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TREASURY DEPARTMENT LIBRARY
LIBRARY
RO^oivi 5030
JUN 14 1972
TREASURY DEPARTMENT
aoijjo SNOUVTW on«w
6* Z M £1 AON Oa
FOR IMMEDIATE RELEAS^L
November T&f 19U5
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee entered for consumption during the period
commencing October 1, 191*5, as follows:
Country of Production
Quantity in Pounds
As of November 3, l?l*$
Signatory Countries:
Brazil 167,120,255
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries: 100,267
TOTAL
51*,81*1,631
5,53U,190
1*6
3>38l*,809
1*, 867,395
1,1*19,328
6,116,007
180,610
2,673,1*78
5,581,619
1,520
51*2,632
1,931,206
251*,29l*7593
TREASURY DEPARTI.IENT
Washington
FOR IIIZEDIATE RELEASE,
Wednesday, November 14, 1945
Press Service
No. V - 129
The Bureau of Customs announced today preliminary
figures showing the quantities of coffee entered for consumption during the period commencing October 1, 1945 as
follows:
Country of Production
Quantity in Pounds
As of November 3, 1945
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
ignatory Countries:
167,120,255
54,841,631
5,534,190
46
3,384,809
4,867,395
1,419,328
6,116,007
180,610
-2,673,478
5,581,619
1,520
542,632
1,931,206
100,267
TOTAL
254,294,993
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tf-l 1
EOR IMMEDIATE RELEASE,
November *3r. 191*5
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quantities of wheat and wheat flour entered, or withdrawn from warehouse, for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 £8, 1941, as modified by the President's proclamations of April 13, 1942,
and Apr'il 29, 1943, for the 12 months commencing May 29, 1945, as follows:
Wheat
Country
of
Origin
Established
Quota
Imports
May 29, 1945, to
NPT« 3, 191*5
(Bushels)
Canada
795,000
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
Germany
100
Syria
100
Hew Zealand
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba
1,000
Prance
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig ^
—
Sweden
—
Yugoslavia
—
Norway
Canary Islands
1,000
Rumania
Guat emala
100
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
800,000
(Bushels)
791* ,1*21
79U,U2T
~o0o-
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established
Imports
Quota
May 29, 1945,
to NQYi 3, 191*5
( Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
4,000,000
1,066,866
1,066,866
TREASURY DEPARTMENT
Washington
Press Service
No. V - 130
FOR IMMEDIATE RELEASE,
Wednesday, November 14, 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 Presidents 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
Country
of
Origin
..Wheat
Established
Quota
Canada
China
HungaryHong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
(Bushels)
:
Import s
:May 29, 1945 to
[Nov. 3, 1945
(Bushels)
795,000
794,421
100
100
100
100
-
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established ;
Imports
Quota
-May 29, 1945,
:to Nov. 3, 1945
(Pounds)
(Pound s)
1,066,866
-
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
794,421
4,000,000
1,066,866
2,000
100
1,000
100
_
-
i.
. -_
-
1,000
100
100
100
100
800,000
-oOo-
30UJ0 SNOUV-HH orwfw
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iK3Hiwvd3Q Aansvnyi-
- 2 -
Commodity
Established quota
Period and Country : Quiantity
Silver or black
foxes, furs,
and articles: May-Nov. 19**5
Foxes valued
All countries
under $250 each
and whole furs
and skins
Unit
of
Quantity
52,176
Number
5,000
Pieces
Paws, heads or
other separated
parts
500
Pound
Piece plates
550
Pound
fails
12 months from
Dec, 1, 13kk
Articles, other
than piece plates
•
500
Unit
: Imports as of
: November 3»
27,1*2**
500
28
FOR IMMEDIATE RELEASE )
November 33. 1 9 ^
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of commodities within quota limitations
provided for under trade agreements, from the beginning of the quota
periods to November 3, 191*5, inclusive, as follows:
Commodity :
Established Quota
: Period and Country : Quantity
Unit
of
Quantity
Whole Milk, fresh
or sour
Calendar year
3,000,000
Gallon
2^,379
Cream, fresh or
sour
Calendar year
1,500,000
Gallon
1,100
Fish, fresh or
frozen, filleted,
etc., cod, haddock,
hake, pollock, cusk
and rosefish
Calendar year
17,668,311
Pound
Quota filled
White or Irish
12 months from
potatoes:
Sept. 15, 19**5
certified seed
other
90,000,000
60,000,000
Pound
Pound
**. 722,657
96,178
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco Calendar year
Red cedar
shingles
: Imports as of
: November 3>
:
19^5
Pound
(unstemmed
equivalent)
Quota filled
22,000*000
Calendar year
1,727,21*2
Square
1,362,213
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6$ of
total soluble
solids
Calendar year
1,500,000
Gallon
1,351,5*2
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday,-November 14, 1945
Press Service
No. V - 131
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 November 3, 1945, inclusive, as follows:
Unit
Commodity ;
Established Quota
of
; Feriod and Country ; Quantity ; Quantity
Imports as of
November 3,
1945
Whole Milk, fresh
or sour
Calendar year
3,000,000
Gallon
24,379
Cream, fresh or
sour
1,500,000
Gallon
1,100
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
Calendar year
12 months from
Sept. 15, 1945
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
4,722,657
96,178
Pound
(unstemmed
equivalent)
Quota filled
Calendar year
1,727,242
Square
1,362,213
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble
solids
Calendar year
1,500,000
Gallon
1,351,542
- 2 -
Unit
Commodity
Established quota
Period and Country : Quantity
Silver or black
foxes, furs,
May-Nov. 1945
and articles:
All
countries
Foxes valued
under |250 each
and whole 3furs
and skins
of
Quantity
52,176
Number
5,000
Pieces
Paws, heads or
other separated
parts
500
Pound
Piece plates
550
Pound.
Tails
12 months from
Dec 1, 1944
Articles, other
than piece plates
"
500
Unit
: Imports as of
: November 3,
:
1945
27,424
500
28
-r-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 MANUFA&TURED 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 following countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(In Pounds)
Country of Origin
United Kingdom
Canada.. M
France
British India
Netherlands
Switzerland
Belgium
Japan
China
Egypt
Cuba
Germany
Italy
TOTALS 5,482,509
1/
Established : J P W I ^ 0 R T S : ESTABLISHED
TOTAL QUOTA. : S e p t ' 20' 1 9 4 4 : ^~1'3> o f
: to Nov* 3^ 19U5' Total Quota
4,323,457
239,690
227,420
69,627
68 ,240
44,388
38,559
341,535
17,322
8 ,135
6,544,
76,329
21,263
1,441}152
75,807
69,627
.22,747
14,796
12,853
25,443
7,088
1,599,886
69,627
Included in total imports, column 2.
-oOo-
30UJ0 SMOliy^M onflow
6fr z m
£1 ACM &i\
iN3Hiwvd3(] Aunsvam
Imports
Sept. 20, 1944
toNov» 3.
I95F^
1/
FOR IMMEDIATE REIEASE
November 2#, 191*5
/ <r
V ' | ? ^
coll +
°ms announced today that preliminary reports from the
o.u.ectors 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, karch 31, 1942, and June
29, 1942, during the period September 20, 1944, ;tq November 3, 19i*5.
Bureau of Cust
• * •>•
COTTON RAVING A STAPLE OF LESS THAN 1-11/16 INCHES4" (OTHER THAN HARSH OR ROUGH
COTTON OF LESStfHAN3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE hANUFACTURE .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
^
than 1-1/8"
; but less than 1-11/16"
Imports Sept.
" :
:Imports Sept.: Established
20, 1944, to
:.JSstablishedi.20, 1944, to :
Quota -•-•- : : Quota
:Nov« 3, 19l*5
45;,556:,420 Nov* 3, 19U5
:
.%Hrt "and the Anglo- .
Egyptian Sudan
Peru
-British India
-China
-Mexico
Brazil
-Union of Soviet
- Socialist Republics...
Argentina
Haiti
Ecuador
^Honduras
•
-Paraguay
-Colombia
'...-....,
••ifaar: .rr:r:r:rr::.:::.
.
'
783,816
,
247,952
B98,799
2,003,483
102,529
1,370,791
8,883,259 8,883,259
618,723
618,723
475,124
5,203
237
9 ,333
752
871
124
3,661*,712
1,532,021
-
-
-
„
„
-* "*T95~" ™'~'_
British East Africa..,.,
2,240
Netherlands East Indies.
71,388
Barbados.,.*
Other British West
Indies 1/
21,321
Nigeria
5,377
Other British West
Africa 2/
16,004
Other French Africa 3/..,
689
Algeria and Tunisia
14 , 516 ,882 9,703,310
~^_
45,656 ,420
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar,
„
5,196,733
TREASURY DEPARTMENT
Washington
FOR IFKEDIATE RELEASE,
Wednesday, November 14, 1945.
Pross Service
No. V-132
The Bureeu 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, 1944, to November 3, 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 THEMANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotascommencing September 20, by Countries of Origin:
(In Pounds)
Country of
Origin
Staple length 1-1/8" or more
Staple length less
but less than l-ll/l6"
than 1-1/8"
Imports Sept.
Imports Sept, Established
Quota
20, 1944 to
Established
20,1944 to
45,656,420
Nov.3, 1945
Quota
Nov. 3, 1945
Egypt and the AngloEgyptian Sudan
783,816
Peru
247, 952
British India
2,003,483
China
1, 370, 791
Mexico
8,883,259
Brazil./.
618,723
Union of Soviet
Socialist Republics...... 475,124
Argentina
,
5 , 203
Haiti
237
Ecuador .
9, 333
Honduras •
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. .7
....«*.
5,377
Other British West
Africa 2/
16,004
Other French Africa 3/.....
689
14,516,882
Al'geria and Tunisia
3,664,712
1,532,021
98,799
102,529
8,883,259
618,723
9,703,310
45,656,420
l/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
5,196,733
- 2COTTON 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 1-3/16 inches or more in staple length in the case of the following countries!
United Kingdom, France, Netherlands, Switzerland, Belgium, Germany, and Italy:
(in Pounds)
Country of Origin
Established
TOTAL QUOTA
TOTAL IMPORTS
Sept. 20, 1944
to Nov. 3, 1945
1,441,152
United Kingdom......... 4,323,457
Canada
239,690
France*..
227,420
British India...
69,627
Netherlands
68,240
Switzerland,
44,388
Belgium
38,559
Japan
341,535
China.
17,322
Egypt
,
8,135
Cuba....
6,544
Germany................
76,329
Italy
21,263
TOTALS
: ESTABLISHED: Imports
: 33-l/3?6 of :Sept.2Q,1944 to
: Total Quota:N6v»3>1945 l/
75,807
69,627
22,747
14,796
12,853
25,443
7,088
5,482,509
69,627
1/ Included in total imports, column 2.
0O0
1,599,886
I/'
/
November 7, 1945
During the month of October, 1945» the following narket
transactions took place in direct and guaranteed securities
of the Government*
Sales .....*..........•......
none
Ptjrohes©s •*«*•*••••*••••••«» t25Q»00Q
purchases «•.,«•••»• t£*
(Sgd) Joseph Greenberg
Joseph Greenberg
Assistant Commissioner of Accounts
Copy to: Mr. Heffelfinger
Mr. Shaeffer
Miss Sanford
HSaud
^
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, Press Service
Thursday, November 15, 1945.
No. V-133
During the month of October, 1945, market
transactions in direct and guaranteed securities of
the Government for Treasury investment and other
accounts resulted in net purchases of $250,000,
Secretary Vinson announced today.
-oOo-
~_a. fofti D-60
U.S. TREASURY DEPARTMENT
' Fiscal Service
Bureau of Accounts
EXPEDITE
^it^
- 3-
for such bills, whether on original issue or on subsequent purchase, and the am
actually received either upon sale or redemption at maturity during the taxabl
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, Dre-
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.
mm
- 2 -
Reserve Banks and Branches, following which public announcement will be made by
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
all tenders, in whole or in part, and his action in any such respect shall be fi
Subject to these reservations, tenders for $200,000 or less from any one bidder
99.905 entered on a fixed-price basis will be accepted in full. Payment of acce
tenders at the prices offered must be made or completed at the Federal Reserve
in cash or other immediately available funds on November 23, 1945 •
p^-
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 suc
and loss from the sale or other disposition of Treasury bills shall not have an
special treatment, as such, under Federal tax Acts now or hereafter enacted. Th
bills shall be subject to estate, inheritance, gift, or other xcise taxes, wheth
Federal or State, but shall be exempt from all taxation now or hereafter impose
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 t
amount of discount at which Treasury bills are originally sold by the United St
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, th
amount of discount at which bills issued hereunder are sold shall not be consid
to accrue until such bills shall be sold, redeemed or otherwise disposed of, an
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 pai
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS. ^
Friday, November 16. 1945
tncr
The Secretary of the Treasury, by this public notice, invites tenders
for $1^300,000,000 , or thereabouts, of 90 -day Treasury bills, to be issued
fe*— -ar
on a discount basis under competitive and fixed-price bidding as hereinafter provided. The bills of this series will be dated November 23» 1945 , and will
—
^
mature February 21, 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
Standard
closing hour, two o'clock p.m., Eastern WQH time, Monday, November 19, 1945
,
Tenders will not be received at the Treasury Department, V/ashington. Each tend
must be for an even multiple of 01*000, and the price offered nust be expressed
on the basis of 100, with not more than three decimals, e. g,, 99-925. Fraction
may not be used. It is urged that tenders be made on the printed forms and for-
warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment secur
ties. Tenders from others must be accompanied by payment of 2 percent of the fa
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty cf payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
A
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, November 16, 1945
The Secretary of the Treasury, by this public notice,
invites tenders for $1,300,000,000, or thereabouts, of 90day 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 Nove'mber223, 1945, and
will mature February 21, 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 Ml,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o'clock p. m., Eastern
Standard time, Monday, November 19, 1945. Tenders will not
be received at the Treasury Department, Washington. Each tender
must be for an even multiple of -SI, 000, and the price offeredc"
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 forwardedd
in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of
Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or
trust company.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which
public announcement will be made by the Secretarjr 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
V - 134 must be made or completed at the Federal Reserve Bank
offered
in cash or other immediately available funds on November 23,
1945.
- 2The income derived from Treasury bills, whether interest
or gain from the sale or other disposition of the bills, shall
not have any exemption, as such, and loss from 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) (1) of the Internal
Revenue Code, as amended by Section 115 of the Revenue Act of
1941, the amount of discount at which bills issued hereunder
are sold shall not be considered to accrue until such bills
shall be sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax
return only the difference between the price paid for such ,
bills, whether on original issue or on subsequent purchase,
and the amount actually received either upon sale or redemption
at maturity during the taxable year for which the return is
made, as ordinary gain or loss.
...Treasury Department Circular No.-,418, as amended, and
-oOo- of the Treasury bills and
this notice, prescribe the terms
govern the conditions of their issue, Copies of the circular
may be obtained from any Fedqral Reserve Bank or Branch.
3 It is also important to note that the data on receipts and disbursements contained in this report are not comparable with the income and
deductions data contained in corporatiojaincome tax returns. Therefore,
it is not possible to determine fromfthe^e) data amounts which would be
comparable with the net taxable income~"or taxable corporations.
A limited number of the reports are available, copies of which may
be obtained by addressing a request to the Commissioner of Internal
Revenue, attention iGEpi rtf,v Washington 25, D. C , for a copy of the report
entitled "Supplement!to Statistics of Income for 1943, Part 2."
<^>/>->
/
rtJ
— 2 «•
Type of Organization
For Which Returns are
Required
Organizations whose primary functions are
business activities:
Mutual savings banks - savings department
Mutual savings banks - life insurance
department
Building and loan or savings and loan
associations (not Federal), and cooperative
banks organized in Massachusetts
Cooperative banks except those organized
in Massachusetts and credit unions (not
Federal)
Cemetery companies
Local benevolent life insurance associations
Mutual ditch or irrigation companies
Mutual telephone companies
Mutual organizations not elsewhere classified
Mutual insurance organizations (not life or
marine)
Farmers* cooperative marketing and purchasing
organi z at ions
Crop financing organizations
Holding companies for other tax-exempt
organizations
Federal credit unions
Federal savings and loan associations
National farm, loan associations
Production credit associations
Federal intermediate credit banks, Federal
land banks, banks of cooperatives, production
credit corporations, etc*
Total
Grand total
Subsection of
Section 101
Under which
Exemption is
Granted
(2)
471
(2)
30
(4)
4,178
(4)
(5)
(10)
(10)
(10)
(10)
4,351
1,384
206
884
505
1,067
(11)
1,701
(12)
(13)
5,595
32
(14)
(15)
(15)
(15)
(15)
1,213
3,207
1,353
1,989
510
(15)
26
28,702
102,155
The report does not represent a complete summary of all tax exempt
organizations as some such organizations were excused by law from filing
returns and some of those required to file may lap** not-done so by the time
the report was prepared.
LT/AI/<T
TREASURY DEPARTMENT
Washington
FOR RELEASE,/MORNING
NEWSPAPERS.
JEA.SE,/MO
November /y t 1945
I—*-
Press Service
No. |/1 /-bi-
Z
Secretary of the Treasury Vinson today made public data tabulated from
returns of certain classes of organizations exempt from tax under section
101 of the Internal Revenue Code in a report entitled "Supplement to Statistics
of Income for 1943, Part 2," prepared under the direction of Commissioner of
Internal Revenue Joseph D. Nunan, Jr.
The returns from which the data were tabulated were required to be filed
by section 54(f) of the Code, as added by section 117 of the Revenue Act of
1943, and are being made available in accordance with section 63 of the Code.
The first returns required to be filed covered the years beginning after
December 31, 1942 which include^he calendar year 1943^ part years and fiscal
"-rnr rntnrnii fnr nnr1«fl~ beginning in 1943.
I
,
The report includes all of the first year filings in those instances in
which the return was received prior to September 1, 1945.
The number of returns received by each of the classes of organizations
included in Sections A and B of the report are, as follows:
Type of Organization
For Which Returns are
Required
Organizations whose primary functions are
nonbusiness activities:
Labor organizations
Agricultural and horticultural organizations
Literary, scientific, educational or
charitable organizations, hospitals,
foundations, funds, etc.
Business leagues, chambers of commerce,
boards of trade, etc.
Local associations of employees, civic
leagues, social welfare, etc.
Social clubs for pleasure or recreation
Employees' beneficiary associations
Teachers' retirement fund associations
United States employees' beneficiary
associations
Total
Subsection of
Section 101
Under which
Exemption is
Granted
Number of
Returns
Filed
(l)
(l)
32,646
1,271
(6)
12,132
(7)
6,864
(8)
(9)
(16)
(17)
10,313
9,531
531
6
(19)
159
73,453
TREASURE DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPER, Press Service
Saturday, November 17, 1945
No. V-135
Secretary of the Treasury t/inson today made public data tabulated from
returns of certain classes of organizations exempt from tax under section
101 of the Internal Revenue Code in a report entitled "Supplement to
Statistics of Income for 1943* Part 2," prepared -under the direction of
Commissioner of Internal Revenue Joseph D. Nunan, Jr.
The returns from which the data were tabulated were required to be filed
by section 54 (f) of the Code, as added by section 117 of the Revenue Act of
194-3* and are being made available in accordance with section 63 of the Code.
The first returns required to be filed covered the years beginning after
December 31, I942 which include returns for the calendar year 1943 and for
part years and fiscal years beginning in 1943«
The report includes all of the first year filings in those instances in
which the return was received prior to September 1, 1945«
The number of returns received by each of the classes of organizations
included-in Sections A and B of the report are as follows:
Type of Organization
For Yihich Returns are
Required
Subsection of
Section 101
Under which
Exemption is
Granted
Organizations whose primary functions are
nonbusiness activities:
Labor organizations
Agricultural and horticultural organizations
•8
•Literary, scientific, educational or
charitable organizations, hospitals,
foundations, funds, etc.
Business leagues, chambers of commerce
boards of trade, etc.
Local associations of employees, civic
leagues, social welfare, etc.
Social clubs for pleasure or recreation
Employees' beneficiary associations
Teachers' retirement fund associations
United States employees' beneficiary
associations
Total
(D
Number of
Returns
Filed
(D
32,64.6
1,271
(6)
12,132
(7)
6,364
(8)
(9)
(16)
(17)
10,313
9,531
531
6
(19)
159
73,453
- 2 Subsection of
Section 101
Under v;hich
Exemption is
Granted
Organizations whose primary functions are
business activities:
Mutual savings banks - savings department
(2)
Mutual savings banks - life insurance
(2)
department
Building and loan or savings and loan
associations (not Federal), and
cooperative banks organized in
(4)
Massachusetts
Cooperative banks except those organized
in Massachusetts and credit unions (not
(4)
Federal)
(5)
Cemetery companies
Local benevolent life insurance
(10)
associations
(10)
Mutual ditch or irrigation companies
(10)
Mutual telephone companies
Mutual organizations not elsewhere (10)
classified
Mutual insurance organizations (not life
(11)
or marine)
Farmers' cooperative marketing and
(12)
purchasing organizations
(13)
Crop financing organizations
Holding companies for other tax-exempt
(14)
organizations
(15)
Federal credit unions
(15)
Federal savings and loan associations
(15)
National farm loan associations
(15)
Production credit associations
Federal intermediate credit banks, Federal
(15)
land banks, banks of cooperatives,
production credit corporations, etc.
Total
Number of
Returns
Filed
Grand total
102,155
Type of Organization
For Which Returns are
Required
471
30
4,178
4,351
1,384
206
884
505
1,067
1,701
5,595
32
1,213
3,207
1,353
1,989
510
26
28,702
The report does not represent a complete summary of all tax exempt
organizations as some such organizations were excused by law from filing
returns and some of those required to file may not have done so by the
time the report was prepared.
- 3It is also important to note that the data on receipts and disbursements contained in this report are not comparable with the income and
deductions data contained in corporation income tax returns. Therefore,
it is not possible to determine from these data amounts which would be
comparable with the net taxable income of taxable corporations.
A limited number of the reports are available, copies of which may
be obtained by addressing a request to the Commissioner of Internal
Revenue, attention Com:PR, YJashington 25, D. C., for a copy of the report
entitled "Supplement to Statistics of Income for 1943, Part 2."
oOo
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Mr
authorises the unbl©eking of asset* held la 1fce United State* by persons
and in«titutioa» la Franoe upon the eortlfieattea of the French Government
thet the fundi are the property of a French national,
tao issuance ef a
similar license ^rith respeot to Belgium If imminent. It i a our eaqwetatton
tfea* unfreeling licences will be Issued with rospeot to most of the
liberated countries before 1fee end of this year and m a t the bulk of the
assets of these countries will be oer Gifted and uafrosen in the near future.
By proceeding in this fashion wo h**» placed upon the government of the
liberated country U » prlssary responsibility for proteotiag the iaterosto
of it* own nationals in their fresea assets In this country, and also of
ensuring that no assets are released which Have been heldfeypersons or
firms la the libera tod countries as cloaks for our enemies. As an illustration
of this latter problem, I night mention smother instance of material just
discovered in Gersaany. g<*ldenoe uncovered this summer clearly indicates that
securities worth approximately five million dollars
held la this country by
a number of few York banks for the account of Eotterdaasoho Bank wore hold by
Rotterdamsohe Bank, la turn, for a Swiss holding eenip&ar known as Konsortialfoadi
This holding company is, in turn, owned by another Swiss dtssmjr known as Use
of Ohur, Switzerland, the predominate interest in which is owned byflsnkeland
Company of Germany. We must make sure that, Gorman assets in this country
are not asfroaea simply because they wore cloaked through countries whioh the
German* subsequently occupied.
In connection with the French unfreezing, you will no doubt have observed
tfcat the trench Government la its letter to i&* Secretary of the tOreasury
/
waraing neutral* again*t the purchase of looted valuables. Shis action
was supplementsd ia February Xfhk by a more (specific declaration relating
directly to gold.
Investigation* within Germany now show that the German
Government after romelting large <juan title* oftillslooted gold aad placing
prewar dates oa the new bar*, told *ubstantial amounts of this looted gold
sssjp •smP'e*, "isa ^**afc ^*Tw*TiUMfc wst sfcWP mf <r
JUthou^i t have oitsd but a few examples, 1 think that tha material
submitted show* what X mean when X saw that wo have obtained soma *uppert
for premises upon which we had ohcsen to base oar operation* ia tarn early
days uihen many things wore not as clear a* they are now.
In the few remaining minute* I would like to review briefly the progress
that has boon made during the last wear ia the lifting of foreign fund* ooatroli
aad to indicate briefly the nature of #10 problem* remaining to bo dealt with.
During this period the progress ia uafreesing has been most rapid withwspeot
to the United Jfction* which had been occupied by Axis into rest* - such a*
France, Belgium, Bplland, #orway,and Denmark, the funds held by the
governments aad oentral banks of these countries ha TO boon released. ft*s
restrictions on financial communication have been completely removed.
Shortly after liberation general licenses ware issued authorising ourrent
trade transactions with Belgium and France. Treasury representatives have
boon stationed ia the capitals of the liberated countries and negotiations
art under way v i m all of then with rospeot to the release of privately
owned fund* ia this country. A broad uafreesing license ha* already been
issued with rospeot to Franco, la addition to removing all controls with
rospeot to transaction* not involving old blocked fund*, this liooasa
If
Yea Sehaitsier»* reply to Colaaal Hesambroak ia as follow* i
•Boar Colonel i X thank you w y mask for year feina aete of Jfareh 1$
aad take the liberty of axprowing my tost wishes far your fraat oommand.
"I aad ay colleagues working her* at Frankfurt ea foreign baatasss haws
always eoa*ld*red it a duty of honor to bo always at year disposal for your
speeial tasks*
m i s will* of course, be the same ia the fa tare after year
*ueo***er9 Ueutenant Colonel Han**n, has taken over.
• * * m eordial regard* aad hall Hitler, I remain,
"Tour* vary devoted,
V. Sehnitsler.*
also per linen t to this point is the following excerpt from a letter of
Hoveaber 9, 1945. from the Tlirt*ohaftspoliti*ch* Abtseilung of the German
Government to Dr. Oberhoff, af I. G. Farbeni
*I4.eutenant Colonel Boeher 1* shortly gaiag to Spain am order* of the
ABwehr* (which was m # lehrmaeht Intalligence). "However, since it is act sap*
posed to bo known there that ho is attached to this agency, ha is to to
camouflaged by becoming part of some firm* "Since Booher is a wool merchant
by trade, it wa* first thought advisable to place him with a wool purchasing
firm from SofIndus. For speeial reasons this is not possible, aad m o Slof
• %{•••-
1* now inquiring whether the I. 0. would bo able to find a place for Mr.
Boeher.*
Another major promt** of this country* * finanoial warfare program was
that m o Germans during the war were acquiring much-needed foreign exchange
by sailing to neutral countries gold which had been looted by m o m from the
central banks of the countries mi ion ttiey had occupied. It wa* upon this
premise m a t a United nation*» declaration of January 5, 19^3, was issued
15
asslstaas* by I.G.) aim the condition that I.G. retain* the option to
aoouire these interests direetly or through third persons.
"The central finaaoo aaminiotration (Jtoatrea-Finansverwaimng) is sa*
deavoriag by spaoial installation aad eoastraotlen*, to bridge existing difficulties ia connection a i m credit terms. It has mads a speeial effort, by
m a foundation of finanoing eompaaies eiesely tied to our foreign baaking
friends, to create organisation* which through complete independence from
Germany have proven themselves a* contact and intermediary post*. . . ."
Oar further premise mat m e camouflaged firms were being effeetively
a*ed as channels to finance subversive wartime operations has also been
amply justified by m a materials found ia Germany. In this connection 1
mould like to refer to the following interchange of letters whioh has already been pre«*nted before the Kllgore Subcommitteei
On March 15, 19^5, Colonel Piekenbrook, Chief of Counterespionage
Section I, Wohrmaoht Supreme Command, wrote as follow* to Dr. Georg von
Sohnitsler of I, 0. Far bent
"Bear Herr Er, von Sohnitslort
X would like to inform you m a t 2 am
shortly leaving Berlin aad my present office, to take over a command at the
framt,
I feel particularly urged to thank you for m e valuable cooperation
which yw« bave extended to my office. X *hall always retain pleaaant memories
of m o personal and official collaboration wi eh you.
"I should like to take m i * opportunity of asking you to give m o same
support to my suooessor, Lieutenant Colonel Sanson*
"Vim many thanks and hell hitler, X remain,
"lours vory devoted,
Piekenbrook.1*
w
fay oasmplo, I would like to quote for you some excerpts from a
eonfidontial memorandum aa this subject circulated by I. 0. Farben's
legal advisor to It* torn directors in June 1939.
ftm memorandum consists
at aa exploration of m o merit* of alternative methods of camouflaging
X. G. Farben'e foreign holding*,
m o part X will/aoe^qacte give* their
conclusions concerning two alternative memod* of eloaking F&rben own*r*hip
of a company located ia what would bo to Germany aa enemy country*
"This review shows m a t m e least risk of seirure in time of war exists
for m o selling organisation if m o interest owners are neutrals lining ia
neutral countries. Snob a distribution of business interest* ha* m o farmer
advantage of fore6tailing any scruples which may arise ia m e conscience of
aa enemy national between his national sentiment and his fsithfalneas to
X. G. A farmer advantage is m a t m o Ssutrai, ia ease of war, generally
retains his freedom of movament, while mmmy nationals are freo^uently oallod
la m o service, regardless ia what form, and therefore cannot take care of
bu*ine«* interests."
The following excerpts from the minutes of m o meeting that was hold are
also af laterestt
"The soiling apparatus of I. G. ia foreign countries is principally
organised ia such a manner that m o x £ i or its subsidiaries do not openly
possess amy interest ill m o representations. • • •
"Hallo earlier the business interest ia the representation* wa* mostly
hold by persons, nationals of m o respective country, or by companies as
trustees for I.G., this system has been more aad more abandoned during m o
last fow years la favor of an arrangement under which business interest is
acquired by person* or firms with their owa means (eventually under credit
w
J0P* kad moved their file* aad reeord* out of their office building* ia
order to protect m o m from destruction from bombing aad that the Importaat
German financial record* wars scattered la mine*, cava*, mesas v*rie*, aad
beer halls throughout Germany, la many iastaaaas m a reoerd* had been
despatched to outlying destination* at whloh m a y aovor arrived beeause of
the breakdown ia German transportation facilities. As a eonsequenee one
at oar first problems was to find m o location of the critical files aad
record* as wall as of m o important people who bad also wandered far aad
wide.
X will have time to mention only a few examples of m e typo of information that Is being unearthed in these investigations.
One of m e important promises of Foreign Funds Control bad boon m a t m o
German* were attempting to use m o neutral countries to cloak German holding*
aad wartime financial operation*. It was apaa m i * premise m a t the extension of m o freesiag control to m e neutral countries ia & a e l9i*l was
based*
fals assumption was not based upon pore guesswork but was the re*
suit of our observations during m o early stages of Foreign Funds Control
m a t the mere importaat of the business enterprises which we believed to bo
German-eontrolled/ were ostensibly owned by companies located ia neutral
countries. Tea will be interested to know m a t ia file* aad record* of
important German eoapanie* wa found much evidence indicating serious concern about means and methods of effectively camouflaging their foreign
interests. In typical German manner m e subjeot was carefully explored by
m o top personnel of their legal divisions, discussed at meetings of board*
of directors, aad all of m o considerations, pro and oaa, wore oarefully
reoorded and preserved in their file*.
- 10 Germany, fhis afforded aa opportunity mot oaly to obtain information
which would bo of vital aaslstaaaa la carrying to ©omplatiea ths objectives
of the *oreiga Fuad* Oonferol program bat also to chock firsthand aa some
of the pramisea and wieamptieas on which oar own operations bad been
based.
Shortly after ?H8 Say a group of Faraijm Funds Ooatrol persoaaal
proceeded to Frankfurt to Join a program of iave*ti®etioas which bad
already been started by Celeaai Bernard Borastola, was- prior to bis
entry lata the Army had, aa Assistant General Counsel of the trm.wwef
Department, played aa liq*rtant role ia the establishment aad development of foreign Funds Control. Although the program of investigation*
ia Geriflany has baea ia offcot for only six momths, during most of which
time wo wars working under the somewhat difficult ooadi tleme prevailing
ia what had Just been an active theater of combat, the results of the**
investigations have beam of f&r-reaehiag character.
In addition to the
ordinary handicap* that would be expected (such as difficulty of comma*
aioatian, lack of ordinary clerical and stenographic assistance, ate.)
we found that most Impartaat Oermaa
mmtmi^'r^2^^
~ o -
authorities «f this
la emather Imatamm aa lr*4i visual In £el*dbia wa* t h* beneficiary at
am air mall transfer of tlS.GOO from *mm
Aire* and the payaa of *«varal
ia imata lima* toft of aa* ohaoks was «s***r*«& If a partem
r
be) am iismewtsjit dealer la l&aaii martest ear remcy*
matry aad that he was also emspawtei of «*yioae^**r1^j*^)
are but * few example* of the many instance* ia walem wo were able to
trace taa prohibited transaction to its fiwl destination, aad to
oar a^^«womsiit la tarm* of its practical effaat upon tto mar «f la***]
y m m
the cessation *f haatilitlas, the Treasary was requested W
the Army to «upply tmlaad porsamal aad t* assist ia rorwuUtin* and
a pv*&m
*t investigation* lata the fiwmeiel institution* la
• • •
Barly ia 19**0 eontrol* war* plaeed **»
eaaatry of sssurltiee.
the Impormtion lata this
The** eoatrois wars subseoaeatiy extended to m *
Importation of currency, mast measara* mart taksa im ardor to arevaat
the sale w i m i m the Waited States of securities aad eurreaey lootod ia
oeeupied couatries by m o Asia, aad to driw* down m e value la free foreiga
oxohange which might bo obtained by m e German* celling thass valuables
im toe black market* of aoutral eouatries. is supplement the impart
controls, special regulation* were applied to bearer securities •entaining
a stamp or mamaing indloatiag m a t they had ever been physically situated
withia amy of the oeeupied countries. It was act until m a war baa progressed
to a stage where ma mora re-aaeaayiag countries that bad boom ovarraa by
the Amis that me could fully evaluate m o effects of these measures. Ho
wars delighted to find that m e German* had flattsriagly disregarded
dollar bearer share* which contained m o type of •tamp* at which oar
regulation* aad been aimed, wa have been informed m a t as saefla same
neutral eaaatry-would (rl*k buying *eourities eentaialag such stamps,
Beoau** of the strongm of the dollar It has baoome the medium of
exehanre need most widely In latsrnatlonal tr&nsaevloas. As a cor.sequence
Of m i * fast, oon^oi* over m e aee of financial facilitate enabled this
fceverameat to control many financial ope rations where the partita at b o m
aads of the tran**ction ware la foreign couatri*** Control* over the
financial aepeets of transaction* effectively supplemented other controls
over m * physical movement of goods, saeh as the blocked*. £vea good*
that are being saaggled mast somehow or other bo paid for* Oar
eontrol* mat aaly enhanced m e difficulty of acquiring materials bat
- T imto *srld lar !• % applying oar freezing controls long before we war*
oven attacked lit this war, wa caught the enemy off guard aad increased
tremendously his dlffioultles ia flaaaoiag subrtrsiwa ©poratloas within
this country. Bo wart exceedingly pleased to reooiTO from Mr* Hoover, who
was directly responsible for the internal aoturity of this country,
expressions of opinion ia his report* supporting this pe*itiea. be wart
also pleased to note that German *aboteur* was wart laaded oa oar eeaafclia*
by submarine had to bring with m a m substaatial amouats of currency with
which to finance thair operations. Certainly sash additional baggage would
not have been carried under such hazardous conditions if smalt amount* of
fumds wart available to German operative* from local sources. It may also
be lllumiaating to mention aa example of tat kind of aa operation whieh wa*
carried out by the enemy in one of cur neighboring otaatrias prior to tat
establishment of its financial controls. During a two month pari** aa
operating branch of a well-known German company borrowed fumds totalling
#§W#«HI® from a local bank, ostensibly fay ordinary eemmeraial operatien*.
A later examination of the mmv&s
tf this company showed that tat entire
sum of money had been immediately turned over to the local German &ba**y«
This transaction was uncovered whom the German company was tuhseaueatiy
vested by the cooperating government under it* pragram af financial warfare.
Xa tat United States such operations wart prevented by tot application tf
frotsiag measures wall prior ta oar tmtry lata the war,
•y'"'
(/ffl&^f ~"
ix
X shall also cite other example* in connection with particular facets
»t Fortign Fuaas Control operations aad at this point merely ask you te
note that they also boar upon this general fundamental objective.
