tax 25/
Declared veins excess-profits tax
Exoess profits tax 26/
Total tax
Compiled net profit less total tax
(51 less 58)
Dividends paldi
Cash and assets other than own stock
Corporation's own stock
For footnotes, see p. 8.
1,499
1,584
2,985
44,010
5,441
6,454
14,065
1,411
574
17
57
178
2|765
5,591
889
2,159
51,599
7,905
Agriculture. loreatry. and fishery
Real
estate,
including
lessors
of build
ings
1,968
5,957
88,181
¡L
2,245,217
2,050,341
214,876
29,935
905,855
517
148
58,119
157,060
58,039
137,006
80
54
2,213
987
10
58
5,028
46,650
450
715
24
1,022
10,265
4,071
1,199
280
10,085
88,509
906,762
177,576
2,402
257
10,081
88,487
905,869
176,082
2,110
157
4
22
895
1,293
292
100
4,077
16
5,755
4,751
6
1,148
1,487
61
1,491
111,944
1,398
14,402
108,205
1,185
4,782
3,759
215
9,620
94,804
68,706
54,429
5,755,550
5,522,545
7,446
20,878
4,515
114
748
2,620
5,668
100
1,113
4
4,560
676
5,750
799
195
5,484
5,164
2,255
37
6,400
16
2,974
5,483
926
110
1,956
6,515
1,768
38
763
26
4,550
6,005
1,886
46,994
92,550
-
2.274
SO/ 668
951
354
2,019
29
271
2,519
SOj 45
5,970
7
_
-
.
Total
lessors
of real
agricul
Nature of
property Construc ture,
Agricul
business
except tion
forestry, ture and Forestry Fishery not
build
and
services
allocable
ings
fishery
6,641
13,697
7,518
6,659
415
264
6,024
5,034 588,650
- 4,088,747
635,640
134,406
605,528
124^041
16,205
4¡S89
14,109
5Í77S
127,750
64'387
2
(52)
158
159
230
179
209
175
60S
162
595
11
10
129
8
1,292
179
29,475
1,892
819,645 214,872
10,347
2,482
48,490
951
25
396
2,756
17;406
7,955
3,454
5
148
2,575
12,335
4,723
1,491
4
157
2,075
11,775
2,646
856
(52)
9
275
500
1,955
574
9,130
200
67,554
3,552
909
10,278
5,554
875
9,574
231,187 1,902,755 241,129 4,786,665
804,658
-
profit
14,695
542
39,575
1,995
52
13,295
43
26
258
141
62
25
85
5,457
8*417
2*505
1^670
175
56
659
25
(52)
' 245
2,570
U
7,939
759,219
24,777
20,643
218,575
Z
—
—
6,515
1,233
17,634
59,780
101,085
86,567
88,096
18,745
298,877
327,710
1,496
261,241
476
545
91,758
45
99,256
21Ì143
17,823
3^049
2*011
2^413
5,283
7^118
117
5,558
'533
27
16,792
25,461
13,091 28/ 2,179,405 28/ 2,076,291
105,114
556,987
246,021
121,893
115,724
2,565
3,806
43,288
58,800
33,556 29/ 2,455,770 22/ 2,253,559
200,211 1,910,998 161,293 4,446,639
724,000
681,129
23,580
19,291
224,410
9,906
895
9,858 30/ 153
1,478
450
2,125
171
8,179
2,239
40
13
1,597
136
9,815
2,389
91 31/ 1,496
17,988
25
9,647
78
29,884
27/ 59.111
20,749
2,154
4,400
3,748
107,415
881
58,230
48
7,748
600
27/ 9.478
13,517
1,906
2,707
2,633
102,795
550
36,543
44
1,299,760
1,201,166
5,124
22,845
99,558
118
18,225
117,681
1,182,079
1,268,784
1,170,216
4,733
13,659
92,166
6
11,042
105,214
1,165,570
115,696
1.617
100,639
1.469
29,284
49,653
7,231
248
1,694
1,114
4,619
552
1,687
4
3,478
(52)
5,002
3,232
1,817
573
67,809
21,22S
78
6,247
21,680
42
6,851
457,869
5,435,494
154,192
15,478
18,150
9,622
12,699
46,612
1,964
48,000
320
430
5,788
421,486
52,073
24,348
15,052
11,415
8,696
11,630
20,176
291
28,339
2,002
13
6,568
598,912
46,474
22,589
14,769
10,667
8,545
10,571
18,807
277
27,207
509
10
6,269
15,265
2,285
'870
168
145
290
877
1,055
5
514
1,492
5
274
9,510
3^316
'889
115
604
62
181
334
10
618
23,278
• _
30,976 30/ 8,243
30,950 30/ 9,664
591
15,600
9,186
11,745
7,175
51,422
112
671
7,183
8,887
14,467
60,979
16,509 51/ 69,222
79,837
79,649
1,367
10,815
31,912
79
8,460
40,450
59,387
340,023
539,602
11,276
207,580
45,805
2,358
158,660
206,825
135,201
80,638
80,485
4,669
22,210
22,197
861
16,725
39,785
40,855
78,090
77,948
4,555
21,263
21,216
818
16,004
58,058
40,052
1,196
1,187
218
228
669
29
180
878
518
13,057
148
65,660
199
54,505
1.758
26,579
25,974
1171
2,514
75,393
1.295
1,552 30/ 5,858
1^550 SO/ 5,945
118
1,401
719
4^790
312
4Ì647
15
103
541
3,734
868
8^484
485 3j/ 14,521
291
10,887
*
FUotnotas for tabla In this release
y
Ih# industrial oluiifleitlon is b u t d on tin b o i l m u M t l «
M2ty reported on the return« Ihen multiple basineaeea are reported on
a return, the classification la deteralnad by the bualaeaa activity
*hioh accounts for the largest percentage of total recelpta. There
fore, the industrial groups do not reflect pure industry classifications.
Changes in the industrial classification for 1942 affecting comparability
nith 1941 and earlier years are described on page 8 of the first release
of thla series, Press Service Ho. V-33, dated ingest 84, 1948.
5/ The industrial classification designated "Investment trust and
investment companies" consists of corporations which derived 90 percent
or aore of receipts frou investments and which at no tins during the
taxable year had investeents in corporations la which they oared 50 per
cent or aore of the voting stock.
5/ The Industrial classification designated "Other investeent cenpanies, including holding companies," consists of (l) corporations which
derived 90 percent or wore of receipts from investeents and which at sene
'line during the taxable year had investeents in corporations in which ihay
owned GO percent or aore of the voting stock and (8) corporations which
derived less than 90 percent but more than 50 percent of receipts frou lo
vestasnts.
5/ Humber of returns excludes returns of inactive corporations.
5/ "Gross sales" consists of amounts received for goods, less re
turns and allowances, in transactions where inventories are an lncteedetaraining factor. For "Cost of goods sold," see "Deductions."
5/
"Gross receipts frou operations" consists of amounts recslved
From transactions in which inventories are not an Innono (1etnre^"d"g
factor. For "Cost of operations," see "Deductions."
7/ "Interest received on Oovemnent obligations, wholly taxable"
oensists of interest on Treasury notes Issued on or after December 1,
1940, and obligations Issued on or after March 1, 1941 , by the'Onited
States or any agency or instrumentality thereof, reported as itau 9
(b), page 1, Fora 1120.
_8/ "Interest received on Government obligations, subject to de
clared value excess-profits tax and surtax" consists of Interest on
(talted States savings bonds and Treasury bonds owned in excess of the
principal amount of $5,000 issued prior to Kerch 1, 1941, reported as
item 9 (a), page 1, Fora 1120.
9/ "Interest received on Government obligations, subject to sur
tax only* consists of Interest on obligations of instrumentalities of
the United States (other than obligations of Federal land banks, joint
■tack land banks, and Federal intermediate credit banka) issued prior
to March 1, 1941, reported as item 52, page 1, Fora 1120.
¿2/ "Interest received on Government obligations, wholly taxevampt" consists of interest on obligations of States, Territories, or
political subdivisions thereof, the District of Columbia, and United
States possessions) obligations of the United States Issued on or before
Septaabar 1, 1917) all postal savings bonds) Treasury notes issued prior
to Deceater 1, 1940) Treasury bills Issued prior to March 1, 1941) United
“tates savings bonds and Treasury bonds owned in principal amount of
$5,000 or less, Issued prior to March 1, 1941) and obligations issued
prior to March 1, 1941, by Federal land banks, joint stock land banks,
and Federal intermediate credit banks. Interest from such sources is re
ported under item 15 (a) of schedule M, page 4, Fora 1120.
lj/ Amount shown as "Rents and royalties" consists of gross amounts
received. The amounts of depreciation, repairs, interest, taxes, and other
expenses, which are deductible from the gross amount received for rents
ud.the amount of depletion, which is deductible from the gross amount of
royalties received, erg included in the respective deduction items.
22/ "Net capital gain" is the net amount of gain arising from the
sale or exchange of capital assets. (A net loss from this source is not
deductible for the current year, but may be carried over and applied
against capital gains in the five succeeding taxable years.) The tens
■Capital assets” means property held by the taxpayer (whether or not con
nected with trade or business) but excludes (l)-stock in trade or other
property which would properly be Included in inventory if on hand at the
close of the taxable year, (2) property held primarily for sale to cus
tomers in the ordinary course of trade or business, (5) property used in
trade or business, of a Character which is subject to the allowance for
depreciation, (4) Goveranent obligations issued on or after March 1, 1941
on a discount basis and payable without interest at a fixed maturity date*
not exceeding one year from the date of issue, and (5) real property used
ta the trade or business of the taxpayer. Beginning 1942 gains and losses
trom (a) sale or exchange of depreciable property and real property, used
in the trade or business and held for more than 6 months, and from (b)
involuntary conversion of such property and of capital assets held for
more than 6 months are treated as long-ten capital gains and losses, if
the gains exceed the losses. If the losses exceed the gains, the net
loss is deductible as an ordinary loss. For taxable years beginning
after December 51, 1941, "short-term" applies to gains or losses on the
■ale or exchange of capital assets held six months or less) "long-term"
applies to gains or losses on capital assets held over six months.
lj/ "Net gain or loss, sales other than capital assets" is the net
amountof gain or loss arising from the sale or exchange of depreciable
property and real property used in trade or business. If such property
has been held for more than 6 months, special treatment of the gain or
loss is provided as described in note 12 above.
14/ "Dividends, domestic corporations" consists of dividends rwceived from domestic corporations subject to income taxation under
“taptor 1 of the Internal Revenue Code. This item is reported in coltan 2, schedule E, page 5, Fora 1120, and is the amount used for com
putation of the dividends received credit. There is excluded from this
sanunt dividends from corporations organised under the China Trade Act,
1922, and corporations entitled to the benefits of section 251 of the
Internal Revenue Code (corporations receiving a large portion of their
gross inoane from sources within a possession of the United States),
such dividends being Included in "Other receipts."
1§/ "Dividends, foreign corporations" is the amount reported in
column 5, schedule E, page 5, Fora 1120, and is not used for the com
putation of dividends received credit.
. 16/ "Total compiled receipts" excludes nontaxable income other
than tax-exempt interest received on certain Government obligations.
12/ Hhere the amount reported as "Cost of goods sold" or "Cost of
operations" includes items of deductions such as depreciation, taxes,
etc., these items ordinarily are not transferred to their specific head
ings. However, an exception is made with respect to amortisation of
emergency facilities reported in costs, such amount being transferred to
"Amortisation."
18/ Amount shown as "Repairs" is the cost of incidental repairs,
including labor and supplies, which do not add materially to the value
of the property or appreciably prolong its life.
lg/ The item "Taxes paid* excludes (1) Federal income tax and Fed
eral ¿meess profits taxes, (2) estate, inheritance, legacy, succession,
•dd gift taxes, (5) income taxes paid to a foreign country or possession
of the United States if any portion is claimed as a tax credit, (4)
assessed against local benefits, (5) Federal taxes paid on tax-free cove
nant bonds, and 16) taxes reported in "Cost of goods sold" and "Cost of
operations.”
¡2/ The deduction claimed for "Contributions or gifts" is n
to 5 percent of net income as computed without the benefit of this de
duction.
21/ Amount shown as "Amortisation" is the deduction provided by the
Secondilevenue Act of 1940 with respect to the amortization of the cost
of emergency facilities necessary for national defense.
3/ "Net income" or "Deficit" is the amount reported for declared
value excess-profits tax computation adjusted by excluding net operating
loss deduction (items 51 end 27, respectively, page 1, Fora 1120). see note 23,
23/
Th# "Net operating loss deduction" is the net operating loss
carry-over reduced by certain adjustments. In general, the net operating
loss carry-over is the sum of the net operating losses, if ary, for the
two preceding taxable years. If there is net Income in the first precedtaE taxable year, the net operating loss for the second preceding taxable
is reduced to the extent such loss has been absorbed by such net in
come. The amount tabulated is the amount originally reported and does not
take into account any carry-back of net operating loss from the two suc
ceeding tax years for whleh provision is made by the Revenue Act of 1942,
W
suojeco CO excess pronta tax," allowed as a credit in
computing normal tax and surtax net income for taxable years beginning in
1942, is, in general, equal to the adjusted excess profits net income.
However, in case the excess profits tax is determined as provided in sec
tion 721 (relating to abnormalities in income in the taxable period), sec
tion 726 (relating to corporations completing contracts under the Merchant
Marine Act of 1956), section 731 (relating to corporations engaged in min
ing strategic minerals), or section 756 (b) (relating to corporations with
income from long-term contracts), the credit for Income subject to excess
profits tax is the amount of which the excess profits tax is 90 percent.
For the purpose of computing such credit, the excess profits tax used is
/ 11
*Itaout regard to the limitation provided in section 710
(a)(1)(B) (the 80 percent limitation), without regard to the credit pro
vided in section 729 (c) and (d) for foreign taxes paid, and without re
gard to the adjustments provided in section 754 in case of position
inconsistent with prior income tax liability.
55/ "Income tax" for 1942 consists of normal tax, surtax, and, for
taxable years beginning after December 31, 1941, alternative tax reported
ta I t a of normal tax and surtax where the Income Includes an excess of
net long-term capital gain over net short-term capital toes, if and only
if such tax is less than the normal tax and surtax. Tabulated with the
income tax for returns with net Income is a small amount of surtax reported
on returns with no net income, where receipts for the taxable year include
Interest on obligations of certain instrumentalities of the United States,
described in note 9.
22/ ITie "xcess profits tax shown is that imposed by section 710 of
the Internal Revenue Code as amended and should not be confused with the
declared value excess-profits tax. For 1942 the amount shown is the ex
cess profits tax liability reported on corporation excess profits
retarns, less the credit for debt retirement and the net post-war refund.
Throughout this release, the 1942 tax is after the amount deferred under
section 710(a)(5) (relating to abnormalities under section 722) as well
as adjustments under other relief provisions. Owing, in some Instances,
to the non-availability of the corresponding income and declared value
excess-profits tax return for matching with the corporation excess profits
tax return, $15,725,446 of the total excess profits tax shown for 1942 is
not distributed by industrial groups.
52/ Amount shown as "Compensation of officers* excludes compensation
of officers of life insurance companies which file Form 1120L. Data not
available.
22/
"Other deductions" shown for the major group "Insurance carriers,
agents, etc." for 1942 is decreased as compared with 1941 by reason of the
discontinuance of the special deduction of life insurance companies re
lating to reserves for dividends and reserve funds required by law. In
lieu of this deduction, such companies are allowed a credit against net in
come as explained on page 1.
29/
See notes 27 and 28.
¡2/ Compiled net loss or deficit.
51/
Compiled net loss after total tax payment.
82/
less than $500.
,
*/ ^
,
TREASURY DEPARTMENT
Washington
FOR RELEASE,
Thursday, August 50. 1945
P ™ 88 Service
K o * V-35
Secretary of the Treasury Vinson today made public the third in the
series of tabulations which will appear in the report "Statistics of
Income for 1942, Part 2," compiled from corporation income and declared
value excess-profits tax returns, excess profits tax returns, and personal
holding company returns* These data are prepared under the direction of
Commissioner of Internal Revenue Joseph D* Hunan, Jr*
The accompanying tables show data from corporation income and declared
value excess-profits tax returns with balance sheets, classified by major
industrial groups in table 1 and by total assets classes in table 2* Tabu
lated under each classification are the nunber of returns, items of assets
■wri liabilities as of the d o s e of the taxable year, items of compiled re
ceipts end compiled deductions, oompiled net profit or net loss, net income
or deficit, net operating loss deduction, income subject to excess profits
tax, income tax, declared value excess-prof its tax, excess profits tax as
reported on corporation excess profits tax returns, total tax, oompiled
net profit less total tax, and dividends paid by type of dividend*
The industrial classification is based on the business activity re
ported on the return* When multiple businesses are reported on a return,
the classification is determined by -the business activity which accounts
for the largest percentage of total receipts* Therefore, the industrial
groups do not reflect pure industry classifications*
In analysing the data oompiled from returns classified under the major
group "Insurance carriers, agents, etc*," it should be noted that life in
surance companies are required to include only interest, dividends, and
rents In gross income* Beginning 1942, life insurance companies are allowed
a "reserve and other policy liability credit" equal to a flat percentage of
investment income less tax-exempt interest* This credit, which is deducted
after arriving at net income, takes the place of the deductions for reserve
earnings, deferred dividends, and interest paid, which formerly were allowed
in computing net income* For 1942 the credit rate is 93 percent; for normal
tax purposes the aggregate amount of credit reported on returns with balance
sheets is #810,790,161 applicable only to returns with net income*
As a consequence of
ported on life Insurance
over the amount for 1941
considerable increase in
this ohange, the net income (less the deficit) re
company returns for 1942 is automatically increased
by more than one billion dollars and there is a
the proportion of such returns showing a net income*
In the case of a life insurance company deriving a portion of its in
come from contracts other than life insurance, annuities, or non-cancellable
health and aooident insurance, the Revenue Act of 1942 provides for an ad
justment of the tax base to include interest reoeived on the non-life insur
ance reserves* This adjustment, which for 1942 amounts to #4,330,429 on re
turns with balance sheets, is an offset to the reserve and other policy
liability credit and accordingly appears only among returns with net income*
- Corporation returns with balanoe eheets, 1942, by major industrial groups, for return« with net income and »turns with no net Incone; 1/
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
i
for footnotes,
pp. 14-15.
5,325,261
483,119
43,624
232,074
5,036,885
394,636
90,405
117,641
985,332
304,049
39,316
172,843
6,706,788! 291,035
20,319
168,330
6,651,230
597,627
130,205
231,890
13,894,914Ì5, 535,607 1,380,021 2,166,162
3,760,872' 824,908
608,810 1,137,796
2,805,919
82,213
60,532
26,420
947,913
156,235
45,331
82,732
38.593.372 »,019,613 1.200.942 2.040.495
14.995.963
2,059,408
5,727,474
35,938,291
133,579,190
13,890,513
58,385,457
9,673,403
53.543.963
4,310,012
321,424,242;
1,477,671
9,101,544
17,508,579
1,582,299
7,442,758
907,602
4,657,029
6,143,518
38.593.372
163,490,716
31,859,649
196,595
326,980
33,941
254,112
2,199,502
1,767,060
160,215
92,740
1,278,350
150,169
1,390,923
203,200,952
267,921
160,983
Net
lncan<
76
21 ,930
Ì7 ,389
7 ,067
8 ,839
26,188
329 ,241
136 ,867
4 ,839
5,571
284 ,197
4 ,195
77,567
9 ,274
184,313
2 ,376
44,437
7,203
47,168
3 ,177
145,382
120 ,147 1,200,110
62 ,719
537,419
1 ,908
14,199
5 ,111
23,330
90,668 1,141,107
„.
No net
income
1,705
872
526
7,986
102,246
16,036
90,352
6,336
33,943
1,231
34,241
23,646
162,355
248,227 1,449,093
99,594
806,370
12,046
16,744
7,301
27,584
223,216 1,110,189
22,07r
41,574
18,965
7,892
71,77C
572,85C
261,563
24,906
17,087
515,561
48 ,542
44 ,093
45 ,081
31 ,755
31 ,576
388 Ì412
186 ,393
19 ,795
14,917
438 ,780
3,873
5,722
4,306
468
6,622
63,556
28,355
3,240
2,108
61.541
30
990
28,468
16,005
1,457
1,068
17.695
85,294
Nonmata
ing and
Mining and
quarrying not
allocable
No net
Income
Net
y
111,769
19,486
27 ,417
11,935
5,875
93,004
96,441
12,243
379,320
240,162
24,819
349,118
102,733
169,697
191,447
49,819
28,533
.,948,907
587,795
821,161
187,324
62,334
83,922
.,854,090
275,113
822,314
251,518
374,440
33,963
,019,613 1.200.942 2.040.495
11,315
2,618
76 ,000
19,621
11 ,904
105 ,743
11 ,679
79,167 64,469
75,014 18 ,918
284 ,197
913
19,818
54 ,902
101,398
20 ,409
67,443
2 ,407
86,713
IS ,34 7
413,836
851
38,289
6,472
431,081
17 ,342
79,933
90 ,668 1,141,107
23,876
47,314
49,312
140,363
17,026
60,430
14,279
34,953
86,112
455,933
7,232
33,026
52,001
391,230
58,306
101,890
223,216 1,110,189
54,880 10,832
89,221 36 ,381
42,057 30 ,920
20,113 29 ,298
256,729 150 ,973
44,793 26 ,221
121,351 143,525
198,876 16 ,788
515,561 438,780
4,520
10,905
4,435
4,431
27,879
3,180
13,641
19,385
61.541
937
1,201
1,932
334
10,270
181
2,481
5,517
17.695
7,186,425
2,444,385
,039,009
248,953
58,068 193,647
3,958 17 ,561
83 ,551 1,002,531
7 ,246
80,380
122,767
35,179
347,182
101,577
128,168 333 ,331
42,319 21,536
87,977 3,328
5,336 1,449
31,042
25,518
805
1,091
103
202
3
23
72
213
15
18
110
54
1,685
3 540
15,641
25
2,194
11
326
(36)
3,186
•
108
533
7,778
95,034 1,114,260
(36)
17
185
2,410
147
241
38
(36)
1,403
162,412
20
101
2,145
7,863
3,442
427,825 1,158,990
94,661
26,451
,
,
256,213
- 869
11 ,082
23
147
4,684
46
41,047
605
243,725
5,680
409,113j 37,629
10,036
7,046
29,229
2,309
30,554
29,715
5,299
587
114,968
28,934
10,576,026¡3,402,410
122 ,202,616
5,972, 62311,981,
,225,263
1,195, 691j 148,
3 3 /3 ,183,572
33/391,
,946,135
222
1,800,383
112,
403,676
121
1,963,848
432,
4,704,126
389,
95,197
1,
341,
3,489,995
129,
520,739
204,
404,477
201,421
205,
/l,940,
20,986,298
79,127,746 35/11,369,
24,073,206
37/793,
23,785,152
J’y 839,
369,876
10,217,564
4,285,566
65,774
7,786,886
12,138,227
11,934,980
32/793,609
5,423,409
65.994
3,627
h h
8;
338
1,311
5,429
934
191
17,281
450
10,853
1,223,236
325,777
71,898
10,801
3,140
9,979
1,131
12,368
21,528
45
29,642
31,585
275
4,576
68,991
591,758
37/49,084
3 y 49,375
37/49.084
7,577
207
6 277
62
57
154
{36}
611
1 346
63,256 219 492
732,579.
43,172
16,117
2,428
5,447
747
1,194
149
27,509
1,531
272
87
3,376
670
40,524
3,925
374
2
38,588
4,707
88,484
5,226
2,653
181
512
644
39,998
9,896
997,626
73,366
225,610 37/10,110
225,265 3^10,166
565
60,192
52,465
272
49,435
102,171
123,439 3^10,110
160,637
6,709
18
37
68,478
31,684
153
10
1
1
3
382 » 70,881
766,552 104,996
512
6 701
51,422
28,402
770
680
11,608
2,030
252
136
4,372
677
715
2,509
21,325
3,472
428
89
2,665
133
3,617
3»240
6,970
2,067
9,354
2, 979
35,609
5,517
44
2
321
13
5,523
1,908
32,967
4,940
2, 610
5» 737
29,942
2,174
389
43
704
19
587
377
1,555
1,219
12, 594
72,194
5 ,126
13,870
208,902
97,281 1,038,207 169,527
10,590 52/2. 246
76,054 37/7.114
10 580 32/2, 265
75,928 3i/7,131
1,067
2,775
1,474
«
16,805
20,333
3» 121
4
87
1,081
12,944
4,205
«
33,364
6,385 37/2, 248
42,689 22/ ’ .114
3» 620
23
23,432
488
627
-1
48,830
1,457
7,953
28
5,961
478,014
29
58
78
(36)
197
46
456
327
3,375
2 ,406
1,060
357
666
275
651
1 139
10
2,705
2 974
179,640 362 529
7,293
625
(36)
(36)
437
21
34,208 4,877
132,501
79,635 194 851
21,269 1,555
58,492
30,525 10 792
3,545 1,124
12,662
5,575 11 188
142
1,636
4,198
1,721
2 872
437
2,371
919 10 418
1,156
1,269
609
970
212
10,065
2 499
5,635
708
68
17,650
7,636 10 151
1,083
388
267
27
220
2
(36)
38,664
15,594 13,852
2,065
426
69,274
20,947 10 581
285
343
262
4
307
10
18
538
2,072
994
242
21
59,775
34,265 34, 784
5,210
625
407,990
205,165 304, 478
37,859
8,559
70,024 37/25.525 58,051
32/436
69,903 37/25,722 58,001 j
3^436
3,203
1,699 "
• 22,064
8,397
. 12,421
18,997
94
112
6,217
17,408
25,307
29,940
44,717 52/25,525 28,111 3
32/3,651
37/436
_
44,857
2681
6,050
20, 409
se j a g s e s s s s e
22
23
3,992
.m
süeggggéÊSfcsuéfefisæg'ss gsagfîgsBsg s s
13
14
15
16
17
18
19
20
21
41,138,495
41,117,968
25,846,752
54,484,127
64,247,386
121,354,434
40,649,885
6,127,126
7,757,839
321,424,242
No net
Income
h
Crude
and nat
product
Net
income
1,894
Bituminoue coal,
lignite, peat,
etc.
No net
Not
No net
Income.— lassai.
Income
54
849
613
1
11
12
249,668
No net
income
133,866
Antim o l t e
mjnlng
Metal ml ning
assets and
S
9
10
Nunber of returns with balance sheets 5/
Assets:
Cash 6/
Notes and accounts receivable (less roserve)
Inventories
Investments, Government obligations 7/
Other investments
Gross capital assets B/'(except land)
Less reserves
Land
Other assets
Total assets 9/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Cap ital s tock, conmon
Surplus reserves
Surplus and undivided profits 10/
Less deficit 11/
Total liabilities 9/
Receipts:
Gross sales 12/
Gross receipts from operations 13/
Interest on Government obligations (less
amortizable bond premium):
Wholly taxable 14/
Subject to declared value excess-profits tax
and surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/
Other interest
Rents and royalties 18/
Net capital gain V$/
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 23J
Dividends, forei^i corporations 22/
Other receipts
Total compiled receipts 23/
)educt ions:
Cost of goods sold 24/
Cost of operations 24/
Compensation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortization 28/
Net loss, sales other than capital assets 20/
Other deductions
Total compiled deductions
¡ampiled net profit or net loss (35 less 50)
fet income or deficit y ¿51 less (26 / 27j/
ret operating loss deduction 29/
hcome subject to excess profits tax 30/
ncome tax 31/
•eclared value excess-profits tax
Ixeess profits tax 32/
Total tax
¡cmpiled net profit less total tax (51 less 58)
dividends paid:
Cash and assets other than own stock
porationts own s t o c k ____
Total mining and
quarrying
S -g <0
e IS
All industrial
groups
of returns
Tab1« 1. - Coxporation returns with balance sheets, 1942, by major industrial groups, for returns with net income and returns with no net moonsi 1/ Number of returns, assets and liabilities
oomplled receipts, compiled deductions, oomplled net profit or net loss, net inoaae or deflolt, and dividends paid by type of dividend* also for returns with net < J « . i
, *
deduction, income subject to excess profit, tax. income tex, declared vilu. excess-profits tax,’ excess S
S
S
/
t
a
,
'
t
e
S
T
A
™
^
Total manufacturing
6,753
8,927,770
13,493,651
17,977,471
5,682,160
8,324,518
45,891,433
21,890,273
1,735,976
2,476,243
82,618,950
147,586
314,874
455,156
18,867
511,819
1,344,717
569,228
94,093
155,091
2,472,944
623,210
887,565
1,617,192
297,750
668,789
3,649,557
1,692,017
273,157
156,212
6,481,414
8,185,447
288,741
494,261
2,410,089
5,801,444
12,416,985
5,653,103
20,343,429
5,731,965
22,741,594
665,105
82,618,950
248,763
417,921
251,032
220,190
896,551
121,463
491,024
462,742
2,472,944
. 329,221
508,390
495,839
608,305
1,885,383
397,660
1,825,771
63,416
6,481,414
816
8,378
138,727
281,093
49,425
10,843
300,793
91,077
525,364
114,104,360
79,015,547
3,491,693
1,408,174
388,434
1,443,388
133,368
390,782
2,408,715
54,279
1,671,964
269,851
304,697
70,961
9,358,927
100,410,800
13,693,560
13,684,366
125,951
7,901,219
2,151,077
41,542
5,965,757
8,158,376
5,535,185
2,478,791
35.328
income
income
1,910
2,183
13,309
64,125
704
101,936
218,944
93,078
25,791
8,353
371,824
133,312
196,516
404,800
72,519
123,163
815,277
293,519
59,671
56,686
1,568,624
31,512
130,540
3 1 ,74 :
29,106
81,020
44,952
202,545
18,662
161,286
72,668
73,341
106,727
319,267
6,123
60,532
U7.035
553,604
54,959
13,510
371,824 1,568,624
3,601,093 15,547,016 1,805,789 2,536,787
153,169
77,951
16,597
7,327
98
102
528
609
15
163
178
28
24
(36)
24
168
496
185
2,926
15,501
235
2,734
9,181
19,424
1,072
4,017
1,032
4,163
48
1,599
1,721
496
172
285
960
20,824
244
1,9 57
3,376
8,599
17,038
51,112
4,038
12,058
3,790,891 15,746,744 1,828,226 2,567,323
inQi^na
4SI
lue ase
136
2,553
56,054
7,138
237,874
13,044
788,314
208
27,866
3,806
85,470
51,275
4,865
20,913
so,813
4,110
9,421
3,623
13,387
64,845 1,367,438
8,877
Net
income
69
296
138,570
1,046
217,417
2,581
439,939
15
118,619
393
58,915
2,144 1,089,481
777
585,943
175
26,555
736
29,680
6,609 1,533,234
40,551
815
73,395
1,166
970
214
1,087
3,236
75,665
50,885
193,574
97,517
425,468
148,584
484,314
16,168
1,066
1*952
6*,609
1,696
1,769,975
2Í419
7,837
' 38
10,901
4
2
82
240
1
(36)
160
166
23
95
3,029
2,864
472
10
3,784
933
479
3,698
78,267 1,787^623
(36)
63
490
87
84
6
2
24
11
1
86
189
1,748
7,948
1,314
200
2,664
14
12,902
8,001
_
_
231,627
1.981
2,910
31
66,646
187
241
70,363
No nel
lncom
45,719
1.154
Net
inocae
No net
income
Apparc 1 and
produc te made
Net
inocme
No net
father and
products
Net
Inen»
No net
64
2,916
64S
6,17«
1,851
1,627
317
35!
5,55«
9,56«
15,83'
424
4,804
43,618
21.61S
1,480
140,114
342,85!
487,89!
33,35!
5,973
17,981
18,831
£]
242
10,13«
5,33«
431
361
9,636
270,95Í
409,566
829,95!
151.39C
151,83!
1,509,974
772,691
56,906
62,027
2,669,913
66,111
274,522
131,724
13,13!
2,202
30,823
61,670 1,257,1U
2,08r
18,422
8,140
2,326
1,899
59,647
n o , 761
191,907
329,802
53,254
38,882
270,917
144,86!
12,365
20,529
883,558
1,723
3,348
U , 8U
526
2,038
U,689
5,521
589
1,491
29,695
1,818
193,198
9,872
211,23!
14,108
91,188
4,788
1,449
135,681
1,494
140,189
473
289,442
730
267,652
4,063
648,695
39
182,397
3,913
866,680
4,343
54,022
9,636 2,669,913
5,558
8,558
4,250
109,181
48,702
142,843
93,369
318,384
41,022
310,773
18,396
i ^ ^ l
8,733
8,897
4,654
4,670
24,504
375
45,300
30,290
79,915
81,794
247,539
55,374
266,980
14,991
883,533
3,950
6,651
1,632
4,680
12,33«
331
3,695
8,805
29Î695
95,408 3,547,972
9,210
49,519
171,387 2,023,549
22,884
6,907
54,361
684
53
' 42
105
76
3
97 *
2,444
21,943 4,530,703
40
122,990
(36)
(36)
3,149,653 12,789,214 1,722 ¿587 1,455,400
49,274 1,340,562 6,602
105,987
25,441
9,747
1,220
1,264
849
4,121
94,171
U6,890
7,552
35,070
1,617
5,220
277
22,262
27,112
36,920
3,406
6,165
509
1,463
51
1,475
26,204
109,548
8,968
16,231
601
1,853
19
31,572
12,921
16,320
2,046
5,106
624
483
35
774
24,654
40,279
2,759
12,006
790
8,803
47
6,466
58,800
180,316
10,305
390,525
10,751
114,544
140
52,082
270
4,203
38
1,938
10
307 (36)
1,497
50,340
146,869
10,186
39,495
2,8U
7,573
75
39,898
•
2 ,531
572
131
3
(36)
2,048
2,160
61
56
1,739
15,887
14,531
2,008
1,622
550
381
6
1,655
360,336 1,348,630
60,683
325,009
13,015
126,673 1,007
127,271
3,930,916 14,831,893 1,840,344 2,289,976 ' 81,821 1,608,710 8,260 2 ,435,732
37/140.025
914,851 37/12,118
277,347 37/3.554
178,913 37/259
378,124
37/140,221
914,331 32/12,126
277,138 37/3,554
178,795 3^/260
377,929
11,354
5,259
112
1,320
294,442
94,822
42 ,258
258,324
223,901
67,218
53,038
51,754
_
3,870
969
42
641
«
228,832
70,137
33,676
190,692
.
456,603
138,325
86,756
243,087
32
/
12.118
37/140,025
458,248
139,023 32/3,554
92)156 37/259
135,037
7,325
76
Text lie-mill
produote, exoept
otures
9,117
79,575
11,601
201,132
4,558
131,672
3,292
146,065
29,481
418,636
395
26,670
13,730
324,100
16,205
964
64,845 1,367,438
$
to
14-15.
income
19,O U
13,276
9,546
manufactures
«S
For footnotes, see pp.
income
57,323
107,677,215
4,997,807
Barerages
No net
Income
1 jNunber of returns with balance sheets 5/
Assets:
Cash 6/
Notes and accounts receivable (less reserve)
Inventories
Investments, Government obligations ij
Other investments
Gross capital assets 0/ (except land)
Less reserves
Land \
Other assets
Total assets 9/
Liabilities:
Accounts payable
12
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, coranon
Surplus reserves
Surplus and undivided profits 10/
Less deficit 11/
21
Total liabilities 9/
Receipts: .
Gross sales 12/
Gross receipts from operations 13/
Interest on Government obligations (less
amort izable bond premium):
Wholly taxable 14/
Subject to declared value excess-profits
tax and surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/
Other interest
Rents and royalties 18/
Net capital gain 19/“""'
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Total compiled receipts 23/
Deduct ions:
Cost Of goods sold 24/
Cost of operations 24/
Compensation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortization 28/
Net loss, sales other than capital assets 20/
Other deductions
Total compiled deductions
Compiled net profit or net loss (35 less 50)
Net income or deficit \J /51 less (26 / 27J/
Net operating loss deduction 29/
Income subject to excess profits tax 30/
Income tax 31/
Declared value excess-profits tax
Excess profits tax 32/
Total tax
Compiled net profit less total tax (£1 less 58)
Dividends:
Cash and assets other than own stock
Corporations own stock
products
68
19
10
109
22,195
8,218
23,523
814
13,395
12,518
61,670
369
186
18
162
3,414
5,976
1,U9
361
4,100
i ,no
23,677
4,694,183
40
1,090
6,986
244
349
1,366
168
496
12,316
106,637 3,620,149
60
206
33
83
130
27.
7,4 77
13,772
59,647
(36)
(36)
27
324
10
17
2
49
1,163
1,426
195
160
1,700
(36)
6
591
8,793
195,249 2,044,128
3
14
58
3
22
22
(36)
251
53,622
20,106 3,541,922
81,383 2,833,074 140,731 1,656,033
47,334
26
80,001
6,859
37,037
17,026
3,995
592
362
78,371
3,728
112,978
9,758
36,988
1,641.
75
11,541
1,029
23,763
3,646
9,163
479
125
44,U 9
1,034
6,507
435
12,588
383
3,108
372
4,324
656
1,820
85
128
17,000
661
9,567
962
5,109
346
243
72,533
1,897
40,107
2,845
25,778
831
(36)
3,0U
18
2,330
22
1,029
5
396
59,567
1,749
13,000
1,091
11,408
616
61
3
U
2
1,251
17
177
7
135
126
68!
5,651
2,148
787
889
1,050
20
1,441
284,827
10,112
325,565
23,327
139,005
5,268
23,596 4,202,962 111,010 3,409,226 201,395 1,904,102
57,725
7/1,401
491,221 37 / 5 ,3 75
210,923 37/6.145
140,026 37/2 ;104
y 1,401
491,041 37 / 5,375
210,881 37/6.146
139,975 37/2.107
7,168
4,088
3,075
“
284,662
_
107,829
66,489
78,929
34,318
2
26,441
1,469
•
1,094
488
_
212,694
81,555
49,946
.
293,092
116,967
76,875
/1.401
198,129 37/ 5 ,3 73
93,956 37/6,145
63,151 33/2,104
_
_
m
_
7
60,376
3.523
207
39
21,729
1.961
81
-
26,263
565
45
Table 1. - Corporation returns with balance sheets, 1942, by major industrial groups, far returns with net lnocme and returns with no net income: \J Nunber of returns, essets and liabilities,
oomplled reoelpts, compiled deductions, compiled net profit or net loss, net income cor deficit, and dividends paid by type of dividend; also, for returns with net inooms: Set operating loss
deduction, income subject to excess profits tax, inooms tax, declared value excess-profits tax, exoess profits tax, total tax, and compiled net profit less total tax - Continued
Rubber products
No net
Net
— t o . » . . 107°°»
Nunber of returns with balanoe sheets 5/
Assets:
s Cash 6/
Notes and aooounts receivable (lees reserve)
3
Inventories
4
Investments, Government obligations 7(
S
Other investments
6
Gross capital assets 8/ (except land)
7
8
Less reserTes
Land
9
Other assets
10
n
Total assets 9/
1
12
13
14
15
16
17
18
19
SO
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, conraon
Surplus reserves
Surplus end undivided profits 10/
Less deficit 11/
Total liabilities 9/
Receipts:
Gross sales 12/
Gross receipts from operations 15/
Interest on Government obligations (less
amortizable bond premiun):
'
.'.’holly taxable 14/
Subject to declared value excess-profits
tax and surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/
Other interest
Rents and royalties 18/
Net capital gain
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Total compiled receipts 23/
Deductions:
Cost of goods sold 24/
Cost of operations 24/
Compensation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortization 28/
Net loss, sales other than capital assets 20/
Other deductions
Total compiled deductions
Compiled net profit or net loss (35 less 50)
Net income or deficit 1/ ¿51 less (26 /2?jj7
Net operating loss deduction 29/
Income subject to exoess profits tax 307
Income tax 31/
Declared value excess-profits tax
Excess profits tax 32/
Total tax
Compiled net profit less total tax (51 less 58)
Dividends paid:
Cash and assets other than own stock
CorDoration*8 own stock
For footnotes, see pp,
14-15.
590
103,038
295,606
358,463
72,150
139,122
695,895
349,520
19,710
39,906
1,374,370
212,970
j
78
(Money figures in thousands of doll«re)
Major industrial groups 2/ - Continued
Manufacturing - Continued
Limber »nn
niitini.M.
furnltux • and
Print Lng and
Paper and
finlabel limber
timber bealo
allied product«
publl:thing
allied jrodnete
product.
produots
indue fries
Net
No net
No net
Net
Net
No net
Net
Bet
Bo net
. Bo net
income
incorno
income
inooms
income
income
Income
Incan.
.income
income
1,763
587
127,488
507
173,617
1,345
188,592
(36)
85,166
104
100,784
3,348
936,372
1,357
383,579
131
59,390
330
43,454
4,993 1,331,284
960
70,337
575-
2,829
3,699
106,792
12,024
197,379
13,601
279,014
371
52 ,352
5,793
77,990
52,440
485,595
21,982
246,635
6,294
35,143
2,967
30,595
75,208 1,018,226
10,899
74,887
976
1,703
3,964
194,062
11,169
258,759
16,872
408,005
385
151,794
2,198
317,529
36,604 1,947,905
17,938
932,383
3,601
58,820
2,117
57,959
58,970 2,462,450
9,173
100,560
333
5,704
3,868
4,090
2,360
203,731
6,363
309,953
10,110
220,064
177
142,710
3,404
268,729
50,582 1,454,518
25,738
539,714
2,349
82,052
2,196
99,605
51,809 2,241,644
12,846
43,477
23,497
9,991
18,997
172,189
00,611
8,211
19,496
217,968
699,003
816,167
1,212,529
487,069
1,132,027
3,713,439
1,644,738
131,302
136,866
6,683,664
39,468
439,277
6,252
137,643
29,992
170,935
173,912
229,905
223,880
71,909
264,244
3,375
1,374,370
405
35,051
390
83,169
671
136,206
550
61,852
2,146
457,369
15
36,936
825
525,107
970
74,743
4,993 1,331,284
7,441
43,829
11,273
54,683
3,763
86,942
7,061
56,681
38,308
325,367
876
50,689
17,793
341,889
22,206
16,742
75,208 1,018,226
7,006
46,406
8,279
253,916
4,332
197,988
4,055
382,514
31,862
633,128
337
119,754
10,974
749,994
17,048
21,809
58,970 2,462,450
4,605
67,214
9,267
197,750
2,662
220,643
6,278
183,194
555 ,262
18,245
403
82,293
13,766
872,281
9,675
74,636
51,803 2,241,644
20,847
167,717
29,373
271,643
24,672
660,740
33,126
610,030
104,652 1,862,629
3,279
486,349
44,560 2,222,199
78,409
32,872
217,568 6,683,664
1,831,696
27,333
8,270 1,571,739
149
23,849
75,467 1,746,580
2,828
9,712
93,774 2,761,512
1,080
10,734
67,026 2,231,793
299
122,318
215,547 6,999,806
41,391
54,149
71
51
8
10
1,322
4,219
76
19
1,519
7,562
5,592
1,879,477
-
187
98
11
80
i
1,616
8
6,994
7,372
2
1,025
2
1
2,769
103
26
13,734
8,460 1,629,576
2
1
158
137
19
3
135
110
1,124
290
2,072
80
1,078
213
281
68
1,903
459
620
9,762
79,683 1,773,419
(36)
2
1
469
582
10
3
487
101
3,581
278
6,285
24
1,261
54
413
5
5,521
1,741
(36)
526
13,556
95,849 2,806,146
3
1
404
896
1
33
(36)
676
33
3,509
170
14,597
10
764
82
276
28
9,702
(36)
1,840
297
25,803
67,952 2,412,610
1,747
15
-
42,076
131
112 ___ (36)
25,628
1.962
203
71,223
608
146
73,653
602
Bet
Inane.
372
19,311
1
2
3
4
5
6
7
8
9
10
101,680
12,167
12
8,122
37,308
15,597
78,845
3,188
209,985
3,940
139,562
30,797
644,953
2,011
125,513
16,502
643,455
7,904
26,730
86,331 1,954,562
8,884
33,182
16,632
20,721
79 ¡820
2,597
42,347
47,014
169,335
13
14
15
16
17
18
19
20
99,122 2,176,708
7,365
8,038
101,587
2,494
22
23
403
400
4
20
24
25
18
(36)
293
27
1,740
357
4,844
61
1,541
123
322
14
6,664
(36)
5^352
4SI
12,777
103,511 2,219^101
18
8
82
734
233
168
58
(36)
1,224
106,631
26
27
28
29
30
31
32
33
34
35
4,609,404
83,244 1,403,725
78,983
193,605
5,173
3,108
1^892
19,292
1Ì190
39^677
5,111
73,381
548
6,370
926
108,501
1,113
47^056
2,339
14,939
127
3,265
692
67,128
571
S|412
2,065
195,915
1,805
42,784
2,870
2,193
21
1,331
15
260,227
2,620
52,635
4,232
190,388
829
2,121
114
11,240
2
3,287
100
2,839
88
1,080
762
859,708
8,174
231,670
16,046
6,608,759
105,506 1,843,521
116,147
522,239 37/ 1,996
375,580 3 3 /9 .516
521,173 37/ 1,996
375,268 37/9 ^542
9,968
1,139
Nw
58^930
207^283
161,856
63,410
458
78
46,593
159,611
208,527
223^479
313¡712 37/1.996
152¡101 3^9,516
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
744,942
19,829
62,979
18,799 1,613,477
5,856
463,210
12,303
406,175
50,663 4,191,669
1,865
648,360
21,114 3,069,429
30,431
29,life
119,310 11,170,323
7
U
1,161
626
3
138
70
1,031
259
8,707
1,435
24,118
61
3,443
132
422
60
69,532
10
9,668
2,905
26,636
261,895 7,160,390
(36)
18
99
333
28
39
106
38
806
97^324
228
838
22,254
54,046
11,130
1,418
93,641
17,217
53,951
7,130,999
1,100
1
No net
6,732
12^68
23,791
2,640
7,253
178,551
79,478
11,060
6,222
169,335
1,433
1,272
309,552
2.934
159
Net
ineone
1,060
6,342,890
571,597
371
No net
5,040
220,921
8,949
261,146
9,336
302,933
286
209,136
11,619
165,443
66,766 1,396,510
30,800
711,556
2,608
61,437
11,524
48,594
85,331 1,954,562
94,772
1,066
16
7
Stone, clay, and
glass products
1,775
5,290
681,394
20,946 1,224,649
23,334 1,045,907
1,793
579,217
7,814 2,242,909
77,993 10,100,452
31,677 4,969,779
4,868
286,091
8,948
180,590
119,310 11,170,323
1,358,611 6,562 1,127,256
64,061 1,300,017
76,495 1,909,522
55,941 1,441,384
149,194 4,524,307
70,740
497
129
13,809
1,824
3,281
770
2,683
167
54,623
23,823
9,512
639
13,469
413
30,527
2,399
49,726
4,530
53,433
2,215
89,996
19,464
95,311
5,568
6,770
85
3,454
329
8,885
1,131
10,503
581
24,573
6,126
19,253
1,358
24,348
104
12,974
541
16,605
568
57,912
1,284
9,469
852
88,011
845
2,677
44
4,597
448
3,385
367
4,129
154
11,038
2,107
11,157
737
8,302
87
738
6,415
5,400
722
13,693
684
14,113
2,040
17,589
1,256
44,031
193
30,853
1,480
31,860
54,043
1,911
1,175
46,335
5,154
110,283
1,679
7
816
4
695
898
10
2,063
3
2,550
45
3,430
14
31,543
181
31,602
1,738
19,651
1,331
71,698
1,807
40,511
5,589
197,703
2,728
163
*■
27,800
1,454
692
14
4,430
13
104
7
7,598
23
2,664 (36)
570
45
975
7
4,989
70
80
6
30,970
32
1,502
1
1,276
255
722
878
6,786
100
2,576
2,731
5,608
591
230,461 1,218
145,757
9,115
182,794
252,362
12,594
6,927
424,481
62,314
945,310
23,598
1,725,853 9,023 1,437,586
84,431 1,624,891 101,328 2,448,245
71,120 2,161,831
279,453 6,026,041
109,809
153,624 37/563
191,990 37/4.748
148,528 37/5,479
357,901 37/3,169
250,779 37/17.556 1,134,309 37/12.485
153,606 32/563
191,899 37/4,752
148,374 37/5,482
357,403 37/3.170
250,070 37/17.630 1,133,140 37/12,500
•
«,
6,327
2,241
2,081
1,729
5,316
7,005
72,440
_
91,373
65,906
179,308
63,363
483,864
28,876
.
35,908
29,049
67,171
65,146
229,410
198
418
736
347
646
1,593
55,966
70,526
49,817
137,827
49,490
365,809
_
85,040
106,852
79,602
205,345
115,281
595,813
68,584 37/563
85,137 37/4,748
68,926 32/5,479
152,556 3^3,169
136,498 3^17,558
537,496 37/12.485
25,212
56
Petroleum and
Coal products
308,355
5 ¡617
13,078
(36)
(36)
107
70,984
ll745
277
2
11
21
60
61
Table 1. - Corporation returns with balance sheets, 1942, by major Industrial groups, for returns with net Income and returns with no net income: y
Nianber of returns, assets and liabilities
compiled receipts, compiled deductions, con»lied net profit or net loss, net Income or deficit, and dir 1fends paid by type of dividend} also, for returns with net Income: Net operating loss
deduction, Income subject to ezoess profits tax, lnoome tax, declared Talus excess-profits tax, excess profits tax, total tax, and compiled net profit lass total tax— Continued
(Money figures In thousands of dollars)
Nonferrous metals
and their product«
iron, steel,
and products
Net
lnoome
1
Nixnber of returns with balanoe sheets 5/
Assets:
Cash 6/
2
Notes and accounts receivable (less reserve)
3
4
Inventories
5
Investments, Government obligations 7/
6
Other Investments
7
Gross capital assets y (except land)
8
Less reserves
9
Land
10
Other assets
11
Total assets 9/
Liabilities:
12
Accounts payable
Bonds, notes, mortgages payable:
13
Maturity less than 1 year
14
Maturity 1 year or more
15
Other liabilities
16
Capital stock, preferred
17
Capital stock, common
18
Surplus reserves
19
Surplus and undivided profits 10/
20
Less deficit 11/
21
Total liabilities 9/
Receipts:
22
Gross sales 12/
23
Gross receipts from operations 13/
Interest on Government obligations (less
amortizable bond premium):
24
Wholly taxable 14/
25
Subject to declared value excess-profits
tax and surtax 15/
26
Subject to surtax only 16/
27
Wholly tax-exempt 17/
28
Other interest
29
Rents and royalties 18/
30
Net capital gain 1$!
31
Net gain, sales other than capital assets 20/
32
Dividends, domestic corporations 21/
33 j Dividends, foreign corporations 22/
34
Other receipts
35
Total compiled receipts 23/
Deductions:
36
Cost of goods sold 24/
37
Cost of operations 24/
38
Compensation of officers
39
Rent paid on business property
40
Repairs 25/
41
Bad debts
Interest paid
42
43
Taxes paid 26/
44
Contributions or gifts 27/
45
Depreciation
46
Depletion
47
Amortization 28/
48
Net l o s s , s a le s o th e r than c a p i t a l a s s e t s 2 0 /
49
Other deductions
50
Total compiled deductions
51
Jompiled net profit or net loss (35 less 50)
52
let income or deficit y ¿5 1 less (26 / 27J/
53
let operating loss deduction 29/
54
Income subject to exoess profits tax 30/
55
;ncome tax 31/
56
teclared value excess-profits tax
57
¡xcess profits tax 32/
58
Total tax
59
!cnq>iled net profit less total tax (51 less 58)
)ivldends paid:
60
Cash and assets other than own stock
61
Corporation^ own stock
footnotes, see pp.
14 - 1 5 ,
5,167
1,440,453
1,698,823
2,362,996
1,186,846
720,601
8,092,582
4,045,578
209,647
412,315
12.078.685
1.422.744
Ho net
lnoome
1,017
Net
income
1,797
25,245
198,857
28,923
351,322
39,584
471,572
3,573
822,924
6,162
360,244
116,644 1,338,273
45,169
615,002
8,352
35,484
29,162
63,339
212,475 2,427,012
22,342
290,558
No net
Income
539
¿ieotrloal
machinery and
equipment
Net
lnoome
1,283
2,759
352,233
4,229
692,697
7,622 1,054,513
357
322,236
1,121
341,470
21,049 1,003,160
7,317
488,704
685
42,613
1,556
88,497
32.062 3.408.715
5,640
No net
lnoome
Machiner r, except
tranapor ;atIon
equipment and
•la ctrioi*1..
No net
insane income
4,739
11,789
12,287
26,205
44
317,246
37,277
8,518
477
7,964
404.771
1,072,603
1,502,011
1,957,874
874,707
563,599
2,720,141
1,291,150
116,564
247,591
7,763,842
803,372
551,585
18,189
262,907
923,451
2,140,084
962,994
2,844,630
793,801
2.763.744
35,670
12.078.685
19,138
62,409
42,336
212,482
39,482
298,331
8,817
268,922
63,048
498,200
7,302
148,420
41,385
658,533
31,373
10,842
212,475 2,427,012
3,843
108,326
6,040
120,463
2,536
855,223
3,711
66,813
16,160
746,719
197
244,457
3,987
726,764
10,052
11,632
32.062 3.408.715
13,393
106,827
9,870
1,918
138,911
83,992
43,056
11,386
404.771
15,738,117
625,267
171,958 3,024,696
2,761
81,893
41,867 4,801,662
1,192
8,561
73,633 9,643,956
2,064
120,238
514
275
1,468
1,477
46
568
5,437
10,273
374
201
12,744
(36)
4,055
216
12,053
43,484 4,856,764
63
1,572
11,999
38,358
3,056
2,085
13,526
3,304
9,130
521
52,867
81,844 9,899,796
2,427
1,372
83
709
32,543
42,233
3,041
1,046
34,829
5,194
57,976
16,544,837
11,414
419
191
50
401
14
12
,
836,
14,145.
2,399;
2,398,
10
,
1,679,
274,
8,
1,273,
1,557,
841,
308,355
2.793
8
22
550
176
3
15
34
182
121
2,238
473
3,253
100
494
112
76
31
14,483
(36)
5,508
1,111
19,142
176,733 3,252,706
(36)
1,029
Automobiles an<
equipment,
•xe.pt electri
cal
No nel
Net
^nnn»
494
transportat ion
equipment,
except
automobiles
Net
No not
122
695
10,353
426,698
696
20,542
625,731 2,192
33,733
641,935 2,004
597
100,258
217
4,165
109,154
114
55,767 1,044,632 7,409
20,005
500,285 2,729
3,426
45,611
60S
8,316
52,320
408
116,894 2,546,055 10,915
1,376,455
2,194,413
1,997,158
493,913
439,383
2,372,705
1,120,442
64,583
545,751
8,363,921
19,402
498,571
Other
manufaatur lag
Net
Manufacturing
not allocable
No net
1,341
490
14,176
174,136
27,431
288,688
67,025
418,421
136
109,863
1,149
115,790
35,295
462,654
13,328
£13,436
1,939
21,479
32,428
38,154
166,250 1,415,748
8,367
19,524
20,306
1,376
7,598
50,314
18,543
2,788
4,297
96,026
76,831
118,992
160,199
37,066
36,985
272|00*
121,200
14,881
21,401
617,161
3,924
9 ¡947
8 ¡155
762
2,216
26^266
8 ¡454
1¡797
2 ¡492
47,105
1,980
1,318,381
119,801
10,344
68,209
6,418
186,846
13,559
61,791 2,102
275,586
14,544
47,110 1,765
1,654,454
22,257
407,522 1,027
444,262
6,583
57,243 1,355
1,449,834
44,657
169,712 3,752
905,523
2,987
186,513
84
2,099,984
21,113 1,126,463 3,766
56,021
28,208
8,873 4,914
7,763,842 116,894 2,546,065 10,915
294,838
232,739
2,988,404
303,111
1,002,788
782,913
1,493,958
53,212
8,363,921
37,933
52,250
10,979
48,007
333,064
68,608
3,352
69,239
16,916
339,101
5,021
111,329
17,917
354,033
19,807
11,078
166,250 1,415,748
15,605
20,937
6,930
4,974
34,612
1,880
24*017
23,274
96,026
34,983
35,054
95,70*
42,573
134,816
24,770
197,342
16,290
617,161
6,971
5,211
4'083
6,100
17,912
334
7,591
7,515
47,105
98,678 3,995,809 12,236
6,772
28,315
369
9,207,179
3,012,098
100,466 1,878,843
27,411
11,902
78,408 1,032,583
3,925
3,795
40,001
865
2
4
1,827
328
1,210
966
1
5
430
108
•
(36)
2
22
16
164
231
195
6,551
3
4,473
400
3,640
36
12,177
58
681
2
5,239
148
388
5
337
25
2,006 (36)
31,940
(36)
1,549
8,465
786
&3,093
44
46,888
107,084 4,072,534 12,700 12,331,204
£5,331
(36)
2
£27
109
2
1
92
151
2
77
4
13
149
2,131
3,138
561
207
2,876
2,492
735
10,909
128,942 1,913,546
(36)
95
142
2
(36)
6
(36)
38
96
824
961
2,205
12
220
61
464
114
742
23
104
515
6,071
84,120 1,047,287
78
237
20
62
12
_
_
_
_
_
77,270
697
104,507
1.657
No not
1,119
142,305 2,248,264
34,062 3,400,889
57,578 6,106,147
73,784 3,222,230 10,278 7,233,846
87,695 1,223,667
60,487
1,776
46,069
699
1,402
44
16,605
5,827
25,999
266 2,539,953
24,442
6,218
2,371
6,835
50,034
2,574
48,782
2,265
170,934
5,683
20,334
403
39,489
2,429
56,604
5,646
1,107
10,103
561
599
13,199
23,305
1,400
5,378
117
28,051
789
10,468
1,768
2,203
30,541
268
55,475
429
141,203
1,277
84,645
61
117,648
2,148
13,902
413
1,056
2,007
386
4.00!
158
14,258
486
2,362
26
3,599
92
4,027
1,939
1,688
9,242
514
11,99'
5,421
17,476
901
5,205
90
15,961
1,020
4,218
941
3,694
54,350
735
104,431
1,781
186,308
2,375
61,123
336
211,331
3,177
44,048
2,610
14
1,604
3
2,691
4
6,814
10
1,822
3
2,968
4
1,236
15
4,485
46,079
973
59,186
1,035
112,962
2,577
44,910
312
90,292
1,035
22,133
1,638
(36)
11,870
10
408
20
•
520
521
4
8
257
26,647
18,065
246
42,723
193
10,721
9
52,169
519
3,423
172
1,426
876
• 2.174
16
3.245
1.637
491
5
2,615
14
424
124
22,051
205,094
400,834
26,295
954,177
19,346
174,155 1,550
494,429
10,319
242,849
14,028
188,897 2,742,779
4,123,138
95^871 7,796,564 115,517 3,659,895 13,456 10,832,872 133,683 1,633,222
92,160
37/12,164
409,927 37/3
733,627 37/14,028 2,103,232 37/8,432
412,639 37/756 1,498,332 37/4,741
280,324 37/8,040
32/12,201
409,730 32/3
733,012 32/14,028 2,101,595 32/8,448
412,473 37/756 1,498,080 37/4.744
280,162 37/8,040
634
23,757
5,691
3,410
7,228
3,132
245,883
503,045
1,574,285
•
- 1,O U , 223
271,843
161,793
59,442
77,487
207,618
54,643
.
201,641
42,251
921
2,147
7,799
2,018
4,902
1,495
189,997
394,692
1,177,821
198,534
742,775
123,479
250,360
474,326
1,393,238
255,196
949,317
167,225
37/12,164
159,567 37/3,010
259,300 37/14,028
709,994 3^8,432
157,444 32/756
549,015 37/4,741
113,099 37/8,040
515
Net
2,644
£59
226,380
4.064
374
45,390
154
43
209,419
1.655
65
40,781
865
239
______ 3
206
41,484
731,117
30,207
1,928
633
3lll33
2,511
4,157
491
11,342
194
1,688
275
3,053
422
16,149
810
540
6
12,897
1,135
32
(36)
2,011
92
162
549
101,133
6,545
917,3441 43,871
129,943 37/2i387
129,900 37/2.387
3,821
82,722
16,719
831
61,321
78,871
51,072 37/2.387
17,284
456
59
Table 1* - Corporation returns with balance sheets, 1942, by major industrial groups, for returns with net income and returns with no net income: 3/ Number of returns, assets and liabilities,
compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, and dividends paid by type of dividend; also, for returns with net income: Net operating loss
deduction, income subject to excess profits tax, inccme tax, declared value excess-profits tax, exoess profits tax, total tax, and compiled net profit less total tax - Continued
(Money figures in thousands of dollars)
Major industrial groups 2
- Continued
Publie utilities
Total public
utilities
Net
income
1
2
3
4
5
6
7
8
9
10
11
12
13
U
15
16
17
18
19
20
21
22
23
24
25
SSS8i2g6S$S;S;*6fe£:£8g3ä
äSggJSgSS
26
27
56
57
58
59
60
61
Number of returns with balance sheets 5/
Assets:
Cash &/
Notes and accounts receivable (less reserve)
Inventories
Investments, Government obligations 7/
Other investments
Gross capital assets 8/ (except land)
Less reserves
Lend
Other assets
Toted assets 9/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capited stock, preferred
Capital stock, conmon
Surplus reserves
Surplus and undivided prof its IX)/
Less deficit 11/
Toted liabilities 9/
Receipts:
Gross sales 12/
Gross receipts from operations 13/
Interest on Government obligations (less
amortizable bond premium):
Wholly taxable 14/
Subject to declared value excess-profits
tax and surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/
Other interest
Rents and royalties 18/
Net capital gain 19/
.Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Total compiled receipts 23/
Deduct ions:
Cost of goods sold 24/
Cost of operations 24/
Compensation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortization 28/
Net loss, sales other than capital assets 20/
Other deductions
Total oompiled deductions
Compiled net profit or net_loss (35 less 50^
Net income or deficit 1/ /El less (26 / 27j/
Net operating loss deduction 29/
Income subject to excess profits tax 30/
Income tax 31/
Declared value excess-profits tax
Excess profits tax 38/
Total tax
Compiled net profit less total tax (51 less 58)
Dividends paid:
Cash and assets other than ovm stock
Corporation's own stock
For footnotes, see pp.
14 - 1 5 .
11,597
Transportation
No net
income
5,276
Net
income
8,152
'Nb net
income.
3,679
CoQznunicat ion
Net
income
1,579
68,701
123,777
2,348,866
127,240 1,550,869
68,619
261,229
140,527 1,222,018
1,918,773
86,249
599,035
£2,261
990,703
36,368
16,426
7,815
222,753
454,798
11,260
90,272 3,175,287
767,028 4,754,629
10,103,390
52,038,919 2,859,898 26,974,049 1,723,781 6,487,074
466,969 5,148,269
271,732 1,930,674
10,165,492
196,677
20,709
28,582
12,989
352,031
90,894
88,986
1,893,406
141,920 1,153,884
59,935,396 3,645,834 31,525,644 1,821,320 8,323,343
1,332,798
173,795
986,881
132,085
139,850
431,042
152,024
166,581
103,915
7,665
21,745,749 1,906,439 11,888,608 1,035,185 1,933,345
486,446
426,964
5,193,377
614 ,040 3,739,752
4,033,394
201,216 1,205,223
152,558
153,513
18,771,262
758,817 8,205,122
453,684 4,756,143
492,504
21,529
1,032,480
178,183
26,075
8,675,994
557,208 5,967,953
97,370
887,978
1,280,702
895,888 1,126,980
661,452
8,191
59,935,396 3,645,834 31,525,644 1,821,320 8,323,343
1,000,916
15,831,142
3,032
2,481
128
1,952
99,424
295,732
45,809
6,279
299,497
5,050
63,574
17,655,017
22,794
774,448
741,107 10,141,255
468
51
50
5
1,440
75
49,252
7,511
11,407
240,991
308
43,494
5,940
2,263
1,411
76,138
912
796
7,016
45,229
795,330 11,382,775
17,442
541,393
8,250,801
467,236
125,668
16,763
580,638
25,836
5,473
52,934
20,745
9,499
94,688
946,418
1,155,236
48,695
7,107
125
1,010,265
50,595
22,721
793
522
90,620
12,980
21,117
1,133,220
116,652
867,299
13,958,883
3,696,134 37/71.969
3,694,054 37/72,049
137,347
678,348
1,024,043
2,734
539,990
1,566,766
2,129,368 52/71,969
1,105,636
2.649
1,609
2,132
11,957
114,743
16,643
517,402 1,856,827
445
47
Trade
Other publie
utilities
703
46
1
4
139
52
7,232
858
8,301
33,864
251
420
2,211
165
185
158,094
2
1,136
4,957
4,021
551,354 2,177,396
No net
income
750
-
353,156
376 .
No net
Income
Net
income
Wholesale
Conmisslon merchant: Other wholesalers
Total wholesale
No net
income
Net
income
Net
income
No net
income
Net
income
No net
income
Mb net
inooas
30,299
26,078
7,499
3,375
1,519
22,709
5,980
1
4,676
674,220
134,846
53,863 2,552,596
6,154
435,526
302,710
65,754 4,718,716
2,527
305,419
350,973
11,580 5,961,881
213,619
928,967
183
11,119
3,262
2,131 2,173,474
102,042
674,625 1,522,109
124,225 18,577,797 1,011,892 4,938,205
548,716
44,503 3,066,548
151,754 2,257,058
234,512
*565
142,365
7,308
790,168
84,877
650,536
2,641
48,385
553,716
52,540
99,600 20,086,406 1,724,915 19,709,299 1,353,312
1,027,582
2,421,833
2,414,295
330,097
681,986
1,185,257
519,108
162,134
224,829
7,928,903
62,807
127,726
98,788
6,511
36,352
106,850
42,325
13,620
18,658
428,986
121,382
278,587
39,082
38,556
102,421
49,346
20,189
7,990
22,634
639,811
10,370
20,883
3,796
962
5,092
10,346
3,382
1,330
3,169
52,567
906,199
2,143,246
2,375,212
291,540
579,564
1,135,911
498,919
154,144
202,195
7,289,092
52,487
106,848
94,998
5,549
»1,260
96,502
38,945
12,390
15,489
876,419
2
5
7
8
•
10
u
302,952
1,592,074
125,911
187,799
19,006
1,404,274
106,90»
12
1,725
46,384 1,167,118
256,795
142,306
29,433 7,923,796
841,821 1,279,493
187,419
3,522 1,026,661
124,073 1,669,092
91,461
4,876 2,674,657
43,782 1,119,283
84,797
25,282 5,809,997
279,850 5,300,514
558,522
8,479
513,901
148,174
800,946
18,162
30,288 1,820,064
429,551 5,431,257
262,620
9,918
145,531
224,517
423,061
294,926
99,600 20,086,408 1,724,915 19,709,299 1,353,312
693,105
478,320
667,876
415,710
2,002,875
285,602
1,943,369
150,028
7,928,903
41,563
54,774
34,029
23,365
188,135
4,073
61,019
103,882
428,986
46,852
21,662
48,244
37,921
134,264
25,641
149,991
12,564
639,811
3,528
646,253
6,801
456,659
3,557
619,632
3,892
377,789
23,244 1,868,611
609
259,961
6,434 1,793,378
14,504
137,464
52,567 7,289,092
36,035
47,978
30,472
19,473
164,891
3,464
54,583
09,378
376,419
14
19
16
IT
18
19
00
21
5,816 50,013,643 2,774,031 24,283,207 1*084,995
183,919
856,920
196,258
583,797
82,615
834,047
286,407
79,502 23,449,159 1,005,493
42,147
297,390
40,469
28
23
811
5,913
1,866
206,067
335
39,785
111,725
3,833,060
2
720
304
2
(36)
24
240
15
2
7
469
40,901
73
373
42,940
20,877
1,895
174
65,265
3,117
14,324
4,094,846
(3«)
49,212
434,681
12,812
146
5,867,740
341,078
802,543
28,699
92,245
13,797
10,764
851
514,011
22,999
45,549
1,359
31,304
734
4,143
11,922
7,429
7,757
6,116
229
538,802
47,260
68,940
1,279
611,297
30,951
155,053
1,990
2,304
43
1,698
2
377,559
26,523
222,543
4,397
27
1
8,097
76,932
345
147
148
13,505
11,866
1,754
57
628,837
85,840
214,283
7,308
9,205,073
605,113 1,590,524
47,199
586,871 37/6.297
2,177,703 37/53.759
8,176,212 37/53,812
586,728 37/6,299
132,833
689
400,886
128,846
626,341
127,079
2,640
33
317,664
104,002
946,646
231,115
1,231,057 37/53,759
355,757 3^6,297
307,030
1.410
Net
income
Total trade
25
786
35,797
21
4
83,866
3,364,657
2,186
1,447
891
572
26
17
72
21
2
97
227
6
10
(36)
23
1,502
47
659
39
119
6,629
2,602
66,223
24,867
999
5,866
2,867
108,143
11,340
20,345
1,990
1,758
42
9,903
368
5,357
133
404
50
6,375
796
4,463
262
94
1,220
38,602
533
20,716
282
5,200
910
127
17,883
5,110
125
19
1,570
542,601
29,569
150,913
11,240
19,484
203,074 51,665,655 2,975,848 25,100,992 1,182,722 1,153,501
57,500
4,484 39,486,007
1,580,519
9 7,<¿60
386,343
22,658
2,114
950,395
21,078
1,478
665,216
9,709
596
116,286
6,872
1,841
135,371
338,676
46,150
123,645
388,886
15,754
480,715
801
3,105
20,645
410,162
19,675
273,854
14,623
766
1,203
13,541
28
2,609
5,857
1,057
20,955
290,099
23,505 6,379,675
3,163,286
214,987 49,042,919
931,560 37/11.913 2,622,737
931,114 37/11,938 2,621,007
3,825
37,160
143,616
1,117,138
270,622
505,321
60
15,134
118,324
664,330
389,006
1,364,784
542,554 32/fll,913 1,237,952
445,450
863
135
37
11,182
482*670
12.284
9
2
819
552
15,765
102
18
'd
87
(»6)
3
540
36
156
19,001
844
375
18,586
1,614
16
4,952
117
18
4,368
243
68
15,515
314
(36)
5,091
12»
4,174
131,429
7,066
126,470 23,947,491 1,056,25»
26
27
_
_
_
_
2,375
28
8
24
25
_
176,233
6.948
8
17
la
2,228,210 20,978,463
965,978
778,976
74,830 20,199,487
891,148
257,660
111,382
60,354
97,729
27,983
159,931
32,371
103,671
433,704
33,630
47,844
6,845
385,860
26,785
62,958
85,415
9,049
6,223
1,387
79,193
7,662
9,328
26,197
1,696
619
156
25,578
1,540
16,494
46,538
6,095
2,795
809
43,744
5,286
14,660
49,202
4,536
4,417
44,786
4,073
463
35,291
147,034
7,806
7,470
790
139,564
7,016
297
7,701
70
694
10
7,007
60
29,841
66,750
5,714
2,574
667
64,176
5,047
330
730
234
27
9
703
223
126
2,060
13
6
(36)
2,054
IB
8,731
3,449
2,261
175
347
3,274
1,914
429,472 1,950,549
no , 4ia
120,130
15,734 1,830,419
94,682
3,050,792 24,055,453 1,207,850 1,069,676
130,029 22,985,777 1,077,821
37/74.945 1,045,539 37/25.128
83,825 37/3,560
961,714 37/21,569
37/74,998 1,044,783 37/25.167
83,696 37/3.562
961,087 37/21.604
_
■.
13,010
1,125
11,885
_
_
_
491,196
37,712
453,484
.
_
183,155
14,059
169,095
.
6,043
315
5,728
_
_
375,258
28,549
346^709
_
564,456
42,924
521,532
37/74,945
481,083 32/25,128
40'901 37/3,560
440*182 3^21,569
4,737
126
4
84
160,468
6^846
28
56
57
58
59
60
61
Table 1. - Corporation returns with balance sheets, 1942, by major industrial groups, for returns with net income and returns with no net income: 1/ Number of returns assets and liabilities
compiled receipts, compiled deductions, compiled not profit or net loss, not income or deficit, and dividends paid by type of dividend; also, for returns with net income: Net operating loss
deduction, income
subject to excess
profits
ta
4
-----*.......
0Iue tax, declared value excess-profits tax, excess profits tax, total tax, and compiled net profit less total tax - Continued
(Money figures in thousands of dollars)
Major industrial groups 2/ - Continued
Apparel and
accessories
stores
No net
income
1 *Nunber of returns with balance sheets 5/
!Assets:
2
Cash 6/
3 { Notes and accounts receivable (
«serve)
Inventories
Investments, Government obligations 7/
Other investments
Gross capital assets 8/ (except land)
Less reserves
Land
Other assets
Total assets 9/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, cocmon
Surplus reserves
Surplus and undivided profits 10/
Less deficit 11/
Total liabilities 9/
Receipts:
Gross sales 12/
Gross receipts from operations 13/
Interest on Government obligations (less
amort izable bond premium):
«¿holly taxable 14/
Subject to declared value excess-profits
tax and surtax 15/
Subject to surtax only 16/
’.Vholly t ex-exempt 17/
Other interest
Rents and royalties 18/
Net capital gain V*/
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 2Zj
Other receipts
Total compiled receipts 23/
Deductions:
Cost of goods sold 24/
Cost of operations 24/
Compensation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortization 28/
Net loss, sales other than capital assets 20/
Other deductions
Total compiled deductions
Compiled net profit or net loss (35 less 50)
Net income or deficit 1/ ¿5 1 less (26 / 27j/
Net operating loss deduction 29/
Income subject to excess profits tax 30/
Income tax 31/
Declared value excess-profits tax
Excess profits tax 32/
Total tax
Compiled net profit less total tax (51 leps 58)
Dividends paid:
Cash and assets other than own stock
Corporation*s own s t o c k ___________
F o r fo o tn o te s , see pp,
14-15
f:
Net
income
No net
income
Furniture
and house
furnish Inr.s
Net
No net
income income
1,142
7,461
1,150
1,703
8,270
45
390
8,994
4,164
297
731
17,415
140,624
165,163
371,941
41,385
56,783
234,172
113,400
20,055
29,462
946,186
4,478 61,376
9,141 222,674
17,696 176,955
199 21,267
921 24,555
10,467 69,230
4,622 37,562
550 17,574
1,496 13,315
40,326 589.385
5,392
155,726
12,321
1,554
2,537
1,461
809
9,500
65
1,314
5,215
17,415
37,250
48,974
1,936
3,459
1,136
1
2
3
4
5
6
7
8
9
10
11
49 ,614
12
75,042
233,132
34,981
289,112
30,425
946,186
3,962 27,819
4,699 27,216
3,223 86,353
1,261 43,718
20,825 174,843
498 23,621
5,532 175,876
11,996 19,676
40,326 589.385
13
14
15
16
17
18
19
53,946 2,397,398
995
18,317
89,371 735,527
1,062
9,197
3
I
.
*
103
(36)
6
1 0 2,394
85
98
4
-
6
84
..
1 ,3 5 4
11,516
81
31
2,087
2
(36)
382
45,387
55,440 2,476,445
(36)
21
612
(36)
23,503
621
22
23
24
25
26
27
28
29
30
31
32
33
34
1,7 3 8
2,245
63
43
392
(36)
(36)
1,420 109,925
92,500 859,215
40,230 1,568,082
60,878 416 ,457
36,765
800
7,595
690
,603
414
2,682
72,273
5,983
,088
4,414
2,547
130,029
5,821
,412
2,810
155
7,396
225
,203
113
67
9,005
746
,807
740
1571
4,549
340
,058
'527
785
27,408
1,126
,071
881
11
1,796
11
572
6
589
16,486
707
,395
480
1
11
2
(56)
2
58
6
49
1,151
81
L,120
8,488
468,811
19,093
1,816
14,095
56,564 2,314,649
95,711
5,608
61,298
37/1,124
161,796 37/3,211
>,607 3 ^ 2 , 7 1 4
37/1,124
161,706 37/3,211
>,577 3 ^ 2 , 7 1 4
_
3,398
L,529
»
71,937
>,271
«
28,242
t,086
976
525!
54,700
l,704
83,917
>,315
32/1,124
77,879 37/3,211
>,292 37/2,714
2
20
21
22
35
400,638;
20,846
25,100
36,966
6,648
405
— 1,508
16,019
226
12,814
10
129,499
13,906
9,088
15,812
2,305
511
1,173
6,783
37
5,952
7
23
8
705
1,513
174,908
73,448
696,816 260,044
34,774 33/7,210
34,725 32/7,211
2,284
8,587
7,620
279
6,483
14,382
20,392 37/7,210
36
37
38
39
40
41
4é
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Table 1. - Corporation returns with balance sheets, 1942, by major industrial groups, for returns with net income and returns with no net income: 1/ Number of returns, assets and liabilities,
compiled receipts, compiled deductions, complied net profit or net loss, net income or deficit, and dividends paid by type of dividend; also, for returns with net income; Net operating loss
deduction, income subject to excess profits tax, Income tax, declared value excess-profits tax, excess profits tax, total tax, and compiled net profit less total tax - Continued
(Money figures in thousands of dollars)
----------E Q or Industrial groups
- Continued
Trade - Continued
Servji-ce
Retail - Continued
Trade not
Botels and other
Retail trade
Pilling
feuilding uateriTotal service
allocable
lodging places
als. fuel and ice Other retail trade not allocable
stations
Hardware
Net
No net
Net
No net
No net
Net
No net
No net
Net
Net
No net Net
No net Net
No net
Net
income
income
income
income
income
income
income
income
income
income
income income income income Income
income
1
2
5
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
umber of returns with balance sheets S/
sseta t
Cash 6/
Notes and accounts receivable (less reserve)
Inventories
Investments, Government obligations Tj
Other Investments
Cross capital assets 8/ (except land)
Less reserves
Land
Other assets
Total assets 9/
.labilities;
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves
Surplus and undivided profits 10/
Less deficit 11/
Total liabilities 9/
1,810
436
5,200
2,102
5,134
13,690 1,389 15,807
20,919 2,890 21,664
20,961 1,928 41,431
2,792
74
4,052
7,097
4,162
583
69,416 13,786 19,024
8,575
56,918 5,948
3,670
21,221 7,201
2,222
801
2,110
122,640 22,705 102,085
764
2,004
3,904
77
235
2,348
852
559
324
9,183
87,786
170,176
161,875
19,103
52,352
217,499
114,427
53,627
16,230
664,220
8,141
28,236
20,290
593
6,717
47,981
22,865
13,559
3,238
105,892
74,771
122,751
186,802
12,892
■ 25,873
115,149
54,636
13,159
15,525
512,287
11,453
1,528
65,148
18,127
86,108
4,556 1,611
4,832
11,614 4,958
5,051
5,715
6,313 1,267
3,274
504
2,413
44,366 11,872 45,252
707
186
1,375
53,608 2,205 30,271
1,030 3,668
4,275
122,640 22,705 102,085
696
957
527
264
6,845
40
1,208
2,883
9,183
31,985
40,905
31,564
25,472
280,876
10,496
200,084
22,309
664,220
10,341
15,054
4,433
5,377
52,061
1,348
21,642
22,493
105,892
24,827
28,556
62,911
20,383
155,247
15,078
140,567
21,191
512,287
5,905 11,672
6,637 16,785
5,774 26,031
6,240 14,149
27,875 105,677
2,581 11,201
21,555 93,274
23,672
6,271
69,408 302,601
150,177 1,092,332
8,340
21,985
77,606 762,589
7,545
4,461
1,095
19,433
780
3,770
1,730
3,212
7,195 42,303
13,769 68,899
28,694 98,185
282
8,175
3,207 12,790
19,257 102,282
7,637 48,052
2,086 10,628
2,556
7,391
69,408 302,601
16,515
30,082
13,369
2,264
1,835
16,783
361,375
49,733
548,791
53,295
74,182
47,513
269,578
31,579
83,672
1,285
7,803
38,437
494,257
85,775
130,901 2,289,503
909,541
59,592
982,755
548,786
14,747
191,487
399,228
7,278
164,517
45,850
250,644 3,427,969 1,047,165
48,048
25,931
25,076
6,473
35,950
784,624
503,764
148,100
22,148
792,586
16,215
15,321
7,999
1,178
33,219
527,271
197,045
119,452
12,990
556,599
130,903
42,531
25,554
12
2,285
89,635
3,590
79,929
1,345
139,586
1,547
92,815
12,768
517,089
118
59,816
4,686
585,199
3,865
56,278
26,181 1,759,406
19,519
109,214
65,256
468,725
27,638
728,165
154,005
13,100
303,736
26,848
197,353
85,102
797,827
536,782
76,142
157,371
2,530
14,115
83,672 1,016,377
162,018
549,738
41,104
186,894
250,644 5,427,969 1,047,165
22,933
341,341
48,478
62,679
165,091
8,004
166,217
64,488
792,586
28,742
318,890
74,615
49,672
106,152
5,925
78,999
151,948
536,599
13
14
15
16
17
18
19
20
21
45,816 3,934,623
67,115
546
558,772
425,659
11,518 3,046,057
174,977 186,799
477,106 327,174
62,566
120,520
22
23
67
8
?4
25
660
9,578
209,721
1,881
5,842
404,676
485,683
8,275
62,752
276
245,389
1,173
455,292
10,725
4,408
228,749
84,912
1,515
902
39,731
26,181 1,759,406
5,707
251,617
3,261
42,299
18,325
304,820
1
2
S
4
5
6
7
8
9
10
U
Receipts:
22
23
24
25
26
27
28
29
SO
51
32
33
34
55
56
87
38
39
40
41
42
43
44
45
46
47
48
49
50
SI
52
55
54
55
56
57
58
59
60
ei
Gross sales 12/
Cross receipts from operations 15/
Interest on Government obligations (less
amortizable bond premium);
Wholly taxable 14/
Subject to declared value excess-profits tax
and surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/ .
Other interest
Rents and royalties 18/
Net capital gain 19/
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Total compiled receipts 25/
deductions:
Cost of goods sold 24/
Cost of operations %4/
Compensation of officers
Rent paid on business properly
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortization 28/
Net loss, sales other than capital assets 20/
Other deductions
Total compiled deductions
¡cmpiled net profit or net loss (35 less 50)
let income or deficit 1/ /Si less (26 + 27^/
let operating loss deduction 29/
Income subject to excess profits tax 50/
Income tax 31/
declared value excess-profits tax
Excess profits tax 52/
Total tax
dompiled net profit less total tax (51 less 58)
dividends paid:
Cash and assets other than own stock
Corporation» s own stock
For footnotes, see pp. 14 —m .
254,933 43,296 199,269 13,978 1,194,782
3,003 1,262
1,634
74
17,166
13
55
(36)
(36)
8
2
.