• • •
//
questiont
"»*• it warto itt* «ais is a question which a re*pon*ibl*
governmental official matt haws alway* before him aad it is not always am
easy task to decide whether tot possible results to be achieved by a
particular step warrant the tost that it will ****** *f«* tot floiamatmt
aad the people whom it affttta*
Xt mat particularly difficult during m * tias
tf war wham to* iaiarmatioa eamctralag aa*tmtd*B* tf mst eaamie* wa* sparst
and whsm the cloud* of enemy propaganda, intrigue, aad subtly pleated rumor
made it difficult to take exact m*asarsmtats aa tot stars ay wfclth w* were
charting oar course. X know you will be glad, however, to hear a* say
that the information which wt bawt been able to obtain now m a t tat way
I* over aad which enables a* to chock the correctness tf some tf tar
assumptions aad the offcetivene** of many of oar operations—this iaforaation has, ia general, tended to oupport oar petition aad ha* ia many
instances amply jii*tlflt* to* mtasara* m a t am haw* taken, W i t M a the
limitations of the tin* allotted to me I would like to briefly mtatita
some examples bearing upon tat offeetlvaaess of our joint efforts during
this period.
ex.
turning first to eat sf tot meet fundamental objectives' of rerelga
Funds Control, namely that tf preventing the enemy from using the financial
facilities of the United States to finance it* wartime operations im this
hemisphere, X might refer to Kr. J. Edgar Hoover's reports on the absence
during this war of amy large-scale entmy cabotage. We kaow that dnriag
the last war to* ®**mm
emrir*d funds running iatt tat million* from
German-owned enterprises within ths United States to finance the largescale sabotage operations which took place ia this country after oar oatry
• im
of polity.
a *ab*owaitt*a of torn Fer*ii£* Jgxe*a*&
Setabliaatd Im
' to %$£%im*Xlv m to* lU»fw*
llmk
early dayt of to* Ooatrel, it
»
•toff at
tots **is*al!ag as to abtoim
mil to obtelm Im **$***«*# test*
to to* workaday world, to be
iafaat.
of the
mat alway* tola to*
%
i* a*
that am* node possible
faitl o*ftsdlas T bee*
% to* fta*Js**J*l
y roali »ati on of the t&&« ami
% on ttota controls, I feel that I
if X did mat alt* ****** tot
* * •
At to* iattfttom af tot Control to* ¥**a*ary eelattod the twelrw
Federal Rtstrvt Bank* to act a* it* field offices Im adtt
wlto to* banks tM other institution* in its district, time providing an
t^rtativ* rt^loml ftamialiitraUon of the policies established by tot Control.
/ ^ l a a t t a d of attempting to lioenso operatic** oa am indiyithud application
baeis, the Treasury Df*pert»*atf to to* form of gentral licenses, delegated
broad powers to to* financial cocsranity to bandit brocd a^aaa of financial
traaaaattom* without rafts**** even to th« Federal reserve Banks; complete
responsibility aa* plaeed upon the basks to sot that only properly atrthorlsed
transactions
HOT*
effected ttovtmjBmer ami that amy IftgftJttf terms and con-
dition* cere adfeor* to. Because af to* role played by to* bank* the
Treasury mm
able to bundle the asstire Fortiga Funds Oentrcl program wlto
a staff whisb *v*r to* Jff* yaar period averaged leas than a
pttpl* (laa|^dljSA> tlarkSf sltrtoalf staaograpliitji and *tl
help) asm which even at it* peek (reached shortly after
tmsatdad two th*maaad employees*
VGZTI
Barfecr) never
These fi&urss include all
the Foreign Funds Control paytall to tit* twalve Fodeml Jgtj
la contrast, it is interesting t* kaaw that Germany, ia adnd^istsring a
ifMi3>Aar |3To*ErRm* was
WMISBT
savers* awsaraa s^aasana **varmaaaffmjL
The great majority af the transactions effects tmoar tot
eontrol* war* handled by to* banks without the filing *f amy applications
snd without amy reference to the Fad***! Reserve Bank* or the Treasury.
The
4*W01()B^^
Etstrvt Banks constituted, im affect, a staff dtalgaaa to develop tat broad
outlines of to* program, to formulate policy, and to handle the complicated sasm
- 8 A* am indication tf American preparednt** ia the realm tf financial
warfare, X might point tat that tar control* wart im such shapt by leal
that when the Jap attack oa Pearl Harbor pluaged u* into tat military
war a* aa active participant, the *m|y additional steps which war* needed
ia this field, as a result tf tar position as a belligerent, wort tht
cessation tf oommunicatioa with territory which beeame "ememy" ia character
aad tat establishment tf aa Alloa Property custediaa with to* power to vest
aad handle enoay^owaod property. Even a published American blacklist wa*
Im *ffact prior to Pearl Harbor*
Sbt problem of freeslng as sash was comparatively simple*
The diffi-
cult problem ooaslsttd not of keeping idle fund* frosea bat rather of
permitting funds to be used within a framework tf ooatrols that enabled
those transactions necessary to tht functioning tf our economy to proceed
smoothly while at the same tiat ensuring that transaction* orlglnatiag
as apparently ordinary oomatrelal transaction* did mot constitute financial
operations tf tht Axis deeigned to facilitate their aggressive war aad t*
operate agaiaat the Allied nations*
The problem was to protect ourselves aad tar occupied friend* without
interfering wlto tht tremendous financial aad eeoaoalc tffort raemlrt* tf
our wartime eoonomy—this, despite the fast that tat ooatrols, relating
as they did to asset* valued at #8,000,000,000, applied to a substantial
segment tf oar economy.
Oa* of the primary reasons amy wt were ablt to accomplish this seemingly impossible task was because of tht reliance which a* placed apt*
tht banks and financial institutions of this country as the primary
tnforeers aad administrators tf Foreign Paads Coatrol aad becauee of tat
splendid manner la which they discharged this responsibility.
• i "
bat also a brltf indication tf tht chief typ*s tf problem* whioh rtmaim
to bt dtalt with by Fortlga i*uad* ooatrol bafart it goes oat tf existence.
It will bt recalled that Foreign Fund, control was established ia
April 1940 when the Gorman*, without warning, invaded Strway aad Denmark.
the controls were established for tat purpose tf psrttoetiag tht assets
bald la the United States by these friendly countries and their nationals*
During 1840 the controls wart extended to Belgium, the Setherlands, frm to,
and other Suropeaa countries occupied by what at that time seemed tht
Insuperable military newer tf tot Amis. Xa tht summer of 1041 the controls
were txtitadad t* the Aids powers tbsmsalire** Xa takiag thi* Stop we were
using tht newly-developed instrument of Ibrtlga Fund* Control not only to
protect tht assets of the occupied countries, but also to prevent American
6#J
financial institutions from being ^t*t b£tft*fflxl* im carrying out their
A
program of financial warfare. At tot *amt time these controls wore extended
to the European aoutrals ia close proximity to Germany Im order to prevent
neutral cloak* from being used to cover Ami* financial operation*, thus,
six months before Pearl Harbor this Government had ia operation a system tf
effective ooatrols over international financial transaction* aad over all
a*sat* ia thi* country owned by persons ia Otrmaay, Japan, aad Italy who
to
wore later to declare war against the United Statea*/^he Axis satellite
countries} Im the friendly countries occupied by the Axis* aad in tht
neutrals who wart surrounded by Axis might. Bit total value of the assets
within tht United States subject to tht lr***lag ooatrols was estimated at
#8,000,000,000*
Xa addition the controls applied to transaction* running
into figure* ^t the earn* proportions bat involving fund* other than those
held ia this country ia blocked accounts*
THE COHTHIHJTIQH OF AMEEIGtN BASES 70 50REX8I OTTOS CIHTROL
/ V /^,^^
/ Spot oh delivered by Orel* A* Schmidt, Mreetor, Foreign Funds Control,
/ before the Bankers* Association for fartiga fradt Mettiag, lorshey,
Pennsylvania, Itvtmbtr 16, 194*.
Last year about mis time it was my privilege to discuss at tht
Bankers* Session of tht Rational Foreign Trade Convention some of tot
problems involved la lifting foreign funds control. X was v&rj appreciative of the opportunity of explaining the general prtbltas with which
wt wort confronted la removing oar ooatrols sad oar program for dealing
aim them. I am exceedingly happy to be asked thi* year to discuss a&ala
the subject of foreign funds control. My feeling Is prompted primarily
by the hope that before another year roll* around we will have removed to
many of the control* aad pushed the defrosting program to such a point
that this £roup will no longer bt interested ia me subject. In this connection you may bo interested to know that in our latest appearance before
tht Bureau tf tht Budget la connection with our appropriation for tht
coming fiscal year we stated mat this would be the last time that tht
treasury Department would request aa appropriation for Foreign Funds
Control a* such—we feel that by the end tf that fiscal year tot program
will be so far completed that any remaining problem* will no Itngtr
justify tht existence of a separate bureau.
Al,(Henee^ welcome this opportunity, while tht subject is still of
interest, to giro you an indication of some of tht accomplishments of
Foreign Funds Control j*nd of tht contributions of the banks to tht success
*f tht program. I shall endeavor to give you act only a sort of
*liealsmtert, rtf*rt* on tht progress of the liquidation of our ooatrols
TREASURY DEPARTMENT
Washington ^~-^^*-
(Ihe following address by Orvis A. Schmidt, Director,
Foreign Funds Control, before the Bankers1 Association
for Foreign Trade at the Hotel Hershey, Hotel, Pennsylvania,
is scheduled for delivery at 10:30 AM, EWT, Friday,
November 16, 1945, and is for release at that time.)
TREASURY DEPARTMENT
Washington
(The fbllomng address by Orvis A. Schmidt, Director,
Foreign Funds Control, befo're the Bankers' Association
for Foreign Trade at the Hotel Hershey, Hershey, Pennsylvania,
is scheduled for delivery at 10:30 AM, EftT, Friday,
November 16, 1945, and is for release at that time.-)
THE CONTRIBUTION OF AMERICAN BANKS TO FOREIGN FUNDS COJTROL
Last year about this time it was my privilege to discuss at the
Bankers' Session of the National Foreign Trade Convention some of the.
problems involved in lifting foreign funds control. I was very appreciative of the opportunity of explaining the general problems with -7h±ch
we were confronted in removing our controls and our program for dealing
with them, I am exceedingly happy to be asked this year to discuss again
the subject of foreign funds control. My feeling is prompted primarily
by the hope that before another year rolls around we will have removed so
many of the controls and pushed the defrosting program to such a point
that this group will no longer be interested in the subject. In this connection you may be interested to know that in our latest appearance before
the Bureau of the Budget in connection with our appropriation for the .
coming fiscal year we stated that this would be the last time that the
Treasury Department would request an appropriation for Foreign Funds
Control as such—we feel that by the end of that fiscal year the program
will be so far completed that any remaining problems will no longer
justify the existence of a separate bureau.
Hence, I welcome this opportunity, while the subject is still of
interest, to give you an indication of some of the accomplishments of
Foreign Funds Control and of the contributions of the banks to the success
of the program. I shall endeavor to give you not only a sort of
"liquidators'.report" on the progress of the liquidation of our controls
but also a brief indication of the chief types of problems which remain
to be dealt -with by Foreign Funds Control before it goes out of existence.
It Trail be recalled that Foreign Funds Control was established* in
April 1940 irahen the Germans, without warning, invaded Norway and Denmark.
The controls were established'for the purpose of protecting the assets
held in the United States by these friendly countries and their nationals.
During 1940 the controls were- extended to Belgium, the Netherlands, France,
and other European countries occupied by what at that time seemed the
insuperable military power of the Axis. In the summer of 1941 the controls
were extended to the Axis powers themselves.' In taking this stop we were
using the newly-developed instrument of Foreign Funds Control not only to
protect the assets of the occupied countries, but also to prevent American
financial institutions from being imposed upon by the Axis in carrying
out their program of financial warfare. At the same time these controls
V-136
- 2 were extended to the European neutrals in close proximity to Germany in
order to prevent neutral cloaks from being used to cover Axis financial
operations. Thus, six months before Pearl Harbor this Government had in
operation a system of effective controls over international financial
transactions and over all assets in ihis country owned by persons in
Germany, Japan, and Italy iho were later to declare war-against the United
States; in the Axis satellite countries; in the friendly countries occupied
by the Axis; and in the neutrals v;ho;were surrounded by Axis might. The
total value of the assets within the:United States subject to the freezing
controls was estimated at $3,000,000$000. In addition the controls
applied to transactions running into figures of the same proportions but
involving funds other than those held in this country in blocked accounts.
As an indication of American preparedness in the realm of financial
warfare, I might point out that our controls were in such shape by 1941
that when the Jap attack on Pearl Harbor plunged us into the military
war as an active participant, the only additional steps which were needed
in this field, as a result of our position as a belligerent, were the
cessation of communication vdth territory which bocrjne "enemy" in-character
and the establishment of an Alien Property Custodian with the power to vest
and handle enemy-owned property. Even a published American blacklist vfas
in effect prior to Pearl Harbor.
The- problem of freezing as such was comparatively simple. The difficult problem consisted not of keeping idle funds frozen but rather of
permitting funds to be used within a framework of controls that enabled
those transactions necessary to the functioning of our economy to proceed
smoothly while at the same time ensuring that transactions originating
as apparently ordinary commercial transactions did not constitute financial
operations of the Axis designed to facilitate their aggressive war and to
opera to against the Allied nations.
The problem was to protect ourselves and our occupied friends wltho'ut
interfering with the tremendous financial and economic effort required of
our wartime economy—this, despite the fact that the controls, relating
as they did to assets valued at $8,000,000,000, applied to a substantial
segment of our economy.
One .of the primary reasons 7/hy we were able to accomplish this seemingly impossible task was because of the reliance which we placed upon
the banks and financial institutions of this country as the primary
enforcers and administrators of Foreign Funds Control and because of the
splendid manner in which they discharged this responsibility.
At the inception of the Control the Treasury selected the tvralve
Federal Reserve Banks to act as its field offices in administering Foreign
Funds Control. Each of these Federal Reserve Banks maintained close contacts
with the banks and other institutions in its district, thus providing an
effective regional administration of the policies established by the Control.
- 3 Instead of attempting to license operations on an individual application
basis, the Treasury Department, in the form of general licenses, delegated
broad powers to the financial community to handle broad areas of financial
transactions without reference even to the Federal Reserve Banks; complete
responsibility was placed upon the banks to see that only properly authorized
transactions were effected and that any limiting terms and conditions were
adhered to. Because of the role played by. the banks the Treasury was able
to handle the entire Foreign Funds Control program vdth a staff idiich over
the five year period averaged less 'than a thousand people (including clerks,
clerical, stenographic, arid other non-professional help) and which even at
its peak (reached shortly after Pearl Harbor) never exceeded two thousand
employees. These figures include all employees on the Foreign Funds
Control payroll in the twelve Federal Reserve Banks. In contrast, it is
interesting to know that Germany, in administering a rather similar' program,
was using several hundred thousand governmental employees. The great
majority of the transactions effected under the controls were handled by
the banks without the filing of any applications and without any reference
to the Federal Reserve Banks or the Treasury.
The small group of people working in the Treasury and in the Federal
Reserve Banks-constituted, in effect, a staff designed to develop the broad
outlines of the program, to formulate policy, and to handle the complicated
.cases' which raised now and hitherto unresolved problems or required special
•investigations.
In addition to carrying on the front line operations just referred to,
the banks made a substantial contribution to the development of the Foreign
Funds Control program and the formulation of policy. This was dohe primarily
through a subcommittee of the Foreign Exchange Committee which TVC have
generally referred to informally as the. Lorcc Committee. Established in
the early days of the Control, it served as an important integrating link
between "headquarters" and the banks - our "front line forces." Through
this Committee, the staff, of * Foreign Funds Control received many valuable
suggestions from the banking community. Iherever possible, plans, programs,
and drafts of general licenses were submitted to this Committee in their
formative stages, thus enabling us to obtain suggestions and criticisms
and to obtain in advance some idea of how our plans could be implemented
in the workaday world. To be sure, we were not. always able" to accept
suggestions and criticisms and sometimes we were unable to explain; in fact,
sometimes we, too, were requested by other arms of the Government to' do
certain -things as part of our over-all governmental policy and we ourselves
were not always told the whys and wherefores. There, is no question, however,
but that the administration of Foreign Funds Control profited immensely by
the frank interchange of ideas between Foreign Funds Control and.the banking
community that was made possible through the Loroe Committee.
Having indicated as I have just done my realization of the time and
effort spent by the financial community on these controls, I feel that I
would not have touched the fundamental issue if I did not also discuss the
- 4~
question: "Was it worth it?" This"is a question which a responsible
governmental official must have always before him and it is not always an
easy task to decide whether the possible results to be achieved by a
particular step warrant the. cost that it will impose upon the Government
and the people whom it affects. It was particularly difficult during 'the
time of war when the information concerning operations of our enemies was
sparse and when the clouds of enemy propaganda, intrigue, and subtly planted
rumor made it difficult to take exact measurements on the stars by which we
were charting our course. I know you will be glad, however, to hear me' say
that the information which we have been able to obtain now that the war
is over and which enables us to check the correctness of some of our
assumptions and the effectiveness of many, of our operations— this information has, in general^ tended to support our position and has in many
instances amply justified the measures that we have taken. Within the
limitations of the time allotted to me I would like to briefly mention
some examples bearing upon the effectiveness of our joint efforts during
this period.
Turning first to a fundamental objective of Foreign Funds Control,
namely that of preventing the enemy from using the financial facilities of
the United States to finance its wartime operations in this hemisphere,
I might refer to Mr. J. Edgar Hoover's reports on the absence during this
war of any large-scale enemy sabotage. We know that during the last war
the Germans derived funds running into the millions from Gemaan-owned
enterprises within the United States to finance the large-scale sabotage
operations which took place in this country after our entry into World War I,
By applying our freezing controls long before we were even attacked in this
war, we caught the enemy off guard and increased tremendously his difficulties in financing subversive operations within this country. We were
exceedingly pleased to receive from Mr. Hoover, who was directly responsible
for the internal security of this country, expressions of opinion in his
reports supporting this position. We were also pleased to.note that
German saboteurs who wore landed on our coastline by submarine had to bring
with them substantial amounts of currency with which to finance their
operations. Certainly such additional baggage would not have been carried
under such hazardous conditions if ample amounts of funds were available
to German operatives from local sources. It may also be illuminating to
mention an example of the kind of an operation which was carried out by
the enemy in one of our neighboring countries prior to the establishment
of its financial controls. During a two-month period an operating branch
of a well-known German .company borrowed funds totalling $900,000 from a
local bank, ostensibly for ordinary commercial operations. A. later
examination of the records of this company showed that the entire g-um of
money had been immediately turned over to the local German Embassy. This
transaction was uncovered, when the German.company was subsequently vested.
by the cooperating government under its program of financial warfare. In
the United States such operations were prevented by the application of
freezing measures well prior to our entry into the war.
I shall also cite other examples in connection vith particular facets
of Foreign Funds Control operations and at this- point merely ask ycu to
note that they also bear upon this general fundamental objective.
Early in 1940 controls were placed over the importation into this
country of securities. These controls were subsequently extended to the
importation of currency* These measures were taken in order to prevent
the sale within the United States of securities and currency looted in
occupied countries by the Axis, and to drive down the value in free foreign
exchange which might be obtained by the Germans selling these valuables
in the black markets of neutral countries. To supplement the import
controls, special regulations were applied to bearer securities containing
a stamp or marking indicating that they had ever been physically situated
within any of the occupied countries. It was not until the war had progressed to a stage where we were re-occupying countries that had been overrun by the Axis that we could fully evaluate the effects of these measures.
.7e were delighted to find that the Germans had flatteringly disregarded
dollar- bearer shares which contained the type of stamps at which our
regulations had been aimed. \ie have been informed that persons in
neutral countries would not risk buying securities containing such stamps.
Because of the strength of the dollar it has become the medium of
exchange used most widely in international transactions.
AS a consequence* controls over the use of financial facilities enabled this
Government to control many financial operations where the parties at both
ends of the transaction were in foreign countries. Controls, over the
financial aspects of transactions effectively supplemented other controls
over the physical movement, of. goods, such as the blockade. Even goods
that are being .smuggled must somehow or other be paid for. Our controls
not only enhanced the difficulty of acquiring materials but often provided
clues to other types of activity-.. Observations with respect to the
transfer of funds from Panama to Argentina early in the war led to the
discovery of a large ring engaged in the smuggling of currency into this
•hemisphere. Examination of a transaction involving the remittance of
funds from a news agency in Spain to a journalist in Central America
brought forth the fact that the journalist had served in Germany from
1931 to 1939 at which time-he had left carrying letters commending him
on his sympathies: toward the Jazi Government. His news despatches from .
Central America.were anti-American and pro-German. Not only were remittances to him through American channels prevented but his activities were
brought to the attention of other appropriate authorities of this Government. In another instance an individual in Colombia was the beneficiary
of an air mail transfer of M15,000 from*Buenos Aires and the payee of
several checks issued.in Costa Rica. One of the checks, was. endorsed by
a person known to us. to be an important dealer in black market currency.
Investigation of this transaction indicated that the recipient was
engaged'in smuggling highly strategic platinum for shipment to Germany
through a neutral.country an.d that he was also suspected of espionage.
These are but a few examples of the many instances in which we were able to
trace the prohibited transaction to its final destination, and to measure
our achievement in terms of its practical effect upon the war effort.
— 6 -f
With the cessation of hostilities, the Treasury v;as requested by
the Army to supply trained personnel and to assist in formulating and
executing a program of investigations into the financial institutions in
Germany. This afforded an opportunity not only to obtain information
which would be of vital assistance in carrying to completion the
objectives of the Foreign funds Control pro r ram but also to check firsthand on some of the premises and assumptions on which our own operations
had been based. Shortly after Y-E'naya group of Foreign Funds Control
personnel proceeded to Frankfurt to join a program of investigations which
had already been started by Colonel Bernard Bernstein, who prior to his
entry into the Army had, as Assistant General Counsel of the Treasury
Department, played an important role in the establishment and. development of foreign Funds Control* Although the program of investigations
in Germany has been in effect for only six months, during most of which
time we were working under the somewhat difficult conditions prevailing
in what had just been an active theater of combat, the results of these
investigations have been of far-reaching character. In addition to the
ordinary handicaps that would be expected (such as difficulty of communication, lack of ordinary clerical and stenographic assistance, etc.)
we found that most important German enterprises had moved their files
and records out of their office buildings in order to protect them from
destruction from bombing and that the important German financial records
were scattered in mines, caves, monasteries, and beer halls throughout
Germany. In many instances the records had been despatched to outlying
destinations at which they never arrived because of the breakdown in
German transportation facilities, AS a consequence one of our first
problems vv'as to find the location of the critical files and records as
well as of the important people who had also wandered far and wide.
I will have time to mention only a few examples of the type of information that is being unearthed in these investigations.
One of the important premises of Foreign Funds Control had been that
the Germans were attempting to use the neutral countries to cloak German
holdings and wartime financial operations. It was upon this premise that
the extension of the freezing control to the neutral countries in
June 1941 was based. This assumption was not based upon pure guesswork but
was the result of our observations during the early stages of Foreign
Funds Control that the more important of the business enterprises which we
believed to be German-controlled were ostensibly owned by companies
located in neutral countri.es. You will be interested' to know that in files
and records of important German companies we found much evidence indicating
serious concern about means and methods of effectively camouflaging their
foreign interests. In typical German manner the subject was carefully
explored by the top personnel of their legal divisions, discussed at
meetings of boards of airectors, and all of the considerations, pro and
con, were carefully recorded and preserved in their files.
- 7 *For example, I would like to quote for you some excerpts from
a confidential memorandum on this subject circulated by I. G. Farben's
legal advisor to its top directors in June 1939• The memorandum consists
of an exploration of the merits of alternative methods of camouflaging
I. G. Farben's foreign holdings. The part I will now quote gives their
conclusions concerning two alternative methods of cloaking Farben ownership of a company located in what would be to Germany an enemy country:
"This review shows that the least risk of seizure in time of war
exists for the selling organization if the interest owners are neutrals
living in neutral countries. Such a distribution of business interests
has the further advantage of forestalling any scruples vfhich may arise in
the conscience of an .enemy national between his national sentiment and
his faithfulness to I. G. A ^further advantage is that the Neutral, in
case of war, generally retains his freedom of movement, while enemy
nationals are frequently called in the service, regardless in what form,
and therefore cannot take care of business interests."
• The following excerpts from the minutes of the meeting that was
held are also of interest:
"The selling apparatus of I. G. in foreign countries is principally
organized in such a manner that the I. G. or its subsidiaries do not
openly possess any interest in the representations. ....
"While earlier the business interest in the representations was
mostly held by persons, nationals of the respective country, or by
companies as trustees for I. G., this system has been more and more
abandoned during the last few years in favor of an arrangement under
which business interest is acquired by persons or firms with their own
means (eventually under credit assistance by I. G.) with the condition
that I. G. retains the option to acquire these interests directly or
through third persons.
"The central finance administration (Zentral-Finanzverwaltung) is
endeavoring by special installation and constructions, to bridge existing
difficulties in connection with credit terms. It has made a special
effort, by the foundation of financing companies closely tied to our
foreign banking friends, to create organizations which through complete
independence from Germany have proven themselves as contact and intermediary posts. . . . "
Our further premise that the camouflaged firms were being-effectively
used as channels to finance subversive wartime operations has also been
a
^ply justified by the materials found in Germany. In this connection
I would like to refer to the following interchange of letters which has
already been presented before the Kilgore Subcommittee:
On March 15, 1943, Colonel Piokenbrock, Chief of Counterespionage
Section I, Wchrmacht Supremo Command, wrote as follows to Dr. -Georg von
Schnitzler of I.- G. Farben:
- 8 "Dear Herr Dr. von Schnitzler: I- would like to inform you that
I am shortly leaving Berlin and my present office, to take over a command
at the front. I feel particularly urged to thank you for the valuable
cooperation which you have extended to my office. I shall always retain
pleasant memories of the personal and official collaboration with you.
"I should like to take this opportunity of asking you to give the
sane support to my successor, Lieutenant Colonel Hansen.
"With many thanks and heil Hitler, I remain,
"Yours very devoted,
Piekenbrock."
Von-Schnitzler's reply to Colonel Piekenbrock.is as follows:
"Dear Colonel: I thank you very much for your kind note of March 1$
and take the .liberty of expressing my best wishes for jrour front command.
"I and my colleagues working here at Frankfurt on foreign business
have always considered it a duty of honor to be always at your disposal
for your special tasks. This -will, of course, be the same in. the future
after your successor, Lieutenant Colonel Hansen, has taken over.
"With cordial regards and heil Hitler, I remain,
"Yours very devoted,
V. Schnitzler."
Also pertinent to this point is the following excerpt from a letter
of November 9, 1943, from the Wirtschaftspolitische Abteilunjv of the German
Government to Lr, Oberhoff, of I. G. Farben:
"Lieutenant Colonel Boeher is shortly going to Spain on orders of the
ABwehr" (which was the Vu'ehrmacht Intelligence). "However, since it is not
supposed to be known there that he is attached to this agency, he is to be
camouflaged by becoming part of some firm.
Since Boeher is a wool
merchant by trade, it was first thought advisable to place him with a wool
purchasing firm from Sofindus, For special reasons this.is jiot possible,
and the BaW is now inquiring whether the I. G, would be able* to'find
a place for Mr. Boeher."
Another major premise of this country's financial warfare program was
that the Germans during the war were acquiring much-needed foreign
exchange by selling to neutral countries gold which had been looted by
them from the central banks of the countries which they had occupied. It
was upon this premise that a United Nations' declaration of
January 5, 1943, was issued warning neutrals against the purchase of looted
valuables. This'action was supplemented in February 1944 by a more
- 9specific declaration relating directly to gold. Investigations within
Germany now show that the German Government after remelting large
quantities of this looted gold and placing prewar dates on the new.bars,
sold substantial amounts of this looted gold to neutral countries*
Although I have cited but a few examples, I think that the material
submitted shows what I mean when I say that we have obtained some support
for premises upon which we had chosen to base our operations in the early
days when many things were not as clear as they are nowt
In the few remaining minutes I would like to review briefly the
progress that has been made during the last year in the lifting of foreign
funds controls and to indicate briefly the nature of the problem's remaining
to be dealt with. During this period the progress in unfreezing has been
most rapid vvith respect to the United Nations which had been occupied by
Axis interests *- such as France, Belgium, Holland, Norway, and Denmark.
The funds held by the governments and central banks of these countries
have been released. The restrictions on financial communication have* been
completely removed. Shortly after liberation general licenses were issued
authorizing current -trade transactions with Belgium and Frrnce. Treasury
representatives have been stationed in the capitals of the liberated
countries and negotiations are under way -with all of them with respect
to the release of privately owned funds in this country. A broad unfreezing license has already been issued-with respect to France. In
addition to removing all controls with respect to transactions not
involving old blocked funds, this license authorizes the unblocking of
assets held in the United States-by persons and institutions in France
upon the certification of the French Government that the funds are the
property of a French national. The issuance of a similar license with
respect to Belgium is imminent. It is, our expectation that unfreezing
licenses will be issued with respect to most of the liberated countries
before the end of this year and that the bulk of the assets of these
countries will be certified and unfrozen in the near future.
By proceeding in this fashion we have placed upon the Government of
the liberated country the primary responsibility for protecting the
interests of its own nationals in their frozen assets in this country, and
.also of ensuring that no assets are released which have been held by
persons or firms in the liberated countries as cloaks for our enemies. As
an illustration of this latter problem, I might mention another instance
of material just discovered in Germany. Evidence uncovered this summer
clearly indicates that securities worth approximately five million dollars
held in this country by a number of New York banks for the account of
fietterdamsche Bank were held by Rotterdamsche Bank, in turn, for a, Swiss
holding company known as Xonsortialfonds. This holding company is, in
turn, owned by another Swiss dummy known as Uma of Chur, Switzerland, the
predominate interest in which is owned by Henkel and Company of Germany.
We must make sure that German assets in this country are not unfrozen
simply because they were cloaked through countries which the Germans
subsequently occupied.
-10In connection with the French unfreezing, you will no doubt have
observed that the French Government in its letter to the Secretary of the
Treasury undertook to liberalize its restrictions on the transfer to the
United States of funds held in France by American nationals. We expect
to receive similar commitments from the governments of other liberated
countries. •
Germany and .Japan, and possibly other ex-enemy areas, will remain
under American or Allied military control for some time. During this
period the American public and American business and financial institutions
will demand that facilities be provided for transactions necessary to
protect,American property, remittances, and possibly private trade transactions,
Every step in. this direction will have to be taken in coordination v/ith our
Allies. The machinery for handling such transactions will have to be
created by Foreign Funds Control .in the light of the facilities which are
made, available by 'the military authorities, and new licensing techniques
will have to be developed. Furthermore, Foreign Funds Control will be
called, upon for an interim period to maintain strict control over any
cbllar exchange that may accrue to Germany or Japan in order to see that
s\ich dollarsvare used only for purposes consistent with bur post-war
policies with respect to these enemy countries.
Countries remaining to be dealt with, in the defrosting program,
are the neutrals^-Portugal, Spain, Sweden, and Switzerland. The primary
problem is that' of ensuring that the Germans will not be successful, even
after their defeat on the battlefield, in retaining uncontrolled possession
of funds or assets held in or through neutral 00untries. It is evident
from what I have already said about the tactics of the Germans and the
manner in which they used the, neutrals that our problem, is more difficult
in the case of these countries than in the case of other countries. This
difficulty is of course increased by the tendency of neutral governments
to .insist that as.neutrals they have no interest in or concern with the
problem of assisting the United Nations in uncovering and taking control
of assets held by our enemies in and through the territory subject to
their jurisdiction.
In February and March of this year an attempt was made to facilitate
the solution of this problem in the course of negotiations conducted with
Switzerland, by representatives of the French, British, and United States
Governments, AS a result of these negotiations the Swiss agreed
effectively to freeze German assets within Switzerland and to take an
effective census of the assets held, in Switzerland by persons located in
Axis and Axis-occupied countries. For, a time some of. us believed that an
important step forward in resolving this problem .had been taken. Our
belief, however, was very seriously undermined by our discovery in Germany
of evidence indicating that immediately after the departure from Switzerland
of the Allied representatives, and less than a month prior to V-E Day, the
Swiss Government as a result of negotiations with representatives of the
Nazi Government, agreed to take measures on behalf of Germany tending to
nullify the commitments which they had just given to us. I think the
bearing of this discovery upon the difficulty of o-ur problem in unfreezing
the Swiss assets in this country is apparent.
- 11 To us who have been engaged in fighting the.financial side of the war,
it is clear that throughout the war neutral territory was the de facto
battlefield on which some of the most important of the financial battles
were waged. Although the military phase of operations has ceased and
a military surrender has been signed, we must fully realise that victory
rdll not have been obtained by the United Nations in the financial phases
of the war until German and Japanese assets throughout the world are under
the complete control of the appropriate United Nations authorities.
oOo
DIVISION OF PUBLIC RELATIONS
Assignment sheet. Title
Certificates. J-1946 offering
Release date ll/lt/45 Prtss Service No. T-13*
,Bldg.
dist*
Special messenger
Q
. . . . . . . » •
Mailing :
list
:
.
65
TAC
Trade Agreement Commodities • • . .
22
158
CFQ
Coffee quotas •••••.••*••
22
136
CQ
Cotton quotas • •••••..•>•
22
135
WQ
•A /
W
115
BUL
Vi/heat quotas . . . . . . . , , l # ,, fv
Treasury monthly Bulletin . • .\V •
F
Finance •V^ • • •
NM
Net Market,transactifcfhs ......
65
60
60
General .. .••••••
No. copies
to be sent
1,367
!
167
540
:
142
207
;
167
600
J
7 \ ,7?',
T
Taxes . . . i . / . ) .
. . . . . . . .
DLI
Debt limitation • •........
151
325
:
SF
Stabilization fund. . ^i^T^rT^TT'
174
551'
\
B
Weekly bill offering. ....... »
..A
Bills & Bonds other than weekly • •
150
178
J
156
275
i
469
1,575
s
:
B&B
FE
NE
Financial Editors • • /*" •
News Editors . . .
/.......
Speech list •
186
PUBLIC RELATIONS, Room 4416 . -. .
———.
-X 0 0
380
75
Press ro<Dm • • . •'
20
OWE . .
Building distributic n
7/1/45
156
f?d
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, November 19, 1945.
Press Service
No. V-137
Secretary of the Treasury Vinson today announced the offering, through the
Federal Reserve Banks, of an eleven-month Treasury Certificate of Indebtedness of
Series J-1946, in exchange for three maturing series of Treasury securities, Treasury Certificates of Indebtedness of Series H-1945, maturing December 1, 1945, and
Treasury Notes of Series B-1945 and Treasury Bonds of 1945, both maturing December
15, 1945. Exchanges will be made par for par in the case of the maturing certificates, at par with an adjustment of interest as of December 1, 1945, in the case of
the maturing notes, and at par with an adjustment of interest as of December 15,
1945, in the case of the maturing bonds. Cash subscriptions will not be received.
The certificates now offered will be dated December 1, 1945, and will bear
interest from that date at the rate of seven-eighths of one percent per annum, payable on a semiannual basis on May 1 and November 1, 1946. They will mature November 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.
Although the maturing notes and bonds are outstanding in denominations as low
as |100 in the case of the notes and |50 in the case of the bonds, exchanges may be
made only in amounts or multiples of $1,000 in the aggregate, 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, interest upon the
certificates now offered shall not have any exemption, as such, under Federal tax
Aots, 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 securities to be exchanged and, where maturing bonds in coupon form
are presented, by payment of accrued interest on the new certificates at the rate
of |0.3384 per $1,000, since in these cases interest is to be adjusted as of
December 15, 1945. Subject to the usual reservations, all subscriptions will be
allotted in full.
The subscription books will close at the close of business Wednesday, November 21, except for the receipt of subscriptions from holders of $100,000 or less
of the maturing securities eligible for exchange. The subscription books will
close for the receipt of subscriptions of the latter class at the close of business Saturday, November 24.
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 $4,395,400,000 of the Series H-1945 certificates,
$530,837,200 of the Series B-1945 notes and $540,843,550 of the Treasury Bonds of
1945.
The text of the official circular follows:
UNITED STATES OF AMERICA
J/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES J-194£
Dated and bearing interest from December 1, 1945 Due November 1, 194*
1945
Department Circular No. 781
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, November 19, 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 from the people of the United
States for certificates of indebtedness of the United States, designated 7/8 percent fgeasury Certificates of Indebtedness of Series J-1946, in exchange for
Treasury Certificates of Indebtedness of Series H-1945, maturing December 1, 1945*
treasury Notes of Series B-1945, National Defense Series, maturing December 15*
.945. or Treasury Bonds of 1945, maturing December 15, 1945. Exchanges will be
lade TDar for par in the case of the maturing certificates, at par with an adjustlent tf interest as of December 1, 1945* in the case of the maturing notes, and
it pas with an adjustment of interest as of December 15, 1945> in the case of the
laturing bonds,
II. DESCRIPTION OF CERTIFICATES
1, The certificates will be dated December 1, 1945* and will bear interest
rtm that date at the rate of 7/8 percent per annum, payable on a semiannual basis
n May land November 1, 1946. They will mature November l y 1946, and will not be
ubjeet to call for redemDtion prior to maturity.
2, #The income derived from the certificates shall be subject to all Federal
axes, now or hereafter imposed. The certificates shall be subject to estate,
riheritance, gift or other excise taxes, whether Federal or State, but shall be
xempt from all taxation now or hereafter imposed on the "orincipai or interest
hereof by any State, or any of the possessions of the United States, or by any
•cal taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys.
hey will not be acceptable in payment of taxes.
4. Bearer certificates with interest coupons attached will be issued in
enominations ef &L,0C0, $5,000, $10,tC6, $Lti,0«C and ^1,006,600, The certificates
ill not be issued in registered form.
5. The certificates will be subject to the general regulations of the Treasury
apartment, now or hereafter prescribed, governing.United States certificates.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and Branches
id at the^Treasury Department, Washington. Banking institutions generally may sub•t subscriptions fer account of customers, but only the Federal Reserve Banks and
e Treasury Department are authorized to act as official agencies.-
- 2 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole tr in part, to allot less than the amount of certificates a-.plied
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 nromotly upon allotment.
IV. PARENT
1. Payment for certificates allotted hereunder must be made on or before
December 1, 1945, or «n later allotment. Payment of the principal amount may be
made only in Treasury Certificates of Indebtedness of Series H-1945, maturing
December 1, 1945, in Treasury Notes of Series B-1945, National Defense Series,
maturing December 15, 1945, »r in Treasury Bonds of 1945, maturing December 15,
1945, which will be accepted at par and should accompany the subscription. In
the case of the maturing notes, coupons dated December 15, 1945 must be attached
to the notes when surrendered, and accrued interest from June 15, 1945, to December 1, 1945 ($3*4^31 per $l,00t) will be Daid following acceptance of the notes.
In the case of the maturing bonds in coupon, form, payment of accrued interest on
the new certificates from December 1, 1945 to December 15, 1945 ($0.3384 P e r
$1,00C) should be made when the subscription is tendered. In the case of maturing registered bonds, the accrued interest will be deducted from the amount of
the check which will be issued in payment of final interest on the bonds surrendered. Final interest due December 15 on bonds surrendered will be paid, in
the case tf coupon bonds, by payment cf December 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.
V. ASSIGNMENT OF REGISTERED BONDS
1. Treasury Bonds of 1945 in registered form tendered in payment for certificates offered hereunder should be assigned by the registered nayees or assignees
theretf to "The Secretary of the Treasury for exchange for Treasury Certificates
,r
of Indebtedness of Series J-1946 to be delivered to,
,
in accordance with the general regulations tf the Treasury Department governing
assignments for transfer tr 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 tf the holder.
VI. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make allotments en the basis and
UD to the amounts indicated by the Secretary of the Treasury to the Federal Reserve
- 3Banks tf 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,
prescribe 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.
- 21 overlapped, but far from weakening the results
the overlapping proved beneficial for it meant
that there was an intensification of sales efforts.
1 am sure that bond sales were stimulated by the
fact that many a man has been asked to buy bonds
by his children as a result of a school program,
by a neighbor as a result of a community program,/
by a payroll worker at the plant, through a call
from a banker or broker ,-$o7 by a volunteer in
one of the other programs.
It has been a tough
job, but all of us should feel a deep sense of
satisfaction in the success which has been achieved.
- 20 I hope that conditions will be so
good in the next several years that we will
have a surplus in the Treasury and will be
able to retire ^B*debt continuously.
If that
proves possible, so much the better; it not,
we have done the best we could to prepare for
the problems facing us.
In closing, I want to say that the work
done by the volunteer war bond organisations
throughout the nation has been a source of
stimulation to all of us in the Treasury.
In
a sense, we have been merely planners and
strategists; the real generals and the army
itself have consisted of the local war finance
organisations and their six million volunteers.
I think it is a tribute to American democracy
that this program has in essence represented a
sum total of many, many smaller programs. We
have had special campaigns carried out by virtually
every group in this country.
Many of these
- 19 interest of people as taxpayers.
Mot as evident, but just as valid,
is that low interest rates—what
the economists call a 'cheap money
policy 1 —benefits the peonle 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£b£fc.ter
public facilities which will make
our country tomorrow more productive
and a better nlace to live in than
it was yesterday.**
All of the things I have been saying
boil down to the simple statement that the war
has been well financed and that, as we enter
what I hope will be a long period of peace, our
banking institutions, business in general, and
individuals are in a healthier financial condition
than ever before.
• lo «*
$270 billion, and it is clear that the annual
interest charge in the next few years is going
to run in excess of $5 billion.
The average
rate of interest on the debt today is l.$M£, and
our net borrowing during the war has been done
at an average rate of around 1.8£.
Contrast
this with World War I, when the average interest
rate was about U»l/H#.
We have lightened the
future burden of the debt considerably by our
low interesVrate policy.
Indeed, if rates had
averaged'H-l/l*4/in this war, the interest burden
would be about $12 billion a year instead of
something over $5 billion.
But low interest rates are not only
beneficial in so far as the burden of the debt
is concerned.
Secretary Tinson has stated the
advantages of a low interest rate policy for the
entire economy, as follows:
"Interest rates determine the
real burden of the debt.
They should
continue low for a long time to come.
It is self-evident that this is in the
- 17 securities in the form of savings notes - a
highly flexible instrument which may be turned
in on taxes, redeemed for cash, or held for
investment at increasing rates of interest.
The
bulk of the remainder of corporation holdings
is in the form of short-term securities, largely
certificates of indebtedness.
This * tailoring* of securities to the
needs of the investor is a healthy thing for the
economy.
For example, corporations have readily
available funds to use for plant expansion as
well as for reconversion purposes.
Individuals
are in a position to draw on their bonds to aid
them in periods of unemployment and to assist
them in purchasing new supplies of consumers*
goods as they become available. Most of all,
however, the existence of a flexible portfolio
of bonds in the hands of individuals will add to
their sense of security and thereby aid them as
a group in taking off of the markets the volume
of production which they, as workers, produce.
Our public debt will soon be more than
- 16 perfect.
Moreover, we well realise that even
Government securities are not completely
foolproof in preventing inflation, since bonds
can be redeemed or they can be sold in the market.
What of the future?
First of all, we
have arranged the debt so that each investor
class holds securities which are appropriate to
it.
Over 60$ of the securities held by the
commercial banks are due or callable in less
than five years. On the other hand, insurance
companies hold only about 10$ of their portfolios
in the form of securities due or callable within
five years, and 90$ in longer categories.
Individuals^ largely** hold Series 1, F and G
savings bonds, which they may either cash when
the need prises or continue to hold at an
ascending rate of interest.
About half of the
holdings of individuals is in the form of Series I
bonds, a security designed exclusively for the
average small investor.
Corporations other than banks and insurance
companies hold close to one-third of their GovernBent
- 15 composite group of nonbank investors in the
figures I have given you, and it would be
double counting to take up their deposits on
the one hand and also to include their purchases
of Government securities with other nonbank
purchases on the other hand.
For your information,
however, deposits in savings banks increased by
close to $h billion over the five-year period;
the purchases of Government securities made by
savings banks as they invested these funds are
included in the figures previously mentioned for
nonbank absorption of Federal securities.
Thus the inflationary dollars involved
in the $68 billion of money savings made over
the five-year period represent a fairly small
proportion of the total. Some part of each of
the categories of money savings is definitely
hot money, but it is my opinion that in each case
the largest part of the funds placed in cash
forms represents legitimate savings.
In short,
I believe that in absorbing $121 billion out of
$190 billion of new funds, we came pretty close
to shooting par.
On the other hand, no one in
the Treasury would argue that the job has been
- 1U The growth of time deposits in commercial
banks is probably to be explained mostly by the
word ^diversification.*1
We have found in our
surveys that many people want to spread their
savings among different forms. They feel that
they have done their duty in the war bond program
by investing more than 10£ under payroll plans
and by participating in the purchase of extra
bonds in each war loan.
In too many cases, our
goals have thus become ^psychological ceilings11
to many people, which have been difficult to
penetrate.
In any event, savings over and above
the amounts invested in bonds are spread around
partly into currency, partly into demand deposits,
and partly into time deposits. On the other hand,
some part of the funds placed in time deposits
is just as hot as some of the currency or demand
deposits.
The psychology varies with each depositor.
I have not here cited separately the
figures for increases in deposits in savings
banks as opposed to commercial banks, because
savings banks have been treated as part of the
- 13 corporations were accumulating temporary reserves
which they preferred to keep to a considerable
extent in readily available cash.
Another large part of the increase in
demand deposits is accounted for by unincorporated
businesses and farmers, which in many cases were
faced with the same need for larger working
capital as corporations. About $10 billion of
the demand deposits accumulated by individuals
during the period should be credited to these
investors as business accounts.
In addition,
State and local governments acquired about $2
billion of demand deposits over the period, while
insurance companies and savings banks actually
reduced their deposits by nearly a billion dollars
in the five years. This leaves only about $11
billion of the increase in demand deposits to
be credited to the broad group of wage-earners,
professional people, etc.
Some of this is
certainly hot money, but a large part is definitely
in the class/of legitimate savings.
In short,
it is clear that only a relatively small nart
of the $38 billion increase in demand deposits
is dangerous money in the inflationary sense.
- 12 million people have purchased Series 3 bonds and
I doubt that very many of those who haven't bought
bonds hold much of th» currency either. What has
happened is that people have both bought bonds and
acquired currency, and so long *s the currency is
not hot money from the inflationary point of view
it is not inconsistent with our campaign for new
savings to avoid inflationary pressures.
Subtracting the $18 billion growth of currency,
the remainder of the $68 billion of money savings
consisted of a $50 billion increase in commercial
bank accounts. What should we conclude with regard
to the motivation of people in wanting this
particular increase in the money supply?
We know
first of all that about $38 billion of this increase
was in demand deposits and about $12 billion in
time deposits.
In the case of demand deposi ts, corporations
and as-ixiations accounted for about H0# of the increase
or about $16 billion. These were not inflntionary
funds but rather, for the most part, wer<~ needed
increases in working capital and funds set ?side
for rec nversion.
In addition, for various r°?sons
- 11 and comfort from having a wallet full of
currency.
Another factor bearing on the currency
increase was, of course, that the level of
business was so much higher than ever before
that all along the line it was necessary to have
more currency to carry on transactions.
A third factor is that banking was not
always convenient for many people, either because
of odd working hours or because of a lack of
nearby banking facilities, particularly in
communities where industrial growth was most striking
Finally, there are, of course, the motives
of tax evasion and black markets. You know from
the tax evasion cases which have been discussed
in the papers that a few of our citizens tried
very hard to beat the tax laws.
Some part of the
currency outflow has been due to these illegal
activities, but it is believed that this has been
a relatively small factor in the currency growth.
From the standpoint of selling war bonds,
these explanations of the currency outflow are
important because most of the people who absorbed
this currency also bought bonds.
A total of 8*>
- 10 of liquid assets held by all nonbank investors
combined have increased from $g5 billion in the
middle of 19*±0 to $275 billion at the end of
the Seventh War Loan.
As a proportion of these
totals for liquid assets, currency has been
remarkably stable - accounting for 8$ of the total
in June 19^0 and 9* of the total in the middle of
this calendar year. We studied this series in
World War I and found the same stability in the
proportion of liquid assets held in the form of
currency, the figures running from 7-1/2$ to
9-1/2$ in that war.
It must be remembered that during World
War II the distribution of income was significantly
altered so that millions of families, formerly on
a subsistence level or even below, received adequate
$nd decent incomes for the first time in their lives.
Naturally, they increased their holdings in currency
from a figure of approximately zero to something
running up to, I suppose, several hundred dollars
in some cases.
In our surveys some people have
stated frankly that they derived a sense of security
- 9 absorbed $68 billion of Federal securities to
match the growth of currency and commercial bank
deposits.
They absorbed also an extra $20 billion
of Federal securities as a result of other factors,
the most important of which was the growth of
the Treasury's cash balance.
Coming back to this $68 billion of money
savings over the five year period, why did the
people of this country make the collective decision
to place this much in cash rather than to invest
even more in Federal securities than they did?
We have asked ourselves many times what should
have been par for the amount placed in Federal
securities or, vice versa, what should have been
par for money savings under the circumstances.
Unfortunately, there is no precise answer to
these questions. You may be interested, however,
in some observations on the factors bearing on thea.
First of all, take the ouestion of currency.
Out of $68 billion of savings going into money
forms, currency accounted for $18 billion.
While
this is a big increase, I believe it must be seen
in perspective to be understood.
The major forms
- 8 investors, adding $H9 billion to their holdings
of Government securities over the period.
Insurance companies absorbed $16 billion of
Government securities and savings banks took
$6 billion.
Other corporations and associations
absorbed $27 billion.
State and local governments
acquired $5 billion, and Federal agencies and
trust funds invested $18 billion - the last
representing mostly social security and military
insurance funds.
In other words, about two-tMrds of the
$190 billion of new funds W A S placed directly
in Federal securities and one-third in money
savings - thot is, currency and commercial bank
accounts./ The one-third placed in money savings
in turn resulted in n corresponding amount of
absorption of Federal securities by the banking
system.
Because individuals and businesses chose
to place one-tMrd of their new savings in
currency and commerci-il bank deposits, comnerci?!
banks and Federal Reserve Banks absorbed bhe
Federal securities of an e?uiv*lent amount. Over
the five yenr period the banks, accordingly,
to hold these funds rather than to attempt to
spend them, for such an attempt on a large scale
would have meant inflation.
Direct controls on
production, wages, prices, etc. opemted on one
front to dam up these funds but the Treasury had
to operate on another front to see that the funds
remained saved.
The best way to accomplish this
was to get *s much as possible of these funds into
Government securities.
¥hnt were our results?
Let's look at the
three major forms of liquid assets held by all
nonbank investors combined, namely, currency,
commercial bank deposits, and Federal securities.
These are the significant ways in which the deficit
manifested itself. Because of various minor
transactions in the economy which WP do not need
to go into here, the total incr°9se in nonbank
holdings of these major liquid assets during the
five year period we are talking about was actually
$189 billion, rather than the $190 billion deficit.
Of the approximately $190 billion available,
$121 billion was placed in Federal securities by
nonbank investors.
Individuals were the largest
- 6The corporate income items thus consist of
retained earnings plus accretions in reserves,
such as depreciation and depletion accounts,
over and above what was invested in new capital
goods —
plant, equipment, and inventories.
The income flow to individuals includes dividends
received from corporations.
Turn these figures around another way.
The Federal Government spent $323 billion and
received in taxes $133 billion, leaving a deficit
of $190 billion.
Individuals and corporations
spent $H69 billion but had income after taxes of
$651 billion.
Here was a surplus of $1S2 billion
and if you add in the $8 billion surplus of State
md
local governments you obtain an exact
correspondence with the $190 billion Federal deficit.
One of the major goals of Treasury financing
was to try to channel back into the Treasury as
much as possible of this $190 billion which people
were accumulating as a result of the Federal
deficit.
From a financing point of view, every
means possible had to be taken to persuade people
- 5 Let's look further at that $833 billion
of total spending in the five-year period.
It
is axiomatic that aggregate spending in the
country is equal to aggregate income.
The head
of the coin is the $833 billion of spending
while the other side is the $833 billion of
income flow.
It should be noted that this is
a gross income flow since it includes such items
as funds flowing into business reserves as well
as net income in the usual sense.
Who received this gross income flow?
We
know that the Federal Government received in
taxes $133 billion or about 15$ of the total income
flow, and State and local governments received
about $^9 billion.
Of the remaining $651 billion
of income after taxes, about 90$ was distributed
to individuals and 10$ to corporations.
Corpora-
tions are here treated as a conduit and only the
new funds/remaining in their hands over the fiveyear period are counted as being received by them.
- U The Government share of total spending
in this war reached a peak of almost 50$ in
the fiscal year I9U5 when the Government accounted
for $100 billion out of $211 billion total spending.
Contrast this situation with that in World War I
when the Federal Hovernment accounted for a
maximum of only about one-fourth of aggregate
market spending, with the other three-fourths
coming from consumers, business, and State and
local governments.
In the fiscal year 1919 -
the peak year of Federal spending in World War I total expenditures in this country amounted to
about $75 billion, of which the Federal Government
accounted for a little under $19 billion.
I think it is obvious from these figures and, of course, most of you have known it *11
along - that the difference in the financing job
in this war was not only one of sise but one of
kind.
When the Government takes over such a
large proportion of our output to fight a total
war the economic effects become important nil
along the line.
The figures I have cited merely
point out the tremendous contrast between the
financing problems of World W#r I and World War II.
- 3 $133 billion, leaving a deficit of $190 billion.
You know that this deficit was financedTbyr war
loans and a regular payroll savings program as
well as by offerings of securities in the market
in the early part of the period.
What have been
the effects of this financing ^itpthe economy
during the war?
What are the implications for
the future?
The tremendous importance of Government
buying in the market place during the war period
is evident from the fact that Federal Government
spending accounted for $323 billion out of aggregate
spending of $833 billion during the five-year
period.
This latter figure, by the way, would
be cited by the statisticians as 8/10 of a trillion
dollars.
These figures show that the Government
accounted for close to U0$ of the aggregate spending
taking place throughout the country.
The remaining
$510 billion of spending was accounted for by
$U28 billion of spending by consumers, $Ul billion
by business for capital goods, and $Ul billion
by State and local governmental units.
- 2 You members of the financial community
are closer to this subject than are most of
our citizens.
I hope you will bear with me as
I draw on a good many figures in an effort to
analyse the financing story from the point of
view of the income flow of the country and the
integration of the war bond program to that
income flow.
For convenience, let's begin by reviewing
the size of the job from July 1, 19*K), when the
defense program began, to June 30, 19^5* the
approximate end of the Seventh War Loan.
In
these five fiscal years the Federal Government
spent in all $323 billion, of which $290 billion
was directly for national defense and for war.
Of the remaining $33 billion, slightly over half
was for items indirectly connected with the war interest on the public debt, veterans* benefits,
and tax refunds - with the other h»lf covering
mostly the regular costs of government.
As against $323 billion of expenditures,
tax receipts brought into the Federal Government
WAR FINANCING - SOME IMPLICATIONS
FOR THE FUTURE
It is a pleasure to be here today to
speak to the members of the Association of Sto€k
Exchange Firms.
I know that you folks have
worked hard to help put across our war bond
drives and I want to express the appreciation
of the Treasury for your fine cooperation.
I would like to speak to you this evening
about the sources of war financing and the
implications for the future. The postwar management
of the debt really began when war financing
started.
How the debt was distributed by investor
classes, the maturity structure of the debt, the
interest rate policy
—
these are all important
factors which had to be determined step by step
in financing the war, and which together, determined
postwar management of the debt at its very core.
It is like putting up a building - you must do
your planning in the blueprint stage in order to
have the building successfully arranged when it
is completed.
*H
TREASURY DEPARTMENT
Washington
(The following address by Daniel W. Bell,
Under Secretary of the Treasury^ before
the annual dinner meeting of the Association of Stock Exchange Firms, at the
Hotel Commodore, Hew York City, is scheduled for delivery at 8;30 P>M., E.S.T.
Monday, November 19. 1945, and is for relesse at that timeT)
WAR FINANCING - SOME IMPLICATIONS FOR THE MJTURB
It is a pleasure to be here today to speak to the members
of the Association of Stock Exchange Firms.' I know that you
folks have worked herd to help put across our war bond drives
and I want to express the appreciation of the Treasury for your
fine cooperation.
I would like to speak to you this evening about the sources
of war financing and the implications for the future. The postwar management of the debt really began when war financing started.
How the debt was distributed by investor classes, the maturity
structure of the debt, the interest rate policy -- these are all
important factors which had to be determined step by step in
financing the war, and which together, determined postwar management of the debt at its very core. It is like putting up a building - you must do your planning in the blueprint stage in order to
have the building successfully arranged when it is completed.
You members of the financial community are closer to this
subject than are most of our citizens. I hope you will bear with
me as I draw on a good many figures in an effort to analyze the
financing story from the point of view of the income flow of the
country and the integration of the war bond program to- that income
flow.
For convenience,,let1s begin by reviewing the size of the job
from July 1, 1940, when the defense program began, to June 30,
1945, the approximate end of the Seventh War Loan. In these five
fiscal years the Federal Government spent in all &323 billion, of
which $290 billion was directly for national defense and for war.
Of the remaining ff',33 billion, slightly over half was for items indirectly connected with the wsr - interest on the public debt,
veterans' benefits, and tax refunds - w i t h the other half covering
mostly the regular costs of government.
As against $,323 billion of expenditures, tax receipts brought
into the Federal Government fcl33 billion, leaving a deficit of
V-138
- 2 $190 billion. You know that this deficit was financed mainly by
war loans and a regular payroll savings program as well as by
offerings of securities in the market in the early part of the
period. What have been the effects of this financing on the economy during the war? What are the implications for the future?
»
The tremendous importance of Government buying In the market
place during the war period is evident from the fact that Federal
Government spending accounted for $323 billion out of aggregate
spending of $833 billion during the five-year period. This latter
figure, by the way, would be cited by the statisticians as 8/10
of a trillion dollars, These figures show that the Government
accounted for close to 40$ of the aggregate spending taking place
throughout the country. The remaining $510 billion of spending was
accounted for by $428 billion of spending by consumers, $41 billion
by business for capital goods, and $41 billion by State and local
governmental units.
The Government share of total spending in this war reached a
peak of almost 50$ in the fiscal year 1945 when the Government
accounted for $100 billion out of $211 billion total spending.
Constrast this situation with that in World War I when the Federal
Government accounted for a maximum of only about one-fourth of
aggregate market spending, with the other three-fourths coming
from consumers, business, and State and local governments. In
the fiscal year 1919 - the peak year of Federal spending in World
War I - total expenditures in this country amounted to about $75
billion, of which the Federal Government accounted for a little
under $19 billion. .
, I think it is obvious from these figures - and, of course,
most of you have known it all along - that the difference in the
financing job in this war was not only one of size but one of kind.
When the Government takes over such a large proportion of our output to fight a total war the economic effects become important all
along the line. The figures I have cited merely point out the tremendous contrast between the financing problems of World War I andWorld War II,
Let's look further at that $833 billion of total spending in
the five-year period. It is axiomatic that aggregate spending in
tile
2 o u n t r y i s e1ual- to aggregate income. The head of the coin is
the $833 billion of spending while the other side is the $833
billion of income flow. It should be noted that this is a gross
income flow since It includes such items as funds flowing into
business reserves as well as net income in the usual sense.
Who received this gross income flow? We know that the Federal
Government received in taxes $133 billion or about 15$ of the total
income flow, and State and local governments received about $49
billion.
Of the remaining \ 651 billion of Income after taxes,
about 90% was distributed to individuals and 10$ to corporations.
Corporations are here treated as a conduit and only the new funds
- 3 remaining in their hands over the five-year period are counted as
being received by them. The corporate income items thus consist
of retained earnings plus accretions in reserves, such as depreciation and depletion accounts, over and above what was invested in
new capital goods — plant, equipment, and inventories. The income
flow to individuals includes dividends received from corporations.
Turn these figures around another way. The Federal Government spent $323 billion and received in taxes $133 billion, leaving a deficit of $190 billion. Individuals and corporations spent
|469 billion but had income after taxes of $651 billion. Here was
a surplus of $182 billion and if you add in the $8 billion surplus
of State and local governments you obtain an exact correspondence
with the $190 billion Federal deficit*
One of the major goals of Treasury financing was to try to
channel back into the Treasury as much as possible of this $190
billion which people were accumulating as a result of the Federal deficit. From a financing point of view, every means possible had to be taken to persuade people to hold these funds
rather than to attempt to spend them, for such an attempt on a
large scale would have meant inflation. Direct controls on production, wages, prices, etc. operated on one front to dam up
these funds but the Treasury had to operate on another front to
see that the funds remained saved. The best way to accomplish
this was to get as much as possible of these funds into Government securities.
What were our results? Let's look at the three major forms
of liquid assets held by all nonbank investors combined, namely,
currency, commercial bank deposits, and Federal securities. These
are the significant ways in which the deficit manifested itself.
Because of various minor transactions in the economy which we do
not need to go Into here1, the total increase in nonbank holdings
of these major liquid assets during the five year period we are
talking about was actually $189 billion, rather than the $190
billion deficit'.
Of the approximately $190 billion available, $121 billion was
placed in Federal securities by nonbank investors. Individuals
were the largest investors, adding $49 billion to their holdings
of Government securities over the period. Insurance companies
absorbed $16 billion of Government securities and savings banks
took $6 billion. Other corporations and associations absorbed
$27 billion. State and local governments acquired $5 billion., and
Federal agencies and trust funds invested ^18 billion - the last
representing mostly social security and military insurance funds. .
In other words, about two-thirds of the $190 billion of new
funds was placed directly in Federal securities and one-third in
money savings - that is, currency and commercial bank accounts.
-4
The one-third placed in money savings In turn resulted in a corresponding amount of absorption of Federal securities by the banking system. Because individuals and businesses chose to place
one-third of their new savings in currency and commercial bank deposits, commercial banks and Federal Reserve Banks absorbed Federal securities of an equivalent amount. Over the five year period
the banks, accordingly, absorbed $68 billion of Federal securities to match the growth of currency and commercial bank deposits.
They absorbed also an extra $20 billion of Federal securities as
a result of other factors, the most important of which was the
growth of the Treasury's cash balance.
Coming back to this $68 billion of money savings over the
five year period, why did the people of this country make the
collective decision to place this much in cash rather than to
invest even more in Federal securities than they did? We have
asked ourselves many times what should have been par for the
amount placed in Federal securities or, vice versa, what should
have been par for money savings under the circumstances. Unfortunately, there is no precise answer to these questions. You
may be interested, however, in some observations on the factors
bearing on them.
First of all, take the question of currency. Out of $68
billion of savings going into money forms, currency accounted for
$18 billion. While this is a big increase,, I believe it must 'be
seen in perspective to be understood. The major forms of liquid
assets held by all nonbank Investors combined have increased from
$85 billion in the middle of 1940 to $275 billion at the end of
the Seventh War Loan. As a proportion of these totals for liquid
assets, currency-has been remarkably stable - accounting for 8$
of the total in June 1940 and 9$ of"the total in the middle of
this calendar year. We studied this series in World War I and
found the same stability in the proportion of liquid assets held
in the form of currency, the figures running from 7-l/2$ to
9-1/2$ in that war,
It must be remembered that during World War II the distribution of income was significantly altered so that millions of
families, formerly on a subsistence level or even below, received adequate and decent incomes for the first time in their
lives. Naturally, they increased their holdings in currency from a figure of approximately zero to something running up to,
I suppose, several hundred dollars in some cases. In our sur~
veys some people have stated frankly that they derived a sense
of security and comfort from having a wallet full of currency.
Another factor bearing on the currency increase was, of
course, that the level of business was so much higher than ever
before that all along the line it was necessary to have more currency to carry on transactions.
- 5 A third factor is that banking was not always convenient
for many people, either because of odd working hours or because
of a lack of nearby banking facilities, particularly in communities where industrial growth was most striking.
Finally, there are, of course, the motives of tax evasion
and black markets. You know from the tax evasion cases which
have been discussed in the papers that a few of our citizens
tried very hard to beat the tax laws. Some part of the currency
outflow has been due to these illegal activities, but it is believed that this has been a relatively small factor in the currency growthFrom the standpoint of selling war bonds, these explanations
of the currency outflow are important because most of the people
who absorbed this currency also bought bonds. A total of 85 million people have purchased Series E bonds and I doubt that very
many of those who haven't bought bonds hold much of the currency
either. What has happened is that people have both bought bonds
and acquired currency, and so long as the currency is not hot
money from the inflationary point of view it is not inconsistent
with our campaign for new savings to avoid inflationary pressures.
Subtracting the $18 billion growth of currency, the remainder *
of the $68 billion of money savings consisted of a $50 billion
increase in commercial bank accounts, What should we conclude
with regard to the motivation of people In wanting this particular increase in the money supply? We know first of all that
about $38 billion of this increase was in demand deposits and
about $12 billion in time deposits.
In the case of demand deposits, corporations and associations accounted for about 40$ of the increase, or about $16
billion. These were not inflationary funds but rather, for the
most part, were needed increases in working capital and funds
set aside for reconversion. In addition, for various reasons
corporations were accumulating temporary reserves which they
preferred to keep to a considerable extent in readily available
cash.
Another large part of the increase in demand deposits is
accounted for by unincorporated businesses and farmers, which in
many cases were faced with the same need for larger working capital as corporations. About $10 billion of the demand deposits
accumulated by individuals during the period should be credited
to these investors as business accounts. In addition, State and
local governments acquired about $2 billion of demand deposits
over the period, while insurance companies and savings banks
actually reduced their deposits by nearly a billion dollars in
the five years. This leaves only about $11 billion of the increase in demand deposits to be credited to the broad group of
wage-earners, professional people, etc. Some of this is certainly hot money, but a large part is definitely in the class
6
of legitimate savings. In short, it is clear that only a relatively small part of the $38 billion increase in demand
deposits is dangerous money in the inflationary sense.
The growth of time deposits in commercial banks is probably
to be explained mostly by the word "diversification." We have
found in our surveys that many people want to spread their savings among different forms. They feel that they have done their
duty in the war bond program by investing more than 10% under
payroll plans and by participating in the purchase of extra bonds
in each war loan*, In too many cases, our goals have thus become
"psychological ceilings" to many people, which have been difficult to penetrated In any event, savings over and above the
amounts invested in bonds are spread around partly into currency,
partly into demand deposits^ and partly into time deposits• On
the other hand, some part of the funds placed in time deposits
is just as hot as some of the currency or demand deposits. The
psychology varies with each depositor;
I have not here cited separately the figures for increases
in deposits in savings banks as opposed to commercial banks, because savings banks have been treated as part of the composite
group of nonbank.investors in the figures I have given you^ and
it would be double countings to take up their deposits, on the one
hand and also to include their purchases of Government securities with other nonbank purchases on the other hand. For your
information; however], deposits In savings banks increased by close
to $4 billion over the five-year period; the purchases of Government securities made by savings banks as they invested these
funds are included in the figures previously mentioned for nonbank absorption of Federal securities;
Thus the inflationary dollars involved in the $68 billion
of money savings made over the five-yeer period represent a fairly small proportion of the total. Some part of each of the categories of money savings is definitely hot money, but it is my
opinion that in each c&se the largest part of the funds placed
in cash forms represents legitimate savings. In short, I believe that in absorbing $121 billion out of $190 billion of new
funds, we came pretty close to shooting par. On the other hand,
no one in the Treasury would argue that the job has been perfect*
Moreover, we well realize that even Government securities^are
not completely foolproof in preventing inflation, since bonds
can be redeemed or they can be sold in the market.
What of the future? First of all, we have arranged the debt
so that each investor class holds securities which are appropriate
to it. Over 60$ of the securities held by the commercial banks
are due or callable in less than five years. . On the other hand,
insurance companies hold only about 10$ of their portfolios in
onl f ° m ° f secu rities due or callable within five years, and
90% in longer categories. Individuals largely hold Series E, F
and G savings bonds, which they may either cash when the need
- 7 *
arises or continue to hold at an ascending rate of interest.
About half of the holdings of individuals is in the form of
Series E bonds, a security designed exclusively for the average
small investor.
Corporations other than banks and insurance companies hold
close to one-third of their Government securities in the form
of savings notes - a highly flexible instrument which may be
turned in on taxes, redeemed for cash, or held for investment
at increasing rates of interest. The bulk of the remainder of
corporation holdings is in the form of short-term securities,
largely certificates of indebtedness.
This "tailoring" of securities to the needs of the investor is a healthy thing for the economy.
For example, corporations have readily available funds to
use for plant expansion as well as for reconversion purposes.
Individuals are in a position to draw on their bonds to aid*
them in periods of unemployment and to assist them in purchasing
new supplies of consumers' goods as they become available. Most
of all, however, the existence of a flexible portfolio of bonds
in the hands of individuals will add to their sense of security
and thereby aid them as a group in taking off of the markets
the volume of production which they, as workers, produce.
Our public debt will soon be more than $270 billion, and
it is clear that the annual interest charge in the next few years
is going to run in excess of $5 billion. The average rate of interest on the debt today is 1.94$, and our net borrowing during
the war has been done at an average rate of around 1.8$. Contrast this with World War I, when the average interest rate was
about 4-?l/4$. We have lightened the future "burden of the debt
considerably by pur low interest rate policy. Indeed, if rates
had averaged 4-y4$ in this war, the interest burden would be
about $12 billion' a year instead of something over $5 billion.
But low interest rates are not only beneficial in so far
as the burden of the debt Is concerned. Secretary Vinson has
stated the advantages of a low interest rate policy for the
entire economy, as follows:
"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
- 8 better public facilities which will make our
country tomorrow more productive and a better
place to live in than it was yesterday,"
All of the things I have been saying boil down to the simple
statement that the war has been well financed and that, as we
enter what I hope will be a long period of peace, our banking
institutions, business in general, and individuals are in a
healthier financial condition than ever before.
I hope that conditions will be so good in the next several
years that we will have a surplus in the Treasury and will be
able to iretire debt continuously. If that proves possible, so
much the better; if not, we have done the best we could to prepare for the problems facing us.
In closing, I want to say that the work done by the volun*teer war bond organizations throughout the nation has been a
source of stimulation to all of us in the Treasury. In a sense,
we have been merely planners and strategists; the real generals
and the army Itself have consisted of the local war finance
organizations and their six million volunteers. I think it is
a tribute to American democracy that this program has in essence
represented a sum total of many, many smaller programs. We have
had special campaigns carried out by virtually every group in
this country. Many of these overlapped, but far from weakening
the results the overlapping proved beneficial for it meant that
there was an intensification of sales efforts. I am sure that
bond sales were stimulated by the fact that many a man has been
asked to buy bonds by his children as a result of a school program, by a neighbor as a result of a community program, by a
payroll worker at the plant, through a call from a banker or
broker, and by a volunteer in one of the other programs. It has
been a tough job, but all of us should feel a deep sense of
satisfaction in the success which has been achieved.
0O0
There are all th© problems of converting
from tfee nays of mr to toe ways of peace*
We would be less thaa frank If w©
did not recognize that there Is dsrteess
Bfamd* But nigricans are not by nature
pessimistic and should not be now#
There is a proverb that he who lights
a candle is better than he ^10 curses
the dmrimess. Let us all go forth and
light a candle In whatever place or
station wo bt* These specks of light,
multiplied may times, will dispel
the darkness.
-ko~
I knew you will help us build the
prosperous peace we all want, and I
believe that the leaders and people of
our nation are more conscious* are more
able, and are ©ore resolute to do the
job this time.
We haw mny problems ahead# There
are economic and political problems
amorr the nations* There'are the
problems attached to attaining full
production, full employment, and high
income•
ait Merlca, united, did the whole Job
so well that we overwhelmed the emmp
with oar mi#it# had more than enou^a
to live on at home, and 'kept inflation,
a malady that tries and usually does
infest every nation at war, away from
our door*
Hence, 1 state unequivocally to
every returning soldier, you are coming
back to a better country than our
warriors did last time*
~ 58 -
The public was informed and could
criticize constructively or
destructively the actions of its
executives as they implemented and
carried out the basic laws of the
land*
The economy of the nation was
kept on even keel* we had our problems
of wage and price control, of shortages
of raw matevials, and of bottlenecks
in producing the finished goods*
. 57 As the veteran comes back today, I
believe that.he will find that the
country Is In pretty cood shape*
The things that he dreamed
America and horn stood for as ha
fought from his foidiele, landing craft,
destroyer, or plane, have be« preserved.
The dignity of the individual citizen
was not abrogated because of war* The
latchstring on the courthouse door was
not ramc%*ed« The laws of the country
were enacted by duly elected representatives*
-56ffe may want a new place to live. He
my want to refurnish his home# Ha
say want to take a little trip — a
postponed or second honeymoon, for
sample* All of these things that
veterans will want to do can be done
much, much easier -if the nation is
running in higji gear*
Opportunity has knocked again
to build a better world* Last tiro vo
failed*)
v/e have a twofold advantage this
time* Not only have YJC had a lesson
on this subject, but also to have a
better base upon which to build*
- 55 Mow, Is there my basic differetsee
between these things all toerlcans want
and what the veteran wants? I dhouid
think not. The soldier coning back into
our economic life certainly stands to
benefit by full eitploy»nt, full production
and rood wages as isueb as the rest of us#
It will be especially helpful to him,
moreover, if we have a speedy reconversion
to a virile, expanded econosiy because it
will ease all of the "things he has to
doB when he gets back. He nay want a
cood job. He may want to start a business*
nothing could be more tragic than to
have this mormous power wasted in
industrial unemployment and in
unmarketable farm surpluses*
This country is an economic unit*
Prosper!ty is national prosper!ty|
depression is national depression*
we have learned that no section of the
country, no biwich of industry, labor,
or agriculture CM escape the consaqpances
of national depression; and we have
learned that all benefit from national
prosperity*
- 5? •
The federal, state, and local governments
must follow policies on taxes, assistance,
and fair competition that foster and
encourage expansion and development*
The businessman oust be able to
turn out a large volume at a reasonable
profit. The worker Mist have good wages
and economic security* The farmer must
have markets at good prices for his
produce*
The source of our great economic
strength is the efficiency and productivity
of our labor, industry, and agriculture*
- 52It means prodigious production* It
means a good market for all of our
industrial and agricultural produce*
Each of these factors t full
employment, high income, vast production,
good markets, mxmmt the other three*
These simply stated objectives, like
world peace, however, rewire vigilance
m& action on many fronts*
Industry must operate in an
atmosphere that encourages expansion
and development* Hew businesses mist
be established and be able to thrive*
Just as we mist f inlah the job in
regard to securing peace m& working
out international economic m& political
probl«s, we must f inish the job in
converting our economy back to a
peacetime basis, and after that
reconversion is over in building a
sound and expansive economy for the
long haul*^\
A sound and expansive economy
means many things* It means a job
opportunity for every man who wants a
Job* It means good wages*
• 30 *
Prosperity or depression, or first
one IM then the other, like war, is
not inevitable, le also have a job
to do on this front* As we did not
do 00 well after the last war in the
matter of relations among nations, we
also failed in building a sound econOTy
for panes* Last tins we had the greatest
part of am* inflation after the war* le
then had a serious depression, after
which we had the insecure *2®*a, ieadii^
to the crisis which began in the Pall
of »29.