95
39
r
35
(36)
9
38
56 (36)
39
146
737
2,257
16
19
1,577
598
353
53
4,002
27 (36)
746
14
21
22
43
19
3
470
1,072
123
4
131 (36)
•
(36)
(36)
3
1,651
296
2,620
12,368
123
261,636 45,508 204,839 14,251 1,233,047
193,116
1,991
3,877
3,576
1,380
534
467
4,278
S3
4,345
7
8
22
36,029
249,682
11,954
11,883
174
2,746
3,080
20
2,186
5,286
6,668
3,462
69
34,089 146,845
773
884
1,847 10,075
1,704
3,133
177
274
156
1,094
258
794
950
2,568
2
74
776
1,115
1
10
2
37
78
5,745 23,776
46,366 190,671
37/857 14,168
37/857 14,129
362
4,335
2,573
223
3,360
—
6,156
3^/857
8,012
11
1,647
65
10,763
32
1,053
441
18
150
81
216
5
103
•e
SO
1,866
14,759
37/507
37/507
—
me
• •
37/507
19
21
6
28
46
3
2
52
2,725
2,869
163
88
682
(36)
1,682
25,636
161,492 1,146,586
1
244
826
73
103
15
6
-
33
19
3
19
1
115
1,213
1,532
305
2
140
29
133
58
302
3
1,422 19,145
84,005 792,677
1
-
177
118
35
87
5,376
10,319
2,208
570
2,553
7,351
575
36,321
47,126 4,066,852
(36)
32
137
5
7
7
37
6
560
204
(36)
54
1
272
371
6,057
2,694
68,668
83
2,365
190
1,495
101
20,748
1
4,606
3,336
51,246
441,998 3,761,104
99
70
512
2
9,011
180
202
28
5,585
147
37
5
29,828
1.407
613
54
84,634
1.571
4
765
15,604
521
140
254
1
2,901
205,152
26
27
28
29
SO
31
32
33
34
55
102,404
34,105
123,563
44,626
4,251
12,911
11,402
31,034
7,480
16,563
648
1,815
15,062
15,185
26,330
15,046
277
26
17,775
28,524
7
39
6
8
626
896
71,989
144,424
221,477
503,347
50,267 37/18.325
50,259 87/18.329
4,938
12,569
11,039
180
9,712
—
20,931
29,335 37/18,325
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
67
58
59
2
3
29
5
2,172
676
24,310 30,918
267
496
627
94
768
864
3
151
15,032
6,457
695,691 553,613
102,879
325,330
56,353 611,819
57,366 3,107,752 340,755
913,421 117,740
780,894
217,182
7,773 1,622,730
6,728
8,327
5,285
329
23,052
10,614
2,591
1,540
11,359
170,928 ' 40,500
59,756
7,068
5,587 15,987
101,684
43,102
160,777
737
7,286
3,438
9,763
35,426
44,682
6,164
1,556
30,473
178
10,267
12,679
1,600
42,849
5,448
812
2,382
218
1,803
2,435
10,115
4,636
7,689
6,876
575
3,604
521
12,886
2,050
2,007
36,754
19,247
2,971
497
1,997
298
9,805
4,615
1,241
7,277
5,725
99,559
29,346
518
42,636
16,174
2,416
15,958
1,221
»39
2,256
121
29
548
238
1,534
481
10
11
513
26,269
6,244
113,260
36,282
11,852
2,157
7,083
964
4,945
109
7
67
199
58
106
70
5
30
~
7
65
2
235
1,242
69
38
80
6
587
278
107
3,106
2,102
490
316
1,001
3,622
850
233,912
478,486
63,415
766,651
155,938
24,192
186,402
16,786 97,426
6,502
743,742
88,527 758,533
48,620 3,851,232 451,808 5,355,980
1,173,139 166,502 1,065,713
405,124 37/48.051
215,620 37/9.810
59,908 57/5.010
80,873 37/4.522 34,144 37/1.494
404,797 37/48.082
59,859 37/5.014
215,499 37/9,812
80,840 77/4.523 34,122 37/1.494
—
—
—
—
—
14,872
1,614
4,254
2,653
1,023
• ->
119,637
7,428
78,440
13,023
31,080
•
•
13,571
43,931
87,817
7,999
14,959
me
583
1,755
1,569
845
362
•
•
10,214
5,511
60,800
89,841
25,426
_
•
—
—
179,027
24,168
59,230
106,486
15,873
55,740 37/5,010
41,643 37/4,522 20,271 37/1,494
226,097 37/48,051
109,134 37/9,810
13,822
179
209
16
1,125
6,830
57
(56)
355
60
61
Table 1. - Corporation returns with balance sheets, 1942, by major Industrial groups, for returns with net Income and returns with no net Incomei j/ Number of returns, assets and liabilities,
compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, and dividends paid by type of dividend; also, for returns with net incomet Net operating loss
deduction, income subject to excess profits tax, income tax, declared value excess-profits tax, excess profits tax, total tax, and compiled net profit less total tax - Continued
___________________________________________________ .__________________ {Money fImres in thousands of dollars)____________________ __________________________________________________ _
_________ ________________________ Halor industrial groups 2/ - Continued
Service - Continued
Amusem snt,
Uiscelliineous 1
Personal
Other ervice,
Business
Automot .ve
Service not
repair services repair service* , Notion pictures
includ mg
except motion
service
service
allocable
hard tr ides
and ear)aees
school*
Dictur ss
Net
No net
No net
Net
No net
Net
Net
Net
No net
No net
Net
No net
Net
No net Net
No net
Inc one income
Income income
income income
income income
income
income
income income
income income income income
1
2
S
4
5
6
7
8
9
10
11
12
IS
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
50
SI
52
35
54
55
56
57
58
59
40
41
42
45
*4
45
46
47
48
49
50
51
52
55
54
55
56
57
58
59
60
61
Number of returns with balance sheets 5/
Assetst
Cash 6/
Notes and accounts receivable (less reserve)
Inventories
Investments, Government obligations 7/
Other investments
Gross capital assets 0/ (except land)
Less reserves
Land
Other assets
Total assets 9/
Liabilitlesi
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or mare
Other liabilities
Capital stock, preferred
Capital stock, comncn
Surplus reserves
Surplus and undivided profits 10/
Less deficit 11/
Total liabilities 9/
Receipts:
Gross sales 12/
Gross receipts from operations 15/
Interest on Oovernoent obligations (less
amortisable bond premium)!
Wholly taxable 14/
Subject to declared value excess-profits
tax and surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/
Other interest
Rents and royalties 18/
Net capital gain 1 9 / ^
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 227
Other reoeipts
Total compiled receipts 25/
Deductions!
C~st of goods sold 24/
Cos-, of operations 24/
Comps..nation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortisation 28/
Net loss, sales other than capital assets 20/
Other deductions
Total compiled deductions
Compiled net profit or net loss (55 less 50)
Net income or deficit 1/ ¿51 less (26 / 27J/
Net operating loss deduoticn 29/
Income subject to excess profits tax 50/
Income tax 51/
Declared value excess-profits tax
Excess profits tax 52/
Total tax
Compiled net profit less total tax (51 less 58)
Dividends paid:
. Cash and assets other than own stock
__Corporation's own stock___________________________
For footnotes, see pp.
14-19.
4,633
33,341
49>090
34,894
5,787
28,498
377,348
185,174
30,027
17,828
391,640
33,209
3,331
2,448
1,536
1,553
896
3,648 85,645
11,183 99,173
5,212 16,281
376 18,549
3,953 73,104
90,352 190,031
46,616 75,530
6,629 12,197
4,302 31,439
79,039 452,890
12,565
'20,537
3,819
3,899
18,054
43,715
16,468
2,059
11,322
99,501
7,566
9,502
6,097
657
2,039
58,495
24,929
11,435
2,442
73,285
2,426
4,484
2,995
71
1,264
39,118
14,602
16,116
2,131
54,003
9,481
13,657
7,221
1,515
1,172
26,445
11,092
1,712
1,431
51,541
2,555
13,674
405
2,559
1,073
1,500
471
110,042
1,203
78,268
805
165,095
55,595
40
317,486
188
2,889
606,470
1,081
287,172
268
159,515
334
43,618
5,118 1,228,715
3,088 29,939
6,156 13,285
6, 514
2,743
804
6,152
6,332 14,384
55,947 134,022
20,514 55,345
11, 222 25,491
4,292
5,311
73,841 175,982
1,034
27,952
1,550
6,058 35,799
4,484 56,667
1,638 11,875
523
8,863
4,495 19,929
96,587 108,935
33,847 41,296
29,986
9,962
4,257 40,060
114,181 250,793
68,878
28,633
8,713
8,540
6,509
19,069
46,798
29,532
28,588
135,676
4,307
115,298
20,637
391,640
7,215 16,632
19,138 27,565
6,828 60,174
5,173 27,434
39,247 124,704
1,118 20,113
13,174 137,045
26,528 29,455
79,039 452,890
6,342
20,089
11,034
j 7,905
42,355
5,198
17,631
39,687
99,501
4,209
17,029
5,531
4,543
22,127
585
16,554
6,006
73,285
3,121
25,199
4,777
3,701
17,870
350
5,895
15,451
54,003
2,490
6,253
7,945
757
14,742
1,688
12,688
1,712
51,541
477
25,320
892
238,205
596
60,759
181
57,926
3,347
214,554
54
108,731
606
453,975
2,049
30,528
5,118 1,228,715
7,862
5,412
29,713 35,522
5,631 17,603
. 7,558
7,860
25,575 59,429
703
4,531
6,684 48,409
55,587 19,680
73,841 175,982
7,286 10,642
59,955 15,356
10,159 73,425
5,188
7,242
48,564 58,177
1,041
8,973
21,557 62,901
33,450 14,238
114,181 250,795
135,869
500,906
• 44,495 59,458
85,616 613,289
11,035
84,630
55,772
47,983
29,284
22,734
41,094
72,453
6,089
19,096
2,121 1,055,487
3,609 21,189
65,113 168,912
9,702 57,231
48,761 275,629
99,795
14,446
1,785
13,882
28,314
47
1
5,035 1,514
227
261
10,552 3,217
297
76
2,521
911
304
18,168 1,695 . 104
52,620 2,932 1,043
451
421
18,193
5,729
26
788
6,166
57
241
83,510 10,537 1,575
1,672
2
5
4
5
6
7
8
9
10
11
2,625
342
12
56
6,519
296
14,680
20,154
490
5,692
543
51,053 3,347
1,719
459
17,305 3,090
44,903
149
83,510 10,537
142
169
210
52
618
30
167
555
1,573
13
14
IS
16
17
18
19
20
21
256
962
22
23
•
24
25
11,291
7,938
46,649
54
2,265
4,223
•
25
30
6
58
417
1,369
229
156
633
2
4,557
644,237
4
1
103
85
(56)
3
1
54
634
30
482
7,913
15
498
23
417
14
2,391
331
789 10,124
131,470 695,299
6
53
5
3
1
(36)
4
17
351
71
1,238
2,628
32
115
71
155
301
45
(36)
2,058
1,943
99,792 108,724
2
(56)
2
2
2
.
(36)
29
(56)
1
121
66
5
29
3,468
2,746
16
20,461
201
562
32
133
1
34
48
8
394
17
16,069
2
(56),
4,114
1,228
62
442
19,655
56,130 114,423 •8,302 1,119,435
71,566
26,502 39,581
18,472 25,622 3,859
6,845 35,447
279,588
50,526 558,346
9,686 45,612 1,304
34,692 22,395
9,066 48,527
41,192
7,212
9,637 1,078
9,942
5,925
15,935
3,162
5,068 13,124
9,307
8,149
1,282
280
8,238
3,482
1,710
444
963
1,059
435
32
2,859
815
1,446
1,139
278
520
322
80
3,556
1,068
661
1,501
953
950
340
38
16,158
3,501 11,207
2,816
1,758
1,942
2,053
175
427
25
412
9
25
14
42
1
20,254
4,749 12,606
5,507
2,311
1,803
1,788
174
8
52
9
(36)
(36)
5
1 (56)
7
54
8
137
10
4
1
1
262
217
182
22
122
240
14
3
32,716 148,242
142,749
43,686 17,805
11,566 13,628 1,779
602,368 156,007 638,715 104,789 101,909
58,611 101,457 8,803
41,869 37/4,537 56,584 37/4,997
6,815 37/2.481 12,966 37/502
41,826 32/4,538 56,528 52/5,014
6,811 37/2,481 12.964132/502
1,517
371
1,852
212
- 13,115
•
8,891
1,376
7,678
- 13,996
•
9,185
1,399
1,370
«
207
143
43
178
.
- 10,216
6,671
1,075
6,001
- 24,355
16,063
m
2,516
7,548
25,806 32/4,537 32,229 37/4,997
5,417 22/502
4,299 57/2,481
7,028
_____ ài
111
15,882
____ m
254
878
6
165
16
46
762
____ Si
1
6
-
157
4
2
(56)
25
41
9
5
13
2
42
74
240
1,657
1,529
26
461
220
129
78
419
2
3
2,968
4,281
63,494 320,043
1
5
622
639
43
109
48
(56)
2,679
58,747
•
29
507
17
(56)
100
(56)
75
7,217
11,265
5,564 25,531
5,082
22,006 152,443
78,910
19,098
10,590
3,347 19,740
S,69S
8,762
3,549 13,384
3,655
2,766
1,331
544
2,011
504
1,576
497
351
636
1,450
1,232
1,145
5,792
3,051
1,488
8,710
454
136
21
IS
7,860
4,615
5,328
2,201
17
23
IS
14
17
39
970
4
246
306
256
238
41,648
25,142 51,599
25,065
173,227
64,227
70,543 279,528
24,886 37/7.049 40,515 37/5,480
24,877 52/7.051 40,460 37/5.485
1,576
1,239
- 24,059
_
8,814
5,054
5,354
97
179
16,911
6,448
- 22,445
11,599
13,287 52/7,049 18,070 22/5,480
1,522
1,266
655
192
75
42
22
188
2
139
-
1
(56)
8
257
492
1,922
3,141
29
283
23
100
70
209
7
2,121
3,732
73,150 198, U S
12,402
2,261
561,008
34,819
20,463
2,904
68,918
8,189
7,691
702
826
1,233
12,948
1,465
26,104
2,543
481
11
31,239
2,582
45
1
26
15
76
2,015
204,721
21,482
949,292
77,673
170,143 37/4.525
169,993 37/4.523
«.
3,139
•
42,873
40,177
_
f 336
«
32,597
73,110
97,033 37/4,523
44,140
407
28
11
4,502
10
(56)
77
4,351
___ m
127
ms
4
6
•
225
1,454
190
425
292
72
2
3
8
43
(56)
88
•
•
1
487
1,611
32/158
32/158
•
•
•
36
37
38
59
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
-
60
61
(56)
2,033
6,137
1,080
1,080
49
262
243
6
•
209
_
459
621 32/158
259
____ Ì&
26
27
28
29
30
31
32
33
34
55
,! ~ ^ ? ” U
^
!' 1 2' ** maJor lnduatrlal STOOP®, for return» with net lnocme and return» with no net incomei 2/ Number of return», assets and liabilities
oompiled receipts, compiled deductions, ooraplied net profit or net loss, net income or defioit, and dividends paid by type of dividend; also, for return» with net income: Net operating loss
deduction, Income subjeot to excess profits tax, income tax, declared value exoeaa-proflts tax, excess profit» tax, total tax, and compiled net profit less total tax - Continued
^
Cash and assets other than own stock
Corporation's own stock
___________________
Vor fbotaotw,
' pp. 14-3S.
61,674
53,192
26,062,674
19,236,003
39,860
46,921,860
42,838,795
9,502,179
1,998,377
2,433,082
2,398,302
147,434,378
4,774,075
3,948,933
28,181
6,626,564
4,877,166
6,514,871
1,425,916
2,229,085
475,810
28,048,770
1,098,410
873,988
1,266,290
5,793,442
113,106,486
2,611,448
10,332,929
1,620,684
12,960,588
1,355,898
147,434,378
76,110
2,925,172
Net
income
20,338
No net
income
10,696
24,341,719 4,550,903
18,650,499 3,557,204
18,044
11,117
33,892,531 6,493,610
17,424,422 3,940,429
1,311,525
529,554
236,083
91,025
195,563
142,352
705,226
198,257
96,303,446 19,332,401
589,741
Banks and trust
companies
Net
Income
10,794
Long-term credit Short-term credit
egenolea, mort agendas, exoept
gage companies,
No net
Income
No net
a income
3,825
1,265
5
23,542,
16,219,
4,374,966
3,100,177
33,315,
7,317,
957,
129,
82,
579,j
81,685,:
6,292,331
1,951,117
297,561
32,768
29,799
122,832
16,136,014 ;
321,079
18,
14,758
8
3
5
3
3
4,707
110,750
250,366
62,741
2,553
19,512
230,936
39,241 1,553,325
15,54«
7
47,226
1
5,303
7 100,337
158,214
9
26,016
35,633
7
2,725
12,168
7
17,051
3,366
6
10,297
19,057
6 215,033 2,051,133
-
51,562
563,541
Net
inoome
6
6
698,477
938,295
302,006
5,713,079 1 ,499,994 1,021,127
16,222,930 75,890,383 15,070,329 75,392,658 14,745,225
884,962 2,264,312
503,434
209,011
124,648
3,801,732 6,512,106 1,683,159 2,104,299
612,741
487,108 1,487,155
323,654
694,670
166,877
2,673,923 7,859,703 1,333,826 3,492,803
625,535
3,307,432
738,244 1,226,212
8,238
139,011
28,048,770 96,303,446 19,332,401
16,136,014
13,533
598,637
1,404
19,008
133,074
13,457
556,973
121,392
279,063
28,961
145,908
11,690
162,396
78,561
340,718
8,467
103,701
7
29,324
333,827
4
98,827
4,527
215,033 2,051,133
12,395
47,516
63,461
347,904
89,791
149,684
241,863
34,701
211,470
295,071
891,318
.
104,717
160,565
76,628
102,758
759,600
289,619
115,772
126Í772
1,476,620
149,662
2,499,253
446,298
363,252
89,499
2,000,548
273,491
142,336
445,630
7,254,054 1,193,032
600
737
42
36
697
560
238
422
1
21
970
16,470
1,600
3,631
935
1
127
1,010
62,342
8,095
2,958
1,199
277,495
21,358
3,860
435,306
91
377
6,039
1,076
447
62
7,650
493
603
29,666
7,591
22,878
7,865
962
667
1,659
37,604
7,756
562
2,870
3,462
65
778
377
392
3,836
15 j136
1,887
12
1,018
8
88
3,289
19^171
49^520
37/19j853
37/20,322
32,645
240,868
1,876,404
943,806
33,048
60,933
575,778
29,862
103,356
7,385,771
4,616
40,358
226,516
338,318
5,151
21,362
24,597
861
34,286
1,363,419
22,847
153,143
961,972
123,938
21,103
27,398
463,017
28,359
59,589
2,772,345
4,240
39,690
211,049
31,884
3,469
8,957
19,538
685
15,313
503,256
22,492
149,169
729,579
64,932
10,537
991
18,579
1,564
33,302
1,572,288
4,121
36,910
177,909
23,149
1,654
524
5,688
74
7,596
372,189
1
82
4,521
1,343
495
,195
23
17
178
134,625
3,556
627
242
4,620
86
15,309
407,647
1,331
13,565
1,038
1,386
411
196
1,241
3,535
903
1
536
6
•
3,113
8,874
21,240
3J/7.675
37/7.758
7
' ~
4,337 37/7.675
2,137
73,706
33,136
43,151
17,262
268,794
6,730
71,085
18,179
340,546
34,396 1,211,719
2,550
273,988
11,914 1,762,409
13,784
412,476
122,404 3,632,922
446
21
4
169
138
24,310
12,020
16,14]
763,283
20,518
5,263
8,370
13,373
891,316
1,256
263,614
65,929
378,28r
147,934
1.48C
8^769
149,20$
62,467
6,233,176
811,714
142,229
35,365
39,468
3,487
72,848
50,705
52,681
13,646
7,254,054 1,193'032
4,291
7,876
26
15
197.3SS
826
24,316
50,602
No net
11,507
44,098
28,136
23,686
40,683
2,224
12,821
159,136
75,741
130,687
1,357
7,615
159,354
15,595 3,102,160
5,042
54,764
1,26]
11,815
1,043
15,592
4,45]
23,045
122,404 3,632,922
Net
4,585
114,920
175,857
715,529
No net
income
-
28,724'
24,249
49,472
Net
inootee
10,670
117,883
177,994
934,604
11.712
1,356
35,067
212,994
30,044
25,142
9,469
20,458
6,137
6,107
393
257
1,612
12
175
1,799
No net
inoome
5,532
176,392
314,398
52,033
9,668
38,025
3,7è0
83,203
.40,394
35,681
6,186
130
104
33/322.245
33/102.903
211,632
60,951
156,734
44,871
111,129
54,621
47,723
13,515
33,097
9,132
52,055
45,916
K>,150
3,897
8,376
2,972
83,907
71,229
76,556
56,733
52,609
41,401
419,549
259,587
240,780
87,925
139,915
53,077
385,644
186,377
117,712
29,113
89,267
22,093
7,463
670
5,655
208
3,982
174
223,275
134,334
50,084
17,737
38,658
12,317
20,457
3,266
2,066
102
108
21
542
215
185
88
75,243
145,322
68,679
84,315
66,959
56,156
34/2,799,681
34/673,655
780,295
236,043
545,035
149,928
35/4.636.425 35 / 1 ,728,157 1,685,222
600,593 1,134,870
392,245
2,749,347
37/364,738 1,087,123 37 /9 7.3 37
437,418 3^20,057
2,475,833
37/409.711
911,133 377141.267
265,758 37/61,088
28,648
8,121
2,258
60,494
15,586
1,631
338,812
163,851
58,986
L
1,178
383
162
_ ’
47,887
12,119
1,325
•
387,277
176,354
60,472
2,362,070
37/364.738
910,769 37/97.337
376,946 37/80.057
Investment trust Other Investment
and investment
companies, including
compañíaa 3/
bolding companies jJ
730
26,289
4,376
19,966
9,285
774
19,333
44,168
11,579
18
6,724
309
11
48
204
153,820
1,641
19,651
5,267
801
184,653
«
1,520
3,405
790
51
2,969
2,894
648
8
235
(36)
9,651
9,110
31,280
37/11.629
37/11,647
-
515
3,111
559
185
134
138,476
278,753
128,894
128,699
926
10,271
44,231
74
7,951
«
52,256
76,638 37/11,629
93,662
298
9,504
242
400
151
4,265
104
1,824
21,454
941
-
5,413
452
53
1,786
11,630
3,424
395
314
356
-
1*044
251
30
2,819
6,673
652
1
193
52
-
995
*
86
1,038
1,092
12,912
17,340
23,205
36,820
30,094
115,725
147,833 37/8,640 . 319,582
146,842 37/8.939
318,445
.
619
1,178
29
873
_
8,719
38,294
_
26
30
22
695
8,767
39,020
139,066 32/8,640
280,562 37/19,853
263,226
1.04S
6,233
ag i s g e s s s s p e
No net
income
Total finance
PS a g s s a s a g p g è i ftfeibgggs« a s a a g g s g s g a*
88
agaasgsgsa
8 a? 8S Í Í 8S6 $ í ; St 6f i f cé S Í 8 3 8
Nunber of returns- with balance sheets 5/
Assets:
Cash 6/
Notes and aeoounts receivable (less reserve)
Inventories
Investments, Government obligations 2/
Other investments
Oross capital assets 0/ (except land)
Less reserves
Land
Other assets
Total assets 9/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, oosmon
Surplus reserves
Surplus and undivided profits 10/
Less deficit 11/
Total liabilities 9/
Receipts:
Gross sales 12/
Gross receipts from operations 15/
Interest on Government obligations (less
amort izable bond premium):
Wholly taxable 14/
Subjeot to declared Talus access-profits
tax and surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/
Other interest
Rents and royalties 18/
Met capital gain 12J
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Total compiled receipts 25/
Deductions:
Cost of goods sold 24/
Cost of operations 24/
Compensation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortization 28/
Net loss, sales other than capital assets 20/
Other deductions
Total oomplled deductions
Compiled net profit or net loss (30 less 50)
Net income or deficit 3/ ¿51 less (26 / 27W
Ret operating loss deduction 29/
Income subjeot to excess profits tax 30/
Income tax 51/
Declared value excess-pro f its tax
Excess profits tax 32/
Total tax
Compiled net profit less total tax (51 less 58)
Dividends paldx
§
II
88 g s e s s s s s t í
Total f inanoe,Inauranoe,
real estate, and lessors
of real proparty
\M&t
table 1, - Corporation returns with b a l a n c e sheets, 1942, by major industrial groups, for returns with net insane and returns with no net lnoon»: 1/ Nuriber of returns assets and liabilities
compiled receipts, con^iled deductions, cony?lied net profit or net loss, net income or deficit, and dividends paid by type of dividend; «aso, for returns #ith net lnoonet list operating lass
deduction, income subject to excess profits tax, income tax, declared value excess-profits tax, excess profits tax, total tax, and compiled net profit less total tax - C o n t i n u e d ^ ^
---
-
Security and
oonmodityexohange brokers
and dealers
Net
No net
Income incase
Number of returns with balance sheets 5/
Assets:
Gash 6/
Notea and accounts receivable (less reserve)
Inventories
Investments, Government obligations 7/
6
Other investments
Gross capital assets &/ (except land)
Less reserves
Land
Other assets
Total assets 9/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, cannon
Surplus reserves
Surplus and undivided profits 10/
Less deficit 11/
Total liabilities 9/
Becelpts:
Gross sales 12/
Gross receipts from operations 13/
Interest on Government obligations (less
amortizable bond premium):
Wholly taxable 14/
Subject to declared value ercess-profits
tax and surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/
Other interest
Bents and royalties 18/
Net capital gain 19/
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Total compiled receipts 23/
Deductions:
Cost of goods sold 24/
Cost of operations 24/
Compensation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortization 28/
Net loss, sales other than capital assets 20/
Other deductions
Total compiled deductions
Compiled net profit or net loss (35 less 50)
Net income or deficit
/El less (26 / 27j7
Net operating loss deduction 29/
Income subject to exoess profits tax 30/
Inoome tax 31/
Declared value excess-profits tax
Excess profits tax 32/
Total tax
Compiled net profit less total tax (51 less 58)
Dividends paid:
Cash and assets other than own stock
Corporation*s own stock_____ ____________
? or footnotes, see pp, -I4 -15 ,
(Money figures in thousands of dollars)
Other flnanoe
companies
Net
income
Pinance not
allocable
No net
income
747
42,810
144,541
29,902
24,361
196,753
234,966
6,058
1,803
798
11,565
635,686
93,469
80,316
24,576
11,889
10,379
6 ,0 1 0
257,125
30,152
92,457
736
6,578
107,288
81,475
32,978
1,756
3,694;
291,159
181,548
36,130
9,704
113,005
120,500
86,368
12,836
51,598
9,351
102,343
41,863
635,686
26,699
Total insurance
carriers, agents, ete
4,490
2,063
1,284
9,484 53,403
13,973
26,678 75,455
92,469
338
282
652
1,607 11,118
14.677
88,825 149,538 129,243
79,891 19,500!
40,595
26,120
5,440
7,493
3,865 11,941
21,142
17,728
9,921
9,075
202.295 324.872 315.180
1,441,398
151,484
49,662
21,788
1,362,966
12,879,841
24,529,706'
405,354
13,089
12,179
1,480,244
40.887.117
67,071
165,864
34,677
3,687
3,576
110,032
448.782
12,873,752
24,478,938
360,262
6,273
9,056
1,459,414
40,538,115
17,366
«
Rsal estate,
Lessors of real
including lesson iproparty, except
of buildings
buildings
Insurance
agents,
brokers, etc*
Net
1,372
NO net
Net
No net
3,206
1,818
34,307
78,432
151,484
5,538
21,788
66,619
6,089
159,007 50,767
25,466 45,092
2,456
6,816
2,735
3,124
105,347 20,831
400,843 349,002
452
6,857
9,211
1,432
^40
4,685
47,939
235,192
381,006
16,060
115,146
673,206
5,065,114
1,479,643
2,067,930
145,318
7,239,328
44,124
37,717
Net
So net
2,539
2,716
161,894
44,369
11,617
332,094
53,01«
37,847
14,146
5,75«
2,918
64,533
34,341
1,34»
645,127
211,461
125,747
4,635,669 2,720,186 1,314,972
1,213,150
269,562
117,863
1,975,198
137,409
107,960
124.66S
67,514
42,862
6,740,178 3,004,486 1,527,408
72,233
28,473
166,695
24,704
166,695
24,704
308,887
65,165 84,318
51,236
8,555
7,637 15,357
13,099 18,351
49,232 101,676
3,388 24,355
53,004 52,018
21,746 23,177
257,125 291,159;
3,102 20,917
74,480 26,747
47,746 32,812
14,194 28,427
58,677 132,911
6,495 10,340
66,212 81,148
85,978 80,664
202.295 324.872
20,927
119,234
17,467
19,280
161,410
11.677
62,875
126,163
315.180
7,152
9,449
36,819,954
24,897
706,755
20,317
3,167,728
35,830
40.887.117
3,434
3,300
431,852
1,841
50,709
315
117,861
185,253
448.782
36,796,022
9,318
645,783
427.842
524
35,348
3,117,841
30,850
40,538,115
110,497
173,368
400.843
7,152
9,449
23,932
15,579
60,972
20,317
49,886
4,980
349,002
3,434
3,300
4,010
1,317
15,361
315
7,384
11,885
47,939
296,999
3,055,913
304,943
204,016
1,985,250
91,863
1,411,471
420,015
7,239,328
4,968
5,078
11,912
1,981
1,865,827
106,173
1,687,373
79,660 178,454
20,020
495,804
8,451
381,713
4,528
-
374
26,512
77
46
981
644
1,036
336
141
225
16
4
326
445
19
3,638
716
3,''135
1,034
154
188
24
80
1,829
3,694
16
213
660
7,258
90,704 191,781
79
1,081
154
16,646
203
475,212
96
8,137
14
32,746
40
11,319
(36)
178
1,943
21,318
28,970 1,084,165
48
203
11,367
267,309
1,264
12,162
3,110
160
15,510
702,671
5
160
1,516
172,745
2,207
664
1,622
52
12,271
196,135
1
18
307
35,787
167
205
80
16,373
220
43
254
106
57,388
132,534
163
960
2,187
393
2,021
22,850
2,962
6
2,086
62,046
16
1,780
1,119
489
92
7,866
1,030
11
1,559
30,597
19
810
6,230
3,714
941
1Ö4
1,203
58
1,059
26,490
353
6,705
9,715
86,483
896,271
171,910
1,600
126
99,821
1,272
10,178
3,333,126
2,140
2,066
690
53
463
1,912
1,074
806
1,144
200
52
1,266
3,429
567
2,439
7,320
2,159
56
315
896
1,636
6
792
3
57
4,323
27,057
18,797
51,368
38,741
10,678 37/8.144
9,555 37/9,940
927
329
•
1,980
29
.
267
2,276
8,402 37/8,144
3,177
7
Insurance carriers
No net
income
1,022
1,190
530
4,948
13,010
2,039
57
150
1,685
1,969
93
301
1
_____
405
-
1,049
40,487
1,883
4,978
202
656
57,320
405
9,429
4,145
419
2,588
498
43
200
731
1,479
36
4,062
18,
35 /4 7 ,
2,265
11
100
5,267
14,922
9,862
29,228
25,184
28,093 3^15, 755
28,066 32/15,775
1,394
2,025
7,893
38
1,547
9,478
18,614 22/15,755
2,547
57,311
132,488
326
446
3,792
3,338
251
38
1,869
16
2,603
119,674
9,711
86,465
895,556
170,877
1,412
46
96,127
1,059
2,920
3,141,344
9,227
22/0,459
1,687
909
914
1,310
3,137
IB
859
305
22/8,413
11,232
979
2,127
1,403
91,512
505
35,361
44
265
549
.
262
22/673
514
861
398
1,015
2,638
7
607
17,904
38,804
5,719
186
1,073
763
3,943
332
1,377
”
38
1,478
2,192
4,547
1,852
340
9,216
2,962 24/1, »1,820 24/174,347 24/1,653,710 2^163,
88,109
18,001
12,289 2^1,965,994 2^205,417 25/1,807,444 22/173,
158,550
8,489 37/5,584
1,367,132 37/ 85,744
1,333,901 22/82,
33,231
7,659 3^5,798
1,270,934 3^86,516
1,237,725 22/83,
33,209
427
4,358
3,997
361
171
22,654
13,653
9,001
2,136
93,941
86,963
6,977
12
113
5
107
136
18,056
11,037
7,019
2,284
112,109
98,005
14,104
6,205 32/5,584
1,255,023 2^85,744
1,235,895 22/82,9*4 19,127
5,004
2,721
111,131
1.597
1,870
__ 13
98,316
12,815|
1351
.
8,965
7,786
1,172
48
516
295
499
u
252
4
884
11,338
31,769
37/2,799
3^2,001
33/2,799
79
13
448,823
10,921
5,603
29,312
24,980
59,909
32,455
44,834
37,909
39,995
40,872
3,963
13,313
134,487
145,622
159,618
146,491
902
443
132,604
113,697
332
117
356
86
4,026
51,102
263,803
255,168
885,063
867,869
199,102 37/165.189
197,941 3^/165,440
14,838
11,460
49,835
609
_
8,669
59,113
139,989 57/165,189
64,1701
6061
33,067
79,388
368,517
23,844
24,520
3,920,642 1,228,086
768,011
584,850
91,206
135,899
336,896
118,223
42,791
1,582,080 1 ,128,817
486,784
149,183
21,349
13,957
961,436
521,685
260,781
1,612,249
161,809
283,718
6,740,178 3,004,486 1,527,408
5,559
519
860
37,81»
3,067
285
0
0
3,486
1,038
1,621
1,510
745
259
188
£70
42,116
24,730
12,859
7,636
69
1
3,849
2,040
18,015
3,043
41
1
345
5,358
13,764
8,097
100,143
54.288
93,990 37/16,468
95,823 37/18,438
1,331
10,794
31,186
73
8,443
39,702
86,289 22/16,468
63,778
1,360
128 ______ Z L
ible 1» - Corporation returns with balance sheets, 1942, by major industrial groups, for returns with net income and returns with no net Income: 1/ Number of returns, assets and
liabilities, compiled receipts, compiled deductions, compiled net profit or net loss, net income or deficit, and dividends paid by type of dividend; also, for returns with net
income: Net operating loss deduction, income subjeot to excess profits tax, income tax, deolared value access-profits tax, excess profits tax, total tax, and compiled net profit
less total tax - Continued
(Money figures in thousands of dollars)
Major industrial groups 2/ - Continued
Agriculture . forestry and fishery
Total agriculture,
Agriculture and
Construction
Forestry
forestry.and fishery
servioes.
Net
Net
No net
Net
No net
No net
Net
No net
income
Inoome
income
income
incarno
inoome
income
inoome
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
nriber of returns with balance sheets 5/
seats:
Cash 6/
Notes and accounts receivable (less reserve)
Inventories
Investments, Government obligations 7/
Other investments'
Gross capital assets §/ (except land)
Less reserves
Land
Other assets
Total assets 9/
labilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
{
Other liabilities
Capital stock, preferred
Capital stock, cannon
Surplus reserves
Surplus and undivided profits 10/
Less deficit 11/
Total liabilities 9/
eceipts:
Gross sales 12/
Gross receipts from operations 13/
Interest on Government obligations (less amortizable
bond premium):
Wholly taxable 14/
Subjeot to declared value excess-profits tax and
surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/ ~
Other interest
Rents and loyalties 18/
Net capital gain 19/r"""^
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Total compiled receipts 23/
eductions:
Cost of goods sold 24/
Cost of operatlonS 24/
Compensation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depredation
Depletion
Amortization 28/
Net loss, sales other than oapital assets 20/
Other deductions
Total comp iled deductions
tamplled net profit or net loss (35 less 50)
fet income or deficit 1/ /El less (26 / 27)J
let operating loss deduction 29/
rnftnma subject to excess profits tax 30/
Lncome tax* 51/
Deolared value excess-profits tax
Bxeess profits tax 32/
Total tax
Compiled net profit less total tax (51 less 58)
Dividends paid:
Cash and assets ■other than own stoolc
.-Corporation's own a took
___________________________
Fishery
Net
inoome
No net
income
Nature of
business not
allocable
Net
No net
income
inoome
7,633
4,096
3,541
2,352
3,246
2,080
154
192
141
80
1,719
2,644
1
296,161
849,798
159,618
' 75,171
166,949
443,318
219,321
38,400
77,652
1,887,747
18,786
84,535
17,461
3,202
16,619
71,907
34,674
8,956
7,700
194,493
73,913
86,233
129 ,293
41,593
125,209
609,440
274,376
259,923
27,304
1,078,532
11,086
22,818
22,780
2,422
63,143
168,788
42,298
71,424
10,477
330,640
68,811
79,382
125,624
39,104
116,512
572,816
264,340
252,969
25,806
1,016,704
9,231
17,262
20,079
1,655
55,563
111,992
34,268
63,045
8,391
252,949
3,209
5,399
2,530
1,430
7,856
28,834
7,131
5,848
710
48,685
1,636
3,248
1,033
752
5,772
50,420
5,806
7,815
1,907
66,778
1,894
1,453
1,139
1,059
840
7,790
2,906
1,087
788
13,143
219
2,308
1,669
16
1,808
6,375
2,224
563
180
10,913
32,019
71,366
14,299
4,870
74,533
106,029
37,328
36,105
10,464
312,358
18,285
57,901
3,519
5,263
97,432
96,456
29,659
36,882
13,193
299,273
2
3
4
5
6
7
323,432
44,282
79,840
39,547
75,871
28,167
2,686
7,433
1,282
3,947
38,638
44,217
12
180,221
81,782
442,068
43,025
312,020
82,662
456,509
33,974
1,887,747
19,793
25,090
36,136
6,294
68,444
3,388
32,759
41,693
194,493
50,933
96,013
67,865
28,326
453,584
53,727
323,199
74,954
1,078,532
24,820
63,267
26,957
16,454
177,085
4,743
90,819
113,052
330,640
49,414
92,480
64,664
26,554
426,648
52,303
296,501
67,731
1,016,704
1,087
23,215
49,449
2,580
1,860
16,134
11,618
1,586
138,985 21,869
611
2,389
60,116 22,975
6,570
77,123
252,949, 48,685
1,011
13,408
10,653
4,614
34,897
1,204
25,924
32,366
66,778
432
952
1,341
186
5,067
813
3,724
654
13,143
595
410
170
222
3,204
1,150
4,779
3,564
10,913
19,564
32,883
30,463
13,135
124,984
6,244
84,353
37,906
312,358
29,791
79,442
29,285
33,465
257,031
18,105
111,546
303,608
299,273
13
14
15
16
17
18
19
20
21
461,296
3,804,945
99,032
190,283
551,815
101,207
62,293
21,497
531,643
94,031
53,085
19,153
9,199
2,896
6,434
1,522
10,973
.4,279
2,775
821
111,940
47,446
10,847
11,668
22
23
160
193
15
15
149
599
25
3
140
591
21
1
7
8
3
2
2
(36)
34
21
115
7
24
25
17
364
2,446
15,432
7,111
2,792
8,919
191
62,963
4,366,827
8
22
223
1,489
226
463
161
4
132
1,890
10,361
3,733
717
2,581
901
7,645
681,734
1
14
422
1,466
792
440
772
7
1,885
89,619
3
123
? ,673
9,892
1,917
561
2,436
868
7,114
650,992
1
13
343
1,407
662
177
726
5
1,601
77,194
4
39
2,651
6,197
1,775
1,000
1,718
9
5,241
178,073
18
43
592
1,754
283
333
579
2
1,828
28,068
26
27
28
29
30
31
32
33
34
35
356,614
32,535
18,828
13,673
9,559
7,035
7,565
16,045
266
23,533
1,394
2
3,144
99,152
589,347
92,387
92,252
4,424
22,101
21,575
836
16,654
39,065
53,322
50,760
13,127
3,894
1,102
1,396
1,507
* 3,371
2,918
12
3,672
532
4
2,218
16,600
101,112
37/11.494
37/11.509
342,771
28,638
17,681
13,563
9,054
6,874
7,290
15,339
253
22,907
411
2
3,137
95,254
563,175
87,818
87,692
4,116
21,157
20,645
795
15,935
37,375
50,443
42,754
11,840
3,426
938
1,184
1,326
2,667
2,363
ii
3,266
82
1
1,953
14,857
86,668
37/9.474
37/9,488
9,557
4,471
3,706
726
280
956
2,514
1,895
10
1,552
76
37/18.848
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
24,392
94
667
50
22,319
327
50
4,194
-
2,552
294,487
358,297
3,194,843
131,863
10,322
16,292
6,627
10,^16
40,306
1,849
40,470
307
428
1,880
201,719
4,015,520
351,308
350,927
10,880
204,288
45,072
2,320
156,132
203,524
78,677
164,015
15,492
2,077
1,207
2,635
1,888
4,592
63
5,331
13
1
1,653
31,297
308,943
37/14,456
37/14.486
147,784
87/14.456
31,034:
1,350
1.669
-
'•
37/11.494
67
_
57/9.474
(36)
8
1951
249
1,691
116
125
33
375
14,903
7,323
1,441
519
35
27
126
162
480
5
213
983
-
1
858
12,173
2,730
2,721
193
228
635
29
180
844
1,886
1,868
27
(36)
*
.
(36)
(36)
1
76
36
128
259
46
2
256
8,766
1
23
219
125
39
20
(36)
155
13,839
28
3,658
5,534
788
302
129
113
161
655
468
(36)
242
450
3
246
1,229
10,322
37/1.556
37/1.557
6,519
2,457
628
75
478
35
113
226
9
413
2,471
498
167
36
99
20
48
87
(36)
164
(36)
3
23
2
4
i
-
-
-
18
513
4,122
37/464
37/464
37/1.556
6
3,040
13,999
1,840
1,838
115
715
296
13
538
847
993
37/464
85,976
14,654
12,654
2,014
1,630
904
2,267
4,732
100
3,601
378
21
313
27,509
156,755
21,318
21,275
1,271
4,732
4,411
93
3,681
8,184
13,134
335
206
5
5,433
-
•
L
_
.
.
-
■ 1
11,585
9,587
46,916
37/18,848
37/18.909
_
_
8
9
10
11
60
61
Table 2. - Corporation returns with balance sheets, 1942, by total assets classes: Number of returns, assets and liabilities, compiled receipts, compiled deductions, ccoplled net profit or
net loss, net income or deficit, net operating loss deduction, income subject to excess profits tax, income tax, declared value excess-profits tax, excess profits tax, total tax, oomiled
net profit less total tax, and dividends paid by type of dividend
Total
Humber of returns with balance sheets £/
assets:
Cash 6/
Notes and accounts receivable (less reserve)
Inventories
Investments, Government obligations 7/
Other investments
Gross capita), assets 8/ (except land)
Leas reserves
Land
Other assets
Total assets 9/
Liabilities:
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, comoon
Surplus reserves
Surplus and undivided profits 10/
Less deficit lj/
Total liabilities jj/
Receipts:
Gross sales 12/
Gross receipts, from operations 15/
Interest on Government obligations (less
amortizable bond premium):
Wholly taxable 14/
Subject to declared value excess-profits tax
and surtax 15/
Subject to surtax only 16/
Wholly tax-exempt 17/
Other interest
Rents and royalties 18/
Net capital gain 1 9 / ^
Net gain, sales other than capital assets 20/
Dividends, domestic corporations 21/
Dividends, foreign corporations 22/
Other receipts
Total compiled receipts 25/
Deductions:
Cost of goods sold 24/
Cost of operations 24/
Compensation of officers
Rent paid on business property
Repairs 25/
Bad debts
Interest paid
Taxes paid 26/
Contributions or gifts 27/
Depreciation
Depletion
Amortization 28/
Net loss, sales other than capital assets 20/
Other deductions
Total compiled deductions
Compiled net profit or net loss (55 less 50)
Net income or deficit ¿/ /Si less (26 plus 27)J
Net operating loss deduction 29/
Income subject to excess profits tax 50/
Income tax 51/
Declared value excess-profits tax
Excess profits tax 52/
Total tax
Compiled net profit less total tax (51 less 58)
Dividends paid:
Cash and assets other than own stock
Corporation's own s t o c k _________________________
For footnotes, see pp. 14-15.
Under 50
50 under
100
100 under
250
______ Total assets classes 9/_________
250 under
500 under
1,000 under 5,000 under 10,000 under 50,000 under
50.000
5.000
1.000
10.000
100*000
... $00
100,000 and
565,554
196,642
58,358
57,565
27,300
18,109
19,582
2,905
2,467
371
455
46,465,756
! 46,154,852
I 26,852,085
61,190,915
1 70,898,616
1 155,246,991
44,408,599
8,935,045
8,705,752
560,017,614
477,342
753,195
662,810
25,145
150,122
2,100,708
895,521
314,146
163,139
3,753,087
442,313
796,566
685,086
47,241
201,976
2,259,168
873,511
457,397
147,768
4,164,002
934,981
1,685,752
1,420,086
190,864
544,125
4,810,806
1,854,216
1,015,717
298,831
9,066,946
1,158,458
1,830,772
1,381,000
444,743
814,134
4,592,172
1,796,445
925,357
261,072
9,611,245
1,905,789
2,476,474
1,600,630
1,078,371
1,216,204
5,278,961
2,141,226
981,647
319,148
12,714,998
6,622,398
7,398,937
4,262,285
5,617,181
5,287,584
14,093,958
5,610,793
2,175,925
942,477
40,789,951
5,150,693
3,167,614
2,014,124
3,161,499
2,979,597
7,507,740
2,829,327
823,027
482,628
20,257,594
7,229,647
6,880,012
4,747,744
8,048,567
8,885,361
19,132,598
7,283,865
1,156,508
1,352,059
50,148,433
3,545,480
2,975,118
2,072,158
4, 341, 249
4,204,495
10^164^796
2,917,748
319,845
917,484
25,622,859
20,996,654
is;i9i;4io
7;986;185
38; 256; 255
46^615^017
65;506;086
18; 227 ;745
763,496
3,821,147
183,888,502
17,065,371
842,138
614,766
1,101,110
915,135
970,743
2,550,616
1,009,535
2,692,487
979,607
5,679,254
7,205,145
45,059,836
151,087,769
15,472,812
65,828,214
10,581,006
58,200,991
10,453,530
360,017,614
355,647
667,595
358,773
149,298
2,178,433
28,762
678,526
1,506,085
3,753,087
520,717
808,755
330,827
143,120
1,701,245
39,708
8S2,553
647,688
4,164,002
630,236
1,863,920
829,230
373,944
3,118,957
126,718
2,022,375
999,547
9,066,946
572,228
1,693,951
1,558,725
455,281
2,852,552
197,435
2,239,646
813,711
9,611,245
644,519
1,717,255
3,385,162
594,841
5,103,838
310,993
2,842,034
852,386
12,714,998
1,517,287
4,261,097
14,871,513
1,862,185
7,912,059
1,229,182
8,677,362
1,891,349
40,789,951
607, 21S
1,895,040
7,700,459
846,919
3,720,215
729,869
4,487,068
737,726
20,257,594
1,140,546
5,152,030
19,120,664
2,757,339
8,306,359
2,078,436
10,128,809
1,108^038
50,148,433
442,512
5,895,451
10,331^390
1,664j541
4,168,106
1,055,297
3',738j016
'652j062
25, 622'859
974,435
25,104,741
92^623^026
&;646;345
28,786,452
4^804^605
22^534^602
1^264^938
185;888;502
170,677,141
54,304,055
7,552,475
1,786,566
6,455,606
1,038,744
12,436,189
1,815,433
11,576,293
1,729,475
12,666,590
1,719,554
30,119,785
5,885,215
12,182,906
1,875,916
26,725,263
4,847,048
10,569,667
2^795^202
40,792,570
12;813;084
227,636
352,498
1,032
103
721
154
1,145
699
1,552
1,771
3,411
4,260
19,056
23,558
11,818
14,422
29,445
39^033
16,491
18^506
142,986
250; 191
38,626
295,160
2,443,227
2,176,175
170,252
121,969
1,308,905
155,467
1,505,891
213,776,978
25
222
12,114
169,469
5,455
18,623
4,970
191
109,716
9,460,957
44
172
14,273
153,896
4,701
14,421
3,371
58
85,460
7,771,622
119
836
36,766
315,297
10,026
19,757
13,000
532
159,789
14,807,566
354
2,761
49,050
122,250
10,326
15,799
19,463
770
117,289
15,647,114
858
7,228
32,412
113,548
12,665
15,455
30,110
713
130,673
14,785,273
4,597
36,078
297,800
259,834
32,545
21,941
147,202
8,635
284,121
56,137,964
2,251
16,439
129,396
106,567
13,414
3*639
76,916
3,999
112,727
14,552'410
4,183
56"720
279,972
210,595
42,439
5Ì103
225,222
24'951
210,754
52,680^726
2,048
18^845
139'925
106'398
ll'967
1^891
105,922
59^077
13,665^037
24,566
175; 860
1,401^521
'eie; 519
26’718
7^560
684^729
94^517
236'286
57,268;510
128,175,259
18,420,954
3,575,475
2,168,389
1,912,846
5,583,424
982,462
629,729
265,633
49,014
55,719
50,062
157,941
2,290
126,667
3,973
498
29,015
1,414,685
9,329,lio
131,847
131,601
29,522
28,620
57,285
3,346
21,782
82,410
49,437
4,999,717
9,665,355
583,506
1,070,001
393,019
609,106
121,685
167,710
59,804
75,554
29,505
49,684
55,437
116,530
131,479
256,457
2,384
5,747
107,987
202,687
4,097
12,545
493
1,897
9,712
17,221
1,024,557
1,832,198
7,501,385
14,078,475
270,237
729,091
270,021|
728,137
17,419 j
28,372
77,53^1
294,937
135,906
60.8Ì3
2,900
5,670
59,352
224,961
123,126
366,536
147,112
362,555
8,930,492
1,004,710
. 436,261
128,523
74,061
40,777
102,723
247,221
6,091
182,206
14,987
4,028
19,549
1,562,051
12,753,680,
893,434
890,339
21,917
448,548!
155,645
5,669
358,939
500,252
395,182
9,728,940
1,019,686
369,461
120,550
86,648
38,862
111,236
277,247
7,713
195,605
25,555
6,833
21,850
1,592,482
13,600,669
1,184,604
• 1,176,518
20,760
651,652
205,585
6,162
490,564
702,112
482,492
22,589,308
8,777,048
19,226,928
2,269,128
1,079,010 ' 2,552,175
572,995
142,580
'219',066
233,662
87,603
198,184
265,315
140,644
586,398
87,498
56,095
74,105
273,770
115,784
266,424
548,769
754,533
806,997
20,207
9,181
17'611
495,804
229,850
551,640
64,625
46,778
92,374
34,574
25,475
71,568
87,117
27,816
, 73^589
5,799,312
1,719'934
3,671^375
81,547,647
12,786,563
28^208^232
3,590,317
1,765,847
4)472'495
3,549,842 ! 1,747,157
4'431^592
51,369
21^050
25^100
1,998,824;
2,448j779
998^065
599,256 !
508,578j
727,308
13,757 ;
S~,77o!
10l954
1,508,400
757,841
1,843,173
2,121,413 { 1,071,989
2,581,435
1,468,904 ]
693,858
1,891,060
7,456,293
1^489^796
55^ 727
n o j921
156^726
21,594
185; 589
595^475
6; 790
254,229
53,588
57^025
23^405
1,680^755
‘11^904^887
1^760^150
1^739^257
91099
823,760
322,402
51569
626,435
952,406
807^44
2, 396^845
5,093,569
96,810
5,851,584
559,974
407,735
406,475
22,926,802
190,497,380
25,279,597
22,945,812
369,876
10,217,564
4,285,566
65,774
7,786,886
12,138,227
11,141, 371
5,511,815
49,987
51,470
150,472
157,870
208,490
----- §g*7Qg ------ 1*545 ------ g * m ______ 2*041 ______ 7*5.45. ______ 8» $59
21'100
51,219,753
6^370^482
l147^527
735^919
640^702
110^847 j
1,123^289 j
1^717^651
19;795
1,484,909
265,653
225^547
97^ 201
4,629^478
48^786^734
8^481^576
8^281^349
'145^268
2,446^847
1^713^151
7'977
1,899; 717
2,6Z0]824
4 ;860;752
675,386
355,952
974,6981
476,592
2,450,916
15.045 !______ 2 JL& ______ s o & l _ _ _ i * 5 « 5 _ _____ U U S Z
_14
Footnotes for tablaa In this releas«
"Net income" or "Deficit* is the amount reported
for declared value excess-profits tax computation ad
justed by excluding net operating loss deduction (items
SI and 27, respectively, page 1, Form 1120). See note 29.
15/ "Grass ^receipts from operations* consists of amount*
received from transactions in which inventories are not an
income-determining factor.' For "Cost of operations," see
"Deductions."
2/ The industrial classification is based on the
business activity reported on the return. When multiple
businesses are reported on a return, the classification is
determined by the business activity which accounts for the
largest percentage of total receipts. Therefore, the in
dustrial groups do not reflect pure industry classifica
tions. Changes in the industrial classification for 1942
affecting comparability with 1941 and earlier years are
described on page 8 of the first release of this series,
Press Service No. V-33, dated August 24, 1945.
14/ "Interest received on Government obligations, wholly
taxable* consists of interest on Treasury notes issued on or
after December 1, 1940, and obligations issued on or after
March 1, 1941, by the United States or any agency or instru
mentality thereof, reported as item 9(b), page 1, Form 1120,
5/ The industrial classification designated "Invest
ment trust and investment companies" consists of corpora
tions which derived 90 percent or more of receipts from
Investments and which at no time during the taxable year
bad investments in corporations In which they owned 50
percent or more of the voting stock.
A/ The industrial classification designated "Other
investment companies, including holding companies," con
sists of (1) corporations which derived 90 percent or more
of receipts from investments and which at some time during
the taxable year had investments in corporations in, which
they earned 50 percent or more of the voting stock and (2)
corporations which derived less than 90 percent but more
than 50 percent of receipts from Investments.
5/ "Number of returns with balance sheets" excludes
returns of inactive corporations and returns of active
corporations for which balance sheet data are lacking.
|/ Amount shown as "Cash* includes bank deposits.
iJ Amount shown as "Investments, Government obliga
tions* consists of obligations of the United States or
agency or instrumentality thereof as well as obligations
of States, Territories, and political subdivisions there
of, the District of Columbia, and United States pos
sessions.
6/ Amount shown as "Capital assets* consists of (1)
depreciable tangible assets such as buildings, fixed
mechanical equipment, manufacturing facilities, transpor
tation facilities, and furniture and fixtures, (2) depletable tangible assets - natural resources, and (5) in
tangible assets such as patents, franchises, formulas,
copyrights, leaseholds, goodwill, and trade-marks.
(Amounts in both tables of this release exclude land.)
9/ Assets and liabilities are tabulated as of
December 51, 1942, or dose of fiscal year nearest thereto.
Total assets classes are based on the net amount of total
assets after reserves for depreciation, depletion, amorti
sation, and bad debts. Adjustments are made in tabulating
the data, as follows: (1) Reserves, when shown under
liabilities, are used to reduce corresponding asset ac
counts, and "Total assets* and "Total liabilities* are de
creased hy the amount of such reserves, and (2) a deficit
in surplus, shown under assets', is transferred to liabili
ties, and "Total assets" and "Total liabilities* are de
creased by the amount of the deficit.
10/ Amount shown as "Surplus and undivided profits"
consists of paid-in or capital surplus and earned surplus
and undivided profits. See note 11.
11/ Amount shown as "Deficit" consists of negative
amounts of earned surplus and undivided profits.
12/ "Grass sales* consists of amounts received for
goods, less returns and allowances, in transactions where
inventories are an income-determining factor. For "Cost
of goods sold," see "Deductions.”
15/ "Interest received on Government obligations, subject
to declared value excess-profits tax and surtax" consists of
interest on United States savings bonds and Treasury bonds
owned in excess of the principal amount of $5,000 issued
prior to March 1, 1941, reported as item 9(a), page 1,
Form 1120.
16/ "Interest received on Government obligations, sub
ject ns surtax only" consists of interest on obligations of
instrumentalities of the United States (other than obliga
tions of Federal land banks, joint stock land banks, and
Federal intermediate credit banks) issued prior to March 1,
1941, reported as item 52, page 1, Form 1120.
17/ "Interest received on Government obligations, wholly
tax-exempt" consists of interest on obligations of States,
Territories, or political subdivisions thereof, the District
of Columbia, and United States possessions; obligations of
the United States issued on or before September 1, 1917; all
postal savings bonds; Treasury notes issued prior to
December 1, 1940; Treasury bills issued prior to March 1,
1941; United States savings bonds and Treasury bonds owned
in principal amount of $5,000 or less, issued prior to
March 1, 1941; and obligations issued prior to March 1,
1941, by Federal land banks, joint stock land banks, and
Federal Intermediate credit banks. Interest from such
sources is reported under item 15(a) of schedule M, page 4,
Form 1120.
18/ Amount shown as "Rents and royalties" consists of
grass amounts received. The amounts of depreciation, re
pairs, interest, taxes, and other expenses, which are de
ductible from the gross amount received for rents, and the
amount of depletion, which is deductible from the gross
amount of royalties received, are included in the respec
tive deduction items.
19/ "Net capital gain* is the net amount of gain arising
from the sale or exchange of capital assets. (A net loss
from this source is not deductible for the current year, but
may be carried over and applied against capital gains in tbs
five succeeding taxable years.) The term "Capital assets*
means property held by the taxpayer (whether or not con
nected with trade or business) but excludes (1) stock in
trade or other property which would properly be included in
Inventory if on hand at the close of the taxable year, (2)
property held primarily for sale to customers in the ordi
nary course of trade or business, (5) property used in trad*
or business, of a character which is subject to the allow
ance for depreciation, (4) Government obligations issued on
or after March 1, 1941, on a discount basis and payable
without interest at a fixed maturity date not exceeding one
year from the date of issue, and (5) real property used In
the trade or business of the taxpayer. Beginning 1942 gain*
and losses from (a) sale or exchange of depreciable property
and real property, used In the trade or business and held
for more than six months, and from (b) involuntary conver
sion of such property and of capital assets held for more
than six months are treated as long-term capital gains and
losses, if the gains exceed the losses. If the losses ex
ceed the gains, the net loss is deductible as an ordinary
loss. For taxable years beginning after December 51, 1941«
"short-term" applies to gains or losses on the sale or ex
change of capital assets held six months or less; "long
term" applies to gains or losses on capital assets held over
six months.
-is Footnote8 for tables In this release - Continued
20/ «Net gain or loss, sales other than capital as
sets11 Is the net amount of gain or loss arising from the
sale o r exchange of depreciable property and real prop
erty used in trade or business* If such property has
been held for sore than six months* special treatment of
the gain or loss is provided as described In note 19
above*
21/ "Dividends* domestic corporations* consists of
dividends received from domestic corporations subject to
Inoome taxation under chapter 1 of the Internal Bevenue
Code* This item is reported in column 2* schedule E*
page S* Form 1120* and is the amount used for computation
of the dividends received credit* There is excluded from
this amount dividends from corporations organised under
the China Trade let* 1922* and corporations entitled to
the benefits of section 251 of the Internal Revenue. Code
(corporations receiving a U r g e portion of their gross
income from sources within a possession of tbs United
States)* such dividends being included in "Other re
ceipts."
2 2 / "Dividends* foreign corporations" is the amount
reported in column S* .schedule E* page 5* Form 1120* and
is not used for the computation of dividends received
credit*
25/ "Total compiled receipts" excludes nontaxable
other than tax-exempt interest received on certain
Government obligations*
24/ There the amount reported as "Cost of goods
sold" or "Cost of operations" Includes items of deductions
such as depreciation* taxes* etc** these items ordinarily
are not transferred to their specific headings. However*
an exception is made wi t h respect to amortisation of
emergency facilities reported in costs* s u c h amount being
transferred to "Amortization**
25/ Amount shown as "Repairs" is the cost of inciden
tal repairs* including labor and supplies* w hich do not
add materially to.the value of the property or appreciably
prolong its life*
26/ The item "Taxes paid" excludes (1) Federal Income
tax and Federal excess profits taxes, (2) estate* inherit
ance* legacy* succession, and gift taxes* (3) Income taxes
paid to a foreign country or possession of the United
States if any portion is claimed as a tax credit* (4)
taxes assessed against local benefits* (5) Federal taxes
paid on tax-free covenant bonds* and (6) taxes reported in
"Cost of goods sold" and "Cost of operations."
27/ The deduction claimed for "Contributions or gifts"
is limited to 5 percent of net income as computed without
the benefit of this deduction.
28/ Amount shown as "Amortization" is the deduction
provided by the Second Revenue Act of 1940 with respect
to the amortization of the cost of emergency facilities
necessary for national defense.
29/ The "Net operating loss deduction" is the net op
erating loss c a n y - o v e r reduced b y certain adjustments*
In general* the net operating loss c a n y - o v e r is the sum
of the net operating losses* if any* for the two preced
ing taxable years* If there is net income in the first
preceding taxable year* the net operating loss for the
second preceding taxable year is reduced to the extent
such loss has been absorbed by such net income. The
amount tabulated is the amount originally reported and
does not take into account any c a n y - b a c k of net operat
ing loss from the two succeeding tax years for which
provision is made by the Revenue Act of 1942.
30/ "Income subject to excess profits tax*" allowed
as a credit in computing normal tax and surtax net income
for taxable years beginning in 1942* is* in general*
equal to the adjusted excess profits net income. How
ever* in case the excess profits tax is determined as
provided in section 721 (relating to abnormalities in
income in the taxable period)* section 726 (relating to
corporations completing contracts under the Merchant
Marine Act of 1936)* section 731 (relating to corpora
tions engaged in mining strategic minerals)* or sec
tion 736(b) (relating to corporations with income from
long-term contracts)* the credit for income subject to
excess profits tax is the amount of which the excess
profits tax is 90 percent. For the purpose of comput
ing such credit* the excess profits tax used is the
tax computed without regard to the limitation provided
in section 710(a)(1)(B) (the 80 percent limitation),
without regard to the credit provided in section
729(c) and (d) for foreign taxes paid, and without re
gard to the adjustments provided in section 734 in
case of position inconsistent with prior income tax
liability. _
51/ "Income tax" for 1942 consists of normal tax,
surtax* and* for taxable years beginning after
December 31* 1941* alternative tax reported in lieu of
normal tax and surtax where the income includes an ex
cess of net long-term capital gain over net short-term
capital loss* if and only if such tax is less than the
normal tax and surtax. Tabulated with the income tax
for returns with net income is a small amount of surtax
reported on returns w i t h no net income, where receipts
for the taxable year include interest on obligations
of certain instrumentalities of the United States* de
scribed in note 16.
32/ The excess profits tax shown is that imposed by
section 710 of the Internal Revenue Code as amended and
should not be confused with the declared value excessprofits tax. For 1942 the amount shown is the excess
profits tax liability reported on corporation excess
profits tax returns* less the credit for debt retire
ment and the net post-war refund. Throughout this re
lease* the 1942 tax is after the amount deferred under
section 710(a)(5) (relating to abnormalities under
section 722) as well as adjustments under other relief
provisions. Owing, in some instances, to the non
availability of the corresponding inoome and declared
value excess-profits tax return for matching with the
corporation excess profits tax return, $15,723,446 of
the total excess profits tax shown for 1942 is not dis
tributed by industrial groups or by total assets
classes.
35/ Amount shown as "Compensation of officers" ex
cludes compensation of officers of life insurance com
panies w hich file Form 112OL. Data not available.
34/ "Other deductions" shown for the major group
"Insurance carriers, agents, etc." for 1942 is de
creased as compared with 1941 by reason of the discon
tinuance of the special deduction of life insurance
companies relating to reserves for dividends and re
serve funds required by law.
In lisu of this deduc
tion, such companies are allowed a credit against net
income as explained on page 1 •
35/ See notes 33 and 34.
36/ Less than $500.
37/ Compiled net loss or deficit.
Under the Salary Stabilization Regulations, which, are being revised in
accord with the new policy, the Commissioner has authority over all salaries of
#5,000 or more per year, and also any salaries of less than #5,000 when paid to
administrative, professional or executive employees who are not represented
by labor organizations«
These changes in the Salary Stabilization Regulations
do not, however, change in anyway the Commissioner’s authority under the Inca»
Tax and Excess Profits Tax Regulations to disallow deductions for unreasonable
salary payments.
This authority under the tax regulations has always been a
protection against tax avoidance and is not connected with the wartime measures
to prevent inflation*
0
1/03
^
TREASURE DEPARTMENT
Bureau of Internal Revenue
Washington 25, D. C.
FOR IMMEDIATE RELEASE
August 21, 1945.
Joseph D. Nunan, Jr., Commissi oner of Internal Revenue, acting in accordaioe
with Executive Order No. 9599 issued by the President on August 18, 1945, today
modified his Salary Stabilization rules to permit any employer who desires to
increase the salary of any employee to do so immediately subject to the following
conditions:
(a)
The salary increase will not be used, in whole or in part, as the
basis for seeking an increase in price ceilings, or
(b)
The salary increase will not be used, in whole or in part, for resistinj
otherwise justifiable reductions in price ceilings, or
(c)
In the ease of products or services being furnished under contract with
a federal procurement agency, the salary increase will not increase the cost to
the United States.
If these conditions are met, the employer may proceed to grant the salary
increase without any application for approval , or any other formality whatsoever.
Otherwise, the employer must apply for approval, in the usual manner, to a
Regional office of Salary Stabilization Unit, Bureau of Internal Revenue.
|
The new policy applies to salaries, bonuses, commissions, fees, incentive
pay and all other types of compensation.
Ihere employers already have on file applications for increases which are
consistent with the new policy, the employers may proceed at once to grant the
.
increases without waiting for action on their applications. An increase
consistent with the new policy also may now be made by an employer who has
I
heretofore received disapproval of an application filed under the old
regulations.
The granting of these increases, however, does not validate
any salary payments made heretofore in contravention of the former regulations*
Therefore, enforcement action will continue to be taken against past violators*
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington
FCR IMMEDIATE RELEASE,
Wednesday« August 2 2 1945 >
,
? t.
Press Service
^°* ^*“36
Joseph D. Nunan, Jr., Commissioner of Internal Revenue, acting in
accordance with Executive Order No. 9599 issued by the President on
August IB, 1945, today modified his Salary Stabilization rules to permit
any employer who desires to increase the salary of any employee to do so
immediately subject to the following conditions:
the
(a) The salary increase will not be used, in whole or in part, as
basis for seeking an increase in price ceilings, or
(b) The salary increase will not be used, in. whole or in part, for
resisting otherwise justifiable reductions in price ceilings, or
(c) In the case of products or services being furnished under contract
with a federal procurement agency, the salary increase will not increase
the cost to the United States*
If these conditions are met, the employer may proceed to grant the
salary increase without any application for approval, or any other formality
whatsoever. Otherwise, the employer must apply for approval, in the usual
manner, to a Regional office of SAlary Stabilization Unit, Bureau of Internal
Revenue*
The new policy applies to salaries, bonuses, commissions, fees, incen
tive pay and all other types of compensation.
$here employers already have on file applications for increases which
are consistent with the new policy, the employers may proceed at once to
grant the increases without waiting for action on their applications. An
increase consistent with the new policy also may now be made by an employer
who has heretofore received disapproval of an application filed under the
old regulations.
The granting cf these increases, however, does not vali
date any salary payments made heretofore in contravention of the former
regulations. Therefore, enforcement action will continue to be taken against
past violators.
Under the Salary Stabilization Regulations, which are being revised in
accord with the new policy, the Commissioner has authority over all salaries
of $5,000 or more per year, and also any salaries of less than $5,000 when
paid to administrative, professional or executive employees who are not^
represented by labor organizations.
These changes in the Salary Stabiliza
tion Regulations do not, however, change in any way the Commissioner’s^
authority under the Income Tax and Excess Profits Tax Regulations to dis
allow deductions for unreasonable salary payments. This authority under
the tax regulations has always been a protection against tax avoidance and
is not connected with the wartime measures to prevent inflation.
The Bureau of Customs announced today preliminary figures shoeing
the quantities of eoffee authorised for entry for consumption under the
i
quotas for the 12 months commencing October 1, 19i*l*, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
,
191*1, as follows*
Country of Production
*
*
Quota Quantity
(Pounds)
y
*
*
Authorised for entrr
fQT CQMliarotlanW
1 As of
fDa tei
i
(Pounds )
Signatory Countries*
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries*
\J
2,353,628,932
796,791»,513
50,615,676
20,21*6,297
30,369,379
37,961,757
1 5 1 ,81*7,028
135,396,920
69,596,621
5,061,S U
1 2 0 ,212,296
1*9,350,321*
6,326,893
106,292,893
89,81*2,785
August 11, 19U5
M
1,326,107,525
606,11*3,199
a
35,656,195
a
1**390,758
(Import quota filled)
August 11,191*5
a , 91*7,591*
«
101*,056,995
a
8 6 ,271*,702
a
5 1 ,821,806
(Import quota filled
August 11, 191*5
73,1*99,972
a
20,31*0,952
a
3,817,276
a
58,188,712
a
687,292
Quotas as of June 1, 191*5» determined by action of the Inter-American
Coffee Board on May 29» 191*5•
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday. August 22. 1945
f
t
y
k
*'4
‘} . f ‘ '' ».
■
Press Service
No. V-37
'J L
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee authorized forentry forconsumption
quotas for the 12 months commencing October 1} 1944,
under the
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
5
for consumption
^ As. of (Date) : (Pounds)
Signatoiy Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:
l/
,796,794,513
50»615.676
20,246,297
30,369,379
37*961* 757
161;847*038
135,396,920
69,596,621
5,061,541
120,212,296
^9,350,324
6,326,893
106,292,893
89,842,785
August 11, 1945
>»
(Import
AughSt
(Import
August
1,526,107,525
606,143,199
H
35,656*195
it
4*390,758
¡quota filled)
11i 1945
21,947,594
rt
104,056,995
it
86,274,702
it
51,821,806
i^uota filled)
11, 1945
73,499,972
it
20,340,952
it
3,817,276
n
58,168, 712
it
687,292 V
Quotas as of June 1, 1946, determined by action of the Inter—.American
Coffee Board on May 29, 1945*
savings banks,
safe deposit boxes and hiding places of every
sort •
He said the most potent weapon that can be brought to bear
against unscrupulous promotors and other crooked gentry is
a widespread program of
\
£ the public
1nihtk
He urged peace officer groups to
sponsor s u c h j f prograa§ and predicted their efforts would have
wholehearted support of official agencies, Chambers of Commerce,
Bankers Associations, Better Business Bureaus, Trade Associations
and p r ^ s ^ ^ d i o and ^ otj.og pictu re interests*
JCtLfwwP»1
¿MB>such
a program of crime prevention
told the Constables 0 ^
iiiinn§i
h «*ikii.
had
proved singularly effective when employed by the Secret Service,
as an adjunct to traditional investigative methods,
to combat
money counterfeiting and theft and forgery of Government checks.
London, Ontario, August 2f -
Prank J* Wilson, Chief of
the United States Secret Service, in an address before the
Annual Conference of Chief Constables of Canada, today drew
a picture of a peacetime law enforcement army adapting the
wartime achievements of science to combat g
IP*
Advances in r
a
d
i
o
a
n
d
other fields^ he predicted!
will revolutionize many phases of law enforcement, particularly
MIh a few years, up-to-date police departments will take
advantage of television in many ways,,f he said.
nFor example,
through television they will warn citizens of new rackets, or
of confidence men and crooks trying to cheat them.
Wf
as soon as a confidence man appears in a town with a si
ust
me to
cheat its citizens, police will be able through television to
pictures will expose the crooks, and thus prevent the citizens
from being victimized.”
Chief Wilson warned that ^
for a grab at the greatest accumulation of wealth that has
ever been in the hands of the public, wealth held in War Bonds,
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Thursday, August 23, 1945«________
Press Service
No. V-38
London, Ontario, August 23 -- Frank J. Wilson, Chief of the
United States Secret Service, in an address before the Annual Con
ference of Chief Constables of Canada, today drew a picture of a
peacetime law enforcement army adapting the wartime achievements of
science to combat crime.
Advances in radio and other fields, he predicted, will revo
lutionize many phases of law enforcement, particularly in dealing
with cases where rapid dissemination of information is vital.
He cited television as an important potential weapon for
officers of the law.
"In a few years, up-to-date police departments will take advan
tage of television in many ways,” he said.
nFor example, through
television they will warn citizens of h e w rackets, or of confidence
men and crooks trying to cheat them.
Just as soon as a confidence
man appears in a town with a scheme to cheat its citizens, police
will be able through television to throw pictures quickly on screens
in stores and homes.
These pictures will expose the crooks, and
thus prevent the citizens from being victimized.1’
Chief Wilson warned that criminals are poised for a grab a*t the
greatest accumulation of wealth that has ever been in the hands of
the public, wealth held in War Bonds, savings banks, safe deposit
boxes and hiding places of every sort.
He said the most potent weapon that can be brought to bear
against unscrupulous promoters and other crooked gentry is a wide
spread program of informing the public.
He urged peace officer
groups to sponsor such programs, and predicted their efforts would
have wholehearted support of official agencies, Chambers of Commerce,
Bankers Associations, Better Business Bureaus, Trade Associations,
and press, radio and motion picture interests.
Chief Wilson told the constables that such a program of crime
prevention had proved singularly effective when employed by the
Secret Service, as an adjunct to traditional investigative methods,
to combat money counterfeiting and theft and forgery of Government
checks.
- 0O 0 -
m t
J0XST STATSUSKT I8SB8D BI
SATIOBAL AW STATK BANK SBPER7XSCSKT ATTTHORITIES
..farfgtor.22it ,1341..
The Ccaptroller ©f thè Currenoy, ih* Foderai Pepoeit Insurance
Corporation, thè Board o f Govemors of thè Fodaral B o o m % ste»,
and thè frecutlve Coaalttee of thè National Associati©« of Supervisori
« f Stato Banks nodo thè feU eviag statement o f thelr mad.fm.ttm ani
sapervisory polley vith special reference io Investaents in and leena
upon (fovernasnt seeurlties,
1
«
There vili ha sio detarrents la eomlaatlo» or supervisori
polley to investment* by banks in Government seeurlties
of all typoa, «xeept those seeuritios aedo spectfleally
iaeliglbX* for bulk investaent by tho tori» of thelr issue.
2*
la connection vith Government financing, individuai sub*
serìbers relying upon anticipated incora© aay wish to
angami thelr subscrlptlons by toaporary borrowlnge fra®
Banks* Sueh loans sili not bo subjeet to eritioissi bui
«Hould bo GB a short ter» or aoortisation baaìs fully
repayable within periodo not exceodlng sia months.
3*
Banks vili not bo eritìelsed for utlllslng thoir Idlo
fondo as far as posslble in aaklng sueh invastnents and
loans «ad avalline theaselves of thè prlvilogo of tsvporarily borrowing fro» or odila« IVoasury M i l a to thè
Fadoral Keserve Banks vhen neoessary to resterò thoir
roquired reserve positions.
This bond, in the denomination o f $ 2 0 0 , to be issued a t $ 1 5 0 , w ill con
s t i t u t e an a d d itio n a l denomination o f S e rie s E bonds, and w ill have the same
terms and a t tr ib u te s a s the o th e r Hanom-inw-H o n J E f e Twirl w in w
.fl p0r-
’es ict^n v s 'A"33^gg>r
rery sin g le p u i, woman
mramsr
bhild i s a
oOo
r
f
rK
is in favor of the banks making loans to facilitate permanent investment
in Government securities provided such loans are made in accord with the
joint statement issued by the National and State Bank Supervisory Authorities j
on November 23, 1942.
(Copy attached)
The Treasury requests that all non-bank investors refrain from selling
securities heretofore acquired to obtain funds to subscribe for the securities
offered in the Victory Loan Drive,
normal portfolio adjustments.
This request is not intended to preclude
However^ subscriptiortfby insurance companies ' [
and savings institutions will be subject to limitations to be a n n o u n c e d i
Life insurance companies, savings institutions, and States, municipalities!
political subdivisions and similar public corporations, and agencies thereof,
will be permitted to make deferred payment, at par and accrued interest,
for the 2-1/4$ and 2—1 /2$ marketable bonds allotted to them, up to February
28, 19 4 6 ,
During the period from December 3 through December 8 commercial banks,
which are defined for this purpose as banks accepting demand deposits, will
be afforded an opportunity
W / U & m A m Series F and Series G savings
bonds, the 2-1 /4$ and 2-1 /2$ Treasury bonds, and the 7/8$ certificates
offered in the Drive, under limitations to be announced later.
Securities
so acquired by the banks will not be included in the Drive nor will they
be counted toward any quota.
- ^Commercial banks will not be permitted to own the 2-1 /2 $ or the 2-1/41
marketable bonds offered in the Drive until within ten years of their
4
a
m
The special bond in memory of the late President Franklin Delano
Roosevelt, will first be available at the start of the Victory Loan Drive,
when it will be on sale at all agencies authorized to issue United States
Savings Bonds of Series E.
i
- 3All Series E, F and G Savings Bonds and Series C Savings Notes
processed through the Federal Reserve Banks between October 29 and
31 will be credited to the Drive,
The Treasury will request that there be no trading in the marketable
securities and no purchases of such securities other than on direct
subscription until after December 8 ,
To avoid unnecessary transfers of funds from one locality to another,
,
the Treasury again urges that all subscriptions by corporations and firms
be entered and paid for through the banking institutions where funds are „
located.
This request is made to prevent disturbance to the money market
and the banking situation.
The Treasury will undertake, as in the Seventh
War Loan Drive, to see that statistical credit is given to any locality for
such subscriptions as the purchaser may request, except that subscriptions
from insurance companies will be credited to the State of the home office
as in the past.
The Treasury appreciates the substantial cooperation it
has received in this respect.
In order to help in achieving its objective of selling as many securities*
as possible outside of the banking system, the Treasury urges the cooperation
of all banking institutions in declining to make specuhtige loans for the
purchase of Government securities, and in declining to accept subscriptions
from customers which appear to be entered for speculative purposes.
The
acquisition of outstanding securities by banks on the understanding that
a ’substantially like amount of the new securities will be subscribed for
through such banks, thus enabling them to expand their war loan deposit
balances, is regarded as an improper practice by the Treasury.
will request banking institutions not to make such purchases.
I
The Secretary I
The Treasury
-
2
-
agents continue their bond issuing activities.
The termination of the
war should make no change in these respects.
The goal and securities to be offered were determined by the Treasury
after discussion with various groups, includ
the State
War Finance Committees, officials of the Federal~Heserve System, members
of the American Bankers Association, representatives of insurance companies, i
and other investment authorities.
Detailed information concerning the drive follows^:
Of the $11 billion goal, $4 billion is to come from sales to individuals
and $7 billion from other non-bank investors.
Of the individual quota,
$2 billion is to come from the sale of Series E bonds.
The securities which i
will be sold under the direction of the State War Finance Committees are
ns
1r v s B fi •
Series E, F and G Savings Bonds
Series C Savings Notes
2-1/2$ Treasury Bonds of 1967-72, maturing December 15, 1972 v
2-1/4$ Treasury Bonds of 1959-62, maturing December 15, 1962f
The Drive for individuals will extend from October 29 through
December 8 . During the period from December 3 through December 8 . subscriptions will be received from all other non-bank inves
fht an4 t.hn
eert.1-
________
irrli'lil
The 2-1/4# and 2-1/2$ bonds will be dated November 15 and the,
certificate^ indebtedness will be dated December 3, 194-5, and will be
sold at par and accrued interest from those dates.
TREASURY DEPARTMENT
Washington
FOg^ RELEASE, MORNING NEWSPAPERS,
S 3
{ p
Press Service
No.
4 ,-3 7
t
^y* inson announced today that the Victory loan Drive will
Secre
«ber29
beg^ i 0ctober 29> 1 9 ^5 and that the goal is # 1 1 billion.
St
balance is large but enormous obligations
incurred in the achievement of victory, i n c l u d f e f c a l and munition,,
A
already delivered and used, will drain this balance quickly and additional
funds will be needed early in December.
Niep
(theachi'
idydel:
beneec
Government expenditures are being
drastically reduced and this will continue vigorously.
The aftermath of
war, however, carries grave responsibilities that must be met.
piesgrav
:bemain
Tactset1
A substantial
army and navy must be maintained until order is restored throughout the
world.
The cost of bringing our forces home, their mustering-out pay,
hospitalization, care, and rehabilitation will be great and will require
large sums for which we must plan now.”
r*The Secretary said that the major emphasis in the Victory
will again be on sales to individuals.
Drive
He took occasion to stress the
importance of saving on the part of individuals and the wise investment
of savings, and. pwrin'iaii'lav'ty i«ip 3 that systematic saving through payroll
deduction plans/ for the purchase of Series E bondi^e^continued. fhe— »
/
v
A
3Seer
nheons
Ithe
although
pductioi
psential1
ps estât
pionplan
importa
rtties, j
Pegoal;
tssionwit}
jtees, 0f}
FfAssocia
ptiesi
toasuxgUiaSmtti
filili
the program
It is essential to the orderly continuance of
at industrial plants, business establishments, and Federal)
piled
ij
i the|ix
„tyooo*
State, and local governments with payroll deduction plans continue to
sold
service those plans, and it is highly important that all authorized issuing
\
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, August 23. 1945.
Press Service
No. V-39
Secretary Vinson announced today that the Victory Loan Drive will begin
October 29, 1945 and that the goal is $11,000,000,000.
The Secretary said;
"The present Treasury balance is large but enormous obligations incurred
in the achievement of victory, including those for material and munitions
already delivered and used, will drain this balance quickly and additional funds
will be needed early in December. Government expenditures are being drastically
reduced and this will continue vigorously. The aftermath of war, however
carries grave responsibilities that must be met. A substantial army and navy
must be maintained until order is restored throughout the world. The cost #f
contract settlements, bringing our forces home, their mustering-out pay, hospi
talization, care, and rehabilitation will be great and will require large sums
for which we must plan now.H
The Secretary said that the major emphasis in the Victory Loan Drive will
again be on sales to individuals. He took occasion to stress the importance of
saving on the part of individuals and the wise investment of savings, and stated
that although this is the last great public drive systematic saving through pay
roll deduction plans for the purchase of Series E bonds will be continued. It
is essential to^the orderly continuance of the program that industrial plants
business establishments, and Federal, State, and local governments with payroll
deduction plans continue to service those plans, Mr. Vinson said, and it is
highly important that all authorized issuing agents continue their bond issuing
activities. The termination of the war should make no change in these respects.
The goal and securities to be offered were determined by the Treasury after
discussion with various groups, including Chairmen of the State War Finance
Committees, officials of the Federal Reserve System, members of the American
Bankers Association, representatives of insurance companies, and other investment
authorities.
Detailed information concerning the drive follows;
$11,000,000,000 goal, $4,000,000,000 is to come from sales to indiv000,000 frora other non~bank investors. Of the individual quota,
.n%°?,000,000 1S t0 come from the sale of Series E bonds. The securities which
__
e sold under the direction of the State War Finance Committees are as
ftll#ws;
-
2
-
Series E, F and G Savings Bonds
Series C Savings Notes
2-1/2$ Treasury Bonds of 1967-72, maturing December 15, 1972
2-1/4$ Treasury Bonds of 1959-62, maturing December 15, 1962
7/8$ Certificates of Indebtedness maturing December 1, 1946
D
u
r
i
n
g
™
W in extend from October 29 through December 8.
fL°m Deoember 3 through December 8, subscriptions will be
eceived from all other non-bank investors for the marketable securities.
, .
and 2-1/2^ bonds will be dated November 15 and the certificate*
3' l 9 4 5 ’ and w m be soid Au1xv6ri;eS
-
-
F and G Savings Bonds and Series C Savings Notes processed
credited t^ t h r i v e ? 36™
BankS
°Ct°ber 59 and December 31 wil1 ba
r i t i e ^ a n ^ n n 81117 I!111 re5uest,_that there be no trading in the marketable secuuntil a t t t ^ S m ^ s !
SU
Se°Urities other than on diraab subscription
To avoid unnecessary transfers of funds from one locality to another the
and^iiri f§aithUrgeh îî!at a11 subsordPtions by corporations and firms be entered
and paid for through the banking institutions where funds are located
This
H Z
distf ba- e
th. money market a^d the b ^ 4
situt h a t ^ s u r 7 * i 1 1 -undertake, as in the Seventh War Loan Drive, to see
that statistical credit is given to any locality for such subscriptions as the
I * eîÜÜatt ^
rf?UeeÎ’ except that subscriptions from insurance companies will
be credited to the State of the home office as in the past. îhe T r £ ™
ciates the substantial cooperation it has received in this respect.
PP
In order to help in achieving its objective of selling as many securities
all^banking institutions^
bbe Treasury urges the cooperation of
i! banking institutions in declining to make speculative loans for the purchase
ihich Z Z r t T Z e n H Z T ** daC^
U
- ba-iptions fro^
ing securiues bi binkfnn Î Z spf ulatlTe purposes- The acquisition of outstand
ing securities by banks on the understanding that a substantially like amount of
y ne .treasury. The Secretary will request banking institutions not to maVp
such purchases. The Treasury is in favor of the banks making loans to facilitâtp
« ™ d ertthnthet“oit+in+Gr erT " t securities provided such loans are made in
S
o
^
r
and s t a t e Eank s —
^
- 3 The Treasury requests that all non-bank investors refrain from selling
securities heretofore acquired to obtain funds to subscribe for the securities
offered in the Victory Loan Drive, This request is not intended to preclude
normal portfolio^adjustments- However, subscriptions by insurance companies
and savings institutions will be subject to limitations to be announced later.
-...Pff insufance companies savings institutions, and States, municipalities,
por, ; c#1 subdivisions and similar public corporations, and agencies thereof
deferred payment, at par and accrued interest, for’
““®6Z-1/,4% 3nd
2-1 f n marketable bonds allotted to them, up to February 28
*he Pef10d from December 3 through December 8 commercial banks, which
are defined for this purpose as banks accepting demand deposits, will be afforded
an opportunity to invest a portion of their time deposits in Series F and Series G
o S d
nhe 2‘l A ? an? 2~X/2% &easur^ bonds- and the ?/« certificates63
offered in the Drive, under limitations to be announced later. Securities so
acquired by the banks will not be included in the Drive nor will they be counted
toward any quota,
J
Commercial banks will not be permitted to own the 2-\/2% or the 2-1/¿&
marketable bonds offered in the Drive until within ten years of their respective
maturity dates, except as provided above.
The special bond in memory of the late President Franklin Delano Roosevelt
will first be available at the start of the Victory Loan Drive, when it will be
on sale at all agencies authorized to issue United States Savings Bonds of
series E*
This bond, in the denomination of $200, to be issued at #150, will constitute an additional denomination of Series E bonds, and will have the same terms
and attributes as the other denominations.
-0O0-
m
JOINT STATEMENT ISSUED BY
THE NATIONAL AND STATE BANK SUPERVISORY AUTHORITIES
•.
N o v e m b e r %3, 1 9 4 2
T h e C o m p t r o l l e r o f the C u r r e n c y , t he 'Federal D e p o s i t
I n s u r a n c e C o r p o r a t i o n , t he B o a r $ o f G o v e r n o r s of t he F e d e r a l
R e s e r v e S y s t e m , a n d the E x e c u t i y e C o m m i t t e e of t h e N a t i o n a l
A s s o c i a t i o n of S u p e r v i s o r s of S t a t e B a n k s m a d e the f o l l o w i n g
statement of their e x a m i n a t i o n and s u p e r v i s o r y p o l i c y w i t h
s p e c i a l r e f e r e n c e to i n v e s t m e n t s in a n d l o a n s u p o n G o v e r n m e n t
securities•
1.
T h e r e w i l l be n o d e t e r r e n t s in e x a m i n a t i o n or
s u p e r v i s o r y p o l i c y to i n v e s t m e n t s by b a n k s in
G o v e r n m e n t s e c u r i t i e s of a l l t ypes, e x c e p t t h o s e
securities mad e s p e c i f i c a l l y ineligible for b a n k
I n v e s t m e n t b y the t e r m s of t h e i r issue,
2.
In c o n n e c t i o n w i t h G o v e r n m e n t f i n a n c i n g , i n d i v i d
u a l s u b s c r i b e r s r e l y i n g u p o n a n t i c i p a t e d in c o m e
m a y w i s h to a u g m e n t t h S i r s u b s c r i p t i o n s b y t e m p o
rary borrowings from banks.
S u c h l o a n s w i l l n o t be
s u b j e c t to c r i t i c i s m b u t s h o u l d b e on a s h o r t t e r m
or a m o r t i z a t i o n b a s i s f u l l y r e p a y a b l e w i t h i n p e r i o d s
not exceeding six'months.
3.
B a n k s w i l l not be c r i t i c i z e d f o r u t i l i z i n g t h e i r
i d l e f u n d s as far as p o s s i b l e in m a k i n g s u c h i n
v e s t m e n t s a n d l o a n s a n d a v a i l i n g t h e m s e l v e s of
the p r i v i l e g e of t e m p o r a r i l y b o r r o w i n g f r o m o r
s e l l i n g T r e a s u r y b i l l s to the F e d e r a l R e s e r v e
B a n k s w h e n n e c e s s a r y to r e s t o r e t h e i r r e q u i r e d
reserve positions.
xm
- 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. 41&, as amended, and this notice, orescribe 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 f
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 r espect shall be final,
Subject to these reservations, tenders for $200,000 or less from any one bidder at I
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 301 1945— --- •
m
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
L......
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 biU^ossued hereunder are sold shall not be considered j
to accrue until such bills ^mall be sold, redeemed or otherwise disposed of, and
'/
such bills are excluded from consideration as capital assets.
I
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
E
TREASURY DEPARTMENT
Washington
!/- 4'
FOR RELEASE, MORNING NEWSPAPERS,
Friday»-August 24, i% 5_____ .
The Secretary of the Treasury, by this public notice, invites tenders
for I 1.300.000,000 » or thereabouts, of
91
-day Treasury bills, to be issued
on a discount basis under competitive and^^xedr/crice bidding
vided.
The bills of this series will be dated
mature
November 29. 1945
interest.
1
s hereinafter pro
August 30» 1945____ , 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 27, 1945
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1,000, and the price offered must- be expressed
on the basis of 100, with not more than three decimals, e. g f, 99.925*
may not be used.
Fractions
It is urged that tenders be made on the 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 pf 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, A u g u s t 24, 1945.
The S e c r e t a r y of the Treasury, by this public notice, .invites
tenders for $1,500,000,000, or 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 etitive and
fixed-price bidding, as h e r e i n a f t e r provided.
The bills of this
series will be d a ted A u gust 30, 1945, and will mature N o v e m b e r 29,
1945, w h e n the face amount will be payable w i t h o u t interest.
They
will be issued in b e a r e r form only, and in d e n o m i n a t i o n s o f ‘$1,000,
$5,000, $10>000, $100,000, $500,000, and $ 1 , 0 0 0 , 0 0 0 :(maturity
value)•
'.
r.
Tenders will be received at Federal R e s e r v e Banks arid B r a nches
up to the closing hour, two o'clock p.m*., E a s t e r n W a r t i m e , •Monday,
August 27, 1945,
Tenders will not be received at the T r e a s u r y
Department, W a s h i ngton,
E a c h tender m ust be for a n •even m u l tiple
of $1,000, and the price offered mus t be expressed on the basis of
100, w i t h not m ore .than three decimals, e, g., .99,925,
Fractions
m ay not be used..
It is u r g e d that tenders be made on the printed
forms and forwarded in the special envelopes w h i c h will be supplied
by Federal Reserve Banks or Blanches on a p p l i c a t i o n therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
------ I m m e d ia tely after the closing hour, tenders wil l be opened at
the Federal Re s e r v e Banks and Branches, f o l lowing w h i c h public
announcement will be m ade by the S e c r e t a r y of the T r e a s u r y of the
amount and price range of accepted bids.
T h ose submitting tenders
will be a d v ised of the acceptance or r e j e c t i o n thereof.
The
Secretary of the T r e a s u r y expressly reserves the right to accept
or reject any or all tenders, in w h ole or in part, and his acti o n
in any such respect snail be final.
Subject to these reservations,
tenders for $ 2 0 0 , 0 0 0 or less f r o m any one bidder at 99.905 entered
on a. fixed-price basis will be acc e p t e d in full.
P a y ment of
accepted tenders at the prices offered must be made or completed
at the Federal Reserve B a n k i n . cash or other imme d i a t e l y available
funds on August 30, 1945,
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 disposé
tion of Treasury bills shall not have any special treatment, as
V-40
(Over)
2
s u c h * *-undèr Federal- tax-Ae-ts- 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, w h e t h e r Federal or State, but shall be exempt from all taxa
tion n o w or h e r e a f t e r i m p o s e d - o n the pri n c i p a l ‘or interest thereof
b y any State, or any of the p o s s e s s i o n s of the U n i t e d States, or
by any local, taxing authority* 'F6r purposes of t a x a t i o n the amount
of d i s count at w h i c h T r e a s u r y b i l l s ' aré o r i g i n a l l y sold by the
U n i t e d S t a t e s 1 s h a l l -"ibé c o n s i d e r e d tó b¿ interest*
U n d e r Sections
42 .and 117 (a) (1) of the Internal Revenue Code, as amended by
S e c t i o n 1 1 5 ; of the Revenue Act ¿f 1941, thé amount of discount at
w h i c h bills issued h e r e u n d é r ^ ’
a re* sold shall not be considered to
accrue u n til such b i lls shall be sold, r e d e e m e d or otherwise dis
p o s e d of, and such b i lls 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 a s s e t s • Accordingly, the o w ner of T r e a s u r y bills (other
than life insurance companies) issued h e r e u n d e r need;include in
his income tax return only the d i f f e r e n c e b e t w e e n the price paid
for s u c h bills, w h e t h e r on original issue - o r on' subsequent pur
chase', and the amount a c t u a l l y r e c e i v e d either u p o n sale or re
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 return
is made, 'as ordinary 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* 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 bills and govern the
conditions of their i s s u e . Copies of the circular m a y be obtained
f r o m any Fédéral R e s erve Ban k o r ’Branch*
-oOo-
TREASURY DEPARTMENT
Washington 25
Office of the Administrative
Assistant to the Secretary
August 22«, 1945
To Heads of Bureaus, Offices, and Divisions,
and Chiefs of Divisions, Secretary’s Office,
Treasury Department*
SUBJECT:
Congressional Correspondence
The Secretary of the Treasury has1called attention to
delays in the preparation of replies to correspondence from Senators
and Representatives. It is therefore necessary to revise'and reissue <
the earlier instructions on this subject.
The prevailing time limit of forty-eight hours shall be styictly
observed by all offices handling such correspondence. This period is
to be interpreted as embracing two vrorking days, that is, if a letter
is received at' twelve' o ’clock on one day, the reply must bo prepared
.and forwarded from that office not later than twelve o'clock on the
second day following. Where research is required necessitating more
time .than this limitation permits, a brief acknowledgment must be pre
pared and forwarded within the stated time. *'
In order to expedite the movement of Congressional correspondence
from its point of origin to final clearance ahdymailing, the following
general directions shall be followed:
(1) The dictator's and the stenographer’s initials shall appear
on all but the original and first carbon copy;
(2) This type of mail shall always move directly from one office
to another by "special messenger”;
(3) All officials charged with initialing or signing shall give
top priority to Congressional letters, and where necessary
secretarial aides shall "walk through" this type of mail;
(4) Prevailing routing directions shall be carefully examined
to eliminate all "incidental" or secondary initialing that
is not absolutely necessary. Where a person reviews mail
of this character solely for the purpose of information,
. other arrangements should be worked out, such as the distri
bution of carbon copies;
(5) Care should be exercised "to keep the file stripped of all
excess routing slips, unnecessary memoranda, extra copies
of former drafts, etc; and /
(6) All offices handling this type, of mail should maintain an
appropriate record that will facilitate tracing a given piece
of correspondence through reference to the incoming letter.
Pa u l M c D o n a l d
Acting Administrative Assistant
;to the Secretary
I
Proposed press release
i
■
tj
I |g§^«n W
J'-:/;
y-|'
Secretary Vinson today placed "a deadlineof forty- |
eight hours on treasury replies to Congressional oorre**
spondence.
jf
/
S’
As a further step in cementing the most possible
cordial relations with the national legislators, the hew
Trm&vœy chief directed that the prescribed interim
shall be "strictly observed" by all offices handling
such correspondence*
In cases where research is required, making
impossible compliance with the limitation, Mr# Vinson
directed that a brief acknowledgment must be prepared
and forwarded within forty-eight hours of receipt by
| :v
the treasury*
IflPtl
The directive follows t
"fhe Secretary of the treasury has called
attention to the recent delays in the prepara
tion of replies to correspondence from Senators
and Representatives« It is therefore neoessary
to revise and reissue the earlier instructions
|;#S this subject#
the prevailing time limit of forty-eight
hours shall be strictly observed by all offices
handling such correspondence# this period is
to be interpreted as embracing two working days,
that is, if a letter is received at twelve
o fclock on one day, the reply must be prepared
and forwarded from that office not later than
twelve o 1clock on the second day following•
Where research is required necessitating more
time than this limitation permits, a brief
acknowledgment must be prepared and forwarded
within the stated time#”
A
\
Proposed press release
Secretary Vinson today p l a c e d * a ^deadline” of fortyiigiit hours on Treasury replies to Congressional corre¡pondence.
ae nevi
Treasury chief directed that the prescribed interim
shall be "strictly observed" by all offices handling
such correspondence.
In cases where research is required, making
impossible compliance with the limitation, Mr. Vinson
directed that a brief acknowledgment must be prepared
and forwarded within forty-eight hours of receipt by
the Treasury.
The directive follows:
'The Secretary of the Treasury has called
attention to the recent delays in the prepara
tion of replies to correspondence from Senators
and Representatives.
It is therefore necessary
to revise and reissue the earlier instructions
on this subject.
The prevailing time limit of forty-eight
hours shall be strictly observed by all offices
handling such correspondence.
This period is
to be^interpreted as embracing two working days,
that is, if a letter is received at twelve
o Tclock on one day, the reply must be prepared
and forwarded from that office not later than
twelve o !clock on the second day following.
Where research is required necessitating more
time than this limitation permits, a brief
acknowledgment must be prepared and forwarded
within the stated time.”
TREASURY DEPARTMENT
Washington
ü IMMEDIATE RELEASE,
Press Service
riday, August 24» 1945»
"^”-41
Secretary Vinson today placed a '’deadline of fortyeight hours on Treasury replies to Congressional corre
spondence.
The new Treasury chief directed that the
prescribed interim shall be "strictly observed" by all
offices handling such correspondence.
In cases where research is required, making impos
sible compliance with the limitation, Mr. Vinson directed
that a brief acknowledgment must be prepared and for
warded within forty-eight hours of receipt by the Treasury.
The directive follows:
The Secretary of the* Treasury has
called attention to the recent delays
in the preparation of replies to corre
spondence from Senators and Representa
tives.
It is therefore necessary to
revise and reissue the earlier
instructions on this subject.
The prevailing time limit of fortyeight hours shall be strictly observed
by all offices handling such corre
spondence.
This period is to be inter
preted as embracing two working days,
that is, if a' letter is received at
twelve o ’clock on one day, the reply
must be prepared and forwarded from
that office not later than twelve
o ’clock on the second day following.
Where research is required necessi
tating more time than this limitation
permits, a brief acknowledgment must
be prepared and forwarded within the
stated time.
-o0o~
TREASURY DEPARTMENT
Washington
August 2i*, 19kS
To Heads of Bureaus, Offices, and Divisions,
Treasury Department
Subjects
Administrative Workweek
(1) The Department's Order of August 17, 19l*£, estab
lishing a l*l*-hour administrative workweek is hereby rescinded„
(2) The administrative workweek for employees of the
Treasury Department is hereby changed to 1*0 hours, consisting
of five 8-hour days, Monday through Friday0 This reduction in
the administrative workweek shall become effective during the
week commencing Sunday, August 26, 191*5* except as qualified
below.
(3) In order to facilitate adjustment to this new ad
ministrative workweek, heads of Bureaus, Offices, and Divisions
may require employees, between the effective date of this order
and January 1, 191*6, to perform overtime, or to complete the
liO-hour week during six days if such arrangements are essential
to the efficient conduct of Government business„
(b) Deviations from the basic five-day [¡.O—hour week above
prescribed shall be reported to this office not later than
September 10, 191*5» Such report shall include? (1) the nature
of the deviation (that is, whether overtime has been directed, or
a l*Q»hour workweek in excess of five days established)! (b) \ h e
number, classes and location of employees affectedf and (c) a con»
cise but comprehensive justification for the action taken.
(5)
If it is contemplated that deviations from the basic
five-day !*0~hour week are to be extended beyond January 1, 191*6,
complete plans for such work schedules, and* justification therefor,
must be submitted to this office prior to December 1, 191*5 for
approval.
By direction of the Secretary?
(Signed) PAUL MCDONALD
Acting Administrative Assistant
to the Secretary
irregular sJiif$3-«ayH5e~requirêd of empl
^ r f ^ r m i n g services to the public, such as Cusfmns-^Trîc'
The order issued today rescinds a previous directive
establishing a 44-hour work week, which was to have been
effective also on August 26.
-0O0-
proposed press release
The Treasury Department today established
'
4>
day, 40 hour^week, Monday through Friday, for its
h^uiu > five
/A..
f D ^
employees in Washington and in the field, effective the week
beginning Sunday, August 26, 1945.
The reduction in hours from the present work week of six
days and 48 hours was directed by Secretary Vinson to conform
to the action of the President prescribing the shorter week
for Federal employees.
The Secretary's order permits exceptions at the discretion
of heads of Bureaus, Offices and Divisions for a four months
adjustment period, during which employees may be required to
perform overtime; or may be required to complete the 40-hour
week during six days if such arrangements are essential to the
efficient conduct of Government business.
//here such exceptions are ordered, the agencies must file
a justification for the action with the Office of the Administrative Assistant to the Secretary.
][
1
I f it is contemplated that
such deviations from the basic five-day 40-hour week are to be
|
extended beyond January 1, 1946, specific approval must be
!
obtained.
Temporary deviations from the basic work week are con
sidered most^ro^able in the case of some divisions of the
Bureau of Internal Rev^im^the plate printing division of the
Bureau of Engraving and ff'intingT^n^-dJie War Finance Division.
j|
I
J
fO:
tress r e l e a s e
|_______Mr,r Kelley
■day e s t a b l i s h e d &
F o r approval,
please.
five
Igh Friday,
f or its
■the field,
effective the week
sia^
u
[45.
|m the p r e s e n t w o r k w e e k of six
Iby S e c r e t a r y V i n s o n to conform
C h a s . P. S h a e f f e r
■ p rescribing the shorter week
■its exceptions at the discretion
Id D i v i s i o n s f o r a f o u r months
I employees m a y be required to
luired to c o m p l e t e the 40-hour
Mr. Shaeffer
■ • r a n g e m e n t s are essential to the
e f f i c i e n t c o n d u c t of G o v e r n m e n t business.
W h ere s u c h exceptions are ordered,
a
the a g e n c i e s must file
j u stification f o r the a c t i o n w i t h the O f f i c e of the Adminis
t r a t i v e A s s i s t a n t to t h e Secretary.
If it is contemplated that
such d e v i a t i o n s f r o m the basic f i v e - d a y 4 0 - h o u r w e e k are to be
exten d e d b e y o n d J a n u a r y 1,
1946,
specific a p p r o v a l must be
obtained.
T e m p o r a r y d e v i ations f r o m t he basic w o r k w e e k are con
s i d e r e d m o s t p r o v a b l e in the case of some divisions of the
B u r e a u of I n t e r n a l Revenue.
'the p l a t e p r i n t i n g division of the
B u r e a u of E n g r a v i n g a n d P r i n t i n g T ^ n d ^ t i i e W a r F i n a n c e Division.
TREASURY DEPARTMENT
August
2 k , I9 h $
To Heads of Bureaus, O ffices, and D ivisions,
Treasury Department
Subject: Administrative Workweek
(1) The Department’s Order of August 17, 1 9 h 5 , estab
lishing a kk-hour administrative workweek is hereby rescinded.
(2) The administrative workweek for employees of the
Treasury Department is hereby changed to I4O hours, consisting
of five 8-hour days, Monday through Friday. This reduction in
the administrative workweek shall become effective during the
week commencing Sunday, August 26, 1 9 h $ , except as qualified
below.
(3) In order to facilitate adjustment to this new ad
ministrative workweek, heads of Bureaus, Offices, and Divisions
may require employees, between the effective date of this order
and January 1, 19U6, to perform overtime, or to complete the
kO-hour week during six days if such arrangements are essential
to the efficient conduct of Government business.
(k )
Deviations from the basic five-day kO-hour week above
prescribed shall be reported to this office not later than
September 10, 19k5>. Such report shall include: (1) the nature
of the deviation (that is, whether overtime has been directed, or
a kO-hour workweek in excess of five days established)! (b) the
number, classes and location of employees affected5 and (c) a con
cise but comprehensive justification for the action taken.
0?) If it is contemplated that deviations from the basic
five-day kO-hour week are to be extended beyond January 1, 19k6,
complete plans for such work schedules, and justification therefor,
must be submitted to this office prior to December 1, 19k£ for
approval.
By direction of the Secretary:
(Signed) PAUL MCDONALD
Acting Administrative A ssistant
to the Secretary
*» 2 —»
Xb EüM 4 .td,oji T-soias Irregular shifts may b© required "^f^gi^p^oyees
performing nfrrvlces to-the publicf such aw-£ti&tomn oiftin^pnt
*Big order issued today rescinds a previous directive
establishing a 44-hour work week, which was to have been
effective also on August 26*
-oOo«*
\
Ï O
j
K r . McDonald'
Th e Tr|
day,
rs±e, five
40 houa
emp l o y e e s la
b e g i n n i n g 0a
* the week
D o r approval,
please.
The re<
>eek of six
days a n d 48®
Ito conform
to the ac t ii
rfcar week
for Federal |
Chas. P. S h a e f f e r
The Sec>\.
te discretion
of h e a d s of m
tur months*
adjustment |
Squired to
p e r f o r m ovea .
ie 4 0 -hour
Mr. Shaeffer
w e e k duri n g H
- «¿a
■*»*•*■’■**"
--^üäNisästia X to the
e f f i c i e n t c o n d u c t of G o v e r n m e n t business.
W h e r e s u c h e x c e p t i o n s a re ordered,
a
the a g e n c i e s must file
ju s t i f i c a t i o n f o r the a c t i o n w i t h the O f f i c e of the Adminis
t r a t i v e A s s i s t a n t to t h e Secretary.
such deviations fro m the
If it is c ontemplated that
-frasic f i v e - d a y 4 0 - h o u r w e e k are to be
e x t e n d e d b e y o n d J a n u a r y 1, 1946,
s p e c i f i c a p p r o v a l mus t be
obtained.
basic- w o y l T V e e k are,
&id|áred most/'probable ~'t|
®Ë
X J p »—
w «
eau of Internajllieve]
B^reauuxrf ^ g r a ving an <i-lbrlnting,
ö w w /
l
\
/A A T»-< A 4 w w «.
e<4> ■+
u i v i , u i U i i o — idi— i
exng divisi on OX w w k '
an d- the -W a r F i n a n c n - ^ ivision..
Proposed press release
■
The Treasury Department today established a- basirò» five
day, 40 hour^week, Monday through Friday, for its iliffVLfydM.
employees in Washington and in the field» effective the week
beginning Sunday, August 26, 1945.
The reduction in hours from the present work w e e k of six
days and 48 hours was directed by Secretary Vinson to conform
to the action, of the President presoribii^g the shorter week
for Federal employees*
The Secretary's order permits exceptions at the discretion
of heads of Bureaus, Offices and Divisions for a four months*
adjustment period, during which employees may be required to
perform overtime? or may be required to complete the 40-hour
week during six days if such arrangements are essential to the
efficient conduct of Government business.
Where such exceptions are ordered, the agencies must file
a justification for the action with the Office of the Adminis
trative Assistant to the Secretary.
such deviations from thi
If it is contemplated that
day 40-hour week are to b©
extended beyond January 1, 1946, specific approval must be
obtained.
Byreaiuof. ^ g r aving-and-Printing, and the War Finaiice-^iviaiQ^
^
TREASURY DEPARTMENT
Washington
P O R RELEASE, MO R N I N G NEWSPAPERS,
Sunday, A u g u s t 26, 1945«________
The T r e a s u r y D e p a r t m e n t
administrative, fiv e day, 40
t h r o u g h Friday, for its more
Washington, a n d in the field,
b e g i n n i n g Sunday, A u g u s t 26,
Press Service
No. V»-42
t o day esta b l i s h e d an
hour workweek, M o n d a y
tha n 9 0 , 0 0 0 employees in
effective the w e e k
1945»
The r e d u c t i o n in hours f r o m the p r esent w o r k w e e k
of six days a nd 48 hours was di r e c t e d by S e c r e t a r y Vinson
to c o n f o r m to the desire of the P r e s i d e n t a d v o c a t i n g the
shorter w e e k f or F e d e r a l employees.
The S e c r e t a r y ’s order permits exceptions at the
disc r e t i o n of heads of Bureaus, Offices a n d Div i s i o n s
for a f o u r m o n t h s ’ a d j u s t m e n t period, during w h i c h
employees m a y be r e q u i r e d to p e r f o r m overtime; or may
be r e q u i r e d to complete the 40-hour w e e k during six
days if s u c h a r r a n g e m e n t s are e s s e ntial to the e f f i
cient co n d u c t of G o v e r n m e n t business.
Yifhere s u c h exceptions are ordered, the agencies
must f i l e a justification for the a c t i o n w i t h the Office
of the A d m i n i s t r a t i v e A s s i s t a n t to th e Secretary.
If it
is c o n t e m p l a t e d that s udh deviations f r o m the a d m i n i s
trative f i v e - d a y 40-hour w e e k are to be e x t ended b e yond
January 1, 1946, specific a p p r o v a l m u s t be obtained.
The order issued today res c i n d s a previous d i r e c
tive e s t a b l i s h i n g a 44-hour workweek, w h i c h was to have
been effective also on A u g u s t 26.
XXKKX
- 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, orescribe 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
T
MEWL
-
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 $200,000 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
September 6, 1945
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 I p
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
xmx
TREASURY DEPARTMENTWashington
M-91
FOR RELEASE, MORNING NEWSPAPERS.
Tuesday. August 28 . 1945
The Secretary of the Treasury, by this public notice, invites tenders
for I 1.300.000.000 , 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
December 6, 1945
interest.
September
iper f>T 1
9
, 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,
Friday, August 31, 1945
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
FOR RELEASE, M O R N I N G NEWSPAPERS*
*''T u e s d a y , A u g u s t 28, 1 9 4 5 »
T h e S e c r e t a r y o f the T r e a s u r y , b y this p u b l i c n o t i c e ,
¿ n v i t e s tenders for $1,30 0 , 0 0 0 , 0 0 0 , or thereabouts, of 9 1 - d a y
T r e a s u r y b i l l s , to be i s s u 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 v i d e d .
The bills
o f this s e r i e s w i l l be d a t e d S e p t e m b e r 6, 1945, a n d w i l l m a t u r e
D e c e m b e r 6, 1945, 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.
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 ,000, $ 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 B a n k s a n d
Branches, u p to the c l o s i n g ho u r , two o ’c l o c k p ,m,, E a s t e r n W a r
time, F riday, A u g u s t 31, 1 9 4 5 ,
T e n d e r s w i l l h o t 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 , W a s h i n g t o n ,
E a c h tend e r m u s t be for an
e v e n m u l t i p l e o f $ 1 , 0 0 0 , a n d the p r i c e o f f e r e d m u s t b e e x p r e s s e d
on the b a s i s o f 100, w i t h n o t m o r e t h a n t h r e e d e c i m a l s , e • gV,
99,925,
Fractions m a y not be used.
It is u r g e d that t e n d e r s
b e m a d e o n t he 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 t he s p e c i a l
e n v e l o p e s w h i c h w i l l 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 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 t h e 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 d e p o s i t f r o m i n c o r p o r a t e d
b a n k s and trust c o m p anies 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 s t m e n t s e c u r i t i e s .
T e n d e r s f r o m o t h e r s 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 o f the fafce a m o u n t o f . .
T r e a s u r y b i l l s a p p l i e d for, u n l e s s the t e n d e r s are a c c o m p a n i e d
b y an e x p r e s s g u a r a n t y o f ’p a y m e n t b y a n 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, t e n d e r s w i l l be o p e n e d
at 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 , 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 w i l l be m a d e b y the S e c r e t a r y o f the
T r e a s u r y of the amount and price range of a c c e p t e d bids.
Those
s u b m i t t i n g t e 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 or r e j e c t i o n
thereof.
T h e S e c r e t a r y o f 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 o r r e j e c t a n y o r all t e n d e r s , in w h o l e or in
part, a n d h i s a c t i o n in 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 .
Subject
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 i|2 0 0 , 0 0 0 o r l e s s f r o m a n y o ne
b i d d e r at 9 9 , 9 0 5 e n t e r e d o n a f i x e d - p r i c e b a s i s w i l l be a c c e p t e d
in full.
P a y m e n t o f a c c e p t e d t e n d e r s at the p r i c e s o f f e r e d m u s t
be m a d e o r c o m p l e t e d at the F e d e r a l 'Reserve B a n k in c a s h o r 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 f u n d s on S e p t e m b e r 6, 1 945*
V-43
(Over)
2
The income d e r i v e d from T r e a s u r y bills, w h e t h e r interest
or 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. have any exemption, as. such, and. loss fro 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 not hav e any special treat
ment, as such, u n d e r Federal tax Acts now. or h e r e a f t e r enacted.
The bills shall be subject to estate, inheritance, gift, or other
•excise taxes, w h e t h e r Federal or State, but shall be exempt from
all .taxation n o w or h e r e a f t e r imposed on the principal or interest
t h e reof b y any State, or any of the p o s s e s s i o n s o f the United
States, or by a n y local taxing authority,;
For purposes of taxa
tion the amount of d i s c o u n t at wl^ich T r e a s u r y bills are originally
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 S e c t i o n s , 42 and 117 (a) (1) of the Internal Revenue Code,
as a m e n d e d .by .Section 115 of the Revenue Act of 1941, the amount
o f d i s c o u n t at w h i c h b i lls issued 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 accrue u n t i l s u c h bills, shall be sold, redeemed or
oth e r w i s e d i s p o s e d of, and such b i lls are e x c luded fro m considera
t i o n as capital assets*
Accordingly, the owner of Treasury bills
(oth e r . t h a n life insurance *coiqpanles) issued h e r e u n d e r need in
clude, in his income tax return only the d i f f e r e n c e between the
price p a i d for such bills, w h e t h e r on original issue or on subse
quent purchase, and the amount a c t u a l l y rec 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 d u r i n g the taxable yea r for which the
return is made, as o r d i n a r y g a i n or loss. V
T r e a s u r y D e p a r t m e n t Cipcula'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 bills and govern the
conditions of their issue.
Copies o f the circular m a y be obtained
f r o m any Federal Reserve Bank or Branch.
T M t m m DEPARTMENT
Washington
1FOR RELEASE, Momma NEWSPAPERS,
P ress Service
Tuesday f August 2&, 1945»______
¡/ -
y. a
The Secretary of the Treasury announced last evening that the tenders for
>$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated August 30 and to
1nature November 29, 1945» which were offered on August 24, 1945, were opened at the
Federal Reserve Banks on August 27*
The details of this issue are as follows:
Total applied for -$4,9*6,070,000
Total accepted
- 1,309,041,000
Average price
-99.905/
(includes $52,602,000 entered on a fixed-prii
basis at 99.905 and accepted in full)
Equivalent rate of discount approx. 0.375# per annul
Range of accepted competitive bids:
&igh
Low
- 99*90* Equivalent rate of discount approx. 0.364# per annua
- 99.90$
■
»
*
n
n
0.376# *
•
(62 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
(
Î
f
Bl
t
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Total
Accepted
8
37,155,000
1,460,151,000
27.770.000
8
.
,
1 8 215.000
1 6 605,000
8.171.000
261,098,000
7.905.000
2.365.000
13.900.000
11.705.000
131' m o , ™ »
Minneapolis
Kansas City
Dallas
San Francisco
Total
Applied for
TOTAL
81,986,070,000
26,793,000
937.481.000
19.752.000
.
1 8 215.000
1 3 ,021,000
8.171.000
169.945.000
6.917.000
2.365.000
12.760.000
.
1 0 8 3 1 .0 0 0
___ 83,790.000
81,309,041,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, August 28, 1945._______
‘ Press Service
No* V-44
The S e c r e t a r y of the T r e a s u r y an n o u n c e d last evening that
the tenders for f l , 300,000,000,
T r e a s u r y bills
1945,
or thereabouts,
to be d a ted August
of 91-day
30 and to m a ture N o v e m b e r 29,
w h i c h were offered on A u gust 24,
1945,
were o p ened at the
Federal Reserve Banks on August 27*
The d e t a i l s of this issue are as follows;
Total ap p l i e d for - f l , 986, 0 7 0 , 0 0 0
Total acc e p t e d
- 1,309,041,000
(includes $ 5 2 , 6 0 2 , 0 0 0
entered on a fixed-price basis at 9 9 * 9 0 5 and a c c e p t e d in
full)
Average price
- 9 9 . 9 0 5 / E q u i v a l e n t rate of disco u n t
approx. 0 . 3 7 5 $ p e r a n n u m
Range of accep t e d competitive bids;
High
L ow
- 99.908 E q u i v a l e n t rate of d i s count
approx. 0 . 3 6 4 $ p e r a n n u m
- 99,905 E q u i v a l e n t jqate'of di s c o u n t
approx. 0 . 3 7 6 $ per a n n u m
(62 p e rcent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
A p p l i e d for
Total
Accepted
Boston
New Y o r k
P h i l adelphia
Cleveland
Richmond
Atlanta
Chicago
St.. Louis
Minneapolis
Kansas City
Dallas
San Francisco
I
37,155,000
1,.4 60,151,000
2 7.770.000
18. 2 1 5 . 0 0 0
16.605.000
8.171.000
261,098,000
7 . 9 05.000
2 . 3 65.000
1 3 . 9 00.000
11. 7 0 5 . 0 0 0
^
121,030,000
f
fa, 986, 0 7 0 , 0 0 0
fl,309,041,000
oOo
25,793,000
937.481.000
19. 7 5 2 . 0 0 0
18.2 1 5 . 0 0 0
13. 0 2 1 . 0 0 0
8.171.000
169. 9 4 5 . 0 0 0
6.917.000
2.365.000
12.7 6 0 . 0 0 0
10. 8 3 1 . 0 0 0
83« 790,000
2
became clerk of the newly created United States Emergency Court of
Appeals which heard cases arising from administration of the
Price Control Act*
In 1943 he became executive assistant to the Director of the
Office of Economic Stabilization, Mr* Vinson having given up his
court post to head this agency; and he continued to serve Mr* Vinson
in this capacity through the latterfs appointments as Federal Loan
Administrator and Director of War Mobilization and Reconversion*
Mr* and Mrs* Kelley live at 1838 Monroe Street, Uorthwest,
O 0 O *
ïhey have two daughters, Margaret Ann, 20, and Rose
Marie, IS, both students at Rosary College, Oak Park, Illinois
Secretary Vinson today announced the appointment of
Paul Leonard Kelley as his administrative assistant, succeeding
the late Charles 3. Bell#
Mr# Kelley was assistant to Mr# Vinson when the latter was
Director of the Office of War Mobilisation and Reconversion! and
except for intervals of service with various war agencies, has been
a member of Mr. Vinson’s personal staff since 1935# when he cam© to
Washington as secretary to the then United States representative
from the Eighth Congressional District of Kentucky#
Since Mr# Vinson became Secretary of the Treasury, Mr# Kelley
has served him as office aide.
Mr# Kelley is 40 years old, and is himself a native of
Kentucky, having been b o m at Ashland#
After completing high
school, he studied business administration, and started his oareet
in that field, serving in various capacities from 1923 to 1928 in
the divisional superintendent’s office of the Chesapeake and Ohio
Railway Company at Ashland.
From 1928 to 1935 he was with the
Inland Cas Corp. of Ashland*
After coming to Washington he continued his business studies
at Benjamin Franklin University, and subsequently won his law degree
from Southeastern University here«
Mr* Kelley was congressional secretary to Mr* Vinson from 1935
to 1938.
W m n Hr* Vinson became Associate fustics of the U. S* Court
of Appeals for the District of Columbia, Mr. Kelley continued as his
secretary, resigning in 1941 to take an appointment as contract
procedural specialist with the War Production Board.
In 1942 he
became clerk of the newly created United States Emergency Court of
Appeals which heard cases arising from administration of the
In 1943 he became* axooutive a s s i s t a n t to the D i r e c t o r of the
Office of Economic Stabilization, Mr. Vinson having given up his
court post to head this agency; and he continued to serve Mr. Vinson
in this capacity through the latter!s appointments as federal loan '
Administrator and Director of War Mobilization and Reconversion.
Mr. and M r s . Eelley live at 1838 Monroe Street, Northwest,
Washington.
1 --- --- ^
Secretary Vinson today announced the appointment of
Paul Leonard Kelley as his administrative assistant, succeeding
the late Charles S , Bell.
Mr. Kelley was assistant to Hr. Vinson when the latter was
Director of the Office of War Mobilization and Heobnversion; $nd
^ ***4 >+scZ4 *•<**&***td
git &r*Jh
tervgi'O-S“
except
swi-vi.ise withv^rTryu^rw^r»^
, has been
1
..A
a member of Mr. Vinson’s personal staff since 193^, when he came to
Washington as secretary to the then United States representative
from the Eighth Congressional District of Kentucky.
Since Mr. Vinson became Secretary of the Treasury, Mr, Kelley
ias served him as office aide.
Mr. Kelley is 40 years old, and iu
K e n t u c k y * eervTH£ -"b oen
a
After completing high
school, he studied business administration,, and started his career
in that field, serving in various capacities from 1923 to 1928 in
the divisional superintendent’s office of the Chesapeake and Ohio
vr. ti WU,|. VjCC. ftcs.'V Tt *
Railway Company at Ashland.
Prom 1928 to 1 9 3 ^ he was^wdM^i the.
Inland Gas Corp. of Ashland.
After coming to Washington he continued his business studies
at Benjamin Pranklin University, and subsequently won his law degree
from Southeastern University here.
Mr. Kelley was congressional secretary to Mr. Vinson from 193^
to 1938.
When Mr. Vinson became Associate ¡Justice of the U. S. Court
of Appeals for the District of Columbia, Mr. Kelley continued as bis
km**-
s ecretary^ (res igna ri^.
1n. 1
Lakti THT~n pp^ jp
I i,
rnf
TREASURY DEPARTMENT
Washington
POR I M M E D I A T E RELEASE,
Tuesday, A u g u s t 28, 1945.
Press Service
No. V-45
S e c r e t a r y V i n s o n t o day a n n o u n c e d the a p p o i n t m e n t of
Paul L e o n a r d K e l l e y as his a d m i n i s t r a t i v e assistant, s u c c e e d
ing the late C h a rles S. Bell.
Mr. K e l l e y was a s s i s t a n t to Mr. V i nson w h e n the latter
was D i r e c t o r of the Office of W a r M o b i l i z a t i o n an d R e c o n v e r
sion; a nd except for a s ix m o n t h interval of service w i t h the
W ar P r o d u c t i o n B o ard as c o n tract p r o c e d u r a l s p e c ialist has been
a m e mber of Mr. V i n s o n ’s pe r s o n a l staff since 1934, w h e n he
came to W a s h i n g t o n as sec r e t a r y to the then U n i t e d States
R e p r e s e n t a t i v e f r o m the E i g h t h C o n g r e s s i o n a l D i s t r i c t of
Kentucky.
Since Mr. V i n s o n b e c a m e S e c r e t a r y of the Treasury,
Mr. K e l l e y has served h i m as office aide.
Mr. K e l l e y is 40 years old, a n d a n a t i v e of Ashland,
Kentucky.
A f t e r c o m p l e t i n g hig h school, he st u d i e d business
administration, an d st a r t e d his care e r in that field, serving
in v a rious capacities f r o m 1923 to 1928 in the d i v i s i o n a l
s u p e r i n t e n d e n t ’s office of the C h e s a p e a k e a n d Ohio R a i l w a y
C o m p a n y at A s h l a n d .
P r o m 1928 to 1934 he was A s s i s t a n t to the
Vice P r e s i d e n t a n d T r e a s u r e r of the Inla n d Gas C o r p o r a t i o n of
Ashland-,
A f t e r coming to W a s h i n g t o n he c o n t i n u e d his business
studies at B e n j a m i n P r a n k l i n University, and s u b s e q u e n t l y won
his law degree f r o m S o u t h e a s t e r n U n i v e r s i t y here.
Mr. K e l l e y was c o n g r e s s i o n a l s e c r e t a r y to Mr. V i n s o n f r o m
1934 to 1938.
W h e n Mr. V i nson became A s s o c i a t e Justice of the
U. S. C o u r t of A p p e a l s for the D i s t r i c t of Columbia, Mr. K e l l e y
continued as his secretary.
In 1942 he b e came c l e r k of the
n e wly created U n i t e d States E m e r g e n c y C o u r t of A p p e a l s w h i c h
heard cases a r i s i n g f r o m a d m i n i s t r a t i o n of the P r ice C o n t r o l
Act.
In 1943 he became E x e cutive A d m i n i s t r a t i v e A s s i s t a n t to the
Director of t h e Office of Economic Stabilization, Mr, Vinson
having given up his court post to head this agency; a n d he c o n
tinued to serve Mr, V i nson in this c a p a c i t y t h r o u g h the l a t t e r ’s
appointments as F e d e r a l Loan A d m i n i s t r a t o r a n d D i r e c t o r of W a r
Mobilization an d R e c o n v e r s i o n .
Mr. a n d Mrs. K e l l e y live at 1838 M o n r o e Street, Northwest,
Washington.
T h e y have two daughters, M a r g a r e t Ann, 20, and
Rose Marie, 19, b o t h students at R o s a r y College, Oak Park,
Illinois.
-oOo
FOE IMMEDIATE RELEASE
August 2ST 19*W
fhe Bureau of Customs announced today preliminary figures shoving
the quantities of coffee authorised for entry for consumption under the
quotas for the 12 months commencing October 1 , 19 I&, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15 ,
19 *1-1 , as follows:
Country of Production
: Quota Quantity
t
(Pounds) 1 /
:
Authorised for entry
:________for
motion
: As of (Bate) t (Pounds)
Signatory Countries:
Brasil
Colombia
Costa Bica
Cuba
Dominican Eepublic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
m-Signatory Countries:
1/
2,353.628.932
796,79*.513
50 ,615,676
20 ,2116,297
30,369.379
37 ,961.757
1 5 1 ,8* 7,028
13 5 .396,920
69.596.621
5,061,51*1
12 0 ,212,296
*9.350,32*
6 .326,893
106 ,292,893
89,81*2,785
August IS, 19*5
s
s
s
(Import quSta
August IS,
■
ft
«
(Import quota
August IS,
M
s
•
II
1.357,373,573
6ii*,702,30i*
37.358,0*7
*.390,765
filled)
19*5
22,007,59*
10 *,387,881
90,95*,*«*
5 1 ,821,806
filled)
19*5
73,985.065
20,3*0,952
3,817,276
58,208,599
687,296
Quotas as of June 1, 19*15* determined by action of the Inter-American
Coffee Board on May 29, 19 *15 .
»
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
August 29, 1945,______
Press Service
No. V-46
*
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, 1944, provided for in the InterAmerican Coffee agreement, proclaimed by the President on April 15, 1941,
as follows*
*
Country of Production
:
*
•
Quota Quantity
(Pounds) l/
Authorized for entry
for consumption
:.As of (Date)
:
(Pounds)
•
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:
l/
2,353,628,932
796,794,513
50,615,676
20,246,297
30,369,379
37,961,757
151,847,028
135,396,920
69,596,621
5,061,541
120,212,296
49,350,324
6,326,893
106,292,893
89,842,785
August 18, 1945
1, 357,373,573
614,702,304
«
37,358,047
tt
4,390,765
quota filled)
18, 1945
22,007,594
tt
104,387,881
tt
90,954,484
tt
51,821,806
quota filled)
18,1945
73,985,065
tt
20,340,952
tt
3,817,276
tt
58,208,599
tt
(import
August
(import
August
tt
687,296
Quotas as of June 1, 1945, determined by action of the Inter-American
Coffee Board on May 29, 1945,
’
«a» ¡j ü «w
On July §§, the Bretton ¡?ooda isonotorjr
Aeroeraants war® ovorMiolalngly approved
W congress* On July 28* ti» United
îfetlcms Charter ms approved by the senate,
vim only mo dissenting vote®« The
Potsdan declaration m e m August 2*
%the first atonic booh was
On August
f
dropped* la accordance with its previcus
agreertsont* Russia declared war on Japan
m August 8# On August 12«.« Japan stated
that efe®was ready to accept our
; ‘
surrender term*
I y
.
%.
f
We know him sa s frank, decisive,
energetic, experienced sad capable
leader of sen* fe are proud of this
iiidweeterner.
itero you recalled recently »hat
few happened since the day he took:
office? on April 25, the am Francisco
conference opened* Hay 8 was f*S lay,
0a June IB, m welcomed General
aænhcwe» beck fcr a job well done*
Qu
26, the President closed the
suceeasful nan Francisco conference*
On duly 1?, the Petadas conference began*
€S»
II
1 » 1
M il
<m
her, it was loss than five souths
ago that our .groatwartls® leader,
President Roosevelt, died la the service
of his country* There ms such concern
about tiie future when that ran of vision
loft us* lifts these «ho had said that
they did not like that ten in the «lit®
House were shocked.
At that tin® s»!#§ did not know
President Truoan veil* Today the world
knows hia well* They know his as the mn
«ho M s taken the torch f fins President
HooQovolt and that he carries it forward
and carries It hl&i*
■»
Ton* only rival, I believe, is at* Jo®#
M t fit##» jabs art, in e sons®, o f l i M i i *
they Wfl recognition of your bustling
spirit? they are recognition that yea
have had crowing pains rattier than dry
rot# 1 think you folks can grew! I think
rayfolks In Kentucky can growl l m
confident that this entire nation can
i
grow# With that capacity for growth,
I do not sorry about our future#
If we handle the problems of the
future m well as we have set the series
of historic events of the past few weeks,
m can look forward with high optiMaa#
#tt |i ^
4m
dust as an individual becomes old in
mind and spirit as he loses the ability
to grow, so our communities, our countries,
and cur world will grow old only if m
lose the capacity for growth*
Peoria, which has grown from a city
of 2,000 in MIS t© a city of well over
100,000 in 1915, is symbolic of this
country*a capacity for growth* 1 realise
that you folks in Peoria have to pit up
with a lot of stale jokes about your
city* Itiitia jokester lays an egg,
dO0sn*t he invariably aey, "They lovod as
in Peoria*?
i
llioso trail-biasing amsures,
together with others, offer us concrete
assurancethat the nationsof the world
are determined to get to the core of
those international econoraic problems
which so profoundly affected world
socialty end prosperity betvoon the two
world ®are* Mo aan today, of course, can
fiuarantee that these ooasures will be
&mmt® or effective* While thay are
9H>bably the boot that could be agreed
upon in advance of actual trial, I have
little doubt but that experience will
disclose aany avenues for lnprovenont.
4m
Jp|f
-m m
¡§¡1 road ahead sXrmùy tes lám
fanillar lendmrtis of Reciprocal Trade
■
the Eaporfc-otaport Bank* the
Waited »tiene Relief and Habilitation
A<äainistration, the International Food
and Agricultural Organisation, the social
and economic council of the United Nations
»curler Organisation, and the B r o t t m
woods Agreements ©ctabliohins the
International Monetary Fund and the
International i3ank for Heconotruction
and Developsent#
You aaS I can face the future with
the Isnowledee that not only have the
nations of the world learned th at th eir
security depends upon effective
interactional p o litical and w ilitary
coopérât! cm, hut equally important, they
too® now that th eir prosperity demanda
sound international econoctle
collaboration*
ifet only have we learnod
this lessen, wo have acted upon i t *
'4ÉíÉk
%
jáaik.
ítiere le a trulsm la militar^ felstory
and Is football etOTtegy n i etrory nm
offenslv© v l i l evontually lose lts
bacaus© wnys tai M
counteract I t *
will be round to
Sosia' sobar nllitary writers
la ta is eountry and #1sestero» hcwever.
oxpreos tlie f ®ar ttoat ¡aan bao a t te s t
round in tüe atóale bmb an ofronstve for
whlch m adequato defensa vlll be round
wltMii tu© feraaw able futura#
Mastíwhile, atetarar the outcono oí
ti» n illta ry
m
o
r
O
h
,i»
t ansver to tí»
atonte bou» -» .th e only ansror w® liave
toüay — le laetine poace tbraugh g#sila®
intoraational p o lltleal and ©eonoale
cooperattosi.
Second, we must participate in the
worid’ a economy. to do bo is in our
solf-interest# 1© mat work with ta»
other nations of the world to establish
a healthy economy that encourages a full
flow of trade between nations. This will
*
Ely© us markets abroad# Without such
markets m can not have the high standard
of living Het we desire for our own people#
The necessity for the nations to
work together for the benefit of all
B i(
dramatised by the atomic bomb#
me question I® whether we atoll fully
realize It and take the responsibility
isai the leadership It entails*
This leadership and responsibility
Is tw-fold# First* we oust build upon
a sound foundation at 1 « * Recently*
«ay tow® said that the world*® economy
M l be stable or we can net have a sound
expansiv© economy at hem* with that I
agree* tot X add and emphasize that the
world does not stand a chance of attaining
a stable economie system uniese this
country has a sound* high-level economy*
~
55-
Ä » atóale basto is a fucati
illustration# lawn m first dropped
tiw stesale boato esn a citar of 529,000,
apparently wo destroyed a population
■Ilio ©osai of tisis entire city* ®t*®a wo
aro atol® to rosoti ialf say around tu»
world and sitila sind© beato sip© out
a population oqulsalont to that of this
city, bos can tho thought bo longer hold
that wo can live without concom of all
intorrational probi«*®?
t© aro a groat fact«* in the world
today, other nations recognlao it#
«*
32
•
m mmt wmt
timfuture wtth
Ulßb ®aä oxpanaiv© oeonaisy* Thlß
r®«3Pir@® tho rocoenitloii and tue
roaolution o£ amy ProblemsIn th is
eountry# B it ü i tfao futtere holde fer
as Iß not ISalteö to s ta t w© do about
®3f local problesaa*
I mppom is this fino, peacofui»
ettw
m
i t s d iv srslfled
activitiee that m occaoien som© hav®
twid tJi« thooght timt wo cos üvs unto
oursslvos aiono* is can not« 'Itiewar
provod conclusivoly «hat wo roally kne®
fo r m m
^Business Invostsasnt, hosovsr, will be
profitable only I t tilt great mss of
consumers tato home enough -norteer la
their say envelopot to boy tho product®
of car expended Industrial «chito*
faxe® should to levied so as not to
toter mia ©axfeets end naos purchasing
A.
poarwr* &j»aase-ttoy are essential to
%
(2?
prosperity for all of us* ^Sä
ä
,» s t
to fais « t o g all people*
programs sust be integrated with an
V , '; i^
7
,■
o v er-all fis c a l policy deslcnad to
prevent Inflation and deflation*
Althouch t
a
x
ms
rill recala fclgfc,
thor© «1U b® isprovemnto la «sa* tax
Ijjfc auca as simplification and ta#
oliolmtlon of ln@dultl#e*
Th#
nodornization of sur f u t structure le
a baste factor m tha procran to roach
and oalntaln full aeploysont#
To m et our aseda« to bave a eound
tsax policy and to ald full œploymat«
taxes slimiM be lovled in sucb a bay as
not to dater business invastewnt and tfc#
création of jobs« bocauao productive
«MplofBsat ls the source of a hlgh standard
of llvîn s andA the revenu© the Govenœant
roqulres*
29
Moreover, we haw© developed a principle
Id the creation and harnessing of
anm& that can find m m « » s la
peacetime production for the benefit
of ©asti «ral every one of us* Äi
* M M »
ltare of w m w on
Sdevelopment
Ot the atonic botíb was an exeellont
Investment« «rte» sur expenditures
•.
/
are not simply liabilities of today#
tu t «re investments for tomorrow« Many
expenditures will repay us many times
in money# is health, la welfare and in
material goods that m (»a use day by day.
«**»
2 * ^
* *
^aur.expenditureeven after d«a©bm®tion
and reccwvorsi<^wiXi probably be around
y^H, 0&9 ,
.^
r ?
^
■
«5 billion dollg^ft per year, fo met
ttsia budget
mmutt bam
sizeable
Although *© my be able to sake sotae
reductions in tax rates« taxes Hast
fSaaii relatively high, But high taxes
are easier to pay «rlth high luotw then
E
1« tax.es alth low incase
In considering the cast of the war
our- future tax®®« it Is not to bo
forgott©a that the willingness to spend
th© proper tin® for the prep«*
repay us may tines.
taxon«
*** 2 6
ÍA¿¿ A
''tÁ jL A jt
jU j
natural* and technical resource can
sic© It* 11th a high protect and Income,
financial problems will ho eliapllfloâ.
Without I t , they w ill be gagjsif led*
Internet ratee deteraine the real
of the debt* They should continue
a long time to coese« I t le
oelf-esrldent th at th is Is In the
in terest of people as taxpayers*
labor* industry* and aixlcuitur®
will mad seas assistance free tbs
Oovorneont to(ffradh)and Maintain the
M-# and expansive econoay that all of
us deslro* In addition* w® oust bring
atllteee of oar boys beck free overseas?
w© « 1st prevld® for our sick and wounded
with i t * full oar® that nodical,science
affords,
la
must teralmte our
unenapleted war contracts, w®
occupy and police the former many
countries until thay are ready to be
received back into the society of
nations. AH of thoos things cost
mmwm
*** g o ■**
® «plopient Jjrsindustry re«® ta
redone® to *a r noeds, as payrolls wont
up, farmers found th at tho dom ndfor
th ß lr products stead ily increased#
Despite t í» larg est agricu ltu ral
production. by far la ell our history,
aecumlated surpluses bogan to disappear
and we were faced by shortages#
«S wont
trm surpluoes th at glutted «10 market
to rationing of food, because our
people had the chance to eat l i t e they
should#
ram p rices rose and cash i n s
T
00/
ovö,
(nré
incesa® wait up fro® 11^7 MiHtm flnllrm
J
<y>0) oo°> o<*o
to ®o« thaiyiEL btiiio h g sn gffB;
«► i 9 •
m
faraoni that ware foreclosed and
dispossessed, ti» ferriera timt struggled
through years or poverty, ware as mich
the vlctls« of industriai depressi«»
as tí» un«sployed end the poorly paid
» t e a ln tii« cities.
It is just as trae that whan jobs
are plentiful aim ftps are high,
farros share in the prosperity through
.greater consumption of far® coremdltlos
at better prices* Ttsat*s what happened
between Jfll and 19 J&*
Paetory payrolia vmt ûom mi ûam
antiX thsy wer® XittXo more tban
cwj-t&ird of abat tbajr’ had boon* And
tfcat l§ about tiî® estent to whlch ««fe
fars incots® went down <•» t& xfLU?
M3£t«rd®H*ïi»--in 1929
j
mû
600>
ôOOiOOO
éetâtsm in 1fit«
jHB industrial depressie®
aggravat©©
tb®
agrtcuituraX deprocoion»
crop® ©ouid nôt b® sold» Fiv®-c«at
cotton
*sâ tan-cont
corn are part
ttie pattern of ttiw p l^w ct 'and
dépréssion*
of
♦ 17 «►
the automobile woricor ln
Detroit and the atool workor ln Plttsbur$i
low thelr joba, the affect la felt by
tiw cotton and tobaceo fanaera of the
SQuttîji the cattle and ahoep misons of
the Sô«6# the fruit cnwors of the
Pacifie coaet, and the oorn and hog
formera et the Klddle lest* ■mes©
ftesers feel th© dépréssion throueh the
fan in priées and the accunsulatlon
of surplus crops*
«jat happoned betveon 1929
«où 195?. Shploÿment ln foetales« aines
and ailla foii by 45 pansent*
fllpggl
and
have a
cobsksi
interest in meti oth er's wol^-being,
for
that is the «ay say they
themselves can prosper«
flit
aIs plaia ccanon sense
farmers of th is country «pit to sell
«hat they produce at prices that «ill
ft*# them a decant living# They knot
that their Mg raarkets are in the cities
m a m Aaerican industry and African
|j
Ipi«*'
ce«ar©e thrive#
«*»
f lit
score« of our great economic.strength
is tbs efficiencyand productivity of
our labor* industry and agriculture*
Nothing could be acre tragic than to
have this enormous poser wasted in
Industrial unemployment and in
urraerketabl© farm surpluses*
This country is one big economic
unit* Prosperity is national prosperity,
depression is national depression* We
have learned that no section of the
country, no branch of industry op
agriculture can escape the consequences
of national depression; and we have
learned that all benefit from national
prosperity. x I
collectiva bargaining rust be effective
and met be carried an In a» atraoephare
of cooperation and good faith*
Its ardor that the fnmer nay have
a high income* he east have a rnrtcot
at pod prices for hie produce* This
iwans ¡|||§ industry suit be naming in
hip gear; this scans that the worfesre
suet have fa ll employment and good
HhHh h U
«agon to be able to buy the products
of the fern*
Sir« in Peoria m are in a
particularly appropriate position to
mutts# ttos$ full ©s^loyaont at'good
sages m m a to the fanner*
* program to alleviate unemployment
should include the broadening of
unemployment ê
ioatlon tooth «â to
coverage anti notait of payments; a servie©
^«*ing reconversion to help the right
mn to bo at£th® right place, at the
riiÿjt time, in the right 30l»j and the
coordination of public and private
expenditure#
For the workers of this country
to HR high wages, Industry must turn
«at a large volume at a rm + L * i W Ü» profit#
flaar® oust not be unfair competition
leading to the cutting of sage rates*
mm
Industry must operate in an atsosphsra
that encourages expansion aid development•
W0 must have a tax policy, a loan policy,
an anti-monopoly policy, that encourages
exptasion and development.
t&® workers of this country mist
have not only high sages but also economic
security* To have oconcsaic security,
the worker must have assistance during
psriods of unemployment and must have
protection against prolonged unemployment.
It Includes a m J§ level of production!
It Includes a good amtet for our
Industrial and agricultural production*
A hi$J level of production soans that
the goods and services that ä
life
cerarortablo and »rtwtillô are available*
A high level of production acanti high
Incoas m that each and ovary Aaorican
can i>w
m m of tho»- goods and services*
Those three simple objectives
iiigh t e m i full oraployaent,and
abundant goods and servieoa — require
vigilance arsi action on
fronts*
#
10 #
11| |
iiany of tine social interests that we
desire, borover, depend upon our osn
■individual choices, providing that there
is an economic level «hich permits their
attainment. Hence, wo have laid, in
major part, the groundwork for good
American living If «fa attain a sound
i» i expansive ©conwy.
m a t does a
sound sad expansive
«iaa§§r include? It include a high
level of income for every American}
it includes a high level of employment
so that no vorker aho waits a job will
long be out of a job.
'¿¿hat our futur« is sill d«psü upon «at m
tftilcitc ani pias œà tía#
If woare to think constructively, if
,
»
m aro to act effectively, m mat at tbs
✓
outset recogila® that periods of war, peace,
\
depression, or bo« are not ordain©«! for us*
s® have fro© wills, fs have auch froodom
of action, Eyour objectives and by our
Ü «i8
weShall affect cur futuro#
That fular® aast contain a good
sbandarci of living* A good standard of
living m e m not. only a high level of
incesse end oconoaic security tut also a
social and political ataospbere In which
Today f i see the beginnings of television
and of a tm ■ewrm of « w »
we do not
I«« the exact future of either of these
devolopssnts* tut the prospects sees
Interesting
mmtfâto stick around pasillo
and see M»t happens*
mat the future holte for us is a
question* 'I do not propose to aa
the
role of a prophet MS lay down a
definite* accurate forecast* 1er do I
that our future is predestined*
In fact* «e have decisions* and more
X
decisions* to sake* That very fact
gives challenge and Interest to our lives*
|The third generation of that century
has soon the radio« good roads« and airplanes
coso to i’ooria* They have lived through
the Insecure Twenties and have participated
in two world ware*
Hurssing up that century« we see cue
or nor© wars in every generation* That
is a part of the picture that we mist
bend every effort to change* tars are
not'inevitable and we miet stop their
recurrence*
On the other hand« that century saw
the dsvelopaent of the railroad, telephone«
electricity« radio, automobiles, airplanes*
Ijn»® first generation of that period
sm the cooing of the railroad to Peoria#
i*
rnmmsmm
what those first railroads
sore like and when we raaaabar that t»e the
only sodom means of transportation* we
realise
m really had a frontier# Later#
that generation saw the Civil ear end the
trying days of getting back on our feet#
Toward the end of that rebuilding period
sot» of mat generation used the telephone#
Ha» second generation of that century
me electricity cosa to Peoria# They reveled
•Éfafi
In the ay Nineties. The Spanish-Aærican
tar em e, and the last of that generation
me the first automobiles#
Ail croups in thle country oust contrlbuto
to mkincr tbls a lanes of Mlle and honey
and peace,
m m as they worited togothar
to sin the-war*
iio» that the e«.t§ fin» ordor has gone
ont areu» the sirM# what mes the futur»
holc!
for us? S@ can obtain sa»idoa of
abat the future ray brins fcy recalling
sa» of the triw m m m ous char«® that Pooria
has Mi in the pat century* I M we are
colebrstlng a lOOth Amivorsary it la easy
to ho sos® restiniscing about the gooû old
deys* Glaneing briôfly at the century
botwoen lfltt*J«nd 19î*5 *® fisâ saanytnarked
changea*
Thoy rmiafc hslp us »«ava thè probtas ©f
t» paaco# They con not ■
tuia alone, a» thè aovorment om not «So
S
thè fai alone, but thay mst holp, m
thè OovenueRt shall help*
Si# sponsor» or this labor Bay
cant«cmial celobratlon
tho Labor
Orcanlsations, tha Aooociation of Cosiaerce,
thè officiala of thè city and county, and
thè Olile Orsaalsailaas «• are all to tei
cdmondod on thelr contrlbution to thè
total aar w# waced, and thoy anali and
«Bit isti thè .state and Federai Govemaonts
wlth thè pretta» of thè future*
«ss». |p «m»
Tonlsht not ««ly are we celebrating
Poorla’s 100th Anniversary as a city* but
else wo are honoring the aen am wonon of
this City who by their work provide
naterials* products* and services for all
>of us* Hares aenfefes after labor Day IfH
this country was attacked* tabor rmy la
1942# 1945* and lfl§4 ms not a holiday*
tabor was rateino its contribution to the
war effort as on other work days* And
what a tremendous contribution that
' ft» workers of this country swat now
¡sake goods and services for a high American
standard of living* Hiey rsust do more
than that, however.
............
v» J| *»■
cosing fr«« Kentucky with Ita atoa
ornas, Ita rolling Mils and stoußtalns,
and Its "Old Kentudsy Horae,* l sight argua
about which is the better land* But tonight,
as 1 look forward to a world at peace, as I
look forward to enjoyable and vorttnftU#
peacetime living, 1 do not feel lite
«ptmsi&lög local rivalry# itere is a
place in this country, I
sure, for botò
Kentucky and Illinois; there is a placo in
this world for Illinois and all of the
other
klStates# In truth, the people of
this country swat take their place in the
world#
RAI3IH3 OUR SIGHTS
Senator Lucas, isayor(Trl&belJ Ladle©
and ocngtaasnt ,
It is a ploasaro for no to coese to
Peoria. Illinois Is a stats which gives
a cross section of nearly every activity
HUi resource of our country. On a smaller
scale, this coesmmlty represents a cross
section of Illinois. In this state we
find Imp sad small business, extensive
apiculture, and a large segment of our '
nation’s workers. Hor© we
find coal. oil.
/
corn, wheat, hogs, sheep, cattle. In fact
I understand that there is an unofficial
motto in Illinois, "God aijht have made a
bettor land but Re didnH."
O F F IC E OF
TH E S E C R E T A R Y O F TH E T R E A S U R Y
1
'- * * < ^ .+ ¿ ^
/Cjpü^C^.
~ u s-+ + s4 L < S ¿¿^ P rz < ^
4 t^ i - t ^ w i /
-^k^c
•>-*/CTj jr f it
A ^ L V
.
^
a
.
^ 2 C ^ J
jp
j*j
The followlag address w 11l~%e^j|g3:itei^d by S©cretary.of thex
>w
/"Jt/L-L,(J*J*4AAsO^
y^yrj“
IXabor ifey)
Treasury ^red M* Viacom atj,Peoria, 111# _at 8 p«B* # Sept« 3* ^ y » ^ aad ie
(
1C
for release at that hour*
\n
to Y a ra p r» jfg g Y ¥ g iilH fg g ^ ¥ f« Y X g g
/ T h e Labor Day
100th anniversary
]
<■■»■■■*■**♦« celebration is pert of Peoria’s
observance of I j|
as a chartered city» with centennial programs which began
V
May 1» 1945» and will extend for the remainder of the year,
X '
l
j
/^Secretary ^inson will be introduced by Senator Scott W« Ideas of Illinois,
who will in turn be presented by Mayor Carl 0* Treibel of Peoria »j
Sfi
TREASURE DEPARTMENT
Washington
(The following address, is scheduled for delivery
by Secretary of the Treasury Fred ¡11* Vinson at
the Peoria Stadium* Peoria* Illinois* at 8 p»m. *
CWT, September 3, 1945, (Labor Day).and is for
release at that hour*)
' ; 'y I*^ w■w:'■ ’'' ''•
'
(The Labor Day celebration is part of Peoria’s observance of its
100th anniversary as a chartered city* "with centennial programs "which
began May 1* 1945* and will extend for the remainder of the year#
Secretary Vinson will be introduced by Senator. Scott W# Lucas of
Illinois, who will in turn be presented by Mayor Carl 0# Triebel.of
Peoria#)*
RAISING OUR SIGHTS
Senator Lucas* Mayor Triebel* Ladies and Gentlemen:
It is a pleasure for me to come to Peoria# Illinois is a State which
gives a cross section of nearly every activity and resource of our country*
On a smaller scale* this community represents a cross section of Illinois#
In this State we find large and small business* extensive agriculture* and
a large segment of our nation’s workers# Here we find coal* oil* corn*
wheat* hogs, sheep* cattle# In fact* I understand that there is an un
official motto in Illinois* ’’God^might have made a better land but He
didn’t.”
Coming from Kentucky with.its Blue Grass* its rolling hills and
mountains* and its ’’Old Kentucky Home*” I might argue about which is the
better land.
But tonight, as I look forward to a world at peace* as
I look forward to enjoyable and worthwhile peacetime living* I do not
feel like emphasizing local rivalry.
There is a place in this country*
I am Sure* for both Kentucky and Illinois; .there is a place in this world
for Illinois and all of the other 47 States. In truth* the people of this
country must take their" place in the world.
One could also say truthfully that "God might have made a finer man
than Scott Lucas* but he didn’t.” I have known your distinguished Senator
for many yearsj life served together in the House of Representatives# be
have worked together during the challenging period of the war. He is not
only an Illinois statesman but a.national statesman.
Tonight' not dnly are we celebrating Peoria’s 100th Anniversary as .
a city* but also we are honoring the men and women of this City who by
their work provide materials* products* and services for all of us#
Three months after Labor Day 1941 this country was attacked. Labor Day
in 1942* 1943* and 1944 was not a holiday. Labor was making its con
tribution to the war effort as on other work days# And what a tremendous
contribution that was#
The -workers of this country must now make goods and services for
a high American standard of living*
They must do more than that, however*
They must help us solve the. problems of reconversion and. peace.
They can
not do this alone, as the Government can hot do the job alone, but they
must help, as- the Government shall'help*
The sponsors of this Labor, Day Centennial celebration — the Labor
Organizations, the Association of Commerce, the officials of the City and
County, and the Civic~Organizations — are all to be commended on their
contribution to the total, war we waged, and they shall and must help the
State and Federal Gove a m e n t s with the problems of' the future* All groups
in this country must contribute to making this a land of milk and honey
and peace, even as they worked together to win the war*
Now that the cease fire order has gone out around the World, what does
the future hold for us? We can obtain some idea of what the future may
bring by recalling some of the tremendous changes that Peoria has had in
the past century* When we are celebrating a 100th Anniversary it is easy
to do some reminiscing about the good old days* Glancing briefly at the
century between 1845 and 1945 we find many marked changes*
The first generation of that period saw the coming of the railroad to
Peoria* When we remember what those first railroads were like and when we
remember that w a s 'the'only modern means of transportation, we realize we
really had a frontier* Later, "that 'generation saw the Civil .'War and the
-trying days of getting back on our feet*
Toward the end of that rebuilding
period some of that generation used the telephone*
The second generation of that century saw electricity come to Peoria,
They reveled in the Gay Nineties* The. Spanish-American War came,, and the
last of that generation saw the first automobiles*
The third generation of that century has seen the radio, good: roads,
and airplanes come to Peoria*
They have lived, through the insecure
Twenties and have participated in two world wars.
Summing up that century, w'e see one or more wars in every generation*
That is a part of the picture ,;bhat we must bend every effort to change*
Wars are not inevitable- and we must stop their recurrence*
- On the other hand,- that century saw the development of the railroad,
telephone, electricity, radio, automobiles, airplanes.
Today we see the
beginnings of television and of a new source of energy* We do not know
tile exact future of either of these developments, but the prospects seem
interesting enough to stick around awhile and see what happens*
What the future holds for us is a big question* I do not propose to
assume the role of a prophet and lay down a definite, accurate forecast*
Nor do I assume that our future is predestined. In fact, we have decisions
and more decisions, to make*
That'very fact gives challenge and interest
to our lives* What our future is will depend upon what we think and plan
and do*
-
3
-
If we are to think constructively, if we are to act effectively, we
must at the outset recognize that periods of war, peace, depression, or
boom are not ordained for us* We have free wills* We have much freedom
of action* By our objectives and by-our deeds we shall affect our future*
That, future must contain a good standard of living* -A.-good standard
of living means not only a high level of income and economic security but
also a social and political atmosphere in which we like, to live* Many of
the social interests that we desire, however, depend,upon our own
individual choices, providing that there is an economic level which permits
their attainment* Hence, we have laid, in major part, the groundwork for
good .American living if we attain a sound and expansive economy*
What does à sound and expansive economy include? \ It includes a high
level of income for every American; it includes a high, level of employment
so that no worker who wants a job will long be out of a job* It includes
a high level of production; it includes a good market for our industrial ,
and agricultural production.
•A high level of production means that the goods and services that make
life comfortable‘and worthwhile are available* A high level of production
means high income so that each and every American,can buy many of those
goods and services*
.
*
’ i *
')
i
4 )1 .
y f\
le i 1
These three simple objectives — high income, full employment, and
abundant goods and services — - require vigilance and action on many fronts*
Industry must operate in an atmosphere that encouragés expansion and
development* We must have a tax policy, a loan poli.cy, an. anti-monopoly
policy, that encourages expansion and development*
The workers of this country must have not only higi\ wages. but also
economic security*
To have economic security, the worken mjust have
assistance during periods of unemployment and must have protection against
prolonged unemployment*
i. ■
.
A program to alleviate unemployment should include the broadening of
unemployment compensation both as to coverage: and amount of payments;
a service during reconversion to help the right man;to be at the right
place, at the right time, in the light job; and thetcoordination of public
and private expenditure*
* .; ••
For*the workers of this country to have high wages, industry must turn
out a large volume at a reasonable profit* There must not be unfair
competition leading to the cutting c f wage rates.
Collective bargaining must
be effeciivë and must be carried on in an atmosphere of cooperation and
good faith*
....
Z'/;
>'. T.In order that the farmer may have a high income, he must have a market
at good prices for his produce*
This means that industry must be running in
high gear; this means that the workers must have full employment and good
wages to be able to buy the products of the farm*.
- 4—
Here in Peoria we are in a particularly appropriate position to realize
what full employment at good wages means to the farmer*' The source of our
great economic strength-is the efficiency and productivity of our labor,
industry and agriculture* Nothing could be more tragic than to have this
bnormous power wasted in industrial unemployment and in unmarketable farm
surpluses.
This country is one big'economic unit. Prosperity is national
prosperity, depression is national depression. We have learned that no
section of the country, no branch of industryfQr agriculture can escape the
consequences of national ^depressions and we have learned that all benefit
from national prosperity* Farmers and workers have a common interest in
each other1s well-being, for that is the only way they themselves can
prosper*
This is plain common sense.
The farmers of this country want to sell
what they produce at prices that will give them a decent living*
They know
that their big markets are in the cities where American industry and
American commerce thrive#
When the automobile worker in Detroit and the steel worker in Pittsburgh
lose their jobs, the effect is felt by the cotton and tobacco farmers of the
South, the cattle and sheep raisers of the West, the fruit growers of the
Pacific Coast, and the c o m and hog farmers of ’the Middle West* These
farmers feel the depression through the sharp fall in prices and the
accumulation of surplus crops*
That's what happened between 1929 and 1933* Employment in factories,
mines and mills fell by 45 percent* Factory payrolls went down and down
until they were little more than one-third of what they had been. And
that is about the extent to which cakh farm income went down — from
$12,300,000,000 in 1929 to $4#70.0^000,000 in: 1932*. .
The industrial depression aggravated the agricultural depression*
Crops could not be sold* Five— cent cotton and ten-cenV corn are part of
the pattern of unemployment and depression*
The faimers that were fore
closed and dispossessed, the farmers that struggled through years of poverty,
were as much the victims of industrial depression as the unemployed and
the poorly paid workers in the cities*
It is just as true that when jobs are plentiful and wages are high,
farmers share in the prosperity through greater consumption of- farm
commodities at better prices.
That's what happened between 1941 and 1944»
AS employment in industry rose'in response to war needs, as payrolls'went
up, farmers found that the demand for their products steadily increased*
Despite the largest agricultural production by far in all our history,
accumulated surpluses began to disappear and we were faced by shortages* We
went from surpluses that glutted the market to rationing of food, because our
people had the chance ‘to eat like they should. Farm prices rose and cash
farm income went up from $11,700,000,000 to: more than $21^000,000,000*
There is nothing mysterious about this* Some of the food has gone
abroad; but very little more than we customarily exported in the 1920's.
The men in the armed forces have eaten more; but not much more than they
would have eaten at home. These; are minor factors. The real reason for
the increased demand for farm products is that with plenty of jobs at good
wages, our people bey more food* Some of us have not been able to get as
much meat, butter and fruits as we should like* Nevertheless, the people
of this country are eating more food, and more of the protective foods*
As a people we are better nourished than ever before.
This experience of the 1930»s and the 1940fs shows clearly that
a sound post-war farm program must start with plenty of jobs at ^ood wages
in industry so that our workers can consume the foods and fibers "which our
farms produce in abundance.
Nothing can contribute to the prosperity of
the farmer more than for labor to have full employment at good wages.
Labor, industry, and agriculture will need some assistance from the
Government to reach and maintain the high and expansive economy that all
of us desire.
In addition, we must bring millions of our boys back from
overseas; we must provide for our sick and wounded with the full care that
medical science affords• We must terminate our uncompleted war contracts.
We must occupy and police the former enemy countries until they are ready
to be received back into the society of nations. All of these things cost
money.
Moreover, much of the cost of the war remains with us. Out of a public
debt of about $265,000,000,000, some $220,000,000,000 represents the cost
of the war that we have not paid as we went along. By July 1, 1946, even
if wo have no tax reduction at all the public debt is likely to be around
$275,000,000,000. At existing rates of interest, the annual carrying
charge will'be about $5,500,000,000. This represents about 2-3/4 percent
of our present annual product.
If the value of our national product after the war is lower than it
is now, and if interest rates remain at their present levels, the carrying
charge of course will be a higher percentage.
In that event it will be
more difficult to pay our expenses. Wo must be determined, therefore, that
our national product and our national income shall be as high as our human,
natural, and technical resources can make it. With a high product and
income, our financial problems m i l be simplified. Without it, they will
be magnified.
Interest rates determine the real burden of the debt. They should
continue low for a long time to come. It is self-evident that this is in
the interest of people as taxpayers. Not as evident, but just as valid,
is that low interest rates *— what the economists call a »cheap money
policy” — benefits the people as consumers, as workers, and as citizens.
Low interest rates, for example, will be an important factor in making
possible the better homes, the better industrial plants, and the better
public facilities which will make our country tomorrow more productive
and a better place to live in than it was yesterday.
Our necessary expenditures and our carrying charge on the public
debt will require .a large budget. For a long time to ,come, our
expenditures,, even after demobilization and reconversion, will probably
be around $25,000,000,000 per year. To meet this budget we must have,
sizeable taxes. Although we may be able to make some reductions in tax
rates, taxes must remain relatively high. .But high taxes are easier to
pay with high income than low taxes Tilth low income. Even if the Government takes a larger slice of a bigger pie, there will be more nourishment
left for the taxpayer than if the Government took a smaller slice of a
still smaller pie.
In considering the cost of the war and our future taxes, it is not to
be forgotten that the willingness to spend money at the proper time for the
proper item may repay us many times. For example, the development of that
new phenomenal weapon of war, the atomic bomb, cost us, the War--Department
reports, $2,000,000,000. Even though we have become accustomed to big
figures, that’s still a lot of money. Tifo billion dollars represented onehalf of our national budget per year in the 20’s. In contrast, the war was
costing us about $90,000,000,000 a year or about $250,000,000 a day.
That means that if the atomic bomb shortened the war by nine days,, we were
more than repaid its development cost. But even more, we have saved
thousands of American, British, Russian and Chinese lives. Moreover, we
have developed a principle in the creation and harnessing of energy that
can find many uses in peacetime production for the benefit of each and
every one of us.
The expenditure of money on the development of the atomic
bomb was an excellent investment. Often o<ur expenditures are not simply
liabilities of today, but are investments for tomorrow. Many expenditures
will repay us many times in money, in health, in welfare and in material
goods that we can use day by day.
Although taxes will remain high, there will be improvements in our
tax system such as simplification and the elimination of inequities.
The
modernization of our tax structure is a basic factor in the program to
reach and maintain full employment.
To meet our needs, to have a sound tax policy and to aid full employ
ment, taxes should be levied in such a way as not to deter business
investment and the creation of jobs, because productive employment is the
source of a high standard of living and of the revenue the Government
requires•
Business investment, however, will be profitable only if the great
mass of consumers take home enough money in their pay envelopes to buy
the products of our expanded industrial machine.
Taxes should be levied
so as not to burden mass markets and mass purchasing power, which are
essential to prosperity for all of us.
Tax burdens'must be equitably distributed among all people' in
accordance with the taxpayer’s ability to pay.
Tax programs must be
integratedi with an over-all fiscal policy designed to prevent inflation
and deflation.
V.
m must meet the future with a high and expansive economy.
This
requires the recognition and, the resolution of many problems in this
country. But what the future holds, for us is not limited to what we do
about our local problems«
I Suppose in this fine, peaceful, Midwestern city with its diversified
activities that on occasion some have held the thought that we can live
unto ourselves alone. We can not* The war proved conclusively what we
really knew for some time.
The atomic bomb is a graphic illustration. When we first dropped
the atomic bomb on a city of 325*000, apparently we destroyed a population
the equal of this entire city. When we are able to reach half way around
the world and with a single bomb wipe out a population equivalent to that
of this city, how can the thought be longer held that we can live without
concern of all international problems?
We are a great factor in the world today. Other nations recognize it.
The question is whether we shall fully realize it and. take the responsibility
and ihe leadership it entails.
.
.
This leadership and responsibility is two-fold. First, we must build
upon a sound foundation at home. Recently, many have said that the
world’s economy must be stable or we can not have a sound expansive economy
at home. With that I agree, but I add and emphasize that the world does
not stand a chance of attaining a stable economic system unless this country
has a sound, high-level economy.
‘ Second, we must participate in the world’s economy.
To do so is in our
self-interest. We must work with the other nations of the-world to
establish a healthy economy that encourages a full flow of trade between
nations.
This will give us markets abroad. Without such markets we can
not have the high standard of living that we desire for our own people.
The necessity for the nations to work together for the benefit of all
has been dramatized by the atomic bomb. There is a truism in military
history and in football strategy that every new offensive will eventually
lose its power because ways and means will be found to counteract it.
Some sober military writers in this country and elsewhere, however,
express the fear that man has at last found in the atomic bomb an offensive
for which no adequate defense will be found within the foreseeable future.
4
•
‘
.".
Meanwhile, whatever the outcome of' the military search, the answer to
the atomic bomb — the only answer we' have today — is lasting peace
through genuine international political and economic coo*peration.
You and I can face the future with the knowledge that not only have
the nations of the world learned that their security depends upon effective
international political and military cooperation, but equally important,
they know now that their prosperity demands sound international economic
collaboration. Not only have; we learned this lesson, we have acted upon
it.
The road ahead already has the familiar landmarks of Reciprocal
Trade Agreements, the Export-Import Bank, the United Nations Belief and
Rehabilitation Administration, the International Food and Agricultural
Organisation, the Social and Economic Council of^ the United Nations
Security Organisation, and the Bretton «foods Agreements establishing the
International Monetary Fund and the International Bank for Reconstruction
and Development*
Today we are so close tb the scene of the actual birth of these great
international economic institutions, born as they largely were during the
throes of the greatest war in all history, that I question our capacity
to comprehend their true significance* In the perspective of history
I believe that these economic landmarks will be recorded as the point where
man turned from the bloody path of international strife and self-destruction
to the broad road of true international cooperation and lasting peace*
These trail-blazing measures, together with others, offer us concrete
assurance that the nations of the world are determined to get to the core
of those international economic problems which so profoundly affected world
security and prosperity between the two World Wars. No man today, of course,
can guarantee that these measures will be adequate or effective. While
they are probably the best that could be agreed upon in advance of actual
trial, I have little doubt but what experience will disclose many avenues
for improvement. But the important thing to remember is not that they
may have faults, but if they do have faults, you and. I and others like us
all over the world are detemined to. correct those: faults and make the
international economy work. While we will be patient and sympathetic
if mistakes are made, we will not tolerate, we can not tolerate, failure.
If we have the -same unity in peace as in war, if we work .together
at home and abroad, I am optimistic about what the future holds for us.