• 29 But I add and «*phaslns the converse,
because it is some thing closer to us
and because we can more quickly see
that it is in our own sel*»intsrsst,
and that is the world does not stand
a chance of having a sound, prosperous
economic future unless 'the united states
has a high level of employment, production,
and income* We are too big a factor In
the world today for this not to be true*
Other nations recoiml&e it* The question
is whether we will acknowledge it end
accept the responsibility and leadership
it entails*
- 28 If we attain lasting peace, will
it be prosperous? The answer, of course,
is that wa shall not attain a lasting
psacs unless this nation and other
nations of the world do have a decent
standard of living and a reasonable
degree of prosperity*
We often hear It said today that
the united States cannot be prosperous
unless mere is a stable and sound
economy throughout the countries of
the world* With that I do not disagree*
• 2? I firmly believe that a great part
of all cur hope and faith in the future
of this country sad the United nations
Is founded on a comaon failing that
conferences and decisions vmdmr law
and justice can carry the bulk of the
burden that rests upon the ahouldsrs
of the people of this world* Let ua
resolve that this cession feeling shall
prove to be- common knowledge*
- 26 mile we must be patient and sympathetic
if mistakes are made or agreements are
not readily reached, we will not
tolerate, we cannot tolerate, failure*
If we bave a continuing Interest, a
Job's patience, and a truly American
perseverance, we can face the future
with the faith that never again will
we have to call upon mi git to mske
right*
• 25 These trell*»bla£ing measures,
together with the ethare that will
follow, offer us a definite assurance
that the nations of the world can get
together, can solve International
economic and political problems by the
discussion method* Ho man today can
guarantee or insure that such measures
will do the job*
I have little doubt that experience
will show faults In the machinery m nm
have and that many meetings of the nations
will show little, if any, results*
- El* However, we have concrete evidence that
the discussion and conference procedure
does work.
Already we have traveled down that
path a long way* Already we have the
familiar landmarks of Reciprocal Trade
Agreements, the t£tport~Import Bank, the
United Nations Relief and Rehabilitation
Administration, the International Food
and Agricultural Organisation, fee social
and Economic Council of the United Nations
nocurity Organisation, the International
Monetary Fund and the International
Batik for Reconstruction and Development*
• 25 At the same tins, we oust not regard
the ^meetings aj} battles* We must not
fsA that points are to win and lose,
and are to be totalled for a final
score* Wo must not ovstwlrsaatiss and
build into headlines the slow glve*«i*»taka
of men working out together the peaceful
solution of difficult problems* Tht
peoples of the world oust develop their
rational selves to control and prevail
over their emotional nature*
This sounds, m& is, difficult* The
conference of foreign ministers in London
is an example that we cannot expect epoch
agreements at each sitting*
- 22 •
Our attitude m the conference procedure
must include two characteristics which,
Alls quite dissimilar, are not
diametrical*
We oust not loss interest* le mat
insist that the nations of the world,
including our own, get together* we
Bust follow through* ¥e must try and
try again, we must be willing to tackle
the new probl« that arises when the
old one is resolved* In short, we aist
have an intense and continuous interest*
- 21 But we cannot let international
problems fto by default*
The war proved, if it needed to be
proved again, that Americans are great
in meeting an emergency* Today Mericans
must answer a <pestlon that they have
never answered too well. Can they
apply thameelvee with a realistic,
disciplined devotion to the day«*by**dey
work of finding and solving all economic
and political problems?
This calls for discussion and
conference among our groups and among
nations*
«* 20 «*
How different the battlefield and
the conference room* The chairman states
that the honorable representative of the
Republic of Amura will submit for the
consideration of this assembly his
country's countsr»proposal« But we
sust sake the latter procedure work to
prevent the bloodshed of the former*
The drama of war is gone* We are
tired and we have a strong inclination
to settle back in our homes and let
interimtloiml problems go by default.
~19~
Another step In being realistic
about peace 1© to make the discussion
and conf trance procedure wort:* In
many *wqrs it is going to be much, much
harder for us to solve International
problems m^d thus prsvsnt war than It
was for us to fight a war*
You Legionnaires know that war Is
terrible, ait you must admit that it
is com rate* Tbsrs is the roar of the
field artillery* There Is the staccato
burst of the machine gun* There Is the
whine of the dive-bomber. There is
your wounded buddy. There is the flag*
- 18 Despite your courage and despite
the warnings of our great leader, Franklin
Delano Roosevelt, this country did not
legislate military strength* The
failure to do so did more than to
lessen our physical resources* This
diet of pap made us listless* It
resulted in a lack of stauina and
alertness. In this condition we should
not have been surprised by the acts of
aggression in Manchuria, and Ethiopia,
and Europe* This tins, my w© remain
alert and strong*
- 17 We sank our ships* Later when the war
clouds gathered on tht horizon we
rejected substantial appropriations
for naval bases and for planes*
The AB^rlcan Legion did not forget
the value of bains strong* Mot only
were you backing the right cause, but
you took a position on an issue that
called for manifold courage* It was
sens thing in those days to preach the
gospel of preparedness* You were not
riding the bandwagon* You were instead
a prophet to be stoned*
- 16 Although being a pessimist for the
only time this morning, it Is not so
fooli^i to work for peace, but keep
your powder dry* More li^ortant by
far, however, is the fact that if the
nonHiggrsssor nations are strong, the
petty International despot will, in all
likelihood, be deterred from his
nefarious plans. The streetsorner
rowdy does not start a fight when he
knows a policeman is near at hand*
We forgot the merit of being strong
about peace after World War I.
-19Mot for one moment do I claim
that deciding that war is Inevitable
is all that must be dona*
There are other things to do.
What I neict mention is something for
which avexy American should stand and
acclaim the Legion. This is a point
where fm never went wrong. To be
realistic about peace is to be strong*
This does not mean that we are strong
in order towage wars of aggression,
or that we are strong because we accept
the fact that we will be called upon
inevitably to defend ourselves*
There has to be an inner dynsite <**» a
faith of sons kind within a man —* to
Mke him grow, to make him work on the
problems of the <tey, to make him deal
realistically wlfb the majority of men
who do have something to live for*
Hamember this, I do not say vhat
we are bound not to have World far III.
I simply say that if we do a Job, we
deed not have world War III* Whether
we will have another war Is for us to
answer W what we do today and tomorrow
and the day after tomorrow.
**15~
If you have more cynicism than
the dash that a healthy* realistic man
has, you my bt a fatalist and a
defeatist* If you are a defeatist
you will si^y that hlstoiy repeats
itself* le had World far I* W® had
World wsar II* And we shall have
world far 111. If yen are cynical
through m<i\ throu^i, you will argue
that the idealism of today its but the
dlspreven Idealism of yesterday* But
when a sen 1© soured, when he has faith
in nothing, he is no longer realistic
and practical*
- 12 The old slogan that the world was
going to blcl^aaw^io that democracies
would be safe now has a new dress, and
In aimer dress lt*s not a bad principle*
Today we say that the peoples of a
nation, no matter h<m small, can choose
their own form of government*
And I now put forward the principle
that it is not Inevitable that the snail
nation will seme day be overrun and
lose its chosen government* Wars are
not ordained*
- 11 When we were the late twenty flapper,
Mybe we did not want to admit we
believed in anything so good for the
comma man, so really fresh and wholesome
as government of the people, by the
people, and for the people* Whm we
tod that attack of pseudo**sophistleatlon,
maybe soma thought that there was a
little truth In the sputter!ngs of
Hitler and company that democracy was
inefficient, soft and decadent.
- 10 And Alls we are thinking about
that first world far, 1st us give in
passing a t&ougftt to those catchy
sayings like 'tits war to end all war®.
fa had several slogans during World
far X* Later it became ths fad to
debunk those slogans, le were
sophisticated, le were- gro«**up. We
were lir* Debonair, top-hat style* But
basically tiiose aspirations were not
to be belittled* Take for example the
slogan 9Wke the world safe for
democracy*.
*9~
But whatever loss of faith you had
when you saw this generation rocked
into World far II, after fighting the
war to $M wars, was not a loss of faith
In the ideal or the possibility of its
attainment, but rather it was a loss
of faith in cur ability to stick to It,
to finish the job, to handle the social
sciences as well as the natural sciences*
It was a loss of faith in the mn of
our time to utilise fully their Ood~glven
talents*
- 8Man has it in his power to avoid making
each and every potential future war*
1® could bt entering upon peace f orever
and ever* lars are not inevitable, tut
are B**i*<attd*» *•* *>« ®m
Mk0
*
h0 cm
avoid making*
I know that you legionnaires have
the grain of cynicism that Is found in
all b&rdhsaded, practical men*
«*7Sincs we must move In some direction,
it takes no profound thought to conclude
that we Had better set some course rather
than permit ourselves to be tossed about
without plan or purpose.
That we should not merely accept
events, that instead we should think,
plan, m& act, has an all Important
compensation* When we fully realise
that w© are not the pawns of fate, but
are the masters of our destiny, then a
tremendous but joyous conclusion thunders
down upon us — we can prevent war*
* Q *
Whether we wish it or not — we
are at this very moment starting to lay
a foundation either for another war or
for true peace* le cannot avoid It*
What we do not do my be as important
as what we*># Our own lives, the life
of our nation, the history of the world
does not, will not, stand still* The
stereoscopic pictures we viewed with
delight as boys were fascinating and
beautiful. But life is not to be frozen
into one pose like mat. Life is a
moving picture* ?/e are on the go.
The question is what direction.
~ 5~
To have the future we want, we
must be realistic and ready to take
the steps necessary for Its attainment.
Ws must be willing to work, to think,
to act* We cannot follow the
shortsighted policy of reclining in
our easy chairs m<X wallowing in the
Xmmrw of "the war is over*. If we do
that, we shall suddenly learn that we
are enjoying only the breathing spell
before the next war.
.* life must face the problems that are
with us and those that will follow and
work toward the Objectives we desire*
When we wonder what the future
holds for us, two matters, for the
most part, are in our Binds* Will we
have lasting peace? Will we have a
prosperous and wftrtMhlls life? j mesa
two .goals, like other good objectives,
are intertwined* we cannot have lasting
peace without a prosperous, sound economy*
we cannot have true and long**tera prosperity
without a lasting peace.
- 5The American Legion, I am confIdent,
will continue to play an important role
In our government and in behalf of the
veteran and our people* Several million
men and women will be our veterans this
time* They corns from all walks of life.
They are a cross section of Anarloa*
They can be a tremendous Influence for
good.
The American Legion, I am sure
moreover, will be alert to the problems
of the day* le Bust lay a cornerstone
for a sound future. We cannot let our
future Just come to pass*
• 2*
In such a conversion we are all
Interested, in what we are to do and
what we may expect.
Before turning to the future,
however, I wish to think a moment about
the present and the past.. I m happy
to be at this convention — the 2?th
annual national convention — of the
American Legion* During my several
years in congress, I had many happy
occasions of working with the Legion.
£7
-*"'
^MAMA/
??«4&*«*>C
•LOT'S BO THE JOB THIS Tliffi
J6r* National Comiander, Ladies and
Gentlemen:
le are leaving the ways of war and
taking up the ways of peace* It Is very
difficult to realize fully that our effort
today is not to wage total war but is to
wage total peace and to forge a sound
future*
Mm? of us are apt to be caught off
balance whan the play is changed. But
we Bust keep our eye on the ball, for
this change is a fundamental conversion*
Ws must convert economically, socially,
politically, and even mentally*
,??
TREASURY DEPARTMENT
Washington
(The following address by Secretary Vinson before
the 27th Annual National Convention of the
American Legion at the Chicago Coliseum, Chicago,
is scheduled for delivery at 10;50 A.M., C.S.T.,
November 20, 1945, and is for release at that
time.)
LET'S DO THE JOB THIS TIME
Mr. National Commander, Ladies and Gentlemen:
We are leaving the ways of war and taking up the ways of
peace. It is very' difficult to realize fully that our effort
today is not to wage total war but is to wage total peace and
to forge a sound future.
Many of us are apt to be caught off balance when the play
is changed. But we must keep our eye on the ball, for this
change is a fundamental conversion. We must convert economically, socially, politically, and even mentally. In such
a conversion we are all interested in what we are to do and
what we may expect.
Before turning to the future, however, I wish to think
a moment about the present and the past. I am happy to be at
this convention - the 27th annual national convention - of the
American Legion. During my several years in Congress, I had
many happy occssions of working with the Legion.
The American Legion, I am confident, will continue to play
an important role in our government and in behalf of the veteran
and our people. Several million men and women will be our
veterans this time. They come from all walks of life. They are
a cross section of America. They can be a tremendous influence
for good.
The American Legion, I am sure moreover, will be alert to
the problems of the day. We must lay a cornerstone for a sound
future. We cannot let our future just come to pass. We must
face the problems that are with us and those that will follow
and work toward the objectives we desire.
When we wonder what the future holds for us, two matters,
for the most part, are in our minds. Will we have lasting
peace? Will we have a prosperous and worthwhile life?
V-139
- 2 These two
We cannot
economy.
a lasting
goals, like other good objectives, are intertwined.
have lasting peace without a prosperous, sound
We cannot have true and long-term prosperity without
peace.
To have the future we want, we must be realistic and ready
to take the steps necessary for its attainment. We must be
willing to work, to think, to act. We cannot follow the shortsighted policy of reclining in our easy chairs and wallowing
in the luxury of "the war is over". If we do that, we sha.ll
suddenly learn that we are enjoying only the breathing spell
before the next war.
Whether we wish it or not - we are at this very moment
starting to lay a foundation either for another war or for true
peace. We cannot avoid it. What we do not do may be as important as what we do. Our own lives, the life of our nation,
the history of the world does not, will not, stand still. The
stereoscopic pictures we viewed with delight as boys were
fascinating and beautiful. But life is not to be frozen into
one pose like that. Life is a moving picture. ^e are on the
go. The question is what direction. Since we must move in
some direction, it takes no profound thought to conclude that
we had better set some course rather than permit ourselves to
be tossed about without, plan or purpose.
That we should not merely accept events, that instead we
should think, plan, and act, has an all important compensation.
When we fully realize that we are not the pawns of fate, but
are the masters of our destiny, then a tremendous but joyous
conclusion thunders down upon us - we can prevent war, Man
has it in his power to avoid making each and every potential
future war. We could be entering upon peace forever and ever.
Wars are not inevitable, but are man-made. What man can make,
he can avoid making.
I know that you legionnaires have the grain of cynicism
that is found in all hardheaded, practical men. But whatever
loss of faith you had when you saw this generation rocked into
World War II, after fighting the war to end wars, was not a
loss of faith in the ideal or the possibility of its attainment,
but rather it was a loss of faith in our ability to stick to it,
to finish the job, to handle the social sciences as well as the
natural sciences. It was a loss of faith in the men of our
time to utilize fully their God-given talents.
And while we are thinking about that first World War, let
us give In passing a thought to those catchy sayings like "the
war to end all war". We had several slogans during World War I.
- 3 Later it became the fad to debunk those slogans. We were
sophisticated. We were grown-up. We were Mr. Debonair, tophat style. But basically those aspirations were not to be
belittled. Take for example the slogan "Make the world safe
for democracy". When we were the late twenty flapper, maybe
we did not want to admit we believed in anything so good for
the common man,lso really fresh and wholesome as government of
the people, by the people, and for the people. When we had that
attack of pseudo-sophistication, maybe some thought that there
was a little truth in the sputterings of Hitler and Company that
democracy was Inefficient, soft and decadent.
The old slogan that the world was going to be cleansed so
that democracies would be safe now has a new dress, and in
either dress it's not a bad principle. Today we say that the
peoples of a nation, no matter how small, can choose their own
form of government.
And I now put forward the principle that it is not inevitable that the small nation will some day be overrun and lose
its chosen government. Wars are not ordained.
If you have more cynicism than the dash that a healthy,
realistic man has, you may be a fatalist and a defeatist. If
you are a defeatist you will say that history repeats itself.
We had World War I, We had World War II, And we shall have
World War III
If you are cynical through and through, you
will argue that the Idealism of today is but the disproven
idealism of yesterday, But when a man is soured, when he has
faith in nothing; he is no longer realistic and practical,
There has to be an inner dynamo ~ a faith of some kind within
a man - to make him grow to make him work on the problems of
the day. to make him deal realistically with the majority of
men who do have something to live for*
Remember this, I do not say that we are bound not to have
World War III., I simply say that if we do a job, we need not
have World War III& Whether we will have another war is for
us to answer by what we do today end tomorrow and the day after
tomorrowc
Not for one moment do I claim that deciding that war is
inevitable is all that must be done.
There are other things to do. What I next mention is
something for which every American should stand and acclaim
the Legion. This is a poinu where you never went wrongj To
be realistic about peace is to be strong* This does not mean
that we are strong In order to wage wars of aggression, or
that we are strong because we accept the fact that we will
be called upon inevitably to defend ourselves. Although being
- 4 a pessimist for the only time this morning, it is not so foolish
to work for peace, but keep your powder dry. More important by
far, however, is the fact that if the non-aggressor nations are
strong, the petty international despot will, in all likelihood,
be deterred from his nefarious plans* xThe street-corner rowdy'
does not start a fight when he knows a policeman is near at
hand •
We forgot the merit of being strong about peace after
World ftar I. 7/e sank our ships. Later when the war clouds
gathered on the horizon we rejected substantial appropriations
for naval bases and for planes.
The American Legion did not forget the value of being
strong. Not only were you backing the right cause, but you
took a position on an issue that called for manifold courage.
It was something in those days to preach the gospel of preparedness. You were not riding the bandwagon. You were
instead a prophet to be stoned.
Despite your courage and despite the warnings of our
great leader, Franklin Delano Roosevelt, this country did not
legislate military strength. The failure to do so did more
than to lessen our physical resources. This diet of pap made
us listless. It resulted in a lack of stamina and altertness.
In this condition we should not have been surprised by the acts
of aggression in Manchuria, and Ethiopia, and Europe. This
time, may we remain alert and strong.
Another step in being realistic about peace Is to make the
discussion and conference procedure work. In many ways it is
going to be much, much harder for us to solve international
problems and thus prevent war than it was for us to fight a war.
You Legionnaires know that war is terrible* But you must
admit that it is concrete* There is the roar of the field
artillery. There is the staccato burst of the machine gun.
•there is the whine of the dive-bomber. There is your wounded
buddy. There is the flag.
How different the battlefield and the conference room.
ine chairman states that the honorable representative of the
Republic of Amura will submit for the consideration of this
assembly his country's counter-proposal. But we must make
tine latter procedure work to prevent the bloodshed of the
former.
The drama of war is gone. We are tired and we have a
strong inclination to settle back in our homes and let international problems go by default. But we cannot let international problems go by default.
- 5 The war proved, if it needed to be proved again, that
Americans are great in meeting an emergency. Today Americans
must answer a question that they have never answered too well.
Can they apply themselves with a realistic, disciplined devotion to the day-by-day work of finding and solving all
economic and political problems?
This calls for discussion and conference among our groups
and among nations. Our attitude on the conference Drocedure
must include two characteristics which, while quite^dissimilar,
are not diametrical.
We must not lose interest. We must insist that the
nations of the world, including our own, get together. We
must follow through. We must try and try again. We must be
willing to tackle the new problem that arises when the old one
is resolved. In short, we must have an intense and continuous
interest.
At the same time, we must not regard these meetings as
battles. We must not-feel that points are to'win and lose, and
are to be totalled for a final score. We must not over-dramatize and build Into headlines the slow give-and-take of men
working out together the peaceful solution of difficult problems. The peoples of the world must develop their rational
selves to control and prevail over their emotional nature.
This sounds, and is, difficult. The conference of foreign
ministers in London is an example that we cannot expect epoch
agreements at each sitting. However, we have concrete evidence
that the discussion and conference procedure does work.
Already we have traveled down that path a long way.
Already we have the familiar landmarks of Reciprocal Trade
Agreements, the Export-Import Bank, the United Nations Relief
and Rehabilitation Administration, the International Pood and
Agricultural Organization, the Social and Economic Council of
the United Nations Security Organization, the International
Monetary Fund and the International Bank for Reconstruction
and Development,
These trail-blazing measures, together with the others
that will follow, offer us a definite assurance that the
nations of the world can get together, can solve international
economic and political problems by the discussion method. No
man today can guarantee or insure that such measures will do
the job.
6 I have little doubt that experience will show faults in
the machinery we now have and that many meetings of the nations
will show little, if any, results* While we must be patient
and sympathetic if mistakes are made or agreements are not
readily reached, we will not tolerate, we cannot tolerate,
failure* If we have a continuing interest, a Job's patience,
and a truly American perseverance, we can face the future with
the faith that never again will we have to call upon might
to make right.
I firmly believe that a great part of all our hope and
faith in the future of this country and the United Nations
is founded on a common feeling that conferences and decisions
under law and justice can carry the bulk of the burden that
rests upon the shoulders of the people of this world* Let us
resolve that this common feeling shall prove to be common
knowledge.
If we attain lasting peace, will it be prosperous? The
answer, of course, is that we shall not attain a lasting peace
unless this nation and other nations of the world do have a
decent standard of living and a reasonable degree of prosperity*
We often hear it said today that the United States cannot
be prosperous unless there is a stable and sound economy throughout the countries of the world* With that I do not disagree.
But I add and emphasize the converse, because it is something
closer to us and because we ca n more quickly see that it is in
our own self*interest, and that is the world does not stand
a chance of having a sound, prosperous economic future unless
the United States has a high level of employment, production,
and income* We are too big a factor in the world today for
this not to be true. Other nations recognize it. The question
is whether we will acknowledge it and accept the responsibility
and leadership it entails*
Prosperity or depression, or first one and then the other,
like war, is nqt inevitable* We also have a job to do on this
front* As we did not do so well after the last war in the
matter of relations among nations, we also failed in building
a sound economy for peace. Last time we had the greatest part
of our inflation after the war. We then had a serious
depression, after which we had the Insecure f 20 f s, leading to
the crisis which began in the Fall of ! 29*
Just as we must finish the job in regard to securing peace
and working out international economic and political problems,
we must finish the job in converting our economy back to a
peacetime basis, and after that reconversion is over in building a sound and expansive economy for the long haul.
7 A sound and expansive economy means many things. It
means a job opportunity for every man who wants a job* It means
good wages. It means prodigious production. It means a good
market for all of our industrial and agricultural produce.
Each of these factors: full employment, high income, vast
production, good markets, augment the other three. These simply
stated objectives, like world peace, however, require vigilance
and action on many fronts.
Industry must operate in an atmosphere that encourages
expansion and development. New businesses must be established
and be able to thrive. The federal, state, and local governments must follow policies on taxes, assistance, and fair
competition that foster and eri%ourage expansion and development.
The businessman must be able to turn out a large volume
at a reasonable profit. The worker must have good wages and
economic security. The farmer must have markets at good prices
for his produce.
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 enormous power
wasted in industrial unemployment and in unmarketable farm
surpluses.
This country is an economic unit* Prosperity is national
prosperity; depression is national depression. We have learned
that no section of the country, no branch of industry, labor,
or agriculture can escape the consequences of national depression; and we have learned that all benefit from national
prosperity, Nov;, is there any basic difference between these
things all Americans want and what the veteran wants? I should
think not. The soldier coming back into our economic life
certainly stands to benefit by full employment, full production
D
nd good wages as much as the rest of us* It will be especially
helpful to him, moreover, if we have a speedy reconversion to
a virile, expanded economy because It will ease all of the
"things he has to do" when he gets back. He may want a good
job. He may want to start a business. He may want a new place
to live,r He may want to refurnish his home. He may want to
take a little trip - a postponed or second honeymoon, for
example. All of these things that veterans will want to do can •
be done much, much easier if the nation is running in high gear*
Opportunity has knocked again to build a better wor^d.
Last time we failed*
- .8 We have a twofold advantage this time. Not only have we
had a lesson on this subject, but also we have a better base
upon which to build. As the veteran comes back today, I believe that he will find that the country is in pretty good
shape•
The things that he dreamed America and home stood for as
he fought from his foxhole, landing craft, destroyer, or plane,
have been preserved. The dignity of the individual citizen
was not abrogated because of war. The latchstring on the
courthouse door was not removed. The laws of the country were
enacted by duly elected representatives. The public was informed and could criticize constructively or destructively the
actions of its executives as they implemented and carried out
the basic laws of the land.
The economy of the nation was kept on even keel. We had
our problems of wage and price control, of shortages of raw
materials, and of bottlenecks in producing the finished goods.
But America, united, did the whole job so well that we overwhelmed the enemy with our might, had more than enough to live
on at home, and kept inflation, a malady that tries and usually
does infest every nation at war, away from our door.
Hence, I state unequivocally to every returning soldier,
you are coming back to a better country than our warriors did
last time. I know you will help us build the prosperous peace
we all want, and I believe that the leaders and people of our
nation are more conscious, are more able, and are more resolute
to do the job this time.
We have many problems ahead. There are economic and
political problems among the nations. There are the problems
attached to attaining full production, full employment, and
high Income. There are all the problems of converting from
the ways of war to the ways of peace.
We would be less than frank if we did not recognize that
there is darkness ahead. But Americans are not by nature
pessimistic and should not be now, There is a proverb that he
who lights a candle is better than he who curses the darkness.
Let us all go forth and light a candle in whatever place or
station we be. These specks of light, multiplied many times,
will dispel the darkness.
0O0
TREASURY D2PARTMSWT
Washington
FOB HELBASE, MOHSIBG HISTSPAPIRS,
Tuesday, November 20. 1945.
Pre** Service
\Z-/V^
the Secretary of the Treasury announced last erasing that the tenders for
$1^300,000,000, or thereabouts, of 90-day Treasury bills to be dated Moveaber 23, 1945,
and to mature February 21, 1946, which were offered on November 16, 1945, were opens*
at the Federal Reserve Banks on November 19.
The details of this issue are as follows:
Total applied for - §2,173,513,000
Total accepted
- 1,302,105,000 (includes $59,970,000 entered on a fixed-prin
basis at 99.905 and accepted In full)
Average price
- 99.906/ Equivalent rate of discount approx. 0.376$ per anma
Range of accepted competitive bids:
Kigh
Low
- 99.908 Equivalent rate of discount 0.368$ per annua
- 99.906
»
«
»
»
0.376$ "
"
(56 percent of the amount bid for at the low price was accepted)
Federal Beserve
District
total
Applied for
Total
Accepted
Boston
Sew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
72,215,000
1,536,968,000
53,840,000
18,175,000
20,157,000
10,600,000
299,630,000
44,495,000
8,830,000
25,130,000
13,459,000
75.OU.000
$
12,178,513,000
•1,302,105,000
TOTAL
AW3
40,615,000
924,082.000
32,764,000
10,579,000
13,601,000
7,248,000
176,264,000
12,847,000
6,630,000
19,818,000
8,757,000
48.900,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, November 20, 1945.
Press Service
No. V-140
The Secretary of the Treasury announced last evening that
the tenders for $1,300,000,000, or thereabouts, of 90-day
Treasury bills to be dated November 23, 1945, and to mature
February 21, 1946, which were offered on November 16, 1945, were
opened at the Federal Reserve Banks on November 19.
The details of this issue are as follows:
Total applied for - $2,178,513,000
Total accepted
- 1,302,105,000 (includes $59,970,000
entered on a fixed^price basis at 99.905 and accepted in
full)
Average price - 99.906/ Equivalent rate of discount
approx. 0.376$ per annum
Range of accepted competitive bids:
High - 99.908 Equivalent rate of discount
0.368$ per annum
Low
- 99.906 Equivalent rate of discount
0.376$ per annum
*
(56 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
Boston $ 72,215,000 $ 40,615,000
New York
1,536,968,000
Philadelphia
53,840,000
Cleveland
18,175,000
Richmond
20,157,000
Atlanta
10,600,000
Chicago
299,630,000
St. Louis
44,495,000
Minneapolis
8,830,000
Kansas City
25,130,000
Dallas
13,459,000
San Francisco
75,014,000
TOTAL $2,178,513,000 $1,302,105,000
oOo
Accepted
924,082,000
32,764,000
10,579,000
13,601,000
7,248,000
176,264,000
12,847,000
6,630,000
19,818,000
8,757,000
48,900,000
TREASURY DEPARTMENT
m NOV 20 PM 2 52
PUBLIC ftfcLA* IONS OFFKN?
FOR IMMEDIATE RELEASE
j November *ee^ 1 9 ^
cPv^^
\A^*J^,
iX^/w,
OT-VJ 7
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee entered for consumption during the period
commencing October 1, 19U5> as follows:
Country of Production
Quantity in Pounds
As of November 10, 19U5
Signatory Countries:
Brazil 197,216,268
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
7U,1^2,029
6,31il,921
£0
3,381|.,8l6
5,771,U5U
3,817,55U
10,376,03U
180,621*
2,673,178
.6,2$$,80$
630,5^1
SU2,632
1,931,206
Non-Signatory Countries: 100,29£
TOTAL
313,337,717
TREASURY DEPARTIBBENT
Washington •
FOR IMMEDIATE RELEASE
Wednesday, November 21, 1945
Press Service
No. V - 141
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 1945 as follows:
Country of Production
Quantity in Pounds
As of November 10, 1945
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
TBexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:
197,216,268
74,142,029
6,314,921
50
3,384,816
5,771,454
3,817,554
10,376,034
180,624
2,673,478
6,255,805
630,551
542,632
1,931,206
100,295
- 3-
for such bills, whether on original issue or on subsequent purchase, and the a
actually received either upon sale or redemption at maturity during the taxabl
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. Z*l#, as amended, and this notice, ore-
scribe the terms of the Treasury bills and govern the conditions of their issu
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 b
Secretary of the Treasury of the amount and price range of accepted bids. Thos
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
all tenders, in whole or in part, *and his action in any such respect shall be
Subject to these reservations, tenders for $200,000 or less from any one bidde
99.905 entered on a fixed-price basis will be accepted in full. Payment of acc
tenders at the prices offered must be made or completed at the Federal Reserve
in cash or other immediately available funds on November 29. 19ii.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 su
and loss from the sale or other disposition of Treasury bills shall not have a
special treatment, as such, under Federal tax Acts now or hereafter enacted. T
bills shall be subject to estate, inheritance, gift, or other excise taxes, whe
Federal or State, but shall be exempt from all taxation now or hereafter impos
on the principal or interest thereof by any State, or any of the possessions o
the United States, or by any local taxing authority. For pur ses of taxation t
amount of discount at which Treasury bills are originally sold by the United S
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, t
amount of discount at which bills issued hereunder arc sold shall not be consi
to accrue until such bills shall be sold, redeemed or otherwise disposed of, a
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 pa
TREASURY DEPARTMENT
Washington
J?
~~«
-«..
„„
^^f.
FOR RELEASE, MORNING N E W S P A F E R S J ^
Friday. November* « , IQ/,*
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
&
ST
on a discount basis under competitive and fixed-price bidding as hereinafter provided. The bills of this series will be dated November 29, 1945 , and will
mature February 28, 1946 » when the face amount will be payable without
f i?\
interest.
tfqt
They will be issued in bearer form only, and in denominations of 31,000,
$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 jtfxx time, Mondayf November 2,6, lr9L'i
Tenders will not be received at the Treasury Department, V/ashington.
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. gf, 99.925- Fractions
may not be used. It is urged th<' t tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will b3 opened at the Federal
TREASURY LEP/JITKENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, November 23, 1945
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 on a discount basis under competitive and fixed-price bidding as hereinafter provided. The
bills of this series will be dated November 29, 1945, and will
mature February 28, 1946, when the face amount will be payable
without interest. They will be issued in bearer form only, and
•in denominations of ^000, $5,000, £10,000, £,100,000, ;500,000,
and r)l, 000, 000 (maturity val ue),
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two oTclock p.m., Eastern
Standard time, Uonday, November 26, 1945. Tenders will not be
received at the Treasury Department, Washington. Each tender
must be for an even multiple of Al,000, and the price offered
must be expressed on the basis of 100, with not mere than three
decimals, e. g., 99-925. Fractions may not be used. Tt is
urged that tenders be made on the print-ed forms and forwarded
in the special envelopes which will be supplied by Federal lieserve Banks or Branches on application therefor.
V
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible, and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of
Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or
trust company.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which
public announcement will be made by the Secretary of the 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 8200,000 or less from
any one bidder at 99.905 entered
(over)on a fixed-price basis will
V
142
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 November 29,
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 bills shall be.'subject to estate, inheritance,
gift, or other excise taxes', whether Federal or State, but shall
be exempt from all taxation now or hereafter imposed on the
principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount, at which Treasury bills are originally sold by the United States shall be
considered to be interest. Under Sections 42 and 117 (a) (1)
of the Internal Revenue Code, as amended by Section 115 of the
Revenue Act of 1941, the amount of discount at which bills
issued hereunder are sold shall not be considered to accrue
until such bills shall be sold, redeemed or otherwise disposed
of, and such bills are excluded from consideration as capital
assets. .Accordingly, the owner of Treasury bills (other than
life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the amount actually received, either upon sale or
redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this
notice, prescribe the terms of
the Treasury bills and govern
-oOothe conditions of their issue. Copies of the circular may be
obtained from any Federal Reserve Bank or Branch.
•l>i-
. ;.«
Uhder the drama of war — labor,
industry and agriculture pilled together
in unity and in strength* Under the
drwia «t war — all of the anted
nations fought together ia unity and
la strength* How that drwa la gone*
Sot still we mist ha¥e some cohesive
catalyst to live together In unity aM
in peace* That cohesion and unity can
com from tht faith* courage* and
purpose within the breaat of every
nan throughout the world* whatever hie
place or station may he*
- 3k weaving together all of these
policies into a consistent fahric will
require a gtmz deal, of hard work* And
these art not all of the mmr prohleMi
ahead* lot only do we have the problems
of finding and carrying; out the m&B and
mean© to full production* full employment;,
and high national inccttte* tout also we have
numerous political and economic preblons
among all of the nations of the world,
the resolution of which is essential to
a lasting, prosperous peace*
I aa conscious that I have Just
scratched the surface in indicating to
you today hm we can concert mar social
and economic policies so that thmjr will
converge on the goal of full production*
I have touched upon taxes and the public
deht lichtly, and upon other amtters *—
including the important fields of
monopoly and competition* aoclal security*
and foreign trade — not at all* All
or these must play their part In
building the economy of tomorrow*
l o w important* lev. interest rates
will be a stimulating; force in the
economy generally* as they will mile
it possible for the hewMmqrmr to get
snore house value for each dollar of
monthly paymenti for state and local/(
taxpayers to get more schools and
mm hospitals for their tax dollars;
and for Industrial concerns and public
utility companies to get more plant
for avoir dollar of their fixed
char&es*
- 51 The interest burden or carrying
eharge on the debt is well within the
ability of the economy to bean but it
is large m4 it should serve as a constant
rmalndar to us that the burden of the
debt will be far greater if we pemtt
cur national income to fall* It should
bt r^imbered also that the Imrden would
bt w o h greater if the level of Interest
rates were only slightly hi^er*
A policy of low interest rates
clearly benefits the taxpayer by making
possible a lo^ar levwl of Goveraaent
expenditures and, consequently, a lower
level of taxation than would otherwise
be possible.