To solve the problems of Hie future, we must, be able to grow* Just as
an individual becomes old in mind and spirit as he loses.the ability
to grpw, so our communities, our countries, and our world will grow old
only if we lose the capacity for growth*
i
Peoria, which has grown from a city of 2,000 in 1845 to a city of well
over 100,000 in 1945, is symbolic of this country’s capacity for growth.
I realize that you folks in Peoria have to put up with a lot of stale
jokes about your city. When a jokester lays an egg, d o e s n H he invariably
say, "They loved me in Peoria"? Your, only rival, I believe, is St* Joe.
But these jabs are, in a sense, compliments*
They are recognition of your
bustling spirit; they are recognition that you have had growing pains
rather than dry rot* I think you foils can grow; I think m y folks in
Kentucky can grow; I am confident that this entire nation can grow. 'With
that capacity for growth, I do not worry about our future.
If we handle the problems of the,future as well as we have met the series
of historic events of the past few weeks, we can look forward with high
optimism*
Remember, it Vías less than five months ago that our greht wartime
leader, President Roosevelt, died in the service of his country# There was
much concern about the future when that man of vision left us. Even those 1
who had said that they did not like that man in the White House were shocked.
- 9 At that time some did not know President Truman well#
Today the
world knows him well#
They know him as the m a n who has taken the torch
from President Roosevelt and that he carries it forward and carries it
high# We know him as a frank, decisive, energetic, experienced and
capable leader of men# We are proud of this Midwesterner#
Have you recalled recently what has happened since the day he took
office? On April 25, the San Francisco Conference opened# May 8 was
V-E Day# On June 18, we welcomed General Eisenhower back for a job well
done# On June 26, the President closed the successful San Francisco
Conference# On July 17, the Potsdam Conference began# On July 20, the
Bretton Woods Monetary Agreements were overwhelmingly approved by Congress#
On July 28, the United Nations Charter was approved by the Senate, with
only two dissenting votes#
The Potsdam declaration was on August 2.
On August 5, the first atomic bomb was dropped. In accordance with its
previous agreement, Russia declared war on Japan on August 8# On
August 14, Japan stated that she was ready to accept our surrender terms#
Through all of this history, President Truman has been a courageous,
a stable but imaginative leader# With a record like this, with this kind,
of leadership, with G o d ’s help, we can raise our sights and see a bright
future#
OoO
TEEÄSÜRT DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday» August 29. 1945.
Press Service
The Secretary of the Treasury today announced the final subscription and
allotment figures with respect to the current offering of 7/8 percent Treasury
Certificates of Indebtedness of Series 0-1946, open to the holders of Treasury
Certificates of Indebtedness of Series F-1945,maturing September 1, 1945, or
Treasury Bonds of 1945-47, called for redemption on September 15, 1945»
Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as :
follows:
Federal Reserve
District
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St» Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
Certificates
Exchanged
#
126,072,000
2,028,784,000
83,489,000
128,615,000
52,500,000
64,890,000
367,168,000
62,879,000
49,624,000
102,754,000
53,594,000
294,478,000
1.794.000
»3,416,641,000
Bonds
Exchanged
i 26,992,000
,469,000
35,318,000
,482,000
,904,000
9,990,000
71,690,000
,604,000
,925,000
,248,000
,258,000
26,415,000
, - 309*000
»907,604,000
687
17
1
4
11
10
3
Total
Exchanges
$ 153,064,000
2,716,253^000
,807,000
,097,000
54,404,000
74,880,000
438,858,000
67,483^000
61,549,000
,002,000
56,852,000
320,893,000
2.103.000
$4,324,245,000
118
146
113
TREASURY DEPARTMENT '
Washington
FOR IMMEDIATE RELEASE,
Wednesday, August 29, 1945«
Press Service
Noi V-48
The Secretary of the Treasury today announced the final
subscription and allotment figures w i t h respect to the current
offering of 7/8 percent Treasury Certificates of Indebtedness
of Series G-1946,
open to the holders of Treasury Certificates
of Indebtedness of Series F-1945, maturing September 1, 1945, or
Treasury Bonds of 1945--47, called for redemption on September 15,
1945 •
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows;
Federal Reserve
District
Certificates
Exchanged
Bonds
Exchanged
Total
Exchanges
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$
126,072,000
2,028,784,000
83.489.000
128.615.000
52.500.000
64.890.000
367.168.000
62.879.000
49.624.000
102.754.000
53.594.000
294.478.000
1,794,000
$ 26,992,000
‘687,469,000
• 35,318,000
17.482.000
1.904.000
9.990.000
71.690.000
4.604.000
11.925.000
10.248.000
3.258.000
26.415.000
309,000
$ . 153,064,000
2,716,253,000
118.807.000
146.097.000
54.404.000
74.880.000
438.858.000
67.483.000
61.549.000
113.002.000
56.852.000
320.893.000
2,105,000
|3,416,641,000
$907,604,000
$4,324,245,000
TOTAL
oOo
\
•
«
• June 30,
194-5
•
♦
LIABILITIES
Deposits of individuals, partnerships and corporations:
Demand..... ...................•
T1me
Postal savings deposits............
Deposits of U. S. Government*.......
Deposits of States and political
subdivision^ ...... .•........... .
Debosits-^f-banks..................
Other deposits (certified and
cashieiS^ checks, etc»)»••••••••«**
Total deposits. . . . ........... *
Bills payable, rediscounts & other
liabilities for borrowed money....
Other liabilities• • • • • # » • # • • • • • • • • • • #
Total liabilities, excluding
capital accounts• • • • • • « « • • • • • • • •
CAPITAL ACCOUNTS
Capital stock:
Preferred stock........... ••••••«
Common stook
Total
Surplus............................
Undivided profits..................
Reserves• • • • • • • • • • • • • • • • • • • • • • • • • • • ♦ ♦
Total surplus, profits and
reserves
Total capital accounts. • • • • • • . • •
Total liabilities and capital
accounts
Ratio of loans to total deposits•*•••
NOTEi
Minus sign denotes decrease
(In t.hmir
sa:nds
N /
£ Mar* 20^/
19 3 5 ^
«K
of dollars )
.
5 June 3 0 *
,
1944.
:
#Increase or decrease •Increase or decrease
0 since Mar. 20, 1945
•since June 30. 1944
Amount • Percent i Amount : Percent
.
-3.28
6 .4 8
-I.84
73*53
*
13.38
#4,380,916
3,258,902 0 . 4 7 )
-357
-6 .5 9
2,385,285
22.05
137,126,500
14,315,4-50
5,057
13,204,999
138,385,841
13,444,701
5,152
7,609,516
3,153,723
8 ,2 5 1,9 5 4
3,266,274
7,650,166
2,998,352
7,403,551
-112,551
601,788
-3*45
7.87
155,371
848,403
767.854
76,825,537
821,563
71,183,213
804,090
65,833,253
-53.709
5 ,6 4 2 ,32 4
-6.54
7.93
-36.236
10,992,284
5,209
491.534-
130,389
460.361
6,205
450.878
-125,180
31,173
-96.01
6 .7 7
-996
40.656
-16.05
9.02
77.32i.28a'
71.773.963
66.290.336
5.548.317
7*73
11.031.944
16*64
79,6 56
1.544.528
1.624.184
1,875,277
692,146
280,946
84,367
1,491,842
1.576.209
1,833,980
704,066
272.320
112,220
1.441.358
1,553.578
1,692,172
604,198
260.661
-4,711
52,686
47,975
41,297
-11,920
8,626
-5.58
3.53
3 «04
2.25
-I.69
3.17
-3 2 ,5 6 4
103.170
70.606
183,105
87.,948
20.285
-29.02
7.16
4.54
10.82
1 4 .5 6
7.78
2.848.369
4.472.553
2.810.366
4.386.575
2*557,031
4.110.609
38,003
85.978
1.35
1.96
291.338
361,944
81.794.833
16.13$
76,160,538
14*81$
70.400,945
17.06$
5,634,295
7.40
11.393.888
132,745,584 -#1,259,341
11,056,548
870,749
-95
5,414
5,595,483
10,819,714
U
-5.18
II.46
-4.51_
16.70
■
1 1 »3-9,—
8.81
16.18
Page /E
Statement showing comparison of principal items of assets and liabilities of active national banks
as of June 30, 1945, March 20, 1945, and June 30, 1944
(In thousands of dollars)
#
>
»f
* June 30,
1945
0
0
Number of banks............ •••••*••»
ASSETS
Other loans, including overdrafts...*
5,021
$2,083,182)
10,305,951)
Total loans.................... 12,389,133
U. S. Government securities:
47,230,307)
Direct obligations••••........
25,156)
Obligations fully guaranteed..••
Total U. S. s e c u r i t i e s ♦ 47,255,463
Obligations of States and political
RnhrH vi on«.......................
2,200,505
1,422,677
Other bonds, notes and debentures....
Corporate stocks, including stocks
141,256
of Federal Reserve Banks.........
Total securities.... ..........
51,019,901
Total loans and securities..... 6 3 ,40 9,034
f.iirrflnmr a n H r»rntf...... . . . . . . . . . . . . . .
821,290
9,647,552
Reserve with Federal Reserve Banks•..
7,144,109
Balances with other banks
Total cash, balances with other
banks, including reserve bal
ances and cash items in process
of collection
17,612,951
Other assets.......................
772,848
Total assets..................
81,794,833
•
. Mar. 20,
.
1945
5,025
$10,544,996
:
1 June 30,
.
1944
5,042
($2,038,770)
( 9,190,910)
:Increase or decrease increase or decrease
since Mar. 20. 1945 ssince June 30, 1944
: Amount s Percent s Amount * Percent
i
-♦08
-21
-.42
$1,844,137
17.49
$44,412
1,115,041
2.18
12.13
-4
10,544,996
11,229,680
1,844,137
17.49
1 ,15 9 ,4 5 3
10.32
43,993,856
(38,156,365)
(
634,504)
3,261,607
7.41
9 ,0 7 3,9 4 2
-609,348
23.78
-96.04
43,993,856
38,790,869
3,261,607
7.41
8 ,464,594
21.82
2,129,036
1,372,440
2,032,998
1,318,488
7 1,4 6 9
50,237
3.36
3.66
167,507
104,189
8.24
7.90
144,958
47,640,290
146,168
-4,912
8,731,378
58,185,286
970,843
9,527,783
6,714,461
53,518,203
820,570
8,277,743
6,961,421
-2.55
7.09
8.98
5,223,748
-149,553 — 15.40
1.26
119,769
6*40
429,648
-3.36
42,288,523
-3,702
3,379,611
9,890,831
720
1,369,809
182,688
20.65
18.48
.09
16.55
2.62
17,213,087
762,165
76,160,538
16,059,734
823,008
399,864
10,683
7 0 ,400,945
5,634,295
2.32
1.40
7.40
1,553,217
-50,160
1 1 ,39 3,8 8 8
9.67
-6 .0 9
16.18
Investments "by the hanks in United States Government obligations (including
$25»000,000 guaranteed obligations) as of June 30» 19^5 aggregated $^7»255»000,000,
which was greater by
$3 *2 6 2 ,00 0 ,000, or more than 7 percent, than the amount
reported for March 19^-5» an& a& increase of $8 ,^6 5 ,000,000, or nearly 22 percent,
over the amount reported for June 19^.
Other bonds, stocks and securities held
of $3»76^,000,000, which included obligations of States and political subdivisions
of $2,201,000,000, showed an increase of $118,000,000 since March 19^5» an& an
increase of $2 6 7 *000,000 in the year.
Cash of $821,000,000, balances with other banks (including cash items in
process of collection) of $7 ,lHh,0 00,0 00, and reserves with Federal Eeserve banks
of $9»6U8,000,000, a total of $17*613*000,000, increased $^00,000,000 since March,
t
and $1,553*000,000 sine e^June of last year.
The unimpaired capital stock of the banks on June 30» 19^5 was $1*62^,000,000,
including $80,000,000 of preferred stock.
Surplus was $1,875*000,000, undivided
profits $692»000,000, and reserves $281,000,000, or a total of $2,8^8,000,000.
was an increase of $38,000,000 over the surplus, profits, and reserves in March,
and an increase of $2 9 1 ,000,000 over the aggregate of these items at the end of
June last year.
This
kry
TREASURY DEPARTMENT
- Washington
FOR RELEASE. MORNING NEWSPAPERS
/
j
V, / j Y l.
Press Ser^
rviie
No. y
/
The total assets of national hanks on June 30 of this year amounted to
nearly $82 »000,000 »000, it was announced today hy ^Oomptroll erf?of the Currency
Preston Delano.
nearly
I frsstoi
tie Hi
Returns from the call covered 5,021 active national hanks in
the United States and possessions.
The assets reported were greater hy
Bjwj
belli
bit!
$5 ,600,000,000 than those reported hy the 5 ,0 2 5 active national hanks as of
March 20, 19*45, the date of the previous call, and an increase of $11 ,*400,000,000
over the amount reported hy the 5,0*42 active hanks as of June
30, 19I4I4.
The deposits of national hanks on June 3 0 , 19 *45, were nearly $77,000,000,000,
an increase since March 19*45 of $5,6*42,000,000, or 8 percent, and an increase of
nearly $11,000,000,000, or 17 percent, since June of last year.
Included in the
current deposit figures are demand and time deposits of individuals, partnerships
I
to
I tlîjp
end corporations of $37,127,000,000 and $1*4,315,000,000, respectively. United States j since Jui
Government deposits of $1 3 ,205,000*,000, deposits of States and political sub
divisions of $3 ,1 5 ^,0 0 0 ,0 0 0 , postal savings of $5 ,0 0 0 ,0 0 0 , certified and cashiers*
checks of $7 6 8 ,0 00,0 00, and deposits of hanks (excluding reciprocal balances) of
I ' ¡fences
jj M r s c
U se of j
1 1 « of
j j | | loa
I ) toosits
«117,06
$8 ,2 5 2 ,000,000.
Loans and discounts were $12,389,000,000, an increase of $1,8*4*4,000,000, or
25)000,0(
te5,Q(
17i percent, since March, and an increase of $1,159,000,000, or 10,32 percent, since
June 19*4*4.
Included in the total loans were commercial and industrial advances of
$*4,506,000,000, real estate loans of $2 ,0 8 3 ,000,000» loans to brokers and dealers
in securities of $1 *33^,0 00,0 0 0 , other loans for the purpose o,f purchasing and
carrying securities of $1 ,8 7 2 ,0 00,00 0 , agricultural loans of $9*41,000,000, consumer
loans to individuals of $9*42,000,000, and all other loans of $71*4,000,000.
The
percentage of loans and discounts to total deposits on June 3 0 , 19)45 was 1 6 , 1 3 in
comparison with 1*4.81 on March 20, 19 U5 , and 1 7 .0 6 on June 3 0 ,
19*4*4.
ptfe*
ply 22
Nsettj
Nioliti
we narc
Cash
l | s of
Ssôf Jl
lire]
f
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday* September 4* 194-5»
Press Service
No, V-49
The total assets of national banks on June 30 of this year amounted to
nearly $82,000,000,000, .it was announced today by Comptroller of the Currency
Preston Delano. Returns from the call covered 5*021 active national banks in
the United States and possessions. The assets reported were greater by
$5,600,000,000 than those reported by the 5*025 active national banks as of
March 20, 1945* the date of the previous call, and an increase of $11,400,000,00C
over the amount reported by the 5*042 active banks as of June 30, 1944.
The deposits of national banks oh June 30, 1945* wereipearly $77,000,000,000,
an increase since March 1945 of $5*642,000,000, or 8 percent, and an increase
of nearly $11,000,000,000, or 17 percent, since June of last year. Included
in the current deposit figures are demand and time deposits of individuals,
partnerships and corporations of $37,127,000,000 and $14*315*000,000, respec
tively, United States Government deposits of $13*205,000*000, deposits of States
and political subdivisions of $3*154*000,000, postal savings of $$,000,000,
certified and cashiers« checks of $768,000,000, and deposits of banks (excluding
reciprocal balances) of $8,252,000,000.
Loans and discounts were $12,389*000,000, an increase of $1,844*000,000,
or 17^ percent, since March, and an increase of $1,159,000,000, or 10.32 percent,
since June 1944. Included in the total loans were commerical and industrial
advances of $4,506,000,000, real estate loans of $2,083*000,000, loans to
brokers and dealers in securities of $1,331*000,000, other loans for the pur
pose of purchasing and carrying securities of $1,872,000,000, agricultural
loans of $941,000,000, consumer loans to individuals of $942,000,000, and all
other loans of $714*000,000. The percentage of loans and discounts to total
deposits on June 30, 1945, was 16.13 in comparison with 14.81 on March 20, 1945*
and 17.06 on Juries 30, 1944*
investments by the banks in United States Government obligations (including
$25,000,000 guaranteed obligations) as of June 30, 1945* aggregated
$47,255,000,000, which was greater by $3,262,000,000, or more than 7 percent,
than the amount reported for March 1945* and an increase of $8,465*000,000, or
nearly 22 percent, over the amount reported for June 1944. Other bonds, stocks
and securities held of $3,764,000,000, which included obligations of States
and political subdivisions of $2,201,000,000, showed an increase of $118,000,000
since March 1945* and an increase of $267*000,000 in the year.
Gash of $821,000,000, balances with other banks (including cash items in
process of collection) of $7,144*000,000, and reserves with Federal Reserve
banks of $9,648,000,000, a total of $17,613*000,000, increased $400,000,000
since March, and $1,533*000,000 since June of last year.
The unimpaired capital stock of the banks on June 30, 1945 was
$1,624,000,000, including $80,000,000 of preferred stock. Surplus was
$1,875,000,000, undivided profits $692,000,000, and reserves $281,000,000, or
a total of $2,848,000,000. This was an increase of $38,000,000 over the
surplus, profits, and reserves in March, and an increase of $291*000,000 oyer
the aggregate of these items at the end of June last year.
Statement showing comparison of principal items of assets and liabilities of active national banks
as of June 30, 1945» March 20, 1945, and June 30, 1944
'
(in thousands of dollars)
♦
June 3 0»
I9H5
5.021
Number of banks......... ♦.............
ASSETS
$2,083,182)
Loans on real estate..*.... .
Other loans, including overdrafts.... 10,305.951)
Total loans...... ......... ...... 12.389.133
U. S. Government securities:
U7 .230,307)
Direct obligations..
25,156)
Obligations fully guaranteed.....
To tal U . S . securi tie s...... *. 97.255.963
Obligations of States and political
2 ,200,505
subdivisions...... ..
Other bonds, notes and debentures.....
1,922,677
Corporate stocks, including stocks
lUl.,256
of Federal Reserve Banks........ .. .....
Total securities................ 51,019,901
Total loans and securi ties....... 63,409,034
821,290
Currency and coin.... .
Reserve with Federal Reserve Banks....
9,697,552
Balances with other banks....... .
7,l*tU,109
Total cash, balances with other
banks, including reserve
balances and cash items in process
of collection..............
.**17,612,951
772.898
Other assets. *......... .
Total assets.• ••..... .
81,79^,833
*
;
Mar., 20,
19U5
] June 30,
1944
5.025
. 5.092
Increase or decrease :Increase or*.decrease
]
since Mar. 20, 1945 :since June 30* 1944
]
Amount : Percent : Amount : Percent
-4
($2 ,038,770)
( 9,190,910)
10,544, 99 (T11,229,680
$ 10,599,996
-.08
$1,899,137
17.U9
1.899.137
17.99
-21
$
44,412
1,115,041
1 .159.953
2.18
12.13
10.32
23.78
-96.04
21.82
8.24
7^90
U3 .993,856
(3 3 ,156,365)
(
639,509)
3-,261, 607
7.41
>+3,993,856
38,790,869
3 ,261.607
7-41
9,073,9>+2
-609,398
8,464,594
2 ,129,036
1,372,440
2,032*998
1,318,488
71,969
50,237
3.36
3.66
167,507
109,189
144,952
4 7 .6UO.29O
58,185.286
970,8^3
9 ,527,783
S^i^.Wi
i46,l6s
42,288,523
53,518,203
820,570
2,277,743
6,961,421
-3,702
3.379.611
5.223.798
-199,553
119,769
429,648
-2.55
7.09
8.98
-15.40
1.26
6.40
-9,912
8.731.378
9.890.831
720
1,369*809
182,688
17,213.087
762,165
76,160,538
16.059.739
823,008
70,400,945
'
399.864
10,683
5 ,639,295
-.42
2.32
1,553,217
~T.4o
-50,160
7.40- 11*39^,888
-3.36
20.65 '
18.48
,09
16,55
2.62
9.67
-blo9
16*18
Page..3
Comparison of principal items of assets and liabilities of national banks * Continued
(in thousands of dollars)_____________________ _
: Increase or decrease : Increase or decrease
: June 30 *
June 30 » ] March 20,
: since Mar. 20, 1945 : since June 30» 1944
;
1944
1545
i
1945
: Percent
:
Amount
: Percent : Amount
Minus sign denotes decrease,
-$1 ,259,341
870,749
-95
5.595.483
-3*26
6.42
-1.24
73.53
$4,320,916
3 ,258,902
-357
2,385,285
13.38
29.47
-6.59
22.05
2 ,998,352
7 ,403,551
“ 112,551
601,766
-3.45
7.67
155,371
242,403
5.16
11.46
204,090
65,833,253
-53,709
5,642,324
-6.54
7.93
- 36,236
10,992,224
-4.51
16.70
6,205
450,272
-125,160
31,173
-96.01
6.77
-996
40,656
- 16.05
9.02
6 6,290,336
5,548,317
7.73
11,031,944
16.64 ;
112,220
1,441,352
1,553,578
1 ,692,172
604,192
260,66l
— 4,711
- 32,564
103,170
47,975
41,297
- 11,920
2,626
-5.58
3*53
3.04
2.25
-1.69
3.17
- 29.02
7.16
4.54“ ~
10.22
14.56
7.76
2,557,031
4,110,609
36,003
85,97$
70,400,945
17.66$
5,634,295
52,686
1.35
1.96"
0
*
1—
NOTE:
$32,745,534
11,056,542
5.4 i 4
10*219,714
M
LIABILITIES
Deposits of individuals, partner
ships and corporations:
$38,385.84i
$3 7 ,126,500
Demand. ............... .
13,444,701
14,315.450
Time............ .
5.152
Postal savings deposits...........
5,057
13.204,999
7 ,609,516
Deposits of U. S. Government......
Deposits of States and political
3 ,266,274
Subdivisions....... ..... .......
3,153.723
7 ,650,166
8,251,954
Deposits of banks............. .
Other deposits (certified and
767,854
221,563
cashiers* checks, etc.).........
76.825,537
71,183,213
Total deposits..... .
Bills payable, rediscounts & other
liabilities for borrowed money..
5.209 *
130,389
460,36l
491,534
Othef1 liabilities.......... .
liaMlitiest excluding
-capital accomitis«»*•
71,773,563
7 7 ,322,3»
CAPITAL ACCOUNTS
Capital stock:
79,656
84,367
preferred stock............... . •
1,491,242
1 ,544 ,52 s
Common stock............... .
1,024,184
1 ,576,209
Total. • ••«»t • • •»• •• ♦• •
♦
1,833,980
1,875.277
Surplus...........................
7o4,o66
692,146
Undivided profits»..... •••••••••»
272,320
280,946
Preserves..........................
‘ Total surplus profits and
2 ,210,366
2 ,242,369
reserves..... .......... .
Total capital accounts*«••••#
“ 47472,553
^,386,575
Total liabilities and capital
accounts*»
•
•
•
»
76,160,538
81,794,833
14.21$
'Ï 6. I35Î “
Patio of loans to total deposits.. ’
70,606
183,105
27,942
20,225.
291,338
301,944
11.39
2» 81
11,393,888
16.I8
Next to the maintenance of peace,
this is the most solemn and sacred
obligation of our great democracy.
Unless we meet this obligation, the
liberties of our constitutional system
are insecure, the dignity of our people
Is endangered, and the sacrifices of our
heroic fighting men my be set at naught.
If we proceed boldly and firmly to meet
this challenge* I look forward to our
unparalleled realization of the rich
promise of a prosperous, a secure and a
free America, leading a prosperous, a
secure and a free world in paths of
peace and plenty.
After this bill is enacted, consideration
should be given promptly to furthering Its
objectives through measures along these
lines.
The enactment of this bill, when
supplemented by concrete measures, will
give confidence to business, labor and
agriculture. It will give businessmen
confidence to go forward with their plans
for new investment and for expansion of
production. No less Important, it will
give confidence to workers and farmers and
facilitate the expansion and growth of
consumption which must be the foundation
of our post-war economy.
-
If -
8* Public Works and Construction»
A long-term program of public works tied
In with the government*s fiscal policy, and
a program to encourage far greater volume
of private construction for housing than
we have ever had in the past*
9« Fiscal Policy. A fiscal policy
aimed at maintaining the economy at or
near full employment, and coordinating all
government programs that have either an
inflationary or deflationary effect*
—
26
5« Foreign Trade« The breaking down
of artificial barriers to trade and positive
measures to encourage world trade.
6. social Security» The broadening
and expansion of unemployment compensation,
old-age pensions, health and education programs
of Federal, State, and local governments,
7* Farm Program. Measures to assure
the farm population an opportunity to enjoy
the seme standard of living, health, and
educational facilities as the rest of the
American people*
6
—
25
”
1* Taxation. A complet© modernization
of tax laws to help achieve stable high
levels of employment and production.
2» Steli business» A program to foster
anali business and encourage the birth of
new business.
5* Competition. A fair, vigorous
anti-monopoly program because competition
Is a keystone to our free society.
b. Labor, Management, and Wages.
Measures to reduce industrial strife, the
broadening of the minimum wage laws and the
encouragement of a high wage policy by
business.
2k
I believe these measures should be taken
promptly, ishlle we are converting our
economy from war to peace,
I shall not discuss in detail the
measures that äiould soon be taken to
implement this bill. On July 1, 19k5» in
my report to the President and Congress on
post-war economic problems, I gave briefly
an agenda showing the major points for an
economic charter for hi$i levels of
employment with a steadily rising American
standard of living, I want to summarize
this nine-point agendas
It mist be supplemented by positive
measures to encourage an expansion of
consumption and private investment. The
bill provides that "It is the responsibility
of the Federal Government to pursue such
consistent and openly arrived at economic
policies and programs as will stimulate and
encourage the highest feasible levels of
employment opportunities through private
and other non-Federal Investment and
expenditure.“ The success of this bill
will depend largely on these measures for
expanding consumption and Investment.
22
In ray last report as Director of far
Mobilization and Reconversion, I said:
"The American people are in the pleasant
predicament of having to learn to live
50 percent better than they have ever
lived before»" I repeat this, because
unless we base our economy on this foundation
of mass consumption, the structure will
not be stable.
This bill is the essential first step
in dealing with the problem of maintaining
employment. It Is a landmark, but not the
end of the road.
*»
21
I cannot see how the people of this country
can deal Intelligently with their economic
problems unless they know what problems
will arise and consider what must be done
to met them.
The foundation for prosperity in this
country must be large and expanding
consumption. That is the only way in which
we can also have large and expanding
Investment. All of our people must have
the opportunity to enjoy the high standard
of living that our producing power has
made possible.
■ *
20
«*
But I say again, ultimate reliance for
jobs must come from an expansion of private
consumption and investment. The only
solution to unemployment is to see that
there are enou$t jobs at good wages in
private Industry*
It is plain coranon sense to examine
regularly the prospects for employment in
this country. To do otherwise would be
the grossest negligence. It is elementary
foreaif^it to take measures to assure an
adequate demand for the product of our
people.
**
19
For short periods, until demand Is restored,
Investment in necessary and useful public
works, planned In advance, will help prevent
a serious depression. And whatever
expenditure Is mad© by the government for
such projects will be subject to thorough
scrutiny under the Natlonal Budget and by
the Joint Congressional Committee for which
it provides. In addition, of course, all
v
appropriations must be authorized by regular
legislation and will be subject to the
usual review of the appropriations committees
and the Congress Itself.
18
It requires estimates to be made of the
prospective demand for this output for
consumption and for investment* When a
failure of demand appears to be Imminent*
recommendations are to be made on measures
to encourage expansion and to meet any
remaining deficiency of demand*
There Is one point I want to emphasize
particularly. This is not* as many seen
to believe, a mere spending bill* or
deficit financing bill* Whenever there is
Inadequate demand, the primary duty of the
government under this bill will be to
encourage an expansion of consumption and
investment, the private purchase of the
products of industry*
17
Construction and investment must be
undertaken to make good the deficiency
of the past few years* le shall certainly
reach a high level of production and
employment after the reconversion period;
we must make sure that it is not followed
by a new period of mass unemployment•
This bill recognizes that the
foundation of economic welfare is the use
of our productive resources* It provides
for a national budget that will show the
amount of production necessary to maintain
a high level of employment*
Likewise, recognition of probable imperfections
in our full employment policy cannot Justify
our refusal to face the task of assuring
Jobs for our people.
Certainly, the task is difficult. But
it can be done? and it can be done under
our system of free enterprise. We have a
unique opportunity now to establish high
levels of production and employment and to
take the necessary steps to maintain them.
There is an accumulated demand for many
consumption goods. Industry is eager to
apply the newly»developed techniques to
peacetime production.
<**► 3*5 ***
Lite all responsibilities, it oust
be discharged by fallible human beings*
subject to those imperfections which are
comm to all mortal creatures« But to
recognize our imperfections does not
Justify us in refusing to accept our
responsibilities and to discharge them to
the best of air abilities.
We have laws against murder* arson
and theft. Yet we all recognize that some
of these crimes go unpunished. Yet none
would deny the complete responsibility
of government to prevent crime.
U*
It moans the assumption of a definite
moral responsibility. It does not, of
course, mean that every Individual will
be led by the hand from one Job to another.
It does mean, as Mr, Ralph Flanders has
put it, that: "The man or woman out of
work has the right to expect that all
responsible elements of society, and
... .. A
.
particularly the Government, will use all
appropriate and effective means to assist
his own best efforts in finding productive
and profitable work
—
X*
**
I would not underestimate the difficulty
of the task* It means a national income of
oo^fOO^oeb
$15^ M -lli-en-as compared with $78 biltien
in 19l*,0* It ¡wans assuring Jobs for
efC'ODT*
approximately 69 stillten people as compared
Ö OOjOö1>
with lj.7railli-OB-in 191*0. It means Increasing
purchasing power enough to increase consumption
by 50 percent, and to expand construction and
investment by 100 percent over pre-war levels*
Let there be no misunderstanding as
to the meaning of the word "assure". It is
more than a mere pious hope - a mere paper
promise to be kept to the ear and broken
to the hope.
»
12
«*
W© have been told that we cannot
afford to take measures to attain full
employment. I maintain that the only thing
we cannot afford is another period of mass
unemployment# The people of this country
are entirely right in saying that there
mist be jobs for all «10 are willing and
able to work. If they do not get these
jobs# then our economic system and our
government will have failed the people.
Let us frankly accept the responsibility
of assuring jobs for all# Having recognized
that responsibility# let us promptly undertake
the necessary steps to discharge it#
-
11
We eau do this If we use our productive
resources; and we can use all of our
productive resources If businessmen know
they will find a market for their production»
I have unbounded faith that .American
businessmen can do their 30b if we give
them a chance to do it» American businessmen
have as much vision asw as ever before. Let
businessmen know that they will find markets
for their products and we shall see a
resurgence of enterprise without equal in
any country at any time*
«*» 1 0
#*■
Q& & OD&
Despite the 12 aU3ri©n men and women in
j
our arsed forces, we employed 52 ®U£*tHl
in our agriculture industries and commerce.
In fact, we were short of labor, and we had
to restrict consumption and investment
through rationing and priorities. There
is only one explanation of this phenomenal
record of production and employment*
Businessmen knew there was a demand for
all that could be produced.
The lesson of the war is clear. This
country can produce enough to provide all
of our people with luxuries and comforts
undreamed of a generation ago*
Nobody was ready to assume responsibility
for dealing with the national crisis# Is
it any wonder that in 1952 there were
16,ml114«n unemployed# that hundreds of
thousands of farms and hemes were lost?
The gross national product fell to
d o
O/ o o o / o o d
$50 MU!«», and forty percent of our
productive resources went to waste because
there were no markets for our industries
and farms.
contrast this with 19i^. In that year
QCOj OP®, 0&T>
m produced $200^M444en worth of goods
and services
•
q
«•
While marred toy farm depression and
considerable unemployment at times, it
was on the «tools a time of active business.
But in 1929# the storm that had been
gathering broke. And in the next four
years, our economy was nearly wrecked.
With depression, this country seemed
to be stricken by paralysis. Some influential
people contended that deflation would cure
depression, as if bleeding could be a
cure for anemia. Their slogan was "sit-tight";
their premise, "prosperity is Just around
the corner."
<m
*m
We must face the fact that all of us
have a responsibility to see that our
economic system works efficiently, that
there are jobs for sen and women able
and willing to work. When we are
confronted with problems of national
scope involving collective responsibility
we must look to the national government,
aeting for all the people, to take the
leadership in their solution.
We can meet this problem of full
employment if we face it frankly.
The 1920's In this country was a
period of expanding production.
For this reason, businessmen cannot
assume the responsibility to keep
producing goods and employing labor in
the face of an Inadequate demand for
their products.
Clearly it cannot be the responsibility
of businessmen alone to prevent unemployment.
But that is not to say there is no
responsibility anywhere to prevent
unemployment. We cannot assume that
depressions are an act of Cod, that they
are a burden men must inevitably bear*
The businessmen of this country have
shown that when there is enough/demand
for their output they are able to produce
fabulous quantities of goods and to employ
all the available labor« In performing
this function, the businessmen of America
are without peers anywhere in the world.
But no businessman can continue to
employ labor and to produce goods unless
he finds a market for his output at a
remunerative price. The fact is that if
any businessman continued for an extended
time to produce goods for which there are
no buyers, he would Inevitably incur such
losses that he could not stay in business.
■»
ii
«•
Under our system of free enterprise,
businessmen undertake production to meet
an expected demand for their products.
So long as they can sell their output at
a price that covers their costs and leaves
a fair profit, businessmen will employ all
the labor they need to produce the goods
they can sell. When they produce efficiently,
sell a good product at a fair price and
pay reasonable wages, businessmen perform
their function and they are entitled to
profits from their production.
Despite the decade of depression before
the war# the people of this country are
confident that with free enterprise there
can be work for all and a high level of
well-being* Our task is to see that the
great potentialities of our economic
system are, in fact, realized,
Too frequently, in the past, it has
been popular to place the blame for
depression on the business ran. If jobs
were lost, if wages dropped, business was
held at fault. It was easier to hold
business responsible for laying off men
and for cutting wages than to tackle the
real problem frankly and boldly.
fa
**
fe
From this wartime experience they know
that it is possible to have well-paid
jobs for all# They will insist on full
employment and steadily rising standards
of living*
This country has achieved economic
greatness under the system of free
enterprise. This economic system has given
to our people an incomparable standard of
living. But free enterprise cannot live
on the achievements of the past. It will
survive and flourish only if we succeed in
using our productive resources to maintain
full employment.
Wm
h
Ö V i
fiT a m p
&
V '
»I#,
BANKING AND CURRENCY
on the
August 51# I9I1.5
This country has a duty to Its
that It cannot neglect* Millions of men
forces and in our
wartime labor force expect, and are entitled
will never again
to, assurance that
have to go through a period of hunger and
poverty and of mass unemployment
The war has
how enormous the
productive capacity of this nation really
Is* People no longer believe that poverty
unemployment are a necessary by-product
of our economic system.
TREASURY DEPARTMENT
W ash in gto n
i,
S ta te m e n t o f ^ S e c r e t a r y V inson b e f o r e th e
S e n a te (B a n k in g and C u rre n c y
CGfifisPpi^e on th e F u l l
Employment B i l l
i&O
1 0 : ^ 0 A. M. , F r i d a y , A ugust 5 1 ,
1945
S t a t e m e n t of S e c r e t a r y V i nson before the
Sena t e C o m m i t t e e on B a n k i n g a n d
S e n a t e C o m m i t t e e on B a n k i n g a n d . C u r r e n o y
on the F u l l E m p l o y m e n t B i l l
1
TREASURY DEPARTMENT
Washington
Sta t e m e n t of S e c r e t a r y V i n s o n before the
Senate C o m m i t t e e on Banking a n d C u r r e n c y
on the P u l l E m p l o y m e n t Bill'
10:30 A . M . , Friday,
A u g u s t 31,
1945
This c o u n t r y has a d u t y to its p e o p l e that it cannot n e g
lect.
M i l lions of men and w o m e n in the a r m e d forces a n d in our
wa r t i m e labor f o r c e expect, an d are entitled to, a s s u r a n c e that
t h e y w i l l n e v e r again have to go t h r o u g h a p e r i o d of h u n g e r and
p o v e r t y a n d of mass unemployment.
T h e war has shown h o w enormous the p r o d u c t i v e c a p a c i t y of
this n a t i o n r e a l l y is.
P e o p l e no l o n g e r b e lieve that p o v e r t y
and u n e m p l o y m e n t are a n e c e s s a r y b y - p r o d u c t of our economic
system.
F r o m this w a r t i m e experience the y k n o w t h a t it is p o s
sible to have w e l l - p a i d jobs for all.
T h e y w i l l insist on f u l l
employment a nd s t e a d i l y r i s i n g standards of living.
This co u n t r y has a c h i e v e d economic greatness u n d e r the
s y s t e m of free enterprise.
This economic s y s t e m has g i v e n to
our p e ople an i ncomparable s t a n d a r d of living.
But free e n t e r
p r ise cannot live on the a c h i e v e m e n t s of the past.
It w i l l s u r
vive a n d f l o u r i s h only if we s u c c e e d in u s i n g our p r o d u c t i v e
r e s o urces to m a i n t a i n full employment.
D e s p i t e the decade of
d e p r ession before the war, the p e o p l e of this c o u n t r y are c o n f i
dent that w i t h free enterprise there can be w o r k for all and a
h i g h level of well-being.
Our t a s k is to see that the great
p o t e n t i a l i t i e s of our economic s y s t e m are, in fact, realized.
Too frequently, in the past, it has been p o p u l a r to p l ace
the blame fo r depr e s s i o n on the b u s i nessman.
If jobs w e r e lost,
if wages dropped,, business was h e l d at fault.
It w as easier to
hold business r e s p o n s i b l e for l a ying off men a n d for cutting
wages than to t a c k l e the r e a l p r o b l e m f r a n k l y and boldly.
U n d e r our s y s t e m of free enterprise, b u s i n e s s m e n u n d e r t a k e
p r o d u c t i o n to meet an expected d e mand for t h eir products.
So
long as they can sell their o u t p u t at a price that covers their
costs a nd leaves a fair profit, b u s i n e s s m e n w i l l employ a ll the
labor t h e y n e e d to p r oduce the goods t h e y can sell.
When they
produce efficiently, sell a g ood p r o d u c t at a f a i r price a n d
pay r e a s o n a b l e wages, b u s i n e s s m e n p e r f o r m their f u n c t i o n a nd
they are entitled to profits f r o m their production.
The b u s i
nessmen of this c o u n t r y have shown that w hen there is enough
V-50
2
d e m a n d for t h e i r output t h e y are a b l e to p r o d u c e fabulous ennri
forming°th?s°furction0
p e e rS I n h e r e
f 11 the a v a S i a b M S 0* ! ^ :
in t h a ’ worfd
SlneSSlnen ° f America a re W ithout
But no b u s i n e s s m a n can continue to
dnpp P-onHo
“*fv a"**“*
uu employ labor an d to uro>4n e r l t l v e n r ?So
T h f S 1H? S .a ”fr k e t f or his ™ t p u t at a remufor an ertpndad -m ^ 6 £a c ’
"k 1® ^kat
any businessman continued
ior an extended time to p r o d u c e goods for w h i c h there a r p n n
i s ríí
ln;;“i!,iy ino" '«h
sir»,
t h e " r e s p o n - i b i l i + v t n v thlS reasol?> b u s i n e s s m e n cannot assu m e
the
kf ep P r ° d u c i n g goods a nd e m p l o y i n g l a bor in
the f a c e of an inad e q u a t e d e m a n d f or t h eir products.
C l e a r l y it c a nnot be the resnons-ibi l -h -v o -f
n
to p r e v e n t unemployment. But th a t is n o t to s f y t h e r f l s ^ o
^
+Kn?°A?Slrjility a n y w h e r e to p r e v e n t u n e m p l o y m e n t !
a; sume
that
d e p re
essions
---- ani”
- - rrF
- Cori
~ r
4 * We , cannot ao
\jlicx u depr
ssions a
^e an
_i. ."
i
» S r K s r . ? Ä ~ «*«*
" ï h i î ? “ ? be «r -
W e m u s t f a c e the f a c T t h a l a
When w e
a re c o n f r o n t e d w i t h problems
of n a t i o n a l
u
Ä us ”^have
scope involving
ri®*'» s * - Ä vare i^sris-ss*f r a n k l y . Can meet thÌS p r o b l e m of M l
employment if we f ace it
tion .Th W h i l e ° m a r r e d ^ ^ f a r ^ d e n r e - s i o n ^ n d ^ o f i fx p a ? ? iaS Pr°toc-
sr
orssa^SLSss^:
^
n e x t Xf d u r ^ y
e a r s ® our
o S economy
e c o n o m v .was
^f
?y
a t wrecked.
h e r i n S *roke.
jtjdn.b,
nearl
A n d In the
th | eH n I I . " 3^ o b o f y ^ s ^ l i d y Pt r i S 6 ’ " P ^ P e r i t ^ i s ^' ju s t^ S o u n d
r n t h the n . t i o » 2 ° S l S i .
. « . w , 000,000
and homes wer e lost?
T ne
'
li , » J
tBsrt
d ~ U ”<
» . L " 0 L s 3 ^ t; a
« S s
gross n a t i o n a l p r o d u c t f e l l to
to°w as°?;0be¿aus0 ; ^ r e ^ l f l f Ä
S
- 3 -
$ 2 0 0 O O O ^ O ^ o o n 1™ ^ ^
% 2 ’o n n ' n n n
l3 U \
T
women
*
In that y e a r w e p r o d u c e d
in our ari8ed forces,
we e m p l o y e d
e n oughh t o 1p r b v i d e fa l i eof a o u r ST5eonle,w i + h it cou" t r y can P r o d u c e
u n d r e a m e d of a g e n e r a t i o n a g o ! l e c a ^ ^ t h i ^ i f a n d oomforts
d u o t i v e resources; an d we can u«?e B ?fn „ 2° ,, 8
w e u se our Proif b u s i n e s s m e n t a w t h e y w i l l find a m a i k e r ^ + h 0 ^
6 r ?sollroes
I have u n b o u n d e d f a i t h ttat t l r i h r ?? •
f o r t h eir proauction,
if we g i v e t h e m a chance to do
«b u s i n e s s m e n can do t h eir dob
m u c h vision n o w as ever before
t + ® er iean b u s i n e s s m e n have as
a t t e i n ef u f T e emrien t0l+ I*?* we o a n n o t a f f o r d to take measures to
afford
L e? £ loyment>
1 -maintain that t h e o n l y t h i M
afford
°r ^
c o untry
all who
. .
la re
w illin g ^ n d a W e t o w S I .
^ f
t£ e v d ? ™ t ^ 2 °£ ? f ° r
Doos, then our economic s y s t e m and nnr r ”, t h6y d2 n o t se1; *tnese
e people.
let us frarklv^
l d 2 ^ G o v e r n m e n t w i l l have f a i l e d
Dobs for all.
H a v i n g recognised*
6 r e s P 0 u s i b i l i t y of a s s u r i n g
4-
promptly undertake t f e t ^ e s s S
US
means ^ " ' n a t i o n a l i n c o m f S l i l o ^ O O ^ O O ^ O O ^ °f the t a s k ‘ Ii;
$ 7 8 , 0 0 0 , 0 0 0 , 0 0 0 in 1940
It
°°0 ’°°° a s v c Pm P a r ed isrith
asas s “ “S 131 gssws
50
cent over
word " a s s u r e ” . ^ ^ L s ^ m o r e ^ t h a ^ a ^ p f a s .to
m e a n i n g of the
promise to be keu t to thp ---v, 21 2 ? erf pious hope - a mere p a p e r
the a s s u m p t i o n o f a L f i n i " e m o ? n 1 ^ * ea
h ° P e • ** means
of course, mean that eirery i n d i v i d u a l J r t i r b i f f If d ° 2 S n o t ’
one job to another,
it does mean
ai
f n i b y ^ the h a n d fr01
t
ueb mean, as J/Sr. R a l p h Fl a n d e r s has out
it, t>
"The man orC* woman
w o man nn+r
out n-P
of
work‘
has
tb n
^ . ,f . l . nas pur
put
that
U r e s p o n s i b l e elements of society, ^ n d ' p a h t ^ u l a S y ^ I ^
r
- 4 -
S l ™ b e s t W effort®
Des-D eiiorts m
■.» » i i W
dS
effective means to assist
finding productive and profitable work."
1 r a b S ^ Î S ” ’ ■“
“ S ’ * b * « » » t a r s » « by f a l libl,
St1 “ 1
d i s charge them to t h f b e s t o? ^ m ^ i e s T 0*3 “ 111*163 and ? °
reco ”®2ga^® ^a^
against murder, arson and theft.
Yet we all
l s 3 s °xi
mring
jobs f o r our people.
« »
*i “ d «
S K f S f S
X
I
•
,tabllal11,18111» " 1> «
S o i » o ? L ? 2 d a, S y !
an
the n e c e s s a r y steps to m a i n t a i n them?
T h e r e is
an a c c u m u l a t e d d e m a n d for m a n y c o n s u m p t i o n goods
Industrv i f
*°« » « th, „„i,.a„,lopeJ t.StoiJuS; S t«S,Smfbio-
S S " S ; d S S i S S “ ? S f
r e a c h a h i g h 1 v el of f
i f
1
version p e h c d : we
n e w peri o d of mass unemploymen-
“ «
,y e a r ?-
bJ « M i r t . l t e.“ o P» t o
W e sha11 c e r t a i n l y
is t h e ^ u s e ^ o f " ^ " o S ^ u r o d u c t i the foundatiori o f economic v/elfare
S it ag ^ i i r es ? o = r iih r
to ^ r 1
i n v e s t m e n t ? Pe w h e n ea dfailure°of't^ e m a n d tP^ 1^ ° ^ c ° n s M o n ° a M T o r *
r e c o m m e n d a t i o n q oro
-i
d e m a n d a p p ears to be imminent,
and tn m » o + 1QnS are
De Ga(3-e on measures to encourage exuanqinn
,and to meet a n y r e m a i n i n g d e f i c i e n c y of demand.
S
exP a n s l °n
f n e r e is one p o i n t I want to e m p h asize uarticnla-Kiv
not:
??r " p e n d i n g bill, or i e f l e r t
13
f i n a ncing bill.
demand,
t
h
e
primary
duty of the G o v e r n m e n t u n d e r this
expansion of c o n s u m p t i o h a n d inv e - ' t m f +
+ h
e n c o urage an
the products of ind u s t r v
P er
f ’ .f e Pr l yate p u r c h a s e of
restored, inv e s t m e n t in n e c e s s a r y a n d ?u f f u r ’uublic w o r > n d la
in advance, w i l l heln w p TOr+ Q I J Z Z
U S ®IU 1 public works, p l a n n e d
\
- 5 ~
of course, a ll a p p r o p r i a t i o n s mus t be a u t h o r i z e d by r e g u l a r
l e g i s l a t i o n a nd w i l l be subject to t he u s u a l r e v i e w of ? h f a b n r o priations committees a nd the Congress itself.
But I sav p^pin
u l t i m a t e r e l i a n c e f o r Jobs m ust come f r o m an expansion of irriv»“f-«
• o n j W i o » and
Tj . 0„ ly
Industry^ th * th
•
.p
a re enoush 3°bs at g o o d wages
in p r i v a t e
If is plain common sense to examine r e g u l a r l y the
£2 L sesT:
, S 0inegligence.
" S f « S 0i h l,r;
40
»'»“
" gIh«t »to« take
is K ?K °ts
It Tis t te?l e m e T?
ntar
y f
oresi
to a s s u r e a n a d e q u a t e demand f o r t he p r o d u c t of our people
T^an
not see h o w the p e o p l e of this c o u n t r y can d e a l intellieen-H l
a nd
•™aSaSSSS^So^“^ ^ ^ ? ,^«»sS^1Wo5aw
ir5S
that oui p r o d u c i n g p o w e r has made possible.
,Tn m y ia =t rp-nm-t
as D i r e c t o r of W a r M o b i l i z a t i o n a nd R e c o n v e r s i o n
I said^ P " t L
fea^°?o
I rSLat
? f p l fna re “ the P l e a sant p r e d i c l m e n t o f h i v i n g to
+hT® 5 k p e r c e n t b e t t e r than t h e y have ever lived before "
ures to pr^nurn
ment.
*
^
s u p p l e m e n t e d by p o s i t i v e meas-
T h e b m ^ r o v i l e s * t b S “ »?*
“
• ^ 2 te i n v e s t '
K !;.S stK iT S u ,5 S ^ ^ * ^ ^ « ‘^*iSco*S
expanding cons u m p t i o n a nd i n v e s t m e n t 2
should be takpn
n yesTment*
from w a r to J e a c e !
P
bh
I believe these measures
y ’ W h l l e We a re v e r t i n g
our e c o n o m y
.. , -f sho11 1)017 discuss in detail the measurpq th«-H
be taken to implement this bill
On Tnlv i
i o J h^
s u ould soon
to the Presidprit pnri
x ' UIV J u l y i> 1945, in m y r e p o r t
I gave br
f i ? L !
Congr e s s on p o s t - w a r economic problems,
chfrterbf o r fh L h t S 6 ? da 2 h o w i n s the m a j o r points f or an economic
A
^ L eL f s0t a n d I r d 1oe ? eiliving.
L i L emPlI 0w
^ ann t f to
+ W ith
a s t e a d i l y r i s i n g "0“10
agendas
s u m m a r i z e this n i n e - p o i n t
V
- 6 ~
, -,
* .2â2BÎl2B* A c o m plete m o d e r n i z a t i o n of t ax laws to
h e l p a c h i e v e stable h i g h levels of emp l o y m e n t a n d production.
. 2 * S m all bu s i n e s s . A p r o g r a m to f o s t e r s m all busireec!
a nd e n c o urage the b i rth of n e w business.
■1
... I
\
.. _
P P ^ e t i t i o n . A fair, vigorous a n t i - m o n o p o l y p r o g r a m
b e c ause c o m p e t i t i o n is a keyst o n e to our free society.
1 n d u s t r i a T ^ q'f r \
Wa*,
e £ » Measures to r e d u c e
. i ?j r i a i strife, t h e b r o a d e n i n g of the m i n i m u m wasp law«*
a n d the en c o u r a g e m e n t of a h i g h w a g e p o l i c y “
ua?flss?
barriers
trade?
*
^
T r a d e ‘ T1?e _b r e a k i n g down of a r t i f i c i a l
d ® a n d p o s l t l v e mea s u r e s to e n c o u r a g e w o r l d
Social S e c u r i t y . The b r o a d e n i n g a n d expnrxHmi
u n e m p l o y m e n t compensation, o l d -age pensions
h S n + h »«a *
e d u cation pr o g r a m s of Federal,
^•
s
F a r m P r o g r a m . Measu r e s to a s s u r e thp farm
æe a u c.ai tli o nva l îfac
. ï iï lSi tï i, e*s ”as“
sthe
»? l i s ^ r s s r
r e s t of tfie A m e r i c a n people.
„
. P u b l i c Works a nd C o n s t r u c t i o n . A l o n g - t e r m p r o g r a m
of public works tied in w i t h the G o v e r n m e n t ' s f i s c a r p o i w
a nd a p r o g r a m to encourage fa r g r eater v?lum^ of p r i v a t e
c o n s t r u c t i o n f or h o u s i n g than w ! h a v e ever t ad L
S e pIst.
F i s c a l Policy. A f i s c a l p o l i c y
he e c o nomy at or n ear f u l l employment,
G o v e r n m e n t pr o g r a m s that hav e either ai
d e f l a t i o n a r y effect.
a i m e d at mpin-fpirHnDan d coordinatire- pif
inflatïonarv
x m i a r i o n a r y or
m easu re!, ew ! ? ? | ? 4 ° f o l f i L n o e 1t o Wb ?n - SUPPlT S te<i by c o n c r e te
It will give b u f i n e s s m e n o “ ? ? d e n o e t “ | ? Sh r w l ? d w l t h l h e l r 1^
6 '*
plans f or n e w inve s t m e n t and f or expansion I f ^ r c d u c t i n ^ '
S " f 2 ^ ï S ? e ’t h ï £ £
« ï Ye 00" f i d “ ce
be the f o u n d a t i o n o l ^ o s t ^ ^ S L y f
v°orkersUa n d ° f a r m e r s
°°D S U “ p t l o n ^ i c h must
!
- 7 -
and sac?Pdt o h ^
ao
e
t
n
i
^
e of peace,
this
?T
Z
is the m o s t soleirn
t h L o b l i g a t i o n 8 t h ^ n i°h
Sr ®2t democracy.
insecure S the di
£
tleS o f o m ’ c o n s t i t u t i o n a l s y s t e m are
f i c e s ^ f ’o w heif?n ^
i + °Ur P 8 0 p l e *5 endangered, a n d th e sacri
proceed v , r , T ^ T A ° * i 'tshting men m a y be set a t naught.
If we
p r o c e e d coldly a n d f i r m l y to meet this c h a l lenge
I l o o k -fnvwa-rrt
to our u n p a r a l l e l e d r e a l i z a t i o n of the r i c h p r e m i s e of a nrne
perous, a secure a n d a free America, leading a proIperou<-P a
secure a n d a free w o r l d in paths o f ’p e ace a - p l e n t y ?
- 0O 0*
/
Un
TREASURY DiäPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
~
Saturday,^September 12A1945.
P ress
Service
\/^ s f
The Secretary of the Treasury announced last evening that the tenders for
*1,300,000,000, or thereabouts, of 91-daj Treasury bills to be dated September
6 and
to mature December 6, 1945, which were offered on August 28, 1945, were opened at the
Federal Reserve Banks on August 31,
The details of this issue are as follows:
Total applied for-H,932,337,000
Total accepted - 1,306,033,000 (includes $48,420,000 entered on a fixed-price
99.905 and accepted in full)
Average price
- 99.905/ Äquivalent rate of discount approx. 0*37556 per annus
Range of accepted competitive bids:
Equivalent rate of discount 0.3602 per annum
' 9 9 -905
"
«
«
»
approx. 0.3762 per annum
~
(64 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
Richaond
Atlanta
Chicago
St. Louis
liinneapolis
Kansas City
Dallas
San Francisco
1 12,735,000
1,451,752,000
35.950.000
17.245.000
21.135.000
2.650.000
202,760,000
9.630.000
3.110.000
n , 965,000
14.890.000
68.^15,000
*
TOTAL
*1.932,337,000
<
9,099,000
952,240,000
28.462.000
17.345.000
18.651.000
2,650,000
189,268,000
7,686,000
3,110,000
10,777,000
14,530,000
--- 52.315.000
$1,306,033,000
TREASURY DEPARTMENT
Washington
FOR RELEASE* M O R N I N G NEWSPAPERS,
Saturday, S e p t e m b e r I, 1945.
Pre.ss Service
No, V-51
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 evening
that the tenders
for $1,300,000,000,
or thereabouts,
of 91-
d a y T r e a s u r y bills to-be dated S e p t e m b e r 6 and to mature
D e c e m b e r 6, 1945, w h i c h were o f f ered on A u g u s t 28,
1945,
were
opened at the F e d e r a l Reserve Banks on A u g u s t 51*
The deatails
of this
issue are as follows:
Total applied for - $ 1 , 9 3 2 , 3 3 7 , 0 0 0
Total a c c e p t e d
-- 1 , 3 0 6 , 0 3 3 , 0 0 0
(includes $ 4 8 , 4 2 0 , 0 0 0
entered on a fixed-price basis at 99.905 and a c c epted in
full)
Average price
Range
- 9 9 . 9 0 5 / E q u i v a l e n t rate of disco u n t
approx 0 . 3 7 5 % per a n n u m
of a c c e p t e d competitive bids:
High
- 99.909 Equ i v a l e n t rate of d i s count
0 * 3 6 0 % per a n n u m
- 99.905 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
L ow
(64 percent of the amount bid for at the low price was accepted)
Federal R e s erve
District
Total
A p p l i e d for
Total
Accepted
Boston
New Yor k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
$
TOTAL
12,735,000
1,451,752,000
35.950.000
17.245.000
2 1 . 1 35.000
2.650.000
282,760,000
9.6 3 0 . 0 0 0
3.110.000
11.965.000
• 1 4 , 8 90,000
68.515.000
$1,932,337,000
oOo
9 , 0 99,000
952.240.000
28.462.000
17.245.000
18.651.000
2 . 6 5 0.000
189.268.000
7.686.000
3.110.000
10,7 7 7 ^ 0 0 0
14.5 3 0 . 0 0 0
5 2 . 5 15.000
$1,306,033,000
7
Ai/
£f¥
/
dr**
1Z ' * ' '
^•Mn
CJJ^C^Lyr
( y y \ y r ^ - ^ y
0 W T 45j
Labor Day is set aside to honor the men and women of
America who by their work make possible the vast production
of this country fbr war or peace^ T h e Labor Days of 1942,
1S43, and 1944 were not holidays, for this country was waging
a total war.
Labor has made its contribution to the winning
of that war.
Labor will make its contribution to the winning
of the battle of reconversion and to the winning of the peace.
In truth, Labor must make that contribution, for, although the
Government will actively assist, it cannot do the job alone.
May we, the people of this country, have the intelligence and
the energy to wage the peace and the reconversion as completely
and as successfully as we waged total war.
If we can do that,
We can look forward with hope and confidence to an era of high
rages, employment, and a good standard of living for each and
lvery worker.
O o
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Monday, September 3> 1945»______
Press Service
No. V-52
Secretary Vinson today issued the following Labor
Day statement:
Labor Day is set aside to honor the men
and women of America who by their work make
possible the' vast production of this country
for war or peace.
The Labor Days of 1942, 1943 > and 1944
were not holidays, for this country was waging
a total war. Labor has made its contribution
to the winning of that war. Labor will make
its contribution to the winning of the battle
of reconversion and to the winning of the
peace. In truth, Labor must make that con
tribution, for, although the Government will
actively assist, it cannot do the job alone.
May we, the people of this country, have
the intelligence and the energy to wage the
peace and the reconversion as completely and
as successfully as we waged total war. If we
can do that, we can look forward with hope and
confidence to an era of high wages, employment,
and a good standard of living for each and
every worker.
oOo-
lAf 3
POR IMMEDIATS RELEASE
September*^ 1 9 ^
r
The Bureau of Oust oms announced today preliminary figures showing the
quantities of coffee authorised for entry for consumption under the quotas
for the 12 months commencing October 1 , l ÿ & t provided for in the InterAmerican Coffee Agreement, proclaimed by the President on April 15 , l ÿ ü ,
as follows:
Country of Production
Quota Quantity
(Pounds) 1 /
Authorised for entry
for consumption
As of
ate) : (Pounds)
Signatory Countries:
Brasil
Colombia
Costa Bica
Cuba
Dominican Republic
Ecuador
31 Salvador
Guatemala
Haiti
Honduras
Hexico
Nicaragua
Peru
Venesuela
Hon-Signatory Countries:
A/
2.353.628.932
796.79>»,513
50,615,676
20,21*6,297
30,369,379
37.961,757
151,8^7,028
13 5 .396,920
69 .596,621
5 ,061 ,51a
120 ,212,296
*19.350,321*
6 ,326,893
106 ,292,893
89,81*2,785
August 25» 19*15
R
1.395.119.381
627.397,181
"
37,976,1*5?
.
*
, **.390.77*
(Import quota filled)
Jagust 25 , 191*5
22 ,351,920
!
105 ,556,332
9l*,035,328
53,990,01*7
(Inport quota filled)
August 25 , 191*5
76 ,5110,985
R
20,31*0,952
3 .900,526
58,252.396
688 ,1*78
Qw°tas as of June 1 , 191*5» deternined by action of the Inter—American
Coffee Board on May 29 , 19 U 5 .
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, September 5, 1945,
Press Service
No# V-53
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, 1944, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
¡¡jpg
.
I
H
:
r
1941, as follows:
•
s
Country of Production
j Quota Quantity
:
(Pounds) 1/
:
Authorized for entry
j
for consumption
: Als of (Pate)
: (pounds)
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:
2,353,628,932
796,794,513
50,615,676
20,246,297
30,369,379
37,961,757
151,847,028
135,396,920
69,596,621
5,061,541
120,212,296
49,350,324
6,326,893
106,292,893
89,842,785
August 25, 1945
1, 395,119,381
627,397,181
it
37,976,459
tt
4,390,774
quota filled)
25, 1945
22,351,920
tt
105,556,332
tt
94,035,328
n
53,990,047
quota filled)
25, 1945
76,540,985
tt
20,340,952
tt
3,900,526
tt
58,252,396
it
(import
August
(import
August
tt
688,478
l/ Quotas as of June 1, 1945, determined by action of the Inter-American
Coffee Board on May 29, 1945.
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. .41#, as amended, and this notice, orescribe 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 ix
-
2
-
Reserve Banks and Branches, following which public announcement will be made by the
Secretary of the Treasury of the amount and price rango 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 $200,000 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 I
in cash or other immediately available funds on
September 13, 1945
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
j
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 I
amount of discount at which Iheasury bills are originally sold by the United States
f
shall be considered to be interest.
Under Sections 42 and 117 (a) (l) of the
1
Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, t h e '
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
j
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 7, 1945
iS
The Secretary of the Treasury, by this public notice, invites tenders
for $ 1,300,000,000
91 -day Treasury bills, to be issued
, or thereabouts, of
‘
T
on a discount basis under competitive and fixed-price bidding as hereinafter pro
vided.
The bills of this series will be dated
September 13, 19¿.5
, and will
W
December 13, 1945
mature
,.t hen the face amount will be payable without
5^x
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, September 10, 1945
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 incoroorated 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 pf payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING. NEWSPAPERS,
Friday, S e p t e m b e r 7, 1045._______
T he S e c r e t a r y of thè Treasury, by this public notice,
invites tenders for $1,300,000,000, or thereabouts, of 91-d a y
T r e a s u r y b i l l s , .to be issued on a discount b a sis u n d e r
c ompetitive and 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 provided*
The bills o f this series will be dated Se p t e m b e r 13, 1945, and
will m a t u r e D e c e m b e r 13, 1945, w h e n the face a m ount will be
payable w i t h o u t interest.
T h e y will be issued 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, f>5,000, $10,000, $100,000*
$500,000, and $ 1 , 0 0 0 , 0 0 0 (maturity value).
Tenders w ill be r e c eived at Federal Reserve Banks and
B r a nches up to the p l b s i n g hour, two o fclock p.m., E a s t e r n W a r
time, Monday, S e p t e m b e r TO, 1945.
Te n d e r s w ill not be received
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 tender mus t be
for an even m u l t i p l e of $1,000, and the price offered m u s t be
expressed on the basis of TOO, w i t h not mor e than three decimals,
e. g ., 99.925.
Fractions m a y not be* used.
It is u r g e d that,
tenders be made on the pr i n t e d forms and for w a r d e d in the
special envelopes w h i c h will be supplied b y Federal Reserve Banks
or Branches on a p p l i c a t i o n therefor.
Tenders will be received w i t h o u t d e p o s i t fro m i ncorporated
banks and trust companies and f r o m resp o n s i b l e and recognized
dealers in, investment securities.
Tenders f r o m others mus t be
a c c o m panie d b y p a y ment of 2 p e r c e n t o f the face amount of
T r e a s u r y bills a p p lied for, u n less the tenders are a c c o m p a n i e d
by an express g u a r a n t y of payment by an i n corporated b a n k or
trust c o m p a n y . 1
I m m e d i a t e l y after the closing hour, tenders will be, o p e n e d
at the Federal R e s erve B a n k s and Branches, following whicih public
announcement w ill be made by the S e c r e t a r y of the T r e a s u r y of
the amount and price range of ac c e p t e d bids.
Those s ubmitting
tenders will be a d v ised of the a cceptance or r e j e c t i o n thereof.
The Secretary o f the T r e a s u r y e x p r e s s l y reserves the right to
accept or reject any or all tenders, in whole or in part, and
his a c t i o n in a ny such-respect shall be filial.
Subject to these
reservations, tenders for $ 2 0 0 , 0 0 0 or less fro m any
one bidder at 99.905 entered on a fixed-price basis will be
accepted in full.
Payment of ac c e p t e d tenders at the prices
offered m u s t be m ade or completed at the Federal R e s e r v e Bank in
cash o r . other i m m e d i a t e l y ava i l a b l e funds on S e p t ember 13, 1945.
V-54
(Over)
-
£
-
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 b i l l s , w h e t h e r i n terest
o r g a i n f r o m the s a l e o r o t h e r d i s p o s i t i o n o f the b i l l s , shall
n o t h a v e a n y e x e m p t i o n , as such, a n d l o s s f r o m the s a l e or other
d i s p o s i t i o n o f T r e a s u r y •b i l l s shall' n o t h a v e a n y s p e c i a l r t r e a t m e n t , ^ a s such# u n d e r Fed 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 b i l l s ^ s h a l l be s u b j e c t to e s t a t e , - i n h e r i t a n c e , 'gift, o r . ,
o t h e r excise,, t a x e s , w h e t h 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
e x e m p t f r o m a l l t a x a t i o n n o w o r h e r e a f t e r i m p o s e d on t h e principal
or i n t e r e s t t h e r e o f b y a n y S t a t e , or a n y o f the p o s s e s s i o n s of
States, or by any local taxing authority.
F or purposes
o r t axation the a m ount 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 shall be considered to be
interest.
U n d e r Se c t i o n s 42 and 117 (a) (1) of the Internal
Revenue Code, as a m e nded b y S e c t i o n 115 of the Revenue Act of
1941, the amo u n t . n f disco u n t at w h i c h bills issued hereunder are
sold shall not be considered to a c crue u n til such bills shall be
sold, redeemed or otherwise d i s p o s e d of, and such bills are ex
cluded f rom co n s i d e r a t i o n as capital assets.
Accordingly, the
o w n e r _ c f T r e a s u r y bills (other than life insurance companies).
I s suLea he re und p r n e e d include in his income tax r eturn*only the
d i f f e r e n c e b e t w e e n the price pai d for such bills, w h e ther on
original issue or on subsequent purchase, and the amount actually
received either upo n sale or rede m p t i o n at maturity, during the
axaole y e a r for w h i c h the retu 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 Ci r c u l a r No. 418, as amended, and this
notice, p r e s cribe the terms of the T r e a s u r y bills and govern the
conditions o f their Issue.
Copies of the circular m a y be ob
tained f r o m any Federal Reserve B a n k or Branch.
oOo
V
- 3 -
Applications for positions may be made to any office
of the Civil Service Commission, to any Bureau of Internal
Revenue office, or to the Director of Personnel, Treasury
Department, Washington 25, D. C.
00 o
2
investigative and legal training and experience which may
be substituted for accounting.
Positions for deputy collectors, at $2,320 per year,
are available for- applicants whose business experience or .
training do not qualify them for positions as revenue agent
or special agent.
Revenue agents are primarily accountants or auditors.
Special agents are primarily accounting investigators.
Deputy collectors are used to assist the Collectors of In
ternal Revenue and enjoy opportunities for advancement as
special agents or revenue agents.
A total personnel of about 5,GOO will be required to
carry out this expansion and strengthening of the Revenue
Service.
The recruitment drive is being conducted in co
operation with the United States Civil Service Commission,
and with active help from veteransT organizations and from
military authorities.
Preference will be given discharged
service men in all cases.
Others will be employed to the
extent that qualified service men cannot be obtained.
far as possible, employees will be given work in their
home areas.
So
KffgTBB PRESS RELEASE
Secretary Vinson today announced that the Civil Service
Commission had authorized a substantial liberalization of
qualifications for positions as internal revenue agent and
special agent with the Bureau of Internal Revenue.
The liberalization will permit many more discharged
service men to qualify for these positions, it was noted.
"We must get our drive against tax evaders under full
headway and we particularly want the help of the service men
in this drive," Secretary Vinson explained.
Revenue agents’ positions will pay $2,980, $3,640, $4,300
and $5,180 a year, depending upon education and experience.
For the lowest grade position, completion of an acceptable
accounting course can qualify an applicant, under newly re
vised regulations.
For the higher positions responsible
experience in accounting is required, but accountancy study,
teaching or a Certified Public Accountant certificate may be
substituted for a portion of the experience requirement.
Special agents are being recruited at starting salaries
of $2,980 and $3,640.
The qualifications are similar to
those required for revenue agents, except that a limited
number of positions are available to persons having special
TREASURY DEPARTMENT
Washington
POR RELEASE, MO R N I N G NEWSPAPERS,
Saturday, S e p t e m b e r 8. 194S.
Press Service
S o . 7-55
S e c r e t a r y V i n s o n t o d a y a n n o u n c e d that the C i v i l Service
Com m i s s i o n had a u t h o r i z e d a s u b s t a n t i a l l i b e r a l i z a t i o n of
q u a l i f ications f or p o s itions as internal r e v e n u e agent a n d
special a g ent w i t h the B u r e a u of In t e r n a l Revenue.
The l i b e r a l i z a t i o n w i l l p e rmit m a n y more discharged* s e r v
icemen to q u a l i f y for these positions, it was noted,
uWe mus t g et our drive ag a i n s t t a x evaders u n der f u l l h e a d
way a n a we p a r t i c u l a r l y w a n t the h e l p of the serv i c e m e n in this
drive,
S e c r e t a r y V i n s o n explained.
_ R e v e n u e a g e n t s ’ p o s itions w i l l p a y $2,980, $3,640, $ 4 , 3 0 0
and s|>5,180 a year, d e p e n d i n g upon education a n d experience. For
the lowest grade position, c o m p letion of an a c c e p t a b l e a c c o u n t
ing course can q u a l i f y an applicant, u n d e r n e w l y r e v i s e d r e g u
lations.
F or the h i gher positions r e s p o n s i b l e experience in
accounting is required, but a c c o u n t a n c y study, teaching or a
C e r t ified P u blic A c c o u n t a n t cert i f i c a t e may be s u b s t i t u t e d for
a p o r t i o n of the experience requirement.
** noAp e °iaL a ? e? s m T e
r e c r u i t e d at st a r t i n g salaries of
a nd $3>'640.
The q u a l i f i c a t i o n s are s i m i l a r to those
required for r e v e n u e agents, except that a li m i t e d n u m b e r of
positions are a v a i l a b l e to p ersons h a v i n g sp e c i a l i n v e s tigative
and legal tr a i n i n g a n d experience w h i c h m ay be s u b s t i t u t e d for
accounting.
hj>2,980
/
Positions for deputy co3.1ectors, at $2,320 per year, are
available for applicants whose business experience or training
do not q u a l i f y t h e m for positions as r e v e n u e a g e n t or special
agent.
Revenue agents are primarily accountants or auditors,
bpecial agents are primarily accounting investigators. Deputy
coliectors are used to assist the Collectors of Internal Revenue
and enjoy opportunities for advancement as special agents or
revenue agents.
&
i, , .A total personnel of about 5,000 will be required to carry
U this expansion and strengthening of the Revenue Service.
is being c o n d u c t e d in c o o p e r a t i o n w i t h the
nited States C i vil Service Commission, a nd w i t h a c t i v e hel p
vs' |
|V
‘i / g
\
" ■j®
~
2
i
■
m ' •
U ff V
-
f r o m veterans* organizations arid f r o m m i l i t a r y auth o r i t i e s
Pre f e r e n c e w i l l be g i v e n d i s c h a r g e d s e r v icemen in a l l ’cases
cannol'be^ o b t a i n e d ' ? ■
w o ^ L
l h e £ ¿om^areas
^
“
exten* that qualified s e r v i c e «
P ° S S l b l e > e m p l o y e e s w i l l be g i v e n
‘
Civil
. i ^ h 3 ® ^ 1® 13 c °nimission,
Washington 25, T
V
■
'.I
'
jg '
#■
■-' l
f o r p o s i t i o n s ma y be made to a n y offic
to a n y B u r e a u of Internal R e v e n u e
^ r e o t o r of P e r s o n n e l > T r e a s u r y Department,
- 0O0-
Proposed press release
It will be "United States Savings Bonds, Series^ after
current stocks of "War" Savings Bonds have been sold*
Secretary Vinson today- approved amendments to 'treasury
circulars governing the bonds to permit "reconversion" of the
E*s to peacetime sale*
Mr* Vinson has expressed the hope that
there will be a continuing large sale of Series E bonds, and
widespread maintenance of the payroll savings plan Of purchase,
f|M Bureau of Engraving and Printing already ha© begun
production of bonds without the "war" designation*
However,
it is expected that existing stocks will supply most of the
needed for the coming Victory Drive*
Ihe "war" designation was dropped from Series P and 0
tft $ 8 f e :®
|
.?
|
i
§ .
'
j
¡¡¡I |
bonds printed after December 1, 1942, when the treasury
determined to place major emphasis on the E*s as a war secu
rity; and ih order to provide a security acceptable to certain
'
I
groups cojbsbientiously opposed to participating in war
1/1
activities
# o 0 o »
V
i i
/
(
SÉ
TOi ~ '
Mr* Kilbff
To approve and initial, pleasej
Chas. P.
S h a effer
Mr. Shaeffer
u u d .piTOji
release
_______
t will be "United States Savings Bonds, Sériés,
current stocks of "War” Savings Bonds have been sold
Secretary Vinson today approved amendments to Treasury
circulars governing the bonds to permit "reconversion" of the
E’s to peacetime sale.
Mr. Vinson has expressed the hope that
there will be a continuing large sale of Series E bonds, and
despread maintenance of the payroll savings plan of purchase.
The Bureau of Engraving and Printing already has begun
production!of bonds without the "war" designation.
However,
t existing stocks will supply most of the
a.Wu'.ii'iticss needed for the coming Victory Drive.
The "war" designation was dropped from Series P and G
bonds printed after December 1, 1942, when the Treasury
determined to place major emphasis on the E's as a war secu
rity; and in order to provide a security acceptable to certain
groups conscientiously opposed to participating in war
activities.
-0 O0 -
TREASURY DEPARTMENT
Washington
POR IJVMEDIATE RELEASE,
Friday. September 7. 1945
Press Service
No. V-56
It will be "United States Savings Bonds,
Series E"
after current stocks of "War" Savings Bonds have been sold».
Secretary Vinson today approved amendments to Treasury
circulars governing the bonds to permit "reconversion” of
the E s to peacetime sale.
Mr.
Vinson has expressed the hope
that there will be a continuing large sale of Series E bonds,
and widespread maintenance of the payroll savings plan of
purchase.
The Bureau of Engraving and Printing already has begun
production of bonds without the "War" designation.
However,
it is expected that existing stocks will supply most of,the
bonds needed for the coming Victory Drive.
The "War" designation was dropped, from Series F and G
bonds ^printed after December 1, 1942, when the Treasury
determined to place major emphasis on the E»s as a war
security, and in order to provide a security acceptable to
I *"
’
'
'’ .
Si
certain groups conscientiously opposed to participating in
war activities.
oOo
DIVISION OF PUBLIC RELATIONS
Assignment sheet.
Title
Arim
Release date ___ 9
Press Service No.
.1-51.
Bldg,
dist.
( y)
Special messenger . . . <
O
(/) General « • » . . • • •
TAC
( ) Trade Agreement Commodit
CFQ
( ) Coffee quotas
CQ
( ) Cotton quotas • •
WQ
22
13 5
115
) Yi/heat quotas, . A » v. . . . . -, . .
22
BUL (
) Treasury fti^^jl^^Balletin • • • . •
—
T
( ^
Finance
1,367
167 ^
(
) Net Market tranJ&SS.^# W " ? 4.* ,
54.8
(
)
T'ayémc?
Mr* Little (will call)
540
B14g
C4 X)
167
600
151
325
DLI (
) Debt limitation *?*•* f W
SF
(
) Stabilization fund. • ........
174 .
551
B
(
) Weekly bill offering. • * . . .
150
178
) Bills & Bonds other than weekly • •
156
275
—
TM
ll_
4.69
1,575
—
B&B (
FE
NE
♦ . . • ♦
( ) Financial Editors • • • • • • •
( ) News Editors
( ) Speech list
• ♦
1
PUBLIC RELATIONS, Room 4416 . . a •
186
—
---- ,
Press room • •
OWI . • * • • •
Building distribution
7/ 1 /4 5
No» copies
t o b e sent
65
(
F
Mailing
list
400
-
.STATUTORY DEBT LIMITATION
AS Of AUGUST 31. 19HjT
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amomj
p f obligations issued under authority of that Act, and the face amount of obligations
guaranteed as to principal and interest by the United States (except such guaranteed
obligations as may be held by the Secretary of the Treasury), «shall not exceed in the
aggregate $30 0 ,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 th at may be outstanding a t any one time
Outstanding August 31» 19%
Obligations issued under Second L ib erty Bond A ct, as amended
In terest-b earin g
Bonds
'
„
,
Treasury........... ..................... ... $108,171»6S3»H50
Savings (maturi ty value)
57 *50H,069»125
D epositary......................... ..
516 , 260,000
Adjusted S e r v ic e ...................................... 500,157»956 $166,692*170,531
HU,393»581,525
Treasury notes............. .
Certificates of indebtedness.... H3 ,215,929*000
Treasury bills.......... . *.... 17,038,093*000
Total interest-bearing......... ....... .
Matured, interest ceased.............. .
Bearing no interest
War Savings Stamp s..............
IU9 ,6H5 ,223
Excess profits tax refunds bonds
1,088,581,SUp
T o ta l.......................................... » . . . .................
Guaranteed obligations (not held by Treasury)
In terest-b earin g
Debentures: T.ÏÏ.A. ............. ..
35»% 3»386
Demand ob ligation s: C.C.C. . . . . . _____ H79.5H9,9?H
Matured, in te re s t ceased..................
The
$300 ,000 ,000,0
u
eres
reasi
aria,
i0U. 6H7.60
»6P3.».5g5
271,339 , 7 7 4 , 0 5 6
1 7 1 ,525,600
rtifj
1,238.227,063
272.7U9,586,7.19
51M33.360
19.13Ú.UOO
533,967.760
Grand to ta l outstanding. ...................................................................... ........... * ............
Balance face amount of obligations issuable under above a u t h o r i t y . . . . . . .
2T >
>
2o,7lQ»
Reconcilement with Statement of the Public Debt - August 31» 1 9 %
(Daily Statement of the United States Treasury, September U, 19 U5 )
Outstanding August 31, 1 9 %
c
nn 71Q
Total gross public debt.......... ........ ....................... ••*
Guaranteed obligations not owned by the Treasury.... ..
“2 Ê 3
Total gross public debt and guaranteed obligations.*•.......••••••••••
Add - unearned discount on U. S. Savings Bonds
(Difference between maturity value and current redenption value)
1 0 ,739 ,269 ,9^9
Deduct - other outstanding public debt obligations
not subject to debt limitation..............
1 ,0U0 ,393»665
9.7Ug,d
,
273 283^1
* Approximate face or maturity value; current redemption value $U 6 ,7 lU ,7 9 9 ,176
\f-
ac
September 10, 1945
STATUTORY DEBT LIMITS ION
■
AS OF AUGUST 31, 1945""
Section 21 of the Second Liberty Bond Act, as amended, provides' that the face
amount of obligations issued under authority of that Act, and the face amount of
obligations guaranteed as to principal and interest by the United States (except
such guaranteed obligations as may be held by the Secretary of the Treasury)# n shall
not exceed in the aggregate $300,000,000,000 outstanding at any one time.”''
The following table show s the face amount of obligations outstanding and the
face amount wPiich can still be issued under this limitation:
Total face amount that may bd outstanding at any one time
'
$300,000,000,000
Outstanding August 3.1, 1945
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
<
5onds
Treasury.... .............. . 4108,171,683,450
Savings (maturity value)*..,,. 57,504,069,125
Depositary....,t
,
516,260,000
Adjusted Service,...... .
500,157,956
1166,692,170,531
Treasury n o t e s , . , 44^393#581,525
Certificates of indebtedness... 43,215,929,000
Treasury bills,,.....,.,,,,..., 17,038,093,000
Total interest-bearing,.......................
Matured, interest ceased,..,,.,,.,.,..... .
Bearing no interest
War Savings Stamps..... I
,
149,645,223
Excess profits tax refunds bonds; 1,088,581,840
Total............ ............................ ..
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A.
35,483,386
Demand obligations: C.C.C. ....
479,349,974
Matured, interest c
o
a
s
e
d
104,647,603,525
271,339,774,056
171,585 600
, 1,238,227,063
~272,749,586,719
,
514,833,360
19,134,400
535,96 7;,760
r^Grand total outstanding........... .,,,.............. ,
Balance face amount of obligations issuable under above authority,.*
'
273,283,554,479
26,716,445,521
m m m r n
' w w i
Washington
FOR RSLSASB, HORNIHG l«SPAFSRS,
Tuesday* Septcaber XI, 194$,
Press Service
|A~S |
The Secretary of the Treasury announced last evening that the tenders for
11,300,000,000, or thereabouts, of 91-day treasury bills to be dated Septestoer 13 and to
Inature December 13, 1945, which were offered on September 7, 1945, were opened at the
{Federal Reserve Banks on September 10.
the details of this issue are as follows;
Total applied for - $2,024,665,000
fetal accepted
- 1,301,933,000 (includes $60,925,000 entered on a fixed-prici]
basis at 99*905 and accepted in full)
Average price
- 99-905/ Equivalent rate of discount approx* 0*375$ per annus
Range of accepted competitive bids:
High
Low
- 99*909 equivalent rate of discount approx* 0*360$ per annus
- 99*905
*
w w «
e
0*376$ « "
(59 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
Rsw York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
# 16,690,000
1,453,025,000
66,035,000
21.720.000
17.430.000
13.425.000
307,270,000
32.193.000
7,575,000
17.027.000
12.705.000
— 54,520,000
TOTAL
$2,024,665,000
m&x
Accepted
1 1 ,360,000
9 0 3 ,1 0 0 ,0 0 0
$2,095,000
20.690.000
16 278.000
15.965.000
191,999,000
20.754.000
6,345,000
.
.
10.245.000
1 5 182.000
38.120.000
$1,301,933,000
Pere
federal
pstrict
Boston
I» W k
, fendei:
Iwani
f e w
«anta
kicago
!• Ioni;
.incapo]
S s C
t e a s Cl
anc
TREASURY DEPARTMENT
Washington
POR RELEASE, M O R N I N G NEWSPAPERS,
T u e s d a y , S e p t e m b e r 11, 1945.:
The
the
S e c r e t a r y o f the Tr e a s u r y a n n o u n c e d
tenders
for # 1 , 3 0 0 , 0 0 0 , 0 0 0
Treasury bills
December
were
13,
to be d a t e d
1945,
opened
The
Press Service
No. V-59
at
the
details
Federal
of this
or thereabouts,
September
which were
last
13 and
offered
issue
are
as
that
of 91-day
to m a t u r e
on S e p t e m b e r
Reserve Banks
evening
7,
1945,
o n S e p t e m b e r 10#
follows:
T o t a l a p p l i e d for - $ 2 , 0 2 4 , 6 6 5 , 0 0 0
Total accepted
1,301,933,000
(includes $60,925,000
e n t e r e d o n a f i x e d - p r i c e b a s i s at 9 9 . 9 0 5 a n d a c c e p t e d in
full)
Average
Range
price
of accepted
-
competitive
High
-
Low
-
(59 p e r c e n t
9 9 . 9 0 5 / E q u i v a l e n t rate of discount
approx. 0 . 375^ per a n n u m
99.9 0 9 E q u i v a l e n t rate of d i s c o u n t
approx. 0.360^ per annum
99.905 Equivalent rate of discount
approx. 0 .376^ per annum
of the a m o u n t bid
Federal Reserve
D i s t r i c t _____
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, L o u i s
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
TOTAL
bids:
f o r at
Total
Applied
the
for
low price was
accepted)
Total
Accepted
>.