« 50 •
Is mtm so, they will sake ft najor
ceatrttatton to ®astag our problass of
transition fit* a warttoe to a paacotla©
,#%»*, .*%.*«
&wm&•
scon^y*
titittiitand of ttt§ tiotery Loan*
wo fttUmXL have concluded the e m of mmr
ilnanca* end will h a w «t#f*ed into that
of tniufttlon end pe*rtw*t* debt
mm&zmmt*
X billow that we will be entering this
period with tha debt to auch shape that it
cm play its part in tha flexible fiscal
policy which w t H b# neoaaaary to maintain
.full production and full mml®mmt
postwar period*
in tha
«• 29 **
'fh§ second objective of the Victory
Lean is to dram surplus purchasing power
off the marfeet for considers1 goods and
services and to daa it up until wo haw
goods and services to match it* In
achieving this ebjaeftSw* the ii&iUvidual
goal of h billion dollars If of even
grantor luportimoo than tha total goal
of 11 billion dollars*
Individual ability to subscribe
varies with family responsibilities and
neny other factors! but I m mm that tha
paopl© or the Halted state** as a whole*
can sepal and exceed this goal#
- 28*
CMwanoanist expenditure are being
reduced Just as rapidly as Is consistent
with getting these things dona* In July*
tha total axpendltnraa of the (Knreif*wmnfc
Mounted to 8-1/2 billion dollars! in
October* they were under & billion dollar*}
and they will continue to fall at a rapid
rate for the reminder of the fiscal year*
But, despite the rate of decline in
cmmrmmt eximttltttres* tha money from
the Victory Loan is necessary to flniob
the Job} and I know that we can count
on it*
• 27 •
It is naoooMiy to xmtaa the money to
brins the bulk of tha aimed forces hose,
to damnblllm* them* to provide them with
necessary hospitalisation* to furnish
their imia&*rln*«out pay* ano to moot
cur obligation* tudar the o*I* Bill of
Rights* It is necessary to settle the
war contrast* and to plan* the aocncay
m a peacetime basis* And* fim&ly*
It is necessary to Maintain occupation
forces in the enemy countries for as
long as nay bo nocosoaiy to flnlab th*
job which wo have luxtartakan; we must not
abandon the victory that we so dearly won*
• 26 me Victory Loan is also an
Important stop on our path from
wartlns to peacetime prosperity* As
you knew* it is designed to do two
thing*} end these two things are
e**9lanoatary *Mfe one another*
In the first place* it is
designed to raise too fund* necessary
to carry the ooveniment through tha
demobilisation period*
Thara is no contradiction between
this unci what i have Just said about
creating larger nnrkets later an* for
flexibility moat be the keynote of all
sound policy* there is also no
contradiction between this objective
and tha Revenue Act tttieh we have Just
passed* fir the basic objective of that
lot is to encourage a rapid reconversion
with its lncraa**d civilian production
and so holp to redress the currant
unbalance between supply and demand*
This Rovenue Act, than* is primarily a
reconversion maaauro*
For the prevent and immediate
future* our problem is not the prevision
of advquate amrkat* for consumers*
goods* Our prebles is xmthar that of
ax&edlttng tht irocitotien of mesa f^eda
and holding back the expenditure of cur
vmrplnv pmnamvlae povar* Our reserve
of purdt*avlnv povar should be used to
provide Jobs and mexfcetv tomorrow* rather
then mstlng itself in driving up prices
today*
- 254s tha reconversion of our physical
facilities to peacetime productIon Is
carried nearer to completion and the
demobilisation of the mm®& forces adds
more nan to the labor force* we may
expect to see consumers* goods become
more plentiful* Aa this occurs* it will
become more %m€ more desirable to remove
impediments to ones consumption* as well
as nass production* Under these conditions
it will be more important than ever to have*
what 1 have believed in for a long: time,
a thorough modarnlaation of our tax
structure*
- 22In this* we have token a major step
toward otraaa&ttilJic the income tax
so that It will reflect true ability
to ms^yj
^ A S it beoomis possible to revise
our tax vyvtam f urthvr* wo should keep
in mind the twin objectives of
encouraging business «fl»erprla* and
promoting ma*o eontmmption «•*» vhicdti is*
in Itself * the most important oiicouragvMttfc
which business enterprise can have*
• 21 »
sacond* the Revenue Act of %9k5
has wtrtQtm trm the Ineoae tax rolls
Billions of taxpayers whose Incomes in
relation to their fatllar reipoaalMlities
justified taxation only oader ^® stress
of great national aw****** These
parsons were on the tax rolls solely
keesaae the Bl«*J»ed •normal" tax allowed
BO exactions whatsoever for dependants*
Under the new Revenue Act, we now talc*
account of dependency for the entire
individual incoo* tax, fcotft norraal tax
and surtax.
• 20 «*
It »m*fees It mere worthwhile for
bn«lno*maan to *aak economies of
operation* and *o paves the way for
lower prices* It is also important
that the removal of the excess
profits tax make* it possible for
wall businesses to grow on a basis
of ccmpatitlw equality with old
established enterprises- with liberal
excess profits credits*
- 19 Tha modernization of oar tot
structure* in ny opinion, is the
foundation of our entire progrsm for
maintaining full production and full
employment In the postwar period.
The Revenue Act of l$k5> approved
tills month* Is a significant step in
the ri$it direction* It dots two
things of the utmost ii*portance*
First * It repeals the excess profits
tax. This puts business planning and
business initiative on a peacetime
basio and mates it possible for
businessmen to plan programo of
expansion with ©ore ccnfldence*
-18me policies which must be Int^mted
to converge on thi* goal include these
relating to taxation** Mall tousinosst
oanpvtlticni labor* management* and
vago*} foreign tradvf social security*1
agriculture} public voric* and construction!
and fiscal policy* 1 cannot hope to
tenet*- on all of those harm} and I shall
ocamiant only upon taxes ana the public
debt* two matters psmeitlarly under my
jurisdiction as saoratmry of the
f
fha differences between wartime
and peacetime conditions of production
are many wd complex* but thay nuvt
not be allowed to obvetiro the basic
fact that our economy oan produce
prodiglomvly olthor ia war or in peace*
In order to realise this potential today*
it is necessary that we integrate cur
social mid economic policies so that
they mmmm on tha goal of a high lovel
of 'production* ovploymmht* and national
incomo* .Just as durlnc the war we
integrated all our policies to converge
on tha goal of victory*
- 16*
cn the opposite side of tha ledger
fro® those Mttiodv tfiieh increased the
national product during *h* ^r yoan*
tout which wi,U disappear in time of
peaeo* mnvt bo placed the possibilities
of applying to paeoottae production 1MB
mm taottatatov which have been devised
and tha findwantai vcSantifIc
davtlopwats which have occurred during
the war period.*
- 15 •
Such sources are cut of pla***
however* In a peacetime economy!
for they can be obtained only at the
sacrifice of mines — anoh as
health* education* end hems life —
which are more important* mmr
noma! conditions* thafe th* increase
is physical product which their
sacrifice would mate possible*
toother part m i duo* pertepv* to
overdrafts on car utaral roooiiroo*«
fhose voire** of increased
productivity were nmmwary during
the mr *— then vo ware baying ti»
and trying to compre** the greatest
paovlbla product into the ehortavt
period in order to bring, an
owrwhvlmlnn: f crce to bear on the
enemy.
Fart of tha increase in our promotion
during th* *wr p*rto* was due to
drawing into the labor force students
who* under noravl conditions* would be
in our schools and ooilagevf houoavlw*
T^*«SMwff jm *|*iwtf«—ep%p^- ^.'Mr^rWt- #RB(Srp»*1w ltfiF T^w^^w—f' ^WFWK^Pr a»a«WpkJ? w'w »W«#i»>* *#F "*W(F
tending to their homa*} and old people
who* undvr normal conditions* would
haw retired* Mother part of our
increased production was due to
overtime work and to th* special
intensity of effort wfhieh Is appropriate
only to a vmrti&e period*
• 12the return of than* reaeuroo* to
olvlllon prodtafttaa c«n and should
Man that tha ptople of the united
state* haw m enMrtnntty to enjoy
a Mdh M0mt stafflterd of living
than owr bofore*
Of eouree* *?a cannot and should
not **9tot to maintain under peacetime
oondltionv all of the methoov by
th* «*r#
-11fat* so grant was the increase In our
aggregate 'production* that our civilian
peculation enjoys* a higtor and more
widely diffumd standard of living
than ewr before in the history of tha
country*
lost of the nearly half of our
revouroM* which mm* so recently
devoted to tha sing-it purpose of waging
war* are nov being returned to th*
vervlov or peaoeitta* industry*
- 10These lessons simply * w that our
soomswy mam
the free enterprise
spite® ha* a trewndous potential
productivity and that this productivity
can be reallaad whan wa are of a mind
to do t O f
Poring th* pesE of our economic
acbillatlon for war* nearly half of
mt resources wore being applied to
th* single twtaik of achieving victory*
During the five*! yasr I9h5$ the united
states aownm*aiit epont 91 billion
dollars for war purposoa*
-9tor' gross national product increased
mm 89 blUtw doUmre in 1959 to
199 billion dollars- in 1911* SMa
of tills* of courm* represented an
increase in prices j but the product
of the ootiitty* sxpreadod in real
tacwai* Increavad by about 75 mrcmfc*
m Mat now possess the
intalllgenc** iixJuotry* and purpose
to apply those prlonry lessons of the
war to our paaovtlM ecencniy*
-a*
m i s was not only an w l d m n M of our
waging total war* but wav a very
desirable oondlttou for mt people*
m mm what full employment can do to
aaiavlati *uft*rlag# We mm what f u U
«mp&sgMBt o n d» by way of increasing
ps^teii^ povvr* and hew poop!* v i m
Job* C M •emfc mw nest of our ao*eal!od
aurptu****
9m vvoend thing which the war
hav taught uv about our O M eoencmy 1*
it© tramaudou* produottvity*
-730 v* did our bast to call into service
ovary human and matarial mmmm which
the country bad at it* ccmwnd* and to
pit it to use althor directly for tha
war effort or for tho mointonance of
the civilian mmm&* Md m may ba
tbaittful that once again fortune allowed
ua to borrow acra time* although tha
©met ported va* vcarealy sufficient*
OM of th* tangible vrLdanoa* of
•our total mobilization was what happened
in the labor KIM* there were nere
Job© than people oaifeiiic; work*
*»6~
m# war baa taught us two Important
things about our own veoMgya in tha
first place* it 1ms shorn us that*
when th* people and th* Oovaraniit of
the United states want to da a thing
and com!d*r it of vuffleivnt &*9srtvn«Mi
that it bt done* th* whole resourco* of
the country CM bt mobilised for its
a^oompliehmant If wo haw enough time*
mis was the ease with the war* Vfcmolng
the war was ri.^ttfnlly considered to
b* AWbvortant*
-5But to a young country, each aa
oars* with a young and vigorous way of
life, victory does not seen relaxation*
It i* in itaelf the greatest challenga
of all j and to me united states,
victory in this war auat he taken ae a
efcalleage and as en ©mortality to
advance to new staadartte of acMeveiawt
and to afcov, both to ourselves and to
the wrld, th© aoeooplirtaeBtB of
which our mjt/tm of free eaterjriae
Is capable*
In wim&m
the war* wo met a challenge
to our way of life* v* have turned
that challenge aside and utterly
defeated our amnio* upon the field
of battlvT^
la haw done this at a groat
human and economic cost* It would bo
easy to seine a victory so dearly mm
av an opportunity to relax* to rest
upon cur lanrals* and to return to tha
old ways* fills is th* vay in Vblch
farolcn victories are treated by old
and declining countries* with old and
declini^ wys of life*
A ouaooMful Victory Lean* moreover*
help* not only in th* immediate
reconversion period* bat also in that
later peacetime economy* Y&* full
importance of th* victory Loan* therefore*
cannot be appreciated without understanding
Its proper place in the whole of our
country*a economy*
le have Just mm a long and a herd
war* In truth* that war was won such
a ***ort tlM ago* it is still difficult
to realime that the question Is not tfiat
can I do for the war effort* but what can
I do for prosper!ty and peace*
- g-
Hr# Pullis® Ins served as tha Omiimn
of the coMltta* since its inception*
and before that im mm Stmt* <2**lrenn
of the far isvings staff* Ha* like
Indiana* has mm a good J#b*
success in the Victory Loan is a
•Ognlllcant contribution to our Nation1*
aciiwrvlcn free tha ways of TOT to m®
«ys of pamova to turn* a speedy
reconversion aids in .laying tha
foundatlon for an Invigorated* ^xpuirtvo
aocmmy so essential for the long pull*
wo are aamrlng th* *nd of our last
Mr Bond Drtw* ibrousitioat the nation
the Victory Lean has SOM WU»
Indiana tea dene a good Job Airing
th* w loasv^* partlonlarly on the
payroll savlisps Plan and on the sale
of axtre bonds to industrial wetl&erei
and all, indications are that she 1*
going to repeat in th* Victory Loan*
$&$ flpflia«ii ^P^aH^B*^^^^^aWifWaM(l8^^ TO^*'*m*wWjp %F,a**S*?'** T|PWWV !**— iwFgp %rlWr
COM to todlanapou* «nd participate in
th* Victory i^n oMpvign at the
invitation of Mr* MgeM FuHlsa* ehalrmn
of the Indiana state mr Finance committee*
CThe following address by Secretary Vinson
before the State Chamber of Commerce and
the Indiana War Finance Committee at
Indianapolis, Indiana, is scheduled for
delivery at Is50 PM, EST, Tuesday, November 27,
1945, and is for release at that time,)
x
Indianapolis, Ind#, Nov. 27: —
TREASURY DEPARTMENT
Washington
(The following address by Secretary Vinson
before the State Chamber of Commerce and
the Indiana War Finance Committee at
Indianapolis, Indiana, is scheduled for
delivery at 1:30 PM, EST, Tuesday, November 27,
1945, and Is for release at that time,)
Indianapolis, Ind., Nov. 27: — We are nearing the end
of our last War Bond Drive, Throughout the nation the
Victory Loan has gone well.
Indiana has done a good job during the war loans, particularly on the payroll savings plan and on the sale of
extra bonds to industrial workers; and all indications are
that she is going to repeat in the Victory Loan.
I am especially glad, therefore, to come to Indianapolis
and participate in the Victory Loan campaign at the invitation of Mr. Eugene Pulliam, Chairman of the Indiana State
War Finance Committee, Mr. Pulliam has served as the Chairman of the Committee since its inception, and before that he
was State Chairman of the War Savings Staff. He, like
Indiana, has done a good job.
Success in the Victory Loan is a significant contribution
to our Nation's conversion from the ways of war to the ways
of peace. In turn, a speedy reconversion aids in laying the
foundation for an invigorated, expansive economy so essential
for the long pull. A successful Victory Loan, moreover.,
helps not only in the immediate reconversion period, but also
in that later peacetime economy. The full importance of the
Victory Loan, therefore, cannot be appreciated without understanding its proper place in the whole of our country's
economy.
We have just won a long and a hard war. In truth, that
war was won such a short time ago, it is still difficult to
realize that the question is not what can I do for the war
effort, but what can I do for prosperity and peace. In
winning the war, we met a challenge to our way of life. We
V-143turned that challenge aside and utterly defeated our
have
enemies upon the field of battle.
- 3 During the peak of our economic mobilization for war,
nearly half of our resources were being applied to the single
task of achieving victory. During the fiscal year 1945, the
United States Government spent $.91,000,000,000 for war pur*poses. Yetj- so great was the increase in our aggregate production, that our civilian population enjoyed a higher and
more widely diffused standard of living than ever before in
the history of the country.
Most of the nearly half of our resources, which were so
recently devoted to the single purpose of waging war, are now
being returned to the service of peacetime industry. The return of these resources to civilian production can and should
mean that the people of the United States have an opportunity
to enjoy a much higher standard of living than ever before*
Of course, we cannot and should not expect to maintain
under peacetime conditions all of the methods by which production was increased during the war. Part of the increase
in our production during the war period was due to drawing
into the labor force students who, under normal conditions,
would be in our schools and colleges; housewives who, under
normal conditions, would be tending to their homes; and old
people who, under normal conditions, would have retired.
Another part of our increased production was due to overtime
work and to the special intensity of effort which is appropriate only to a wartime period. Another part was due, perhaps,
to overdrafts on our natural resources.
These sources of increased productivity were necessary
during the war -- when we were buying time and trying to
compress the greatest possible product into the shortest
period in order to bring an overwhelming force to bear on the
enemy. Such sources are out of place, however, in a peacetime
economy; for they can be obtained only at the sacrifice of
values —- such as health, education, and home life -- which
are more important, under normal conditions, than the increase
in physical product which their sacrifice would make possible.
On the opposite side of the ledger from those methods
which increased the national product during the war years,
but which will disappear in time of peace, must be placed the
possibilities of applying to peacetime production the new
techniques which have been devised and the fundamental
scientific developments which have occurred during the war
period.
- 4 The differences between wartime and peacetime conditions
of production are many and complex, but they mUst not be
allowed to obscure the basic fact that our economy can produce prodigiously either in war or in peace. In order to
realize this potential today, it is necessary that we integrate our social and economic policies so that they converge
on the goal of a high level' of production, employment, and
national income, just as during the war we integrated all
our policies to converge on,the goal of victory*
The policies which must be integrated to converge on
this goal include those relating to taxation; small business;
competition; labor, management, and wages; foreign trade;
social security; agriculture; public works and construction;
and fiscal policy. I cannot hope to touch on all of these
here; and I shall comment only upon taxes and the public
debt, two matters particularly under my jurisdiction as
Secretary of the Treasury.
The modernization of our tax structure, in my opinion,
is the foundation of our entire program for maintaining full
production and full employment in the postwar period*
The Revenue Act of 1945, approved this month, is a significant step in the right direction. It does two things of
the utmost importance'.
First, it repeals the excess profits tax. This puts
business planning and business initiative on a peacetime
basis and makes it possible for businessmen to plan programs
of expansion with more confidence, It makes it more worthwhile for businessmen to seek economies of operation, and so
paves the way for lower prices. It is also important that
the removal of the excess profits tax makes it possible for
small businesses to grow on a basis of competitive equality
with old established enterprises with liberal excess profits
credits.
Second, the Revenue Act of 1945 has stricken from the
income tax rolls millions of taxpayers whose incomes in
relation to their family responsibilities justified taxation
only under the stress of great national emergency. These
persons were on the tax rolls solely because the misnamed
"normal" tax allowed no exemptions whatsoever for dependents*
Under the new Revenue Act, we now take account of dependency
for the entire individual income tax, both normal tax and
surtax. In this, we have taken a major step toward streamlining the income tax so that it will reflect true ability
to pay.
- 5 As it becomes possible to revise our tax system further,
we should keep in mind the twin objectives of encouraging
business enterprise and promoting mass consumption — which
is, in itself, the most important encouragement which business
enterprise can have.
As the reconversion of our physical facilities to peacetime production is carried nearer to completion and the
demobilization of the armed forces adds more men to the
labor force, we may expect to see consumers' goods become
more plentiful. As this occurs, it will become more and
more desirable to remove impediments to mass consumption,
as well as mass production. Under those conditions it will
be more important than ever to have, what I have believed in
for a long time, a thorough modernization of our tax structure.
For the present and immediate future, our problem is not
the provision of adequate markets for consumers' goods. Our
problem is rather that of expediting the production of these
goods and holding back the expenditure of our surplus purchasing power. Our reserve of purchasing power should be
used to provide jobs and markets tomorrow, rather than
wasting itself in driving up prices today*
There is no contradiction between this and what I have
just said about creating larger markets later on, for flexibility must be the keynote of all sound policy. There is
also no contradiction between this objective and the Revenue
Act which we have just passed, for the basic objective of
that Act is to encourage a rapid reconversion with its increased civilian production and so help to redress the current
unbalance between supply and demand. This Revenue Act, then,
is primarily a reconversion measure•
The Victory Loan is also an important step on our path
from wartime to peacetime prosperity. As you know, it is
designed to do two things; and these two things are complementary to one another.
In the first place, it is designed to raise the funds
necessary to carry the Government through the demobilization
period* It is necessary to raise the money to bring the
bulk of the armed -forces home, to demobilize them, to provide them with necessary hospitalization, to furnish their
mustering-out pay, and to meet our obligations under the G.I,
Bill of Rights, It is necessary to settle the war contracts
and to place the economy on a peacetime basis. And, finally,
it is necessary to maintain occupation forces in the enemy
countries for as long as may be necessary to finish the job
which we have undertaken; we must not abandon the Victory
that we so dearly won.
- 6 Government expenditures are being reduced just as
rapidly as is consistent with getting these things done.
In July, the total expenditures of the Government amounted
to 8-»l/2 billion dollars; in October, they were under
£6,000,000,000; and they will continue to fall at a rapid
rate for the remainder of the fiscal year. But, despite the
rate of decline in Government expenditures, the money from
the Victory Loan is necessary to finish the job; and I know
that we can count on it.
The second objective of the Victory Loan is to draw
surplus purchasing power off the market for consumers'
goods and services and to dam it up until we have goods and
services to match it. In achieving this objective, the
individual goal of $4,000,000,000 is of even greater importance than the total goal of $11,000,000,000*
Individual ability to subscribe varies with family
responsibilities and many other factors; but I am sure that
the people of the United States, as a whole, can equal and
exceed this goal. In doing so, they will make a major contribution to easing our problems of transition from a wartime
to a peacetime economy.
With the end of the Victory Loan, we shall have concluded
the era of war finance, and will have entered into that of
transition and postwar debt management, I believe that we
will be entering this period with the debt in such shape
that it can play its part in the flexible fiscal policy which
will be necessary to maintain full production and full employment in the postwar period.
The Interest burden or carrying charge on the debt is
well within the ability of the economy to bear; but it is
large and it should serve as a .constant reminder to us that
the burden of the debt will be far greater if we permit our
national income to fall. It should be remembered also that
the burden would be much greater if the level of interest
rates were only slightly higher,A policy of low interest-rates clearly benefits the taxpayer by making possible a lower level of Government expenditures and, consequently, a lower level of taxation than would
otherwise be possible. More important, low interest rates
will be stimulating force in the economy generally, as they
will make it possible for the home-buyer to get more house
value for each dollar of monthly payment; for State and local
- 7 taxpayers to get more schools and more hospitals for their
tax dollars; and for industrial concerns and public utility
companies to get more plant for every dollar of their fixed
charges•
I-am conscious that I have just scratched the surface in
indicating to you today how we can concert our social and
economic policies so that they will converge on the goal of
full production. I have touched upon taxes and the public
debt lightly, and upon other matters -- including the important' fields of monoply and competition, social security,
and foreign trade -- not at all. All of these must play
their part in building the economy of tomorrow.
Weaving together all of these policies into a consistent
fabric will require a great deal of hard work. And these are
not all of the many problems ahead. Not only do we have the
problems of finding and carrying out the ways and means to
full production, full employment, and high national income,
but also we have numerous political and economic problems
among all of the nations of the world, the resolution of
which is essential to a lasting, prosperous peace.
Under the drama of war — labor, industry and agriculture
pulled together in unity and in strength. Under the drama
of war -- all of the United Nations fought together in unity
and in strength. Now that drama is gone. But still we must
have some cohesive catalyst to live together In unity and in
peace* That cohesion and unity can come from the faith,
courage, and purpose within the breast of every man throughout the world, whatever his place or station may be.
^oOo-
TRiirtSUHY DSPART&f^T
Washington
FO* K&?A?,&, MOWING WK.'SPArKRS, Press Service
Tuesday. November 27, 1945.
/ /
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 November 29, 1945,
^and to mature February 28,) 1946, which were offered on November 23, 1945/were opened
at the Federal Reserve Banks on November 26.
r
The details of this issue are as follows:
Total applied for - 12,154,745,000
Total accepted
- 1,316,013,000
Average price
(includes 146,172,000 entered on a fixed-prlq
basis at 99.905 and accepted in full)
- 99-905/ equivalent rate of discount approx. 0.3755** per annum
Range of accepted competitive bids:
- 99-908 Equivalent rate of discount approx. 0.364^ per annum
w
- 99.905
«
»
»
11
0.376* » tt
High
Low
(55 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
$
61,460,000
1,529,766,000
47,835,000
21,525,000
15,698,000
10,600,000
297,455,000
36,531,000
3,175,000
11,385,000
15,280,000
103^98^000
$
52,154,745,000
$1,316,013,0^
TOTAL
£J-\AH5
36,530,000
916,146,000
37,760,000
14,775,000
12,998,000
10,600,000
172,288,000
21,861,000
3,175,000
9,535,000
13,210,000
67.085,000
1/-;<£S
TOR IMMEDIATE RELEASE
November 27» 1 9 ^
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 19**5 as follows:
Country of Production
Quantity in Pounds
As of November 17, 19*15
Signatory Countries!
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
m-Signatory Countries:
217,222,116
85,132,098
6.31^921
58
M68.163
5.771,^
5,185,850
10,379,986
ISO,62^
2,673,^78
6,255.805
760,112
5te,632
1,931,206
100,309
3^6,618,812
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, November 27, 1945.
Press Service
No. V-145
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 1945 as follows:
Country of Production
Quantity in Pounds
As of November 17, 1945
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
on-Signatory Countries
217,222,116
85,132,098
6>314,921
58
4>168,163
5,771,454
5,185,850
10>379,986
180,624
2,673,478
6*255,805
760,112
542,632
1,931,206
100,309
346,618,812
TREASURY DEPARTMENT
v}45
uflY 29 M» 5 A3
>UBLIO^-..oi» OFFICE
mm
- 3 -
for such bills, whether on original issue or on subsequent purchase, and the a
actually received either upon sale or redemption at maturity during the taxabl
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, De-
scribe the terms of the Treasury bills and govern the conditions of their issu
Copies of the circular may be obtained from any Federal Reserve Bank or Branch
4M&
- 2 -
Reserve Banks and Branches, following which public announcement will be made b
Secretary of the Treasury of the amount and price range of accepted bids. Thos
submitting tenders will be advised of the acceptance or reject on thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any
all tenders, in whole or in part, and his action in any such respect shall be f
Subject to these reservations, tenders for $200,000 or less from any one bidde
99.905 entered on a fixed-price basis will be accepted In full. Payment of acc
tenders at the prices offered must be made or completed at the Federal Reserve
in cash or other immediately available funds on December 6, 1945 •
1&
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption, as s
and loss from the sale or other disposition of Treasury bills shall not have a
special treatment, as such, under Federal tax Acts now or hereafter enacted. T
bills shall be subject to estate, inheritance, gift, or other excise taxes, whe
Federal or State, but shall be exempt from all taxation now or hereafter impos
on the principal or interest thereof by any State, or any of the possessions o
the United States, or by any loct.l taxing authority. For purposes of taxation
amount of discount at which Treasury bills are originally sold by the United S
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? t
amount of discount at which bills issued hereunder are sold shall not be consi
to accrue until such bills shall be sold, redeemed or otherwise'disposed of, a
such bills are excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)' issued hereunde
need include in his income tax return only the difference between the price pa
XXXHX
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday. November go. 1945
.
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
on a discount basis under competitive and fixed-price bidding as hereinafter p
vided. The bills of this series will be dated December 6, 1945 > and will
mature March 7, 1946 , when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of #1,
$5,000, $10,000,($100,000^500,000, and $1,000,000 (maturity value).
Tenders will'be received at Federal Reserve Panks and Branches up to the
Standard
closing hour, two o'clock p.m., Easternffi£&time, Monday, December 3, 1945
•
Tenders will not be received at the Treasury Department, 7/ashington. Each ten
must be for an even multiple of $1,000, and the price offered must be expresse
on the basis of 100, with not more than three decimals, e. g., 99.925- Fractio
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 Bank
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 secu
ties. Tenders from others must be accompanied by payment of 2 percent of the f
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, November.30. 1945.
.
i III i i m* m i ir i w
J
—
i
i
i
Z. _ .
r
i
..The Secretary of the Treasury',': by this public notice,
invites tenders for fl,300,000,000,: or thereabouts, of 91-day
ireasury bills, to be issued on Q> discount basia under competitive and fixed-price -bidding-,** hereinafter provided. The
bills of this' series will be dated December 6., 1945, and will
mature March 7, 1946, when-the face amount will be payable without interest. .-They will be issued- in bearer form only, and in
fi n oSo n nnn°^,; fi'000,' ^,000,^10,000, |l00,003,$500,000 and
^1,000,000 (maturity value),
.
Tenders will be received at.'Federal Reserve Banks and
Branches up to the closing hour,, two o'clock p.m., Eastern
standard time, Monday, December 3, 1945. Tenders will'not-be
received at the Treasury Department, Washington. Each tender
must be for an even mutliple of £l,000, and the price offered
must be. expressed' on the basis of 100, with not more- than three
decimals, e, g., 99.925. Fractions may.not be used." It is
urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor,
:-. Tenders will be received without deposit' from- incorporat
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.
ir ,^In™ediately after the closing hour, tenders will be ooened
at the Federal Reserve Banks and Branches, following whictM
public announcement will be made by the Secretary of the
Ireasury 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
V-146
(Over) of accepted tenders at the
will be accepted in full. Payment
prices offered must be made or completed at the Federal Reserve
1945 ^ C S S h ° r ° t h e r l m m e d l a t e l y available funds on December 6,
m
- 2 The income derived from Treasury bills, whether interest
or gain from the sale or mother 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 bill's 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.pot be considered to accrue
until such hills shall be sold, redeemed or otherwise disposed
of, and -such bills are excluded from' consideration as capital
assets-. Accordingly, the owner of Treasury bills (other than
life insurance companies) Issued hereunder need include in his
income tax* return only the difference between the price paid
for such bills, whether on original issue or on subsequent
purchase, and the amount actually received either.upon sale or
redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss,
Treasury Department Circular No. 418, as. amended, and
oOo of the Treasury bills and
this notice, prescribe the terms
govern the conditions of their issue. Copies 6f the circular
may be obtained from any Federal Reserve Bank or Branch.
TREASURY DEPASTHEBT
Washington
FDR IMMEDIATE BELEASE, press Servlet
Friday. November 30. 1945.
V /4 ?
The Secretary of the Treasury today announced the subscription and allotaent
figures with respect to the current offering of 7/* percent Treasury Certifieates of
Indebtedness of Series J-1946, open to the holders of Treasury Certifieates of Indebtedness of Series H-1945, maturing December 1, 1945* Treasury Rotes of Series B-1945,
Rational Defense Series, maturing December 15, 1945, and Treasury Bonds of 1945,
maturing December 15, 1945*
Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows:
Federal Reserve Certificates Notes Bonds Total
District
Exchanged
Exchanged
Exchanged
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
lansas City
Dallas
Treasury
San Francisco
TOTAL
Bxchanges
90,255,000
# 73,991,000 $ 10,066 000 | 6,198,000 #
1,991,222,000
1,479,044,000 219,31* 500 292,859,500
3,230,000
113,528,000
84,922,000
25,326 000
3,563,00©
127,141,000
102,611,000
20,76? 000
884,500
95,991,000
83,664,000
11,442 500
500
2,953,500
82,300,000
64,94**000
14,39*
502,381,000
405,446,000
52,22S 500 44,706,500
4,894,000
80,9*0,000
59,*52,O0O
16,234 000
2,117,500
77,*11,OO0
64,7*7,000
10,906 500
3,357,500
149,6*5,000
124,216,000
22,111 500
1,339,500
80,3*7,000
65,9*9,000
13,05* 500
13.461.000
500.000
50.000
^O^Opft
369,036,000
301,795,000
25*639 500 41,601,500
#2,924,926,000 #441,997,000 #4O7,*05,OOO #3,774,72*,000
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, Press Service
Friday, November 50, 1945.
No. V-147
The Secretary of the Treasury today announced subscription and allotment
figures with respect to the current offering of 7/8 percent Treasury Certificates
of Indebtedness of Series J-1946, open to the holders of Treasury Certificates of
Indebtedness of Series H-1945, maturing December 1, 1945, Treasury Notes of
Series B-1945, National Defense Series, maturing December 15, 1945, and TreasuryBonds of 1945, maturing December 15, 1945.
Subscriptions and allotments were divided among the several Federal Reserve
Districts and the Treasury as follows:
Certificates
Exchanged
Not e,s
Exchanged
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
| 73,991,000
1,479,044,000
84,922,000
102,811,000
83,664,000
64,948,000
405,446,000
59,852,000
64,787,000
124,216,000
65,989,000
301,795,000
13,461,000
| 10,066,000 $ 6,198,000
219,318,500
292,859,500
3,280,000
25,326,000
3,563,000
20,767,000
11,442,500
884,500
2,953,500
14,398,500
52,228,500
44,706,500
16,234,000
4,894,000
2,117,500
10,906,500
3,357,500
22,111,500
13,058,500
1,339,500
25,639,500
41,601,500
500,000
50,000
$
TOTAL
$2,924,926,000
1441,997,000
$3,774,728,000
oOo
Bonds
Exchanged
Total
Exchange s
Federal Reserve
District
1407,805,000
90,255,000
1,991,222,000
113,528,000
127,141,000
95,991,000
82,300,000
502,381,000
80,980,000
77,811,000
149,685,000
80,387,000
369,036,000
14,011,000
» 20 •
upon our shoulders. Let the leaders of men see
to/it/that this faith is realiaed.
justice, law, and order, end still remain alert
and strong. This nation should, indeed it must,
set a better example for the world than it did
last time by remaining alert and strong*
If the world can solve its problems by discussion and at the same time be ready, willing
and able to stamp out the international gangster
before he commits his high felonies, we will have
prevented war* Since wars are not ordained, but
are man made, man can avoid war by doing the job
and solving the problems that cause war*
Men throughout the world have within them*
selves an abiding faith and purpose that collaboration among nations under principles of justice,
law, and order can carry the burden that rests
I*
The simple answer is that it must be so* And
saying that is far from whistling in the dark.
Already we have concrete evidence that the
discussion and conference procedure does *ork
among nations* already we have many familiar
landmarks* A few of these concrete landmarks, for
illustration, are: Eeciprocai Trade Agreements,
the Export-Import Bank, Bretton Woods, and the
United Rations Security Organisation*
I /
V)/
These trail*blasing measures, together with
/
the others that will follow, offer us the definite
assurance that the nations of the world can get
together, can solve their problems* The nations
of the world can work under these processes of
our generation rooked us into war. The resolution
of these problems is necessary for prolonged
prosperity and for lasting peace. ?>hile these problems are tough, surely they
cannot be much tougher than the ones *e have had
since the Fall of '29. ^e solved those under our
system of justice, law, and order, fhat is really
as much inspiration as we need to face the future.
Our thoughts tonight turn to whether the world
can also live through adversity and go forward under
justice, law, and order, le vender whether all of
the international problems can be solved by discussion
and conference and international collaboration*
- lt>
*€tH~i^~^ erf
<
^J^fj^A
& * * * » * •
press %wmmm*&$
except
for military security. Heither during the
depression nor during the war was any life,
liberty or property taken from any citizen without
due process of law. Our mf/KHk Attorney General
held the high purpose that civil liberties were
to be maintained even during war. And they were.
Our way of life has stood the test. We can
face the future with confidence, even though we
face many difficult problems in this country and
in the world. Ve have the problems of finding and
carrying out the ways and means of full production,
full employment* We have the political, social,
and economic problems among nations that twice in
and out-last the enemy?
Do you remember the
various groups that appealed to you not to ask
for unconditional surrender but negotiate some
sort of peace that would end the war? They asked
in return only that we give up a few of our
fundamental principles.
It is not only a remarkable aehevement but it
is also an inspiration that our way of life stood
two such tests as these* Keither during the
depression nor during the war was the latchstring
removed from the courthouse door. Heither during
the depression nor during the war was the election
of our governing official suspended. Neither
during the depression nor during the war was w&
freedoms and rights and privileges that we so
abundantly inherited*
Likewise, when the war clouds gathered in
foreign lands, and later when we were in it to
the hilt and th© outlook was uark and gloomy, it
would have been so easy not to face the facts of
life* Again our people, beladen with suffering
and sacrifice, were in a susceptible state for
fatalistic appeals* and again the appeals were
made* Do you remember th.ftffAmtafi^raiMFAflyi^eis who/would
have had us bury our heads in the sand and not face
the job we had to do? Do you remember the various
groups who had some simple solution to win the war
other than to out-produce, out-fight, out-think,
-fflgfc
,3
We found the strength to win the war and
lick the depression through our democratic
processes. Moreover* it must be emphasised that
it was not because we were not tempted that we
continued to live according to our principles.
Tv'hen we remember In all of its detail the
situation during the depression in the aarly 30*s,
we realise that the stage was set for plans of
dreamy salvation. Kot only were our people ripe
to be plucked by the appeals of demagogic despots,
but the appeals wore made. It is truly remarkable
that with the conditions as they then existed we
were able to keep our course so steady upon our
traditional principles. It would have(beegjso, so
easy to turn to men with liquid promises who asked in
return only that we give up a few of the individual
on ration and draft boards, who collected salvage,
who sold war bonds, wfee-rwdered miWtWmWm1t$
vmm^rawtmmtmw^±Bt$ an^who?S4^e>4te
Through the efforts of all Americans we waged
a total war and kept our economy on an even keel*
True, we had our problems of wage and price control,
of shortages and bottlenecks* But America, united,
did the whole job so well that we overwhelmed the
mmy with our might, had more than enough to live
on at home, and kept the fires of inflation from
consuming us.
*H.
- 11 In the democratic fashion we gathered our
strength and whipped the dictators who hsd
sputtered that democracy was inefficient, soft
and decadent, le mustered our resources and our
manpower in an all out effort and preserved intact
our constitutional right to gripe* Industry, labor,
and agriculture, each of these groups did the
impossible, and all together they performed a
production miracle.
This miracle of production would not have
bmn possible, if every man and woman had not
constantly borne in mind the object to do every*
* • ••' •n.-^--f\^Y^if fa^*jr*4*ff «**•****•'4***^ &**&*• **'
'
thing possible for the war effort.* VVa owe a
*>d*tJj>J&
tribute tofrfeethousands of volunteers who served
- 10 great and noble sacrifices of this war, as they
have in all wars* The only way that we can
approach the giving of true thanks to tha. dead j
A
and the living dead is to work for peace as fully
as we worked for victory.