16,690,000
1,453,025,000
66.035.000
21.720.000
17.480.000
18.425.000
307,270,000
32.193.000
7,575,000
17.027.000
12.705.000
54.520.000
11.360.000
903.100.000
52.095.000
20.490.000
16.278.000
15.965.000
191.999.000
20.754.000
6,345., 0 0 0
15.182.000
10.245.000
38.120.000
$2,024,665,000
$1,301,933,000
oOo
\J- L 0
FOR IMMEDIATE RELEASE
September IT. 1945
'L
She Bureau, of Customs announced today preliminary figures shoving
the quantities of coffee authorised for entry for consumption under the
quotas for the 12 months commencing October 1, 1944, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
1941, as follows}
Country of Production
f
•
: Quota Quantity
:
(Pounds) if
:
Authorised for entry
:
for consumption
: As of (Date! : (Pounds)
Signatory Countries:
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
EL Salvador
Guatemala
Haiti
Honduras
Nexieo
Nicaragua
Peru
Venesuela
Non-Signatory Countries:
1/
2,353.628,932
796.79^.513
50,615,676
20,246,297
30 ,369,379
37 .961,757
1 5 1 ,8*7,028
13 5 ,396,920
69.596,621
5 .0 6 1 ,5*1
120 ,212,296
*9 .350 .32*
6 ,326,893
106 ,292,893
89,8*2,785
September 1, 1945
R
R
R
(Import quota filled)
September 1, 1945
«
R
H
(Import quota filled)
September 1, 1945
R
R
1,*36,6*6,*75
646,594,506
37,975,28*
*,390,762
22,351»920
111,186,307^
96,702,950
5 *,852,533
77,1*3.07*
2 1 ,656,102
H
*,098,913
.6 1 ,665,*0*
R
688,*82
Quotas as of June 19 1945# determined by action of the Inter-American
@Offee Board on Nay 29 , 1945«
¿/.' 3 d<P/7)
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
,Wednesday, September 12, 1945,
Press Service
,No* V-60
• The Bureau of Customs announced today preliminary figures showing
the quantities of coffee authorized for entry for consumption under the
-quotas for the 12 months commencing October 1, 1944, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
1941, as follows:
Country of Production
,
______________
2
•
2
Quota Quantity
(Pounds) 1/
i
t
•
Authorized for entry
for consumption
As of (Date)
: (Pounds)
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Hondura s
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries
1/
2,353,628,932
796,794,513
50,615,676
20,246,297
30,369,379
37,961,757
151,847,028
135,396,920
69,596,621
5,061,541
120,212,296
49,350,3^4
6,326,893
106,292,893
89,842,785
September 1, 1945
1, 436,646,475
646,594,506
ti
37,975,284
tt
4,390,762
(import quota filled)
September 1, 1945
22,351,920
tt
111,186,307
tt
96,702,950
tt
54,852,533
(import quota filled)
September 1, 1945
77,143,074
»t
21,656,102
tt
.4,098,913
tt
61,665,404
tt
<t
688,482
Quotas as of June 1, 1945, determined by action of the Inter-American
Coffee Board on May 29, 1945,.
oOo
v
., g
;
'
,
’
| i t §
FOB. IMMEDIATS RELEASE,
September 13.« 19k$
ru
The Bureau of Customs announced today preliminary figures showing the
quantitiès of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under, the import-quotas established in the’President’s proclamation
of May £8, 1941, as modified by the President’s proclamations of April 13, 1942,
and -dprfil 29, 1943, for the 12 months commencing May 29, 1945, as follows:
Wheat
Country
of
Origin
»Established
»
Quota
.
•
(Bushels)
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
Prance
1,000
Greece
Mexico'
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
3razil
100
Union of Soviet
Socialist Republics
1Q0
Belgium
100
800,000
Imports
»May 29, 1945,
sSeptember 1«
(Bushels)
.
h
9
7as » -
Wheat flour, semolina,
crushed or cracked
wheat, and similar
____ wheat products
»Established
Imports
î
Quota
May.-29, 1945,
toSapt. 1. lj|(5
(Pounds)
3,815,000
24.000
13.000
13.000
(Pounds)
770,% 7
8,000
75.000
1,000
4Èʧ
mt
5.000
5.000
t
Ì^
’
: ...
(
14,000.
m
mm
mm
mm-
mm±
1.000
1,000
1,000
-
mm
mm
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
-
T O 3 f "
~oQo-
4,000,000
770,S
SI
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, September 12, 1945,
Press Service
No. V-61
he Bureau of Customs announced-today preliminary figures showing the
quan 1 les of wheat and wheat flour entered, or withdrawn from warehouse, for
import quotas established in the President 's proclamation
~ rZ
aS
toy the President's proclamation of April 13, 1942
and Xipnl 29, 1943, for the 12 months commencing May 29, 1945* as follows:
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
: Imports
Established : Imports
:May 29, 1945, to
Quota
:May 29,1945
:September 1, 1945
:to Sept.lil93
(Pounds)
Wheat
Country
of
Origin
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argent ina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium.
Established
Quota
795,000
794,415
100
3*815,000
24.000
13.000
13.000
8 ,¿‘00
75.000
100
100
5.000
5.000
770,557
1 ,0 0 0
1 .0 0 0
1,000
1,000
100
2,000
100
14.000
2,000
12.000
1 ,0 00
1 ,000
1 ,0 0 0
1 ,0 0 0
. 1 ,000
1 ,0 00
1 , 00.0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1,000
100
1,000
100
100
100
100
800,000
794,415
4,000,000
770,557
Pf
- 2 -
Commodity
*
:
Established Quota
Period and Country : Quantity
Silver or black
foxes, furs,
and articles;
Foxes valued
under $250 each
and whole furs
and skins
May-Nov. 1945
All countries
Tails
12 months from
Dec, 1, 1944
52,176
Unit
of
Quantity
Number
:
;
*
Imports as of
September 1,
1945
24,882
V;
Paws, heads or
other separated
parts
tt
Piece plates
tt
Articles, other
than piece plates
tt
5,000
oOo
Pieces
500
Pound
550
Pound
500
Unit
500
24
POH IMMEDIATE RELEASE
September 3±. 19^5
1 2
The Bureau of Customs announced today preliminary figures shoving the
imports for consumption of commodities within quota limitations provided
for under trade agreements, from the beginning of the quota periods to
September 1, 19^5, inclusive, as follows:
Quota
3 Quantity
:
Unit
8
of
: Quantity
: Imports as of
: September 1
3
19^5
Calendar year
3,000,000
Gallon
22,3^6
Calendar year
1,500,000
Gallon
3^7
Pish, fresh or
frozen, filleted,
etc«, cod, haddock,
hake, pollock, cusk
and rosefish
Calendar year
17,668,311
Pound
Quota filled
White or Irish
/ potatoes!
certified seed
other
90,000,000
60,000,000
Pound
Pound
Quota filled
Quota filled
•
Commodity
___
:
Established
: Period and Country
Whole Milk, fresh
or sour
t
Cream, fresh or
sour*
12 months from
Sspt. 15,
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Bed cedar shingles
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6# of
total soluble
solids.
Calendar year
Calendar year
Pound
(unstemmed
equivalent)
22,000,000
1,727,2Hz
1,500,000
Quota filled
Square
1.079.786
Gallon
996,000
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Qor_.
™r j
j
«
,
*
Wednesday, September 12, 1945,
rress Service
U o # V-62
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities within quota limitations provided
for under trade agreements., from the beginning of the quota periods to
September 1, 1945, inclusive, as follows:
Commodity
f
;
Established Quota
•: Period and Country * Quantity
Whole Milk, fresh
or sour
:
:
:
Unit
of
Quantity
Calendar year
3,000,000
Gallon
Calendar year
1,500,000
Gallon
:
:
;
Imports as of
September 1,*
1945
22,34Q
sour
CO
-3
Cream, fresh or
Fish, fresh or
frozen, filleted,
etc»,cod, haddock,
hake, pollock, cusk
and rosefish
Calendar year 17,668,311
Pound
Quota filled
White or Irish
potatoes:
certified seed
other
Pound
Pound
Quota filled
Quota filled
12 months from
Sept*15,1944 90,000,000
60,000,000
'Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and,
scrap tobacco
Calendar year 22,000,000
Red cedar shingles Calendar year
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of Calendar year
total soluble
solids.
Pound
(unstemmed
equivalent)
Quota filled
1,727,242
Square
, 1,079,786
1,500,000
Gallon
996,000
.%
2
Commodity
f
•
:
Established Quota
: Period aad Country 5 Quantity
Silver or black
foxes, furs,
May-Hov. I9M5
and articles:
All countries
Foxes valued
under $250 each
and whole furs
aad skins
12 months from
Tail 8
Dec. 1, 19*A
:
:
:
Unit
:
of
:
Quantity :
52,176
Humber
5,000
Pieces
Imports as of
September 1 ,
1<&5
2h,8S2
Paws, heads or
other separated
parts
R
500
Pound
500
Piece plates
N
550
Poind
—
Articles, other
than piece plates
”
500
Unit
2k
■fri 2
COTTON CARD STRIPS made from cottons .having a staple of less than 1-3/16 inches
in length, CQMpER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING- WASTE, WHETHER
OR NOT MANUFACT URED OR OTHERWISE ADVANCED IE
Annual quotas commencing
September. 20, hy Countries of Origin:
Total quota,cprqyided;['.howe.ver,. that not more than 33-1/3 percent of the quotas
shall be filled by cotton ’wastes other than card strips made from cottons
having a staple less than 1-3/16 inches in length and comber wastes made from
cottons of 1-3/16 inches or more in staple length in the case of the follow
ing countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
:
,[
(In Pounds)
' Establi ¿heÆ : -TOTAL IMPORTS Î ESTABLI SHED : Imports
Sept. 20, 1944
; TOTAL QUOTA ? Sept. 2 0 , 1944 : 33-1/3$ of
? t oSept* 1, 192*5; Total Quota
toSept« 1*. 1 /
l,li5
-A (
;■
•
Urp.ted Kingdom, ...
4,323,45? A ’
1,441,152
Canada.
....... ..
239,69(5“
France............
227 ,420'
7.5,807
British India.....
' # %¿ x ; — .
69,627
69,627
tt
Ndt h ^ i a n d s .............................
68,240"
. 22,747
Switzerland......
mm
44,388
14,796
Belgium........... . .
38,559
12,853
Japan........... ..
_
341,535
China.............
_
17,322
Egypt........... . .
8,135
Cuba............
—
6,544"
Germany....... .... ,
^ ■.
76,329
25,443
Italy.....
.
•* 21,263"
•
7,088
m ;
Country of Origin
totals
5,482,509;
69,627
l/~ Included in total imports, column 2,
-oOo-
1,599,886
F C R aiw.iaiifcW3 RELEASE
The Bureau of Customs announced today that preliminary reports from the
collectors of customs shoy imports of cotton and cotton waste chargeable to the
import quotas established by the President ’s -proclamations qf September .5; 1939,
as amended by the proclamations of December IS,. 1 9 4 0 March 31, 1942, and’June ’
29, 1942, during the period September 20,. 1944,. to .Septeob&r 1,
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OH ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USEE IN THE MANU
FACTURE ^OF BLANKETS. AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20,. by Countries of Origin:
.( In :.Pounds)
J
i-Lw;-
Country of
-■.-Or.igin - -.
^Staple length less /b Staple length 1-1/8» or more
:
than 1-1/8»
but less than 1-11/16»J
:
Imports
Sept.:
Established
: Imports Sept,
u ..
:Esfa51i‘sKeH:26, '1944, to :
Quo t a ’
t 20, 1944, to
vv :Quota
Sept« 1« JSbS
.45,656,420 Sept. 1, 2$M>
'' % rpt and the AngloE^rptian Sudan.,,..... .
Peru*........
British India.... .
China.
Mexico. **
.
Brazil.
Union of Soviet '
.
Socialist Republics...
Argentina.,.4......,
Haiti....... .
,
Ecuador.........
,
Honduras.........
Paraguay..............
“Golombiav;
;*
Iraq...........
British East Africa....,
Netherlands East Indies.
Barbados............
Other British Nest
Indies 1/ .........
Nigeria.........
Other British Nest
Africa g/
Other French Africa ¿/..
Algeria and Tunisia.....
*•14 iflij-X’,■■*V ' 8§|fl:J 11
783,816
' m
247,952
26*3b3
2,003,483
122,879
1,370,791
8,883,259 8,883,2$$
618,723
475*124
5,203
237
9,333
752
871
■
-
'
■
-
«.
21,321
5,377
-
16,004
689
14,516,882
A/
2/
3/
m
3,903
-
7
195
2,240"
71,388
Uo^oit,ioo
2,671,fia
2^81
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and'Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
143,079,60b
;i
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE
Thursday, September 13, 1945,
Press Service
No. V-63
„ Ty Bur®au of Customs'announced today that preliminary reports from thè
c o l l e c t o r s ^ customs show inports of cotton and cotton waste chargeable to the
mpor quo as es ablished by the President's proclamations of September 5, 1939.
1942
Pr? ° Ì T U 01ÌS °f Deoeiober 19> 1940, March 31, 1942 and June 29,
1942, during she period September 20, 1944, to September 1, 1945.
C°c c ? ? o ? o f iTR9''ST m F E i A
TH/iH
INCHES' (OTHER THUT HARSH OR ROUGH
«
U
™
J ° " 5/ 4 !NCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFi-CTUEE OF B U H K É T S ..ND BLANKETING, AND OTHER THAN LINTERS) . Annual quotas
commencing September 20, by Countries of Origin: .
annual quotas
(InPounds)
Country of
Origin
i
:
Staple length léss
than l-i/8"
: Staple length 1—l/8” or more
:
but. less than 1-11/16”
:
Established
: Imports Sept.
.
‘Established !i”P° ^ L Sef :
Quota
: 20, 1944, to
!
Quota
I9« , to
•
iSept, 1, .1945 : 45,656,420
j Sept, 1, 1945
Egypt and the AngloEgyptian Sudan...... .
783,816
Peru.... .
•
¿e.-/, yo2
British India......... . 2,003,483
China.'.,,
• -s-#o/u^/yx
Mexico.........tTt, Y
. 8,883,259
Brazil......... .
ft 1 p 70<
QXO j (£ò2;
Union of Soviet
Socialist Republics..
475,125
Argent ina..,,,.
5,203
Haiti...... .
0
rtr>
¿Of
Ecuador....tT...
0
<
2
"
Z
V $ ÙOO
Honduras.......
71 0
c0
Cj
.•
Q
71
Paraguay.....______T
0/1
Colombia.... .
1 OA
A«c4fc
Iraq,.........
\ iyo
British East Africa,,...
2,240
Netherlands East Indies
71,388
Barbados.... .
v
Other British Wdst
Indies l/
21,321
Nigeria. .7.... .
0,0 /(
Other British West
Africa 2/ ....
16,004
Other French Africa 3/,
. 689
Algeria and Tunisia/!"..
1*,bib,682,
/
V
J
7
26,343'
122,879
—
8,883,259
40,404,100
2,671,601
3,903
w
ì»
■mm
«Ni
‘ ,
-«
_ \ -
■— 1"
_
’
>
,f
,.'7'
~ | 1
**
„
9,032,481
45,656,420
OTher than o Y f
Be“
' ^ maioa, Trinidad, and Tobago.
Y T
■ n Gold Coasl; and Nigeria.
6
Other than Algeria, Tunisia, and Madagascar.
43,079,604 >
2
COTTON CARD STRIPS .-made from cottons having a staple of less than l-3/l6 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas commenoing
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 made from cottons
having a staple less than 1-3/16 inches in length and comber wastes made from
cottons of 1-3/16 inches or more in staple length in the case of the follow
ing countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
'
6 ■
Country of Origin
United Kingdom.... .
Canada............. ,,
France ...............
British India........
Netherlands.........
Switzerland..........
Belgium............. .
Japan............. .
China............. , r,
Egypt.............. .
Cuba..... ......... T„
Germany
Italy......... T.T
TOTALS
(in Pounds)
: TOTAL IMPORTS
: ESTABLISHED :Imports
: Established : Sept. 20, 1944 :
33-l/3^ of :Sept. 20, 1944to
4
TOTAL QUOTA :to Sept. 1, 1945: Total Quota :Sept. 1. 1945 l/
4,323,457
239,690 :
227,420
69,627
68,240
44,388
38,559
1,441,152.
, 69,627
75,.807
22,747
14,796
12,853
—
17/j066
1
8,135
O ;RA/
«■»
A
'
mm
76,329
21,263
25,443
7,088
5,482,509
69,627
Included in total imports, column 2.
-oOo-
1,599,886
.
-
-
2-
requirements to suppliers and through standardisation of these requirements, effect (
:
savings to the Federal Government.
They are widely used, too, by
state,county, municipal, institutional and educational bodies*
iene
)ln drafting Federal Specifications, which are approved and promulgated by
the Director of Procurement, the Board will supervise the work of 74 technical
coamdttees, composed of scientific and expert personnel of t h e various Government
offices*
The Board will also consider means of correlating specifications of
the participating agencies with Federal Specifications*
In addition, it plans
to secure the cooperation of industrial and engineering societies, such as the
American Standards Association, fhe American Society for Testing Materials, and
many others*
« O
III
HI i
11
a
G
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday» September 13, 19A5
J Composed
Press Service f
Ho. t/~ £<1
of representatives from ten Government agencies, the Federal
Specifications Board held its first meeting on Tuesday, September 11«
It was
established last month b y Clifton E« Mack, Director of the Procurement Division
of the Treasury Department^ [to cooperation 'with the Standards staff of the
Procurement Division, it is responsible for the preparation and revision of pur
chase specifications for supplies used b y the Federal Government«
y»'""*1
"
y D r * Lyman J« Briggs, Director of the Bureau of Standards, Department of
Commerce, was appointed Chairman of t h e Board«
Willis S« MacLeod, Standards
Consultant to the Director of Procurement, will be the Executive Vice Chairman,
and Norman F« Harriman, Technical Assistant to the Director of Procurement, will
serve as the Board*s Technical Consultant« j^Other members, designated by the heads
of their agencieS| sire Colonel B« L« Neis, Chief of the Specifications and Inspection
Branch, Production Division, Army Service Forces; Leo H. Vullings, Assistant
Superintendent of the Division of Supplies, Bureau of the Fourth Assistant Post
master; Captain W* C« Latrobe, Chairman of the ^avy Department Specifications
Board; ftwmidwK Commander R* L* DeGroff, Chief of the Specifications Division,
Navy Department; Earl E« Eisenhart, Purchasing Officer, Interior Department;
Ca>
J« M« Locknane, Acting Chief of the Division of Purchase, Sales and Traffic,
Agriculture Department;
A« J* Harrison, Chief of the Procurement Division*Supply
H
Service, Veterans Administration; Taylor H« McCauley, Director of Service
Operations, Federal Security Agency; and Garland F« Rounds, Director of the
Engineering Division, Bureau of comrainity Facilities, Federal Works Agency*
Federal
are used by Government purchasing officers to describe their
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Thursday, September 1 3 ,
19 4 5
.
Press Service
Noî V- 6 4
iu P ° !£ ? 0 of representatives from ten Government agencies,
tneJederal Specifications Board held its first meeting on
Tuesday,^September 1 1 » It was established last month by
lifton ji, Macif, Director of the Procurement Division of the
Lecu S v e ComS?lee.aHd superaedes ithe Pea^al Specifications
0 0 °Pefation with the Standards staff of the Procurement
Division, it is responsible for the preparation and revision of
purchase specifications for supplies used by the Federal Govern-
T)pnqlP * iy“2n„ A ^ i S S S , Director of the Bureau of Standards,
: » n i l * nti.° T C ! f ei'!:e ’ was appointed Chairman of the Board,
lllis o. hacleod, Standards Consultant to the Director of
S r r i m I n en| ; c h n ^ A e4the
Vice A i r m a n , and Herman F.
Hariiman, Technical Assistant to the Director of-Procurement
will serve as the Board’s Technical Consultant*
*
are
tion S
designated by the heads of their agencies,
Bi v h 2 « S ' ° hlef.of tbe Specifications and Inspei-
Vullings^Assistant^Superintendent^of^ therD i v L i o n Cof'supplies
Ctoner L ° fofhth!°Favv
« i? ? 0 t Specifications
C a p t a i Board;
n
*• Commander
c - Strobe
chairman
of the bavy D
Department
r.Chie,
f of the Specifications Division, Navy Department, Earl E. Eisenhart, Purchasing Officer, Interior Department
ana i r ^ f i ? anAi-riCti?S Chi ef of the division of Purchase, Sales
thf
’ A fr£?u ltVre department; A. J. Harrison, Chief of
iaAo^H
F e c a l evV1D ^ n,+SUPPi A Servioe’ Vet®rans Administration
Security Agency; and Garland P. Rounds, Director of the igineerAgfncyT
’ BureaU of Commuriity Facilities, Federal Works
o f f . c e ^ ^ E E 60^ 10^ 10133 are used by Government purchasing
s t a n d a r d l a t ? ™ S th h61r requirements to suppliers, and through
standardization of these requirements,‘effect large savings to
the Federal Government.
They are widely used, t o f by stfte
county, municipal, institutional and educational bodies!*
’
p r o m u S a S f b v l h e l ? " ! 1^ 00.
1^ 3"10"3 ’ which are approved and
•ai;eL1 Dy the ■Dlrec^or of Procurement, the Board will
supervise the work of 74 technical committees, composed of
2
s c i e n t i f i c a n d e x p e r t p e r s o n n e l of t h e v a r i o u s G o v e r n m e n t o f f i c e s *
T h e B o a r d w i l l a l s o c o n s i d e r m e a n s of c o r r e l a t i n g s p e c i f i c a t i o n s
of t h e p a r t i c i p a t i n g a g e n c i e s w i t h F e d e r a l S p e c i f i c a t i o n s .
In
a d d i t i o n , it p l a n s to s e c u r e t h e c o o p e r a t i o n of i n d u s t r i a l a n d
e n g i n e e r i n g s o c i e t i e s , s u c h as t h e A m e r i c a n S t a n d a r d s A s s o c i a t i o n ,
the A m e r i c a n S o c i e t y for T e s t i n g Materials, a n d m a n y others.
0O0-
- 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. 413, as amended, and this notice, orescribe 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 $200,000 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
September 20. 19l x
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, j
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
j
bills shall be subject to estate, inheritance, gift, or other excise taxes, whether 1
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 j
amount of discount at which Treasury bills are originally sold by the United States j
shall be considered to be interest.
Under Sections 42 and 117 (a) (l) of the
c
Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941? the
amount of discount at which bills issued hereunder are sold shall not be considered j
to accrue until such bills shall be sold, redeemed or otherwise disposed of, and
such bills are excluded from consideration as capital assets.
Accordingly, the
owner of Treasury bills (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, September 1A. 19A5
K v
'' ’
&&
The Secretary of the Treasury, by this public notice, invites tenders
for I 1,300,000,000 , 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
September 20.
♦ and will
mature
December 20. 1945
interest.
They will be issued in bearer form only, and in denominations of $1,000
”15
, 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,
It
,
Monday. September 17. 19A5
,
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 pf payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
i/~
C
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING- NEWSPAPERS
Priday, September 1 4 , 1 9 4 5 . '
i n v i t e s % e n d e r ^ f L t l l o o To m Si S n ’ by ! £ i s p u b l i o n o t i o ®’
T reasu ry b i l l s ? t f b e
b in s “ !
i s s u i f n A T u ° r th ?r ®abouts, of 91-d ay
t h i f ‘ P r i 0 e b i d d i n S 33 h e ^ i M i t e r
'
p lo ? id 2 d e r TheP S t i '
without i n t e r e s t . : They w i l l b p -iq m iS ■ m? unt wl11 be Payable
in denominations o f $1 000 fc ooo Mn nnA63^
form ° ? l y * and'
and $1,0 0 0 ,0 0 0 (m aturity v a lu e 5 . °°* v l 0 ’ 000> #100,000, > 5 OO,0<3O,
¿ r a n o h lfu ^ tf t L ^ l^ llU h o u f
Banks a* d
tim e, Monday, September 17 IQa A
° , cdoc^ P*m, > E a ste rn War
a t th e T reasu ry D e m r l L U ’ vP4 t
P nders w i l 1 n ot be re c e iv e d
f o r an even S t S U ? I ? ‘ n n n f 1^ SS'’ ' 28011 te n d e r «■ »* ba
expressed on the b a s i f o f ion ’ 4 ? ^ th f p r ic e o ffe re d ::u s t be
mala, e . g . , 99 9 2 5
wlth n° ! Pore bban th re e d e c i■ t h a t ’ ten d e rA b b - m f ^ o f l h e p ? i u ? e l f ° U De U? e d - “ P u r g e d
special envelopes which will be L m i
f°rwar<ied in the
Banks or Branches on a l p l t a t i o n P r e f e r Pederal Reserve
.
b a n k s ^ n d 'S u ^ m la n S ^ d
fr °m O p e r a t e d
dealers in investment s|?u5d?i
£ esP°nsible and recognized
accompanied by payment of 2 p e r c A n / l f d|h? foe“ 0therf must be
Treasury bills annlipR for P cenT ot ths face amount of
by, an express guaranty 6f 89 « m t SJ he fenders are accompanied
trust company.
y
Payment by an incorporated bank or
at the^ederal^Reserve
Wl11 S® oper)ed
obI th e
m ittin g t e n d e r f w i l P I I
th ereo f»
The S e c r e t a r y
rig h t to a ccep t I r r e U
P a r t , and h i s ' a c t i o n ■i „
« r X ’S S . S i '
a t v f le d . ? ° 5 n P ted b i d s ’
Ifl^ e su b 7
of t h l t U
a o o e Pt a r i° e o r r e j e c t i o n
c l t n v or f l f U
f ^ e s s l y re s e rv e s th e
L : y T a 1 1 t e n d e r a , i n w hole o r in
i e c t t o t h e s e r e s 'e r v a lL n s T S S ^ J S W
K
U
T
S
S o ? ,
« T 1*
Su b '
? u \ f - 9L5ym n T o l "
offered must be madA or c o m S e l e d a ^ t h e n h endeiSn at the prices
s
6™
.s
r - or
°,t“
-
i S i S i
*
ary .«.ptirn, „
v-65 ,
» s
»
fi!
J f f i V S g t “ *
1 *£jBH
2
disposition of Treasury bills shall not have any special treatment,
as such, under Federal tax Acts now or hereafter enacted. The
bills shall be subject to estate, inheritance, gift, or other
excise taxes, whether Federal or State, but shall be exempt from
all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the'possessions of the United ‘
States, or by any local taxing authority. For purposes; of taxa
tion the amount of discount, at which Treasury bills are originally
sold by the United States shail be considered to be interest.
Under Sections 42 and 117 (a) (1) of the Internal Revenue Code,
as amended by Section 115“ of the Revenue Act of 1941 j the amount
of discount at which bills issued hereunder are sold shall not be
considered to accrue until such bills shall be sold, •edeemed or
otherwise disposed of, and such bills are excluded from con
sideration as capital assetsAccordingly, the. owner of Treasury
bills (other than life insurance companies) issued hereunder need
include
the
....T.~ in hi: income tax return only
v; J
H P Mdifference
P V I H --- fü , j tween the
price paid for such bills, whether on original issue or on sub
sequent purchase, and the amount actually received either unon
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, pi escribe the terms of the Treasury bills and govern the
^Uhditipns of hieir issue. Copies of the circular may be
obfcained from any Federal Reserve Bunk or Branch.
-0 O0 -
/
I
'
treasure p e p a h m b t
Washington
FOR B M D X A T I RELEASE
ffress Service
N o *
H
Detailed confidantial studies of the financial lam and Insti
tutions of oost of the European enemy countries and Allied countries
occupied by the Axis In the course of the ear were prepared by the
Office of the General Counsel of the Treasury, end were made available
to the Army and interested civilian agencies for use in ^kinTplans
for, and carrying on necessary military government activities, it was
revealed today* in the preparation of these studies, most of the
financial laws promulgated by the German occupying authorities in
occupied counties were translated and set forth in full English text
for the first time* Translations were also prepared of many of the
basic pre-war financial laws of the occupied countries« The German
study comprised five volumes, while single volumes deal with France,
Belgium,. Norway, Denmark, the Netherlands, Italy, Jugoslavia, Greece,
Hungary, Austria and Rumania, These volumes Include many original
translations from source material issued in enemy territory during
the war, and the information was thus made available for the first
time. The subjects covered typically include currency, banking, ex
change control, foreign property control, taxation, discriminatory
laws, foreign trade control, insurance and price control.
mm
Because of the speed with which these studies were prepared, it
ims impossible to check them with the scholarly care which would have
been desirable. Accordingly, all the studies were denominated “Pre
liminary.11 They were designed for an immediate emergency need, and
are not offered as polished works.
*
maintain their confidential character during the war, only a
limited number of copies of each study was prepared and it is there
fore impossible to provide any copies at this time. However, copies
of the studies in mimeographed form have been deposited in the Library
of congress and the New fork Public Library, and are now available for
examination by the public at these places. A full list of the studies
is attached.
|ca
<7 *
-
2
-
P e l i m m a r y Study of Certain Financial Laws and Institutions: Austria.
y Robert' D. Scott. Washington: Treasury Department, Office of the
p p *
xiii"
Preliminary Draft Report on Italian Laws Relating to Banking; Control
rnn+^T>reifnmEXi ange? ImP°rti5> Exports and. Currency; Foreign Property
an-D ?ra<^lnS with the Enemy; Censorship; Discriminatory
sures; Price Control and Rationing; And Labor. By Leonard E.
"
r
;
Treasury Department, Office of the'General
Counsel', Pp.' 38, and appendix about )jOO.
Germany: Preliminary Report on Selected Financial -^aws, Decrees and
Regulations. By Clifford J. Hynning. Washington:. Treasury
Department, OffxCe of the General Counsel.
Volume 1: Text, Introductory Appendix, Tables and Index.
February 19l£. Pp. xxxvii, 3ii3, A-139.
i
s L l T o A?peildic?s Relating to Currency, Exchange Contrpl, Foreign
¿ T j ? Lontrol, Discrimination, Foreign and Enemy Property Control.
Banking and Insurance. May 19bb. Pp. %r h9, C-173, D-20, E-110,
(i G-123, H- o q .
Volume 3: Appendices Relating to fear Damage, Budget, Public Debt,
Corporate^|ecvtlties,Bividendp and Profits. December 19UU. Pp. J - b 9 ,
Voiume h r
1
VQlS
^
f
Appendix Relating to Tax Administration.
November 1 9 ^ .
? elating to Turnover, Property, Income, Business,
z l n 33265
November 1^ *
pP*
U~73 , V-107,
TREASURY DEPARTMENT
Office of the General Counsel
Preliminary Studies of Certain Financial Laws
and Institutions of Enemy and Formerly
Enemy-Occupied European Countries
Preliminary Study of Certain Financial Laws and Institutions; Belgium.
By Emily W. Thomann. Washington: Treasury Department, Office of
the General Counsel, July 1944» Pp. x, 55S.
Preliminary Study of Certain Financial Laws and Institutions: Greece.
By Louis E. Callis. Washingtons Treasury Department, Office of
the General Counsel, May 1944* Pp* xi, 44S.
Preliminary Study of Certain Financial Decrees of the German Occupying
Authorities: The Netherlands. By Melville E* Locker# Washington:
Treasury Department, Office of the General Counsel, May 1943.
Pp. vii, 303*
Preliminary Study of Certain Financial Laws and Institutions: Rumania*
By Doris E* Montgomery* Washington: Treasury Department, Office
of the General Counsel, November 1944* Pp* xi, 3&S.
Preliminary Study of Certain Financial Laws and Institutions: Denmark.
By Nelson Lancione. Washington: Treasury Department, Office of
the General Counsel, September 1944* Pp* xv, 707»
Preliminary Study of Certain Financial Laws and Institutions« Yugoslavia.
By Belle Mayer. Washington: Treasury Department, Office of the
General Counsel, September 1943 * Pp* xii, 563 »
Preliminary Study of Certain Financial Laws and Institutions ; Hungary.
By Belle Mayer,'Washington* Treasury Department, Office 'of V
the General Counsel, September. 1944^ Pp* xiv, 531*
Preliminary Study of Certain Financial Laws and Institutions: Norway.
By Robert D. Scott. Washington: Treasury Department, Office of
the General Counsel, August.1943* Pp* xiv, 3 6 $.
Preliminary Study of Certain Financial Laws and Institutions: France.
By James R* Brooks* Washington: Treasury Department> Office of
the General Counsel, June 1944* Pp* xiv, 742.
TREASURY DEPARTMENT
Washington
press Service
NO •
, (r,fa
Detailed confidential studies of the financial laws and insti
tutions of most of the European enemy countries and Allied countries
occupied by the Axis in the course of the war were prepared by the
Office of the General Counsel of the Treasury, and were made available
to the Army and interested civilian agencies for use in making plans
for, and c a r r y i n g ^ necessary military government activities, it was
revealed today* /In the preparation of these studies, most of the
financial laws promulgated by the German occupying authorities in
occupied countries were translated and set forth in full English text
for the first time* translations were also prepared of many of the
basic pre-war financial "laws of the occupied countries* The German
study comprised five volumes, while single volumes deal with France,
Belgium, Norway, Denmark, the Netherlands, Italy, Jugoslavia, Greece,
Hungary, Austria and Rumania* These volumes include many original
translations from source material issued in enemy territory during
the war, and the information was thus made available for the first
time* The subjects covered typically include currency, banking, ex
change control, foreign property control, taxation, discriminatory
laws, foreign trade control, insurance and price control*
^Because of the speed with which these studies were prepared, it
was impossible to check them with the scholarly care which would have
been desirable* Accordingly, all the studies were denominated «Pre
liminary.!* They were designed for an immediate emergency need, and
are not offered as polished works.
To maintain their confidential character during the war, only a
limited number of copies, of each study was prepared and it is there
fore impossible to provide any copies at this time* However, copies
of the studies in mimeo graphed form have been deposited in the Library
of Congress and the New York Public Library, and are now available for
examination by the public at these places* A full list of the studies
is attached.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday, September 15, 1945»
Press Service
No, V-66
Detailed confidential studies of the financial laws and
institutions, of most of the European enemy countries and Allied
countries occupied by the Axis in the course of the war were pre
pared by the Office of the General Counsel of the Treasury, and
were made available to the Aimy and interested civilian agencies
for use in making plans for, and carrying on necessary military
government activities, it was revealed today.
In the preparation of these studies, most of the financial
laws promulgated by the German occupying authorities in occupied
countries were translated and set forth in full English text
for the first time.
Translations were also prepared of many of the basic pre
war financial laws of the occupied countries. The German study
comprised five volumes, while single volumes deal with France,
Belgium, Norway, Denmark, the Netherlands, Italy, Jugoslavia,
Greece,
Hungary, Austria and Rumania, These volumes include
many original translations from source material issued in enemy
territory during the war, and the information was thus made
available for the first time. The subjects covered typically
include currency, banking, exchange control, foreign property
control, taxation, discriminatory laws, foreign trade control,
insurance and price control.
Because of the speed with which these studies Yfere pre
pared, it was impossible to check them with the scholarly care
which would have been desirable. Accordingly, all the studies
were denominated "Preliminary,” They were designed for an
immediate emergency need, and are not offered as polished
works,"
To maintain their confidential character during the war,
only a limited number of copies of each study was prepared and
it is therefore impossible to provide any copies at this time.
However, copies of the studies in mimeographed form have been
deposited in the Library of Congress and the N e w York Public
Library, and are now available for examination by the public
at these places, A full list of the studies is attached.
. TREASURY DEPARTMENT
Office, of the General Counsel
Preliminary Studies of Certain Financial Laws
and Institutions of Enemy and Formerly
Enemy-Occupied European Countries
J^eliminary Study of Certain Financial Laws and Institutions; Belgium»
By Emily W. Thomann. Washington:
Treasury Department, Office of
the General Counsel, July 1944. Pp. x, 558. ‘
Preliminary Study of Certain Financial Laws and Institutions: Greece.
By Louis E. Caliis. Washington: Treasury Department, Office of
the General Counsel, May 1944. Pp. xi, 448.
Preliminary Study of Certain Financial Decrees of the German Occupying
Authorities:
The Netherlands. By Melville E. Locker. Washington;
Treasury Department, Office of the General Counsel, May 1943»
Pp. vii, 303,.
Preliminary Study of Certain Financial Laws and Institutions: Rumania.
. By Doris E. Montgomery. Washington: Treasury Department, Office of
the General Counsel, November 1914;. Pp. xi, 368.
Preliminary Study of Certain Financial Laws and Institutio n s D e n m a r k .
By Nelson Lancione. Washington: Treasury Department, Office of the
General Counsel, September 1944. Pp. xv, 707.
Preliminary Study of Certain Financial, laws andA Institutions: Yugoslavia
By Belle Mayer. Washington: Treasury Department, Office of the
General Counsel, September 1943. Pp. xii, 563.
Preliminary Study of Certain Financial Laws and Institutions: Hungary.
By Belle Mayer. Washington: Treasury Department, Office of the
General Counsel, September 1944. Pp. xiv, 531.
Preliminary Study of Certain Financial Laws and Institutions: Norway.
By Robert D. Scott. Washington:
Treasury Department, Office of the
General Counsel, August 1943. Pp. xiv, 365.
Preliminary Study of Certain Financial Laws and Institutions : France.
By James R. Brooks. Washington: Treasury Department, Office of the
General Counsel, June 1944. Pp. xiv, 742.
-
2
-
Preliminary Study of Certain Financial Laws and Institutions: Austria*
9y Robert D. Scott, Washington: Treasury Department., Office of
the General Counsel, September 1944* Pp, xiii, 172, A-7, B-80,
C~36, D -7, 4-15, F-7, G-62, H-23*
Preliminary Draft Report on Italian Laws Relating to Banking; Control
Over Foreign Exchange, Imports, Exports and Currency; Foreign
Property Control and Trading with the Enemy; Censorship; Discrim
inatory Measures; Price Control and Rationing; and Labor. By
Leonard E* Ackermann, Washington: Treasury Department, Office
of the General Counsel, Pp. 38* and appendix about 4-00.
Germany: Preliminary Report on Selected Financial Laws, Decrees and
Regulations. By Clifford J. Hynning, Washington: Treasurv
Department, Office of the General Counsel*.
Volume 1: Text, Introductory Appendix, Tables and Index.
February 1945. Pp. xxxvii, 343, A-139
Volume^ 2 : Appendices' Relating to Currency, Exchange Control,
Foreign Trade Control, Discrimination, Foreign and Enemy
.Property Control, Banking and Insurance. May 1944. pp. B-49,
C-173, D-20,. E- 110 , F--37, G-123, H- 88.
Volume 3s Appendices Relating to War Damage: Budget, Public Debt,
Corporate Securities, Dividends and Profits. 1 December 1944*
Pp, J-49, K-257, L- 66, M-3, N-180. ,
Volume 4: Appendix Relating to Tax Administration.
Pp, ii, T-351.
November 1944,
Volume 5: Appendices Relating to Turnover, Property, Income,
Business, Inheritance, and Other Taxes, November 1944« Pp. v.
U-73, V-107, W-190, X-115, 1-23, ^ 7 7 L
FOR IMMEDIATE BET.msra
September 12£ lqfo)
/ ''l
,/
v
Th.e Bureau of Customs announced today that provisions have been
made at customs ports of entry to enable importers to file entries and
withdrawals covering cotton and cotton waste subject to the quota pro
visions of the President's Proclamation of September 5, 1539, as modified,
at the same instant of tiro, at the opening of the new quota year on
September 20, 19**5 . at 12 noon, EWT, 11 a.au, CWT, 10 a,m., MWT and 9 a.m.,
PWT.
The acceptance of entries and withdrawals for consumption covering
quota-class cotton and cotton waste Will be authorized within the quota
limitations in the order of the time of their presentation in proper form
at the customhouse in the port where the merchandise has arrived.
If
entries and withdrawals for consumption presented at the hours specified
above on September 2G, 19**5 , cover a total quantity of cotton or cotton
waste in excess of the quotas provided for, the quantity which may be
admitted to entry within the quota will be prorated on the basis of the
quantity presented for entry.
\
TREASURY DEPARTMENT
Washington
P OR I M M E D I A T E RELEASE,
E r i day, Sep t e m b e r 1 4 , 19 4 5
Press Service
No. W 67
The B u r e a u of Customs a n n o u n c e d t o d a y that
p r o v isions have been made at customs ports of entry
o enable importers to fil e entries and with d r a w a l s
covering cotton a n d cotton w a s t e subject to the
quota p r o v i s i o n s of t he P r e s i d e n t ’s P r o c l a m a t i o n
of S e p t e m b e r 5, T939, as modified, at the same
instant of time, at the opening of the n e w quota
year on S e p t e m b e r 20, 1945, at 1 2 noon, EWT,
11 a.m,, C W T , 10 a»m., MWT, a n d 9 a ♦m # , PWT.
The a c c e p t a n c e of entries and with d r a w a l s
co v e r i n g q u o t a-class cotton and
cotton w a ste -w i l l be a u t h o r i z e d w i t h i n the quota
l i m i t ations in the order of the time of their
p r e s e n t a t i o n in p r o p e r f o r m at the cust o m h o u s e
in the port w h ere the m e r c h a n d i s e has arrived,
ii entiies a n d with d r a w a l s for c o n s umption p r e
s e nted at the hours spe c i f i e d a b o v e on S e p t e m
ber 2 0 , 1945, cover a total q u a n t i t y of cotton
or cotton waste in excess of the quotas p r o v i d e d
t o r ,^the q u a n t i t y w h i c h m ay be a d m i t t e d to entry'
within the quota w i l l be p r o r a t e d on the basis
of the q u a n t i t y p r e s e n t e d for entry.
September 7 , 1945
ÿ
TO MR. B* W* B£LLi
During the mentis o f August, 1945# the follow ing market
tran sactio n s took place in d ir e c t and guaranteed s e c u ritie s
of the Government*
Sales * * * * ** * ** *................* * * * ** * ** *................. ..
$150,000
Purehases •••*•••••••*••••«•••*••«•••••••••••*
none
S et sa le s »••••*•••••«t*****•••«*«••*•*** $150, 000
ts*» aosept Greenberg
Joseph Greenberg
Copy to:
HNaud
Mr. Heffelfinger
Mr* Shaeffer
Miss Sanford
TREASURY DEPARTMENT
Washington
P O R I M M E D I A T E RELEASE,
Monday, S e p t e m b e r 17, 1945«
Press Service
No. V -6 8
During the m o n t h of August,
transactions
1945,
market
in direct a nd g u a r a n t e e d securities
of the G o v e r n m e n t for T r e a s u r y i nvestment and
other a c c ounts r e s u l t e d in net sales of
$150,000,
S e c r e t a r y V i n s o n a n n o u n c e d today.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, September 18» 1945.
Press Sendee
The Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated September 20 and to
mature December 20, 1945, which were offered on September 14, 1945, were opened at the
Federal Reserve Banks on September 17*
The details of this issue are as follows:
I
Total applied for - $2,093,607,000
Total accepted
- 1,306,649,000 (includes $54,560,000 entered on a fixed-pric*
.
.
^
baaia at 99*905 and accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx. 0.375# per annua
Total
Total
entei
mi
;
Range of accepted competitive bids:
Avaras
High
Low
— 99*910 Equivalent rate of discount approx. 0.356# per annum
- 99*905
*
»
» «
n
0*376# n
*
Bange
High
(57 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
I 18,975,000
1,526,353,000
35.416.000
16.420.000
14.730.000
9,206,000
312,599,000
32.630.000
20.555.000
25.430.000
8,960,000
--- 72,333.000
TOTAL
$2,093,607,000
Total
Accepted
11,708,000
923.407.000
26.773.000
16 .420.000
1 2 ,107,000
8 , 956,000
188.306.000
25,148,000
.
13.890.000
20 485.000
percent
Nalphi;
UBI
7,971,000
..¿ijA?3iQ0g
#1,306,649,000
3sCity
is
J
f ililí
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G NEWS P A P E R S
Tuesday, S e p t e m b e r IS, 1945,
Press Service
No. V -6 9
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 evening that
the tende:
for $1,300,000,000,
or thereabouts,
of 9 1 - d a y T r e a s u r y
bills to be dated S e p t e m b e r 20 and to matu r e D e c e m b e r 20,
1945 >
which were offered on September 14, 1945, were opened at the
Federal R e s e r v e Banks
on S e p t e m b e r 17.
The details of this
issue a re as follows:
Total a p p l i e d for - $ 2 , 0 9 3 , 6 0 7 , 0 0 0
Total accepted
1 , 3 0 6 , 6 4 9 , 0 0 0 (includes $ 5 4 , 5 6 0 , 0 0 0
entered on a f i x e d - p r i c e basis at 99.905 a nd a c c e n t e d i:
full)
0 .3 7 5 % per a n n u m
R a n g e of a c c e p t e d comp e t i t i v e bids:
High
9 9 .9 IO E q u i v a l e n t rat e of discount apnrox.
0.356% per a n n u m
- 9 9 .9 0 5 E q u i v a l e n t rate of discount approx.
0.376% per a n n u m
Low
(57 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Tota l
A p p l i e d for
Boston
$
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
18,975,000
1,526,353,000
35,416,000
16,420,000
14, 730,000
9,2 0 6 , 0 0 0
312, 5 9 9 , 0 0 0
32.630.000
20.555.000
25.430.000
8,9 6 0 , 0 0 0
72.333.000
$2,093,607,000
- 0O0-
$
11,708,000
923,407,000
26.773.000
16.420.000
12.10 7.000
8,956,000
188,306,000
25.148.000
13.890.000
20.485.000
7,971,000
51.478.000
$1,306,649,000
\A 7O
FOR IMMEDIATE REMASS
September 18n 19*45
*9
The
Bureau of Customs announced today preliminary figures showing
the quantities of coffee authorized for entry for consumption under the
quotas for the 12 months commencing October 1, I9UU, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April
15,
19*4-1, as follows t
Country of Production
:
Authorized for entry
Quota Quantity t
for consumption
(Pounds) 1/
: As of (Bate) : (Pounds)
Signatory Countries!
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Hicaragua
Peru
Venezuela
Non-Signatory Countries:
2.353.628,932
796.79H.5X3
50 ,615,676
20 ,2^6,297
30 ,369.379
3 7 ,961.757
1 5 1 ,8*7,028
13 5 ,396,920
69,596,621
5,061,5*1
12 0 ,212,296
H9 .350 .32H
6 ,326,893
106 ,292,893
September 8, 19*4-5 l.*57.36l,06*
N
663,789.570
H
37.975.H36
■
*.390,773
(Import quota filled)
22,352,6*41
September 8, 19*4-5
R
110,7*2,772
N
96,9*1 ,*3!
N
5*.852,535
(Import quota filled)
September 8, 19*+5
77 ,516 ,32*
N
S
R
R
89.8H2.785
21,511,8170
*,098,913
62,*67,278
6S8,*4g6
JL/ Quotas as of June 1, 19*4-5> determined by action of the Inter-American
Coffee Board on May 29, 19^5.
9l (yi
O^rJ
the
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, September 19, 1945»
Press Service
N o . 'V-70
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee authorize^, for entry for consumption under' the
quotas for the 12 months commencing October 1, 1944, provided for in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
1941, as follows:
î
:
:
Country of Production
______ _______________
Signatory Countries:
: '
Authorized for entry
;
for consumption
: As of (Date)
: (Pounds) “
,
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
' Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:
if
Quota Quantity
(Pounds) 1 /
2,353,628,932
7.96,794,513
50,615,676
20,246,297
30,369,379
37,961,757
' 151,847,028
135,396,920
69,596,621
• 5,061,541.
120,212,296
49,350,324
6,326,893
106,292,893
89,842,785
September
8,
1945
1,457,361,064
663,789,570
tt
37,975^436
It
4,390,773
(import quota filled)
September 8, 1945
22,352,641
✓
ti
110,742,772
it
96^941^438
n
54,852,535
(import quota filled)
September 8, 1945
77,516^324
it
21,511,870
ti
4,098^913
it
62,467,278
tt
n
688,486
Quotas as of June 1 , 1945, determined by action of the Inter-American
Coffee Board on May 29, 1945.
oOo
-3 -
transferred as a war trophy without payment of the $200
tax by the filing of Form 5 (Firearms) with the Commis
sioner of Internal Revenue, Washington, D. C.
"I earnestly hope that service families will under
stand that these cautions are being issued for their
protection— protection not only against the consequences
of possessing deadly weapons, but also protection
against violation of the National Firearms Act which
provides penalties up to five years in prison and a
$2,000 fine for each violation.
Careful compliance
with this law will, on the other hand, permit safe
enjoyment of war trophies of the type mentioned.”
irt r U iinirnt d o c r i p L aTfu'utrjpui Lj , trophy j or othogr
g n m w h irnfr-'Mrr._i ilHy~"iw
JU u L ulbh oner-pull'"~6f thO" brigggg.
- 0 -
\
-
2
-
f,Under the law, registration must be made at once
by every possessor of any firearms of the automatic
type, such as machine pistols, machine gugs, sub-machine
guns, or any type gun from which a number of shots or
bullets may be discharged with one continuous pull of
the trigger.
I urge all servicemen, veterans, and their
families having any such guns to communicate at once—
in person, by telephone, or mail— -with the nearest office
of an Investigator in Charge,.Alcohol Tax Unit, Bureau
of Internal Revenue, or to write to me in Washington.
A representative of the Bureau will call and assist
them with the registration without charge.
"At the same time, I urge possessors of these
weapons to accept the assistance of the Bureau repre
sentative in rendering them permanently inoperative.
This will not affect the souvenir value of the weapons,
but will prevent accidents and keep them out of the
hands of the criminal element.
"Furthermore, as long as the weapon is serviceable,
the law requires payment of the $200 tax upon each sale,
exchange, gift, or other transfer of the firearm.
thè gun is made permanently inoperative, it may be
If
V'
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington, D. C.
In behalf of public safety, Joseph D. Nunan, Jr., Commissioner
of Internal Revenue, today appealed to all members and veterans of
the armed forces and their families to register and safeguard all
machine guns and similar automatic weapons which have been brought
into the country as war trophies,
iliil 11 im imii m 1nr
■ palm odi
havB
l i f r liliL p t ' h h M i i a I
Hh-
Bpdssasr
Calling attention to the mandatory provisions of the National
Firearms Act of 193U, and the regulations promulgated thereunder,
Commissioner Nunan said:
•We have hesitated to do anything to hinder service
families in the enjoyment of their richly-earned trophies
of war.
However, our attention has been called to several
instances in recent months where criminals have stolen
or otherwise acquired war trophy guns and have used the
weapons for criminal purposes.
I am issuing these cautions
for the safety both of service families and the public at
large.
TREASURY DEPARTMENT
Bureau of Infernal Revenue
Washington
POE REIEASE, APTERNOOIÍ NEWSPAPERS
Priday, September 2 1 . 1 9 4 5 .
In behalf of public safety,
Press Service
I'To• V - 7 1
Joseph D. Nunan
It
rougnt into the country as war trophies.
5«tioSi1
S|aS 2 nS f o f ° l S 4
thereunder, Commissioner Ilunan said?
°f the
reSulatlons promulgated
famil-ies ^ VW ^ eSltated i° d0 anything to hinder service
families in the enjoyment of their richly-earned tronh-i 1
s fa fW s ta n W T W
0Ur aJ te n tio n has ^ e r / c ^ S e f ■
to s fv -® S
* n2,
es ln recent months where criminals have
used W e we?uo?W?e ao<luired war trophy guns and'have
W e 1 e ta u ? io L n!o r 0?he°r safe?y C H f *
and the public at lar^e
?
oi servioe families
Under the law, registration must be made
t once
oy every possessor of any firearms of the automatic
rS n eW W f
T ^ \ ? £ St0ls -"m achine“g u n ^ “suW
shotsDor^bul1ets maj bTlifcLSed
8
*
nnc! pull
n n n of
^-p the
4-^ tripsp-r
. uu uiscnarged
with
ous
t nv>o-~
„ •one
. continu
liJW
veterans, and their families having any suoh^un- to
W T W W W W t W
by telephone, or
ice U*
ofL an investigator in
Charge
n-r +n ,L-.fi°02°d Ta? Jnlb> Bureau of Interna] Revenue
or to
tojime
m
rettrp^pnth+Wo
the
R'htwrite
'ppii ¡
sh "
_ 1 -» Washington.’
® . * A -*•
*jyx 60 enratlve ofi
f
C?1
;L and assist them with the -egis^eehstration without
charge.
weano
£ * • » I ,urS e Possessors of these
senta+i^®
^ a s s i s t a n c e of the Bureau repreThis will uotr^??erinfvthem permanently inoperative.
bi;t J i J 1 not aitsct the souvenir value of the weapons
but will prevent accidents and 1-Jl~ 1
weapono,
Keep them out of the
hands of the criminal element.
/
-
2
-
,,
ï^ e r m o r e , as long as "the weapon is serviceable,
the- law requires payment of the $200 tax upon each sale,
exchange, gift, or other transfer of the firearm.
If
the gun is made permanently inoperative, it may be
'transferred as a war trophy without payment of the $200
tax by the filing of Form 5 (Firearms) with the Commis
sioner of Internal Revenue, Washington, D, c,
l,I earnestly hope that service families will under
otand that these cautions are being xsaueu
eir
issued xor
for m
their
protections-protection not only against the consequences
of possessing deadly weapons, but a l s o .protection
against violation of the National Firearms Act which
-o°rr\ne5 -^>enS^'fc:ies
Î 0 ^ive years in prison and a
‘U iv, Sw!*3? for each violation.
Careful compliance
wi^n uhis law will, on the other hand, permit safe
enjoyment of war trophies of the type mentioned,"
-oOo-
TREASURY DEPARTMENT
WASHINGTON
Press Service
NS. -j/- 7 z -
FOR IMMEDIATE RELEASE,
Thursday. September 20. 1945.
The Federal Specifications Board, recei|jtljr created b y Clifton E. Hack, Director
||
of the Treasury's Procurement Division,
its organization, functions, and operation^at-Ats
~| il
MbUf
/
3&tSS&3t officially
adopted a Charter defining
TUBSlMyi
—
Under its Chairman, Dr* Lyman J* Briggs, Director of the National Bureau of
Standards, appointed by Mr* Mack# for a one-year term, the Board is responsible for
the preparation#, revision and xmdxxxssbEK amendment of purchase specifications
promulgated by the procurement Division for supplies used by Executive Departments
:
and 'Establishments*
arj
Among its functions, the Board is responsible for improving federal ¿pacification
procedures ,^56KCor developing means of correlating individual agency specifications
with federal Specifications, and for resolving all controversies which may arise
on the drafting of /ederal SspSpecifications*
Through 74 te ch n ica l /(Committees supervised by th e Board, a l l e x istin g federal
S p ecificatio n s w ill be reviewed with th e aim of more adequately meeting Governmental
requirements*
Members of the Board represent the following government agencies: Treasury Depa
merit, War Department, F^st Office Department, Navy Department, Interior Department,
Agriculture Department, Commerce Department, Veterans Administration, Federal
Security Agency, and Federal Works Agency.
Each member will coordinate the develops*
and use of Federal Specificatiohs within his agency to assure effedtive procurement*
At its next meeting on October 16, the Board will begin the preparation of
new regulations governing the operations of the Technical Committees and ©f & manual
estab lish in g uniform procedures fo r the d raftin g of Federal S p ecification s*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday , September 20^,1945;
Press S e r v i e
No. V-72
The Federal Specifications Board, recently created by
Clifton E. Mack* Director of the Treasury Procurement
Division, has officially adopted a Charter defining its
organization, functions, and operations.
Under its Chairman, Dr; Lyman J, Briggs, Director of the
National Bureau of Standards, appointed by Mr. Mack, for a oneyear term* the Board is responsible for the preparation,
revision and amendment of purchase specifications promulgated
by the Procurement Division for supplies used by Executive
Departments and Establishments.
Among its functions, the Board is responsible for improving
Federal Specifications procedures, for developing means of
correlating individual agency specifications with Federal
Specifications, and for resolving all controversies which may
arise on the drafting of Federal Specifications♦
Through 74 Technical Committees supervised by the Board,
all existing Federal Specifications will be reviewed with the
aim of more adequately meeting Governmental requirements.
Members of the Board represent the following Government
agencies:
Treasury Department, War Department, Post Office
Department, Navy Department, Interior Department, Agriculture
Department, Commerce Department, Veterans Administration,
Federal Security Agency, and Federal Works Agency. Each
member will coordinate the development and use of Federal
specifications within his agency to assure effective procure
ment •
At its next meeting on October 16, the Board will begin
the preparation of new regulations governing the operations
of^the Technical Committees and of a manual establishing
uniform procedures for the drafting of Federal Specifications*
oOo
-3 for such bills, whether on original issue or on subsequent purchase, and the amount
actually received either upon sale or redemption at maturity during the taxable
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. A.1B, 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 i
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
I
all tenders, in whole or in part, and his action, in any such respect shall be final,I
Subject to these reservations, tenders for $200,000 or less from any one bidder at I
99.905 entered on a fixed-price basis will be accepted in full.
Payment of acceptedj
tenders at the prices offered must be made or completed at the Federal Reserve Bank I
in cash or other immediately available funds on
September 27, 1945
g g g
!'
The income derived fron Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption, as such,
j
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 I
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.
j
Under Sections 42 and 117 (a) (l) of the
Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the
amount of discount at which bills issued hereunder are sold shall not be considered j
to accrue until such bills shall be sold, redeemed or otherwise disposed of, and
such bills are excluded from consideration as capital assets.
Accordingly, the
owner of Treasury bills (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 NEWSPAFERS,
Friday. September 21. 1945_____.
The Secretary of the Treasury, by this public notice, invites tenders
for I 1.300.000,000 , 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
ma^ure
December 27. 1945
interest.
September 27. 1945
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 (mkPurity 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, September 24. 1915
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1,000, and the price offered must be expressed
on the basis of 100, with not more than three decimals, e. g f, 99.925.
may not be used.
Fractions
It is urged that tenders be made on the 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 pf payment by an incornorated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
/K \
I
TREASURY DEPARTMENT
Washington
FOR-'RELEASE, MORNING NEWSPAPERS,
F rid a y , September 2 1, 1945.
i n y i t e ^ t e n d e r ^ f L ^ r ^ n n V ^ 5^
’ by ihis Public notice,
to b f is\0^ f ^ ° a Ph s c 6 u n f f b0UtS’ ° f S l h a y
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s s s s . " i ^ r R '
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Tender*
:ni+ L b®ir e ?eiv,ed at Pederal Reserve Banks
OSing hour, two 0 1 Ol nnlr n m f
m d
time, Monday ^Septem ber "24, *1945 ^ T e n d e r - w ili ^m., Eastern War.
at the Treasury, Department WasMrio-+nid r v ^ 2 n?t - e r e °e iv e d
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envelopes which w i n bePs u p p l i e d % M p e d L = ? rn araed 3'S the special
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. ^ « ^ B a n k s or
banlcs^and^rust^oompanies^and ? ^ h°Ut deposM from incorporated '
dealers in M v e s S f s M c u S t i e T
accompanied bv payment o-f 9 ^ 6
i ^ or-1 otners must be
ury bills a o n i i e d ^ o r unless i h f i °? the faoe
of Treasexpress ruarantv
+ v the tenders are accompanied by an
company.
payment
by an incorporated;bank or.trust
at t h e T e l g a f l e s S v e fen M s^ an fi a n ^ e s ^ f ! * U be opened
lie announcement will be made bv f n f w ’/ U °! 1 2 ^ whlch pub"
of the amount and price r-vnep n? „ne Sf°?eiary
the Treasury
mitting tenders wil? be
„■?'s2 ®pted bids- Those sub'thereof. The Secietarv of
the ao°ePtance or rejection
right to accept or rejec+ anv or al M R ?xpressly reserves the
Part, and his act on in anv
®U te? aef s > in whole or. in
ipp-t.
4.,
J-UXi
111 anY such respect shall bp f i m i
ject to these reservations, tenders for- & 9nn non 6
Su^
any one bidder at 9 9 .90 S entered on I L i 2 ? 0 ’ 000 °* less from
be
accepted in full. Pavment oo n ,a ,fi d"prioe basis will '
offered must b e m a d e o r o ™ i 0+ S' PM d. tepders ab ihe Prices
in cash or other inirpibatoiT61'ed at tne Federal Reserve Bank
1945.
immediately available funds on September 2 7 ,
V - 7 3
(O v e r )
\
'2
-
Th3 income derived from Treasury bills, whether interest
or gain from the sale or other disposition of the bills, shall
not have any exemption, as such, and loss, from the sale or other
disposition of Treasury bills shall not have any special treat
ment, as such, Under Federal tax Acts how or hereafter enacted,
The bills shall be subject to estate, inheritance, gift, or
other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the prin
cipal or interest thereof by any State, or any of the posses
sions of the United States, or by any local taxing authority;.
For purposes of taxation the amount of discount at which Treas
ury bills are originally sold by the United States shall be con
sidered to be interest. Under Sections 42 and 11? (a) (1) of the
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 naid
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, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be
obtained from any Federal Reserve Bank or Branch.
-oOo
TREASURY- DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, September 24, 1945.
Press Service
No. V-74
Secretary of the Treasury Vinson today announced the offering, through
the Federal'Reserve Banks, of 7/8 percent Treasury Certificates of Indebted
ness of Series K-1946, 'open on an exchange basis, par for par, to holders
of Treasury Certificates of Indebtedness of Series G-1945, maturing Octo
ber 1, 1945, Cash subscriptions will not be received.
The certificates now offered will be dated October 1, 1945, and will
bear interest from that date at the rate of seven-eighths of one percent per
annum, payable semiannually on April 1 and October 1, 1946, They will mature
October 1, 1946. They will be issued in bearer form only, in denominations
of $1,000, $5,000, $10,000, $100,000 and $1,000,000.
Pursuant to the provisions of the Public Debt Act of 1941, interest upon
the certificates now offered shall not have any exemption, as such, under
Federal tax Acts now or hereafter enacted* The full provisions relating to
taxability are set forth in. the official circular released today.
Subscriptions will be received at the Federal Reserve Banks and Branches,
and at the Treasury Department, Washington, and should be accompanied by a
like face amount of the maturing certificates. Subject to the usual reserva
tions, all subscriptions will be allotted in full.
The subscription books will close at the close of business Wednesday,
September 26, except for the receipt of subscriptions from holders of $100,000
or less of the maturing certificates. The subscription books 'Will close for
the receipt of subscriptions of the latter class at the close of business
Saturdayi September 29.
■V,
)/
-
'
1
Subscriptions addressed to a Federal Reserve Bank or Branch or to the
Treasury Department, and placed in the mail before midnight of the respective
closing days will be considered as having been entered before the close of the
subscription books.
There are now outstanding $3,491,572,000 of the Series G-1945 certifi
cates.
The text of the official circular follows:
*
I
*
UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES H-1946
Dated and bearing interest from October 1, 1945
1945
Department Circular No. 775
Due October 1, 1944
TREASURY DEPARTMENT,
'Office of the Secretary,’
Washington, September 24, 1945.
fiscal Service
Bureau of 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/ desig
nated 7/3 percent Treasury Certificates of Indebtedness of Series H-1944, in ex
change for Treasury Certificates of Indebtedness of Series G-1945, maturing
October 1, 1945.
II.
DESCRIPTION OF CERTIFICATES
1. The certificates will be dated October 1, 1945, and will bear interest
from that date at the rate of 7/3 percent "per annum, payable semiannually on
April 1 and October 1, 1946. They will mature October 1, 1946, and will not be
subject to call for redemption prior to maturity.
2. ^The income derived from the certificates shall be subject to all Federal
taxes, now or hereafter imposed. The certificates shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or sxij of the possessions of the United States, or by any
local taxing authority.
3» The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment *f taxes.
4. Bearer certificates with interest coupons attached will be issued in
denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The certifi
cates will not be issued in registered form.
5. The certificates will be subject to the general regulations of the
Treasury Department, how ^r hereafter prescribed, governing United States cer
tificates.
»
' 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 subscrip
tion* in 'whole or in part* to allot less than the amount of certificates applied
for* and to close the books as to any or all subscriptions at any time without *
notice; and any action he may take in these respects shall be final. Subject to
these reservations* all subscriptions will be allotted in full. Allotment notices
will be sent out promptly upon allotment.
IV.' PAYMENT
1* Payment at par for certificates allotted hereunder must be made on or
before October 1* 1945* or on later allotment* and may be made only in Treasury
Certificates of Indebtedness of Series G-1945* maturing October 1, 1945* which
will be accepted at par* and should accompany the subscription.
V, GENERAL PROVISIONS '
1. As fiscal agents of the United States* Federal Reserve Banks are author
ized and requested to receive subscriptions* to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal Re-,
Serve Banks of the 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* pre
scribe supplemental or amendatory rules and regulations governing the offering*
which will be communicated promptly to the Federal-Reserve Banks.
FRED M. VINSON,
Secretary of the Treasury.
p a r t i c u l a r c a s e s i n whi ch the F r e n c h a u t h o r i t i e s have r e a s o n to b e
l i e v e t h a t the mai ntenance of c o n t r o l i s n e c e s s a r y to pr e v e nt t r a n s f e r s
of a s s e t s i n whi c h an enemy mi ght have an i n t e r e s t or t o a v o i d the
c o mp l e t i o n of t r a n s a c t i o n s whi ch mi ght be d i r e c t l y or i n d i r e c t l y to
the b e n e f i t of an enemy, the F r e nc h a u t h o r i t i e s , wi t h r e ga r d to a s s e t s
in the f r a nc zone o f n a t i o n a I s of the Uni t e d S t a t e s , w i l l a l s o a b o l i s h
a l l r e s t r i c t i o n s imposed f or the pur pos e o f c o n t r o l l i n g p r o p e r t y i n
whi ch an enemy i n t e r e s t might have e x i s t e d .
C o n c e r n i n g t r a n s f e r s from the f r a n c zone to the Uni t e d S t a t e s
the M i n i s t r y of F i n a n c e i n t e n d s t o pur s ue a p o l i c y of l i b e r a l i z i n g
exchange c o n t r o l r e s t r i c t i o n s t o the f u l l e s t e x t e nt t hat Fr ench d o l l a r
res our ces w i l l permit.
In t h i s r e s p e c t the M i n i s t r y o f F i n a n c e i s
now prepar ed to a u t h o r i z e c u r r e n t payments from the f r a n c zone to the
U n i t e d S t a t e s ( pa y ment of p r o f i t s , d i v i d e n d s , i n t e r e s t , r o y a l t i e s ,
payments f or pur pos e s of d u l y a u t h o r i z e d commerci al t r a n s a c t i o n s and
o t h e r payments r e l a t i n g t o c u r r e n t b u s i n e s s ( i n c l u d i n g b a l a n c e s a c
crued from the same s o u r c e s d u r i n g the war ) ) . The M i n i s t r y o f F i n a n c e ,
mo r e o v e r , w i l l exami ne c a r e f u l l y r e q u e s t s f o r t r a n s f e r s o f c a p i t a l
f rom F r a n c e t o the U n i t e d S t a t e s when t r a n s f e r s of t h a t t ype mi ght
s e r v e a u s e f u l economic or commerci al p u r p o s e , and where t r a n s f e r s of
smal l amounts ar e of s u b s t a n t i a l i mportance to the i n t e r e s t e d p a r t i e s .
I t w i l l examine in the same s p i r i t r e q u e s t s f or t r a n s f e r s of funds to
the Un i t e d S t a t e s f i l e d by Ame r i c an n a t i o n a l s r e s i d i n g in the f r a n c
zone.
Accept,
my dear Mr. S e c r e t a r y ,
the e x p r e s s i o n of my hi gh esteem.
( S i g n e d ) R. PLEVEN
*
*
*
*
*
LETTER FROM SECRETARY OF THE TREASURY VINSON TO FRENCH MINISTER OF
FINANCE PLEVEN
Oct ober 2,
1 945
My dear Mr. M i n i s t e r :
I am p l e a s e d t o have r e c e i v e d the a s s u r a n c e s c o n t a i n e d i n your
l e t t e r o f S ept ember 2 6 , 1 9 4 5 , c o n c e r n i n g the g e n e r a l l i c e n s e whi ch
r e p r e s e n t a t i v e s of our two Departments have been d i s c u s s i n g .
In vi ew
of the s t a t e me nt s cont a i ne d in your l e t t e r , a t r a n s l a t i o n of whi ch i s
a t t a c h e d , I am happy to i nf or m you t h a t the T r e a s u r y Department w i l l
i s s u e on Oc t o b e r 5 , 1 9 4 5 , G e n e r a l L i c e n s e No. 9 2 , i n the e n c l o s e d
form.
Sincerely,
( S i g n e d ) FRED M. VINSON
the n a t i o n a l i t y t>f anot her bl oc ke d c o u n t r y , no c e r t i f i c a t i o n w i l l be
e f f e c t e d wi thout' f i r s t o b t a i n i n g from the Government of the i n t e r e s t e d
c o u n t r y , c o m p l e t e a s s u r a n c e t h a t no n a t i o n a l o f Ge r ma ny , J a p a n ,
B u l g a r i a , Hungary or Rumania i s i n v o l v e d in the owner s hi p or c o n t r o l
of s a i d i n t e r e s t s .
For reasons of s i m p l i f i c a t i o n , however, the Fr enc h
a u t h o r i t i e s w i l l , on t h e i r own r e s p o n s i b i l i t y , c e r t i f y p r o p e r t y of any
l e g a l e n t i t y in whi ch the p r o p o r t i o n of i n t e r e s t hel d by per sons not
r e s i d i n g in Fr ance i s l e s s than t w e n t y - f i v e per c e n t .
4.
I f p r o p e r t y in whi ch t he r e i s an enemy i n t e r e s t i s t r a n s
f e r r e d under the Ameri can l i c e n s e i n a d v e r t e n t l y or by mi s t a k e , your
Department w i 1 1 be c ons ul t e d and, at i t s r e q u e s t , such p r o p e r t y or i t s
e q u i v a l e n t w i l l be r e s t o r e d to the account in whi ch i t was hel d b e f o r e
bei ng t r a n s f e r r e d , or to such ot her ac count as you may d e s i g n a t e , but
o nl y to the e x t e n t , howe ve r , t o whi ch such p r o p e r t y or i t s e q u i v a l e n t
may be found in the a s s e t s of the a c q u i r e r or of the o r i g i n a l owner.
5.
Our two Depart ments w i l l make j o i n t e f f o r t s wi t h a vi ew to
i n v e s t i g a t i n g and c o n t r o l l i n g a l l German and ot her enemy a s s e t s both
i n the Uni t e d S t a t e s and in F r a nc e in or der to d e p r i v e war c r i m i n a l s
and p o t e n t i a l l e a d e r s o f the enemy under ground of means of e x i s t i n g
and o f j e o p a r d i z i n g the p e a c e .
In p a r t i c u l a r , our two De par t me nt s
w i l l t a k e a l l s t e p s n e c e s s a r y t o p r e v e n t the f i n a n c i a l f a c i l i t i e s *
whi ch our two c o u n t r i e s w i l l g r a nt each ot her from b e i ng u t i l i z e d by
any per s on s u b j e c t to Fr enc h or Ameri can j u r i s d i c t i o n in such manner
as might a l l o w enemies or t he i r a g e nt s t o c o n c e a l a s s e t s i n the Uni t ed
S t a t e s or in F r a n c e .
To t h i s end our two Depart ment s w i l l exchange
a l l i nf or mat i on r e q ui r e d to c a r r y out t h i s t a s k and in p a r t i c u l a r the
Fr enc h Government, whi ch has a l r e a d y under t aken a v i g o r o u s program to
e l i mi n a t e economic and f i n a n c i a l i n t e r e s t s i n F r a n c e , d i r e c t l y or i n
d i r e c t l y c o n t r o l l e d by enemi es, w i l l keep your s f u l l y i nf ormed w i t h
r e g a r d t o p r o p e r t y hel d in the Uni t e d S t a t e s under a F r e n c h name in
whi ch i t has reason to b e l i e v e t hat t her e i s any enemy i n t e r e s t , d i r e c t
or i n d i r e c t .
My Department w i l l l i k e w i s e f u r n i s h y our s wi t h a l l i n
f o r m a t i o n c o n c e r n i n g F r e n c h i n s t i t u t i o n s wh i c h hol d i n the Un i t e d
S t a t e s p r o p e r t y in whi ch an enemy might have an i n t e r e s t .
6.
As a r e s u l t of the p r o t e c t i o n ac c or de d to Fr enc h a s s e t s ,
of ot her c i r c u ms t a n c e s whi ch ar os e d ur i ng the war, Ameri can c r e d i t o r s
have been t e m p o r a r i l y d e p r i v e d of c e r t a i n means of a c t i o n whi ch n o r
ma l l y would have been open to them t o p r o t e c t t hei r i n t e r e s t .
The M i n i s t r y of Fi na nc e w i l l a u t h o r i z e pe r s ons r e s i d i n g in the
f r anc zone who wi t h o u t hav i ng v i o l a t e d Fr e nc h law owe d o l l a r o b l i g a
t i o n s to any g o v e r nme n t a l a g e n c y , i n d i v i d u a l or f i r m i n the Uni t e d
S t a t e s , to d i s c h a r g e such o b l i g a t i o n s when t he y ar e due and, i f n e c
e s s a r y , i t w i l l a u t h o r i z e such pe r s o ns to pu r c h a s e d o l l a r s f or t hat
pur po s e .
7•
I t i s understood that n a t i o n a I s of the Uni t ed S t a t e s h ol di ng
a s s e t s i n F r a n c e s h a l l be a u t h o r i z e d to a d m i n i s t e r such a s s e t s and
t h e i r income, w i t h i n the framework of the c o n t r o l s and r e g u l a t i o n s of
the F r e n c h Gover nment , w i t h o u t the a p p l i c a t i o n of meas ur es to them
which would be d i s c r i m i n a t o r y i n r e l a t i o n to n a t i o n a l s of any ot her
count r y.
The s e q u e s t r a t i o n
of France on p r o p e r t y ,
the Uni t ed S t a t e s have
any t h a t s t i l l r emai n
measures imposed d u r i n g the German o c c u p a t i o n
r i g h t s and i n t e r e s t s b e l ong i ng to n a t i o n a l s of
been removed i n a l l i mport ant p a r t i c u l a r s and
w i l l i m m e d i a t e l y be t e r m i n a t e d .
Ex c ept for
and
^Attachment To P r e s s R e l e a s e No. V r 7 5 ^
LETTER FROM FRENCH MINISTER OF FINANCE PLEVEN TO SECRETARY OF THE
TREASURY VINSON
(Translation)
•
September 26,
1945
My dear Mr. S e c r e t a r y :
Ift r e c e n t d i s c u s s i o n s h e l d bet we en r e p r e s e n t a t i v e s o f my
Department and members of the Uni t e d S t a t e s T r e a s u r y , i t was i n d i c a t e d
t hat you ar e now pr e par ed to Cons i de r a s u b s t a n t i a l r e l a x a t i o n of the
Ameri can r e g u l a t i o n s g ove r ni ng the f r e e z i n g of Fr enc h a s s e t s .
Duri ng
t hese d i s c u s s i o n s , i t was emphasized t h a t in the e x e r c i s e of i t s c o n
t r o l over Fr ench a s s e t s in the Uni t ed S t a t e s your Department has been
i n s p i r e d by the p r i n c i p l e s and aims whi ch were s ol e mnl y s e t f o r t h in
t he U n i t e d N a t i o n s D e c l a r a t i o n o f J a n u a r y 5 , 1 9 4 3 , and R e s o l u t i o n
No. VI of the Uni t ed Nat i ons Monet ary and F i n a n c i a l C o n f e r e nc e , p r i n
c i p l e s and aims whi ch, as you know, the Fr enc h Government has endors ed.
A p p l i c a t i o n o f t h o s e p r i n c i p l e s by your Depart ment has e f f e c t i v e l y
p r e v e n t e d the enemy from l o o t i n g F r e n c h a s s e t s i n the Uni t e d S t a t e s
d u r i n g the war to the g r e a t d e t r i me n t o,f the common enemy and to the
advant age of the Fr ehch peopl e.
I have s t u d i e d the d r a f t o f a G e n e r a l L i c e n s e whi ch has been
t r a n s m i t t e d to me by your r e p r e s e n t a t i v e s .
I confirm in connection
t h e r e wi t h my agreement on the f o l l o w i n g p o i n t s :
1.
The M i n i s t r y of F i n a n c e w i l l assume the r e s p o n s i b i l i t y f or
c a r r y i n g out the p r o c e d ur e of c e r t i f i c a t i o n p r o v i d e d f or by the l i
c e ns e .
No p r o p e r t y w i l l be c e r t i f i e d u n t i l the French Government has
a s c e r t a i n e d , by an a p p r o p r i a t e i n v e s t i g a t i o n , t hat the p r o p e r t y i s not
e x c l u d e d from the b e n e f i t s o f the l i c e n s e .
Mo r e o v e r , i n r e g a r d to
c e r t a i n a c c ount s whi ch may from time t o time be s p e c i f i c a l l y d e s i g n a t e d
by your De p a r t me nt , my Depart ment w i l l c o n s u l t w i t h y o u r s p r i o r to
making the c e r t i f i c a t i o n p r o v i d e d f or in the proposed l i c e n s e .
2.
No t r a n s a c t i o n w i l l be
cense i n q u e s t i o n :
a)
•
b)
e f f e c t e d or a u t h o r i z e d under the
li
I f such t r a n s a c t i o n would f a c i l i t a t e the c o mpl e t i o n of
t r a n s a c t i o n s whi c h mi ght f u r t h e r the i n t e r e s t s of an
enemy or of persons a c t i n g upon b e h a l f of an enemy;
I f such t r a n s a c t i o n would change the s t a t u s of bl ocked
p r o p e r t y i n the Uni t e d S t a t e s i n whi ch an enemy has an
i n t e r e s t , d i r e c t or i n d i r e c t .
3»
As to the p r o p e r t y of any l e g a l e n t i t y ( c o r p o r a t i o n s , a s s o
c i a t i o n s , e t c . ) e s t a b l i s h e d in a c c o r d a n c e w i t h the laws o f Fr a nc e in
whi c h p e r s o n s not r e s i d e n t i n the f r a n c zone have an i n t e r e s t , and
whi ch by v i r t u e of t hat f a c t would have , under Ameri can r e g u l a t i o n s ,
In o r d e r t h a t a l l i n t e r e s t e d p e r s o n s may be f u l l y i nf ormed
of t he u n d e r s t a n d i n g w i t h r e s p e c t t o d e f r o s t i n g , S e c r e t a r y V i n s o n
t o d a y r e l e a s e d the c o mp l et e t e x t of the l e t t e r s exc h an g e d wi th
M. P l e v e n .
countries.
tries will
S i m i l a r n e g o t i a t i o n s a r e u n d e r way w i t h o t h e r l i b e r a t e d
I t i s a n t i c i p a t e d t h a t d e f r o s t i n g programs f o r such coun
s h o r t l y be announced.
The above c ha ng e s r e s u l t from t he i s s u a n c e o f G e n e r a l L i
c e n s e No. 92 and t he e x t e n s i v e amendment o f G e n e r a l R u l i n g No. 5A.
T r e a s u r y o f f i c i a l s po i n t e d out t h a t as a r e s u l t o f t he c h a n g e i n the
R u l i n g c h e c k s and d r a f t s ot he r than t h o s e whi ch p r i o r to V - J Day have
been w i t h i n enemy t e r r i t o r y , or t e r r i t o r y whi ch has been oc c u pi e d by
the enemy, may a g a i n be f r e e l y i mported i n t o the Uni t e d S t a t e s .
Such
i t e ms may a l s o be c o l l e c t e d and p a i d i f l i c e n s e d by t h e T r e a s u r y .
Whi l e the f r e e s i n g Order p r o h i b i t s the e x p o r t a t i o n o f c h e c k s , d r a f t s ,
or s e c u r i t i e s t o b l o c k e d c o u n t r i e s , t h e s e i t ems may now be e x p o r t e d
t o any b l o c k e d c o u n t r y , s uc h a s F r a n c e , t o wh i c h a g e n e r a l l i c e n s e
has been g r a nt e d c o v e r i n g t h e i r e x p o r t a t i o n .
The c o n t i n u a t i o n of the p r o h i b i t i o n a g a i n s t the c o l l e c t i o n
or payment o f c he c k s and d r a f t s whi ch p r i o r to V - J Day have been w i t h
in enemy t e r r i t o r y or t e r r i t o r y whi ch has been o c c u p i e d by the enemy
w i l l r e n d e r v a l u e l e s s any such i n s t r u m e n t s wh i c h h a v e been i s s u e d
under d u r e s s o r o t h e r w i s e l o o t e d by the a g g r e s s o r n a t i o n s .
The T r e a s
u r y announced t h a t i t s p o l i c y w i l l be t o r e f u s e t o l i c e n s e t he c o l
l e c t i o n or payment of such i t e ms .
I t was p o i n t e d out however t h a t
the amendment t o G e n e r a l R u l i n g No. 5A in g e n e r a l a u t h o r i z e s t he r e
t ur n of such i tems t o the f o r e i g n s ender p r o v i d e d t he y are stamped t o
i n d i c a t e t h a t t h e i r payment i s p r o h i b i t e d under the G e n e r a l R u l i n g .
- 0 0 O0 0 -
TREASURY DEPARTMENT
Washi ngton
FOR RELEASE, MORNING NEWSPAPERS,
F r i d a y , Oct ober 5 , 1 9 4 5 #__________
Press S e rv i c e
No. V - 7 5
F r a n c e has been al mo s t c o m p l e t e l y r e l e a s e d from the T r e a s u r y
D e p a r t m e n t ' s f r e e z i n g c o n t r o l s , S e c r e t a r y Vi ns o n d e c l a r e d t oday .
At
the same time the S e c r e t a r y announced the l i f t i n g o f the T r e a s u r y ’ s
i mp o r t and e x p o r t c o n t r o l s o v e r c h e c k s , d r a f t s , b i l l s o f e x c h a n g e
and ot her payment i n s t r u c t i o n s b e i ng s e nt t o or from bl o c ke d c o u n t r i e s .
As a r e s u l t o f t h e s e t wo ma j o r s t e p s i n t h e T r e a s u r y ' s
d e f r o s t i n g p r o g r a m t h e r e a r e no f r e e z i n g r e s t r i c t i o n s on c u r r e n t
t r a n s a c t i o n s with Fra nce .
T r a d e b e t we e n F r a n c e and a ny u n b l o c k e d
c o u n t r y may now be f r e e l y f i n a n c e d through the Un i t e d S t a t e s ,
R e mi t
t a n c e s may be made t o F r a n c e in u n l i m i t e d amounts, f o r any p u r p o s e ,
and t hr ough any a v a i l a b l e c h a n n e l s , i n c l u d i n g the s e n d i n g o f c h e c k s ,
d r a f t s , or money o r d e r s . Powers o f a t t o r n e y and p r o x i e s may be f r e e l y
sent to Fr a nc e .
S e c u r i t i e s may be e x p o r t e d t o F r a n c e a l t h o u g h t he
i mp o r t a t i o n i n t o the Un i t e d S t a t e s of most s e c u r i t i e s c o n t i n u e s to be
c o n t r o l l e d under G e n e r a l R u l i n g No. 5 in o r d e r t o p r e c l u d e the d i s
p o s a l of l o o t i n our ma r k e t s .
To p r e v e n t t he r e l e a s e o f p r o p e r t y in the U n i t e d S t a t e s
whi c h i s h e l d i n F r e nc h names, but i s a c t u a l l y enemy owned, a l l a s s e t s
i n whi ch p e r s o n s in F r a n c e have an i n t e r e s t w i l l r emai n f r o z e n u n t i l
the Government of F r a n c e has had an o p p o r t u n i t y t o c h e c k t he b e n e f i
c i a l ownershi p.
Once the F r e n c h Government c e r t i f i e s t h a t such a s s e t s
a r e i n f a c t F r e nc h owned, t h e y w i l l a l s o b e r e l e a s e d from the f r e e z i n g
controls.
In t he meanti me s uch a s s e t s may be s u p e r v i s e d and managed
by t h e i r owners.
A s s e t s b e l o n g i n g t o F r e n c h n a t i o n a l s who a r e n o t w i t h i n
F r a n c e or any o t h e r b l o c ke d c o u n t r y a r e e f f e c t i v e l y unbl oc ke d wi t ho ut
c e r t i f i c a t i o n e x c e p t t h a t p r o p e r t y b e l o n g i n g to c o r p o r a t i o n s and other
o r g a n i z a t i o n s wh e r e v e r l o c a t e d whi c h a r e owned by p e r s o n s in F r a n c e
1 1 c ont i nue t o be b 1 ocked u n t i l c e r t i f i ed by the F r ench Government. S e c r e t a r y V i n s o n h a s been i nf o r me d by F r e n c h M i n i s t e r of
F i n a n c e P l e v e n t h a t A me r i c a n p r o p e r t y in F r a n c e w i l l i mme d i a t e l y be
unb l o c ke d and t h a t F r e n c h e x c ha nge c o n t r o l r e s t r i c t i o n s on t r a n s f e r s
bet ween F r a n c e and the Uni t e d S t a t e s w i l l be l i b e r a l i z e d .
T h i s o r d e r l y d e f r o s t i n g was made p o s s i b l e by the s u c c e s s f u l
c o n c l u s i o n o f n e g o t i a t i o n s b e t we e n the T r e a s u r y De pa r t me nt and the
F r e n c h M i n i s t r y of F i n a n c e ,
In a l e t t e r to S e c r e t a r y V i n s o n F i n a n c e
M i n i s t e r P l e v e n has e x p r e s s e d h i s c o n v i c t i o n that U n i t e d S t a t e s
f r e e z i n g c o n t r o l s have " e f f e c t i v e l y p r e v e n t e d the enemy from l o o t i n g
F r e n c h a s s e t s i n t he U n i t e d S t a t e s d u r i n g t he war t o the g r e a t d e t
ri ment of the common enemy and t o t h e a d v a nt a g e of the Fr e nc h p e o p l e . "
In o r d e r t h a t a l l i n t e r e s t e d p e r s o n s may be f u l l y i nf or med
of t he u n d e r s t a n d i n g w i t h r e s p e c t t o d e f r o s t i n g , S e c r e t a r y V i n s o n
to d ay r e l e a s e d the complete t e x t of the l e t t e r s exchanged with
M. P l e v e n .
countries.
*ries will
S i m i l a r n e g o t i a t i o n s a r e u n d e r way w i t h o t h e r l i b e r a t e d
I t i s a n t i c i p a t e d t h a t d e f r o s t i n g programs f o r such couns h o r t l y be announced.
The a b o v e c h a ng e s r e s u l t from t he i s s u a n c e of G e n e r a l L i
c e n s e No. 92 and t he e x t e n s i v e amendment o f G e n e r a l R u l i n g No. 5A.
T r e a s u r y o f f i c i a l s p o i n t e d out t h a t as a r e s u l t o f the change in the
R u l i n g c h e c k s and d r a f t s o t h e r than t h o s e whi ch p r i o r to V - J Day have
been w i t h i n enemy t e r r i t o r y , or t e r r i t o r y whi ch ha s been o c c u p i e d by
the enemy, may a g a i n be f r e e l y i mpor t ed i n t o t he Uni t e d S t a t e s .
Such
i t e ms may a l s o be c o l l e c t e d and p a i d i f l i c e n s e d by t he T r e a s u r y .
Whi l e the f r e e z i n g Order p r o h i b i t s the e x p o r t a t i o n o f c h e c k s , d r a f t s ,
or s e c u r i t i e s t o b l o c k e d c o u n t r i e s , t h e s e i t e ms may now be e x p o r t e d
t o any b l o c k e d c o u n t r y , s u c h a s F r a n c e , t o wh i c h a g e n e r a l l i c e n s e
has been g r a n t e d c o v e r i n g t h e i r e x p o r t a t i o n .
The c o n t i n u a t i o n of the p r o h i b i t i o n ' a g a i n s t the c o l l e c t i o n
or payment o f c h e c k s and d r a f t s whi ch p r i o r to V - J Day have been w i t h
in enemy t e r r i t o r y or t e r r i t o r y whi ch has been o c c u p i e d by the enemy
w i l l r e n d e r v a l u e l e s s any such i n s t r u m e n t s wh i c h h a v e been i s s u e d
under d u r e s s o r o t h e r w i s e l o o t e d by the a g g r e s s o r n a t i o n s .
The T r e a s
u r y announced t h a t i t s p o l i c y w i l l be t o r e f u s e t o l i c e n s e t he c o l
l e c t i o n or payment of such i t e m s .
I t was p o i n t e d out however t h a t
the amendment t o G e n e r a l R u l i n g No. 5A in g e n e r a l a u t h o r i z e s the r e
turn of such i t ems t o the f o r e i g n s ender p r o v i d e d t he y ar e stamped t o
i n d i c a t e t h a t t h e i r payment i s p r o h i b i t e d under the G e n e r a l R u l i n g .
- 0 0 O0 0 -
TREASU&Y DEPARTMENT
Washi ngton
FOR RELEASE, MORNING NEWSPAPERS
F r i d a y , Oct ober 5 , 1 9 4 5 ___________
Press S e r v i c e
No. V - 7 5
F r a n c e has been al mos t c o m p l e t e l y r e l e a s e d from the T r e a s u r y
D e p a r t m e n t ’ s f r e e z i n g c o n t r o l s , S e c r e t a r y Vi ns o n d e c l a r e d t oday .
At
the same time the S e c r e t a r y announced the l i f t i n g o f the T r e a s u r y ’ s
i mp o r t and e x p o r t c o n t r o l s o v e r c h e c k s , d r a f t s , b i l l s of e x c h a n g e
and ot her payment i n s t r u c t i o n s b e i ng s e nt to or from bl o c ke d count r i e s .
As a r e s u l t o f t h e s e t wo ma j o r s t e p s i n t h e T r e a s u r y ’ s
d e f r o s t i n g p r o g r a m t h e r e a r e no f r e e z i n g r e s t r i c t i o n s on c u r r e n t
t r a n s a c t i o n s with Fra nce .
T r a d e b e t we e n F r a n c e and a ny u n b l o c k e d
c o u n t r y may now be f r e e l y f i n a n c e d through the Un i t e d S t a t e s .
R e mi t
t a n c e s may be made t o F r a n c e in u n l i m i t e d amounts, f o r any p u r p o s e ,
and t hr ough any a v a i l a b l e c h a n n e l s , i n c l u d i n g the s e n d i n g o f c h e c k s ,
d r a f t s , or money o r d e r s . Powers o f a t t o r n e y and p r o x i e s may be f r e e l y
sent to F r a nc e .
S e c u r i t i e s may be e x p o r t e d t o F r a n c e a l t h o u g h t h e
i mp o r t a t i o n i n t o the Un i t e d S t a t e s of most s e c u r i t i e s c o n t i n u e s to be
c o n t r o l l e d under G e n e r a l R u l i n g No. 5 in o r d e r t o p r e c l u d e the d i s
p o s a l of l o o t in our ma r k e t s .
To p r e v e n t t he r e l e a s e o f p r o p e r t y i n the U n i t e d S t a t e s
whi c h i s h e l d i n F r e nc h names, but i s a c t u a l l y enemy owned, a l l a s s e t s
i n whi ch p e r s o n s in F r a n c e have an i n t e r e s t w i l l remai n f r o z e n u n t i l
the Government o f F r a n c e ha s had an o p p o r t u n i t y t o c h e c k t he b e n e f i
c i a l owner shi p.
Once the F r e n c h Government c e r t i f i e s t h a t such a s s e t s
a r e i n f a c t F r e nc h owned, t h e y w i l l a l s o b e r e l e a s e d from the f r e e z i n g
controls.
In t he meanti me such a s s e t s may be s u p e r v i s e d and managed
by t h e i r owners.
A s s e t s b e l o n g i n g t o F r e n c h n a t i o n a l s who a r e n o t w i t h i n
F r a n c e or any o t h e r b l o c k e d c o u n t r y a r e e f f e c t i v e l y unbl oc ke d wi t h o ut
c e r t i f i c a t i o n e x c e p t t h a t p r o p e r t y b e l o n g i n g to c o r p o r a t i o n s and ot her
o r g a n i z a t i o n s wh e r e v e r l o c a t e d whi c h a r e owned by p e r s o n s in F r a n c e
w i l l c o n t i n u e t o be b l o c k e d u n t i l c e r t i f i e d by the F r e n c h Government.
S e c r e t a r y V i n s o n h a s been i n f o r me d by F r e n c h M i n i s t e r of
F i n a n c e P l e v e n t h a t A me r i c a n p r o p e r t y in F r a n c e w i l l i mme d i a t e l y be
u nbl oc ke d and t h a t F r e n c h e x c ha nge c o n t r o l r e s t r i c t i o n s on t r a n s f e r s
bet ween F r a n c e and the Uni t e d S t a t e s w i l l be l i b e r a l i z e d .
T h i s o r d e r l y d e f r o s t i n g was made p o s s i b l e by the s u c c e s s f u l
c o n c l u s i o n o f n e g o t i a t i o n s b e t we e n the T r e a s u r y De pa r t me nt and the
French M i n i s t r y 6f Fi na nce.
In a l e t t e r to S e c r e t a r y V i n s o n F i n a n c e
M i n i s t e r Pl ev e n has e x p r e s s e d h i s c o n v i c t i o n that Uni ted S t a t e s
f r e e z i n g c o n t r o l s have “ e f f e c t i v e l y p r e v e n t e d the enemy from l o o t i n g
F r e n c h a s s e t s i n t he U n i t e d S t a t e s d u r i n g t h e war t o the g r e a t d e t
ri ment of the common enemy and t o t h e a d v a nt a g e of the F r e nc h p e o p l e . * ’
TREASURY DEPARTMENT
Fiscal Assistant Secretary
Service
FOR RELEASE, MOR
F r i d a y , Oct ober
-75
F r a nc e
Depart ment ’ s f r e
the same time th
i mp o r t and expoi
and ot her paymen
e Treasury
today.
At
'reasury’ s
exchange
:o unt r i es .
As a
d e f r o s t i n g prog
t r a n s a c t i o n s wit
c o u n t r y may now 1
t a n c e s may be ma
and t hr ough any t
d r a f t s , or money
sent to Fra nce ,
i mp o r t a t i o n i n t o
c o n t r o l l e d under
p o s a l of l o o t in
r e a s u r y *s
n current
unblocked
ft Re mi t pur pos e ,
f checks,
be f r e e l y
hough t h e
ues to be
the d i s -
To pr e
whi c h i s h e l d i n F
i n whi ch p e r s o n s
the Government of
c i a l owner shi p,
ar e i n f a c t F r e nc
controls.
In the
by t h e i r owners.
;d S t a t e s
11 assets
zen u n t i l
e benefich a s s e t s
f reezing
1 managed
As s e t s
F r a n c e or any oth
c e r t i f i c a t i o n exci
o r g a n i z a t i o n s whe
w i l l continue to
t within
1 wi t h o ut
and ot her
n France
ver nment .
Mr. B a rte lt
i s t e r of
Secret«
in r i a n t e
wxxi
i mme d i a t e l y be
F i n a n c e P l e v e n th
unb l o c ke d and t h a t F r e n c h e x c ha nge c o n t r o l r e s t r i c t i o n s on t r a n s f e r s
bet ween F r a n c e and the Uni t e d S t a t e s w i l l be l i b e r a l i z e d .
T h i s o r d e r l y d e f r o s t i n g was made p o s s i b l e by the s u c c e s s f u l
c o n c l u s i o n o f n e g o t i a t i o n s b e t we e n the T r e a s u r y De pa r t me nt and the
French M i n i s t r y 6f Fi na nce.
In a l e t t e r to S e c r e t a r y V i n s o n F i n a n c e
M i n i s t e r Plev en has e xpre sse d h i s c o n v i c t i o n that Un ited S t a t e s
f r e e z i n g c o n t r o l s have “ e f f e c t i v e l y p r e v e n t e d the enemy f rom l o o t i n g
F r e n c h a s s e t s i n t he U n i t e d S t a t e s d u r i n g t h e war t o the g r e a t d e t
ri ment of the common enemy and t o t h e a d v a nt a g e of the F r e nc h p e o p l e . ”
Mr» Bartelt
For approval please.
CPS
M r . Sh&eff©r
mu
u
^ In 1893 he married M - Adaline Ramsey of Strawn, Illinois.
They have three sons - Glenn H., Bruce R., and Earle F., and reside at
55o varnum St., N. W. Mr. Allen is one of the Worshipful Masters of
the Masonic Harmony Lodge No. 17, and Grand Treasurer of The Royal Arcanum.
\
ry>:
/>M^
Secretary of 4he TieabUi^'Viiisuii tudaji an iounced the ap
pointment of Emmet J. Brennan to the position of Chief ytf the Division
of Disbursement, succeeding!
Allen, nnhiMiatftti mini
Mr. Brennan, a graduate of the Bryant and Stratton Commer
cial College in Boston, began his Government career in 1917 as Principal
Telephone Operator of the United States National Museum. After 9 years'
service in that agency, he transferred to the War Department, and through
out World War I, and the critical post-war period, he remained in that
Department.
Soon after the inception of the Division of Disbursement
in 1933, Mr. Brennanransferred to the newly-established organization
to become Administrative Assistant to the Chief Disbursing Officer,
After holding seversl) key positions in the Division, he was appointed in
1939 to the position/of Assistant Chief Disbursing Officer, the position
he was holding at t#e time of his new appointment.
ri
A
/
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l£*jh}
V-? c
/
The retirement of* Guy Fletcher Allen, whose name appears
on millions of checks issued by the United States Government each year,
was announced today by Treasury Secretary Vinson.
Mr. Allen, vmmtbe head of the Division of Disbursement,
began his Government career 44 years ago - on July 1, 1901, when he was
appointed to the position of money separator in the Office of the
Treasurer of the United States. His ability was early recognized, and
he rose rapidly through the ranks to his present position.
he Wiiiii ayjaeHMfrted as Special Representa
tive of the Treasury Department to assist with the installation of a
new plan for Army payments in Europe. In Januaiy 1920 he was appointed
Assistant Treasurer of the United States by President Wilson, and for
several months during 1921 served as Acting Treasurer of the United
States, assuming responsibility for Government funds and securities
amounting to $13,883,819,826.
In 1921 Mr. Allen resigned from the Government to enter
private business, but in April 1922 he returned to the Treasury and trans
ferred to the newly-established Bureau of the Budget, and soon became
Executive Assistant to the Director. During his 11 years in this posi
tion Mr. Allen was connected with the establishment of economy programs
throughout the country. As Chairman of the Personnel Classification
Board in 1923, he iml«D3ducsdBdM3jtMMAdMb||M^9nRfH9Pt}i9a$ |
o^0f9^l0l!VjLl
>Sprrias nnd became chief arbiter of the salary classifications of the
many Government workers. In recognition of his distinguished record in
Federal fiscal matters, he was appointed in 1928 a Colonel in the Finance
Section, Officers1 Reserve Corps* rihirrh luiilg'he stMA-hoId».
ll£i
When the Division of Disbursement was established'iy-sm
FmrntferniOwde» mtm m v* in 1933 for the purpose of eantralfrzidg the dis
bursing activities of the Government, Guy F. Allen was chosen to organize
and head the division. Under his leadership there were organized a
central office in Washington, D. C., 20 regional offices in the United
States, and 5 regional offices in Alaska, Puerto Rico, Hawaii, the Virgin
Islands and Panama. In addition, during the recent war period, disburs
ing functions have been maintained in 23 foreign countries. From these
offices under Mr. Allen*s supervision, there were issued during the past
fiscal year a total of over 60 million checks, each of which 4hppb his
fwwBfll signature.
\i
Mr. Allen was born near Lansing, Michigan in 16V7. Most of
S l T i 7 yT S ,?f* Sp?nt in DwlSht> Illinois, n b v m Upon graduation
f J aiParais° UniversiV ^ Indiana, he taught school for six years, two
5 £_H&ich were spent as superintendent of a high school at Milan, Illinois;
u<>
TREASURY DEPARTMENT
Washington
FOR RELEASE* M O R N I N G N EWSPAPERS,
Wednesday, S e p t e m b e r 26, 1945.
Press S e r vice
No. V-76
^The r e t i r e m e n t o f G u y Fletc h e r Allen, whose n ame appears
on m i l l i o n s of checks issued b y the U n i t e d States G o v e r n m e n t
each year, w as a n n o u n c e d today by T r e a s u r y S e c r e t a r y Vinson.
Mr. Allen, h e a d of the D i v i s i o n of D i s b u r s e m e n t , b e gan
.his G o v e r n m e n t c a r e e r 44 years ago - on J u l y 1, 1901, w h e n he
was a p p o i n t e d to the p o s i t i o n of m o n e y sep a r a t o r in the Office
of the T r e a s u r e r of the U n i t e d S t a t e s . His a b i l i t y was early
recognized, and he rose r a p i d l y t h r o u g h the ranks to' his
present position.
D u r i n g W o r l d W a r I he served as Sp e c i a l R e p r e s e n t a t i v e
of the T r e a s u r y D e p a r t m e n t to assist w i t h the i n s t a l l a t i o n of
a new p l a n for A r m y pa y m e n t s in Europe.
In J a n u a r y 1920 he
was a p p o i n t e d A s s i s t a n t T r e a s u r e r of the U n i t e d States by
President Wilson, and for several m o n t h s d u r i n g 1921 served
as A c t i n g T r e a s u r e r of the U n i t e d States, a s s u m i n g r e s p o n s i
bility for G o v e r n m e n t funds and securities a m o u n t i n g to
$ 1 5 , 8 8 3,819,826.
In 1921 Mr. A l l e n re s i g n e d f r o m the G o v e r n m e n t to enter
private business, bu t in April 1922 he r e t u r n e d to the T r e a s
ury and t r a n s f e r r e d to the n e w l y - e s t a b l i s h e d B u r e a u of the
Budget, and soon b e c a m e E x e c u t i v e A s s i s t a n t to the Director.
During his 11 y e a r s in this p o s i t i o n Mr. A l l e n was c o n nected
with the e s t a b l i s h m e n t of e c o n o m y p r o g r a m s t h r o u g h o u t the
country.
As C h a i r m a n of the P e r sonnel C l a s s i f i c a t i o n B o a r d
in 1925, he b e c a m e c h i e f a r b i t e r of the s a lary c l a s s i f i c a t i o n s
of the m a n y G o v e r n m e n t w o r kers.
In r e c o g n i t i o n of his d i s
tinguished r e c o r d in Federal fiscal matters, he was a p p o i n t e d
in 1928 a Colonel in the Finance Section, O f f i c e r s ’ R e s e r v e
Corps.
W h e n the D i v i s i o n of D i s b u r s e m e n t was e s t a b l i s h e d in 1933
for the purpose of c o n s o l i d a t i n g the d i s b u r s i n g a c t i vities of
the Government, G u y F. A l l e n was c h o s e n to organ i z e and h e a d
the division.
U n d e r his l e a d e r s h i p there w e r e o r g a n i z e d a
central office in Wash i n g t o n , D. C., 20 regional offices in
the U n i t e d States, and 5 regional offices in Alaska, Puerto,
Rico, Hawaii, the V i r g i n Islands and Panama.
In addition,
during the r e c e n t w a r period, d i s b u r s i n g functions have b e e n
maintained in 25 f o r eign countries.
F r o m these offices u n d e r
Mr. A l l e n ’s supervision, there w e r e issued d u r i n g the pas t
fiscal y e a r a total of over 60 m i l l i o n checks, e a c h of w h i c h
bears his facsimile signature.
2
\
Mr. A l l e n was b o r n . n e a r Lansing, M i c h i g a n in 1877.
Most
of his e a r l y y e a r s w e r e spent in Dwight, Illinois.
Upon grad
u a t i o n from V a l p a r a i s o U n i v e r s i t y in Indiana, he taug h t school
for six years, two of w h i c h were spent as s u p e r i n t e n d e n t of a
h i g h school at Milan, Illinois.
In 1898 he m a r r i e d M, A d eline R a m s e y of Strawn, Illinois.
T h e y have three sons - G l e n n H., B r uce R., and Earle F., and
reside at 556 V a r n u m St., N. W.
Mr. A l l e n is one of the
W o r s h i p f u l M a s t e r s of the Ma s o n i c H a r m o n y L o d g e No. 17, and
Grand T r e a s u r e r of The Royal Arcanum.
S e c r e t a r y V i n s o n also a n n o u n c e d the a p p o i n t m e n t of
Emmet J. B r e n n a n to the p o s i t i o n of C h i e f D i s b u r s i n g O f f i c e r
to h e a d the D i v i s i o n of Disbursement, s u c c e e d i n g Mr. Allen.
M r , Brennan, a g r a d u a t e of the B r y a n t and S t r a t t o n C o m
mercial C o l l e g e in Boston, b e g a n his G o v e r n m e n t career in
1917 as P r i n cipal T e l e p h o n e O p e r a t o r of the U n i t e d States
National Museum.
A f t e r 9 y e a r s f service in that agency, he
transferred to the W a r Department, a nd thr o u g h o u t W o r l d W a r i,
and the critical p o s t - w a r period, he r e m a i n e d in that D e p a r t
ment .
S o o n a f ter the inception of the D i v i s i o n of D i s b u r s e m e n t
in 1933, Mr. Brennan, who p r e v i o u s l y h a d w i d e e x p e r i e n c e in
d i s b ursing act i v i t i e s of the W a r D e p a r tment, was t r a n sferred
to the n e w l y - e s t a b l i s h e d o r g a n i z a t i o n to b e come A d m i n i s t r a
tive A s s i s t a n t to the C h ief D i s b u r s i n g Officer.
After holding
several Icey p o s i t i o n s in the Division, he was a p p o i n t e d in
1939 to the p o s i t i o n of A s s i s t a n t C h i e f D i s b u r s i n g Officer,
the p o s i t i o n he was, h o l d i n g at the time of his n e w appointment.
oOo
..
WÊm.
-
I
TREASURY DEPARTMENT
Washington
Press Sendee
POR RELEASE, MORNING NEWSPAPERS,
Tuesday, September 25« 1945«
/- 7 ?
The Secretary of the Treasury announced last evening that the tenders for
#1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated September 27 and to
mature December 27, 1945, which were offered on September 21, 1945# were opened at the
Federal Reserve Banks on September 24«
The details of this issue are as follows:
Total applied for - $2,073,470,000
Total accepted
- 1,300,610,000
Average price
(includes $52,975,000 entered on a fixedprice basis at 99*905 and accepted in full)
- 99*905/ Equivalent rate of discount approx* 0.375# per annua
Range of accepted competitive bids:
- 99*90S Equivalent rate of discount approx. 0.364# per annus
n
«
n
it
n
0.376* »
"
- 99.905
High
Low
(57 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Appllrt for
Total
Accepted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
•
39,690,000
1,540,203,000
40,175,000
19,530,000
20,300,000
5,995,000
277,110,000
17,855,000
4,400,000
14,217,000
10,300,000
83.615.000
»
»2,073,470,000
»1,300,610,000
TOTAL
25,543,000
951,877,000
29,640,000
14,241,000
16,725,000
5,995,000
163,096,000
U , 663,000
4,400,000
12,067,000
9,440,000
55.923.000
Pede
Diet,
;Bosti
'Mh
Clevç
pela
plan
P ic a
st, i
TREASURY DEPARTMENT
Washington
F OR RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, S e p t e m b e r 25, 1945,_____
Press S e r vice
N o * V-77
3 1
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 , 3 0 0 , 0 0 0 , 0 0 0 ,
Treasury bills
1945,
or thereabouts,
of 9 1 - d a y
to be d a t e d S e p t e m b e r 27 and to m a t u r e D e c e m b e r 27
w h i c h w ere o f f e r e d on S e p t e m b e r 21,
1945, w ere o p ened at
the Federal R e s erve B a nks on S e p t e m b e r 24*
The d e t a i l s of this
issue are as followsi.
Total a p p l i e d for - $ 2 , 0 7 3 , 4 7 0 , 0 0 0
Total a c c e p t e d
1,300,610,000
(includes $ 5 2 , 9 7 5 , 0 0 0
e n t ered on a fixe d - p r i c e b a sis at 9 9 . 9 0 5 and a c c e p t e d in
full)
Av 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 e r a n n u m
Range of a c c e p t e d c ompetitive bids:
High
*
L ow
*
99.908 E q u i v a l e n t rate of d i s count
approx. 0 , 3 6 4 $ per a n n u m
9 9 .905 E q u i v a l e n t rate of d i s count
approx., 0 . 3 7 6 $ p e r a n n u m
(57 p e r c e n t of the a m o u n t b id for at the low price was accepted)
Federal R e s erve
District________
Total
A p p l i e d for
Boston
New Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y
Dallas
San Francisco
TOTAL
Total
Accepted
39.690.000
1,,540,203,000
40.175.000
19.530.000
20.380.000
5 . 9 95.000
277,110,000
17.855.000
4.400.000
14.217.000
10.300.000
8 3 . 6 1 5 1.000
25.543.000
951.877.000
29.640.000
14.241.000
16.725.000
5.9 9 5 . 0 0 0
163.096.000
11.663.000
4.400.000
. 12,067,000
9.440.000
55.9 2 5 . 0 0 0
$2,073,470,000
$1,300,610,000
oOo
di®
m m m
Bureau of luterani Revenue
Washington 85t D. 0.
\/V
?
'S
A U Collector« of Internal R.ranu. «r. matrueted toflay * JoMph
Jr’* C0m3l“ loM' °r
Rarenua, to gir. retejo „ery
P ® » m a a by law ln clearing up «¡y back tassa «bläh
k m
of t t « OM,
j
/ ^ K CCKBiatíOMT MOtO to »«h fl.ld offio, « folio«,,
*
[]5jt discharged «.tono la uaablo to pay incoa. t o w «lteln «io perlai
of tefoiMBt provided by Sm U
oo
a0Bte*
ia U
813 of th. Soláis « * aflora dril R e u *
«* to unable to pay pro^iy « y * * U r ¡ ¿ |
*“ liability loo««d prior to « duri»« bio tern of aorriw, Collector, tenui*
edttii the SifiL’
fc'tör Of 601Iftfttloll 4ä a rtfifiTun»n,ta
'_ • ,.,
UWI1<* ** * «ooperatiTe and *yi pathetic farmer,
* * * * *
poyata, gearod to th. f i l i a l
mmutom
of
oaooptod in «uh — .almiar tftt-cmiului.^amuuaUaattorttT to
forbooronoa -tf-a tniot onfnroi i wt- m
m
. -r...te
Many, i f not B o at, o f the inen and
toteUy. A u r o . r o t « « b « « .
toto th. a a u d
—
-
—
force,
—
of
hm rtm ¡) -
th# tamed forces M
unpaid t u o u t e e y
m m
no put t o M
incurro* before « b u ,
or they « » « I t e â fron elrlllea inooae received m
addltlu
—
yoar[$500 paraonal « o p t i o n plu. «paoli # 1,900 oxoluaioa of
pafi.
\totM W » «nd returning iarrio# p«raonn#l la gonaral ubo bar# « y
taz
problem, are Invited to oonuzlt th . local o ffio « o f tha eollootor. of tatemte
* * r m m for information, holp In propering return., and otear «aiatenoel
« o -
iH v *
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 28, 1945,
Press Service
No. V-78
A-lI Collectors of Internal Revenue were instructed today
by Joseph D. Nunan, Jr., Commissioner of Internal Revenue, to
give veterans every consideration permitted by law in clearing
up any back taxes which some of them owe.
The C o m m i s s i o n e r — wrote to each field offLee as follows:
a discharged veteran is unable to pay income taxes
within the period of deferment provided by Section 513 of the
Soldiers and Sailors Civil Relief Act (six months after
discharge) , or^ is unable to pay promptly, any other Federal
tax liability incurred prior to or during his term of service,
Collectors s h o u l d deal with the matter of collection in a
cooperative' and sympathetic manner.
Partial payments, geared
to the financial resources of the service man or woman may be
accepted in such cases.”
.
Many, if not most, of the men and women of the armed
forces owe no past taxes.
Usually, where a. veteran has some
unpaid taxes, they were incurred before entrance into- the
armed forces or they resulted from civilian income received
In addition to service nay.
Tax was incurred on service pay
only when^ it exceeded $>2,000 per year (ft500 personal exemption
plus special $1,500 exclusion of service pay).
j
Veterans and returning service personnel in general who
'have any Federal tax problems are invited to consult the local
offices of the Collectors of Internal Revenue for information,
help in preparing returns, and other.assistance.
oOo
V - 7 ?
FOR IMMEDIATE RELEASE
September 15» 19h$
The Bureau of Customs announced today preliminary figures shoeing
the quantities of coffee authorised for entry for consumption under the
quotas for the 12 months commencing October 1, lpWi; provided for in the
Inter-American Coffee Agreement; proclaimed by the President on April l£,
19Ul> as followss
#
e
Country of Production s Quota Quantity
i
(Pounds) V
:
Authorized for entry
s
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
2,353,628,932
796,79b,$13
50,615,676
20,21*6,297
30,369,379
37,961,757
151,81*7,028
135,396,920
69,596,621
5,061,51*1
120,212,296
1*9,350,321*
6,326,893
106,292,893
Non-Signatory Countries *
V
~
89 ;81i2 ;785
September 15; 19U5
N
n
it
(Import quota
September 15>
it
n
it
(Import quota
September 15*
«
«
n
M
1,1*97,677,193
675,023,775
38,005,812
1**390,775
filled)
19U5
22;1W;977
119,172,975
97,999,571*
5U,878,990
filled)
19u5
77,690,761
21*,030,898
1»,098,9«
62,860,1*88
1,181*,028
Quotas as of June 1; 19U5> determined by action of the Inter-American
Coffee Board on May 29; 19U5*
TREASURY DEPARTMENT
Washington, p.
.
FOR IMMEDIATE RELEASE,
Wednesday, September 26, 1945.
Press Service
No« V-79
ThfeeBureau of Customs announced today preliminary figures showing
the quantities of coffee authoriged for entry for consumption under the
quotas for the 12 months commencing October 1, 1944, provided for in the
■
•
■
‘
*
.. m . -a -.'
;■/.
■
;
''
Mm
;. J V y
/ .v
'¡A § 1
Inter-American Coffee Agreement, proclaimed by the President on April 15,
1941, as follows:
:
Country of Production :
:
Quota Quantity
(Pounds) X/
:
Authorized for entry
:
____ for consumption
: As of (Date) P
(Pounds)
Signatory Countries:
Brazil
Columbia
Costa Ricg.
Cuba
Dominican Republic
Ecuador
El Sal vador
Guatemala
Haiti
Hondura s
Mexico
Nicaragua
Peru
Venezuela
2 ,353,628,932
796,794,513
50,615,676
20,246,297 ;
30,369,379
37,961,757
151,847,028
135,396,920
69,596,621
5,061,541
120,212,296 .
49,350,324
6,326,893
106,292,893
Non-Signatory Countries:
89,842,785
September 15 ^ 1945
ti
ii
ii
(import quota filled)
September 15, 1945
” ,
it
ii
(import quota filled)
September 15, 1945
it
it
ti
ii
1,497,677j193
675,023,775
38,005,812
4,390,775
22,464,977
119,172,975
97,999,574
54,878,990
- 77,690,761
24,030,898
4,098,913
62,860,488
1,184,028
1^/ Quotas as of June 1, 1945, determined by action of the Inter-American
Coffee B oard on May 29, 1945.
l/~<f -0
FOR IMMBDIATS RTer.iB^gTB
September ^
oq^
1945
^ L ^ 0611 of
CHns announced today that the quota of
8 ,883,259 pouado of cottoa having a staple length of less than
i/T 4 inch®* (other than harsh or rough eotton of less than
* v i * 188 in 8taple
«»A chiefly used in the manufacture
of blanket 8 and blanketing, and other than lint era), the product
of Mexico, was filled on September 20, 1945, the opening day of
the quota period ending September 19, 1946*
The quota of 8 ,883,259 pounds represents 84 percent of the
total amount of such cotton presented for entry at 12 noon, e.w*t.;
i:
C;W,t#* 10
s ***■ 9 a.m. P.v.t. on September 20.
The collectors of customs in whose districts the entries were pre
sented have been authorised by the Bureau of Customs to permit the
release of 84 percent of the cottoa covered by each such entry,
which amount exhausts the quota for the year ending September 19,
C/ f ^
(
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, September 26, 1945.
preSs Service
Ho. V-80
The Bureau of Customs announced today that the quota of 8,883,259
founds of cotton having a staple length of less than l-l/8 inches (other
than harsh or rough cotton of less than 3/4 inches in staple length and
chiefly used in the manufacture of blankets and blanketing* and other
than linters)* the product of Mexico* was filled on September 20* 1945*
the opening day of the quota period ending September 19* 1946.
The quota of 8,883*259 pounds represents 84 percent of the total
amount of such cotton presented for entry at 12 noon, E.W«I.;/ li a .m«,
C.W.T•; 10 a.m*.* M*Yi*T«j and 9 a.m« P. YF.T* on September 20«
The
collectors of customs in whose districts the entries were presented
have been authorized by the Bureau of Customs to permit the release of
84 percent of the cotton covered by each such entry* whihh amount ex
hausts the quota for the year ending September 19* 1946.
INIPI
TBataax VBuatmm
Bureau of In tern al Revenue
Washington 2 5 , B . C.
n M A íw i
v - i \
(ÌAU*,r
Joseph D. Nunan, J r . , Commissioner o f In tern al Revenue, today called
atten tio n of employers to revised requirem ents f o r f ilin g annual infornati on
retu rn s on Foia 1099 showing c e rta in typ es of employee compensation which aie
not su b ject to incosse ta x w ithholding.
Fora 1099 i s a standard fo ra which has been used f o r many years by
employers to rep ort employees’ wages, by corporations to rep ort dividend
d istrib u tio n s, by banks and others to rep o rt in te re s t and oth er kinds of payment»,
When the pay-as-you-go system was adopted, a Withholding Receipt (Form w-2)
was su b stitu ted f o r Fora 1099 in the case of wages from which ta x is withheld,
However, th ere usually is no ta x withholding and hence no record on the With
holding R eceipt when an employee receiv es reimbursement f o r tr a v e l and other
expenses incurred on behalf o f h is «apio y er, o r when the employer pays l i f t
insurance premiums fo r th e employee in conjunction with a pension plan, and when
the employer makes taxab le payments to han employee under pension or profit
sharing p la n s- Such compensation, regard less of i t s amount, must therefoie be
reported sep arately on Form 1099, provided the employee’ s total compensation
I ^ 1Uding the wasea 8hown on JPara W-2 as w ell as a l l other compensation) is
#500 or more fo r the y e a r. I f th e t o ta l compensation i s le s s than $500, ths
wages su b ject to withholding riiould be shown on Form W-2 but no Form 1099 report j
is req u ired .
^
1
For in stan ce, suppose during 1945 an employer paid an employee $400 of wage!
ffom which he withheld income t a x . and also $300 f o r tra v e l expenseYfram which
he did not withhold income tax* He i s req u ired , in any e a se , to give Withholding
R eceipts both to th e employee and to th e lo c a l c o lle c to r o f in te rn a l revenue
%he * 400 wagef * Furtherm ore, sin ce th e em ployee's to ta l compensation
IWeOO) was more than $5 0 0 , th e employer must also f i l e a Form 1099 return showing
the #200 tr a v e l expense payment*
Copies o f Form 1099 are av ailab le from lo c a l c o lle c to rs o f internal revenís, j
but when f ille d out the fonas should be mailed to the Processing Division,
Bureau of In tern al Revenue, 260 E ast 1 6 1 st S tre e t, Hew York 5 1 , New York.
-
0
-
September 2 6 , 1945.
Dear C h arlie:
The Chief Counsel's o ffic e is extrem ely anxious fo r us to g et out
the attached p ress re le a se regarding inform ation re tu rn s , at the same
time th a t a Treasury D ecision making some s lig h t changes in the requirements
is published in the Federal R e g iste r. The Treasury D ecision is scheduled
to appear in the Federal R eg ister F rid ay , September 2 8 , and i f the press
re le a se is agreeable with you, I would app reciate a sim ilar release d ate.
Please arrange fo r sending the usual 500 copies to u s.
Thanks.
Irving Perim eter
TREASURY DEPARTMENT
B u r e a u of I n t e r n a l R e v e n u e
Washington
rOR R E L E A S E , M O R N I N G NEWSPAPERS,.
F r i d a y , S e p t e m b e r 28, 1 9 4 5 .
Press' S e r y i c e
No. V-81
Joseph. D. N u n a n , Jr., C o m m i s s i o n e r o f I n t e r n a l R e v e n u e ,
t o d a y c a l l e d a t t e n t i o n o f e m p l o y e r s to r e v i s e d r e q u i r e m e n t s
for f i l i n g a n n u a l i n f o r m a t i o n r e t u r n s on F o r m 1 0 9 9 'showing
certain types o f e m p l o y e e c o m p e n s a t i o n w h i c h are n o t s u bject
to i n c o m e tax w i t h h o l d i n g s
F o r m 1 0 9 9 is a s t a n d a r d f o r m w h i c h h a s b e e n u s e d for
m a n y y e a r s b y e m p l o y e r s to r e p o r t e m p l o y e e s 1 w a g e s , b y
c o r p o r a t i o n s to r e p o r t d i v i d e n d d i s t r i b u t i o n s , b y b a n k s a n d
o t h e r s to r e p o r t i n t e r e s t a n d o t h e r k i n d s o f p a y m e n t s . ,
W h e n the p a y - a s - y o u - g o s y s t e m w a s a d o p t e d , a W i t h h o l d i n g
R e c e i p t ( F o r m W -2) w a s s u b s t i t u t e d f o r F o r m 1 0 9 9 in the case
of w a g e s f r o m w h i c h tax is w i t h h e l d .
However, there u s u a l l y
is n o t a x w i t h h o l d i n g and h e n c e no< r e c o r d on, the W i t h h o l d i n g
R e c e i p t w h e n - a n e m p l o y e e r e c e i v e s r e i m b u r s e m e n t f or t r a v e l
and o t h e r e x p e n s e s i n c u r r e d o n b e h a l f o f h i s e m p l o y e r , or
w h e n the e m p l o y e r p a y s l i f e i n s u r a n c e p r e m i u m s f o r the e m
p l o y e e in c o n j u n c t i o n w i t h a p e n s i o n p l a n , a n d w h e n the
e m p l o y e r m a k e s t a x a b l e p a y m e n t s to an e m p l o y e e u n d e r 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 s .
S u c h c o m p e n s a t i o n , r e g a r d l e s s o f its
a m o u n t , ' m u s t t h e r e f o r e b e r e p o r t e d s e p a r a t e l y on F o r m 1099,
p r o v i d e d the e m p l o y e e ’s t o t a l c o m p e n s a t i o n ( i n c l u d i n g the Nw a g e s
s h o w n on F o r m W - 2 as w e l l as a ll o t h e r c o m p e n s a t i o n ) is $ 5 0 0
or m o r e f o r t h e y e a r .
I f the .t o t a l c o m p e n s a t i o n is l e s s t h a n
$500, the w a g e s s u b j e c t to W i t h h o l d i n g s h o u l d be s h o w n on
i'orm W - 2 b u t n o F o r m 1 0 9 9 r e p o r t Is r e q u i r e d .
For instance, suppose during 1945 an employer paid an
e m p l o y e e $ 4 0 0 o f w a g e s f r o m w h i c h h e w i t h h e l d i n c o m e tax, a n d
also $ 2 0 0 f or tr,avel e x p e n s e s f r o m w h i c h h e d i d n o t w i t h h o l d
i n c o m e tax.
He is r e q u i r e d , in a n y case, to g i v e W i t h h o l d i n g
R e c e i p t s b o t h to the e m p l o y e e a n d to the l o c a l c o l l e c t o r of ,
i n t e r n a l r e v e n u e s h o w i n g the $ 4 0 0 w a g e d •
Furthermore, since
the e m p l o y e e ’s t o t a l c o m p e n s a t i o n ($600) w a s m o r e t h a n $500,
the e m p l o y e r m u s t a l s o file a F o r m 1 0 9 9 r e t u r n s h o w i n g the
$200. t r a v e l e x p e n s e p a y m e n t .
C o p i e s o f F o r m 1 0 9 9 a r e 'available f r o m l p c a l c o l l e c t o r s
o f i n t e r n a l r e v e n u e , b u t w h e n filled^ o ut the* f o r m s s h o u l d be
m a i l e d to the P r o c e s s i n g D i v i s i o n , B u r e a u o f I n t e r n a l R e v e n u e ,
260 E a s t 1 6 1 s t S t r e e t ^ N p w Y o r k 51, N e w Y o r k .
oOo
.
msot
- 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. 413, as amended, and this notice, orescribe 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 $200,000 or less from any one bidder at j
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
October L
1QLS
---------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, I
W * 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 I
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 bnited States, or by any local taxing authority*
For purposes of taxation the I
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 stall 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 h e r e u n d e r
need include in his income tax return only the difference between the price p a id
xmx
TREASURY DEPARTMENT
Washington
The Secretary of the Treasury, by this public notice, invites tenders
for $ l r300 f)nO sOOO_t or thereabouts, of
91
-day Treasury bills, to be issued
w
on a discount basis under competitive and fixed-price bidding as hereinafter provided.
The bills of this series will be date^
interest.
ft<*uk**
l
iolk
and will
m
~
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
Standard
closing hour, two o ’clock p.m., Eastern Max time,
Monday, October l t
Tenders will not be received at the Treasiuy Department, Washington.
1945
Each tender
must be for an even multiple of $1,000, and the price offered must be expressed
on the basis of 100, with not more than three decimals, e. g f, 99-925.
may not be used.
Fractions
It is urged that tenders be made on the 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
January 3 » 1946______ , when the face amount will be payable- without
mature
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
FOR RELEASE, M O R N I N G NEWSPAPERS,
Friday, S e p t e m b e r 28, 1945.
,
The S e c r e t a r y o f the Treasury, b y this public notice,
invites tenders for $1,300-,000-,000, or thereabouts, of 91-day
T r e a s u r y bills, to be issued on a d i s count basis u n d e r c o m p e t e
tive and 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 ted Oc t o b e r s , 1945, a n d wil l m a t u r e
January 3, 1946, w h e n the face'amount wil l be p a y a b l e w i t h o u t
interest.
T hey will be issued in b e a r e r form only, a nd in
de 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 will be r e c eived at Federal R e s erve Banks' and
Branches u p to the c l o s i n g hour, two o ' c lock p.m., E a s t e r n
standard time, Monday, O c t o b e r 1, 1945.
T e n d e r s w i l l ' n o t be
received 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 tender
must be for an even m u l t i p l e of $1,000, and t h e .price o f f ered
must b » expressed on the b a sis o f 100, w i t h n o t more tha n three
decimals, e . g ., 99.925.
Fractions m a y not be used., it is u r g e d
that tenders be mad e on the pr i n t e d forms and forwarded in the
special envelopes 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
Banks ,or Branches on a p p l i c a t i o n therefor.
.
T e n d e r s will be-.¿received 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 companies and from r e s p o n s i b l e and reco g n i z e d
dealers in i n v e stment securities.
Tenders f r o m others m u s t be
accompanied by p a y m e n t of 2 p e r c e n t of the face a m ount of
reasury b i l l s ap p l i e d for, u n l e s s the tenders 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 a n i n c o r p o r a t e d ban k or
trust company.
. 4. ^ lT12 e5 iat? l y - a f t e r the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, fol 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 amount and price range o f a c c e p t e d bids.
Those s ubmitting
tenders will be a d v ised of the acc e p t a n c e or R e j e c t i o n thereof,
he S e c r e t a r y o f the T r e a s u r y e x p r e s s l y reserves the right to
accept or r e ject any or all tenders, in whole or in part, and
his action in any such respect shall be final.
Su b j e c t to these
^ Sa S VQ A c ° n S l te? ders for $ 2 0 0 , 0 0 0 or less fro m any one b i d d e r
ot 99.905 entered on a fixe d - p r i c e basis will be a c c e p t e d in
iuii,
Payment 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 made or c o m pleted at the Federal Reserve B a n k in cash or
other imme d i a t e l y available funds on O c t o b e r 4, 1945.
V-82
(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 interest
or-gain -frora-the* sale or other d i s p o s i t i o n of the bills, shall
not have any exemption, as such, and loss from the sale or
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 h a v e any special
treatment, as. such, u n d e r Federal tax Act s n o w ar hereafter
enacted.
Thè bi-lls shall be subject .to estate,' 'inheritance,
■gift, or o t her excise taxes, w h e t h e r Federal or State, but
shall be exempt from all t a x a t i o n n ow or h e r e a f t e r imposed on
the principal or', interest thereof b y any 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 by any local taxing
authority.
For pu r p o s e s o f t a x ation the a m o u n t Of discount 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 considered to be interest.
U n d e r Sections 42 and 117
(a) (1) of the Internal R e v e n u e Code, as a m e n d e d by Section 115
of the R e v e n u e , A c t of 1941, the amount of d i s c o u n t at which
bills issued h e r e u n d e r are sold’ shall not be considered to
a c crue u n til such bills shall be sold, redeemed or otherwise
d i s p o s e d of, and suc h b i l l s are ex c l u d e d f r o m consideration as
capital assets.
Accordingly, the owner o f T r e a s u r y bills (other
than life insurance companies) issued h e r e u n d e r nee d include in
his income-tax return only the d i f f e r e n c e b e t w e e n the price paid
for- s u c h bills,, w h e t h e r on original issue or on subsequent
purchase, and the amouat-.actually received either upon 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
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, as amended, and this
notice, pre s c r i b e the-terms o f the T r e a s u r y bills and govern
the conditions of their issue.
Copies of the circular may be
o b t ained f r o m any F e d e r a l R e s e r v e Bank or Branch.
.
oOo
SUMMARY OF ACTUAL RECEIPTS AND EXPENDITURES OF THE
FEDERAL GOVERNMENT FOR THE FISCAL YEARS 1940
AND 1945 AND BUDGET ESTIMATES FOR 1946 1/
(In billions of dollars)
Budgetary items .........................
Government corporations (net) .................
Total, war activities ••••....... .
Other activities:
Veterans1 Administration...... ....... .
Refunds .... ............. ........
Interest on the public debt.... .]]..********
1.7
—
51.0
♦49.3
ul.
1.7
90.5
50.5
♦48.8
3.2
2.9
«>2.6
♦2.8
.6
2 .1
.1
1.0
1.7
-3.6
Sub-total....................... .
1.7
7.4
Unemployment relief... ............... .
International finance ....................
Other expenditures:
Budgetary items ................. .
Government corporations and credit agencies;
2.2
-A*5l
10.6
-JfcXrJL
♦8.9
-
2.2
2.3
♦2.3
3.4
3.0
-.2.
- .8
3.4
--
- .7
Total, other activities ........... .
7.6
9.5
15.9
♦8.3
Grand total, expenditures ••••••••••••..
9 T
100.0
66.4
♦57.1
Excess o f expenditures
3.9
53.6
30.4
♦26.5
Notes - Figures are rounded and w ill not n ecessarily add to to ta ls .
1/
9 0 .0
Includes net outlays of Government corporations and credit agencies.
•
8
•
¿nr*, ***
agencies aoounted to #254 -iUtons coapared with net collections of $8*6,
■«ilons in
1945.
In 1946 net collections are expected to
Since the ear began liquidations of loans of such organizations as the
|
nfi§,
M P
*v'
Reconstruction Finance Corporation, the Horn) Owners' loan Corporation and
w 0
the Federal Fern Mortgage Corporation have proceeded at a faster pace, resultlq
■gasip
in total net receipts rather than net expenditures as in earlier years in
this category. The lower net reeeipts in 1946 coopered with 1945 is due
principally to an expected increase in net expenditures of the Commodity
Credit Corporation in the current fiscal year»
fm
If
Expenditures for principal itests of a continuing public works character
amounted to $571 millions in 1940, while in 1945# due to postponements on
account of the war, they aggregated less than half of that amount.
Such
expenditures are estimated to be about #400'’millions in the current year.
I
These items are likely to increase in the immediate future as Congress las
«
.
.
Am .JL
already authorized additional outlays for public roads^ rivers and harbors
and flood control* -ami*
Expenditures of the Social Security and Railroad Retirement Boards
,
r
y w4 H J j
increased from an aggregate of # 4 9 3 mil Hens in 1940 to #779 ml-llioR* in
. . . . .
. . . .
. . . .
.
.
.
.
.
. n r
1945 and for 1946 are estimated at about
million??• Increased grants
to States for old-age assistance, aid to dependent children, aid to the
blind, and transfers to the Railroad Retirement Account are responsible for
the higher level of expenditures in 1945 compared with 1940,
The grants
to States are estimated to be still higher in the current year, while
transfers to the Railroad Retirement Account will be slightly lower.
The balance of Budgetary expenditures —
"General administration,
etc," — * represent for the most part the regular operating costs of the
varions depart&ents and establishments of the Government • These expenditures
U~trO,
amounted to $814 millions in 1940# $1,174 Bâillons in 1945# and are estimated
at about $1,400/ ndHiosfE for 1946,
ü
s***tM*M b
The outlays of Government corporations and crédit agencies represent
transactions in checking accounts maintained with the Treasurer of the
m uu <
i t em
United States and are stated net, i.e., gross payments by the agencies less
their gross receipts.
In 1940 net expenditures of these corporations and_^
m k
a Ji/'& n L u
m
- 6.
1ft addition the lsg>arfc~I»pe!ri Bank stay borrow act to exceed $2s50D)tó8iaar
f*0® the treasury to carry on it* authorised program.
It la not believed
that any of this latter amount will be required until after the fiscal year
1946.
With regard to the International Bank for &«cn*tructicm end Bevels^
*ft»t Congress has authorised subscription for capital stock by the United
K# <
States to a total of «3.175,1 11—
, of ehich #317 k s t e » Is eettaatad
,
f «*•'
to be paid in the fiscal y e m 1946 and about ths sane amount *g»*r> in 1947
rmaintog $2,540 millions can be called only afeen needed to meet the
proportionate share of any losses suffered by ths bank in ths course of its
operations*
Hthsr taroenditm^ffi
th s balance of expenditures, under ths classification »Other activities,1
consists of (1 ) ths budgetary itemst aids to agricultura, public works, social
securer and railroad] retirement, ths (toreransat’s contribution® to eaploysM<
retirement funds and ths regular operating expenses of ths various departiente
establishments; and (2) net outlays o f Goveraosnt co rpora tio n s and credit
agencias other than war expenditures of ths Reconstruetion Finance Corpora
tion and its affiliates,
lbs budgetary items amounted to an aggregate of
$ 3 ^ billions in 1940, #3.0 billions in 1945, and, although there are varia*»
tata*»*! s h if ts , are expected to again aaouat to #3 .4 w i n « . Sa 1 % 6 .
Expenditures for aids to agriculture, includingA* w * e eocpandltarea ef
tha Department of Agriculture classified la daily Treasury statements as
dfpu*tMt&l<?, amounted to $1,571 is!fcHipps>in ths fiscal year 1940 compered
... _ .
d Jttw
o-v-ij
eith the Budget estiaato for 1946 «^$700 *1111«., a reduction of #871
nlllloits.
International ffHMITff
Budgetary expenditures for International finance, that is subscriptions
to the International Monetary Fund, International Bank for Reconstruction ui
Development, and capital stock of toe Export-Import Bank, are estimated to
¿-tt *-*■*»Mtp
aggregate $2.3 billions* for the fiscal year 1946. This excludes
to be subscribed to the International Monetary Fund out of the
United States Stabilisation Fuad created by the Gold Reserve Act of 1934.
The breakdown for the fiscal year 1946 is as follows!
iln million« of dollars )
>-- E a t l m . ^ payments In 10/6
Fro® Exchange
Stabilisation Fund
t
!
:
t
International Monetary Fund.
International Bank for
Recons truetion and
Development .............
Bxport-lwport Bank,
capital stock
.«...
Total .................
^
2,750
950
1,800
3,175
317
SO
999
1 / 999
6,924
2,266
<e*
1,800
i P 110?! *° be paid to the Reconstruction Finance Corporation to retire capital stock previously subscribed by that corporation.
As will be seen from the above table, membership of the United States 1b
the International Monetary Fund will require subscription of $2,750, millioi®,
payment for all of which is expected to be made by June 30, 1946.
Also, on
the basis of Budget estimates, payment for the fiOl remaining authorised
capital of the Export-Import Bank of ♦999'mHajtone la expected to be made by
¥4,
the end of this fiscal year, which, together with |1 million of stock already
owned by the United States
win give that bank capital stock of $1,000, M U M * *
** 4
m
--- -
---I L .
fetal expenditures for veterans* benefits ai^it be^gsiatsr In the
the National Service Idf® Insurance Fund, mifth b® substantially reduced
in later year®*
Ihe fiscal year 1%6 i® probably the peak year for refunds of tax*®,
the estimated expenditures for this purpo®* sswartifif to $2*9 billion®» This
is due principally to the previsions of the Tax Adjustment Act of 1945 speed
ing up corporate refunds f©Hoeing the end of the ear* It is believed that
both corporate refunds and refunds arising from individual withholding will
decrease substantially below the current year level«
Expenditures for interest on the public debt will no doubt increase
M jr**,***
fr o m
_
the level of 14*5 billions estimated for 1946, the Budget estimate of
total public debt outstanding on June 30, 1946, being $273, billion®. Th«
extent to which interest payments increase or decrease in the fhture will
depend upon the rapidity with which the Government can balance it# Budget.
relief
frujUtX
eh w m estimate®
&
for the fiscal year 1946 do not contain any W
°-
vision for unemployment relief* In 194® expenditures for uneapleyeent
<^*hv
¿t-o,
relief amounted to $2*2 billions, about $1*5 bUllmnc of this so® having
been expended by the Berk Project# Administration. The balance of the P©g*®*
the for® of aid® to youth by the Civilian Conservation Corps &nd the
national Youth Administration, and loans and grants to Statee, wunicipaliti*»
etc* by the Public Work# Administration*
•3QTHER ACTIVITIES
Expenditures other then war activities increased from $7.6 billions
t i-**—©, o-tf-*
in 1940 to $9.5 b U H o a s in 1945, while the estimate for 1946 is $15.9^»,
bilH oin r.
connection with these activities there are two factors of interest,
(1)
the expenditure« in 1946 for certain items are higher than they are
expected to be in succeeding years, notably under refunds of taxes where
corporate refunds are at their peak, and the international payments under
the Bretton Woods agreements being at a considerably higher level than
expected in the future} and (2) the expenditures for 1946 will be greater
than those at the pre-war level in certain Instances where they wesn».
directly affected by the war, such as for care, rehabilitation and hospital*
isation
Wftr veterans, expenses of the Treasury Department incident to
the collection of larger taxes and the management of the war debt, and
expenses of the General Accounting Office in connection with the audit and
settlement of accounts *
Veterans, refunds, and interest
Expenditures for veterans, refunds and Interest are largely war causadi
being sometimes referred to as «aftermath of war.»
amounted to
These expenditures
11.7 buttons In 1940, |7.4 billions In 1945, and are expected
*-n >, e“**“6
to require $10.6 billions in 1946, this latter figure representing the all
time pe&k»4awl\.the change« would-seem good "em ite'HPegainigpfgTwy} mb least for
ueias iiTity tu i
The estimate for 1946 represents more than a six-fold
increase compered with 1940.
During the current year these «aftermath of
war» items will account for about two-thirds of all Federal "non-war*
expenditures.
-
2
-
The following shows a rough breakdown for several years of war expendi
tures including net^outlays of the Reconstruction Finance Corporation and
Its affiliatest
-....
.
*
(Fiscal years « in billions of dollars)
m
t 1940
19a
1942
1943
1944
1945
1/
4.5
20.3
55.2
60.2
58.5
21.0
ÿ
1.0
1.1
2.8
5.2
10.6
9.5
17.5
12.0
21.6
10.4
19.0
10.5
1.7
6.7
28.3
75.3
89.7
90.5
50.5
Munitions ......
Nonœimitiens $
Pay and subsistence »
Miscellaneous......
Total
1/
1946
Breakdown not available.
The classification »munitions* includes not only military type items
but also civilian or industrial type products.
In fact, the term as used
here covers all products except food procured in the continental United
States for the armed forces or for lend-lease.
The classification "pay and
subsistence» consists of pay of the armed forces, dependency allowances,
mustering out pay, subsistence, and travel allowances.
»Miscellaneous*
includes civilian pay in war agencies, stock piling of critical materials,
agricultural lend-lease, payments for United Rations Relief and Rehabilitation
Administration, contract-termination payments, and commercial transportation
and public utilities relating to troops and equipment in the United States.
Following the fiscal year 1946, war expenditures will, of course,
decrease very rapidly, although it is too early at this time to indicate
the probable cost in 1947 and thereafter of maintaining the Army and Navy.
attached tala« shows a maasary of Federal expenditures by ilaeal
9w m
for 1940, a pro-war
tosti
1945, the peak war yearj and Budget asti-
«aie« for 1946, a Tear of transition free ear t© peace.
The table also
includes net receipts and d eficits for each of the years*
^
¿rt>
j
Total expenditures Increased fTon #9 * 3 Millions in
*» 1945, and
jf f l
1940
to $ 1 0 0 / 0 ^ '° ^
fe ll o ff to .bout $6 6 .\ b illio n . 1»
th e
carro t
fisc a l year which ends next Jims 30*
WAB_MfIvmss
In the fisoal year 1945 nore than
90# oat of every dollar spent by
the Federal Governnent went to nest the direct costs of the war.
Accord
ing to the revised Budget estinates released August 31, this proportion
will drop to about 76#.
This rsduotleti Is the net result of decreased
war expenditures and by an increase in other expenditures.
Bar expenditures,
gw, <r*n>f
according to th. Budget, will «mount 4» *50.5 billlene in tho eurrot fiscal
g rv, •nr»/tnM)
y*ar> co*pared With *90.5feilHo«w Jb
*£h *
1945, . reduction of about 44 per cent.
estimate for 1946 of #50*5 bOUncs night sees high at first apuraisal
in view of the capitulation of Japan Just l| Months after the beginning of
the fiscal year*
It should be kept in Mind, however, that even though billies*
of dollars of contracts have been and will be cancelled, cash outlay will
^
^
Jfa 0 &i>, t > * 0 / 0 t > *
Million nan; probably
if
tired to demobilise nose
»
will be spent in terninatlng
war contracts! MueterJjhg out pay will require about #270 for each nan dis*
barged | to nase s o m of the factors which will tend to keep *yp*wy|fteures
frost dropping quickly*
15 -
In closing I should like to make one more point,
I am sure the members of this Committee feel, as I do,
a deep sense of duty.
Only a few weeks ago we celebrated
the surrender of Japan,
Our military victory was earlier
and more complete than we had dared hope for.
We are
able to make an earlier start on the road toward our
peacetime goals.
But we will xvln the rewards of Victory
only if we are able to bring to the tasks of peace the
same devotion we demonstrated during the days of war.
We have had our celebration.
r
(
We now face responsi-
1
A
bilities, /Our responsibilitiesjextend alike to business
and labor and agriculture, to tne nations bondholders,
to the disabled men of our fighting forces; in short,
to all the people.
They have shown their willingness
to shoulder extra burdens when there was need for them
toJbeanthem.
They have the right to expect that their
load^be lightened as there is opportunity to do so.
They also want their Government to fulfill the obligations
remaining from the period of war and the new duties
pressing upon us with the peace.
Taxation presents perhaps
the most difficult legislative problems.
be met on]
Thfl^oroblems can
a sense of responsibility for the interests
of all the people
X X^
14- r e c o n v e r s i o n a n d expansion,
it is h i g h l y des i r a b l e to
p a s s the c o n t e m p l a t e d t a x l e g i s l a t i o n e a rly this fall.
Moreover,
the Bureau
if i n d i v i d u a l income t ax changes are made,
o f Internal R e v e n u e w i l l n e e d to r e p r i n t
a n d d i s t r i b u t e n e w w i t h h o l d i n g ta x tabl e s to e m p l o y e r s
a n d taxpayers in time to go into effect on J a n u a r y 1,194-6.
To meet this
schedule the n e w b i l l
should b e c o m e l a w not
l a t e r than N o v e m b e r 1, 194-5.
Onl y a v e r y simple b i l l w i t h a m i n i m u m of contro
v e r s i a l f e a t u r e s can be m o v e d t h r o u g h the n e c e s s a r y
l e g i s l a t i v e p r o c e s s e s b e f o r e that date.
x o r speed c o m b i n e d w i t h
The pre s s u r e
the c o n t inuing r e q u i r e m e n t s fo r
re v e n u e n e c e s s a r i l y l i mit the
scope of the bill.
Nest y e a r Congress u n d o u b t e d l y w i l l want
m o r e f a r - r e a c h i n g l egislation.
to consider
There w i l l be more time
t h e n to p l a n a t h o r o u g h g o i n g and b a s i c r e v i s i o n of our
r e v e n u e laws.
We shall have b e t t e r k n o w l e d g e of our
b u d g e t a r y re q u i r e m e n t s .
W e ' ^ t f c S ^ s in a b e t t e r p o s i t i o n
to v i e w the n a t i o n a l economic pi c t u r e as a w h o l e and to
fit the t a x r e v i s i o n s to t h a t picture.
A n o t h e r issue w h i c n ' s m s t be met befo r e the en d
rTffiir*4AT p a y r o l l tax rates^risek
^p#g q«eftt on
J a n u a r y 1, 1 9 ^ 6 as p r o v i d e d by e x i sting law.
present,
At
as the result of fou r successive p o s t p o n e
m e n t s of rate increases,
the rates s t a n d at 1 p e r cent
on the e m p l o y e r a n d 1 p e r c e n t on the employee
Instead
of 2 p e r c e n t on eac h as the l a w o r i g i n a l l y p r o v i d e d * ^
I u n d e r s t a n d that a
consideration of the w h ole
p r o b l e m of social security
coverage a n d f i n a n c i n g is
n o w u n d e r w a y in the Congress.
I b e l i e v e that revision
of p a y r o l l t ax r a tes should w a i t to be made p a r t of
the b r o a d e r a c t i o n on social
security f i n a n c i n g as a
whole.
These p r o p o s a l s are all f or 19^6.
w o u l d be v e r y u n d e s i r a b l e
I b e l i e v e it
to make any tax r e d u ctions
r e t r o a c t i v e l y f o r the taxable yea r 19^5*
w o r k only w i t h respect to the future.
I n c e ntives
To get the maxi
m u m incentive f r o m a tax r e d u c t i o n it should be enacted
l o n g e n o u g h in advance of its effective date to permit
b u s i n e s s m e n a n d investors
to take the r e d u c t i o n into
a c c ount in m a k i n g their imm e d i a t e plans.
Since one of
the m ain p u r p o s e s of t ax l e g i s l a t i o n at this time
is to enc o u r a g e b u s i n e s s to
speed
- 12b fiscal year.
This would Result) in a reduction of excise
tax liabilities for the calendar year 1946 estimated at
When the revenue reductions associated with the
three recommendations just made are added, the total is
somewhat in excess of $5 billion.
However, in estimating
the revenue effect of each of these items, no allowance
has been made for their interrelation or combination
effects.
Thus, the reduction in the excess-profits tax
would be expected to result i n ,.wfcaimfi n %
increased
dividends with resulting increases in individual income
tax collections.
T.i Irpmn op _ „ i4-: -- - - - n .||||r|] Iiiiiiij^i
tkg
elimination of the normal tax makes more money available
for expenditure and thul/should increase the excise tax
collections./And of course it is hoped that the proposed
program will mean a higher level of business in 1946 than
would otherwise be the case.
Although I diiot suggest
any figures to indicate these combination effects, I belie-v
they would be of sufficient magnitude to bring the total
program within the $5 billion limit which I have proposed.
12a -
t h r o u g h w i t h h o l d i n g and t h r o u g h the m e t h o d of* estimates
and returns.
negl igible
The amounts are,
however,
by no m e a n s
to h a r d - p r e s s e d families w i t h small incomes
I
a n d large n u m b e r s of d ependents.
The normal t ax a p p l i / s J
^
.
'
I
of course, to taxpayer s subject to the surtax.
Its
Wmm
h'
X/
r e p e a l w o u l d be an equitable m e t h o d of r e d u c i n g their
taxes,
oi* a m a r r i e d t a x p a y e r w i t h two
d e p e n d e n t children, r e c e i v i n g $3,000 of net income before
p e r s o n a l exemption,
the repe a l of the n o r m a l
reduce his tax from
$275
to $200,
tax w o u l d
a. r e d u c t i o n of $7 5 .
T his is v e r y substantial r e l i e f a n d goes to the kinds
of t a x payers n e e d i n g it the most.
I r e c o m m e n d that you
repeal this s p e cial w a r t i m e normal
t ax l e v y as of
J a n u a r y 1, 19^-6.
The r e v e n u e loss f rom repea?, is estimated
grou p s can be g i v e n also b y setting an effective date
for the e x cise
tax r e d u c t i o n s n o w p r o v i d e d in the law.
The I n d u s t r i e s
involved in the excise
taxes have po i n t e d
out the d i s a d v a n t a g e s a r i s i n g f r o m u n c e r t a i n t y in the
effective d a t e for these a u t o m a t i c reductions.
I recom
m e n d that the effective d a t & for the reductions
made
July 1, 19^*6, w h i c h is
the end of the
K
on net income up to $1,500.
The normal tax, however,
applies on all net income above $500 for each income re
ceiver without regard to family status or number of de
pendents.
Accordingly, this family would pay normal tax
of 3 percent on all income above $500.
The amounts of tax
are relatively small from the viewpoint of the Government
and, accordingly, relatively expensive to collect, both
n^o 11 Ik
- H i
h £
-
M k t e V e r relief can be given in reducing personal in
come taxes will be most beneficial, in sustaining mass pur
chasing power, when given to the individuals and families
to whom a dollar means most.
And beyond this economic
argument is the overpowering logic of equity.
I direct your particular attention to the so-called
normal individual income tax.
only.
This tax is normal in name
In 1942 Congress imposed the so-called Victory tax
of 5 percent (less certain credits) on gross income above
a|\ exemption of $624, thereby sweeping into the income tax
system some 10 million families not subject to the regular
income tax.
This tax contained a provision for automatic
repeal at the end of the war.
In the Revenue Act of 1943
the Victory tax was modified into a tax on net income with
an exemption of $500, ancffle^ignated the normal tax.
The
automatic repeal provision was omitted.
in s
The normal tax imposes income tax on a b o u t m i l l i o n
families which are exempt from the surtax.
Thus, a family
composed of a man, his wife, and one child has three sur
tax exemptions oi $500 each and is thus exempt from surtax
- llg -
It would,
of course,
be h i g h l y s a t i s f a c t o r y to
all of us if a great deal of tax r e d u c t i o n could be
m a d e effective
imme d i a t e l y a n d if it could be spread
in m a n y places.
U n f o r t unately,
that cannot be done./
A n y ch a n g e s that we do make at this time
m e e t two tests.
They
should contribute to a vital,
i n v i g o r a t e d p e a c e t i m e e c o nomy.
themselves a nd should,
should
They s h o u l d be f a i r in
i n s o f a r as possible,
r e m e d y present
inequities.
The r e p e a l of the e x c e s s - p r o f i t s t a x w i l l m e e t these
tests.
There is a n o t h e r change,
of eve n b r o a d e r impli
cation, w h i c h I w o u l d n o w l i k e to discuss.
Let us n e v e r forget the h u m a n side of the ta x a t i o n
problem.
No
system of t a x a t i o n is.an inanimate thing.
D i r e c t l y or Indirectly,
it i n e v i t a b l y touches the pocket-
b o o k s and i n f l u e n c e s the l i ves of e v e r y man, w o m a n and
c h i l d in our country.
In this con n e c t i o n I urge that in d i s t r i b u t i n g the
limited amount
of tax r e d u c t i o n n o w possible,
you give
ful l c o n s i d e r a t i o n to r e l i e v i n g the direct p r e s s u r e of
w a r t i m e taxes u p o n l o w e r income groups#
Ilf
One of the methods of improving the excess-profits
tax was the carryback of losses and of unused excess-profits
credits placed in the law in 1942.
The chief purpose of
the carrybacks was to correct inflated wartime profit
figures by allowing a deduction of war-induced costs not
incurred until the end of the war.
It appears that a
considerable volume of such costs will remain to be incurred
after December 31, 1945.
continue for one more
Accordin^lv. the carrvbacks should
In r e c o m m e n d i n g repeal of this tax I am not
suggesting that there wil l not be any excessive
p r o f i t s in 194-6.
There w i l l be and par t of t hem
w i l l be a t t r i b u t a b l e
to the war.
t a x w o u l d r e a c h some of them;
The e x c e s s - p r o f i t s
but some of them it
w o u l d not r e a c h b e c ause of its d e f e c t i v e structure.
The excess—p r o f i t s tax w o u l d also r e a c h certain
"
a m o u n t s of h i g h level p r o f i t s w h i c h w e r e not du e to
the war.
In a d d i t i o n the e x c e s s - p r o f i t s tax in 194-6
w o u l d r e a c h l a rge a m o unts of p r o f i t s w h i c h w o u l d not
be e x c e ssive b y any a c c e p t a b l e s t a ndard
—
it~i
♦
Thi s is too e r r a t i c a t a x engine to t urn loose f o r
e v e n one f ull y e a r of the p o s t w a r p e r iod.
I am
confident that for p e a c e t i m e the only sati s f a c t o r y
cure for the d e f e c t s in o u r p r e s e n t e x c e s s p r o f i t s
t a x is repeal.
- lid -
It is o f t e n a s s u m e d t hat the p r o b l e m of e x cessp r o f i t s t a x a t i o n is p r a c t i c a l l y synonymous w i t h the
p r o b l e m of b i g business*
It is, of course,
true that
a m u c h l a r g e r p e r c e n t a g e of v e r y large c o r p o r a t i o n s
tha n of small c orporations hav e b e e n subject
excess-profits
of the
tax.
Even
so,
in
19^3
over
corpo r a t i o n s wit h incomes subject
to wartime
70
pe r c e n t
to excess-
p r o f i t s tax h a d net i n c omes of less than $ 100 ,000.
E v e n w i t h the $2 5 * 0 0 0 e x e m p t i o n in effect,
est i m a t e d that
into
19^6
it is
if the e x c e s s - p r o f i t s t a x is c o n t i n u e d
r o u g h l y one-half of all c o r p o r a t i o n s w i t h
income subject to e x c e s s - p r o f i t s t a x w i l l have n et
incomes of less t han $100,000*
Moreover,
b y no means
all large c o r p o r a t i o n s p a y e x c e s s - p r o f i t s taxes*
In
19^*3* the l a t e s t y e a r f o r w h i c h a.ctual t a b u l a t i o n s are
available,
33»3
w i t h incomes of
pe r c e n t — ■ o n e - t h i r d —
$1
excess pr o f i t s *
of the corporations
m i l l i o n and o v e r d i d not h ave taxable
Repeal of the excess p r o f i t s t ax will
give r e l i e f to c o r p o r a t i o n s of all sizes,
already exempted,
except those
and throughout all industry*
-
11c
concerns not h a v i n g i n f l a t e d capital structures*
nver-
-
fchfl— QVhpnfj ]jp
nn 1 nr n ntinr1“''''!— mj'triT
",'T,"l
*"""“T'‘-'
",T'i r1 j j t !runan ftilngi miftO iinfawi<»i■■»yaiy
4w w M r Y j ™ * 3*A n o t h e r d e f e c t of tjafe e x c e s s - p r o f i t s t a x is that
it makes i n a d e q u a t e V ^ o w & n c e
f or v a r i a t i o n s in risk.
In general the t a x ^ i n c r i m i n a t e s a g a i n s t c o r p o rations
in the h i g h risk.yindustriesT)
r
Thftfrv.T
r
r
#
t
ew ■&£■■■■■4 4'te*wa'
¥el
»4y»t'<-tftefrch excess-
Jj
m
A
'
S3»
*-
'• i
•SUrf*«'
cal ,vecnoef*tv
efforts b y the
^
’W w ■I
oro
vr ■*.f£Ife
w
^ ^ ® a ujBd»*.
Congress d u r i n g the w a r to r e m e d y the
A
UjfaEgsm m ^ks^ , «NH«$«
t
.he (M
■
S S l II I
J J
A serious defect of the excess - p r o f i t s t ax f o r
the p o s t w a r p e r i o d lies in the w e a k n e s s of the average
e a r nings c r e d i t - w h i c h use s p r e w a r p r o f i t s as a m ei-irea»'»
of
^mÊÊÊÊÈtSiiÊ$mÊÊÊKÊt» p r o f i t s »
A c o r p o r a t i o n m a y con
95
tinue to ear n free of e x c e s s - p r o f i t s tax
as m u c h as it a v e r a g e d d u r i n g the years
percent
1936 - 1939 ,
and
this amount is o f t e n e n l a r g e d b y v a r i o u s r e l i e f provislons» Isgatt y e a r s
W i M P I
¿Sha.4^^’
19 ¿¿¿
w«ulè.-y«oiwjilt in
toi b M
more“
corporatio
n its i n v e s t e d capital w i t h o u t p a y i n g any excess profits
'ew and r i s i n g ~
^
^
ìli if
■•-^— *î1tl
Io
smmmtm
The i n v e s t e d capital
t b h b h
credit also has serious limita
tlons as a m e a s u r e of e x c e s s i v e profits,
Corporations
are p e r m i t t e d to treat as current i n v e s t e d capital
am o u n t s w h i c h have l ong since ceased to contribute much
if a n y t h i n g to earning capacity.
This gives the m an
u n f a i r t a x adv a n t a g e o v e r m ore r e c e n t l y e s t a b l i s h e d
Whatever the merits of the averager-earning;
•war profits, it would be grossly ^^'0T'l'r,y'<11lilil
business,
- 11 abee n removed.
-■— —
guMiaiiAsm ^ l n i11~Triiinniiifli
—
f rr —
Lif :---
■a-JA - -iw
wlfi»miiiiiimiiii>iifiim m y . Their attitude
is not difficult to understand when we reexamine the
nature of the excess-profits tax and observe the erratic
character of its measurement of excessive profits.
The idea of taxing excessive profits is an attractive
one in peace as well as war:
if profits are truly ex
cessive, why should they not be heavily taxed?
"excessive” condemns them.
The label
The difficulty is that calling
profits excessive does not make them excessive and calling
profits normal does not make them normal.«
As you will recall, the present system of excess profits
taxation was not adopted in 1940 without grave misgivings
as to the methods of distinguishing normal and excessive
profits.
Efforts were made through extensive amendments
in 1941 and 1942 to remove some of the more obvious dis
criminations.
The results were not notably successful.
Nevertheless the tax was tolerable as a method for prevent
ing war profiteering.
With the war over, the tax must stand
or fall on its merits as a peacetime source of revenue.
Judged as a peacetime tax, it has many defects.
1
-
11
-
policy of this Administration that every war control
over American business and. American life shall be
dropped as soon as conditions make it possible to do
so.
A long list of controls has already been dropped
and many more are going day by day.
December
3 1
I believe that by
, 19^-5» conditions will be such that the
excess-profits tax, as a wartime control measure, can
be eliminated and I recommend that it be repealed as of
that date.
It should not be repealed before that date
because large amounts of war profits will continue to
be received during the closing months of this year, as
contracts are completed and termination payments made.
Moreover, December
31
is a desirable date on which to
end the tax because it is the close of the taxable year
for the great majority of corporations and thus is a
convenient date, both for the taxpayer and the Government.
The * £ £ & s.
19 ^ 6
against the excess-profits tax for
goes beyond the fact that it is primarily a wartime
control.
It is also an obstacle to that reconversion
and expansion of business which are so necessary for a
high level of employment and income.
The testimony of
businessmen is that they are unable to take the risk
of full peacetime business expansion until this tax has
10
The excess-profits tax was imposed in 194-0, and
the rates were increased in 194-1, 194-2, and 1 9 4 - I
1
$JL
Xi
has been a major source of wartime revenue, however,
the net yield,from the tax has not been as large as the
apparent yield for if the excess-profits tax did not
apply, the corporation normal and surtaxes would apply.
The net (yield) of the excess-profits tax is the additional
revenue produced by imposing on excess profits the
854-
percent excess-profits tax rate instead of the lower
corporation normal and surtax rates.
At the level of
profits expected for 194-6, the net yield for the excessprofits tax is estimated at
o ,
Despite its importance as a source of revenue, the
excess-profits tax was not impose<|^d33MMm^^as a revenue
measure and has never been viewed primarily as such.
The
primary purpose of the tax has been to prevent war profit
eering,
Although,it has not altogether succeeded in that
purpose, there can be no doubt of its great value in re
capturing war profits.
The excess-profits tax has been a control measure,
one of a large group of control measures which were
absolutely necessary to the effective conduct of the war
and to the maintenance of economic stability and a fair
distribution of the sacrifices of war.
It is the fixed
To a major degree, we must rely on non-fiscal
measures to guard against de flation.
Skillful wage
policy, price supports for agriculture and adequate
unemployment compensation are ««iflïSèiûA^Sî^reaoons.
^
A.
Nevertheless, a modest reduction in taxes can help.
But it must not go too far.
j
*
Üe«ua4u |i^er considering all ractors, economic and budgetary, it is my considered judgment that total reductions,
should not
exceed
$5
billion for 1946.
This is a time when rapid reconversion and business
expansion are of the utmost importance to the maintenance
of a high level of employment and income*
Tex reduction
for 194-6 should be designed to afford the maximum aid and
stimulus to reconversion and expansion that is compatible
with our revenue needs. Therefore, I suggest that the
Committee should view the primary function of this bill
to be the removal from the tax law of serious Impediments
which it may present to the swift transition from a war
economy to a prosperous peacetime era for which we are
preparing.
If, as I believe, we can do this without an
unwarranted sacrifice in revenues, then the present problem will be successfully m e t . I n this connection, I wish
to discuss with you the excess-profits tax because I con
sider it to be in a class by itself in its relation to
postwar business expansion.
w
So long as we remain in this period of physical
transition, we shall continue to be faced wit h inflationary pressures.
There is an enormous pent-up demands
consumers1 durable goods. The budgetary
deficit will be large,
are enormous*
individual an d corporate savings
We are starved for new houses, new cars.
new radios and the like.
Asi-J%AA O W r
We
, theref ore,^£e- keep up our guards
1
%
am oonvlnoed tilat> ln considering how much room ther
is for tax reduction your Committee will be well advised
A \ ^ ^ J ^ d x Xo keeP a weather eye to the storm signals of inflation.
At the same time, we cannot overlook the deflation
ary dangers to .which I have already alluded.
If the
physical change-over of our economy is delayed or hampered,
by fiscal or other Impediments,
the temporary phenomena
of deflation may take on a more permanent and inflexible
character.
If business lacks confidence in the future,
enterprise will be timid.
confidence,
If workers and consumers lack
they will contract their pureha.ses and hoard
their savings.
In either of these events,
the prompt
expansion of our peacetime economy will be endangered,
well-paid classifications will find themselves reclassified
into less remunerative jobs*
Workers, in many instances,
will have to move long distances in search of new jobs.
In many |tates, unemployment compensation, under existing
legislation, will not prove adequate to sustain mass pur
chasing power,
All these are deflationary factors.
They do not
result, however, from any fundamental deflationary situa
tion —
that is to say, they do not result from a deficiency
of total purchasing power in the hands of individual con
sumers and business investors.
On the ‘contrary, both
business and consumers have more money in reserve than at
any time in our history.
Rather, such deflationary dangers
as we face are the by-products —
by-products —
many of them inevitable
of a titanic physical change-over from war
production to peace production.
In other words, we should have adequate demand if we
were able to mobilize our physical resources quickly enough
to satisfy it.
Therefore, one of the primary objectives of
our fiscal policy must be to encourage the boldest, the
quickest and most venturesome expansion of peacetime enter
prise by business investors.
- 9 -
An important question facing your Committee is:
How much room is there for tax reduction at the present
time?
I urge that in considering this question you keep
first in mingL the protection of our $5 million bondholders,
from the '4finirouo....efAlnflation and a weakened national credit.
Without confidence in a strong national credit we shall
be in a weak position indeed to promote business expansion,
production, and employment.
In considering the possibility of tax reductions
during the transition period, we must consider not merely
the state of the budget, but the state of the economy as
well.
As I have said before, we want a tax system geared
so far as possible to the prevention of both inflation and
deflation.
During the coming year we shall find ourselves in a
somewhat paradoxical situation.
expenditures
The rate of government
ana particularly those expenditures which
find their way currently into the pockets of consumers —
w'ill be declining rapidly.
J
Millions of workers will
off and forced to seek new jobs.
As the labor market loosens,
the workers' total Income will decline.
rapidly diminish.
|
Overtime pay will
Many workers who have been promoted to
<T
- 8a President stated that he was not proclaiming the end of
hostilities.
There is no way of forecasting at this time
when the end of hostilities for the purpose of the excise
tax
s reason the estimates did
*
i
Individuals and businesses in the year Just ahead, the
year to which the Committee is now devoting its
attention.
The liability basis also avoids confusion
by disregarding variations in the datos of collecting
taxes accrued for any given year
The tax liabilities f or^calendàîj 1946 under present
a
,
A. ‘
o
laU A
r e
^ - eà to am0unt t0 a total of *^5-btirlton,
or |g,9 billton less than the eorresDondlng liabilities
of
for the calendar year 1944. 4 Thus it
appears that by 19*46 even without any change in tax laws,
falling national income, payrolls, and profits will bring
about a tax drop of nearly
$9 bi-M l o n .