There is a great lesson in the fact that this
country was strong enough to whip ttet depression
and to win Hmt war, hut I wish to emphasise
that we mustered the strength to do both jobs
without abdicating from our basic principles of
individual freedom and integrity, of our way of
life, of our system of government.
%e maintained law and order and licked the
depression with democratic processes, le maintained
our my of life and whipped the Axis.
- 9 *
we had not conquered the U-Boat. If our military
might had been just a little less, or if we had
gained It a little slower, or if the Axis had
been a little stronger, Hussia would not have
held; the Allies in Africa would not have held;
the Allies in the Pacific would not have held.
We almost came to live under the rule of men who
today stand trial at Nuernberg as criminals
against civilization*
Cfci the firing line, where all of the might
this nation could muster met all of the might the
enemy could muster, our men in uniform bore the
brunt of the grim reality of war. These men,
their families, and their loved ones made the
- 8 On that I could talk a long time. In mobilizing
ourselves to wage a total war, many stresses and
strains were placed upon our economy.
Even after we were producing in quantity the
weapons of war, we still had serious questions of
transportation and of how much should be sent where.
Another phrase became common to our people at that
time: too little and too late.
Again it is hard to feel as we felt then. But
do you remember in the summer of 1942 it appeared
as though Stalingrad would fall? We were wondering
about Alexandria and the Suez Canal. In the Pacific
it was no remote possibility that Australia might
be invaded. All through the oceans of the world
. 7 •
into military preparedness after we were at war.
And we were at war with countries that had been
building up their military might for many years*
A nation can lose a war that way* And we almost
did,
jf After we were really under way in making planes,
tanks and guns instead of cars, stoves, and pans,
we still had tough problems* With the economy
more and more converted to n&r, we made more and
more money producing things which we could not buy.
About that time our people began to hear of the
inflationary gap. The battle against inflation
brought us the headaches of wage and price control*
» 6were attacked, we saw Poland and Czechoslovakia,
Denmark and iorway, Belgium, Holland, and France
rapidly fall to the overwhelming might of a
military machine which had been preparing itself
for many years. The days or Dunkirk were dark
days*
After we were attacked, we had many problems.
le had to grind to a halt the production of
automobiles, radios and refrigerators* We had to
face shortages of rubber* copper and lumber. Ye
had to lick the shortages of raw materials before
we could make in quantity the finished products
with iMeh you fight a war. le were faced >dth
the basic problem of converting a civilian economy
am Q.
tm
Many able and industrious youth,who wanted to do
well and could have done well in colleges or
vocational schools were permanently denied the
opportunity* The economic situation did not
allow the pursuit of life, liberty and happiness
in the full meaning of the term*
The depression was so severe that many a#
40. were forever barred from living the full life.
Most of us during that period did not come close to
living what we usually regard as ^normal* lives.
The depression, then, with its breadlines, *£~<***•***^
its windswept homes, -Its «*>*«#& hanks, was a stem
trial for our way of life. Hot long afterwards,
our way of life faced another test — the test
of fire* World War II came upon us. Before we
- 4 Many of our citizens suffered and strained to
get the food, clothing, and shelter they needed*
Some of them lost the battle* Many of our citizens
were unemployed* The unemployment problem was
a mass problem — several millions were out of
work. These people were not out of work by choice,
or because they did not exercise enough initiative
to find a job, or because they wanted a better job,
but because they were not offered any job. The
situation simply was that there were several
million less jobs than our people needed to live.
During that depression, even the lot of those
who were employed was not necessarily a fortunate
one. Many found it necessary to work in jobs which
required only a small fraction of their talents*
«• 3 —
"our way of life11. In regard to our way of life
I am thinking particularly of our system of
government*
Our way of life has been put in the crucible
during our generation* Even in the last half of
that generation, from 1929 on, we have had our
my of life stand judgment under two of the most
stringent tests to ihich any set of values could
be subjected. Our values have stood trial by the
ordeal of depression and war.
f
In the Fall of 1929 began a depression that
4jjjBiMlH fcur country*s worst depression.
Unless we possess an uncommon amount of imagination,
we cannot reconstruct our life as it was then*
~ 2and disillusionment, but we have also had much
inspiration and opportunity*
We have seen tremendous developments in science
and in its application to life. ?/e have seen the
coming of the automobile, modern roads, diesel
trains, radios, television, airplanes, and atomic
energy* This has affected our life all the way
from fundamentals, such as improved transportation,
housing and food, to some small gadget for the
rumpus room.
It is more difficult to visualize — yet it
is more important — the matters we have faced
other thanfphysicaljimprovements. These other
subjects might be summed up in the expression
OvwMVUt«i
^^Z^f
<rf dU* ?B
**„ *«***•..-*«. ^ M *» M n 4-***«^*W-tn. s/?&^ jQ^^tZud
^&rh*jL
BAR ASSOCIATION SPEECH
/*
ij >./
^/<~
11*29*45
*>rf.&y-f'<++*<+~ y^h^u^^ &*^lt if i*
Our generation has lived through and helped
to write more history than most nations have
experienced over the course of several decades*
lou and I can revel in the real privilege %%Wkmm
hmam*W& of living through so many important
domestic and world events* Living during this
time, however, has not only been a privilege, but
has also been a rigorous responsibility*
If we go back about 33 years, a period usually
considered the life span of a generation, it puts
us just before the first lorld War. Quickly we
are reminded of how much wa have seen and done*
le have lived through two World Wars and an uncertain
period between the Tvers* le have had much sorrow
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, December 2, 1945.
Press Service
No. V-148
(The following address by Secretary Vinson is
for delivery at the annual meeting of the Bar
Association of the District of Columbia at
the Mayflower Hotel, Saturday evening,
December 1, 1945.)
Our generation hss lived through and helped to write more
history than most nations have experienced over the course of
several decades. You and I can revel in the real privilege
of living through so many important domestic and world events,
Living during this time, however, has not only been a privilege, but has also been a rigorous responsibility.
If we go back about 33 years, a period usually considered
the life span of a generation, it puts us just before the first
World War. Quickly we are reminded of how much we have seen
and done. We have lived through two World Wars and an uncertain period between the Wars. We have had much sorrow and
disillusionment, but we have also had much inspiration and
opportunity,
We have seen tremendous developments in science and in its
application to life. Tre have seen the coming of the automobile,
modern roads, diesel trains, radios, television, airplanes,
•and atomic energy. This has affected our life all the way
from fundamentals, such as Improved transportation, housing and
food, to some small gadget for the rumpus room.
It is more difficult to visualize -- yet it is more
important -- the matters we have faced other than physical
improvements. These other subjects might be summed up in the
expression "our way of life", In regard to our way of life
I am thinking particularly of our system of government.
Our way of life has been put in the crucible during our
generation. Even in the last half of that generation, from
1929 on, we have had our way of life stand judgment under two
of the most stringent tests to which any set of values could
be subjected. Our values have stood trial by the ordeal of
depression and war.
- 2
In the Fall of 1929 began a depression that was our
country's worst depression. Unless we possess an uncommon
amount of imagination, we cannot reconstruct our life as it
was then. Many of our citizens suffered and strained to get
the food, clothing, and shelter they needed. Some of them
lost the battle. Many of our citizens were unemployed. The
unemployment problem was a mass problem — several millions
were out of work. These people were not out of work by choice,
or because they did not exercise enough initiative to find a
job, or because they wanted a better job, but because they
were not offered any job. The situation simply was that there
were several million less jobs than our people needed to live.
During that depression, even the lot of those who were
employed was not necessarily a fortunate one. Many found it
necessary to work in jobs which required only a small fraction
of their talents. Many able and Industrious youth who wanted
to do well and could have done well in colleges or vocational
schools were permanently denied the opportunity. The economic
situation did not allow the pursuit of life, liberty and
happiness in the full meaning of the term,
The depression was so severe that many were forever barred
from living the full life. Most of us during that period did
not come close to living what we usually regard as "normal"
lives.
The depression, then, with its breadlines, its closed
banks its windswept homes, its heartaches was a stern trial for
our way of life. Not long afterwards, our way of life faced
another test -- the test of fire. World War II came upon us.
Before we were attacked, we saw Poland and Czechoslovakia,
Denmark and Norway, Belgium, Holland, and France rapidly fall
to the overwhelming might of a military machine which had been
preparing itself for many years. The days of Dunkirk were
dark dayst
After we were attacked, v/e had many problems. We had to
grind to a halt the production of automobiles, radios and
refrigerators. We had to face shortages of rubber, copper and
lumber. We had to lick the shortages of raw materials before
we could make in quantity the finished products with which you
fight a war. We were faced with the basic problem of converting a civilian economy into military preparedness after we
were at war. And we were at war with countries that had been
building up their military might for many years, A nation can
lose a war that way. And we almost did.
- 3
After we were really under way in making planes, tar_l:s
and guns instead of cars, stoves, and pans, we still had tough
problems, 'With the economy more and more converted to war,
we made more and more money producing things which we could
not buy. About that time our people began to hear of the inflationary gap. The battle against inflation brought us the
headaches of wage and price control. On that I could talk a
long time. In mobilizing ourselves to wage a total war, many
stresses and strains were placed upon our economy.
Even after we were producing in quantity the weapons of
war, we still had serious questions of transportation and of
how much should be sent where. Another phrase became common
to our people at that time; to little and too late.
' Again it is hard to feel as we felt then. But do you
remember In the summer of 1942 it appeared as though Stalingrad
would fall? We were wondering about Alexandria and the Suez
Canal. In the Pacific it was no remote possibility that
Australia might be invaded. All through the oceans of the
world we had not conquered the U-Boat, If our military might
had been just a little less, or if we had gained it a little
slower, or if the Axis had been a little stronger, Russia would
not have held; the Allies In Africa would not have held; the
Allies in the Pacific would not have held. We almost came to
live under the rule of men who today stand trial at Nuernberg
as criminals against civilization.
On the firing line, where all of the might this nation
could muster met all of the might the enemy could muster, our
men in uniform bore the brunt of the grim reality of war.
These men, their families, and their loved ones made the
great and noble sacrifices of this war, as they have in all
wars. The only way that we can approach the giving of true
thanks to the living, the dead, and the living dead is to work
for peace as fully as we worked for victory.
There is a great lesson in the fact that this country was
strong enough to whip the depression and to win the war, but
I wish to emphasize that we mustered the strength to do both
jobs without abdicating from our basic principles of individual
freedom and integrity, of our way of life, of our system of
government.
We. maintained law and order and licked the depression with
democratic processes. We maintained our way of life and whipped
the Axis,
- 4 In the democratic fashion we gathered our strength and
whipped the dictators who had sputtered that democracy was
inefficient, soft and decadent. We mustered our resources
and our manpower in an all out effort and preserved intact
our constitutional right to gripe. Industry, labor, and
agriculture, each of these groups did the impossible, and all
together they performed a production miracle.
This miracle of production would not have been possible,
if every man and woman had not constantly borne in mind the
object to do everything possible for the war effort. Many
who have put in hour upon hour for the war effort without
tangible reward are unsung and unheralded. We owe a tribute
to these thousands of volunteers who served in hospitals and
the USO, who served on ration and draft boards, who collected
salvage, who sold war bonds, and all who served our country
in its most critical hour of need.
Through the efforts of all Americans we waged a total war
and kept our economy on an even keel. True, we had our
problems of wage and price control, of shortages and bottlenecks. But America, united, did the -whole job so well that we
overwhelmed the enemy with our might, had more than enough to
live on at home, and kept the fires of inflation from consuming us.
We found the strength to win the war and lick the depression through our democratic processes. Moreover, it must
be emphasized that it was not because we were not tempted that
we continued to live according to our principles.
When we remember in all of its detail the situation during
the depression in the early 30* s, we realize that the stage was
set for plans of dreamy salvation. Not only were our people
ripe to be plucked by the appeals of demagogic despots, but
the appeals were made. It is truly remarkable that with the
conditions as they then existed we were able to keep our
course so steady upon our traditional principles. It would
have been so, so easy to turn to men with liquid promises who
asked in return only that we give up a few of the individual
freedoms and rights and privileges that we so abundantly
inherited.
Likewise, wrhen the war clouds gathered in foreign lands,
and later when we were in it to the hilt and the outlook was
dark and gloomy, It would have been so easy not to face the
facts of life. Again our people, beladen with suffering and
sacrifice, were in a susceptible state for fatalistic appeals,
and again the appeals were made. Do you remember those who
5 would have had us bury our heads in the sand and not face the
job we had to do? Do you remember the various groups who had
some simple solution to win the war other than to out-produce,
out-fight, out-think, and out-last the enemy? Do you remember
the various groups that appealed to you not to ask for unconditional surrender but negotiate some sort of peace that would
end the war? They asked in return only that we give up a few
of our fundamental principles.
It is not only a remarkable achievement but it is also an
inspiration that our way of life stood two such tests as these.
Neither during the depression nor during'the war was the latch*string removed from the courthouse door. Neither during the
depression nor during the war was the election of our governing
officials suspended. Neither during the depression nor during
the war was the freedom of the press impaired, except.for
military security. Neither during the depression nor during the
war was any life, liberty or property taken from any citizen
without due process of law. Our Attorney General held the high
purpose that civil liberties were to be maintained even duringwar. And they were.
Our way of life has stood the test. We can face the
future with confidence, even though we face many difficult
problems in this country and in the world. We have the problems
of finding and carrying out the ways and means of full production,
full employment, mass purchasing power, and efficient distribution. We have the political, social, and economic problems
among nations that twice in our generation rocked us into war.
The resolution of these problems is necessary for prolonged
prosperity and for lasting peace.
While these problems are tough, surely they cannot be much
tougher than the ones we have had sdnce the Fall of f 29. We
solved those under our system of justice, law, and order.
That is really as much inspiration as we need to face the future.
Our thoughts tonight turn to whether the world can also
live through adversity and go forward under justice, law, and
order. We wonder whether all of the international problems can
be solved by discussion and conference and international
collaboration. The simple answer is that it must be so. And
saying that is far from whistling in the dark.
Already we have concrete evidence that the discussion and
conference procedure does work among nations• Already we have
many familiar landmarks, A few of these concrete landmarks,
for illustration, are: Reciprocal Trade Agreements, the ExportImport Bank, Bretton Woods, and the United Nations Security
Organization.
- 6 These trail-blazing measures, together with the others
that will follow, offer us the definite assurance that the
nations of the world can get together, can solve their problems.
The nations of the world can work under these processes of
justice, law, and order, and still remain alert and strong.
This nation should, Indeed it must, set a better example for
the world than it did last time by remaining alert and strong.
If the world can solve its problems by discussion and at
the same time be ready, willing and able to stamp out the
international gangster before he commits his high felonies, we
will have prevented war. Since wars are not ordained, but are
man made, man can avoid war by doing the job and solving the
problems that cause war.
Men throughout the world have within themselves an abiding
faith and purpose that collaboration among nations under
principles of justice, law, and order can carry the burden that
rests upon our shoulders. Let the leaders of men see to it
that this faith is realized.
0O0
TR&tSUKY DHPARTICEKT
Washington
FOR RRLSASS, MDRKIKG KBSTSTAPSRS,
Tuesday. December 4. 1945.
Press Service
, /&
1/ —7 V /
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 December 6, 1945,
and to mature March 7, 1946, which were offered on November 30, 1945, were opened at
the Federal Reserve Banks on December 3*
The details of this issue are as follows:
Total applied for - 12,163,314,000
Total accepted
- 1,303,377,000 (Includes $48,699,000 entered on a fixed-priet
basis at 99.905 and accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx. 0.375* P«r *nmi
Range of accepted competitive bids:
High - 99.90S Equivalent rate of discount approx. 0.364 % p«r annua
w
Low
- 99.905
« e e
H
0#376
»
»
it
(55 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
Boston % 54,515,000 % 32,510,00
Hew Tork
1,527,646,000
Philadelphia
59,390,000
Cleveland
36,665,000
Richmond
29,975,000
Atlanta
3,440,000
Chicago
272,110,000
ZX. Louis
33,940,000
Minneapolis
13,625,000
Kansas City
27,638,000
Dallas
11,980,000
Ban Francisco
86,890.000
TOTAL $2,163,314,000
Accepted
_
S93,271,00
39,19O,0(
25,U5#«
25,655,«
3,350,0
161,343,0
22,5*0,«
d,67V
22,688,0
10,18>,«
?^^S
H,303,377,«i
TREASURY DEPARTMENT
Washington
FOR RELEASE, AOP:TING NEWSPAPEFS, Press Service
Tuesday, December 4, 1945,
No. V-149
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 December 6, 1945, and to mature
March 7, 1946, which were offered on November 30, 1945, were
opened at the Federal Reserve Banks on December 3.
The details of This issue are as follows:
Total applied for - ?2,163,314,000
Total accepted
- 1,303,377,000 (includes |48,-699,000
entered on a fixed-price basis at 99 .-905 and accepted in
full)
Average price - 99.905/ Equivalent rate of discount
approx. 0,375$ per annum
Range of accepted competitive bids:
High - 99.908 Equivalent rate of discount
approx. 0^364$ per annum
Low
- 99.905 Equivalent rate of discount
approx, 0*376$ per annum
(55 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
Boston & 54,515,000 $ 32,510,000
New York
1,527,646,000
Philadelphia
59,890,000
Cleveland
36,665,000
Richmond
29,375,000
Atlanta
3,440,000
Chicago
272,110,000
>ct.- Louis
38,940,000
Minneaoolis
13,625,000
Kansas City
27,638,000
Dallas
11,.980,000
San Francisco
86,890,000
TOTAL 1,2,163,314,000 $1,303,377,000
oOo
Accepted
893,271,000
39,190,000
25,415,000
25,.655,000
3,350,000
161,343,000
22,560,000
8,675,000
22,688,000
10,180,000
58,540,000
FOR IMMEDIATE RELEASE
December k. 19^5
The Bureau of Customs announced today preliminary figures shoving
the quantities of coffee entered for consumption during the period
commencing October lf I9U5 as follows:
Country of Production
Quantity in Pounds
As of November 2k, 19^5
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
229,857,688
9^,869,525
6^78,967
58
U,l68,l65
5,905,^53
5,185,850
10,380,59*
180,624
2,85U,324
6,255,805
760,112
664,125
2,070,898
>n-Signatory Countries
Total
100,360
369,732,5*8
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, Press Service
Tuesday, December 4, 1945.
No* V-150
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 1945 as follows:
Country of Production
Quantity in Pounds
As of November 24, 1945
Signatory Countries:
229,857,688
94,869,525
6,478,967
58
4,168,165
5,905,453
5,185,850
10,380,594
180,624
2,854,324
6,255,805
760,112
664,125
2,070,898
Brazil
Colombia
Costa Rica
Cuba
Dominican Republ Ic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
100,360
»n-Slgnatory Coun tries
TOTAL
oOo
369,732,548
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday. December 6. 1945.
Press Service
^o-V-l^/
The Secretary of the Treasury today called attention to the fact that
the subscription books for the three Issues of marketable securities will
close, and the Victory Loan Drive will terminate, at the close of business
December 8. These issues are the 2-1/2 percent Treasury Bonds of 1967-72,
the 2-1/4 percent Treasury Bonds of 1959-62 and the 7/8 percent Treasury Certificates of Indebtedness of Series K-1946. Sales of the three issues of
savings bonds, Series S, F and 0, aad of Series C Savings Notes, will, of
course, continue.
Subscriptions for the three issues of marketable securities which are
placed in the mail up to midnight of December 8 will be treated as timely
subscriptions.
Oo -
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, Press Service
Thursday, December 6, 1945.
No. V-151
The Secretary of the Treasury today called attention to
the fact that the subscription books for the three issuet of
marketable securities will close, and the Victory Loan Drive
will terminate, at the close of business December 8. These
issues are the 2-1/2 percent Treasury Bonds of 1367-72, the
2-1/4 percent Treasury Bonds of 1959-62 and the 7/8 percent
Treasury Certificates of Indebtedness of Series K-1946. Sales
of the three issues of savings bonds, Series E, F and G, and'
of Series C Savings Notes, will, of course, continue.
Subscriptions for the three issues of marketable securities
which are placed in the mail up bo midnight of December 8 will
be treated as timely subscriptions.
-0O0-
ui'uirwo. r
Statement by Secretary Vinson on
U.S.-U.K. Negotiations
Our negotiation with the ijritish has resulted in
a happy conclusion which embraces many economic advantages for the American businessman, farmer and worker.
like all sound agreements it is beneficial to both contracting parties.
The financial agreement will make possible a
marked expansion of trade directly mth the United
Kingdom and sterling area countries. Increased commerce
with many other countries will result indirectly. Thus
this nation "will benefit and the likelihood of a world
divided into rival economic blocs will be lessened.
It is significant that two nations although beset
Tdth the enormous problems of domestic reconversion have
arrived at a mutually advantageous arrangement which
takes us another long step along the road to permanent
peace and world security.
TREASURY DEPARTMENT
Washington
FOR RELEASE, 5:30 PM, EST, Press Service
Thursday, December 6, 1945.
No. V-152
Statement by Secretary Vinson on
U,S,-U.K.^Negotiations
Our negotiation with the British has resulted in a
happy conclusion which embraces many economic advantages for
the American businessman, farmer and worker. Like all sound
agreements it is beneficial to both contracting parties. .
The financial agreement will make possible a marked
expansion of trade directly with the United Kingdom and
sterling area countries. Increased commerce with many other
countries will result indirectly. Thus this nation will
benefit and the likelihood of a world divided into rival
economic blocs will be lessened.
It is significant that two nations although beset with
the enormous problems of domestic reconversion have arrived
at a mutually advantageous arrangement which takes us another
long step along the road to permanent peace and world security.
oOo
- 3 -
for such bills, whether on original issue or on subsequent purchase, and the a
actually received either upon sale or redemption at maturity during the taxab
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, Dre-
scribe the terms of the Treasury bills and govern the conditions of their issu
Copies of the circular may be obtained from any Federal Pieserve Bank or Bran
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 shall1 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 December 13, 1945
1
^v 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 othtr 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 arc 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
XXEE&
TREASURY DEPARTMENT
Vila shing ton
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December 7. 1945 .
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
on a discount basis under competitive and fixed-price bidding as hereinafter p
vided. The bills of this series will be dated December 13, J945 »
and w
ili
mature March 14, 1946 , when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of $1,
$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 „ j T% ^ ,. ....
closing hour, two o'clock p.m., Eastern SSsac time, Monday, December 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 expresse
on the basis of 100, with not more than three decimals, e. g,, 99-925- Fractio
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 Bank
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment sec
ties. Tenders from others must be accompanied by payment of 2 percent of the f
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, December 7, 1945
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 mssued on a discount basis under competitive and fixed-price bidding as hereinafter provided.
The bills of this series will be dated December 13, 1945, and
will mature March 14, 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., Eastern
Standard time, Monday, December 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 threet
decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated'
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must
be accompanied by payment.of 2 percent of the face amount of
Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of' payment by an incorporated bank or
trust company.
Immediately after the closing hour, tenders will be
opened at the Federal Reserve Banks and Branches, following
which public announcement will be made by the Secretary of
the Treasury of the amount and price range of accepted bids.
Those submitting tenders will be advised of the acceptance
or rejection thereof. • The Secretary of the Treasury expressly
reserves the right to accept or reject any or all tenders, in
whole or in part, and his action in any such respect shall be
final. Subject to these reservations, tenders for §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
December
13, 1945.
V-153
- 2The income derived from Treasury bills, whether interest
or gain from the sale or other disposition of the bills, shall
not have "any' exemption, as such, and loss from 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) (1) of the Internal Revenue Code, as amended by
Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be
considered to accrue until such bills shall be sold, redeemed
or otherwise disposed of, and such bills are excluded from
consideration as capital assets. Accordingly, the owner of
Treasury bills (other than life insurance companies) issued
hereunder need include in his income tax return only the difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount
actually received either upon sale or redemption at maturity
during the taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as am. nded, and
this notice, prescribe the terms
-oOo- of the Treasury bills and
govern the conditions of their issue. Copies of the circular
may be obtained from any Federal Reserve Bank or Branch.
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington 25, D. C.
/ (]L*^-^
| V' f '
Joseph D. Nunan, Jr., Commissioner of Internal Revenue, announced today
the appointment of Dr. T. C. Atkeson as Assistant to the Commissioner and of
0. B. Allen as Deputy Commissioner of the Income Tax Unit of the Bureau of
Internal Revenue.
Dr, Atkeson, who formerly was head of the Clearing Division, will be in
charge of research and statistical activities of the Bureau. Dr. Atkeson
succeeds Paul A. Hankins who recently became Assistant Commissioner. Dr.
Atkeson, who is 48, is a native of Columbia, Alabama^, uitl I.I, yelylitubu m
University of Alabama. |fe received the degree of Doctor of Philosophy in
1931 from Georgetown University for his studies in economics and statistics.
Mr, Allen formerly was Assistant Deputy Commissioner of the Income Tax
Unit. He succeeds Norman D. Cann, who resigned to enter private business.
Mr- Cann, who had been with the Bureau since 1924, had been Deputy Commissione
of the Income Tax Unit for the past two years, and formerly held the positions
Assistant Commissioner and Head of the Los Angeles Division of the Technical
Staff.
Mr. Allen has been in Government service since 1907 and has occupied various
important positions in the Bureau of Internal Revenue continuously since y0tt
For 16 years, he was Internal Revenue A^ent-in-charge of the Upper New York
Division, one of the most responsible field positions in the Bureau. Mr. Allen
who is 59, is a native of Augusta, Maine.
Edward I. IicLarney, formerly Head of the Field Procedure Division of the
Income Tax Unit, will be Acting B^ssistant Deputy Commissioner in place of i.
Mr. IicLarney, who is 48, is a native of Washington, D. C.
M. E. Sherwood, formerly Head of Audit Review Division C, has been reasf
as Head of the Clearing Division. James J. Warner, foinerly assistant Head of
Audit Review Division B, v/ill be Head of Audit Review Division C.
- 0 -
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington 25, D, C.
FOR RELEASE, MORNING NEWSPAPERS Press Service
Friday, December 7, 1945
No.. V-154
Joseph D. Nunan, Jr., Commissioner of Internal Revenue
announced today the appointment of Dr. T. C. Atkeson as
Assistant to the Commissioner and of C. B. Allen as Deputy
Commissioner of the Income Tax Unit -of the Bureau of Internal
Revenue.
Dr. Atkeson, who formerly was head of the CJLecoring Division, will be in charge of research and statistical activities.
of the Bureau. Dr. Atkeson succeeds Paul A. Hankins who recently became Assistant Commissioner. Dr. Atkeson, who is
48, is a native of Columbia, Alabama. He attended the University of Alabama, and received the degree of Doctor of Philosophy in 1931 from Georgetown University for his studies in
economics and statistics-.
Mr. Allen formerly was Assistant Deputy .Commissioner of
the Income Tax Unit. He succeeds Norman D. Cann, who resigned to enter private business. Mr. Cann, who had been
with the Bureau since 1924, had been Deputy Commissioner of
the Income Tax Unit for the past two years, and formerly held
the positions of Assistant Commissioner and Head of the Los
Angeles Division of the Technical Staff.
Mr. Allen has been in Government service since 1907 and
has occupied "various important positions in the Bureau of
Internal Revenue continuously since 1917. For 16 years, he
was Internal Revenue Agent-in-charge of the Upper New York
Division, one of the most responsible field positions in the
Bureau. Mir. Allen, who is 59, is a native of Augusta, Maine.
Edward I, McLamey, formerly Head of the Field Procedure Division of the Income Tax Unit, will be Acting Assistant
Deputy Commissioner in place of Mr. Allen. Mr. I'cLarney,
who is 48, is a native of Washington, D« C.
P. H. Sherwood, formerly Head of Audit Review Division C,
has been reassigned as Head of the Clearing Division.
James W. Warner, formerly Assistant Head of Audit Review
Division B, will be Head' of
Audit Review Division C.
-0O0-
- I ttll
« runtime ia ''
of the flOM&rl— my |» tawly
• ftfe lisd£*tl<n* raailm en tfe»
te the ttifimii jiMMlilii nor «n %km
baring t)
* Trt i i U l i m te baring the
fctty and iell dollar
Ǥ*&% ill If jwwttwi :
of the
#f *11 ioliftr
without ten** to effect
in auy prftscrilM*^
fitMclftl iT»iifc*fci«i» uitttlii the HowMifl mv^^rim
am
m
M S * 1»» 3*
Hn* affective date ®f Qeneml Oo»m* He* ft* it ia veiiAU «**,
r 7, XS45, N M p * «fat§ for wmmm *** Belgtm 1% U , wapeeU^ir,
and B;0V. wter 30, Hm mm
m m&m the Fwraeh a m *tfi*ift **•
^
t J5Ri«ba*to|J&rnoldj]
11/21/45
?
# u>^^^
A
OT&3UB1
JMMMXIKmt
• ati'ffflioy aiud* c» oouraa* y/ts@MSBS and «R9em asm* hojFeajriiOibe treated in
pWMrttlff^lly all roasosito I A noii^looked oosatfleo vsn^mT
All control* are reaeved over currentfcranaaetioiuiwith the
it ia
aa with poreone in Great Britain, Canada, or other countri.ee of the Weeten
•• exivtine blacked account* of mvmmm within thi lidid not change the etatua nadar thi fxooatag
Qswiwf of Po£%ajlft3U Snala* Ilwltaorlaiid* Sweden and Ileohteiiateiii* Ttmsa
ootintriea cannot ho aodox'dod the)ffirtTtlffrjpMiInking MJKN* arallahlo to other
countries until they hare taken effective action to search out, iwaoblllie,
control all enemy aeaot* within their Jurladiotlen, aad until a
fraaawrsr of f iolalaffj^lftfttHf-that comtrolo oror ajft fulfill bloolcod
tise hoi* in order to ensure that oaaouf laged enemy oosoto aro not releaoi
Oenerml licenaea have already boom laaaod to Frmnoe and Belgtiia which provide for the certification by French and Belgian authoritiee of blocked
after their investigation hao ahown that the property la actually
• Belgian owned. Property ao certified it no
blooked pofoper^r^ Megotiationa alalia? to thoao whloh
of the general licenses to France and Belgitia are under way with
liberated countries It la expected that licensee will shortly bo
to provide for the ooitil&oat&ott and releaae of their property. Sloped
Italian. Ifrilj^rMPi Hni^arlau and fhimarataii |>ronorty la In a aojjarate ©ate*
gory because of tha declaration of war by the United State* againet thoao
The Secretary eaphaaiaed that
pemlta the inaedlate reetfaption of normal financial and
lations with the licensed countries ao far aa the frooting regulati
aro concerned. Unltod Statoa banking; facilitlea aay aa aaod to
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS Press Service
Thursday, December 6, 1945
No. V-155
A sweeping relaxation of the freezing control was just announced by
Secretary Vinson. Under General License No. 94, which goes into effect
tomorrow morning, all countries except Portugal, Spain, Sweden, Switzerland, Liechtenstein, Tangier and, of course, Germany and Japan will hereafter be treated in practically all respects as non-blocked countries under
the freezing Order. All controls are removed over current transactions
with the countries covered by the new general license. Americans may
hereafter engage in financial and commercial transactions with persons in
these countries as freely as with persons in Great Britain, Canada, or
other countries of the Western Hemisphere. However, existing blocked accounts of persons within the licensed countries are not freed by this license.
The Treasury action did not change the status under the freezing Order
of Portugal, Spain, Switzerland, Sweden and Liechtenstein. These countries
cannot be accorded the privileges being made available to other countries
until they have taken effective action to search out, immobilize, and control all enemy assets within their jurisdiction, and until a satisfactory
solution has been reached concerning the disposition of these enemy assets*
Treasury officials explained that controls over existing blocked accounts of persons within the licensed countries remain in effect for the
time being in order to ensure that camouflaged enemy assets are not released.
General licenses have already been issued to France and Belgium which provide for the certification by French and Belgian authorities of blocked
property after their investigation has shown that the property is actually
French or Belgian owned. Property so certified is no longer regarded as
blocked property. Negotiations similar "to thpse which preceded the issuance
of the general licenses to France and .Belgium are under way with other
liberated countries. It is expected that licenses will shortly be issued
to provide for the certification and release of their property. Blocked
Italian, Bulgarian, Hungarian and Rumanian property is in a separate category because of the declaration of war by the United States against those
countries.
The Secretary emphasized that this general license permits the immediate
resumption of normal financial and commercial relations with the licensed
countries so far as the freezing regulations are concerned. United States
banking facilities may be used to finance all tranactions between the licensed countries and between these countries and any non-blocked countries.
Financial instruments and documents, currency and securities, and instructions relating to property interests may be sent to the licensed countries.
Persons in those countries may buy and sell dollar exchange and exchange
of the countries may be freely dealt in by persons in the United States. No
limitations remain on the amount of money that may be remitted to the licensed countries nor on the purpose or method of the remittances.
- 2 -
In addition to having the unrestricted use of rll dollar assets hereafter
accruing, persons in the licensed countries may also use their presently
blocked accounts for any purposes authorized under outstanding Treasury
licenses without having to effect such transactions in any prescribed
manner.
Most of the restrictions imposed on securities by the freezing Order
are removed with respect to the licensed countries end their nationals.
Securities are no longer subject to freezing controls merely because they
bear the stamp of any of the licensed countries. Securities accounts of
financial institutions xvithin the licensed countries are no longer subject
to General Ruling No. 17. However, securities imported from most foreign
countries are still subject to General Ruling No. 5,,
Tangier is not for the present one of the licensed countries, since
the provisional international regime in Tangier has only recently been
established and is currently investigating problems relating to the control
and disposition of enemy interests.
The effective date of General License No. 94, it is pointed out, is
December 7a 1945, except that for France and Belgium it is, respectively,
October 5 and November 20, the- dates on which the French and Belgian defrosting licenses were issued.
-oOo-
- 2 -
It makes provision for issuance of a substitute check speedily
even where the original disbursing officer has left the service of the
Government, where a check was drawn against a foreign depositary, and
in other situations that previously have involved lengthy delays.
The issuance of a "substitute", rather than "duplicate" check
hitherto drawn greatly reduces the possibility of the instrument
becoming "stale" before it can be presented for payment, since the new
check is dated currently. Checks that are more than one full fiscal .
year old are not payable by the Treasurer of the United States, but
must be handled as claims through the General Accounting Office.
Heretofore, such claims could not be handled untal reconcilement
of accounts of the responsible disbursing officers had beeH^e^Of^isstle^
by the GAO. Due to the tremendous volume of check transactions during
the war,-XDQS0Cdelays in such accounting became inevitable.
The new procedure agreed upon by the Treasury and the GAO will
expedite the payment of these claims for out-dated checks tremendously.
It involves transfer of lump-sum amounts from accounts of disbursing
officers to a trust ftind from which payment may be made before the
actual reconcilement of accounts.
In the case of lost, stolen and destroyed checks, special deposit
accounts are set up in the Treasury against which substitute checks may
be drawn.
Inquiry as to procedure in either type 01 claim may be made to the
Chief Disbursing Officer, Treasury Department, Washington.
to
PROPOSED PRESS RELEASE
The Treasuiy Department today inaugurated sweeping procedural changes
designed to speed up greatly the liquidation of claims arising from lost,
stolen, destroyed, mutilated and out-of-date Government checks, changes
that will be of particular assistance to many thousands of service personnel temporarily deprived of their money as a result of war hazards.
The wholesale elimination of accounting delays, in part made possible
by legislation sponsored by the Treasury and the General Accounting Office
and just signed by the President, and in part by agreement between the two
agencies under existing law, will reduce the time required for settling
such claims in many cases from possibly months, to a few days.
HolmH W. Maaewellj SreoAuryfiennitLsoionor-of Aooountoy said that m t h
claims in the two classifications involved running currently at a rate in
excess of 12,000 a month, the speeding up of payment obviously is essential
to eliminate hardships that otherwise would exist for great numbers of men
returning from long service overseas. The simplified procedure will, of
course, apply to similar claims from non-service recipients of Government
checks.
In the case of lost, stolen, destroyed or mutilated checks, the new
procedure eliminates in most cases the requirement that the payee provide
indemnity or surety to protect the Government in case the original
instrument turns up, and accepts simple application for a substitute
check.
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS Press Service
Friday, December 7? 1945
No. V-156
The Treasury Department today inaugurated sweeping procedural changes designed to speed up greatly the liquidation
of claims arising from lost, stolen, destroyed, mutilated and
out-of-date Government checks, changes that will be of particular
assistance to many thousands of service personnel temporarily
deprived of their money as a result of war hazards.
The wholesale elimination of accounting delays, in part
made possible by legislation sponsored by the Treasury and the
General Accounting Office and just signed by the President,
and in part by agreement between the two agencies under existing
law, will reduce the time required for settling such claims in
many cases from possible months, to a few days.
Treasury officials said that with claims in the two classifications involved running currently at a rate in excess of
12,000 a month, the speeding up of payment obviously is essential to eliminate hardships that otherwise would exist for
great numbers of men returning from long service overseas. The
simplified procedure will, of course, apply to similar claims
from non-service recipients of Government checks.
In the case of lost, stolen, destroyed or mutilated checks',
the new procedure eliminates in most cases the requirement that
the payee provide indemnity or surety to protect the Government in case the original instrument turns up, and accepts
simple application for a substitute check.