The taxpayer will
not feel any relief from that drop in tax liabilities but
the Government must reckon with its impact on revenue receipts,
The $32.5" biibltxn figure of estimated tax liabilities
for the calendar year 1946 is reached without allowing
anything for a possible reduction of the excise tax rates
under existing law,
The provision of law is that the
so-called “war tax rates” shall end %n .the first day of
the first month which begins six months or more after
the date of the termination of ho still tie s ^ a e proclaimed
by the President, or specified
by
concurrent resolution
of Congress; at that time the excise tax rates «wmpÉfc revert
to their levels prior to the Revenue Act of 1943*
announcement of
VJ-Day,
the
In his
^ a j^ É l J!!** j V&JL*
»
a^sobering positiva fjpeift'whiph to oontomplatcHra* l u d u ^
~fejj'Q’
ììy ¿5>yf »”t®-
■&d
yt**tæ *'
There are no official budget estimates beyond June 30,
o.
To facilitate the work of your Committee we have
prepared revenue estimates for the calendar year 1946
based on the most reasonable assumptions/that we are able
to make at this time as to levels of business and income in
1946.
Before presenting these estimates, I should like to
point out that while^»jwB*^w9F^4w,^)flRy4?5!^,% w,e"
t i o ^ ^ f the figures
staff, 4
pi»is
■44tw*
^rgily
■£tthe Treasury
hiwi^been reviewed by a committee jointly
representing Mr« Stamps staff and the Treasury tax staff.
I am informed that the two staffs are in agreement on the
estimates.
The revenue figures for the calendar year 1946 are
presented on a liability basis | that is, they are not the
amounts that would actually be collected in 1946, but the
amounts that would accrue under existing tax laf^/on the
basis of present estimates of 1946 income and business.
This liability basis of estimate, rather than a collection
basis, is used ¡m
to give a clearer
picture of the taxes which existing law will impose on
¿ ¡r V
-
6
-
I agree that the problem of 1946 taxes is more immediate
and that for the time being a thoroughgoing job of postwar
tax revision must give way to it.
Accordingly, I shall
withhold my suggestions for basic revision until a later
/
date and shall confine these remarks to the immediate
problems of tax legislation for 1946.
First of all, let us look at some facts concerning the
budgetary outlook.
The peak of Federal wartime expenditures
/
was reached in the fiscal year 1945 when war expenditures
/ 9Dj
***
0 ^ / 0 * 0 , 0 O Oq
totaled -$90.5--billion* and total expenditures $100.1— billion.
The August 31 Budget Bureau estimate for the fiscal year
}
indicates a decline in war expenditures to $50.-€r
-Britton and of total expenditures to $66.4- billioft. There
after expenditures will continue to decline but will remain
at
high levels ffM ascsjE
4/
The peak of wartime revenues was reached in fiscal
./
1945 with total receipts in general and soecial accounts
of $46.5—Mdidr-ron, leaving a budget deficit of $53.6HMftieii.
The latest estimate for the fiscal year 1946 indicates that
a»*, wj*, & 0
revenues will decline to $36.0—
, leaving a budget
deficit of $30.4HM^fciiûîfcr Although a $30 billIon deficit
&&&/ o & o
represents an improvement over a $53 M l bran deficit, it
r
tf2.
Taxes should be levied in such a way that
they have the least harmful effect on the maintenance
of mass markets and mass purchasing power because that
is the basis of business, labor, and agricultural pros
perity.
"3.
Taxes must be fair among people.
”4,
Tax policy should be integrated with a fiscal
policy designated to prevent inflation and deflation.
,fAcceptance of these principles means, in my
opinion, that the personal income tax must be the chief
source of tax revenue and the base must be broad.
"It means that we should elimin^e as far as
A
possible the dl^es and excise taxes, because they not only
put an unfair and hidden tax burden on those with low in
comes, but they also restrict markets for business.
"The excess-profits tax should be repealed after YJDay.
Taxes on business earnings should be modified, bear
ing in mind, on the one hand, the revenue needs of the
Government and, on the other hand, the incentive for risk
taking and expansion to be gained by the modification.”
It is my understanding that you do not intend at this
time to undertake a modernization of the tax structure#
- 4 -
like to quote a few sentences from my report of July 1,
nI regard the modernization of our tax structure
as the foundation of our entire program to reach and
maintain full employment after the war*
wIn our complicated economy it is not easy to see
the ultimate effects of taxes, on whom they fall nor
what they mean to the prosperity of the people.
After
the war, Government revenue needs will be three times
what they have ever been in peacetime.
The Federal
tax structure will, therefore, be a far bigger factor
in the economic health and stability of our Nation than
"I believe the following principles should guide
us in constructing our tax program:
1*
faxes should be levied in such a way that
they have the least Harmful effect on the expansion of
business investment and the creation of jobs, because
productive employment is the souroe of our standard of
living, of all income, and of the rev en u e' which the
Government collects from taxes.
3
higher general standard of living than this country
has ever know 4^ I n achieving and maintaining that
higher standard we shall do more than is possible in
f
any other way to solve the postwar tax problem.
1 M
achieving and maintaining the high levels of
t production and income of which this country is caoable
is not a simple nor an easy task.
We must have a
smoothly running economic machine with ample profit
incentive
and ample consumer purchasingC inewer.
J
|
.
We
iaw^ 1 prevent both inflation and deflation —
the infla-
tion which disrupts the economy wi
!■ia ..*
* 7
è*J
i W M s and the deflation ivhich leads to unemployment,
|
depression, and stagnation.
Taxation is an important factor in expanding and
stabilizing our economy.
The tax structure for the
postwar years should be modernized to make the greatest
|>
Possible contribution to. a high level of employment,
production, and national income.
|
occasion as
Recently I had
Director of War Mobilization C h d Reconver
sion to outline what I believed the guiding principles
underlying our postwar tax policies should be.
I would
Non-we^r programs to aid agriculture,
the unemployed,
and the aged, and delayed public works expenditures,
together with the ordinary civilian expenditures of
Government, will also
|
These facts make it clear, first,
that expenditures
cannot fall immediately to their eventual postwar level
and,
second,
that when we do reach a postwar plateau
it is bourn to be far higher than the prewar expenditure
level.
The only real solution of our tax problems and
our debt problems is a high level of production,
ment, and national Income.
employ
A large tax paid from a high
level of income is far easier to bear than a small tax
paid from a low level of income.
of income.
übh
We can have a high l e x é U —
The war has demonstrated that this is atJLgQiX
country;
an annual gross national, product
at present prices is within our reach Aft-tjae-fte» -1éfrhslrgfft
--H
for feeding;, equipping,
and paying tir----1 and women
of our armed forces will shrink to
peacetime
Contract terminations will probably cost between $4- and
15 billion.
Mustering-out pay will average about
$270
per discharged man, to say nothing of the costs of
bringing h i m home.
en after completing
demobilization we must faoo
to our obligations to*?
veterans a n ^ the g5 million
n^ ^ ^
To reestablish veterans in peacetime
jobs and to provide
care for sick and disabled veterans is a responsibility
of first importance.
The Federal debt, which on
September 2^, 19^5 w a ® $262*5 k^llion, must also be
serviced at a cost ~f- ü«nur
for interest along.
$5
/billion a year
Finally, we are determined never
again to be caught off guard.
The peace must be won.
That means o c c u p a t i o n of enemy countries to make them
powerless arid to put them on the road to a peaceful
instead of a warlike future.
It also means a military
establishment large enough to maintain the peace.
like
coming home*
It is a l s o a p l e a s u r e b e c a u s e
are
c o n s i d e r i n g not the n e c e s s i t y
the
opportunity for tax reductions.
m o u n t a i n of w a r
taxation
a n d m o v i n g a l o n g the
in 1940,
the o t h e r
p e a k of w a r t i m e
taxation
five major acts
in four years.
the
than
wartime
of
the w a r a s
oi
system
i n one
into
19 4 5 ,
and
able
revenue
I am
we
But
it t o o k
to
convert
system.
the b u r d e n s
fehese b u r d e n s do not
W a r and its after m a t h w i l l
cannot liquidate
are
to go a
act;
see a n e n d to
soon as possible*
19 4 3 ,
s ure w e a l l a g r e e
a postwar
to
and
We d i d n o t r e a c h the
e x p e n d i t u r e s h i g h f o r y e a r s to
Plar*u W e
night.
side*
us wants
end easily or quickly.
Federal
19 4 4
c l i m b i n g the
19 4 2
one s t e p w i l l be n e c e s s a r y
tax
Ever^fene
After
of b e i n g
little way down
that more
t a x increases but
1941,
crest dur i n g
n o w in the f o r t u n a t e p o s i t i o n
of
you
come,
-dto
a. g r e a t ^ f i g h t i n g m a c h i n e
It w i l l b e f c w o - s « o p - * f i o >r r b e f o r e
keep
f
over-
expenditures
>r
TREASURY DEPARTMENT
Washington
Statement of Secretary Vinson before the
Ways and Means Committee of the
House of Representatives
October 1, 19 4 5
-
,
TREASURY DEPARTMENT
Washington
Statement of Secretary Vinson before the
Ways and Means Committee of the
House of Representatives
October 1 , 1945
TREASURY DEPARTMENT
Washington
S t a t e m e n t of* S e c r e t a r y Vinson before the
Ways a nd Means C o m m i t t e e of the
H o u s e of R e p r e s e n t a t i v e s
October 1,
1945
.It is a p l e a s u r e for me to a p p e a r before the-Ways and Means
Committee because c o ming here is like coming home.
It is also a
pleasure because y o u are c o n s i d e r i n g not the n e c e s s i t y of t a x
increases but the o p p o r t u n i t y for t a x reductions.
After climb
ing the m o u n t a i n of w a r ta x a t i o n in 1 9 4 0 , 1 9 4 1 , 1 9 4 2 a n d 19 4 3
and m o ving a l o n g the crest during 19 4 4 a nd 1 9 4 5 , we are n o w in
the fo r t u n a t e p o s i t i o n of being a ble to go a little w a y down the
other side.
W e d id not r e a c h the p e a k of w a r t i m e ta x a t i o n in
one r e v e n u e actj it t o o k five m a j o r acts in f our years.
I am
sure we all a g r e e that more than one step w i l l be n e c e s s a r y to
convert the w a r t i m e t ax s y s t e m into a p o s t w a r system.
E v e r y one of us wants to see an end to the burdens of the
war as soon as possible.
But these burdens do not end easily
or q u i c k l y . W a r an d its a f t e r m a t h wil l keep P e d e r a l e x p e n d i
tures hig h f or months to come.
We cannot l i q u idate a great
fighting m a c h i n e overnight.
It w i l l be some time before e x p e n
ditures for feeding, equipping, a n d p a y i n g the men a n d w o m e n of
our a r m e d forces wil l s h r i n k to the p e a c e t i m e level.
Demobili
zation itself is expensive.
C o n t r a c t term i n a t i o n s w i l l p r o b a
bly cost between $ 4 , 0 0 0 , 0 0 0 , 0 0 0 a n d $ 5 , 0 0 0 , 0 0 0 , 0 0 0 .
Mustering0
a v e r a g e a b out $ 2 7 0 per d i s c h a r g e d man, to sa y
nothing of the costs of br i n g i n g h i m home.
Even a f t e r completm g de m o b i l i z a t i o n we m u s t meet our obligations to the veterans
and to the 85 m i l lion w ar bondholders.
To r e e s t a b l i s h veter a n s
m p e a cetime jobs and to p r o v i d e care f or s i c k a n d di s a b l e d
veterans is a r e s p o n s i b i l i t y of f i rst importance.
The P e d e r a l
debt, w h i c h on S e p t e m b e r 27, 1945 was $ 2 6 2 , 5 0 0 , 0 0 0 , 0 0 0 , must
aiso be s e r v i c e d at a cost of over $ 5 , 0 0 0 , 0 0 0 , 0 0 0 a yea r f or
m t e r e s t alone.
Finally, we are d e t e r m i n e d n e v e r again to be
caught off guard.
The p e a c e m ust be won.
T h a t means occupation
01 enemy countries to mak e t h e m p o w e r l e s s a n d to put t h e m on the
road to a p e a c e f u l instead of a w a r l i k e future.
It also means a
military es t a b l i s h m e n t large enough to m a i n t a i n the peace.
. ^ on “w® r Pr °gr ams to a id agriculture, the unemployed, a nd the
) und. d e l a y e d p u blic works expenditures, t o g e t h e r w i t h the
ordinary civilian expenditures of Government, w i l l also cost
money.
S
V-8 3
i
- 2 -
T h e s e facts make it clear, first, that expenditures cannot
fall i m m e d i a t e l y to their eventual p o s t w a r level and, second,
that whe n w e do r e a c h a p o s t w a r p l a t e a u it is b o und to be far
higher than the prew a r e xpenditure level.
T he only r e a l solution of our t a x problems an d our debt
problems is a hig h level of production, employment, and n a t i o n a l
income.
A large tax paid f r o m a h i g h level of income is far
easier to bear than a small t ax p a i d f r o m a l ow level of income.
We can^have a h igh level of income*
The war has d e m o n s t r a t e d
that this is a
0 0 ,0 0 0 ,0 0 0 ,0 0 0 country; an annu a l gross n a t i o n a l
product of $>2 0 0 ,0 0 0 ,0 0 0 ,0 0 0 at p r e s e n t prices is w i thin our
reach.
We h a y e ^ b e f o r e us the p o s s i b i l i t y of a far h i g h e r .general
standard of living than this co u n t r y has ever known.
In a c h i e v
ing a n d ^ m a i n t a i n i n g that h i g h e r s t a n d a r d we s h all do more than
is p o s s i b l e in a n y other w a y to solve t he p o s t w a r ta x problem,.
And a g o o d t ax s t r u c t u r e wil l aid m a t e r i a l l y in a c h i e v i n g that
higher st a n d a r d of living.
.But ac h i e v i n g and m a i n t a i n i n g the h i g h levels of p r o d u c t i o n
and income of w h i c h this co u n t r y is, capable is not a simple nor
an easy task.
Vie mus t have a smo o t h l y r u n n i n g economic machine
with a m p l e p r ofit incentive a n d - a m p l e co n s u m e r p u r c h a s i n g power.
We mus t p r e v e n t b oth inflation and d e f l ation -- the inf l a t i o n
which disrupts the e c o nomy by th r o w i n g out of g e a r the value of
our income and the d e f l ation w h i c h leads to unemployment,
depression, a n d stagnation.
T a x a t i o n is an important f a c t o r in expanding a n d s t a b i l i z
ing our economy.
The tax structure for the p o s t w a r years should
be m o d e r n i z e d to make the gre a t e s t p o s s i b l e c o n t r i b u t i o n to a
high level of employment, production, a n d n a t i o n a l income.
Re c e n t l y 1 h ad occasion as D i r e c t o r o f W a r M o b i l i z a t i o n a n d R e c o n
version to outline what I believed the g u i d i n g pri n c i p l e s und.erlying our p o s t w a r tax policies should be,
I w o u l d like to quote
a few sentences f r o m m y r e p o r t of July 1, 1945.
_
nI r e g a r d the m o d e r n i z a t i o n of our t ax structure as the
foundation of our entire p r o g r a m to r e a c h a n d m a i n t a i n full
employment a f ter the war,
"In our c o m p l i c a t e d e c o nomy it is n ot easy to see the ultimate effects of taxes, on w h o m t h e y fal l no r w h a t they m ean to
the p r o s p e r i t y of the people.
A f t e r the war, G-overnment r e v e n u e
needs w i l l be t h ree times w h a t the y hav e ever been in peacetime.
Ine .Federal t a x s t r ucture will, therefore, be a far bigg e r f a c t o r
m the economic h e a l t h a nd s t a b i l i t y of our R a t i o n than ever
bef or e .
"J Relieve the following principles should guide us in con
structing our tax program:
n
®h °+ld b®, 3-evied ln such a way that they have the
the n r e S i i n o? f ^ °S the exPansion °f business investment and
the creation of jobs, because productive employment is the source
° l ° y +?ba~dard of + ivi"f> of a11 income, and of the revenue
w m c h the Government collects from taxes,
-,
, ?’ Taxes should be levied in such a way that they ’lave the
least harmful effect on the maintenance of mass m r k e t ^ a n d mass
purchasing p°wer because that is the basis- of business, labor,
and Agricultural prosperity,
"
,
u3
¿axes must be fair among people.
, . U4r
x P o l i c y should be integrated with a fiscal policy
designated to prevent inflation and deflation,
J-J-fc5°clX
A c c e p t a n c e of these p r i n c i p l e s means,
in my opinion,
that
the personal income tax must be the chief source of tax revenue
and the base must be broad.
revenue
It means that we should eliminate as far as p o s s i b l e the
sales a nd excise taxes, b e c ause t h e y n o t o n l y p u t
and
hidden tax burden on those w i t h l ow incomes, h i t t h l y ^ l l o
restrict markets for business,
In unfair
fj rni
_
•
Tpirno
ez? e s s ~Profits t ax should be r e p e a l e d a f t e r VJ-Dav.
Taxes on business earnings s h ould be modified, b e a r i n g in m i n d
on the one hand, the r e v e n u e needs of the G o v e r n m e n t 'and
on the
to b . •
be®n^r °blfm 0x J 9 4 ® ’taxes is more immediate and that f or the time
to If. ^ o u g h g o i n g job of p o s t w a r t a x r e v i s i o n must f i l e w a y
revi-ion u l t i l l ^ I h l I*1* 11 ^
“ »old
s u g g estions f or basics3^
the
1
J:?t er date a nd sha11 c o n fine t h ese r e m a r k s to
the immediate p r o b l e m s of t a x l e g i s l a t i o n f or 1946.
budgeta^nlti nil’
US 11
° o k na i some faots conc e r n i n g the
m f h e f L
lelfic^
eral w a r t i m o « & « * * * « • « was
|q q POO nno n n n 1 1 5 a i I t
1 9 4 5 w h e n w a r expenditures totaled
Au°ust0 ^ 0 0 n,’l l 0 + a 2 d t 0 t a l ° x P ° Rcii t u r e s $ 1 0 0 , 1 0 0 , 0 0 0 , 0 0 0 .
§
^ir
Bureau estimate for the fiscal vaar* t q Afc,
4y,44
tn+If a deo4ine in war exp en d itu res to 1 5 0 ,5 0 0 .0 0 0 ,0 0 0 «rd of
S
e S
t l
to $66 4 0 0 ,0 0 0 ,0 0 0 . . T h S l I ^ t l r ’ I S e n w 't S o s
levels
’n U
t0 decllrie but W i l l r e m a i n a t r e l a t i v e l y h i g h
or more
The p e a k of w a r t i m e r e v enues was r e a c h e d in f i s c a l 1945 w i t h
total r e c eipts in g e n e r a l a n d special accounts of $46,500*.000*000
leaving a b u dget deficit of $ 5 3 ,600,000,000.
The l a test esti-' ..
mate f or the f i s c a l year 1946 indicates that r e v e n u e s w i l l decline
to ^ 3 o , 000,000,000, leaving a budg e t d e f icit of $30,400,000,000.
Although a $ 3 0 , 0 0 0 , 0 0 0 , 0 0 0 de f i c i t r e p r e s e n t s an impr o v e m e n t over
a $ 5 3 , 0 0 0 , 0 0 0 , 0 0 0 deficit, it r e m a i n s a stubborn, sobering fact#
Immediately, the t h ought of tax r e d u c t i o n mus t be 'narrowly c o n
fined.
"17
^ There are no of f i c i a l budget estimates beyond June ^0, 1 9 4 6 .
To f a c i l i t a t e the w o r k of y our C o m m i t t e e we hav e p r e p a r e d r e v e n u e
estimates for the c a l e n d a r year 1946 b a s e d on the m ost r e a s o n a b l e
assumptions tha t we are abl e to make at this time as to levels of
business a n d income in 1946.
B e fore p r e s e n t i n g these estimates,
I should like fco p o i n t out that w h i l e the figures have been p r e
pared by the T r e a s u r y staff, they h a v e been r e v i e w e d by a commi tree jointly r e p r e s e n t i n g Mr. S i a m ’s s t aff a n d the T r e a s u r y tax
Soafx.^ I a m i n f ormed that the two staffs are in agr e e m e n t on the
estimates.
fgS’
- res for the calendar year 1946 are p r e s e n t e d
on a l i a b i l i t y basis; triat is, they are n ot the amounts that would
actually be col l e c t e d in 1946, but the amounts that w o u l d a c crue
under existing tax laws on the basis of p r e s e n t estimates of 1946
income a nd business. ^This l i a b i l i t y basis of estimate, r a t h e r
than a c o l l ection basis, is u s e d to give a clearer p i c ture o^ the
taxes w h i c h e x i sting la w w i l l impose on individuals a nd businesses
in "he y ear just anead, trie yea r to w h i c h the C o m m i t t e e is n o w
devoting u s attention.
The l i a b i l i t y basis also
^confusion
by disregarding variations in the dates of c o l l e c t i n g taxes
accrued for an y given year.
avoids
Tne t ax l iabilities for the calendar year 1946 u n d e r present
iaw are expected to a m o u n t to a total of $ 3 2 , 5 0 0 , 0 0 0 000* nr
i
than the oorreeponding liabilltleshf
;k’Q?r'
’
f ° l the oal e n d a r y e a r 1944.
Thus it a p pears that
w * 946 6Ven ' P tho’jt a n y change in tax laws, f a l l i n g n a t i o n a l
income, payrolls, a n d p r o fits w i l l bring a b o u t a t a x di-op ot
iv®?1? ^ , 0 0 0 ^ 0 0 0 , 0 0 0 .
T he ta x p a y e r w i l l no t feel a n y r e l i e f f r o m
that drop m t a x l i a b i lities but t he G o v e r n m e n t must r e c h o n w i t h
its impact on r e v e n u e receipts.
~
thr
^ 3 2 , 5 0 0 , 0 0 0 , 0 0 0 f i g u r e of e s t i m a t e d tax liabilities for
ahn A b ° ? aar r ab 1 9 4 6 is r e a c h o d w i t h o u t a l l o w i n g an y t h i n g for
mil S T B 0 •?0 ^ U 2 P ori
i*« excise t a x rates u n d e r existing law.
end "on t h k l v f +'"sW
the 3 0 _ c a l l e d "w ar t ax r a t e s " ' s h a l l
after ?ho
l
a °V + - e f ir S t .“ »nth w h i c h begins six m o n t h s
more after the d ate of tne t e r m i n a t i o n of h o s t i l i t i e s ” as
- 5 proclaimed by "the President, or specified by concurrent; resolu
tion of Congress; at; that time the excise tax rates revert to
their levels prior to the Revenue Act of 1943«
In his announce
ment of VJ-Day, the President stated that he was not proclaiming
the end of hostilities*
There is no way of forecasting at this
time when the end of hostilities for the purpose of the excise
tax reduction will occur; for this reason the estimates did not
include any amount for reduction.
An important question facing your Committee is: How much
room is there for tax reduction at the preseht time? I urge that
in considering this question you keep first in mind the protec
tion of our 85 million bondholders.
They must be protected
against inflation and a weakened national credit.
Without con
fidence in a strong national credit we shall be in a weak posi
tion indeed to promote business expansion, production, and*employment.
in ^c o n s i dering the p o s s i b i l i t y of t a x r e d u c t i o n s during the
transition period, we m ust con s i d e r not m e r e l y the state of the
budget, but the■state of the economy as well.
As I have said
b e f o r e , ■we w a n t a t a x s y s t e m g e a r e d so far as p o s s i b l e to the
prevention of both inflation a n d deflation.
During the coming year we shall find ourselves m a some«
what p a r a d o x i c a l situation.
The rate of g o v e r n m e n t e x p e n d i
tures -- and p a r t i c u l a r l y those expenditures w h i c h f i n d - t h e i r w a y
currently into the pockets of consumers -- wil l be dec l i n i n g
rapidly.
M i l lions of workers w i l l be l a i d off and f o r c e d to s e e k
new oobs.
As the labor m a r k e t loosens, the w o r k e r s ’ total income
w i n dedine.
Overt i m e p a y w i l l r a p i d l y diminish.
M a n y workers
who have been p r o m o t e d to w e l l - p a i d c l a s s i f i c a t i o n s w i l l fin d
themselves r e c l a s s i f i e d into less r e m u n e r a t i v e jobs'.
W o rkers
m many instances, w ill have to move long distances in s e a r ch*of
uew jobs.
In m a n y States, u n e m p l o y m e n t compensation, u n d e r e x i s t
ing legislation, w i l l n o t prove a d e q u a t e to sustain mass p u r c h a s
ing power.
All these are d e f l a t i o n a r y factors.
T h e y do n ot result,
however, f r o m an y f u n d a m e n t a l d e f l a t i o n a r y s i t u a t i o n -- that is
to say, they do n o t r e s u l t f r o m a d e f i c i e n c y of total p u r c h a s i n g
power m the hands of indi v i d u a l consumers and business investors
un the contrary, bot h business and consumers have more m o n e y in
than at a ny time in ôur h i s bory.
Rather, s u c h d eflation5 Sers
we face a re the ^ - P r o d u c t s — m a n y of t h e m inevia
y-products —
of a titanic p h y s i c a l c h a n g e - o v e r f r o m w ar
production to peace production.
6
In other words, we s h o u l d h a v e a d e q u a t e demand if we were
able to mo b i l i z e our p h y s i c a l r e s o u r c e s q u i c k l y enough to
satisfy it. Therefore, one of the primary objectives of
xr
fiscal policy must be to encourage the boldest, the quickest
most venturesome expansion of peacetime enterprise by busine
investors.
md
oo long as we r e m a i n in this p e r i o d of p h y s i c a l transition,
we shall continue to be f a c e d w i t h i n f l a t i o n a r y pressures.
There
is an enormous pe n t - u p demand, p a r t i c u l a r l y for capital and c o n
sumers
durable goods.
The b u d g e t a r y de f i c i t w i l l be large#
Accu m u l a t e d i n d i v i d u a l a nd corporate savings are enormous^
We
are s t a rved for n e w houses, n e w cars, n e w radios and the like#
be must, therefore, at p r e s e n t keep up our guards a g a inst
inflation, n o t only th r o u g h price a nd other direct controls", but
through taxation.
It w o u l d be pathe t i c if, a f ter b e s ting the
enemy of inflation all through the war, we a l l o w e d it to overtake
us on^the home-stretch.
±n other words, I a m c o n v i n c e d that
in
considering h o w m u c h r o o m there is for t ax r e d u c t i o n you r C o m
mittee wil l be w e l l a d v i s e d to keep a w e a t h e r eye to the s t o r m
signals of inflation.
A t the same time, we cannot o v e r l o o k the d e f l a t i o n a r y
dangers to w h i c h I have a l r e a d y alluded.
If the p h y s i c a l changeover of our economy is d e l ayed or hampered, by f i s c a l or other"5
impediments, the t e m p o r a r y p h e n o m e n a of deflation m a y take on a
more p e r m a n e n t a nd inflexible character#
If business lacks c o n
fidence m
the future, enterprise w ill be timid.
If workers and
c o n s u m e r s _l aok confidence, they w i l l co n t r a c t their purchases and
hoard their savings.
In either of these events, the prompt
expansion of our p e a c e t i m e e c o nomy will be endangered,
,
a .major degree, we must r e l y on n o n - f i s c a l measures to
guard a g a i n s t deflation.
Skill f u l w age policy, price supportslor a g r i c u l t u r e and ad e q u a t e u n e m p l o y m e n t c o m p e n s a t i o n are i m p o r
tant; w e a p o n s . tN\te-—
—t h e l e s s
•
■!
ver
a m o d e s t r e d u c t i o n in taxes can h e l p
But it mus t no
g o ,too far
11l he
A f t e r all, a l t h o u g h there w i l
bothi inflatj
i n f l a tionary a n d d e f l a t i o n a r y pressures, tax laws are nationwide as to area
eTe« and
»»d composition.
r>AnrnnoT -H nvi
Hence a f t e r c o n s i d e r i n g all factors, economic a nd oudgetary,
iu is my cons i d e r e d judgment that total r e d u c t i o n s
h o u l d not
exceed P 5 , 0 0 0 , 0 0 0 , 0 0 0 for 1946.
Q . A k h k - l
h 00 W h 1 r a p i d r e c o n v e r s i o n and business expansion
°i mte u t m o s t imp o r t a n c e to the m a i n t e n a n c e of a h i g h level
f employment and income.
T a x r e d u c t i o n for 1Q46 s h o u l d be
designed to a f f o r d the m a x i m u m a i d an d stimulus to r e c o n v e r s i o n
- 7 -
and expansion that is comp a t i b l e w i t h our r e v e n u e needs.
There
fore, I s u g g e s t that th e C o m m i t t e e 'should v i e w the p r i m a r y
function of this bill to be the r e m o v a l f r o m the tax l aw of
serious impediments w h i c h it m a y p r e s e n t to the swift t r a n s i t i o n
from a w a r economy to a p r o s perous p e a c e t i m e era f o r w h i c h we are
preparing*
If* as I believe, we can do this w i t h o u t an u n w a r
ranted s a c r ifice in revenues, then the p r e sent p r o b l e m wil l be
successfully met.
^In this connection, X w i s h to discuss w i t h y ou the excessprofits t a x because I consider it to be in a class by itself in
its r e l a t i o n to p o s t w a r business expansion.
The excess-profits tax*was imposed in 1940, a n d the rates
were increased in 1941, 1942, a n d 1943.
It has- been a m a jor
source of^w a r t i m e revenue.
It s h o u l d be noted, however, that
the net y i e l d f r o m the- tax has not been as large as the ap p a r e n t
yield, f o r if the e x cess-profits tax did not apply, the c o r p o
ration n o r m a l an d surtaxes w o u l d apply.
The n e t y i e l d of the
excess-•profits t ax is the a d d i t i o n a l r e v e n u e p r o d u c e d by imposing
on excess profits the Q ^ g pe r c e n t e x cess-profits t ax rat e instead
of the lower c o r p o r a t i o n n o r m a l a nd s u r t a x rates.
A t the level
of profits expected for 1946, the n et y i e l d fo r the excessprofits t ax is estimated at #2,555,000,000.
D e s p i t e its importance as a source of revenue, the excessprofits t a x was not imposed
m e r e l y as a r e v e n u e me a s u r e a nd has
never been v i e w e d p r i m a r i l y as such.
T h e p r i m a r y purpose of the
tax has been to p r event w ar p r ofiteering.
A l t h o u g h it has not
altogether su c c e e d e d in that- purpose, t h ere can be no doubt of
its great value in r e c a p t u r i n g w ar profits.
The excess-profits tax has been a c o n t r o l measure, one of a
large g r o u p of c o n trol m e a sures w h i c h w e r e a b s o l u t e l y n e c e s s a r y
o the^e f f e c t i v e c o n d u c t of the w ar an d to the m a i n t e n a n c e of
economic s t a b i l i t y a n d a fair d i s t r i b u t i o n of the sacrifices of
war.
It is the f i x e d p o l i c y of this A d m i n i s t r a t i o n that every
war control over A m e r i c a n business a nd A m e r i c a n life shall be
dropped as soon as conditions make it pos s i b l e to do so.
A long
list of controls has a l r e a d y been d r o pped and m a n y more are going
aay by day.
I b e l i e v e that by D e c e m b e r 31, 1945, c onditions will
be such that t h e >excess-profits tax, as a w a r t i m e c o n trol measeli m i n a t e d and I r e c o m m e n d that it be r e p e a l e d as of
hat date.
It s h o u l d n o t ^ b e r e p e a l e d before that date because
xarge amounts of w a r profits w i l l continue to be r e c e i v e d d u ring
closing months of this year, as contracts are c o m p l e t e d a nd
termination payments made.
Moreover, D e c e m b e r 31 is a desirable
date on w h i c h to end the tax because it is the close of the taxabie year for the g r e a t m a j o r i t y of corpo r a t i o n s an d thus is a
enlent date, both for the t a x p a y e r a n d the Government,
8
*
The case a g a i n s t ^ t h e excess-profits t a x f or 1946 goes
beyond the fact that it is p r i m a r i l y a w a r t i m e control.
It is
also an obstacle to that r e c o n v e r s i o n a nd expansion of
which are so n e c e s s a r y for a h i g h level of employment a n d ^
income.
T he t e s t i m o n y of busi n e s s m e n is that t h e y are u n able to
take the r i s k of ful l p e a c e t i m e business expansion u n til this
tax has been removed.
T h e i r a t t i t u d e is n ot d i f f i c u l t to u n d e r
stand whe n we r e e x a m i n e the- n a t u r e of t he e x cess-profits tax a nd
observe"the erratic c h a racter of its m e a s u r e m e n t of excessive
profits.
business*
The idea of t a x i n g excessive profits is an a t t r a c t i v e one
in peace as w e l l as war:
If profits are t r u l y excessive, w h y
should they n ot be h e a v i l y taxed?
The label n excessive
:ondemns them.
The d i f f i c u l t y is that c a lling profits excessive
does n ot make t h e m excess .ve a n d c a l ling profits n o r m a l does
not make t h e m normal.
As y o u wil l recall, the p r e s e n t s y s t e m of excess profits
taxation was n o t a d o p t e d in 1940 w i t h o u t grave m i s g i v i n g s as to
the methods of d i s t i n g u i s h i n g n o r m a l and excessive profits.
Efforts w e r e made t h r o u g h extensive ame n d m e n t s in 1 941 a n d 1942
to remove some of the more obvious discriminations.
The re s u l t s
were not n o t a b l y successful,
n e v e r t h e l e s s the t ax was tolerable
as a m e t h o d for p r e v e n t i n g war profiteering.
W i t h the w a r over,
the tax mus t stand or fall on its merits as
pea c e t i m e source
of revenue.
Judged as' a p e a c e t i m e tax, it has m a n y defects.
A serious defe c t of the excess-^x u j . x u : tâx for t h e ’p o s t w a r
period lies in the w e a kness of the a v e rage earnings credit, w h i c h
uses p r e w a r profits as a me a s u r e of. n o r m a l profits.
A corporation m ay continue to earn free of excess-profits t ax 95 percent
as much as it a v e r a g e d during the years 1936-1939^ a n d this
amount is often enlarged by various r e l i e f p r o v i s i o n s . A corporation with a h igh p r e w a r earnings experience m a y thus earn
20 percent, 30 p e rcent or more on its invested capital w i t hout
paying a ny excess profits tax.
h e w a nd r i s i n g c o r p o rations do
not^have the b e n efit of s uch a credit a n d are thus at a c o m
petitive disad v a n t a g e in r e l a t i o n to e s t a b l i s h e d long-p r o s p e r o u s
corporations.
W h a t e v e r the merits of the a v e r a g e - e a r n i n g s credit
appf?p^aÌ ÌnS eSG? s s i v ® w a r Profits, it w o u l d be g r o s s i y 'unfair if
applied to p e a c e t i m e business.
The i n v ested capital credit als o has serious limitations as
Sf ,
e xceasive Profits,
Eor example, c orporations are
permitted to treat as current invested capital amounts w h i c h have
long since c e a s e d t o c o n t ribute m u c h if a n y t h i n g to earning
capacity.
This gives t h e m an u n f a i r tax a d v a n t a g e over more
recently esta b l i s h e d concerns no t havi n g inflated capital s t r u c
tures .
9
These are only a few of the ways in which excess-profits as
computed for tax purposes may differ widely from any logical
concept of excessive profits, - and this despite repeated efforts
by the Congress during the war to remedy the defects.
It is often assumed that the problem of excess-profits taxa
tion is practically synonymous with the problem of big business.
It is, of course, true that a much larger percentage of very
large corporations than of small corporations have been subject
to wartime excess-profits tax. Even so, in 1 9 4 3 over 7 0 percent
of the corporations with incomes subject to excess-profits tax
had net incomes of less than #100,000. Even with the #25,000
exemption in effect, it is estimated that if the excess-profits
tax is continued into 1 9 4 6 roughly one-half of all corporations
with income subject to excess-profits tax will have net incomes
of less than #100,000, Moreover, by no means all large corpo
rations pay exc ess—prof its taxes. In 1943*. the latest year for
which actual tabulations are available, 3 3 « 3 percent —— onethird -— of the corporations with incomes of #1 ,0 0 0 , 0 0 0 and over
did not have taxable excess profits. Repeal of the excess
profits tax will give relief to corporations of all sizes,
except those already exempted, and throughout all industry.
In recommending repeal of this tax I am not suggesting that
there will not be any excessive profits in 1 9 4 6 . There will be
and part of them will be attributable to the war. The excessprofits tax would reach some of them; but some of them it would
not reach because of its deiective structure. The excessprofits tax would also reach certain amounts of high level
profits which were not due to the war. In addition the excessprofits tax in 1 9 4 6 would reach large amounts of profits which
would not be excessive by any acceptable standard'. This is too
erratic a tax engine to turn loose for even one full year of
the postwar period. I am confident that for peacetime the only
satisfactory cure for the defects in our present excess profits
tax is repeal.
One of the methods of improving the excess-profits tax was
one carryback of losses and of unused excess-profits credits
placed in the law in 1942. The chief purpose of the carrybacks
was to correct inflated wartime profit figures by-allowing a
deduction of war-induced costs not incurred until the end of the
war, It appears that a considerable volume of uch costs will
remain to be incurred after December 31, 1945. Accordingly,
despite repeal of the excess profits tax, the carrybacks should
continue for one more year.
It would, of course, be highly satisfactory to all of us if
a great deal of tax reduction could be made effective immediately
and if it could be spread in many places, Unfortunately, that
cannot be done.
10
Any changes "that; we do make at this lime should me el two
tests. They should contribute to a vital, invigorated peacetime
economy* They should be fair in themselves and should, insofar
as possible, remedy present inequities.
The repeal of the excess-profits tax will meet these tests.
There is another change, of even broader implication , which
I would now like to discuss.
let us never forget the human side of the taxation problem,
rjo system of taxation is an inanimate thing. Directly or indirectly, it inevitably touches the pocketbooks and influences
the lives of every man, woman and child in our country.
ìn
,c°hnection I urge that in distributing the limited
amoun o tax reduction now possible, you give full consideration
to relieving the direct pressure of wartime taxes upon Dower
income groups.
Whatever relief can be given in reducing personal
taxes wia. 1 be most beneficial, in sustaining mass purchasing
power, when given to the individuals and families to whom a dolar means most. And beyond this economic argument is the over
powering logic of equity.
y°ur* particular attention to thè so-called normal
individual income tax. This tax is normal in name only. In 1942
Congress imposed the so-called Victory tax of 5 percent (less
certain credits, on gross income above an exemption of $6 2 4 ,
thereby sweeping into the income tax system some 1 0 - 1 2 million
Iamilies not subject to the regular income tax. This tax containea a provision for automatic repeal at the end of the war.
tax^on
Act fiL1 9 4 3 the Victoror Jax was modified into a
the
S ? ° men r th
exeinPtio* of $5 0 0 , and was designated
the normal, ta^. The automatic repeal provision was omitted.
The normal tax imposes income tax on about 12 million famiofSa ’
Ìan h?W„??emPt V ° E th®.surtax- Ita», a family composed
¿caa
£
a
and one chiD.d has three surtax exemptions of
1S tÌlu! exemPt from surtax on net income up to
l500°fó-r P ^ h n?rmal tax> however> applies on all net income above
number of
re?elver without regard to family status or
^
d e p e n d e n ts .
Accordingly, this family would pay normal
are
0 ?-iaì^ income above $5 0 0 . Dhe amounts of tax
accordine-!L i ? ? 1 1 ?rom the yiewP°iht of the Government and,
u
® y> relatively expensive to collect, both through withamoun+f -¿2* >?r07Ugbl
method of estimates and returns. The
families wi k °WeTiSr^ by n° means negligible to hard-pressed
amilies with small incomes and large numbers of dependents.
If cnnaChm2nd
11
The normal tax applies, of course, to taxpayers subject to the
surtax. Its repeal would be an equitable method of reducing
their taxes, lor example, in the case of a married taxpayer
with two dependent children, receiving ¿3 , 0 0 0 of net income
before personal exemption, the repeal of the normal tax would,
reduce his tax from ¿275 to ¿200, a reduction of ¿75. This is
very suostantial relief and goes to the kinds,of taxpayers need
ing it the most. I recommend that you repeal this special war
time normal tax levy as of■January 1, 1946. The revenue loss
from repeal is estimated at $ 2 ,0 8 5 ,0 0 0 ,0 0 0 .
Additional relief to individuals which would be particularly
helpful to the lower and middle income groups can be given also
by setting an effective date for the excise tax reductions now
provided in the law. The industries involved in the.excise taxes
have pointed out the disadvantages arising from uncertainty in
the effective date for these automatic reductions. I recommend
that the effective date for the reductions be made July 1 , I9 4 6 ,
which is at the end of the fiscal year. This would result in a
reduction of excise tax liabilities for the calendar year 1 9 4 6
estimated at ¿5 4 7 ,0 0 0 ,0 0 0 .
-. When the revenue reductions associated with the three recom
mendations just made are added, the total is somewhat in excess
of 05,000,000,000. However, in estimating the revenue effect of
each of these iuems, no allowance has been made for their inter
relation or combination effects. Thus, the reduction in the
excess-profits tax would be expected to result in increased divi
dends vii bh resulting increases in individual income tax collec
tions. likewise, the elimination of the normal tax makes more
money available for expenditure and' thus to some extent should
increase the excise tax collections. And of course it is honed
tha^ the proposed program will mean a higher level of business
in 1946 than would otherwise be the case. Although I do not
suggest any figures to indicate these combination effects,'
I believe thejr would be of sufficient magnitude to bring the total
program within the ¿5,000,000,000 limit which I have proposed.
Another issue which must be met before the end of the year
is whether or not to allow the payroll tax rates for old-age
and’survivors’ insurance to rise on January 1,1946 as provided
by existing law. At present, as the result of four successive
postponements of rate increases, the rates stand at 1 percent on
the employer and 1 percent on the employee instead of 2 percent
on each as tne law originally provided. Another increase, this
time to 2p percent, is scheduled, to^ take place January 1 , 1946.
Thus in the absence of legislation these payroll taxes will rise
from 1 percent each to 2 ■§• percent each. I understand that active
-
1
2
-
considerai:io:n of the whole problem of social security coverage
ana financing is now underway in the Congress. I believe that'
revision of payroll tax rates should wait to be made part of
the broader action on social security financing as a whole.
These proposals are all for 1 9 4 6 . I believe it would be
very undesirable to make any tax reductions retroactively for the
taxable year 1945. Incentives work only with respect to the
To Set the maximum incentive from a tax reduction It
should be enacted long enough in advance of its effective date
o permit businessmen and investors to take1 the reduction into
account m maxing their immediate plans. Since one of the main
purposes of tax legislation at this time is to encourage busi
ness to speed reconversion and expansion, it is highly desirable
to pass the contemplated tax legislation early this fall. tioreove:
,f individual^income tax changes are made, th<
Internal Revenue will need to reprint and distribute new withholding tax tables to employers and taxpayers in time to go into
effect on January 1, 1 9 4 6 . To meet this schedule the new bill
should become law not later than November 1 , 1 9 4 5 .
_ Only a very -simple bill with a minimum of controversial
beforpeth^tnHb+ m0Vrnf throu§h the necessary legislative processed
before that date. The pressure for speed combined with the con
tinuing requirements for revenue necessarily limit the scope of
une Dili*
x
Next year Congress undoubtedly will want to consider more»
far-reaching legislation. There will be more time then to San
a thoroughgoing
and
basic
revision
of our
■*
n
, 7
_
------- 7 —
w
«revenue
*• ^ v v i m u
xlaws
civ v o «
vii
sha
nave better knowledge of cur budgetary requirements.
i i
W e
?eiter P°®ition * ° view the national economic
picture as a whole and to fit the tax revisions to that picture.
In cloi sing I should like to make one more point.
I am sure
the members of th:-S Committee feel, as I do, a deep sense of
duty. Only a few weeks
- -lS° we celebrated the surrender of Japan,
darpr’t n ^ y ? victory was earlier and more complete than we had
tnwol „ , 7 f ' .
' eare able to “ake a« earlier start on th
toward our peacetime goals. But we will win the rewards of
Tic tory only if we are able to bring to the tasks of peace the
same devotion we demonstrated during the days of war.
Our
^RTation.
We now face new responsibilities.
ture, -tithe nation's b o n d h S f d t r ^ t o R h ^ d i s l b l s” 3 lab?r and agriculforces; in short to
ii
, dl,
sabled msn_p(
f.
fighting
+n ov, fii
* ° ,apeople,. They, have shown their willingness
feem
m w
when there waa need
them to bear ^
. They have uhe right to expect that their load will be
- 13 -
lightened as there is opportunity to do so. They also want their
Government to fulfill the obligations remaining from the period
of war and the new duties pressing upon us with the peace. Taxa
tion presents perhaps the most difficult of legislative problems*
Those problems can be met only with a sense of resnonsibilitv for
the interests of all the people.
J
-0 O0 -
':
\
Discussion of Government Expenditures for the
Fiscal Years 1940, 1945 and Budget
Estimates for 1946
The attached table shows a summary of Federal expenditures
by fiscal years for 1940, a pre-war year; 1945, the peak war
year; and Budget estimates for 1946, a year of transition from
war to peace* The table also includes net receipts and defi
cits for each of the years*
- Total expenditures increased from $9,300,000,000 in 1940
to $100,000,000,000 in 1945, and will fall off'to about
$66,400,000,000 in the current fiscal year which ends next
June 30*
WAR ACTIVITIES
In the fiscal year 1945 more than 90^ out of every dollar
spent by the Federal Oovemment went to meet the direct costs
of the war. According to the revised Budget estimates released
August^ 31, this proportion will drop to about 76^* This
reduction is the net result of decreased war expenditures and
by an increase in other expenditures. War expenditures, accord
ing to the Budget, will amount to #50,500,000,000 In the
current fiscal year, compared with $90,500,000,000 in 1945,
a reduction of about 44 per cent. The estimate for 1946 of
$50,500,000,OOO might seem high at first appraisal in view of
the capitulation of Japan just li months after the beginning of
H?6
should be k e p t in mind, however, that even
though billions of dollars of contracts have been and will be
cancelled, cash outlay will remain relatively high for some
months. Time is required to demobilize more than 12,000.000
men; probably $4,000,000,000 or #5,000,000,000 will be s^ent
WSr conti,acts; mustering-out pay will require
about $270 for each man discharged; to name some of:the factors
which will, tend to keep expenditures from dropping quickly.
The following shows a rough breakdown for several years
of war expenditures including net war outlays of the Reconstruc
tion Finance Corporations and its affiliates;
(Fiscal years - in billions of dollars)
|1940 1941 1942 1943 1944 1945 1946
____ (estimated)
Munitions ....... ...... 1/
4.5
20.3 55.2 60.2 58.5
21.0
V
Nonmunitions;
Pay and subsistence . 1 /
Miscellaneous ....... 1 /
T o t a l i # i# 7
1/ Breakdown not available*
A-l
1.0
1.1
6.7
2.8
5.2
28.3
10.6
9.5
75.3
17.5
12.0
89.7
21.6
10.4
90.5
19.0
10.5
50.5
2
The classification ’’munitions*' includes not only military
type items but also civilian or industrial type products* In
fact, the^term as used here covers all products except food
procured in the continental United States for the armed forces
or for lend-lease. The classification ’’pay and subsistence"
consists of pay of the armed forces, dependency allowances,
mustering-out pay, subsistence, and travel allowances.
'Miscellaneous" includes civilian pay in war agencies, stock
piling^ of critical materials, agricultural lend—lease, nayments
for United Nations Relief and Rehabilitation -Administration,
contract-termination payments, and commercial transportation
and public utilities relating to troops and equipment in the
United States.
Following the fiscal year 1946, war expenditures will, of
course, decrease very rapidly, although it is too early at this
time to indicate the probable cost in 1947 and thereafter of
maintaining the Army and Navy.
OTHER ACTIVITIES
Expenditures other than war activities increased from
■7,600,000,000 in 1940 to $9,500,000,000 in 1945, while the
estimate for 1946 is $15,900,000,000.
In connection with these activities there are two factors
of interest, (1) the expenditures in 1946 for certain items
are higher than they are expected to be in succeeding years $
notably under refunds of taxes where cprporate refunds are at
their peak, and the international payments under the Bretton
Woods Agreements being at' a considerably higher level than
expected in the future; and (2) the expenditures for 1946 will
be greater than those at the pre-war level in certain instances
whe,re they are directly affected by the war, such as for care!
rehabilitation and hospitalization of war veterans, expenses
of the Treasury Department incident to the collection of larger
taxes and the management of the war debt, and expenses of the
General Accounting Office in connection with the audit and
settlement of accounts.
'Veterans, refunds, and interest
Expenditures for veterans, refunds and interest are largely
war caused, being sometimes referred to as ’’aftermath o^ war".
These expenditures amounted to $1,700,000,000 in 1940,
q /a 00?^?00!
£nd are exPected to require $10,600,000,000
n i.y4b, this latter figure representing the all time peak.
A -2
/
3
The estimate for 1946 represents more than a six-fold increase
compared with 1940* During the current year these ’’aftermath
of war” items will account for about two-thirds of all Federal
”non-war” expenditures.
Total expenditures for veterans’ benefits might be at a
higher level in the next two or three years than the
|-3,200,000,000 now forecast for the current year due largely
to the educational and readjustment allowance programs. However,
these programs, as well as the Government’s contribution to the
National Service Life Insurance Fund, should be substantially
reduced in later years*
The fiscal year 1946 is probably the peak year for refunds
taxes, the estimated expenditures for this purpose amounting
to $2,900,000,000* This is due principally to the provisions
of the Tax Adjustment Act of 1945 speeding up corporate refunds
following the end of the war. It is believed that both corpo
rate refunds and refunds arising from individual withholding
will decrease substantially below the current year level*.
Expenditures for interest on the public debt will no
doubt increase from the level of $24,.500,000,.000 estimated for
1946, the Budget estimate of total public debt outstanding on
June 30, 1946, being $273,000,000,000* The extent to which
interest payments increase or decrease in the future will
depend upon the rapidity with which the Government can balance
its Budget*
Unemployment relief
The Budget estimates for the fiscal year 1946 do not
contain any provision for unemployment relief* In 1940
expenditures for unemployment relief amounted to $2,200,000,000,
about $1,500,000,.000 of this sum having been expended by the
Work Projects Administration* The balance of the program took
the form of aids to youth by the Civilian Conservation Corps
and the National Youth Administration, and loans and grants to'
states, municipalities,, etc. by the Public Works Administration.
International finance
Budgetary expenditures for international finance, that Is
subscriptions to the International Monetary Fund, International
Bank for Reconstruction and Development, and capital stock of
the Export-Import Bank, are estimated to aggregate $2,300,.000 .000
xor the fiscal year 1946. This excludes $1*800,000,000 to be
subscribed to the International Monetary Fund out of the
united States Stabilization Fund created by the Gold Reserve
Act of 1934v
A-3
4
The breakdown for the fiscal year 1946 is as follows:
•
(in millions of dollars)
:
: Estimated payments in 1946
: Amount
: Budgetary:
IRrom Exchange
Authorized:
items :Stabilization Fund
•
International Monetary Fund. *♦.
International Bank for
Reconstruction and
Development............. ...
Export-Import Bank,
capital stock.-,*.,...... ...
Total ............ .
...
2,750
950
3,175
317
999
6,924
1/9 9 9
2,266
1,800
«
—
1,800
l/ Includes $.174,000,000 to be paid to the Reconstruction Finance*
Corporation to retire capital stock previously subscribed by that
corporation*
As will be seen from the above table, membership of the
United States in the International Monetary Fund will require
subscription of $-2,750,000,000, payment for all of which is
expected to be made by June 30, 1946* Also, on the basis of
Budget estimates, payment for the full remaining authorized
capital of the Export-Import Bank of $999,000,000 is expected
to be made by the end of this fiscal year, which, together with
$1,000,000 of stock already owned by the United States will give
that bank capital stock of $>1,000,000,000. In addition the' ExportImport Bank may borrow not to exceed $2,500,000,000 from the
Treasury to carry on its authorized program. It is not believed
that any of this latter amount will be required until after the.
fiscal year 1946. With regard to the International Bank for
Reconstruction and Development Congress has authorized sub
scription for capital stock by the United States to a total of
$3,175,000,000, of which $317,000,000 is estimated to be paid
in the fiscal year 1946 and about the same amount again in
1947. The remaining $2,540,000,000 can be called only when
needed to meet the proportionate share of any losses suffered
by the bank in the course of its operations.
Other expenditures
&
l
I,^Le balance of expenditures, under the classification
Other^Activities", consists of (1) the budgetary items; aids
to agriculture, public works, social security and railroad
A-4
5
retirement, the Government’s contributions to employees’
retirement funds and the regular operating expenses* of the
various departments and establishments; and (2) net outlays of
Government corporations and credit agencies other than war
expenditures of the Reconstruction Finance Corporation and
its affiliates* The budgetary items amounted to an aggregate
of |3,400,000,000 in 1940, $3,000,000,000 in 1945, and, although
there are various internal shifts, are expected to again amount
to $3,400,000,000 in 1946.
Expenditures for aids to agriculture, including hdministra**
tive and other expenditures of the Department of Agriculture
classified in daily Treasury statements as ’’departmental”
amounted to $1,571,000,000 in the fiscal year 1940 compared with
the Budget estimate for 1946 of about $700,000,000, a reduction
Expenditures for principal items of a continuing public
works character amounted to $571,000,000 in 1940, while in
1945, due to postponements on account of the war, they aggregated
less than half of that amount. Such expenditures are estimated
to be about $400,000,000 in the current year. These items are
likely to increase in the immediate future as Congress has
already authorized additional outlays for public roads, and
rivers and harbors and flood control,
Expenditures of the Social Security and Railroad Retirement
increased from an aggregate of $493,000,000 in 1940 to
o779,000,000 in 1945 and for 1946 are estimated at about
$875,000,OOO, Increased grants to States for old-age assistance,
aid to^dependent children, aid to the blind, and transfers to
the Railroad Retirement Account are responsible for the higher
level of expenditures in 1945 compared with 1940. The grants
o states are estimated to be still higher in the current year,
while transfers to the Railroad Retirement Account will be
slightly lower.
The balance of Budgetary expenditures — ”General administration, etc.” -- represent for the most part the regular
operating costs of the various departments and establishments
of the Government. These expenditures amounted to $814,000,000
in 1940, $1,174,000,000 in 1945, and are estima ted at about
$1,400,000,000 for 1946. These expenditures do not include costs
of administration of ’’War Activities”,"Veterans Administration”,
Aids to Agriculture”, ”Puhlic Works”, and ”Soci al Security and
Railroad Retirement Boards”.
A-5
1
1
-
6
-
T he outlays of G o v e r n m e n t c orporations and credit agencies
represent transactions in checking accounts m a i n t a i n e d w i t h
the T r e a s u r e r of the U n i t e d States and are stated net, i.e.,
gross payments b y the agencies less their gross receipts.
In
1940 net e x p e n ditures of these corporations and agencies
amounted to $ 2 5 4 , 0 0 0 , 0 0 0 compared w i t h n et collections of
$846, 0 0 0 , 0 0 0 in 1945.
In 1946 net c ollections are expected to
be about $400,0 0 0 , 0 0 0 .
Since the w ar b e g a n l iquidations of
loans of such organ i z a t i o n s as the R e c o n s t r u c t i o n Finance
Corporation, the Home Owners! L o a n C o r p o r a t i o n and the Federal
Farm Mo r t g a g e C o r p o r a t i o n have pro c e e d e d at a faster pace,
resulting in total net receipts rather than net expenditures
as in ea r l i e r years in this category.
The l o wer n et receipts
in 1946 compared w i t h 1945 is due p r i n c i p a l l y to an expected
increase in net e x p e n d i t u r e s of the C o m m o d i t y Credit C o r p o r a t i o n
in the current fiscal year.
A-6
SUMMARY OF ACTUAL RECEIPTS AND EXPENDITURES OF THE
FEDERAL GOVERNMENT FOR THE FISCAL YEARS 1940
AND 1945 AND BUDGET ESTIMATES FOR 1946 l/
(in billions of dollars)
Ictual, fiscal
year 1940
pre-war year)
Actual, fiscal
year 1945
(peak war year)
Budget estimate,
fiscal year 1946
(reconversion to
peace)
Increase (/) or
decrease (-),
1946 compared
with 1940
46.5
'36.0
/30.6
1.7
-
90.0
.5
51.0
- .5
/4-9.3
- .5
1.7
90.5
50.5
•6
.1
1.0
2.1
1.7
3.6
3.2
2.9
4.5
/ 2 .6
/2.8
/3.5
................ ...... .........
1.7
7.4
10.6
/8.9
Unem jloyment re] ief ........ ........ ....... .
International finance ............ ..............
2.2
-
«
-2.2
-
2.3
/2.3
Other expenditui e s :
Budgetary itims ................. .
Government- c< rporations and credit agencies .
3.4
.3
3.0
- .8
3.4
- .4
—
- .7
Total, o1her a c t i v i t i e s .... ...... ......
7.6
9.5
15.9
/8.3
Grand totsal, expenditures ...............
9.3
100.0
66.4
/57.1
Excess of expenditures ................ .
3.9
53.6
30 •4
/26.5
Expenditures:
War a ct ivities:
Budgetary items ......... ....
Government corpcrations (net)
Total, wtr activities ,
Other activities:
Veterans ’ Admina strati on ........................
Refunds ..................................... .
Interest on the public debt ....... .
Sub-tota]
: - Fizures «i-e rounded and will not n e c e s s a r i l y add to
I^olucuLs
of .
.»orgowfa.»«
..........
.......
X
co
00
5.4
Net receipts .................... .
♦
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, October 2» 1945«
Press Service
FORHE
Tuesda
I/- s
The Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated October 4, 1945,
the tei
and to mature January 3, 1946, which were offered on September 28, 1945s were opened
I Treasui
at the Federal Reserve Banks on October 1«
Januarj
The details of this issue are as follows;
opened
Total applied for - $2,159,025,000
Total accepted
- 1,310,363,000 v (includes $47,020,000 entered on a fixedprice basis at 99.905 and accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx, 0.375$ per annum
Th
Range of accepted competitive bids:
High
Low
— 99.909 Equivalent rate of discount 0,360$ per annum
- 99.905
M
n ' t » «
approx. 0.376$ per annum
(55 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
New Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
*
34,470,000
1,555,900,000
TOTAL
Total
Accepted
$
22,590,000
924,730,000
48,585,000
30,685,000
19,905,000
3,140,000
259,640,000
6,300,000
12,820,000
47,210,000
9,675,000
130.695.000
37,560,000
19,345,000
18,780,000
2,890,000
147,523,000
5,175,000
8,320,000
37,310,000
8,550,000
77.595,000
$2,159,025,000
$1,310,368,000
55perc
federal
'f e i e t
IBoston
®ew York
ftüadel]
Stani
‘Ichmonà
pianta
nicago
£** iouij
%sas Ci
Dallas
5ailFranc
TREASURY DEPARTMENT
Washington
Press
N o.
FOR R E L E A S E , M O R N I N G N E W S P A P E R S ,
T u e s d a y , O c t o b e r 2, 1 9 4 5 . _____
The
the
Secretary of
tenders
f o r $1-,300,000,000,
Treasury bills
J a n u a r y 3,
o p e n e d at
The
the T r e a s u r y a n n o u n c e d
to be d a t e d
1946,
the
w h i c h were
Federal
details
of
or t h e r e a b o u t s ,
October
4,
offered
Reserve Banks
this
issue
last
1945,
and
Service
V-84
evening
of 91-day
t hat
..i>.
to m a t u r e
on September
28,
1945,
were
o n O c t o b e r 1.
a r e as
follows:
T o t a l a p p l i e d for - $ 2 , 1 5 9 , 0 2 5 , 0 0 0
Total accepted
1,310,368,000
(includes $47,020,000
e n t e r e d on a f i x e d - p r i c e b a s i s at 9 9 . 9 0 5 a n d a c c e p t e d In
full)
Average
Range
price
of a c c e p t e d
Low
99.905/ Equivalent
approx. 0 . 3 7 5 % per
competitive
-
High
(55 p e r c e n t
-
bi d s :
99.909 E q u i valent rate of discount
approx, 0 ,360% per annum
9 9 . 9 0 5 E q u i v a l e n t r ate o f d i s c o u n t
approx. 0,376% per annum
o f t he a m o u n t b i d
f o r at
F ederal R e s e r v e
D i s t r i c t _________
Total
Applied
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, L o u i s
Minneapolis
Kansas City
Dal l a s
San F r a n c i s c o
$
TOTAL
r ate o f d i s c o u n t
annum
the l o w p r i c e w a s
for
34,470,000
1,555,900,000
48.585.000
30.685.000
19.905.000
3.140.000
259.640.000
6.300.000
12.820.000
47,210,000
9.675.000
150.695.000
$2,159,025,000
oOo
accepted)
Total
Accepted
$
22,590,000
924.730.000
37.560.000
19.345.000
18.780.000
2.890.000
147.523.000
5.175.000
8.320.000
37.310.000
8.550.000
77.595.000
,310,368,000
FOR IMMEDIATE RELIASE
October 2 . 19^5
The Bureau of Customs announced today preliminary figures shoving
the quantities of coffee authorised for entry for consumption under the
quotas for the 12 months commencing October 1 # 19*&t provided for in
the Inter-American Goffee Agreement, proclaimed by the President on
April 15# 19^1* as follows:
Country of Production
:
Quota Quantity
(Pound») 1/
:
:
:
Authorised for entry
for consumption
1« of (Pata) ¡
Signatory Countries!
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Hicaragua
Peru
Venesuela
Ron-Signatory Countries:
i/
2,353.628.932
796,79^,513
50,6x5,676
20,2^6,297
30,369,379
37,961,757
151,847,028
i35.396.92O
69,596,621
5,08l,54l
120,212,296
“*9,350,324
September 22, 1945
s
«
s
(Import quota filled)
September 22, 1945
■
1 ,548,207,089
679,675,795
38,010,527
4,390,78*
22,465,109
U9.173.127
9S.0l6.llt2
■
(Import quota filled)
September 22, 1945
»
6,326,893
106,292,893
ft
89,842,785
ft
54,878,992
77.961.091
24,030,898
4 ,098,9«
63,463,315
Quotas as of June l f 19^5 • determined by action of the Inter*Ame ricen
Coffee Board on May 29 # 19ty>.
/
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, October 3, 1945«
Press Service
No* V-85
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, 1944, 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
f As of (Date)
; '(Pounds)
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Vene zuela
Non-Signatory Countries:
2,353,628,932
796,794,513
50,615,676
20,246,297
30,369,379
37,961,757
151,847,028
135,396,920
69,596,621
5,061,541
120,212,296
49,350,324
6,326,893
106,292,893
89,842,785
September 22, 1945
tt
tt
tt
(import quota
September 22,
tt
«
u
(import quota
September 22,
tt
tt
tt
tt
1,548,207,089
679,675,795
38,010,527
4,390,784
filled)
1945
22,465,109
119,173,127
98,016,142
54,878,992
filled)
1945
.77,961,091
24,030,898
4,098,913
63,463,315
1,184,047
i/ Quotas as of June-1, 1945, determined by action of the Inter-American
Coffee Board on May 29, 1945,
oOo-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, October 3, 1945.
Press Service
the Secretary of the Treasury today announced the final subscription
and allotment figures with respect to the current offering of 7/8 percent
Treasury Certificates of Indebtedness of Series H-1946.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows:
Federal Reserve
patriot_____
Boston
Mew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
Total Subscriptions
Received and Allotted
$ 109,857,000
1,768,744,000
65.716.000
145.513.000
75.607.000
79.416.000
537.613.000
92.495.000
74.721.000
135.466.000
68.246.000
283 663.000
2.378.000
.
13,439,435,000
!
y o
- Z c / d t L
TREASURY DEPARTMENT
Washington
FOR I M M E D I A T E RELEASE,
W e d n e s d a y , O c t o b e r 5, 1 9 4 5
The
S e c r e t a r y o f the T r e a s u r y
subscription and allotment
offering
Press Service
No. V-86
today announced
figures w i t h respect
o f 7/8 p e r c e n t T r e a s u r y
Certificates
the f i n a l
to the
current
of Indebtedness
of Series H-1946.
Subscriptions
several
and allotments were
Federal Reserve Districts
Federal Reserve
District
and
divided among
the T r e a s u r y as
the
follows:
Total Subscriptions
Received and Allotted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. L o u i s
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$
TOTAL
109,857,000
1,768,744,000
65.716.000
145.513.000
75.607.000
79.416.000
537.613.000
92.495.000
74.721.000
135.466.000
68.246.000
283.663.000
2,378,000
$3,439,435,000
oOo
- 4Tliis work will be expedited in every possible manner.
We
promise to exercise every resource so that the taxpayer entitled
to refunds may receive his money promptly."
Mr. Hunan also will give attention to the mechanism for
making refunds of taxes overpaid by individuals.
He pointed out
that the Bureau recently completed the mailing, ahead of schedule
to some 20,000,000 taxpayers refunds totaling a billion dollars.
- 0O 0 -
- 3 -
Mr. Nunan again stressed the Bureau policy of refraining from
instituting criminal proceedings against taxpayers who cone forward
voluntarily and pay up delinquencies plus interest and civil
penalties before the Bureau has begun investigating their cases.
In addition to the drive against evaders, the Bureau executives
will give particular attention to organizing in the field the tremen
dous task of prompt settlement of tax liabilities arising from the
war, including such problems as the determination and allowance
of refunds and credits where due.
The Commissioner pointed out that many wartime tax laws con
tained provisions under which thousands of business tax returns
must be reopened for adjustments arising from such factors a s ~ ^ u'
carryback of losses and^unused' excess profits credits, postwar
credits of excess profits tax and other relief provisions
Jt^spread of special amortization allowances on war plants and other
emergency facilities.
The disposition of the pending war year cases will enable
business to know precisely where it stands in the matter of tax
liabilities, .and thus eliminate a possible source of concern which
might otherwise interfere with reconversion and employmenttf,
Mr. Nunan said.
o
Cj
now jrapidly) being| recruited, and to give
personal attention
to problems arising from specific investigations now underlay.
The Commissioner pointed out that California is the setting
for the most far-reaching tax investigation now being conducted by
the Bureau, that^into)the raisin grape industry.
Tax liabilities
of scores of operators in this field are being examined, with
prospects of collection of many millions of dollars in additional
taxes, he said.
Suspected black market operations in meat and
poultry and other lines also are under scrutiny.
Mr. Nunan expressed gratification at the progress being made
throughout the country in organizing and pushing the campaign
against evaders.
He said a substantial flow of completed investi
gations into the courts is underway, with thirteen major indict
ments returned by Federal grand juries during September.
New
revenue and special agents are being assigned daily as recruiting
proceeds, and the efforts of the expanding force of investigators
will be apparent from now on, he feels.
Some 2,500 Bureau
employees now are engaged in tax fraud case work.
The Commissioner said that since June
1,
some
3 0 , 0 0 0 delinquent
or amended returns had been filed voluntarily, accounting for addi*
'*'***"4'XJL,
tional taxes of
ad h y $50,000,000.
i/-?7
'
^ Suggec tod pre ss ■r-erl-ga'S-e.slm r gten.
AA.Jt-eZ+\Cm fits
a
officials of the Bureau of Internal Revenue left
i ^ d a7 -^or the Pacific Coast for a s e n e s of conferences with
l&strict enforcement and administrative heads designed to step u]
the Treasury*s drive against tax evaders and to set up machinery
for expediting settlement of tax liabilities .for the war vears
generally.
Joseph D. Nunan, Jr., Commissioner, Norman D. Cann, Deputy
Commissioner in charge of the Income Tax Unit, and J. P. Wenche
Chief Counsel are making the inspection trip.
They will arrive
in Los Angeles Friday noon, for conferences with Bureau personn
lasting through October 9.
They will be in San Francisco
October 10, 11, and 12 for meetings with revenue and special
agent and collector*s staffs.
Ivir• Nunan said similar conferences m
other sections of the
country are contemplated.
Nr. Minan said one major subject of the conferences will be
means of insuring prompt settlement of refunds that will be due
many businesses under the so-called relief provisions of wartime
tax laws, and thus help industry in the shift t6 peacetime pro
duction.
Another purpose of the meetings is to insure unity of action
on the part of all branches of the revenue service in the drive
against tax cheats, to plan for effective use of new personnel
TREASURY DEPARTMENT
B u r e a u of Internal Revenue
Washington
FOR RELEASE, M O R N I N G N E W S P APERS,
Friday, O c t o b e r 5, 1945,.
L
Press S e r v i c e
No. V-87
'
T h r e e o f f i c i a l s of the B u r e a u of' Internal R e v e n u e left
today for the P a c i f i c Coast? for a series o f c o n f erences w i t h
district e n f o r c e m e n t and a d m i n i s t r a t i v e heads d e s i g n e d to
step u p the T r e a s u r y ' s drive against tax evaders and to set
up m a c h i n e r y for e x p e d i t i n g s e t t lement of tax l i a b i l i t i e s for
the w ar y e ars gen e r a l l y .
J o s e p h D. Nunan, Jr., Commissioner, N o r m a n D. Cann,
Deputy C o m m i s s i o n e r in charge o f the Income Tax Unit, and
J. P. WencheIs C h i e f C o u n s e l » a r e m a k i n g the i n s p e c t i o n trip.
They will arrive in Los A n g eles F r i d a y noon, for c onferences
with B u r e a u p e r s o n n e l l a s t i n g t h r o u g h O c t o b e r 9.
T h e y will be
in San F r a n cisco O c t o b e r 10, 11, and 1 2 for m e e t i n g s w i t h
revenue and special agent and c o l l e c t o r ’s staffs.
Mr. N u n a n said s i m i l a r c o n f e r e n c e s
the co u n t r y are contemplated.
in o t h e r sections of
Mr. N u n a n said one m a j o r subject o f the c onferences will
be means o f ' i n s u r i n g p r o m p t s e t t l e m e n t o f refunds that w i l l be
due m a n y b u s i n e s s e s u n d e r the s o - c a l l e d r e l i e f p r o v i s i o n s of
wartime tax laws, and thus h e l p i n d u s t r y in the shift to p e a c e
time p r o d u ction.
A n o t h e r p u r pose o f the m e e t i n g s is to insure u n i t y of
action on the part of all b r a n c h e s o f the revenue service in
the drive a g a i n s t tax cheats, to p l a n for ef f e c t i v e use of n ew
personnel n o w b e i n g r a p i d l y recruited, and to give pe r s o n a l
attention to p r o b l e m s a r i s i n g f r o m specific i n v e s t i g a t i o n s n ow
under way.
The C o m m i s s i o n e r p o i n t e d out t hat C a l i f o r n i a is the setting
for the m o s t f a r - r e a c h i n g tax i n v e s t i g a t i o n n o w b e i n g c o n d u c t e d
by the Bureau, that
into the r a i s i n grape industry.
Tax
liabilities of scores of o p e r a t o r s in this field are b e i n g
examined, w i t h p r o s p e c t s of c o l l e c t i o n of m a n y m i l l i o n s of
dollars in a d d i t i o n a l taxes, he said.
Suspected black market
operations in m e a t and p o u l t r y and other lines also are u n d e r
scrutiny.
Mr. N u n a n e x p r e s s e d g r a t i f i c a t i o n at the pr o g r e s s b e ing
made throughout the c o u ntry in o r g a n i z i n g and p u s h i n g the
campaign a g a i n s t evaders.
Be said a s u b s tantial flow of
completed i n v e s t i g a t i o n s into the courts is underway, w i t h
2
thirt e e n m a j o r i n d i ctments returned b y Federal g r a n d juries
d u ring September,
N e w revenue and special agents are being
ass i g n e d d a i l y as r e c r u i t i n g proceeds, and the efforts of the
exp a n d i n g force o f i n v e s t i g a t o r s w ill be a p p arent f r o m n ow on,
he feels.
S o m e 2,500 B u r e a u employees n o w are e n g aged in tax
fraud case w o r k ’.
The C o m m i s s i o n e r said that since June 1, some 30,000
d e l i n q u e n t or a m e n d e d returns had b e e n filed voluntarily,
a c c o u n t i n g for a d d i t i o n a l taxes of m o r e than # 5 0 , 0 0 0 , 0 0 0 .
Mr, N u n a n a g a i n stressed the B u r e a u p o l i c y of r e f r a i n i n g
from i n s t i t u t i n g criminal p r o c e e d i n g s a g a inst taxpayers who
come forward v o l u n t a r i l y and p ay up d e l i n q u e n c i e s plus interest
and civil p e n a l t i e s befo r e the B u r e a u has b e g u n i n v e s t i g a t i n g
their cases.
In a d d i t i o n to the drive a g a i n s t evaders, the B u r e a u
executives will give p a r t i c u l a r a t t e n t i o n to o r g a n i z i n g in
the f i e l d the t r e m endous task o f p r o m p t settlement of tax
l i a b ilities a r i sing from the war, i n c l u d i n g such problems as
the d e t e r m i n a t i o n and all o w a n c e of refunds and credits w h e r e
due •
The C o m m i s s i o n e r po i n t e d out that m a n y wa r t i m e tax laws
contained p r o v i s i o n s u n d e r w h i c h thousands of b u s i n e s s tax
returns m u s t be r e o p e n e d for a d j u s t m e n t s a r i s i n g f rom such
factors as the c a r r y b a c k o f losses and the u n u s e d excess
profits credits, p o s t w a r credits of excess profits tax and other
relief p rovisions, and the res p r e a d of special a m o r t i z a t i o n
allowances on w a r p l ants and o t h e r e m e r g e n c y facilities.
"The d i s p o s i t i o n o f the p e n d i n g w a r y e a r cases will enable
business to k n o w p r e c i s e l y where it stands in the m a t t e r of
tax liabilities, and thus eliminate a p o s s i b l e source- of c o n
cern w h i c h m i g h t oth e r w i s e interfere w i t h r e c o n v e r s i o n and
employment", Mr. N u n a n said.
"This w o r k will be e x p e d i t e d in every p o s s i b l e manner*
We promise to exercise e v e r y r e s o u r c e so that the taxpayer
entitled to refunds m a y receive his m o n e y pro m p t l y . "
Mr. N u n a n also w ill g i v e a t t e n t i o n to the m e c h a n i s m for
making refunds o f taxes o v e r p a i d by individuals.
He p o i n t e d
out that the B u r e a u r e c e n t l y completed the mailing, ahead of
schedule, to some 2 0 , 0 0 0 , 0 0 0 taxpayers refunds totaling a
billion dollars.
oOo
- 3 -
for such bills, whether on original issue or on subsequent purchase, and the amount
actually received either upon sale or redemption at maturity during the taxable
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 413, as amended, and this notice, orescribe 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 $200,000 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
October 11. 1945
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 noxv or hereafter enacted.
The
bills shall be subject to estate, inheritance, gift, or other excise taxes, whether 1
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
I
Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941* the
amount of discount at which bills issued hereunder are sold shall not be considered j
to accrue until such bills shall be sold, redeemed or otherwise disposed of, and
such bills are excluded from consideration as capital assets.
Accordingly, the
owner of Treasury bills (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, October 5t 1945
The Secretary of the Treasury, by this public notice, invites tenders
for i 1«300*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
i r y J.L
January
10, 1946
mature
October 11. 1945
and will
, when the face amount will be payable without
1?»
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
•
Standard
closing hour, two o ’clock p.m., Eastern
time,
Monday. October 8. 1945
—
^
Tenders w*Ll not be received at the Treasury Department, Washington.
^
—
—
Each tender
must be for an even multiple of $1 ,000, and the price offered must be expressed
on the basis of 100, with not more than three decimals, e.’ g., 99.925.
Fractions
may not be used, ^It is urged that tenders be made on the printed forms and for
warded in the special envelopes which will be supplied by Federal Reserve Banks
1
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 incoroorated bank, or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
11
/
TRE A S U R Y DEPARTMENT'
Washington
P O R RELEASE, M O R N I I & PEJSPAPERS,
Friday, O c t o b e r 5» .1945»_________
T h e S e c r e t a r y of the Treasury, by this p u blic notice,
invites t e n ders for $1, 300,000', 000, or t h e r e a b o u t s , .of 9.1-day
Treasury bills, to be issued on a d i s c o u n t basis u n d e r competi- .
tive an 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.
Th e bills
of this series w i l l be d a t e d O c t o b e r li, 1945, a n d w i l l m a t u r e
January 10, 1946, w h e n the face a m o u n t w i l l p b e p a y a b l e w i t h o u t
interest.
T h e y w i l l be iss u e d ; i n b e arer f o r m only, a n d in d e n o m
inations of $1,000, $5,000, $10,000, $ 1 Q 0 , 000, $500,000, a n d
$1,000,000 (maturity value).
T e n ders w i l l be r e c e i v e d $t F e d e r a l R e s e r v e Banks a n d
Branches up to the closing hour, two o ’c l o c k p.m., E a s t e r n S t a n d
ard time, Hon day, O c t o b e r 8, 1945.
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 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 for
an even m u l t i p l e of $1,000, a n d the p r ice of f e r e d m ust be ex
pressed on t h e ' basis of 100, w i t h n ot mor e than t h r e e decimals,
e, g., 99.925. . Fractions- m a y n o t be used.
It is u r g e d that
tenders be made on the p r i n t e d forms and f o r w a r d e d in the 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 Branches 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 de p o s i t f r o m i n c o r p o
rated banks a nd t r u s t c o m p anies a n d f r o m r e s p o n s i b l e a nd r e c o g
nized dealers in i n v e s t m e n t securities.
T e n ders 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 f a c e 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 fenders are a c c o m
panied 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 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 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 p u b
lic a n n o u n c e m e n t w i l l be made 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 p r i c e r a n g e of a c c e p t e d bids.
Those sub
mitting t e n ders 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
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 a c c e p t or r e j e c t a n y or al 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 these r eservations, tenders f o r $ 2 0 0 , 0 0 0 or less f r o m
any 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 basis w i l l be
accepted 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
offered m u s t be mad e or c o m p l e t e d 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 f u nds on O c t o b e r 11, ,3-945.
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 e s t or
gain 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 not
have anjr exemption, as such, a n d loss f r o m the sale or o t her
disposition of T r e a s u r y bills s h all n o t hav e 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 ax A c t s n o w or h e r e a f t e r enacted.
V -8 8
(O v e r )
mm
¿¿
mm
The 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, but shall be
exempt f r o m all ta x a t i o n n o w or h e r e a f t e r imposed on the prin
cipal or interest t h e reof by a n y State, or a n y of the posses
sions of the U n i t e d States, or by a ny local t a xing authority.
F o r purposes of taxation the a m o u n t of discount at w h i c h Treas
u ry 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 Sections 42 a nd 117 fa) (1) of
the Internal R e v e n u e Code, as amended' by Section 115 of the
R e v e n u e A c t of 1941, the a m o u n t of di s c o u n t at w h i c h bills
issued h e r e u n d e r are sold shall n ot be c o n s i d e r e d to accrue until
such bills shall be sold, r e d e e m e d or otherwise disposed of, and
such bills are excluded f r o m co n s i d e r a t i o n as capital assets.
Accordingly, the owner of T r e a s u r y bills (other than life insur
ance companies) issued h e r e u n d e r n e e d include in his income tax
r e turn onl y the d i f f erence between the price p a i d for such bills,
w h e t h e r on o r i ginal 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 upon sale or r e d e m p t i o n at matu
r i t y during the t a x able y ear f or w h i c h the r e t u r n is made, as
ordinary 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 amend.ed, and this
n o t i c e , <p r e s c r i b e the terms of the T r e a s u r y bills a n d govern the
cond-itions of their issue.
C o nies of the circular may be
ob t a i n e d f r o m a ny F e d e r a l R e s e r v e B a n k or Branch.
-oOo-
TRKASURT DSPARUiMT
Washington
FOE EIL1ASB, MOBSIWD R m P A P B R S
Monday. October 8. 1945._______[
Frass Service
v *■ <jr9
Secretary of the Treasury Vinson today made public the limitations
to be placed on subscriptions, including deferred payment subscriptions,
fro® insurance companies and savings institutions during the Victory Loan
Drive, these decisions were reached after consultations with representa
tives of the two groups affected.
All insurance companies will be permitted to subscribe to the marketable securities in aggregate amounts not in excess of an amount equal to
15# of the total amount of United States government securities held by the
subscribing company on December 31, 1944» or 6* of that company's total >
admitted assets as of that date, whichever figure is larger.
Savings institutions, which are defined for this purpose as savings
banks that do not accept demand deposits, savings and loan associations,
building and loan associations, cooperative banks and credit unions, will be
permitted to subscribe to the marketable securities in aggregate amounts not
in excess of an amount equal to twice the amount of the net increase in
assets (total assets less borrowed funds) of the subscriber during the period
from duly 1, 1945, through September 30, 1945, plus 7# of the amount of
United States government securities held by the subscriber on dune 30, 1945.
The formula set for this group was reached in recognition of the difficulty
in meeting a consistent interpretation of normal portfolio adjustments and
the disparity in growth of assets among individual institutions falling within
this group.
Insurance companies and savings institutions are req* ested not to use
these formulae to circumvent the Treasury's request that non-bank investors
refrain fro® selling securities hsretofore acquired in order to obtain the
funds to subscribs for securities offered in the Victory Loan Drive, except
for normal portfolio adjustments.
It will facilitate handling of these subscriptions if each institution
planning to subscribe under these formulae will furnish the Federal Reserve
Bank of its district, prior to entering subscriptions, with the figures
applicable to it under its formula.
oOo
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, October 8, 1 9 4 5 . ____
Press Service
No« V-89
Secretary of the Treasury Vinson today made public the
limitations to be placed on subscriptions, Including deferred
payment subscriptions, from insurance companies and savings
institutions during the Victory Loan Drive« These decisions
were reached after consultations with representatives of the
two groups affected.
All insurance companies will be permitted to subscribe to
the marketable securities in aggregate amounts not in excess
of an amount equal to 1 5 % of the total amount of United States
government securities held by the subscribing company on
December 31, 1944, or 6% of that company*s total admitted
assets as of that date, whichever figure is larger«
Savings institutions, which are defined for this purpose
as savings banks that do not accept demand deposits, savings
and loan associations, building and loan associations, cooper
ative banks and credit unions, will be permitted to subscribe
to the marketable securities in aggregate amounts not in excess
of an amount equal to twice the amount of the net increase in
assets (total assets less borrowed funds) of the subscriber
during the period from July 1, 1945, through September 30,
1945, plus 1 % of the amount of United States government securi
ties held by the subscriber on June 30, 1945« The formula set
for this group was reached in recognition of the difficulty in
meeting a consistent interpretation of normal portfolio adjust
ments and the disparity in growth of assets among individual
institutions falling within this group.
Insurance companies and savings institutions are requested
not to use these formulae to circumvent the Treasury*s request
that non-bank investors refrain from selling securities hereto
fore acquired in order to obtain the funds to subscribe for
securities offered in the Victory Loan Drive, except for
normal portfolio adjustments.
It will facilitate handling of these subscriptions if each
institution planning to subscribe under these formulae will
furnish the Federal Reserve Bank of its district, prior to
entering subscriptions, with the figures applicable to it
under its formula«
oOo
-
2
-
There.is no objection, of course, to the making of loans for
the purpose of facilitating permanent investments in Government
securities provided such loans conform to the provisions of the
joint statlbent issued by the National and State Bank Supervisory
Authorities on November 23, 1942, which reads in part as follows:
n * * * subscribers relying upon anticipated income
may wish to augment their subscriptions by temporary bor
rowings from banks. Such loans will not be subject to
criticism but should be on a short-term or amortization
basis fully repayable within periods not exceeding six
months."