It makes provision for issuance of a substitute check
speedily even where the original disbursing officer has left
the service of the Government, where a check was drawn against
a foreign depositary, and in other situations that previously
have involved lengths-delays.
The issuance of a "substitute", rather than "duplicate"
check hitherto drawn greatly reduces the possibility of the
instrument becoming "stale" before it can be presented for payment, since the new check is dated currently. Checks that are
more than one full fiscal year old are not payable by the
Treasurer of the United States, but must be handled as claims
through the General Accounting Office.
- 2 Heretofore, such claims could not be handled until reconcilement of accounts of the responsible disbursing officers had
been accomplished by the GAO. Due to the tremendous volume
of check transactions during the war, delays in -such accounting
became inevitable.
The new procedure agreed upon by the Treasury and the GAO
vail expedite the payment of these claims for out-dated checks
tremendously. It involves transfer of lump-sum amounts from
accounts of disbursing officers to a trust fund from which
payment may be made before the actual reconcilement of accounts.
In the case of lost, stolen and destroyed checks, special
deposit accounts are set up in the Treasury against which
substitute checks may be drawn.
Inquiry as to procedure in either type of claim may be
made to the Chief Disbursing Officer, treasury Department,
Washington.
-0O0-
STATUTORY DEBT LIMITATION
AS Of NOVEMBER 30. 191+15
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amo
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), "shall not 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 he outstanding at any one time $300,000,000.§
Outstanding November 30, 19*+5
Obligations issued under Second Liberty Bond Act, as amended
! interest-bearing
Bonds
Treasury
$109,370,910,000
Savings (maturity value)*....
58,259,S*J9,*J00
Depositary
1*97,171^ 500
Adjusted Service
500,157,956 $168,628,091,856
[treasury notes ^3,759,125,300
Jertificates of Indebtedness.
W,027,307,000
treasury bills
17,026,3^8,000
1 '^Prepayments
^191,971,000
I * Total interest-bearing
featured, interest-ceased
rBearing no interest
War Savings Stamps
139,356,^70
Excess profits tax refunds bonds 1,131,126,038
Sotal
1,270,^82,508
275,105,912,039
Guaranteed obligations (not held by Treasury)
In te re s t-bearing
Debentures: P.H.A
39,120,936
Demand obligations: C.C.O. ..
W . 30*1,363
Matured, interest coased
536,^25,299
16,225,275
105,00^,751,300
273,632,843,156
202,586,375
-alS^gs
Grand total outstanding
Balance face amount of obligations issuable under above authority,,,,,,,
Reconcilement with Statement of the Public Debt - November 30, 19^5
(Daily Statement of the United States Treasury, December 1, I9U5)
Outstanding November 30, 19^5
Total gross public debt
265,3^1,322,
Guaranteed obligations not owned by the Treasury
Total gross public debt and guaranteed obligations
265
Add - unearned discount on U. S. Savings Bonds
(Difference between maturity value and current redemption value)
10,787,066,1^
Deduct - other outstanding public debt obligations
not subject to debt limitation
1-022.Q77.0T7
9.76U,08jii
* Approximate face or maturity value; current redemption value $1+7,1+72,733,252
/
mite
STATUTORY DEBT LIMITATION
AS DF NOVEMBER 30. 1945
Section 21 of the Second Liberty Bond Act, as amended, provides that the face
mount of obligations issued under authority of that Act, and the face amount of
'bligations guaranteed as to principal and interest by the United States (except
uch guaranteed obligations as may be held by the Secretary of the Treasury),
shall not exceed in the aggregate '$300,000,000,000 outstanding at any one time 0 u
The following table shows the face amount of obligations outstanding and the
ace amount which can still be issued under this limitation:
'otal face amo\int that may be outstanding at any one time $300,000,000,000
it standing November 30, 194-5
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Bonds
Treasuryoooooooooooooooo $109,370,910,000
Savings (maturity value>
Depositary oooooooo.oooo
Adjusted Service ooooooo
58,259,849,400
497,174,500
500.157.956
Treasury notes ooooooooooo 43,759,125,300
Certificates of Indebtedness 44,027,307,000
Treasury bills ooooooooooo
17,026,348,000
Prepayments .oooooooooo.oo
191T971.000
Total interest-bearingooooooooooooooooooo
Matured, interest—ceasedooooooooooooooooooooo
Bearing no interest
War Savings Stamps ooooooo
139,356,470
Excess profits tax refunds
bonds oooooooooooooooooo
1,131,126,038
1 o"oa_L 000000000000000000000000000000000000000
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: FoHoA.oooooo.
39,120,936
Demand obligations: C0C0C0
497.304.363
Matured, interest ceased oooooooooooooooooo
iiirand. totaJL o u t s t a n d i n g
$168,628,091,856
105.004.751.300
273,632,843,156
202,586,375
l,270f482*508
<~/p.JLLQ .7x<c.ujy
536,425,299
16.225.275
552.650.574
ooooooooo«oooooooooo©oooo00«oooooo©oooo»o
*s L 5 A S 5 8 « . 5 6 2 . 6 1 3
,lance face amount of obligations issuable under above authority©o
24^41.437^87
Reconcilement with Statement of the Public Debt - November 30, 1945
(Daily Statement of the United States Treasury, December 1, 1945)
standing November 30, 1945
JudJ. g P O S S PUDJ.1C Q.e Du o O O O O O O O O O O O O o o o o o o o o o o o o o o o o o o o O 0 O O O O O O O O
^ 0 > , j5/)-L, 0<C*C, 7
guaranteed obligations hot owned by the Treasury00000ooooooo 00000
552.650.574
Total gross public debt and guaranteed obligations0ooooooooo00000
265,894,473,502
d - unearned discount on U. So Savings Bonds
(Difference between maturity value and current redemption value)
10,787,066,148
duct - other outstanding public debt obligations
not subject to debt limitation0oooooooooo
1.022.977.037
9.764.089.111
275.658.562.613
Approximate face or maturity value; current redemption value $47,472,783,252
*57 _cOo-
-PROPOSEDHFRESS~'T?EEEA5E"
IS*
Mjanil T^ftflcht Florida, December 11 -^J
IjPrank J. Wilson, Chief of the United States Secret Service,
today urged the establishment of a national council on crime
prevention and juvenile delinquency to carry on, through all
welfare and public service channels, a continuing campaign to
"keep the good boy good".
The Treasury official, addressing the convention here of
the International Association of Chiefs of Police, termed prevention of juvenile delinquency one of the most serious problems
confronting peace officers in the post war period. He called
upon the International Association of Chiefs of Police to take
the lead in promoting a national council with a long range program.
"This council should embrace representatives of law enforcement, the Church, labor organizations, industry, education
departments, social agencies, health departments, national
foundations, and all other interested parties," Chief Wilson
said,
"Such a council would have the power and prestige to obtain
a high degree of cooperation, support, and assistance from the
best groups in the country. Such a council could count on the
valuable help of the press, the motion picture industry, the
radio and television industry and other important agencies
capable of reaching all of our citizens•
"Such a council of farseeing men and women could awaken the
nation to the fact that, beyond all comparison, its more important to cause a potential delinquent to remain a good boy and
become a good citizen, than it is to use large sums or?money to
hunt, catch, punish, support, or to try to rehabilitate that boy
after he becomes a criminal,
"These boys and girls will be the guiding spirits of our
country in the future. In the future they will control this
great Republic, Right now, they need more spiritual guidance,
more home guidance, and more community guidance,"
Chief Wilson pointed to the National Committee for Traffic
Safety and the National Community Chest Council as examples of
agencies effectively coordinating many groups in meeting
national problems.
The Secret Service Chief cited the successful lonj
crime prevention /BtWfTfUt, of
hi^^^i^T^^L^^^^
counterfeiting and check forgery as proof that this approach
can be a pbfcent factor both in safeguarding the public and at
the same time saving many potential law violators.
.-.y
0O0
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Tuesday, December 11, 1945.
Press Service
No. V-158
Miami Beach, Florida, December 11 -- Frank J. Wilson, Chief
of the United States Secret Service, today urged the establishment of a national council on crime prevention and juvenile delinquency to carry on, through all welfare and public service channels,
a continuing campaign to "keep the good boy good".
The Treasury official, addressing the convention here of the
International Association of Chiefs of Police, termed prevention of
juvenile delinquency one of the most serious problems confronting
peace officers in the postwar period. He called upon the International Association of Chiefs of Police to take the lead in promoting a national council with a long range program.
"This council should embrace representatives of law enforcement, the Church, labor organizations, industry, education departments, social agencies, health departments, national foundations,
and all other interested parties," Chief Wilson said.
"Such a council would have the power and prestige to obtain a
high degree of cooperation, support, and assistance from the best
groups in the country. Such a council could count on the valuable
help of the press, the motion picture industry, the radio and television industry and other important agencies capable of reaching all
of our citizens,
"Such a council of farseeing men and women could awaken the
nation to the fact that, beyond all comparison, it's more important
to cause a potential delinquent to remain a good boy and become a
good citizen, than it is to use large sums of tax mone3r to hunt,
catch, punish, support, or to try to rehabilitate that boy after he
becomes a criminal.
"These boys and girls will be the guiding spirits of our country in the future. In the future they will control this great
Republic. Right now, they need more spiritual guidance, more home
guidance, and more community guidance."
Chief Wilson pointed to the National Committee for Traffic
Safety and the National Community Chest Council as examples of
agencies effectively coordinating many groups in meeting national
problems.
The Secret Service Chief cited the successful long-range crime
prevention program of his own organization through Know Your Money
and Know Your Endorser campaigns to fight counterfeiting and check
forgery as proof that this approach can be a potent factor both in
safeguarding the public and at the same, time saving many potential
-oOolaw violators.
TREASURY DEPARTMENT
WASHINGTON 25
OFFICE OF
COMMISSIONER OF INTERNAL REVENUE
ADDRESS REPLY TO
COMMISSIONER OF INTERNAL REVENUE
AND REFER TO
IT:Rec:DIS
3. 1945
Memorandum for Mr. Charles Shaeffer
F.
Director of Public Relations
Treasury Department
There is transmitted a supplemental report of payments of
salary, commission, bonus or other compensation paid in excess of
$75,000.00 compiled from income tax returns, Schedule F-l, filed
for the calendar years 1942 and 1943 and fiscal years ended in
1943 and 1944.
SUPPLEMENTAL #1
REPORT OF PAY/TENTS OF SALARY, COMMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF $ 75,000.00 COMPILED FROM
INCOME RETURNS, SCBEDULE F-l, FILED
FOR THE CALENDAR YEAR 1943 AND FISCAL
YEARS ENDED IN 1944.
SUPPJBEMENTAL #3 .
REPORT FOR TJTE CALENDAR TEAR 1942 AND
FISCAL YEARS ENDED IN 1943
SAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
ALABAMA
r
•A.TERMAN STEAMSHIP CORPORATION
[ Roberts, E. A.
9/30M
50,000.00
61,722.1+1
31+0.00
112,062.1a
5.00
5.00
137,500.00
85,005.00
85,005.00
CALIFORNIA
JONSOLIDATED VULTEE AIRCRAFT CORPORATION
Girdler, T. M.
Laddon, I. M.
Woodhead, Harry
Note:
11/30/1A.
137,500.00
85,000.00
85,000.00
The compensation of T. M. Girdler shown above of $137,500 was P a i d
and not direct to Mr. Girdler.
|0UGLAS AIRCRAFT COMPANY, INC.
Douglas, Donald W.
fORTH AMERICAN AVIATION, INC.
Atwood, J. L.
Kindelberger, J. H.
|»ACIFIC GAS AND ELECTRIC C0I.PANY
Black, Jas. B.
L D. AND A. B. SPRECKELS COMPANY
Belcher, F. J., Jr.
ITAIJDARD OIL COMPANY OF CALIFORNIA
Collier, Henry D.
* Includes an annuity of $3,629.60 monthly paid
Company's Annuity Plan.
to the
Republic Steel Corporation
11/30M
120,000.00
1+00.00
120,14.00.00
75,000.00
ll;0,000.00
300.00
350.00
75,300.00
1I+0,350.00
75,000.00
1,160.00
76,160.00
9/30/i+U
12/31A3
12/31A3
75,000.00
12/31A3
93,750.00
18,750.00
123,555-20
123,555.20*
to Mr. Collier by Insurance Companies, under the
CONNECTICUT
P
iDWARDS AND COMPANY, INC.
[ Edwards, R. Stafford
ICcHugh, Edward P.
Miller, Christian
Nolan, Thomas S.
IffiMINGTON ARMS COMPANY, INC.
Davis, C. K.
IDNITED AIRCRAFT CORPORATION
Rentschler, Frederick B.
Wilson, Eugene E.
ILLINOIS
12/31A3
|R. R. DONNELLEY & SONS CO.
Littell, C. G.
GENERAL OUTDOOR ADVERTISING CO., INC.
Robbins, Burnett W.
ETHAN-MICHAELS COMPANY
Purdy, S. E.
LADY ESTHER, LTD.
Busiel, Alfred
Busiel, Syma
MARS, INCORPORATED
Mars, Mrs. E. V.
NORTHWEST ENGINEERING COMPANY
Houston, L. E.
SEARS, ROEBUCK AND CO.
Barrows, A. S.
Houser, T. V.
| Wood, R. E.
J. P. SEEBURG CORPORATION
Seeburg, J. P.
Seeburg, N. Marshall
STANDARD OIL COMPANY (INDIANA)
Seubert, Edward G.
THE WANDER COMPANY
McMillan, James G.
INDIANA
12/31A3
MEAD JOHNSON & COMPANY
Johnson, Lambert D.
Larson, W. N.
Rose, A. L.
SERVEL, INC.
Ruthenburg, Louis
12/31A3
118,817.18
77,231.9^
77,231.91+
77,231.91+
118,817.18
77,231.9i+
77,231.9i+
77,231.91+
12/31A3
12/31A3
12/31A3
39,996.00
1+6,250.00
2,900.00
3,100.00
75,000.00
75,000.00
26,000.00
260.00 86,506.00
9l+, 308.50
68,308.50
150.00
75,000.00
12/31A3
12/31A3
96,999.96
96,000.00
96,000.00
96,000.00
96,000.00
120,000.00
120,000.00
12/31A3
50,000.00
50,000.00
100,000.00
73,ltf0.oo
60,000.00
73,200.00
25,000.00
20,000.00
10,000.00
98,14.70.00
80,000.00
83,200.00
1+9,999.92
I4.9,999-92
1+0,000.00
30,000.00
89,999.92
79,999.92
9/30M
12/31A3
12/31A3
75,150.00
96,999.96
12/31A3
12/31A3
77,900.00
78,100.00
66,911.76
ia,925.60
1+0,000.00
116,1I22.96
1;0,368.!;1
20,10^.67
20,10l+.67
90,789.73
60,526.1+9
60,526.14.9
60,000.00
27,500.00
10/31M
108,837.36
156,1+22.96
131,158.11+
80,631.16
80,631.16
1,200.00
88,700.00
1.
'Y
W E OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
KANSAS
pECH AIRCRAFT CORPORATION
peech, Walter H.
CESSNA AIRCRAFT COMPANY
Wallace, Dwane L.
Wallace, Dwight S.
9/30/1+1+
ia,270.01+
1+0,000.08
81,270.12
9/30A+
53,000.00
53,000.00
79,000.00
79,000.00
26,000.00
26,000.00
LOUISIANA
•GINS INDUSTRIES, INC.
Eiggins, Andrew J.
12/31A3
83,333-33
83,333.33
85,000.00
85,000.00
108,333-33
108,333.33
1^. MARYLAND
•
12/31A3
COMMERCIAL CREDIT COMPANY
f Duncan, A. E.
CRO'.VN CORK cc SEAL COMPANY, INC.
McManus, Charles E.
THE HECHT COMPANY
Dulcan, Charles B., Sr.
Goodman, Moses H.
Hecht, Malcolm
MASSACHUSETTS
PEPPERELL MANUFACTURING COMPANY
Leonard, Russell H.
Q. S. BRANCH OF THE EMPLOYERS1 LIABILITY
ASSURANCE CORPORATION, LIMITED
Stone, Edward C.
WINSLOW BROS. & SMITH CO.
Cook, Cheney E.
12/31/1+3
1/31M
50,000.00
i+5,000.00
1+5,000.00
123,708.31+
39,680.51+
31,1+79.97
60,000.00
1+0,000.00
173,708.31+
8I4., 680.5I4
76,ltf9.97
6/30/141+
100,000.00
12/31/1+3
81,000.00
127,375-53 208,375-53
10/31/141+
75,000.00
260.00
79,999.92
79,999.92
75,260.00
MICHIGAN
BENDIX AVIATION CORPORATION
Breech, Ernest R.
EX-CELL-0 CORPORATION
Huber, Phil
blBSOIT REFRIGERATOR COMPANY
LGibson, Charles J.
THE J. L. HUDSON COMPANY
Preston, Geo. E.
Webber, Richard H.
f Webber, Oscar
Webber, J. B., Sr.
HUDSON MOTOR CAR COMPANY
Barit, A. E.
NASH-KELVINATOR CORPORATION
Mason, George W.
NATIONAL BROACH AND MACHINE COMPANY
Drummond, Robert S.
REO MOTORS, INC.
Hund, H. E.
N. A. WOODWORTH COMPANY
Woodworth, N. A.
9/30/I4I1
11/30/141+
26,1+00.00
98,600.00
100,000.00
12,916.91
125,000.00
7/31/W+
112,916.91
1/31M
80,183.33
102,266.66
139,183-33
101,183.33
12/31A3
90,000.00
90,000.00
125,000.16
125,000.16
9/30/1+1+
H/30/I4I+
86,186.20
12/31A3
70,000.00 110,800.00
1+0,800.00
11/30/14^
90,000.00
90,000.00
MINNESOTA
NORTHERN ORDNANCE, INCORPORATED
Hawley, John B., Jr.
6/30/1+1+
60,000.00
31+0,000.00
1+00,000.00
85,000.00
60,000.00
11+5,000.00
8,333-3^
8,333-33
73,861+.05
72,879.20
1+9,999.92
69,71+6.10
MISSOURI
ANHEUSER-BUSCH, INC.
Busch, Adolphus, III
CURLEE CLOTHING COMPANY
Curlee, F. M.
Curlee, S. H., Jr.
12/31/1+3
H/30/I+I+
5,000.00
87,197.39
81,212.53
NEBRASKA
1lf
J. L. BRANDEIS cc
Brandeis, George
SONS
1/3VU+
119,71+6.02
2.
NAB A OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
OTHER
COMPENSATION
BONUS
TOTAL
NEW JERSEY
•ERICAN HOME PRODUCTS CORPORATION
Brush, Alvin G.
|. BALLANTINE & SONS
Badenhausen, Carl W.
Badenhausen, Otto A.
ItlSTOL-MYERS COMPANY
Bristol, H. P.
Bristol, L. H.
Bristol, W. M., Jr.
Means, E. A.
LLER BROTHERS COMPANY
Heller, Paul E.
SINGER MANUFACTURING COMPANY
Alexander, Sir Douglas, Bart.
ITED STATES PIPE & FOUNDRY COMPANY
Russell, N. F. S.
12/31A3
50,000.00
15,000.00
130,000.00
128,000.00
15,000.00
15,000.00
60,000.00
1+9,999-92
1+9,999.92
1+9,999.92
27,1+15.69
27,145.69
27,145.69
27,1+15.69
1+8,000.00
36,316.63
15,000.00
80,000.00
3/31M
11+5,000.00
11+3,000.00
12/31A3
87,145.69
77,145.61
77,1+15.61
77,145.61
84,316.63
7/31M
12/31A3
100,000.00
100,000.00
12/31A3
10,336.00*
60,000.00
70,336.00**
I ** In addition to the above there was $10,136.00 deposited in Trust Fund for future benefit.
P i e d
Compensation amounting to $10 ,136.00 paid January 28, 191+1+.
NEW YORK
AIR REDUCTION COMPANY, INC.
Adams, C. E.
ALLIED CHEMICAL & DYE CORPORATION
Atherton, H. F.
AMERICAN CAR AND FOUNDRY COMPANY
Hardy, Charles J.
Stevenson, F. A.
AMERICAN CYANAMID & CHEMICAL CORPORATION
Derby, H. L.
AMERICA*! FLANGE & MFG. CO., INC.
Parish, Richard L.
AMERICAN WOOLEN COMPANY
Pendleton, Moses
ATLAS CORPORATION
Odium, Floyd B.
TEE AVIATION CORPORATION
Emanuel, Victor
BELL AIRCRAFT CORPORATION
Bell, Lawrence D.
Villitman, Ray P.
12/31A-3
65,000.00
1+9,375.00
1,200.00
115,575-00
12/31/1+3
125,000.00
«
1+/30M
125,000.00
1,1429.00
117,083A8
61+,275.00
36,1L29.OO
118,512.1+8
100,70l+.00
12/31A3
l+l+,928.00
82,598.29
37,670.29
11/30A1+
125,000.00
125,000.00
12/31A3
550.00
125,000.00
12/31A3
100,000.00
100,000.00
11/30A1+
90,000.00
90,000.00
12/31A3
100,000.00
60,000.00
125,550.00
50.00
50.00
22,82l;.21
21,759.20
I22,87l+.21
81,809.20
Included in Other Compensation is the contribution made by the Corporation to a trustftindwhioh forms a part
of a pension plan for the benefit of employees. The amount included for Lawrence D. Bell is $22,021+.21 and
for Ray P. Whitman is $21,059.20.
i CARTER CARBURETOR CORPORATION
I Weed, Hugh H. C.
CERRO DE PASCO COPPER CORPORATION
^
/ingsmill, Harold
CITIES SERVICE COMPANY
Jones, W. Alton
COLUMBIA PICTURES CORPORATION
Aherne, Brian
Bischoff, Samuel
Buchman, Sidney
Conn, Harry
Conn, Jack
Cummings, Irving
Grant, Cary
Hall, Al
Kyser, Kay
Montague, Abraham
Muni, Paul
Robinson, Edward G.
Russell, Rosalind
Saville, Victor
Schneider, Abraham
Siegel, Sol
Van Upp, Virginia
Wolf son, P. J.
COMMERCIAL INVESTMENT TRUST CORPORATION
Dietz, Arthur 0.
T. M. DUCHE k SONS, INC.
Graessle, W. F.
H. DUYS & CO., INC.
Steur, John A. C.
A
*
1+/30M
1+8,000.00
58,531-00
75,000.00
1,181+. 13
106,531.00
12/31A3
76,181+. 13
12/31/1+3
150,000.00
180.00
150,180.00
67,600.00
36,600.00
113,875.00
91,000.00
130,000.00
21+9,600.00
11+2,^50.00
6/30/1,1+
113,875.00
91,000.00
130,000.00
182,000.00
105,750.00
19l+,W+.33
133,333.33
l9l+,I|l+l+.33
133,333.33
108,750.00
100,000.00
79,500.00
125,000.00
127,083.33
166,666.67
117,500.00
90,100.00
87,608.33
91,000.00
85,166.67
108,750.00
100,000.00
79,500.00
125,000.00
127,083.33
166,666.67
117,500.00
98,300.00
87,608.33
91,000.00
85,166.67
8,200.00
12/31A3
100,000.00
110.00
3,180.00
101,01+9.07
100,110.00
11/30A1+
101+, 229.07
3/31/1+1+
86,1+26.72
86,1+26.72*
Includes £10,000.00 paid on account for expenses.
3.
U
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
OTHER
COMPENSATION
BONUS
TOTAL
' NEW YORK
ETHYL CORPORATION
Webb, Earle W.
JULIUS FORSTMANN CORPORATION
Rosenberg, Bernard A.
ROBERT GAIR COMPANY, INC.
Dyke, George E.
GENERAL CABLE CORPORATION
Palmer, D. R. G.
GENERAL FOODS CORPORATION
Chester, Colby M.
Francis, Clarence
UIgleheart, Austin S.
fcletcalf, Charles W.
fcoung, Udell C.
•fcBEL BROTHERS, INC.
pGimbel, Bernard F.
iBroido, Louis
IGimbel, Frederic A.
|.Kaufmann, Arthur C.
pFMANN AND BAER COMPANY
Blum, Jacques
S & COMPANY
Gimbel, Adam L.
|R. HANSEN'S LABORATORY, INC.
Monrad, Karl J.
JRST MAGAZINES, INC.
Berlin, R # E.
OSKE BROS. CO.
Calvert, James H.
LIEBOVITZ 6M SONS, INC.
Rosenswe.ig, Louis
XOEW'S INCORPORATED
Arnold, Edward
Astaire, Fred
Beery, Wallace
Berman, Pandro S.
Bernstein, David
Boyer, Charles
Brown, Clarence
Buzzell, Edward
Colin, J. J.
Coleman, Ronald
Considine, J. W., Jr.
Conway, Jack
Crisp, Donald
Cukor, George
[ Cummings, John S.
| Del Ruth, Roy
Dietrich, Marlene
Dietz, Howard
Durante, Jimmy
Fleming, Victor
Franklin, Sidney
Freed, Arthur
Gable, Clark
Garnett, Tay
Garson, Greer
Gibbons, Cedric
Goetz, Ben
Gumm, Frances (Judy Garland)
Hepburn, Katherine
Holtz, Lou
jtiMPniilow, Arthur, Jr.
Huston^ Walter
t^amee^vEarry
Katz, Sam
Koster, Henry
Laughton, Charles
Lawrence, Vincent
Leonard, Robert Z.
Le Roy, Mervyn
Lewin, Albert
Lichtman, Al.
Loy, Myrna
Mandl, Hedwig K. (Hedy Lamarr)
Mannix, E. J.
Mayer, J. G.
12/31A3
60,000.00
99,931.1+8
39,931.1+8
11/30A1+
27,000.00
70,706.06
97,706.06
12/31A3
1+8,000.00
1+3,166.36
60,000.00
30,000.00
327.23
91,1+93.59
12/31A3
90,000.00
12/31A3
122,333-27
116,818.07
101,818.11+
86,818.10
76,212.08
122,333.27
116,818.07
101,818.11+
86,818.10
76,212.08
100,000.00
50,000.01+
35,000.00
47,500.08
1+7,500.00
100,000.00
85,000.01+
97,500.00
97,500.00
50,000.00
1+7,500.00
97,500.00
60,000.00
1+0,000.00
100,000.00
12,000.00
67,63!+. 85
79,634.85
50,000.00
7l+,l2l.90
12l+,121.90
21+, 000.00
9l+,679.1+9
118,679.49
25,000.00
96,989.56
121,989.56
1/31/W+
49,999.92
50,000.00
99,583.31
225,127.87
250,000.00
191,750.00
93,600.00
122,916.67
209,200.00
78,375-00
130,083.33
178,333.32
169,000.00
176,000.00
110,833.31+
210,600.00
107,250.00
91,000.00
120,000.00
65,000.00
133,71+9.98
110,500.00
232,500.00
138,166.66
161,250.00
109,856.95
200,000.00
91,000.00
104,000.00
142,083.33
227,013.1+9
8l+,250.00
182,000.00
93,333-32
98,512.01
156,000.00
14.3,000.00
102,187.50
81+, 666.67
208,000.00
182,000.00
10l+,000.00
156,000.00
100,000,00
114,000.00
158,600.00
78,000.00
192,306.28
13,000.00
11+2,125.86
99,583-31
225,127.87
250,000.00
191,750.00
285,906.28
122,916.67
209,200.00
78,375-00
130,083.33
178,333.32
169,000.00
176,000.00
110,833.34
210,600.00
107,250.00
91,000.00
120,000.00
78,000.00
133,749.98
110,500.00
232,500.00
138,166.66
161,250.00
109,856.95
200,000.00
91,000.00
104,000.00
11+2,083.33
227,013.49
84,250.00
182,000.00
93,333-32
98,512.01
298,125.86
ii+3,000.00
102,167.50
84,666.67
112,09l+.l+0
11+2,125.86
208,000.00
182,000.00
104,000.00
268,094.40
100,000.00
114,000.00
300,725.86
78,000,00
4.
/
OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
:>
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
NEW YORK
•S INCORPORATED
fcrer, L. B.
[cGuinness, James
'cLeod, Norman
organ, Frank
rphy, George
asternak, Joseph
idgeon, Walter
•Lowell, William
|apf, Harry
iiskin, Everett
loberts, Marguerite
fcobinson, Casey
lodgers, W. F.
•tooney, Mickey
Tubin, J. Robert
kuggles, Wesley
landers, George
•chenck, N. M.
Sidney, Louis K.
pkelton, Richard
6othern, Ann
khau, Benjamin
•horpe, Richard
I Taurog, Norman
Tracy, Spencer
Turner, Lana
Vidor, King
Vteingarten, L.
Wellman, William
Wilson, Carey
Young, Robert
Zimbalist, Sam
H. MACY & CO., INC.
Marks, Edwin I.
Straus, Jack I.
MANUFACTURERS TRUST COMPANY
Gibson, Harvey D.
THE MATHIESON ALKALI WORKS (INC.)
Allen, E. M.
METROPOLITAN LIFE INSURANCE COMPANY
Lincoln, Leroy A.
PHlffrP MORRIS & CO., LTD., INC.
Chalkley, 0. H.
Lyon, A. E.
THE NATIONAL CITY BANK OF NEW YORK
Brady, Win. Gage, Jr.
Burgess, W. Randolph
Rentschler, Gordon S.
^STLE'S MILK PRODUCTS, INC.
Norton, D. F.
^ T E E NEW JERSEY ZINC COMPANY
Hayes, J. E.
OHRBACH'S, INC.
Ohrbach, Nathan M.
REEVES BROTHERS, INC.
Kerr, Arthur M.
Reeves, John M.
RUSSELL, BURDSALL & WARD BOLT AND NUT COMPANY
Ward, Evans
SALMANSON & CO., INC. (Amended)
Friedman, Joseph
SCHENLEY DISTILLERS CORPORATION
Jacobi, Lester E.
SINCLAIR OIL CORPORATION
Sinclair- H. F.
Sinclair, E. W.
SOCONY-VACUUM OIL COMPANY, INCORPORATED
Brown, John A.
Holton, George V.
Sheets, Harold F.
*' L. SONNEBORN SONS, INC.
\
Roten, J.
/:Sonneborn, F.
li Sonneborn, R.
8/3VU+
156,000.00
109,875.00
99,1+28.30
21+4,680.52
113,000.00
163,000.00
108,791.66
292,500.00
99,875.00
124,833.33
76,500.00
125,000.00
104,000.00
66,566.66
88,400.00
185,066.67
87,500.00
105,300.00
78,000.00
76,983.30
99,166.68
91,000.00
91,000.00
156,000.00
270,545.76
112,000.00
115,333-33
169,000.00
105,833.33
106,250.00
119,500.00
110,250.00
752,069.95
10,400.00
100,000.00
191,355-38
286,560.46
109,l!+4.40
45,531.46
908,0^.95
109,875.00
99,1+28.30
21+4,680.52
113,000.00
163,000.00
108,791.66
292,500.00
99,875.00
124,833.33
76,500.00
125,000.00
114,400.00
166,566.66
279,755-38
185,066.67
87,500.00
391,860.46
78,000.00
76,983.30
99,166.68
200,144.40
91,000.00
156,000.00
270,545.76
112,000.00
115,333-33
214,531-46
105,833-33
106,250.00
119,500.00
110,250.00
1/31A4
91,900.00
102,733-34
300.00
320.00
92,200.00
103,053.34
135,000.00
127.00
135,127.00
12/31A3
12/31A3
91,200.00
91,200.00
125,000.00
125,000.00
12/31A3
3/31A4
79,950.00
79,950.00
25,000.00
25,000.00
104,950.00
104,950.00
12/31A3
4,300.00
4,200.00
4,700.00
99,999.84
79,999-92
124,999.92
12/31A3
68,750.00
30,000.00
12/31A3
98,750.00
4,190.00
76,500.00
104,299.84
84,159.92
129,699.92
50,690.00
7/31/44
100,000.00
100,000.00
6/30A4
36,000.00
66,000.00
1+2,000.00
61,000.00
78,000.00
127,000.00
22,500.00
58,940.61 45,4o8.oo
126,848.61
6/30AI+
12/31A3
81,384.02
8/31A4
81,384.02
75,220.00
12/31A3
400.00
750.00
155,200.00
100,000.00
12/31A3
120,000.00
80,000.00
85,000.00
120,000.00
80,000.00
85,000.00
1/31A4
78,000.00
82,500.00
73,500.00
155,600.00
100,750.00
26,511.00
26,511.00
26,510.99
104,511.00
109,011.00
100,010.99
b
OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
NEW YORK
NDARD OIL COMPANY (NET/ JERSEY)
Gallagher, R. W.
Harden, Orville
Holman, E.
EN BROTHERS
Biordan, "William 0.
IRER & HOLLENDER, INC.
Mahler, Curt
[IDE ViATER ASSOCIATED OIL COMPANY
^mimphrey, William F.
KBIil PACKING CO., INC.
llobin, Frederick M.
W . TREADWELL COMPANY, INC.
[Casey, J. S.
Hoi; BAG & PAPER CORPORATION
gilder, Alexander
ITED ARTISTS CORPORATION
ears, Gradwell L.
ICED STATES RUBBER COMPANY
vis, F. B., Jr.
nphreys, H. E., Jr.
Jag, E. H . S.
frlor, T , J #
Heodham, Elmer
^gmith, H. E.
0ITED STATES STEEL CORPORATION
Olds, Irving S.
Voorhees, E. M.
0IVERSAL FID,! EXCHANGES, INC.
Scully, William A.
(glVERSAL PICTURES COMPANY, INC.
Abbott, Bud and Lou Costello
Blunberg, N. J.
Carrillo, Leo
CoT/din, J. Cheever
fcurbin, Deanna
IlLckson, Felix
uughton, Charles
jOikie, Jack
•Olson, Ole and Chic Johnson
Prutzman, Charles D.
Seidelman, Joseph
Hanger, Walter
Work, Cliff
KfcLDBURGER, GRANT & CO., INC.
Waldburger, E. R. J.
11LLERSTSIN COMPANY, INC.
["Graf, William
HaBLlerstein, Leo
UTERN ELECTRIC COMPANY, INCORPORATED
Stoll, C. G.
OHIO
THE AETNA PAPER COMPANY
Howard, H. M.
CHAMPION SPARK PLUG COMPANY
Stranahan, Frank D.
Stranahan, Robert A.
THE GENERAL TIRE & RUBBER COMPANY
O'Neil, W.
THE GLIDDEN COMPANY
Joyce, Adrian D.
THE GOODYEAR TIRE & RUBBER COMPANY
Litchfield, P. W.
Thomas, E. J.
JACK & HEINTZ, INC.
Heintz, Ralph M.
Jack, Wm. R.
Jack, Wm. S.
LUC IAN Q. MOFFITT, INC.
Bednar, A.
Moffitt, L. Q.
THE NATIONAL ACME COMPANY
Chapin, F. H.
THE NATIONAL CASH REGISTER COMPANY
Allyn, S. C.
Deeds, Col. E. A.
12/31A3
98,333.oo
98,333.00
90,000.00
80,833.00
90,000.00
80,833.00
1/31A4
50,000.00
25,000.00
24,000.00
60,414.18
140.00
75,140.00
11/30/44
84,4i4.i8
12/31A3
75,000.00
3,535.20
78,535.20
H/30/I+4
65,000.00
90,000.00
155,000.00
12/31/43
44,800.00
50,000.00
94,800.00
975.00
101,540.99
12/31A3
85,000.00
15,565.99
12/31A3
130,000.00
130,000.00
12/31A3
150,000.00
72,000.00
47,000.00
550.00
550.00
38,600.00
47,000.00
47,000.00
1+7,000.00
500.00
550.00
500.00
550.00
150,550.00
119,550.00
114,551.63
80,696.09
97,550.04
97,500.04
128,883.32
5,700.00
6,300.00
105,700.08
106,300.08
114,551.63
41,596.09
50,000.04
50,000.04
81,333-32
12/31/43
100,000.08
100,000.08
10/31A4
91,000.00
91,000.00
10/31/44
10/31A4
175,250.00
117,000.00
86,916.67
117,000.00
243,000.00
85,208.35
83,333-35
137,000.00
200,000.00
75,400.00
63,800.00
65,000.00
104,000.00
22,500.00
77,059.53
99,559.53
60,000.00
84,000.00
21,000.00
10,000.00
81,000.00
94,000.00
249,069.86
113,523.25
113,523.25
83,491.02
12,707.28
56,479.14
56,479.14
344,928.43
56,479.14
424,319.86
230,523.25
86,916.67
230,523.25
326,491.02
85,208.35
83,333.35
137,000.00
212,707.28
131,879.14
120,279.14
409,928.43
160,479.14
12/31A3
12/31A3
90,000.00
520.00
90,520.00
12/31A3
36,000.00
92,609.64
128,609.64
12/31A3
120,000.00
170,000.00
120,000.00
170,000.00
11/30A4
10,000.00
87,000.00
97,000.00
10/31A4
96,000.00
170.00
96,170.00
12/31A3
100,000.00
58,000.00
75,000.00
33,760.09
175,000.00
91,760.09
10/31/I+4
125,000.00
125,000.00
125,000.00
125,000.00
125,000.00
125,000.00
12/31A3
4,650.00
12,000.00
229,883.03
102,608.39
234,533.03
114,608.39
30,000.00
50,000.00
80,000.00
80,000.00
75,000.00
16,000.00
12/31A3
12/31A3
25,000,00
96,000.00
100,000.00
6.