There are two additional matters in which I would greatly
appreciate your cooperation during the Victory Loan Drive: (1) to
decline to purchase any outstanding securities from nonbank inves
tors on the understanding or condition that a subscription for a
substantially like amount of Treasury securities offered during the
Drive will be made through your bank with payment ,to be made through
the war loan account; and (2) to hold to a minimum the transfer of
funds for the purchase of Government securities. For statistical
purposes credits will be given to localities desired by the purchaser
in the Victory Loan as in previous drives.
While it is not possible to set a precise formula to take care
of the many thousands of different circumstances under which sub
scriptions will be received, I would greatly appreciate it if your
bank would carefully examine every subscription with a view to mak
ing the program as effective and equitable as possible and one which
will meet the Treasury’s objectives,
X know that the banks have rendered a very fine service in
assisting the Treasury to float the huge war loans that have pre
ceded the Victory Loan. With your continued help, I am sure this
last great public drive will be a success, not only in raising the
funds necessary to take care of urgent needs, but in a manner which
will be least harmful to our economy.
Sincerely yours,
¿red 1C Vinson
Secretary of the Treasury
October S,
19U 5
■Sear M r<-
Uhe purpose of this letter is to ask for your personal coop©ration and that of your bank during the Victory Loan Drive which
opens on October 29.
*
*** Treasury " M *
at least $11 billions,
of Which
billions is to come from the sale of securities to inu lfuals 811(1 tile r«»ainder from other nonbank investors. While
the Treasury balance is large at the present time, enormous obli
gations incurred in the achievement of victory, including those
for materials and munitions already delivered and used, remain to
be liquidated so that additional funds will be needed early in
December.
*
Government expenditures are being drastically reduced and this
will continue vigorously. The results of war, however, carry grave
responsibilities that must be met. ^he cost of contract settle
ments, bringing our armed forces home, their mastering-out pay
hospitalisation, care, and rehabilitation will be great and will
require billions of dollars.
The Victory Loan will be the last great public drive and the
major emphasis will again be on sales to individuals. It is high
ly Important that every effort be made to sell at least
billions
of bonds to this group of investors. Until reconversion of indus
try from a war to a peacetime basis is well advanced or completed,
and goods are coming into the market in sufficient volume reason6^ 71i ,0 ®eet demands, it is highly desirable to channel as much as
possible of the available nonbank funds into Government securities.
he banks can be of great help to the Government in its effort to
hold the line against the pressure on prices if they will cooper
ate in carrying out the objectives of the Treasury.
We have tried to design the securities to be offered in the
Victory Loan Drive so as to procure maximum investment of nonbank
funds and to hold indirect participation of commercial bank funds
to a very minimum. I respectfully urge your cooperation in declinng to make loans for speculative purchases of Government securities
and also in declining to accept subscriptions from customers which
may appear to be entered for speculative purposes. I am sure that
you as a banker appreciate the importance of eliminating these unde
sirable purchases and will do all you can to help stop such practices.
THEASUfOf D E F A R Ü iiS N T
Washington
F O I R S a J U S S , K Ü fflttN fS K g K 5P A ? 3 t t S ,
October a, 1945.______
Press Service
V/— f 0
Secretary Vinson today made public the following letter which he has
addressed to banking institutions throughout the country in connection with
the Victory Loan Drive:
1
THEASÜRY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,.
Monday, October 8, 1945. ______
Press Service
No.. V-90
Secretary Vinson today made public the following letter
which he has addressed to banking institutions throughout the
country in connection with the Victory Loan Drivej
The purpose of this letter is to ask for your
personal cooperation and that of your bank during
the Victory Loan Drive, which opens on October 29.
In this Drive, the Treasury must raise at
least #11 billions, of which #4 billions is to
come from the sale of securities to individuals
and the remainder from other nonbank investors.
While the Treasury balance is large at the present
time, enormous obligations incurred in the achieve
ment of victory, including those for materials and
munitions already delivered and used, remain to be
liquidated so that additional funds will be needed
early in December.
Government expenditures are being drastically
reduced and this will continue vigorously. The
results of war, however, carry grave responsibili
ties that must be met. The cost of contract
settlements, bringing our armed forces home, their
mustering-out pay, hospitalization, care, and re
habilitation will be great and will require bil
lions of dollars.
The Victory Loan will be the last great
public drive and the major emphasis will again be *
on sales to individuals. It is highly important
that every effort be made to sell at least
|v4 billions of bonds to this group of investors.
Until reconversion of industry from a war to a
peacetime basis is well advanced or completed,
and goods are coming into the market in sufficient
volume reasonably to meet demands, it is highly
desirable to channel as much as possible of the
available nonbank funds into Government securities.
The banks can be of great help to the Government
in its effort to hold the line against the pressure
on prices if they will cooperate in carrying out
the objectives of the Treasury*
2
We have tried to design the securities to be
offered in the Victory Loan Drive so as to procure
maximum investment of nonbank funds and to hold
indirect participation of commercial bank funds to
a very minimum« I respectfully urge your coopera
tion in declining to make loans for speculative
purchases of Government securities and also in
declining to accept subscriptions from customers
which may appear to be entered for. speculative
purposes« I am sure that you as a banker appreci
ate the importance of eliminating these undesirable
purchases and will do all you can to help stop such
practices.
There is no objection, of course, to the making
of loans for the purpose of facilitating permanent
investments in Government securities provided such
loans conform.to the provisions of the joint state
ment issued by the National and ^tate Bank Super
visory Authorities on November 23, 1942, which reads
in part as follows:
# subscribers relying upon an
ticipated income may wish to augment their
subscriptions by temporary borrowings from
banks. Such loans will not be subject to
criticism but should be on a short-term or
amortization basis fully repayable within
periods not exceeding six months•”
There are two additional matters in which I
would greatly appreciate your cooperation during the
Victory Loan Drive: (1) to decline to purchase any
outstanding securities from nonbank investors on the
understanding or condition that a subscription for
a substantially like amount of Treasury securities
offered during the Drive will be made through your
bank with payment to be made through the war loan
account; and (2) to hold to a minimum the transfer
of funds for the purchase of Government securities#
For statistical purposes credits will be given to
localities desired by the purchaser in the Victory
Loan as in previous drives.
While it is not possible to set a' precise
formula to take care of the many thousands of
different circumstances under which subscriptions
will be received, I would greatly appreciate it if
your bank would carefully examine every subscription
with a view to making the program as effective and
equitable as possible and one which will meet the
Treasuryfs objectives*
I know that the hanks have rendered a very
fine service in assisting the Treasury to float
the huge war loans that have preceded the Victory
Loan, With your continued help, I am sure this
last great public drive will be a success, not
only in raising the funds necessary to take care
of urgent needs, but in a manner which will be
least harmful to our economy.
Sincerely yours,
Fred M, Vinson
!(
Secretary of the Treasury
STATUTORY DEBT LIMITATION
AS Of SEETEMESH 30, 1945
Section 21 of the Second Liberty Bond Act, as amended, provides that the face aooimj
of obligations issued under authority of that Act, and the face amount ofifoligations I H i
guaranteed as to principal and interest by the United States (except such guaranteed
[of0
^
obligations as may be held by the Secretary of the Treasury), "shall not exceed ia the * (liions gi
aggregate $3^0»000,000,000 outstanding at any one time."
Itarant es
"shi Inot exc
The following table shows the face amount of obligations outstanding and the face
amount which can still be issued under this limitation:
le folio
Total face amount that may be outstanding at any one time
$300,000,000, ooj (face amoi
Outstanding September 30» 19^5
Wing Sej
Obligations issued under Second Liberty Bond Act, as amended
ktions is
Interest-bearing
hst-bear
Bonds
Treasury...•••••••••...... ..$107,0H8,6S0,000
Savings (maturity value)*1..... 57.^70,316,775
rings (mai
Depositary........ *......
516,018,500
bsitary.,
Adjusted Service........ .
500.157.956 $165,535,173,231
usted Ser
Treasury notes........... .
^ 3 , ^ , 109,600
asurynote
Certificates of indebtedness.... W , 115,^97,000
sifieates
Treasury bills.................. 17.018.WLOQO lQfr,627.9^1.600
f
c bill
Total interest-bearing............ .
270,163,11^,831
|al
intere i
Matured, Interest ceased..........................
29 S .7H 9 .15 0
I
interc
Bearing no interest
||
no
inte
War Savings Stamps...........
lHh,678,750
wings
St
Excess profits tax refunds bonds 1.107.202.^6h
,1,251, gsi.n h
|m profits
Total......... ............
271 »7 13 ,7H5 *095
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A. ..........
37,080,286
Demand obligations: C.C.C. .....
H89.662.2h8
Matured, Interest ceased........................
526,7H2,53H
1
■-ij ü g 6|g7g
5h 4 ,898,809
Grand total outstanding......*...........,....... .
Balance face amount of obligations issuable under above authority.......
272,25 sM
27J41,35o
oblig!
-bearing
p r e s * p,j
igati
Ni» inters
Wl
outst
^aoe aaouii'
Reconcilement with Statement of the Public Debt - September 30, 19S5
(Daily Statement of the United States Treasury, October 1, I9H5)
.
^concile
Outstanding September 30, 19^5
(Daily Í
Total gross public debt............,.,..,,....... ................... 262,020,*113.3 h^Pteii
Guaranteed obligations not owned by the Treasury...... 398.1
Public
Total gross public debt“and guaranteed obligations............ .
262,565,312»* Jf gt obli6at
Add - unearned discount on U. S. Savings Bonds
t!! Public
(Difference between maturity value and current redemption mine)
H
1 _
10,729.115.722
r Iierence b,
Deduct - other outstanding public debt obligations
not subject to debt limitation...............
1.035.78H.009
I other outst
not
Approximate face or maturity value; current redemption value $H6,7^1,201,053
v -
<?/
3ubdect
STATUTORY DEBT LIMITATION
AS OF SEPTEMBER 30, 1945
October 8, 1945
a^
long
Section 21 of the Second Liberty Bond Act, as amended, provides that the face
amount of obligations issued under authority of that Act, and the face amount of
obligations guaranteed as to principal and interest by the United States (except
such guaranteed obligations as may be held by the Secretary of the Treasury),
nshall not exceed in the aggregate $300,000,000,000 outstanding at any one time*0
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation:
MOJm \
Total face amount that may be outstanding at any one time
^
$300,000,000,000
Outstanding September 30, 1945
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Bonds
Treasury,••••••••.,••••••«•«•«$107,048,680,000
Savings (maturity value)*«•••• ,57,470,316,775
Depositary*• 5 1 6 , 0 1 8 , 5 0 0
Adjusted Service,............«
500,157,956$165,535,173,231
Treasury notes,«•*** *••••••*, ••• 43,494,109,600
Certificates of indebtedness.«. 44,115,497,000
17,018,535,000 104,627,941,600
Treasury bills............
Total interest-bearing...... . • • • . . . . •.. ,
’270,163,114,831
Matured, interest c
e
a
s
e
d
.
298,749,150
Bearing no interest
. War Savings Stamps.,r........ *••
144,678,750
Excess profits tax refunds)bonds 1,107,202,364
1,251,881,114
Total.................................. .
271,713,745,095
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A.
37,080,286
Demand obligations: C.C.C. ....
489,662,248
»Matured, interest ceased,.*......................
526,742,534
18,156,275
544,898,809
Grand total outstanding«............... ........... ......... ......»
Balance face amount of obligations issuable under above authority,,
272,258,643,904
27,741,356,096
ST
Reconcilement with Statement'of the Public Debt - September 30, 1945
(Daily Statement of the United States Treasury, October 1, 1945)
Outstanding September 30, 1945
Total gross public debt.«......................... *.«•,•••••*.,.*•*•
262,020,413,382
Guaranteed obligations not owned by the Treasury,..... ..... ______________544,898, 809
12,1 Total gross public debt and guaranteed obligations................ 262,565,312,191
Add - unearned discount on U.S, Savings Bonds
(Difference between maturity value and current redemption value)
10,729,115,722
Deduct - other outstanding public debt obligations
oil
not subject to debt limitation«.••••.••,«
1,035,784,009
9,693,331,713
"""
272,258,643,994* Approximate face or maturity value; current redemption value $46,741,201,053
V-91
Il
the available funds; but it is, nevertheless, very worth
while relative to the extra spending by individuals, which
©ight make the difference between an orderly «©conversion,
on the one hand, and a price boom and collapse —
followed the last war —
such as
on the other.
If these extra dollars are spent now, they will merely
serve to raise prices; if they are saved, they will provide
an invaluable backlog of purchasing power for maintaining
full employment in the years to come.
So, it is only coaion
sense for all of us to keep up our payroll deductions and
to continue to buy extra bonds until our dollars are able to
look the oncoming goods of the reconversion face to face ^
-bayoaMtl .
In concluding, let me take this occasion to extend tie
thanks of the treasury Department for the wonderful job yon
have done in the various war loan drives.
quite completed your war-time duties.
make the Victory Loan a success.
But you have not j
You still have to
I know that you will again
do your job well and that the people will respond just as the
always have whenever their Government M b needed their help j
in the long conflict behind us.
their plant® in order to change over from the goods of war
to the goods of peace,
the output of peacetime goods is
increasing; and it will increase yet further, as the nan
now in the armed force® again find their places in civilian
life.
But these things require tisse.
for the moat part, it
is & Batter of months, rather than years; but these months
will be crucial.
If we try to spend too many of our dollars
on good® before the good® are ready, it will undo our efforts
of the past four years.
That is why we so urgently request
individuals to subscribe to the-Victory Loan.
the total individual goal of
k
billion dollars is less
than a third of the income payments which individuals will
receive in this month of October.
The 1 bond goal of
2
billion dollars is less than a sixth of this month*s income
payments to individuals,
these proportions are those of a '
single month*® income, while individuals* purchases
F and
G
»#
bonds altó of savings note® during the entire
from October 29 until the end of December will be counted
toward the drive goal.
Individuals, therefore, have two
ts* income, rather than one, accruing to them during
te drive period, upon which they can draw for investment
10
their plants In order to change oyer from the goods of %mr
to the goods of peace*
The output of peacetime goods is
increasing; end it vili increase yet further, as the ¿ah
now in the armed forces again find their places in ciTillan
Ufe*
BPt these things require tine.
For the most part, it
is a matter of months, rath r than years; tout these months
will be crociai.
If we try to spend too many of our dollars
on goods before the goods are ready, it will undo our effort«
of the past four years.
That is why we so urgently request
individuals to subscribe to the Victory Loan.
.
The total individual goal of U billion dollars is tese
ti»«« a third of the incose payaents which individuals will
receive in this aonth of .October.
billion dollars is
payments to individuals.
The 1 bond goal of 2
a sixth of this month’s incoas
These proportions are those of a
single m on t h ’s income, while individuals’ purchases of I,
F and G bonds and of savings notes during the entire period
from October
29
until the end of December will be counted
toward the drive goal.
Individuals,
therefore, have two
months’ income, rather than one, accruing to them during
the drive period, upon which they can draw for investment
in savings bonds.
- 9 so kept them off the markets for consumers* goods.
As a
result, price increases during this war have been held to
much narrower limits than was the case in any previous
major conflict in which the United States has been engaged.
The retail prices of living essentials purchased by moderateincome families in large cities, as measured by the Bureau
of Labor Statistics, have advanced less than U percent hetvee
May 19^ 3 , when the President's *Hold-the-Line* order became
effective, and V-J Day.
The exact figure is, of course, a
subject of^controversy; but there can be no doubt of the
general success of the program.
Our wartime Ravings stand as a testimonial to the
sense of the American people.
cobbobI
As a result of them, we hare
won our main wartime battle on the home front against
inflation.
But our position is not yet secure.
There is
itill an important rear-guard action to be fought.
If ve do
not win this action, our previous victory on the main front
will have been in vain.
As Secretary Vinson said in his
statement to the House Ways and Means Committee last week,
"It would be pathetic if, after besting
the enemy of inflation all through the war,
we allowed it to overtake us on the home
stretch."
For the past few months, many factories throughout
the hation have been stepping up their production of peacetime goods.
Others are still re-tooling and r e - a r r a n g i n g
• g It is a record of which you may also be proud, and one which
I know you will repeat in the Victory Loan.
We have set the national goal for the coming loan at
$11 billion dollars, 7 billion dollars for corporations and
H billion dollars for individuals.
Two billion do-Iars of
the latter has been set as the goal for Series E bonds.
the individual goal —
portion of it —
particularly the
t
bond
is the real nub of the drive, as it has
been in previous drives.
hardest to make.
mû
It is the goal which will be the
It is also the goal which counts the most.
The money received from individuals is important in two ways.
It will help both to finance essential Government expenditure!
during the reconversion p ried, and to lessen the pressure
of individual demand on the limited supply ofeonsumers* goods
that will be available during this period.
As you know, during the whole w r the Treasury has
centered its appeals on those funds in the hands of
individuals.
This is because wartime production placed
large amounts of added income in the hands of individuals,
but provided no goods for them to buy with it.
A part of
this added income was taken by wartime taxes, but much of
the remainder had to be saved if inflation was to be avoided.
The American people responded to this chal lenge.
They
saved an unprecedently large proportion of their dollars and
- 7 Redemptions in September, expressed as a percentage
of the outstending amount of bonds, are about equal to
their w -Hfrimre peak.
In only three months during the entire
war period have saving^boiid redemptions exceeded one percent
of the amount of honds^ outstanding^ t -the tl ao wfe-sa- «the
Redemptions may run somewhat higher
in the months immediately ahead.
redemptions is
A o«wolde»f»fele volume of
pble when it is considered that savings
bonds are, in •!!...„« r H*ft, the savings accounts of many people,
Consequently,
they must be drawn upon to meet personal and
family emergencies in the same manner as other forms of
savings would be drawn upon in similar circumstances.
Saving!
bond redemptions compare v ry favorably, however, with the
withdrawal experience of mutual savings banks a nr* of other
types of privately managed savings institutions.
There is on® significant point and that is that out of
more than $56 billion of all savings bonds sold in the last
10-1/2 years, more than S3 cents out of ev^ry dollar of such
bonds sold,
including those matured, ¿md more thni'i .¿ ffeiiti |
1*$ f!.‘W lS 1le'Sft1
v^ftre still in the hands of the original purchaser.
This is an e ree l-hen ft Performance and one of which we are
very proud.
You have sold these bonds so that, for the tost
part, they have stayed sold until the funds are really needed
by the holders.
This is the kind of selling that counts.
In addition to the extmdi tuxes just enumerated there
are other requirements for which the fr asury a u st hare cash,
These additional cash requirements include redemptions of
savings bonds; redemption of savings notes; the amounts by J
which maturities of certificates of indebtedness and other
marketable securities exceed new refunding issues; and the
cashing of the excess-profits-tax refund bonds held by
corporations, as provided by the Tax Adjustment Act of 19U5.
present cash balance in the Treasury would be completely
exhausted by about the end
of
.------- i
As a result of all of these tynes of cash outlays, the
this calendar year were it
not for the expected proceeds of the Victory Loan.
Expend iturl
W i l l continue to be hearj^during the r e m i n d e r of the fiscal ]
year, and the Victory Loan will be our last large-scale
popular loan.
_____
Before proceeding further
I
should like to say
words about redemptions of Savings Bonds.
redemptions
during
« i l lion dollars.
a
few
Savkigs bond
the month of Sept sber aaounted to $528
September was the first full month after
V-J Day, and it was also the first month in which all of
the E bonds sold during the Seventh War Loan were redeemable.
It was also a tax month.
Yet redemptions during September
were only 1 .1 3 percent of the total amount of savings bonds
outstanding at the end of the month, taken at their current
redemption value.
1
must remain there for a long time to come; they w i P A e e d
constant care.
It takes some $ 7*000 to establish one
veteran *s hospital bed, and It costs $5 a day to keep a
veteran in a hospital.
General Bradley has said that a grateful nation doejinot
stop at effecting a cure of the disabled veteran* r afflict! one,
¥very veteran with a service-connected disability may be given
complete vocational rehabilitation which »ay extend over four
years.
He is also entitled to hospitalisation and medical
treatment as long as he may need it; and he is given an
education that will equip him for whatever occupation he is
qualified to follow.
fore than 600,000 veterans of this war who have incurred
physical disabilities are receiving pensions
from
the Governs«»
Dependents of nearly 9 8 ,0 0 0 men and women who gave their liven
that we may enjoy peace, are receiving monthly pensions,
benefits in the form of pensions or compensation for
disabilities are being paid to more than one million persons
by the Veterans Administration.
On the other side of the ledger, our receipts from taxes
and other miscellaneous sources will meet these expenditure»
to the extent of only $36 billion.
M
This figure may be reduced
J
»omegas a result of pending tax red ction proposals now before,
the Congress.
But we will have a deficit of at least $30 hill
which must be met through the sal© of public debt oblig-ti°ni'
-
U
-
T o t h e s e men a n d wom en who g a v e a n d s a c r i f i c e d
th e v r
is not over u n til
clo th e s.
a d d itio n
T h is a l l
s o much
t h e y a r e b a c k home in c i v i l i a n
re q u ire s b illio n s o f d o lla r s .
we h a v e b i l l i o n s o f d o l l a r s o f b i l l s
a l r e a d y d e l i v e r e d w h ich m ust be p a id .
A lso ,
In
f o r m u n itio n s
it
w ill cost
060* 0 0 «
to $ 5 b illio n
to term in ate and s e t t l e
th e w ar con tracts.
M u sterin g o u t pay fo r ou r tro o p s a lo n e w ill
cost,
on th e -o
$27° for ," ’ri “‘“ ""e“1 >*»• ^
Estimates o f o u r n o n - w a r
.
I hcx^
. ,
mumI b e
^
e x p e n d itu re s.h a d
cause o f a d d itio n a l
to be
AitihUu&SiL is
o u tla ys
*
* *
* ~
7ci^Sk,
Juet c* word
vet-erims1 e x p e n d i t u r e s ^ I
m
sure you have heard every
com ander of our troops returning from the battlefront
praise the home-front for furnishing the Army and Navy with
superior equipment with which to do their
job.
The American
people demanded that they be given the very best that could
be made available.
As
a result we
had
the best paid, the
best fed, the best clothed, and the best equipped Army and
M vy in the world, and one with the highest morale, which
made them unbeatable.
I am sure that the American people
are going to insist that those boys and girl^continue to
get the very best that a grateful nation can give to restore
them to civilian pursuits^ and let’s not forget that
thousands of these mom
are in the hospitals; sany
- 3 getting back to a normal peace-time basis is our number one
business.
Much progress has already been made and as
indicated in several Presidential actions during the past
seven weeks, many steps have been taken to further «needthis return.
Government expenditures have been substantiallyreduced.
We spent during the fiscal year I9U5, which ended
last June 30, the huge sum of $100 billion, 90 cents out
of every dollar of which went directly for war purposes.
When the President submitted his budget to the Congress in
January last it was estimated that we would spend during
the current fiscal year a total of $83 billion, of which
.
¿e,
»70 billion w
for war.
-This wan bas«-d-twi the ^■awMmtiqe -■
Then
after V —J Day it was estimated that our expenditures for
the year void drop to $66 billion, of which $50 billion
would be for war purposes,
You may well ask why $50 billion for war when the war
ended one and one-half months after the beginning of the
fiscal year.
Well, we still have millions of men and
women in our armed forces and they are scattered all over
this world.
They must be fed, clothed, housed, and
eventually transported back to this country for discharge.
-
2
-
suffer from the tour,* borbs such ae London; grateful that
the United states won the race to unlock -&sxtdB39ciS9feBs<!&S
atomic energy and that our cities did not suffer the fate
that befell Hiroshima and Hag^salri.
This gratitude alone is reaeon enough why every
American able to do
Drive.
m
should buy bonds in the Victory Loan
We should be glad of the opportunity, by purchasing
bonds, to be able to say to the Billions of men and woasen
returning fro® our fighting forces "Well done." "Welcome
home," "You have finished your job" and now "We are going
to finish ours."
But these are all sentimental reasons
why we should buy bonds.
They do not answer the question:
as to why we need to raise such a huge sua through another
loan drive - now that the war is over.
You hear it said
that Government expenditures should be immediately and
drastically reduced so as to avoid this Biive;
Yes, it is true the fighting has ceased, but the
hue»"
and material resources of this nation are still b«kig used
nd *UBt continue for a while to be used for fe needs of
war, rather than for the sole needs of oeace.
inevitable so soon after victory,
a
This is
machine running
w L
high speed as our war machine was on V-J Day just could not
be stopped on the day hostilities came to an end.
But
It is a real pleasure to come here today to talk to
those who are going to be on the firing line for the Treasury
during the Victory Loan Camnaign.
the State of Virginia
It is an honor to come to
State imbued with historical
traditions - a State the- spirit JftMffigpti has been the very
essence of patriotism during our entire national existence
m é
furnished outstanding citizens who have be<n 'eaden
in the development of our governmental structure.
I do not
have to look further for a reason as to why you have all so
enthusiastically supported every one of our war loan drives.
CL
It is just^part of your very nature and background.
It is
the reason why th^re is so much confidence and enthusiasm
here today on the eve of the Victory Loan n r w *
V
!
we are all very grateful that the war ended befern
m s
•it
L.
<SP *» our shores; grateful that our cities did not
TR EA SU R Y D EPA R TI,:EUT
Washington
pryP
t»1E R E A S E ,
x
Uxl j
Wedni ?sday,
2:00 P .R .,
E.V.T.
October 1 0 , 1 9 4 5 .
Press Service
loi 7-92
(The f o l l o w i n g ad d r e s s by U n d e r S e c r e t a r y
D. W* Bell, -before the S t a t e w i d e Victory
loan C o n f e r e n c e at the H o t e l John Marshall,
Richmond, Virginia, is s c h e d u l e d for
d e l i v e r y over S t a tions W R V A and W R U L at
2:00 P . r . , E.S.T., Wednesday, October 10,
1945» and is for r e l e a s e at that time.)
/ ^
(The following address bviUnder Secre'^ary ]/. w. Bell,
before the S t a t W i d e Victory Loan Confeiohce at the*
Hotel John Ifershal^h?ichmond, Virginia,Tis shheduled
for delivery oj^CStations' LEVA and VERY a \ 2:00 i.i.
E.S.T., Wednpgnay,\October 10, 1945, and i s \ o r
release at that time.)
^
\
(The^ folloFiinghad^ress by Undei\Seoretary
P * S * Bell, before the Statewich& Victory
Loan Conf erence/kt the Hotel J o lm -Earshall,
Richmond, V i r g i h j \ is sbhedul^d for
delivery over Sftat:
■ •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
FOR RELEASE, 2 :.GO. P.lh , E.S.T,
Wednesday, O c t o b e r 10, 1945« "
•
Press Service
No. V-92
(The f o l l o w i n g a d d r e s s .by U n d e r S e c r e t a r y
D. W> Bell, before t he St a t e w i d e V i c t o r y
loan C o n f e r e n c e at .the H o t e l John % r s h a l l ,
Richmond, Virginia,; is s c h e d u l e d for
/
d e l i v e r y over St a t i o n s WRVA. a n d YYRNL at
2;00 P.M., B . S . T ., ^Wednesday, Oc t o b e r 10,
1 9 4 5 , a n d is-for r e l e a s e at that time.)
It is a r e a l p l e a s u r e to come here t o d a y to t a l k to those
who are g o ing to be on the firi n g line for the T r e a s u r y during
the V i c t o r y loan Campaign,
it is an h o n o r to come to th£ State
of V i r g i n i a - a State imbu e d w i t h h i s t o r i c a l t r a d itions - a State
whose spirit has been the very essence of p a t r i o t i s m during our
entire n a t i o n a l existence - a State w h i c h since earliest times
has f u r n i s h e d o u t s t a n d i n g citizens who have been leaders in the
development of our g o v e r n m e n t a l structure.
I do n o t have to l o o k
further for a r e a s o n as to w h y y o u have al l so e n t h u s i a s t i c a l l y
supported every one of. our war loan drives.
It is oust a part
of your v e r y n a t u r e and background.
It is the r e a s o n w h y t h e r e
is so m u c h c o n f i d e n c e and e n t h u s i a s m here t o day on the eve of
the V i c t o r y loan Drive.
We are a l l very g r a t e f u l that the w ar did n ot r e a c h our
shores; g r a t e f u l that our cities did n o t . s u f f e r f r o m the buzz
bombs such as London; g r a t e f u l t h a t the U n i t e d Statjes won the
race to u n l o c k the s e c r e t of a t omic energy and that our cities
did n ot suffer the fate tha t b e f e l l H i r o s h i m a a nd Nagasaki.
,
This g r a t i t u d e a l one is r e a s o n enough w h y every A m e r i c a n
able to do so shou l d b uy bonds in the V i c t o r y loan Drive.
We
should be g l a d of the opportunity, by p u r c h a s i n g bonds, to be
able to say to the m i l l i o n s of men a nd w o m e n r e t u r n i n g f r o m our
fighting forces ’’W e l l d o n e , ” ’’Welcome, h o m e , ” ’’Y o u have f i n i s h e d
your job” a n d n o w ”v/e are going to f i n i s h o u r s . ”
But these are
all s e n t i m e n t a l r e a s o n s w h y we s h o u l d buy bonds.
T h e y do not
answer the q u e s t i o n as to w h y we n e e d to r a i s e such a huge sum
through a n o t h e r loan drive - n o w that the w a r is over.
You hear
it said that G o v e r n m e n t e x p e n ditures s h o u l d be i m m e d i a t e l y a nd
drastically r e d u c e d .so as to a v o i d this Drive.
2
Yes, it is t r u e the f i g h t i n g has ceased, but the human and
m a t e r i a l r e s o u r c e s of this n a t i o n are still being u s e d an d must
c o n t i n u e . f o r a w h i l e to be u s e d f or the needs of war* r a t h e r
than for the sole needs of peace.
Thi s is inevitable so soon
a f ter victory.*
A m a c h i n e r u n n i n g at a s ' h i g h speed as our war
m a c h i n e was on V - J D a y just c o uld n o t be s t o p p e d on the day
h o s t i l i t i e s ^ c a m e to an end.
But g e t t i n g b a c k to a n o r m a l peace
time basis is our n u m b e r one business.
M u c h progress has already
been made a nd as indicated in s e v e r a l .Presidential actions during
the past seven weeks, m a n y steps h ave been taken to further speed
this return.
G o v e r n m e n t e x penditures have b e e n . s u b s t a n t i a l l y reduced.
We
spent during the f i s c a l y e a r 1945?. w h i c h ended last June 30, the
huge si;m of. # 1 0 0 ,0 0 0 ,0 0 0 ,0 0 0 , 90 cents out of every dollar of '
w h i c h _ w e n t d i r e c t l y for w a r purposes.
When the P r e s i d e n t subhis budg e t bo the C o n g r e s s in J a nuary last it was estimated
that we w o u l d spend during the c u r rent fiscal y e a r a total of
j 0 0 0 , 0 0 0 , 0 0 0 , of w h i c h # 7 0 , 0 0 0 , 0 0 0 , 0 0 0 w o u l d be for war.
Then
a f t e r V - J D a y it was e s t i mated that cur expenditures for the year
w o u l d drop to $ 6 6 , 0 0 0 , 0 0 0 ,0 0 0 , of w h i c h $ 5 0 , 0 0 0 ,0 0 0 ,0 0 0 would be
for w ar purposes.
Y o u may w e l l a s k w h y $ 5 0 , 0 0 0 , 0 0 0 , 0 0 0 for wa r when the war
ended one an d o n e - h a l f months a f t e r the b e g i n n i n g of the fiscal
year.
v<e±l, we still have mi l l i o n s of men a n d women in our armed
forces a nd the y are s c a t t e r e d a ll over this world.
T h e y must be
fed, clothed, housed, a n d e v e n t u a l l y t r a n s p o r t e d b a c k to this
co u n t r y for cxiscnarge.
To t h ese men a n d w o men who gave a nd sacri
f i ced so muc h the war is n ot over u n t i l t h e y are b a c k home in
® l i a n clothes.
This a ll re q u i r e s billions of dollars.
In
a d d i t i o n .w.e have billions of dollars of bills f o r munitions
a l r e a d y del i v e r e d w h i c h m u s t be paid.
Also, it wil l cost
$ 4 , 0 0 0 , 0 0 0 , 0 0 0 to $ 5 ? 0 0 0 , 0 0 0 ,0 0 0 to t e r m i n a t e an d settle the war
contractsM u s t e r i n g - o u t p a y for our troops alone w i l l cost, on
the average, $ 2 7 0 for every d i s c h a r g e d man.
Estimates of our n o n - w a r expenditures h a v e h a d to be increase
ecaUse of a d d i t i o n a l outlays a t t r i b u t a b l e to the a f t e r m a t h of war
a"e
V e r a n s * expenditures f o r example.
I a m sure y ou have heard
every c o m m a n d e r of our troops r e t u r n i n g f r o m the battlefront prais
the ^h o m e - 1 r o n t for f u r n i s h i n g the A r m y a n d N a v y wit h sunerior"
w i t h w h i c h to do t h e i r job.
The A m e r i c a n people demande*
that t h e y be given the v e r y best t hat could be made available.
As
we h a d the best paid, t h e ’bes t fed, the best clothed, and
the best equipped A r m y a n d N a v y in the world, and one w i t h the
h i g h e s t morale, w h i c h m ade t h e m unbeatable.
I a m sure that the
A m e r i c a n p e o p l e are g o ing to insist that those boys and girls
-
%
-
continue to get the v ery best that a g r a t e f u l n a t i o n can .give, to .
restore t h e m to civilian pursuits,.and l e t ’s n o t f o r g e t tha-t t h o u
sands of these v e t e r a n s a re in the hospitals;' m a n y .must r e m a i n
there for a long. time, to come; t h e y wil l n e e d constant'car-e.
It
takes'some $ 7 ,0 0 0 to e s t a b l i s h one v e t e r a n ’s h o s p i t a l bed, a n d it'
costs 05 a day td .keep a v e t e r a n in a hospital.
*
G e n e r a l B r a d l e y has s a i d that a g r a t e f u l nation does" n o t stop
at effecting a cure of the d i s a b l e d v e t e r a n ’s a f f l i c t i o n s .
Every
veteran, w i t h . a s e r v i c e - c o n n e c t e d d i s a b i l i t y m ay be given complete
vocational r e h a b i l i t a t i o n w h i c h m a y extend .over f our years.
He
is also entitled to h o s p i t a l i z a t i o n a nd m e d i c a l t r e a t m e n t as long
as he m a y n e e d it; a n d h e is given an education that w i l l equip
him for w h a t e v e r o c c u p a t i o n he is q u a l i f i e d to follow.
T o d a y more than 60 0 , 0 0 0 veterans of.this w a r who h a v e incurred
physical, d i s a b i l i t i e s are r e c e i v i n g pe n s i o n s f r o m the Government.
Dependents of n e a r l y '98,000 men a n d w o m e n who gave their lives that
we m a y enjoy peace, are r e c e i v i n g m o n t h l y p e n s i o n s . Benefits in
the f o r m of p e n sions or c o m p e n s a t i o n f o r d i s a b i l i t i e s a r e . b e i n g
paid to mor e than one million, persons by the V e t erans A d m i n i s
tration.
..
On the o t her side of the ledger, our r e c e i p t s f r o m taxes a n d
other m i s c e l l a n e o u s sources w i l l meet these expenditures to the
extent of only $ 3 6 , 0 0 0 , 0 0 0 , 0 0 0 .
This figure m ay be r e d u c e d s o m e
what as a r e s u l t of p e n d i n g t a x r e d u c t i o n p r o p o s a l s n o w b e f o r e
the Congress.'
B ut we w i l l h a v e a de f i c i t of at least
$ 3 0 ,0 0 0 , 0 0 0 ,0 0 0 w h i c h m u s t be met t h r o u g h the sale of p u b l i c debt
obligations.
In a d d i t i o n to the e x p e n ditures just e n u m e r a t e d .there are.
other r e q u i r e m e n t s f o r w h i c h the T r e a s u r y must, have cash.
These
additional c a s h r e q u i r e m e n t s include, r e d e m p t i o n s "of S a v i n g s Bonds;
redemption of savings notes; the amounts' by w h i c h m a t u r i t i e s of
certificates of indeb t e d n e s s an d other m a r k e t a b l e s ecurities .
exceed n e w r e f u n d i n g issues; a n d the cashing of the e x c e s s - p r o f i t s tax r e f u n d bonds h e l d by corporations, as p r o v i d e d by the T a x
Adjustment A c t of 1945«
As a r e s u l t of a ll of t h e s e types of c a s h outlays, the p r e sent
cash balance in the T r e a s u r y w o u l d . b e c o m p l e t e l y e x h a u s t e d by about
the .end of this ca l e n d a r y e a r w e r e it n o t for the ex p e c t e d proceeds
of the V i c t o r y Loan.
E x p e n d i t u r e s w i l l continue to- be h e a v y even
during the r e m a i n d e r of t h e f i s c a l year, a nd the V i c t o r y Loan w ill
be our last l a r g e - s c a l e p o p u l a r loan.
1 .
4 -
Before p r o c e e d i n g f u r t h e r I s h o u l d like to say a f e w words
a b o u t r e d e m p t i o n s of Savings B o n d s . S a v i n g s B ond r e d e mptions
during the m o nth of S e p t e m b e r a m o u n t e d to $528,000,000." Septem
ber was the f i rst ful l m o n t h a f t e r V - J Day, a nd it was also* the
f i r s u m o n t h in w h i c h all of the E bonds sold d u ring the Seventh
W a r loan were, r edeemable.
It was also a tax month.
Yet r e d e m p
tions during S e p t e m b e r were o n l y 1 . 1 3 p e r c e n t of the total
a m ount of S a v i n g s B o n d s o u t s t a n d i n g at the end of the month, taken
at their current r e d e m p t i o n value.
R e d e m p t i o n s in September, exp r e s s e d as a' p e r c e n t a g e of the’
o u t s t a n d i n g a m o u n t of bonds, are a b o u t equal to t h eir Peak.
Tn
o n l y three p r e vious months during the entire w ar p e r i o d have
Savings^ B ond r e d e m p t i o n s ex c e e d e d one p e r c e n t of the amount of
bonds then outstanding.
R e d e m p t i o n s m a y run somewhat higher in
the months i m m e d i a t e l y ahead.
A s u b s t a n t i a l volume of r e d e m p
tions is inevitable when it is c o n s i d e r e d t h a t ' Savings Bonds"are,
in effect, the savings accou n t s of m a n y people.
Consequently,
tney m ust be drawn upon to mee t p e r s o n a l a n d f a m i l y emergencies
m
the same m a n n e r as other forms of savings w o u l d be drawn upon
in s i m ilar c i r c u m s t a n c e s • Savings Bond r e d e m p t i o n s compare very
favoraoly, however, w i t n the w i t h d r a w a l experience of mutual
savings banks a n d of other types of p r i v a t e l y m a n a g e d savings
institutions.
j
o
,,
s i g n i f i c a n t p o i n t a n d tha t is that out of more
tnan 4 5 6 , 0 0 0 , 0 0 0 ,0 0 0 of a ll S a vings B o n d s 1 sold in the last 10-1/2
years, 83 cents out of every d o llar of s u c h bonds sold, including
ose m a t u r e d are still in the hands of the original purchaser.
This is a n ;o u t s t a n d i n g p e r f o r m a n c e a n d one of wh i c h * w e are
v e r y proud.
Y o u hav e sold these bonds so that, for the most part,
they have stay e d sold.
This is the k i n d of selling that counts.
It is a r e c o r d of w h i c h y o u m a y als o be proud, and one which
I .«row y ou w i l l r e p e a t in the V i c t o r y loan.
fmi n n n
î £ e^ a1::ional g o a l f or the coming loan at
ï ^ / 0 0 ? ? ° ? 5 * 0!?0 ’ * 7 , 0 0 0 , 0 0 0 , 0 0 0 for c o r p o rations an d $ 4 , 0 0 0 , 000,000
for individuals.
m 9 0 0 0 , 0 0 0 , 0 0 0 of the latt e r has been set as the
g o a l for Series E bonds.
ihe i n d i vidual goa l --- a n d p a r t i c u l a r l y the È bon d portion of
s T / e .r e ?J
?i, Jkq drive, as it has been in previous
3*s
goal w h i c h w i l l be the h a r d e s t to make.
It is
A?,**
? oalr w h l c h counts t h e most.
T he m o n e y r e c e i v e d from
_ _ .„4-• ? n
important in two ways.
It w i l l h elp b o t h to finance
o v e rnment e x p e n d i t u r e s during the r e c o n v e r s i o n period,
a n d to lessen the p r e s s u r e of i n d i v i d u a l dema n d on the limited
p e r i o d °f c o n s u m e r s ’ S ° ods that w i l l be a v a i l a b l e during this
%
5
As y o u know, during th e whole, w a r the T r e a s u r y has ce n t e r e d
its appeals on those funds in the hands of individuals*
This is
b e c a u s e'wartime p r o d u c t i o n p l a c e d large, a m o upts of a d d e d * i n c o m e
in the hands of i n d i v i d u a l s ,*but p r o v i d e d no goods' for t h e m to
buy w i t h it*. A par t of this a d d e d income was t a ken by w a r t i m e
taxes, but m u c h of the r e m a i n d e r hfetd-to be s a ved if i n f l ation was
to be avoided.
T h e A m e r i c a n p e o p l e r e s p o n d e d to this challenge.
T h e y s a ved
an u n p r e c e d e n t l y large p r o p o r t i o n ..of t h eir dollars a n d so kept
them off the m a r kets f o r c o n s u m e r s 1 goods.
As a result, p r ice
increases during this w a r have been h e l d to m u c h n a r r o w e r limits
than was the case in a n y p r e vious m a j o r co n f l i c t in w h i c h the
United States has been engaged.
The r e t a i l prices of living
essentials p u r c h a s e d by m o d e r a t e - i n c o m e f a m ilies in large cities,
as m e a s u r e d by the B u r e a u of l a b o r Statistics, hav e a d v a n c e d less
t h a n ^ p e r c e n t b e t ween M a y 1943? w h e n the P r e s i d e n t ’s ”H o l d - t h e lirie” order b e c a m e effective, a n d V - J lay.
T he exact figure* is,
of course, a s u b ject of some controversy; but t h ere can be no
doubt of the g e n e r a l success of the program.
Our w a r t i m e savings s t and as a t e s t i m o n i a l to the comm o n
sense of the A m e r i c a n people.
As a r e s u l t of them, we h a v e w o n
our main w a r t i m e b a t t l e on the home f r o n t a g a i n s t inflation.
But
our p o s i t i o n is n o t y e t secure.
T h ere is s t ill an i m p o r t a n t r e a r
guard a c t i o n to be fought.
If we do n o t win this action, our
previous v i c t o r y on the main front w i l l have bee n in vain.
As
Secretary V i n s o n said in his sta t e m e n t to the H o u s e Way s a n d Means
Committee last week:
HIt w o u l d be p a t h e t i c if, a f t e r b e sting the enemy
of inf l a t i o n all t h r o u g h t he war, we a l l o w e d it to o v e r
tak e us on the h o m e s t r e t c h . ”
Por the past f e w months, m a n y fac t o r i e s thr o u g h o u t the H a t i o h
have been s t e pping up their p r o d u c t i o n of p e a c e t i m e goods.
Others
are still r e - t o o l i n g an d r e - a r r a n g i n g their plants in order to
change over f r o m t h e goods of w a r to the goods of peace.
The out
put of p e a c e t i m e goods is increasing; a n d it w i l l i n c rease y et
further, as t h e m e n n o w in the a r m e d f o rces again f i n d t h eir places
in civilian life.
But t h ese things r e q u i r e time.
Po r the mos t part, it is a
matter of months, r a t h e r than 3/ears; but these m o n t h s will,, be
crucial.
If we t r y to s p e n d too m a n y of our dollars before enough
goods are produced, it w i l l u n d o our efforts of the pas t four
years.
T h a t is w h y we so u r g e n t l y r e q u e s t individuals to s u b
scribe to the V i c t o r y Loan.
6
T h e total ind i v i d u a l goa l of $ 4 , 0 0 0 , 0 0 0 , 0 0 0 is a third of
the income p a y ments w h i c h individuals w ill r e c e i v e in this month
of October,
'The E bond goal of $ 2 , 0 0 0 , 0 0 0 , 0 0 0 is a sixth of this
m o n t n ’s income p a y ments to individuals,
T h e s e iDroportions are
those-of a single m o n t h ’s income, w h ile i n d i v i d u a l s V purchases
of E, T a n d G bonds a n d of savings notes during the entire period
f r o m O c t ober 29 u n t i l the end of D e c e m b e r w i l l be c o u n t e d toward
the drive goal,
Individuales, therefore, have two m o n t h s ’ income
r a t h e r tuan one, a c c r u i n g to t h e m during the drive period, unon
.which they can d raw f or i n v e s t m e n t in Savings Bonds,
T h ere is no l a c k of m o n e y a v a i l a b l e in the hands of individ
uals to b u y V i c t o r y Bonds.
The goal is small r e l a t i v e to the
a v a i l a b l e funds;, but it is, nevertheless, very w o r t h w h ile r e l a
tive to the extra sp e n d i n g by individuals, w h i c h m i ght make the
d ifference between a n , o r d e r l y reconversion, on the one hand, and
a price b o o m a n d collapse -- s uch as f o l l o w e d the last w a r
on
the o t h e r •
If tnese extra collars are spent now, t h e y/will m e r e l y serve
to r a x s e prices; if t h e y áre saved, the y w i l l p r o vide an invalu
a b l e b a cklog of p u r c h a s i n g p o w e r f o r m a i n t a i n i n g f u l l -.employment
in the years to come,
So, it is o n l y common sense f or all of us
to k eep up our p a y r o l l ded u c t i o n s a n d to continue to Buy extra
bonds u n t i l our dollars are abl e to l o o k the oncom i n g ¿¿roods of
the r e c o n v e r s i o n face to face.
■ - In_conciuding, let me take this occasion to extend the thanks
of tne T r e a s u r y D e p a r t m e n t for the w o n d e r f u l job you have done in
the various w a r loan drives.
But y o u have n o t quite completed
y o u r w a r t i m e duties.
Y o u srili hav e to make the V i c tory Loan a
success.
I k n o w that y o u wil l a g a i n do. y o u r job w ell and that the
p e o p l e w i l l r e s p o n d just as they a l w a y s have w h e n e v e r their Govern
m ent n e e d e d their help in the long c o n f l i c t behi n d us.
-oOo-
TREASURY DEPARTMENT
Washington
m
RELEASE, MORNING NEWSPAPERS,
ftiesday, October 9, 1945»_____
Press Service
/ ' V
The Secretary of the Treasury announced last evening that the tenders for
£1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated October 11, 1945,
ind to mature January 10, 1946, which were offered on October 5, 1945, were opened at
:he Federal Reserve Banks on October 8.
te
the
details of this issue are as follows:
Total applied for - $2,157,462,000
Total accepted
- 1,310,993,000 (includes $54,863,000 entered on a fixed-price
basis at 99.905 and accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx. 0.375$ per annum
,
Range of accepted competitive bids:
High
Low
- 99.907 Equivalent rate of discount approx. 0.368$ per annum
- 99.905
*.
»
»
«
tt
0.376$ H
«
(
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
$ 28,700,000
1,573,957,000
46.645.000
23.070.000
21.424.000
10.120.000
301,795,000
18.175.000
8,020,000
24.705.000
25.615.000
___ 75,236.000
$
$2,157,462,000
$1,310,993,000
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
18,534,000
939.157.000
32.385.000
17.550.000
18.664.000
10.074.000
172.098.000
11.551.000
8,020,000
19.139.000
16.645.000
47.176.000
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G NEWSPAPERS,
Tuesday, O c t o b e r 9, 1945»________ „
, Press Service
No, V**93
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 evening that
the tenders
for $ 1 , 3 0 0 , 0 0 0 , 0 0 0 ,
T r e a s u r y bills
J a n uary 10,
opened at
or thereabouts,
to be d a t e d Oc t o b e r 11,
1946,
1945,
of 9 1 -day
and to m a ture
w h i c h were o f fered on O c tober 5, 1945,
the Federal
were
Reserve Banks on O c t o b e r 8,
The d e t a i l s of this
issue are as follows:
T o tal a p p l i e d for - $ 2 , 1 5 7 , 4 6 2 , 0 0 0
Total a c c e p t e d
1,310,993,000
(includes $ 5 4 , 8 6 3 , 0 0 0
entered on a f i x e d-price basis at 99,905 and 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 ^ per a n n u m
Range of a c c e p t e d c ompetitive bids:
High
-
Lo w
-
9 9 . 9 0 7 E q u i v a l e n t rate of d i s c o u n t
approx, 0 . 3 6 8 ^ p e r a n n u m
9 9 . 9 0 5 E q u i v a l e n t rate of di s c o u n t
approx. 0 , 3 7 6 ^ p e r a n n u m
(54 p e r c e n t of the amount b i d for at the low price was accepted)
Federal Reserve
Dis t r i c t
Total
A p p l i e d for
Total
A c c e p t e d _______
Boston
New Y o r k
P h iladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
M i n n eapolis
Kansas C i t y
Dallas
San Francisco
$
$
TOTAL
2 8 , 700,000
1 , 573, 957,000
4 6 . 645.000
2 3 . 070.000
2 1 . 424.000
301, 795,000
1 8 . 175.000
18,534,000
939.157.000
32.3 8 5 . 0 0 0
17.550.000
18.664.000
10.074.000
172.098.000
11.551.000
2 4 .7 0 5 .0 0 0
2 5 . 615.000
7 5 , 2 56 ,0 0 0
19.139.000
16.645.000
____ 4 7 , 1 7 6 , 0 0 0
$ 2 , 1 5 7 >4 6 2 , 0 0 0
$1,310,993,000
.
10 120.000
,
8 0 2 0 ,0 0 0
___
oOo
,
8 020,000
Commodity
:
:
t
t
Established quota
Period and Country t Quantity
Silver or black
foxes, furs,
and articles}
Poxes valued
under $250 each
and whole furs
and skins
May*Hov, 19^5
All countries
12 months from
Dec, 1, l$kk
fails
Paws, heads or
other separated
parts
N
Piece
N
plates
.Articles, other
than piece plates
N
0
e
:
Unit
of
Quantity
$imports as of
tSept ember 29,
*
19U*5
5 2 ,17 6
Number
27,378
5,000
Pieces
stwarisa
500
Pound
500
550
Pound
•mmum
500
Unit
2k
/>
fl
(f^/U L * ^ O
FOB IMMEDIATE RELEASE
October
}u/ V m 9 ^
19^5
Tbe Bureau of Customs announced today preliminary figures shoving
the imports for consumption of commodities within quota limitations
provided for under trade agreements, from the beginning of the quota
periods to September 29 , 19 ^ 5 , inclusive, as follows:
Unit
of
¡Imports as of
¡September 29,
Commodity
Established Quota
Whole Milk, fresh
or sour
Calendar year
3 ,0 0 0 ,0 0 0
Gallon
23,333
Cream, fresh or
sour
Calendar year
1 ,500,000
Gallon
9OO
Fish, fresh or
frozen, filleted,
etc«, cod, haddock,
hake, pollock, cusk
and rosefish
Calendar year
White or Irish
potatoes:
certified seed
other
1 2 months from
sept.1 5 ,191 ^
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Bed cedar shingles
Calendar year
1 7 .66g,3 x1
Pound
Quota filled
90 ,000,000
60 ,000,000
Pound
Pound
3 9 .5 7 5
>*1,575
Pound
(unstemmed
equivalent)
2 2,0 0 0 ,0 0 0
1 .727 .2 U 2
Quota filled
Square
l,2tfc,5É*
Molasses and sugar
uvuvcuaiog
soluble non sugar
solids equal to
more than 6# of
total soluble
601ids
Calendar year
1,500 *000
Gallon
1 ,2 6 1,111
TREASURY DEPARTMENT
Washington^ D* C.
FOR IMMEDIATE RELEASE,
Wednesday« October 10« 194-5
Pr®ss Service
• v*^94
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of commodities -within quota limitations
provided for under trade agreements, from the beginning of the quota
periods to September 29$ 1945$ inclusive, as follows?
Commodity
Established Quota
Quantity
Unit
of
Imports as of
September 29,
1945
Whole Milk, f r e s h .
or sour
Calendar year;/-. '
3,000,000
Gallon
23,333
Cream, fresh or
.sour
Calendar year
1,500,000
Gallon
900
Fish, fresh or
frozen, filleted,
etc*, cod, haddock,
hake, pollock, cusk
and rosefish
Calendar year
17,668,311
Pound
Quota filled
■90,000,000
60,000,000
Pound
Pound
39,575
41,575
White or Irish
potatoes:
12 months from
certified seed Sept*. 15$ 1945
other
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco Calendar year
Red cedar V
shingles
Pound
(unstemmed
equivalent)
Quota filled
22,000,000
Calendar year
1,727,242
Square
1,204,568
Molasses and sugar
sirups containing
soluble» nonsugar
solids equal to
more than 6% of
total soluble
solids
Calendar year
1,500,000
Gallon
1,261,111
•*
Commodity
•
•
s
:
- 2 -
Established quota
Period and Country s Quantity
Silver or black
foxes, furs,
and articlest
Foxes valued
under $250 each
and whole furs
and skins
Tails
May-No v. 1945
All countries
12 months from
Dec* 1, 1944
Piece plates
<t
Articles, other
than piece plate s
11
52,176
Number
5,000
Pieces
iImports as ox
:September 29,
:
1945
27,378
ir \
w
s
Unit
of
Quantity
o
o
Paws, heads or
other separated
parts
«
•
•
Pound
500
550
Pound
---
500
Unit
24
FOB IMMEDIATE RELEASE
October
19^5
Ï0
Ehe Bureau of Customs announced today preliminary figures showing
the quantities of coffee authorized for entry for consumption under the
quotas for the 1 2 months commencing October 1 , lSkk9 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 Bica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Hicaragua
Peru
Venezuela
Non-Signatory Countries
2j
2,353,628,932
796.794,513
50 ,6 15,6 76
20 ,246,297
30,369,379
37,961,757
151.847,028
135,396,920
69.596,621
5,06l,54l
1 2 0 ,2 12 ,2 9 6
‘e , 350,324
6 ,326,893
10 6 ,292,893
89,842,785
September 29,19^5
M
M
II
(import quota filled)
September 29,1945
N
a
n
1
596,631,7*7
689,9 17 ,446
38,246,145
4,390,800
22,465,109
120,114,541
100,421,034
57,609,484
(Import quota filled)
September 29, 1945
R
N
H
N
1,684,250
Quotas as of June 1 , 19^5* determined by action of the Inter—American
Coffee Board on May 29 , 19 ^5 .
Final figures for the quota year will be released subsequently.
TREASURY DEPARTMENT
Washington, D. C.
FOR IMMEDIATE RELEASE,
Wednesday, October 10, 194-5»
Press Service
No. V—95
I
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, 1944, provided foP in the
Inter-American Coffee Agreement, proclaimed by the President on April 15,
1941, as follows:
Country of Production
:
.•
;
Quota Quantity ;
VPounds; 1/
:
Authorized for entry /
for consumption
As of (Date)
: (Pounds)
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:
1/
2,353,628,932
September 29, 1945 1,596,631,787
u
689,917,446
796,794,513
u
50,615,676
’ 38,246,145
h
20,246,297
4,390,800
30,369,379 (import quota filled)
37,961,757
September 29,1945'
22,465,109
u
151,847,028
120,114,541
u
135,396,920
100,421,034
ti
69,596,621
57,609,484
5,061,541 (import quota filled)
120,212,296
September 29, 1945
78,226,542
u
25,026,340
49,350,324
it
6,326) 893
4,538,573
it
106,292,893
65,608,059
89,842,785
»
1,684,250
Quotas as of June 1, 1945, determined by action of the Inter—American
Coffee Board on M a y 29, 1945#
Final figures for the quota year will be released subsequently.
-% -
COTTON CARD-STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER WASTE, .BAP .¡WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURER "OR OTHERWISE ADVANCER 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 he filled by cotton wastes.other.than card strips made from cottons
having a staple less than 1-3/16 inches in length and comber wastes made from
cottons of 1-3/16 inches or more in staple length in the case of the follow
ing countries:
United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
" , ‘ >
(In Pounds)
: Imports
TOTAL 'IMPORTS
ESTABLISHED ;
" Established •*
: Sept. 20, 194$
Se*ptU
20,
194$
:
'
33-1/3#
of
i
Codntry'of Origin ; TOTAL QUOTA*;'
: to Sept# 29,1 /
to Sept# 29f 19l*£Total Q,uota \
191*$
1,441,152
4,323 ¿57
"Unftpd Kingdom.....
*•
-.
'—
239,690
Canada.............
75,807
227 ,42(5
France............
—
69,627
British India.....
25,063
<
.
—
«
■»
•- 22,747
68 l24C
Netherlands........ ,.
14,796
44,388
Switzerland.......
**
.12,853
38,559 •
Belgium......... ..
*■*
■- .
341,535
Japan.............
17,322.
China......... .. ...
•/
—
- >
8,135
Egypt.. ..........
—
—
6,544
Cuba............ ;.,
—
25,443.
76 ,329
Germany...........
—
'
.
.
21,263
7,088
Italy..............
|f A.1 i- iTOTALS
if
t
5,482,509
25,063
• 1,599,886
Included in total imports, column 2.
-oOo-
■
U:
'x. r
r* ^nTTITTIHilllipillifllhl^mi M, mriT^ruiiin
-
FCE IMMEDIATE RELEASE,
/October
19li$
'Oj
The Bureau of Customs announced today that preliminary reports from the
collectors of customs, show imports, of cotton .and, cotton waste chargeable to the
,
cluo*'as established by the President’s proclamations of September 5 , 1939
as amended by the proclamations of December 19 , 1940, March 31..,-1942, and’June
29,'1942, during the"period September‘20, 194$, to September 29 9 19k$.
COTTON^ HATING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH .OR ROUGH
COTTON OF LESS THAN. 3/4 INCH IN STAPLE LENGTH AND. CHIEFLY USED IN THE MANUFACTURE OF •BLANKETS AND BLANKETING,, AND OTHER, THAN. LINTERS). Annual quotas
commencing September 20, by Countries of Origin: '
(In Founds) \
,
Staple length less : Staple length 1 - 1 /8" or more
than i-l/8"
;
but less than 1-11/16"
Country^ojr___ _
rimpoyts
Sept.
:
Established : Imports Sept.
Origin ' VI --VV{Established J20, 194$, to : 1 Quota
t. .20,..194$, to
: . Quota
fceot* 29« 19k*i •45,656,420 ‘Sent* 29. 19b<
:
:
Egypt and the.Anglo-,.
Egyptian Sudan;.......
Peru....... .. . .
British India.
.....
China............
4
Mexico......*.
Brazil..........
Union of Soviet
Socialist Republics...
Argentina.... .. .t ;i1 ..
Haiti,...... .. ,
Ecuador........
Honduras....,
.-Paraguay-,
^ .. ..... t..J...^ 'i
Colombia.......
Iraq...........
British East Africa....,
Netherlands East Indies.
Barbados.........
Other British West
Indies l/..... .. t
Nigeria.............
Other British West
Africa 2/
Other French Africa 3/..
Algeria and Tunisia.....
783,816
247,95¡3
2,003,483
1,370*791
8,883,259
£18¿723
™
3/
■
8 ,883 ,25 ?
-
1
■■■, •
'•|
-
----
* *<««■*»*♦
2,240
71,388
-******
Argt
ail
one
21,321
5,377
Jara
-
16,004
689
14,516,882
2/
58,200
475,124
5,203
otc»
?
(
9,333
752
-871124
$66,m
5l$,klk
8 ,?ia,w?
45,656,420
1,081,58k
¡Barb
Ithe:
to
Other than Barbados, Bermuda, Jamaica, Trinidad, and'Tobago.
Other than Gold Coast and Nigeria,
Other than Algeria, Tunisia, and Madagascar.
a
TREASURY DEPARTMENT
Washington, D. C.
Press Service
No. V-96
FOR IMMEDIATE RELEASE,
Wednesday. October 10, 1945«
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, as amended by the proclamations of December 19, 1940, March 31, 1942,
and June 29, 1942, during the period September 20, 1945, to September 29, 1945«
COTTON HAVING A STAPLE OF LESS THAN l-ll/l6 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND. CHIEFLY USED IN THE 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" or more
but less than 1-11/16"
than 1-1/8"
:
*
:Imports Sept.: Established : Imports Sept.
*
Quota
; 20, 1945, to
Establisheds20, 1945, to :
Quota :Sept.29, 1945: ¿5.656.420 :Sept. 29. 1945
Egypt and the AngloEgyptian Sudan........
Peru.......... .........
British India........ .
China........... ........
Mexico..................
Brazil...... ...........
Union of Soviet
Socialist Republics..•
Argentina...............
Haiti............... .
Ecuador...............
Honduras................
Paraguay................
Colombia................
Iraq............. ......
British East Africa....
Netherlands East. Indies.
Barbados.... .
Other British West
Indies 1 / ..... .......
Nigeria..... .......... .
Other British West
Africa 2/
Other French Africa 3/.•
Algeria and Tunisia.....
1/
2/
3/
783,816
247,952
2,003,4B3
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
~
566,110
515,474
—
- ■
53,200
8,883,259
,
- ■
—
—
-
-r
—
—
—
-
—
21,321
5,377
16,004
689
14,516,882
-
■ 8,941,459
—
—
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
1,081,534
- 2 -
COTTON CARD STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, CCMBER 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 made from cottons
having a staple less than 1-3/16 inches in length and comber wastes made from
cottons of 1-3/16 inches or more in staple length in the case of the follow
ing countries; United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy;
(in Pounds)
<
*
•
Established
Country of. Origin i TOTAL QUOTA
; TOTAL IMPORTS ; ESTABLISHED ; Imports
; Sept. 20, 1945; 33-1/3$ of ; Sept. 20, 1945
;to Sept.29,1945; Total Quota ; to Sept.29,1/
1945
United Kingdom.....
Canada.«».«...»»»..
France.............
British India.... .
Netherlands..... . •
Swit zerland.......
Reignnm.-...........
Japan..............
China............ .
F.pvrvb...... .
Cuba............. ..
Germany............
Italy..... ........
TOTALS
1/
1,441,152
4,323,457
239,690
227,420
69,627
68,240
44,338
33,559
341,535
17,322
8,135
6,544
76,329
21.263
75,807
25,063
22,747
14,796
12,853
25,443
7.088
25,063
5,482,509
Included in total imports, column 2.
•oOo'
1,599,886
vëpBS^fm
ira
f / i U » •-.à&’
<* -i**>xjtA-J■
>v ». V - 9? 7. '
FOR IMMEDIATS RELEASE,
^ tëctober ^ 19k£_______
/0
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat .flour ent ered,. or withdrawn from warehouse, for
consumption under the import quotas established in the President’s proclamation
of May £ 8, 1941, as modified by the President’s proclamations of April 1?, 194;,:
and April 29, 1943, for the 12 months commencing May 29, 1945, as follows:
ties of
■
Wheat
Count ry
of
Origin
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat -products
iEstablished :
Imports
*
Quota
î May 29, 1945,
iEstablished
Quota
Imports
:May 29, 1945, to
(Bushels)
(Bushels)
(Pounds)
791*^17
3,815,000
24.000
13.000
13.000
l
toSept« 29f 19l¿
Canada
795,000
China
Hungary
«M
_
Hong Kong
Japan
A
United Kingdom
100
Australia
Germany
100
Syria
100
Hew Zealand
.
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba
France
1,000
Greece
M»
Mexico
100
Panama
a»
U ruguay
-*»
Poland and Danzig
mm
Sweden
Yugoslavia
Norway
Canary Islands
mm
Rumania.
'
1,000
SpyGuatemala
100
Brazil
100
Union of Soviet
Socialist Republi cs
100
Belgium
100
■
;-1
mm
8,000
mm
75.000
mm
1,000
mm
5.000
5.000
1.000
mm
(Pounds.)
1,01*2,367
li
W i
1,000
K g
ife]
1,000
14',000
It!
2,000
■mm
12.000
1,000
£
1,000
1,000
1,000
1,000
1,000
1,000
1,000
N Danz;
1,000
avia
1,000
Islands
-
800,000
,
1 000,000
7SkM7
ü
l,0li2,367
Soviet
Sept
TREASURY DEPARTMENT
Washington, D. C
?0R IMMEDIATE RELEASE,
Wednesday, October 10 , 1945.
\
■
Press Service ,
No. V-97
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, 1945* as follows:
-_______________
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established
Quota
î May 29, 1945,
: Sept. 29 » 1945
(Pounds)
(Pounds)
Wheat
I
Country
of
Origin
Established
Quota
(Bushels)
795,000
[ Canada
—
China
Hungary
| Hong Kong.
1 Japan
100
I United Kingdom
J Australia
*■*
100
I Germany
100
1 Syria
—
| New Zealand
—
1 Chile
100
1 Netherlands.
2,000
L' Argentina
100
Italy
—
Cuba
1,000
France
—
Greece
100
'Mexico
1 Panama,
I Uruguay
[ Poland and Danzig
—
t Sweden 1
4'
| Yugoslavia
1 Norway
| Canary Islands
1,000
1 Rumania
100
F Guatemala
100
1 Brazil
I Union of Soviet
P
Socialist Republics
'100
100
I Belgium
800,000
:
imports „
:May 29 * 1945* to
: Sept. 29i 1945
(Bushels)
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
794,417
- ,
—
- '
-
—
- .
/
"*
4
—
•—
- .
-
4
1 , 042., 367
—
—
— '
—
—
—
—
- i
-— '
- \
.—
%
4
if
-
—
—
—
—
—
*-
4
-
794*417
-oOo**
,
4 *000,000
1 , 042,367
- 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. 41#, as amended, and this -notice, orescribe 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 j
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
j
Secretary of the Treasury expressly reserves the right to accept or reject any or
SfiS§#
all tenders* in whole or in part, and his action in any such respect shall be final,|
I
Subject to these reservations* tenders for $200,000 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
1
October 18, 1945
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,
1
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 j
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
'1
the United States, or by any local taxing authority. - For purposes of taxation the
¿5
amount of discount at which Treasury bills are originally sold by the United States I
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
r--V \
;JB
amount of discount at which bills issued hereunder are sold shall not be c o n s id e re d j
to accrue until such bills shall be sold, redeemed or otherwise disposed of, and
such bills are excluded from consideration as capital assets.
Accordingly, the
owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
TREASURY DEPARTMENT
1/
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, October 12. 19/t5
The Secretary of the Treasury, by this public notice, invites tenders
for $1,300,000,000
, or thereabouts, of
91 -day Treasury bills, to be issued
~~2§T
1
on a discount basis under competitive and fixed-price bidding as hereinafter pro
vided.
The bills of this series will be dated
.Tarpiapy 17« 1946
mature
interest.
October IS, 1945
^ r
, and will
, when the face amount W j_1x 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
Standard
closing hour, two o ’clock p.m., Eastern Sfcx time,
Monday, October 15, 1945______ *
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,, 99.925may 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.
| ;.r .yWi-
' ‘ : I:v /
i
I
\
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federa
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Friday, October 12, 1945»
The Secretary of the Treasury, by this public notice,
invites tenders for $ 1 ,30 0 ,000 ,000 , or thereabouts, of 91-day
Treasury bills,, to be issued on. a discount basis under competi
tive and fixed-price bidding as hereinafter provided.
The
bills of this series will be dated October 18, 1945., and will
mature January 17, 1946, 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 . E a s t e r n Stand
ard time, Monday, October 15, 1945.
Tenders Will not be received
at the Treasury Department, Washington.
Each tender must be for
an even multiple of $1,000, and the price offered must be ex
pressed on the basis of 100, with not more than three decimals,'. •
e. g., .99.925.
Fractions may,not be used.
It is urged that
tenders be made on the printed forms and forwarded in the spe
cial envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor..
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities.
Tenders from others must be
accompanied by payment of 2 percent of- the face amount of
Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or
trust company.
:
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which pub
lic announcement will be made by the Secretary of the Treasury
of the amount and price range ..of accepted bids.
Those sub
mitting tenders will be advised of- the acceptance or rejection
thereof.
The Secretar 5r of the Treasury expressly reserves the
right to accept or reject any or all tenders, in whole or in
part, and his action in any such respect shall be final.
Sub
ject to these reservations, tenders for $200,000 or less from
any one bidder at 99.90.5 entered on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices
offered must be made or completed at the Federal Reserve Bank
in cash or other immediately available funds on October 18, 1945.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption, as such, and loss from the sale or other
disposition of Treasury bills shall not have any special treat
ment, as such, under Federal tax Acts now or hereafter enacted.
V-98
(O v e r )
(
- 2 -
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 inter
est thereof by any State, or any, of the possessions of the. United
States, or by any.local taxing authority,
for purposes of taxa
tion the amount of discount at .which Treasury bills* are origi
n a l ^ sold by the United States shall-be considered to be interest*
Under Sections 42 and 117 (a) (1) of the Internal Revenue Code,
as amended by,Section 115 of the Revenue Act of 1941, the amount
of discount at;. Which bills, issued hereunder are sold shall not be
considered to accrue Until such bills shall be sold, redeemed or
otherwise disposed of, and such.bills are excluded from con- .
sideration as capital assets.' Accordingly, the'owner of Treasury
bills (other than life insurance companies) issued hereunder need
include in his income tax return only the difference between the
price paid for such bills, ‘whether on original issue or on*subse
quent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss*
Treasury Department Circular No. 418, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be
obtained from any federal Reserve Bank or Branch..
oOo-
v '
f t
[secretary Vinson today announced the appointment of Joseph B.
Friedman of Caldwell, Ohio, as Assistant General Counsel of the
Treasury Department.
^
Friedman entered the Office of the General Counsel of the
Treasury Department in October, 1935.
During the early period in which
Mr. Friedman served on the staff of the General Counsel, his duties
pertained to the administration of laws and regulations relating to
gold, silver and foreign exchange and the defense of litigation
arising in connection with such laws.
In June, 19l*2 Kr. Friedman
was detailed to the Ecuadorean Government as a financial expert, and
m
that capacity gave assistance to the Ecuadorean Minister of Finance
m
connection with the enforcement of laws relating to taxation,
customs, exchange control and freezing controls.
In January, 191(1*
kr> Friedman returned to the United States to serve as Assistant
Executive Director of the War Refugee Board.
On February 1 , 191*5
he was appointed to the position of Assistant to the General Counsel,
and in that capacity, had substantial responsibilities in connection
with foreign funds control and Treasury problems arising in liberated
and conquered foreign countries,
Friedfflan is a graduate of the College of Wooster and of the
Ohio State University law School, having received his J.D. degree in
1935.
t
He is 3k years old, is married, and has one child.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, October 12, 1945»
Press Service
No, V-.99
Secretary Vinson today announced the appointment of
Joseph B, Friedman of Caldwell, Ohio, as Assistant General
Counsel of the Treasury Department#
Mr, Friedman entered the Office of the General Counsel
of the Treasury Department in October, 1935#. During the
early period in w hich Mr# Friedman served on the staff of
the General Counsel, his duties pertained to the administra
tion of laws and regulations relating to gold, silver and
foreign exchange and the defense of litigation arising in
connection with such laws#
In June, 1942 Mr# Friedman was
detailed to the Ecuadorean Government as a financial expert,
and in that capacity gave assistance to the Ecuadorean
Minister of Finance in connection with the enforcement of
laws relating to taxation, customs, exchange control and
freezing controls,
In January, 1944 Mr# Friedman returned
to the United States to serve as Assistant Executive
Director of the War Refugee Board#
On February 1, 1945 he
was appointed to the position of Assistant to the General
Counsel, and in that capacity, had substantial responsibili
ties in connection with foreign funds control and Treasury
problems arising in liberated and conquered foreign
countries• '
Mr, Friedman is a graduate of the College of Wooster
and of the Ohio State University Law School, having received
his J, D-. degree in 1935#
He is 34 years old, is married,
and has one child#
oOo
ESTIMATED DISTRIBUTION OF INCOME PAYMENTS
By Applicable Tax Rates Under Present Law
TO TAL-$130 BILLION IN 1946
Amounts of Income Payments
Surtax Brackets
Thousands of Dollars
$ 8^
Over 10__
285^
I
8 - 10______
6 - 8______
4 -
Tax Rates (Combined
Normal and Surtax)
(In Millions of Dollars)
___41% to 94%
'y
820
37%
^
1,113
33%
v //
6__ 1 1
Breakdown by surtax
brackets shown below
_i
______ 29%
1,695
2 - 4
25%
0 -
23%
2 ______
Subject to normal
tax only________
'/
s
Not subject to tax_. ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ E x e r n p t i o n s ^ 2 5 ^ 5 6 0 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^
. . . . Deductions - 12,990
'
/ J H p
;; ^ ^ ^ ^ ^ ^ ^ ^ O t h e r kicome^
3%
0%
60,300
Breakdown by Surtax Brackets Above $10,000
(In Millions of Dollars)
Over
150 100 90 80 70 60 50 44 38 32 26 22 20 18 16 14 12 10 -
200____
200
150____
100___ 1
90____
80____
70___ 1
60____
50____
44____
38___
3 2 ____
26____
B 8 8 8 8 8 8 88 8 |$ M
K 8 8 < x^ §5 >$$§8sò§j
19 1>2$ç$2^8ôôôôô^^
WSÊÊÊ
20____
18____
16____
14___
12____
(Includes $ 1 5 0 m illio n c a p ita l g a in s su b je ct to a lte rn a te ta x o f
94%
93%
92%
90%
87%
84%
81%
_______78%
75%
72%
68%
65%
62%
59%
______ 56%
53%
m~-___ 50%
46%
______ 41 %
B- 606
Taxable individual and fiduciary returns, 1913-1944 and
estimated for 1946 under present law and House Bill:
Humber of returns, tax, and net income
Footnotes
l/
Taxes for 1913-15 are receipts for the fiscal year ended June 30
immediately following, as shown in annual reports of the Commissioner
of Internal Revenue, which include fines, penalties, additional
assessments, etc.
2/
Hot available. The total number of returns filed were as follows:
1913, 357,598; 1914, 357,515; and 1916, 336,652.
jl/ Hot available.
4/ Includes war excess-profits taxes of $101,249,781 on individuals
and $103,887,984 on partnerships.
Tax base for taxable returns with net incomes of $2,000 and over.
There were 1,591,518 taxable returns with net incomes of $2,000
and over for which the tax amounted to $675,249,450.
§J Amount after the 25 percent reduction provided by section 1200(a),
Revenue Act of 1924.
7/ The estimated number of taxable income recipients represented by
these returns would be 48,362,472 under present law and 36,302,048
under the House bill. The estimated decrease in the number of
taxable returns under the House bill as compared with present law
is 11.5 million returns, representing approximately 12 million
income recipients who would be relieved from tax under the House
bill.
Source:
Data for 1916-42 from ’’Statistics of Income”; number of returns
for 1943 from Bureau of Internal Revenue ”Quarterly Survey” of
October 1, to December 31, 1944; 1944 data are preliminary
figures compiled by the Bureau of Internal Revenue.
Saleable individual and fiduciary returns, 1913-194& and
estimated for 1946 under present lav and House BilU
Humber of returns, tax, and net income
Tear
•
•
*
#
Number of
•
returns - !..
Tax 1/
*
:
Net income
(In thousands of dollars)
r
2Jt
2/
28,254
Zj
41,046
ZJ
67,944
2l
173,387^
6,037,233
795,381{ M S 10,592,987
1913
1914
1915
1916
1917
2d
362,970
2,707,234
1918
1919
1930
1921
1922
3,392,863
4,231,181
5,518,310
3,589,985
3,681,24U
1923
1934
1925
1926
1927
4,270,121
4,489,698
2,501,166
2,470,990
2,440,941
1928
1929
1930
1931
1932
2,523,063
2,458,049
2,037,645
1,525,546
1,936,095
1,164,254
1,001,938
476,715
246,127
329,962
21,031,634
20,493,491
13,692,584
9,297,018
7,919,588
1933
1934
1935
1936
1937
1,747,740
1,795,920
2,110,890
2,861,108
3,371,443
374,120
511,400
657,439
1,214,017
1,141,569
7,372,660
8,343,558
10,034,106
14,218,854
15,264,162
3,048,545
3,959,297
7,504,649
17,587,471
27,718,534
41,005,601
41,681,000
765,833
928,694
1,496,403
3,907,951
8,926,712
12,671,537
15,803,945
23,558,030
45,902,884
67,060,862
16,300,000
Ü
ZJ
1938
1939
1940
1941
1942
1943
1946 egtimaied?re"^*
Under present law
Under House Bill
43,000,000)
31,500,000)
Treasury Department
(Footnotes on following page)
1,127,722
1,269,630
1,075,054
719,387
861,057
661,666 1/
704,265
734,555
732,475
830,639
13,339,550
ii 10,712,735
13,892,776
17,691,620
20,228,959
13,409,685
15,043,514
17,497,383
19,468,724
17,471,219
17,422,633
18,090,065
93,872,565
77,475,617
October 15, 1945
#ne*Miy*a*6-~
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22 Any reorganization of the tax system will be
/y\A* ¿JDl
^ ^ ---J greatly facilitated if it can be^'^sa^in
an atmosphere
of tax reduction rather than of tax increase
Postwar expenditures will inevitably be far
higher than prewar expenditures.
The possible
amount of future tax reduction cannot be
anticipstea^at this time but it clearly will be
limited.
It seems to me very desirable that the
commitment now for the future should not be so
great Isulj^who n C o n g r e s s ^ ^ r t i ^ i:^ :^ M ^
reorganization of the tax system iftawilfogg e d
<3^-4—
¿ts hands^tied by what it has already done.
21
tax tables to employers and taxpayers in time to
go into effect on January 1, 19^6*
To meet *this
schedule the new bill should become law not later
than November 1, 19^5*
There is another reason for not enlarging the
general scope of this bill*
Many taxpayers who
consider various modifications of the tax laws vital
to their interests have agreed not to press for
these changes at this time.
If any such changes
are to be considered, these taxpayers should have
an opportunity to present their
problems.
The
Treasury also has modifications to suggest when
the time is appropriate,
Throughout my comments I have laid stress
on the desirability of holding the tax reduction
contained in this measure to
billion dollars.
In closlng^ t h c r o --l-o
additional reeson for doing this ^wkluh I r h u u l d ~
girore oore-.
Next year Congress undoubtedly
will want to consider tax revisions o f a more farreaching chars
our tax sys
In addition to meeting the budgetary and economic
reductions, in my opinion^ are tho
tests, the
wh i c h as a matter of public understanding have
highest priority now that the w a r is over.
The
circumstances surrounding the enactment of the
excess profits tax, the Victory normal tax, and
the excise tax increases of 1 9 ^ 3 were in each
case such a,s to give rise to expectations that
these taxes would be quickly abandoned at the
end of the war*
Finally
promote the fair distribution of tax burdens,
and they contribute substantially to the simpli
fication of individual a n d corporate income
taxation*
I am very happy at the expedition with
w h i c h this bill has passed the House*
It is
certainly a record for a bill making changes of
these proportions.
Undoubtedly this
speed was
possible because the bill was limited to a few
simple changes.
Time is still of the essence,
If individual income tax changes are to be made
for 1 9 ^ 6 , the Bureau of Internal Revenue will
need to reprint and distribute new withholding
- 19 -
I do not doubt that
r rh ■nf— t-Mrn tnkftn by 1-trfinlfj
under c
'
"‘ ‘
uld afford the
revenue loss,i^would~be desirable and should be
In my judgment, however,
they are less
important *fco the promotion of a high level of
employment and income than the changes which I
have suggested.
These additional reductions
increase the total revenue loss above the amount
It may be helpful to the members of the
Committee to summarize the elements of the program
I have suggested in terms of the tests applied in
drawing up that program*
On one hand,
the reductions
come to roughly the $>5 billion 1 1 1 1 1 1 1 f uc f Iny •A
r*f fettdge t j ,i j '''fflffiij
opinion,
---a
------- * |
-------
1 f^
1
~n
so distributed as to make the maximum
contribution to a smooth and speedy reconversion*
Both in providing incentives to expanded production
and in relieving persons of modest means from some
of the weight of wartime taxes, the suggested program
would ease the transition from a war to a peace economy*
- lg -
at the end of the fiscal year,
The reduction would
help support consumer purchasing power,
and would give
additional relief to individuals,, which would be
particularly helpful to the lower and middle income
groups*
The House Bill provides for this reduction
in rates.
I suggested to the Ways and Means Committee
j Jl
■IH*- Ti■ -Itrtp—
ill
<Or
r n r t-H r a- ngey-l -glQ'rKm a ln ta ln ta g f<
/' t E * r
;
-----
another year the 1-uercent rate/cf ^the payroll taxes
on employers a n d employees for old age and suryivorsA,
lnsurancelip- Tli» , .j&ggrald not be inta*?preten nr m n artftftg^
^thst we can indefinitely finance this major program
of economic security at the present rates of tax.
However,
I understand that active consideration of
the whole problem of social security coverage and
financing is now underway in the Congress*
I believe
idm.
that increasingA payroll tax rates above the present
1 percent should wait to be made part of the broader
action on social security financing as a whole.
As previously indicated the House Bill contains
other provisions reducing taxes for 1 9 ^ 6 ,
I believe
that these reductions should not be adopted at this time.
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In ray testimony before the V^ys and Means Committee I pointed
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stocks on hands at the time of the reduction.
situation the only excises on which the
refund on floor stocks
is necessary are those on alcoholip beverages
bulbs.
In the present
and electric/ light
The House Bill contains «apfMVMMfee provisions for
grant!ng refunds in these cases.
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As I have pointed out, b o t h the excess profits
tax and the individual normal income tax were imposed
and viewed as taxes foh the w a r period,
A similar
situation exists with respect to certain increases in
the excise taxes imposed by the Revenue Act of 19 4 *3 *
The law provides that these war tax rates shall revert
to their prior levels on a date approximately six
months after the date of the termination of hostilities
as proclaimed by the President, or specified by
concurrent resolution of Congress,
That date has not
occurred and there is no way of forecasting at this
time when it will occur,
The industries involved in
the excise taxes have pointed out the disadvantages
arising from uncertainty in the effective date of these
automatic reductions,
I believe that an appropriate
effective date for the reduction w ould be July 1, 194-6,
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16
to lower-paid peace jobs, and by unemployment*
To resist the resulting downward pull on the economy
calls for tax relief to the lower income groups who
bore the brunt of the change-over from war to peace.
The repeal of the normal tax is one of the best forms
of tax reduction for maintaining mass purchasing power.
While the House bill does not in form repeal the
normal tax, the changes made by the bill have the
effect of eliminating what I have called the Victorynormal tax*
That is all to the good.
The House bill
has, however, gone further than the repeal of the
normal tax.
It h a s ^ A A e ^ a b o u t $5^0 million of
additional tax relief.
While I would like to see
people get tax relief, I believe that this $5^0 million
is in excess of what should be allowed at this time.
Moreover, it should be observed that more than
$ 1 0 0 million of the $5^0 million is due to the provision
that income taxpayers generally shall have at least
a 10-percent reduction in taxes.
This provision gives
special relief to taxpayers with incomes above about
$20,000.
income
It would increase the
A
after taxes much more^proportionately^in the higher
The existing normal tax is a source of
complication to taxpayers ^employers as withholding
agents, and to the administrative authorities*
The
total collections from the 12 million who would be
dropped from the tax rolls under the bill would amoun
to $31
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