1
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
OHIO
SPICER MANUFACTURING CORPORATION
Carpenter, R. E.
L Dana, C. A.
TEE UNITED STATES SHOE CORPORATION
Cohen, A. B.
Salinger, Alvin
Stern, Joseph S.
THE WELDON TOOL COMPANY
Bergstrom, C. A.
8/31/44
36,000.00
100,000.00
99,250.00
100,000.00
63,250.00
11/30/44
50,000.00
50,000.00
50,000.00
33,990.84
33,990.84
33,990.84
83,990.84
83,990.84
83,990.84
12/31/43
25,090.00 71,620.00
96,710.00
OREGON
IffilER cB FRANK COMPANY, INC.
, Adams, R. R.
1/31A4
60,000.00
25,000.00
85,000.00
PENNSYLVANIA
ALUMINUM COMPANY OF AMERICA
Davis, Arthur V.
Gibbons, G. R.
ARMSTRONG CORK COMPANY
TPrentis, H. W., Jr.
ERIE FOUNDRY COMPANY
[ Currie, D. A.
FIRTH STERLING STEEL COMPANY
[ Clark, Donald G.
[ Firth, L. Gerald
GREAT LAKES STEEL CORPORATION
[Fink, G. R.
HERSHEY CHOCOLATE CORPORATION
Murrie, Wm. F. R.
JONES & LAUGHLIN STEEL CORPORATION
[X,ewis, H. E.
12/31/43
RATIONAL STEEL CORPORATION
12/31A3
108,000.00
75,400.00
125,000.00
125,000.00
12/31A3
6/30/44
40,547.26
122,102.23 49,7^9.72
212,419.21
17,550.00
23,400.00
120,776.56
120,776.56
138,326.56
144,176.56
12/31/43
12/31A3
62,500.00
137,500.00
75,000.00
12/31A3
91,550.00
91,550.00
12/31A3
135,000.00
135,000.00
75,000.00
50,000.00
112,500.00
62,500.00
26,666.64
93,750.00
fink, G. R.
aailsop, T. E.
peir, E. T.
JTBE PENNSYLVANIA RAILROAD COMPANY
108,000.00
75,400.00
400.00
400.00
300.00
137,900.00
77,066.64
206,550.00
955.00
110,955.00
12/31/43
110,000.00*
I Clement, M. W.
* Because of restrictions imposed by Federal
although the salary is $125,000.00.
Regulations, actually paid at the rate of #110,000.00 per annum,
LsTY BAKING COMPANY
[ Baur, P. J.
i Morris, H. C.
12/31/43
122,851.12
122,851.12
122,851.12
122,851.12
SOUTH CAROLINA
I ROCK HILLPRINTING & FINISHING COMPANY
J**—joslin, Archie 0.
12/31A3
55,000.00
105,560.37
50,560.37
TENNESSEE
COCA-COLA BOTTLING CO., (THOMAS), INC.
Hunter, G. T.
12/31/43
76,501.95
76,501.95
VERMONT
E. B. AND A. C. WHITING COMPANY
Unsworth, Thomas A.
5/31M
48,000.00
123,000.00
75,000.00
VIRGINIA
-
*
PLANTERS NUT AND CHOCOLATE COMPANY
Obici, A.
Peruzzi, M.
9/30/44
5,000.04
7,500.00
217,599.96
88,100.00
400.00
4.00.00
223,000.00
96,000.00
7. "
OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
REPORT OF PAYMENTS OF SALARY, COMMISSION,
3-
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF $75,000.00 COMPILED FROM
INCOME RETURNS, SCHEDULE F-l, FILED
FOR TEE CALENDAR YEAR 1942 AND FISCAL
YEARS ENDED IN 1943
SUPPLEMENTAL NO. 3
MICHIGAN
ffiLLOW TRUCK & COACH MANUFACTURING COMPANY
Babcock, Irving B.
1/1/43 to
9/30A3
45,000.00
75,155-33
400.00
120,555.33
Note •
In addition to the above, Mr. Babcock is a party to the Contributory Retirement Plan of Yellow Truck & Coach
Manufacturing Company, and may become entitled to receive benefits of contributions made by Yellow Truck & Coach
Manufacturing Company thereunder in accordance with the terms of said Contributory Retirement Plan.
During the year 1943, (January 1st to September 30th, inclusive), the total contributions by employees participating
in the Plan amounted to $31,662.36, of which Mr. Babcock contributed $2,137*50. The total contribution by Yellow
Truck & Coach Manufacturing Company during the year 1943 amounted to $61,734* 19*
NEW YORK
>
3ARL L. NORDEN, INC.
Barth, T. H.
JNITED STATES RUBBER COMPANY
Davis, F. 3., Jr.
Humphreys, H. E., Jr.
Needham, T. J.
Roberts, Elmer
Smith, H. E.
Tompkins, L. D.
1/1/43 to
10/31A3
83,333.36
91,666.69
8,333-33
12/31/1+2
150,000.00
60,184.53
44,666.68
44,666.68
60,184.53
55,999.92
60,056.75
60,056.75
60,056.75
60,056.75
60,056.75
420.00
420.00
420.00
420.00
300.00
310.00
150,1+20.00
120,661.28
105,143.43
105,143-43
120,541.28
116,366.67
NORTH CAROLINA
3LUE BELL, INC.
Fox, J. C.
11/30A3
102,511.08
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Abbott, Bud and Lou Costello
Adams, C. E.
Adams, R. R.
Aherne, Brian
Alexander, Sir Douglas, Bart.
Allen, E. M.
Allyn, S. C.
Arnold, Edward
Astaire, Fred
Atherton, H. F.
Atwood, J. L.
Universal Pictures Company, Inc.
Air Reduction Company, Inc.
Meier & Frank Company, Inc..
Columbia Pictures Corporation
The Singer Manufacturing Company
The Mathieson Alkali Works (Inc.)
The National Cash Register Company
Loew's Incorporated
Loew's Incorporated
Allied Chemical & Dye Corporation
North American Aviation, Inc.
New York
New York
Oregon
New York
New Jersey
New York
Ohio
New York
New York
New York
California
Badenhausen, Carl W.
Badenhausen, Otto A.
Barit, A. E.
Barrows, A. S.
Baur, P. J.
Bednar, A.
Beech, Walter H.
Belcher, F. J., Jr.
Bell, Lawrence D.
Bergstrom, C. A.
Berlin, R. E.
Berman, Pandro S.
Bernstein, David
Beery, Wallace
Bischoff, Samuel
Black, Jas. B.
Blum, Jacques
Blumberg, N. J.
Boyer, Charles
Brady, Wm. Gage, Jr.
Brandeis, George
Breech, Ernest R.
Bristol, H. P.
Bristol, L. H.
Bristol, W. M., Jr.
Broido, Louis
Brown, Clarence
Brown, John A.
Brush, Alvin G.
Buchman, Sidney
Burgess, W. Randolph
Busch, Adolphus, III
Busiel, Alfred
Busiel, Syma
Buzzell, Edward
Calder, Alexander
Calvert, James H.
Carpenter, R. E.
Carrillo, Leo
Casey, J. S.
Chalkley, 0. H.
Chapin, F. H.
Chester, Colby M.
Clark, Donald G.
Clement, M. W.
Cohen, A. B.
Cohn, Harry
Conn, J. J.
Cohn, Jack
Coleman, Ronald
Collier, Henry D.
Considine, J. W., Jr.
Conway, Jack
Cook, Cheney E.
Cowdin, J. Cheever
Crisp, Donald
Cukor, George
Cummings, Irving
Cummings, John S.
Curlee, F. M.
Curlee, S. H., Jr.
Currie, D. A.
Dana, C. A.
Davis, Arthur V.
Davis, C. K.
Davis, F. B., Jr.
Deeds, Col. E. A.
P. Ballantine & Sons
P. Ballantine & Sons
Hudson Motor Car Company
Sears, Roebuck and Co.
Tasty Baking Company
Lucian Q. Moffitt, Inc.
Beech Aircraft Corporation
J. D. and A. B. Spreckels Company
Bell Aircraft Corporation
The Weldon Tool Company
Hearst Magazines, Inc.
Loew's Incorporated
Loew's Incorporated
Loew's Incorporated
Columbia Pictures Corporation
Pacific Gas and Electric Company
Kaufmann and Baer Company
Universal Pictures Company, Inc.
Loew's Incorporated
The National City Bank of New York
J. L. Brandeis & Sons
Bendix Aviation Corporation
Bristol-Myers Company
Bristol-Myers Company
Bristol-Myers Company
Gimbel Brothers, Inc.
Loew's Incorporated
Socony-Vacuum Oil Company, Incorporated
American Home Products Corporation
Columbia Pictures Corporation
The National City Bank of New York
Anheuser-Busch, Inc.
Lady Esther, Ltd.
Lady Esther, Ltd.
Loew's Incorporated
Union Bag & Paper Corporation
Joske Bros. Co.
Spicer Manufacturing Corporation
Universal Pictures Company, Inc.
M. H. Treadwell Company, Inc.
Philip Morris & Co., Ltd., Inc.
The National Acme Company
General Foods Corporation
Firth Sterling Steel Company
The Pennsylvania Railroad Company
The United States Shoe Corporation
Columbia Pictures Corporation
Loew's Incorporated
Columbia Pictures Corporation
Loew's Incorporated
Standard Oil Company of California
Loew's Incorporated
Loew's Incorporated
Winslow Bros. & Smith Co.
Universal Pictures Company, Inc.
Loew's Incorporated
Loew's Incorporated
Columbia Pictures Corporation
Loew's Incorporated
Curlee Clothing Company
Curlee Clothing Company
Erie Foundry Company
New Jersey
New Jersey
Michigan
Illinois
Pennsylvania
Ohio
Kansas
California
New York
Ohio
New York
New York
New York
New York
New York
California
New York
New York
New York
New York
Nebraska
Michigan
New Jersey
New Jersey
New Jersey
New York
New York
New York
New Jersey
New York
New York
Missouri
Illinois
Illinois
New York
New York
New York
Ohio
New York
New York
New York
Ohio
New York
Pennsylvania
Pennsylvania
Ohio
New York
New York
New York
New York
California
New York
New York
Massachusetts
New York
New York
New York
New York
New York
Missouri
Missouri
Pennsylvania
Spicer Manufacturing Corporation
Aluminum Company of America
Remington Arms Company, Inc.
United States Rubber Company
The National Cash Register Company
Ohio
Pennsylvania
Connecticut
New York
Ohio
1.
E OF OFFICER OR EMPLOYEE
Del Ruth, Roy
Derby, H. L.
Dietrich, Marlene
Dietz, Arthur 0.
Dietz, Howard
Douglas, Donald W.
Drummond, Robert S.
Dulcan, Charles B., Sr.
Duncan, A. E.
Durante, Jimmy
Durbin, Deanna
Dyke, George E.
NAME OF CORPORATION
STATE
Loew's Incorporated
American Cyanamid & Chemical Corporation
Loew's Incorporated
Commercial Investment Trust Corporation
Loew's Incorporated
Douglas Aircraft Company, Inc.
National Broach and Machine Company
The Hecht Company
Commercial Credit Company
Loew's Incorporated
Universal Pictures Company, Inc.
Robert Gair Company, Inc.
New York
New York
New York
New York
New York
California
Michigan
i.:aryland
Maryland
New York
New York
New York
Edwards, R. Stafford
Emanuel, Victor
Edwards and Company, Inc.
The Aviation Corporation
Connecticut
New York
Fink, G. R.
Fink, G. R.
Firth, L. Gerald
Fleming, Vi ctor
Francis, Clarence
Franklin, Sidney
Freed, Arthur
JViedman, Joseph
Great Lakes Steel Corporation
National Steel Corporation
Firth Sterling Steel Company
Loew' s Incorporated
General Foods Corporation
Loew' s Incorporated
Loew * s Inco rporated
Salmanson & Co., Inc.
Pennsylvania
Pennsylvania
Pennsylvania
New York
New York
New York
New York
New York
Gable, Clark
Gallagher, R. W.
Garnett, Tay
Garson, Greer
Gibbons, Cedric
Gibbons, G. R.
Gibson, Charles J.
Gibson, Harvey D.
Gimbel, Adam L.
Gimbel, Bernard F.
Gimbel, Frederic A.
Girdler, T. M.
Goetz, Ben
Goodman, Mioses H.
Graessle, W. F.
Graf, William
Grant, Cary
Gumm, FVances (Judy Garland)
Loew's Incorporated
Standard Oil Company (New Jersey)
Loew's Incorporated
Loew's Incorporated
Loew's Incorporated
Aluminum Company of America
Gibson Refrigerator Company
Manufacturers Trust Company
Saks & Company
Gimbel Brothers, Inc.
Gimbel Brothers, Inc.
Consolidated Vultee Aircraft Corporation
Loew's Incorporated
The Hecht Company
T. M. Duche & Sons, Inc.
Wallerstein Company, Inc.
Columbia Pictures Corporation
Loew' s Incorporated
New York
New York
New York
New York
New York
Pennsylvania
Michigan
New York
New York
New York
New York
California
New York
Maryland
New York
New York
New York
New York
Hall, Al
Harden, Orville
Hardy, Charles J.
Hawley, John B., Jr.
Hayes, J. E.
Hecht, Malcolm
Heintz, Ralph M.
Heller, Paul E.
Hepburn, Katherine
Higgins, Andrew J.
Holman, E.
Hoiton, George V.
Holtz, Lou
Hornblow, Arthur, Jr.
Houser, T. V.
Houston, L. E.
Howard, H. M.
Huber, Phil
Humphrey, William F.
Humphreys, H. E., Jr.
Hund, H. E.
Hunter, G. T.
Huston, Walter
Columbia Pictures Corporation
Standard Oil Company (New Jersey)
American Car and Foundry Company
Northern Ordnance, Incorporated
The New Jersey Zinc Company
The Hecht Company
Jack ic Heintz, Inc.
Heller Brothers Company
Loew's Incorporated
Higgins Industries, Inc.
Standard Oil Company (New Jersey)
Socony-Vacuum Oil Company, Incorporated
Loew's Incorporated
Loew's Incorporated
Sears, Roebuck and Co.
Northwest Engineering Company
The Aetna Paper Company
Ex-Cell-0 Corporation
Tide Water Associated Oil Company
United States Rubber Company
Reo Motors, Inc.
Coca-Cola Bottling Co. (Thomas), Inc.
Loexv's Incorporated
New York
New York
New York
Minesota
New York
Maryland
Ohio
New Jersey
New York
Louisiana
New York
New York
New York
New York
Illinois
Illinois
Ohio
Michigan
New York
New York
Michigan
Tennessee
New York
Igleheart, Austin S.
General Foods Corporation
New York
Jack, Wm. R.
Jack, Win. S.
Jackson, Felix
Jacobi, Lester E.
Jame s, Harry
Johnson, Lambert D.
Jones, W. Alton
Joslin, Archie 0.
Joyce, Adrian D.
Jack & Heintz, Inc.
Jack & Heintz, Inc.
Universal Pictures Company, Inc.
Schenley Distillers Corporation
Loew's Incorporated
Mead Johnson & Company
Cities Service Company
Rock Kill Printing & Finishing Company
The Glidden Company
Ohio
Ohio
New York
New York
New York
Indiana
New York
South Carolina
Ohio
2.
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
Katz, Sam
Kaufmann, Arthur C.
Kerr, Arthur If*
Kindelberger, J. H.
Kingsmill, Harold
Koster, Henry
Kyser, Kay
Loew's Incorporated
Gimbel Brothers, Inc.
Reeves Brothers, Inc.
North American Aviation, Inc.
Cerro De Pasco Copper Corporation
Loew's Incorporated
Columbia Pictures Corporation
New York
New York
New York
California
New York
New York
New York
Laddon, I. II.
Lang, E. J.
Larson, W. N.
-Laughton,- Charles
Laughton, Charles
Lawrence, Vincent
Leonard, Robert Z.
Leonard, Russell H.
Le Roy, Mervyn
Lewin, Albert
Lewis, H. E.
Lichtman, Al
Lincoln, Leroy A.
Litchfield, P. W.
Littell, C. G.
Loy, Myrna
Lyon, A. E.
Ivlahler, Curt
Mandl, Hedwig K. (Hedy Lamarr)
Mannix, E. J.
Marks, Edwin I.
Marlor, H. S.
Mars, Mrs. E. V.
Mason, George W.
Mayer, J. G.
Mayer, L. B.
McGuinness, James
McHugh, Edward P.
McLeod, Norman
McManus, Charles E.
McMillan, James G.
Means, E. A.
Lietcalf, Charles W.
Miller, Christian
Hillsop, T. E.
Moffitt, L. Q.
I.ionrad, Karl J.
Montague, Abraham
Morgan, Frank
Morris, H. C.
Muni, Paul
Murphy, George
Murrie, Wm. F. R.
Needham, T. J.
Nolan, Thomas S.
Norton, D. F.
Oakie, Jack
Obici, A.
Odium, Floyd B.
Ohrbach, Nathan M.
Olds, Irving S.
Olson, Ole and Chic Johnson
O'Neil, W.
Consolidated Vultee Aircraft Corporation
United States Rubber Company
Mead Johnson & Company
Loew's Incorporated
Universal Pictures Company, Inc.
Loew's Incorporated
Loew's Incorporated
Pepperell Manufacturing Company
Loew's Incorporated
Loew's Incorporated
Jones & Laughlin Steel Corporation
Loew's Incorporated
Metropolitan Life Insurance Company
The Goodyear Tire & Rubber Company
R. R. Donnelley & Sons Co.
Loew's Incorporated
Philip Morris & Co. Ltd., Inc.
Thorer & Hollender, Inc.
Loew's Incorporated
Loew's Incorporated
R. H. Macy & Co., Inc.
United States Rubber Company
Mars, Incorporated
Nash-Kelvinator Corporation
Loew's Incorporated
Loew's Incorporated
Loew's Incorporated
Edwards and Company, Inc.
Loew's Incorporated
Crown Cork & Seal Company, Inc.
The Wander Company
Bristol-Myers Company
General Foods Corporation
Edwards and Company, Inc.
National Steel Corporation
Lucian Q. Moffitt, Inc.
Chr. Hansen's Laboratory, Inc.
Columbia Pictures Corporation
Loew's Incorporated
Tasty Baking Company
Columbia Pictures Corporation
Loew's Incorporated
Hershey Chocolate Corporation
Edwards and Company, Inc.
Nestle's Milk Products, Inc.
Universal Pictures Company, Inc.
Planters Nut and Chocolate Company
Atlas Corporation
Ohrbach's Inc.
United States Steel Corporation
Universal Pictures Company, Inc.
The General Tire & Rubber Company
California
New York
Indiana
New York
New York
New York
New York
Massachusetts
New York
New York
Pennsylvania
New York
New York
Ohio
Illinois
New York
New York
New York
New York
New York
New York
New York
Illinois
Michigan
New York
New York
New York
Connecticut
New York
Maryland
Illinois
New Jersey
New York
Connecticut
Pennsylvania
Ohio
New York
New York
New York
Pennsylvania
New York
New York
Pennsylvania
New York
Connecticut
New York
New York
Virginia
New York
New York
New York
New York
Ohio
Palmer, D. R. G.
Parish, Richard L.
Pasternak, Joseph
Pendleton, Moses
Peruzzi, M.
Pidgeon, Walter
Powell, William
Prentis, H. W., Jr.
Preston, Geo. E.
Prutzman, Charles D.
Purdy, S. E.
General Cable Corporation
American Flange & Mfg. Co., Inc.
Loew's Incorporated
American Woolen Company
Planters Nut and Chocolate Company
Loew's Incorporated
Loew's Incorporated
Armstrong Cork Company
The J. L. Hudson Company
Universal Pictures Company, Inc.
Hyman-Michaels Company
New York
New York
New York
New York
Virginia
New York
New York
Pennsylvania
Michigan
New York
Illinois
United States Rubber Company
STATE
3-
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Rapf, Harry
Reeves, John M.
Rentschler, Frederick B
Rentschler, Gordon S.
Riordan, William 0.
Riskin, Everett
Robbins, Burnett W.
Roberts, E. A.
Roberts, Elmer
Roberts, Marguerite
Robinson, Casey
Robinson, Edward G.
Rodgers, W. F.
Rooney, Mickey
Rose, A. L.
Rosenberg, Bernard A.
Rosensweig, Louis
Roten, J.
Rubin, J. Robert
Ruggles, Wesley
Russell, N. F. S.
Russell, Rosalind
Ruthenburg, Louis
Loew's Incorporated
Reeves Brothers, Inc.
United Aircraft Corporation
The National City Bank of New York
Stern Brothers
Loew's Incorporated
General Outdoor Advertising Co., Inc.
Waterman Steamship Corporation
United States Rubber Company
Loew's Incorporated
Loew's Incorporated
Columbia Pictures Corporation
Loew's Incorporated
Loew's Incorporated
Mead Johnson & Company
Julius Forstmann Corporation
S. Liebovitz & Sons, Inc.
L. Sonneborn Sons, Inc.
Loew's Incorporated
Loew's Incorporated
United States Pipe & Foundry Company
Columbia Pictures Corporation
Servel, Inc.
New York
New York
Connecticut
New York
New York
New York
Illinois
Alabama
New York
New York
New York
New York
New York
New York
Indiana
New York
New York
New York
New York
New York
New Jersey
New York
Indiana
Ohio
New York
New York
New York
New York
New York
New York
Illinois
Illinois
New York
Illinois
New York
New York
New York
New York
New York
New York
New York
New York
New York
New York
Ohio
New York
New York
New York
Massachusetts
Stranahan, Frank D.
Stranahan, Robert A.
Straus, Jack I.
The United States Shoe Corporation
Loew's Incorporated
Columbia Pictures Corporation
Loew's Incorporated
Columbia Pictures Corporation
Universal Film Exchanges, Inc.
United Artists Corporation
J. P. Seeburg Corporation
J. P. Seeburg Corporation
Universal Pictures Company, Inc.
Standard Oil Company (Indiana)
Socony-Vacuum Oil Company, Incorporated
Loew's Incorporated
Columbia Pictures Corporation
Sinclair Oil Corporation
Sinclair Oil Corporation
Loew's Incorporated
United States Rubber Company
L. Sonneborn Sons, Inc.
L. Sonneborn Sons, Inc.
Loew's Incorporated
The United States Shoe Corporation
H. Duys & Co., Inc.
American Car and Foundry Company
Western Electric Company, Incorporated
U. S. Branch of the Employers' Liability
Assurance Corporation, Limited
Champion Spark Plug Company
Champion Spark Plug Company
R. H. Macy & Co., Inc.
Taurog, Norman
Thau, Benjamin
Thomas, E. J.
Thorpe, Richard
Tobin, Frederick M.
Tracy, Spencer
Turner, Lana
Loew's Incorporated
Loew's Incorporated
The Goodyear Tire & Rubber Company
Loew's Incorporated
Tobin Packing Co., Inc.
Loew's Incorporated
Loew's Incorporated
New York
New York
Ohio
New York
New York
New York
New York
Unsworth, Thomas A.
E. B. and A. C. Whiting Company
Vermont
Van Upp, Virginia
Vidor, King
Voorhees, E. M.
Columbia Pictures Corporation
Loew's Incorporated
United States Steel Corporation
New York
New York
New York
Waldburger, E. R. J.
Wallace, Dwane L.
Wallace, Dwight S.
Wallerstein, Leo
Wanger, Walter
Ward, Evans
Webb, Earle W.
Y/ebber, J. B., Sr.
Webber, Oscar
Webber, Richard H.
Weed, Hugh H. C.
Waldburger, Grant & Co., Inc.
The Cessna Aircraft Company
The Cessna Aircraft Company
Wallerstein Company, Inc.
Universal Pictures Company, Inc.
Russell, Burdsall & Ward Bolt and Nut Company
Ethyl Corporation
The J. L. Hudson Company
The J. L. Hudson Company
The J. L. Hudson Company
Carter Carburetor Corporation
New York
Kansas
Kansas
New York
New York
New York
New York
Michigan
Michigan
Michigan
New York
Salinger, Alvin
Sanders, George
Saville, Victor
Schenck, N. M.
Schneider, Abraham
Scully, William A.
Sears, Gradwell L.
Seeburg, J. P.
Seeburg, N. Marshall
Seidelman, Joseph
Seubert, Edward G.
Sheets, Harold F.
Sidney, Louis K.
Siegel, Sol
Sinclair, E. W.
Sinclair, H. F.
Skelton, Richard
Smith, H. E.
Sonneborn, F.
Sonneborn, R.
Sothern, Ann
Stern, Joseph S.
Steur, John A. C.
Stevenson, F. A.
Stoll, C. G.
Stone, Edward C.
Ohio
Ohio
New York
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Weingarten, L.
Weir, E. T.
Wellman, William
Whitman, Ray P.
Wilson, Carey
Wilson, Eugene E.
Wolfson, P. J.
Wood, R. E.
Woodhead, Harry
Woodworth, N. A.
Work, Cliff
Loew's Incorporated
National Steel Corporation
Loew's Incorporated
Bell Aircraft Corporation
Loew's Incorporated
United Aircraft Corporation
Columbia Pictures Corporation
Sears, Roebuck and Co.
Consolidated Vultee Aircraft Corporation
N. A. Woodworth Company
Universal Pictures Company, Inc.
New York
Pennsylvania
New York
New York
New York
Connecticut
New York
Illinois
California
Michigan
New York
Young, Robert
Young, Udell C.
Loew's Incorporated
General Foods Corporation
New York
New York
Zimbalist, Sam
Loew's Incorporated
New York
REPORT OF PAYMENTS OF SALARY, COMMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF 175,000.00 COMPILED FROM
INCOME RETURNS, SCHEDULE F-l, FILED
FOR THE CALENDAR YEAR 19l|2 AND FISCAL
YEARS ENDED IN 19l;3
SUPPLEMENTAL NO. 3
Babcock, Irving B.
Barth, T. H.
Yellow Truck & Coach Manufacturing Company
Carl L. Norden, Inc.
Michigan
New York
Davis, F. B., Jr.
United States Rubber Company
New York
Fox, J. C.
Blue Bell, Inc.
Humphreys, H. E., Jr.
United States Rubber Company
Needham, T. J.
United States Rubber Company
Roberts, Elmer
United States Rubber Company
Smith, H. E.
United States Rubber Company
Tompkins, L. D.
United States Rubber Company
North Carolina
New York
New York
New York
New York
New York
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, December 13, 1945.
Press Service
No. V-159
Secretary Vinson today made public, in accordance with a provision of the
Internal Revenue Code, a supplemental list of individuals receiving from corporations compensation for personal services in excess of $75,000 for the calendar
year 1943 and fiscal years ending in 1944, as well as a supplemental report for
the calendar year 1942 and fiscal years ended in 1943.
The Secretary of the Treasury is required by Section 148 (f) of the Code,
as amended by Section 407 of the Revenue Act of 1939, to make public the names
of such individuals as were reported by employing corporations in their income
tax returns. The list compiled shows the amounts paid to officers and employees
by reporting corporations in the form of salary, commission, bonus or other compensation for personal services.
Section 148 (f) of the Internal Revenue Code, as amended by Section 407 of
the Revenue xvct of 1939, is as follows:
"Compensation of Officers and Employees: - Under regulations
prescribed by the Commissioner with the approval of the Secretary,
every corporation subject to taxation under this chapter shall, in
its return, submit a list of the names of ail officers and employees
of such corporation and the respective amounts paid to them during
the taxable year of the corporation by the corporation as salary,
commission, bonus, or other compensation for personal services
rendered, if the aggregate amount so paid to the individual is in
excess of |75,000.
"The Secretary shall compile from the returns made a list containing the names of, and the amounts paid to, each such officer
and employee and the name of the paying corporation and shall make
such list available to the public. It shall be unlawful for any
person to sell, offer for sale, or circulate, for any consideration
whatsoever, any copy or reproduction of any list, or part thereof,
authorized to be made public by this Act or by any prior Act, relating to the publication of information derived from income tax returns;
and any offense against the foregoing provision shall be a misdemeanor
and be punished by a fine not exceeding $1,000 or by imprisonment not
exceeding one year, or both, at the discretion of the court: Provided,
that nothing.in this sentence shall be construed to be applicable
with respect to any newspaper, or other periodical publication
entitled to admission to the mails as second-class matter."
The names of the corporations and of the officers and employees who
received compensation in excess of $75,000, as reported to the Secretary
by the Bureau of Internal Revenue, are as follows:
- 2 NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
3^0.00
112,062.Ul
5.00
5.00
137,500.00
S5,005.00
85,005.00
ALABAMA
WATERMAN STEAMSHIP CORPORATION
Roberts, E. A.
9/30/1&
61,722.^1
50,000.00
CALIFORNIA
CONSOLIDATED VULTES AIRCRAFT CORP.
Girdler, T. M.
Laddon, I. M.
Woodhead, Harry
Note;
11/30/^
137,500.00
S5.000.00
S5.000.00
The compensation of T. M. Girdler shown above of $137,500 was paid to the Republic Steel Corporation
and not direct to Mr. Girdler.
DOUGLAS AIRCRAFT COMPANY, INC.
Douglas, Donald W.
NORTH AMERICAN AVIATION, INC.
At wood, J. I*
Kindelberger, J. H.
PACIFIC GAS AND ELECTRIC COMPANY
Black, Jas. B.
J. D. AND A. B. SPRECKELS COMPANY
Belcher, F. J., Jr.
STANDARD OIL COMPANY OF CALIFORNIA
Collier, Henry D.
ll/30/H^
.
9f30/kk
120,000.00
U00.00
120,1400.00
75,0 00.00
3.40,000.00
300.00
350.00
1^0,350.00
75,000.00
1,160.00
76,160.00
75.30o.oo
12/31/^3
I2/3I/U3
75,000.00
IS,750.00
93.750.oo
I2/31/U3
123,555.20*
* Includes an annuity of $3,629.60 monthly paid to Mr. Collier by Insurance Companies under the
Companyfs Annuity Plan.
123,555.20
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
CONNECTICUT
EDWARDS Aim COMPANY, INC. 12/31/^+3
Edwards, R. Stafford
McHugh, Edward P.
Miller, Christian
Nolan, Thomas S.
REMINGTON ARMS COMPANY, INC.
Davis, C. K.
UNITED AIRCRAFT CORPORATION
Rentschler, Frederick B.
Wilson, Eugene E.
118,817.18
77,231.9^
77,231.9^
77,231.9^
12/31/^3
12/31/^3
118,817.18
77,231.-9^
77,231.9^
77,231.9^
39,996.00 U6,250.00 260.OO 86,506.00
75,000.00 2,900.00 77,900.00
75,000.00
3,100.00
78,100.00
ILLINOIS
R. R. DONNELLEY & SONS CO. 12/31/^3
Littell, C. G.
GENERAL OUTDOOR ADVERTISING CO,, INC.
Robbins, Burnett W.
HYMAN-MICHAELS COMPANY
Purdy, S. E.
ADY ESTHER, LTD.
Busiel, Alfred
Busiel, Syma
*ARS, INCORPORATED
Mars, Mrs. E. V.
tfORTHlfEST ENGINEERING COMPANY
Houston, L. E.
3EARS, ROEBUCK AUD COMPANY
Barrows, A. S.
Kouser, T. V.
Wood, R. E.
26,000.00
12/31/^3
I2/31/H3
12/31/43
12/31/^3
68,308.50
94,308*50
75,000.00 150.00 75.150.00
96,999.96 96,999.96
96,000.00 96,000.00
96,000.00
96,000.00
120,000.00 120,000.00
12/31/43 50,000.00 50,000.00 100,000.00
12/31/^3
73,^-70.00 25,000.00 98,^70.00
60,000.00
20,000.00
73,200.00
10,000.00
80,000.00
83,200.00
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
COMMISSION
BONUS
OTHER
COMPEN-SATION
TOTAL
ILLINOIS (Cont.)
J. P. SEEBURG CORPORATION
Seeburg, J. P.
Seeburg, N. Marshall
STANDARD OIL COMPANY (INDIANA)
Seubert, Edward G.
THE WANDER COMPANY
McMillan, James G.
9/30/^
1+9,999.92
49,999.92
-40,000.00
30,000.00
89,999.92
79.999.92
12/31/^3
kl,925.60 66,911.76 108,837.36
12/31/^3
40,000.00 116,1+22.96 156,422.96
INDIANA
MEAD JOHNSON & COMPANY
Johnson, Lambert D.
Larson, W. N.
Rose, A. L.
SERVEL, INC.
Ruthenburg, Louis
12/31/^3
40,368.41
20,10^.67
20,104.67
90,789.73
60,526.49
60,526.49
131.153.1^
80,631.16
80,631.16
10/31/44
60,000.00 27,500*00 1,200.00 88,700.00
KANSAS
3EECH AIRCRAFT CORPORATION
Beech, Walter H.
PHE CESSNA AIRCRAFT COMPANY
Wallace, Dwane L.
Wallace, Dwight S.
9/30/^4
40,000.08
41,270.04
81,270.12
9/30/44
53,000.00 26,000.00 79.ooo.oo
53,000.00
26,000.00
79,000.00
83.333*33
83.333.33
LOUISIANA
HIGGINS INDUSTRIES, INC.
Higgins, Andrew J.
12/31/43
- 5NAME OF CORPORATION"
AlTD OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
•
COMMISSION
301TUS
OTHER
COMPENSATIOIT
TOTAL
.
MARYLAND
COMMERCIAL CREDIT COMPANY 12/31/43
Duncan, A. E.
CROWN CORK & SEAL COMPANY, INC.
12/31/43
McManus, Charles E.
THE HECHT COMPANY
l/3l/^
Dulcan, Charles B., Sr.
Goodman, Moses H.
Hecht, Malcolm
85,000.00
85,000.00
108,333-33 108,333-33
50,000.00 123,708.34 173.708.3^
45,000.00
39,680.54
45,000.00
31,479.97
84,680.54
76,479-97
MASSACHUSETTS
PEPPERELL MANUFACTURING COMPANY G/^O/kk
Leonard, Russell H.
U. S. BRANCH OF THE EMPLOYERS1
LIABILITY ASSURANCE CORP. ,LTD.
12/31/^3
Stone, Edward C.
WINSLOW BROS. & SMITH CO.
10/31/^-4
Cook, Cheney E.
60,000.00
40,000.00
100,000.00
81,000.00 * 127,375-53 208,375.53
75,000.00 260.00 75,260.00
MICHIGAN
BENDIX AVIATION CORPORATION 9/30/44
Breech, Ernest R.
EX-CELL-0 CORPORATION
II/30/H4
Huber, Phil
GIBSON REFRIGERATOR COMPANY
7/31/44
Gibson, Charles J.
79,999.92
79,999.92
26,^0.00
92,600.00
125,000.00
100,000.00
12,916.91
112,916.91
-6 NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
—~~
COMMISSION
BONUS
OTHER
COMPENSATIC1T
TOTAL
MICHIGAN (Cont.)
THE J. L. HUDSON COMPANY
Preston, Geo. E.
Webber, Richard H*
Webber, Oscar
Webber, J. B., Sr.
HUDSON MOTOR CAR COMPANY
Barit, A. E.
NASH-KELVINATOR CORPORATION
Mason, George W.
NATIONAL BROACH AND MACHINE CO.
Drummond, Robert S.
REO MOTORS, INC.
Hund, H. E.
N. A. WOODWORTH COMPANY
Woodworth, N. A.
MINNESOTA
NORTHERN ORDNANCE, INCORPORATED
Eawley, John B., Jr.
1/31/1*4
12/31/^3
80,183.33
102,266.66
139,123-33
101,183.33
90,000.00
90,000.00
125,000.16
125,000.16
9/30/UU
11/30/U14
12/31/43
86,186.20
40,800.00
70,000.00 110,800.00
90,000.00
90,000.00
11/30/44
6/30/44
60,000.00
3^0,000.00
400,000.00
MISSOURI
ANHEUSER-BUSCH, INC.
Busch, Adolphus, III
CURLEE CLOTHING COMPANY
Cur lee, F. M.
Curlee, S. H., Jr.
12/31/43
85,000.00
60,000.00
2,333.3*+
8,333.33
73,864.05 5.000.00 87,197.39
72,879.20
81,212.53
11/30/44
1^5,000.00
- 7 NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
NEBRASKA
J. L. BRANDEIS & SONS 1/31/44
Brandeis, George
^9,999.92
69,746.10
119,746.02
NEW JERSEY
AMERICAN HOME PRODUCTS CORPORATION 12/31/43
15,000.00
15,000.00
Brush, Alvin G.
50,000.00
P. BALLANTINE & SONS
3/31/^
15,000.00
A Badenhausen, Carl W.
. 130,000.00
15,000.00
Badenhausen, Otto A.
128,000.00
BRISTOL-MYERS COMPANY
12/31/43
27,415.69
Bristol, H. P.
60,000.00
27,^15.69
Bristol, L. H.
49,999*92
27,415.69
Bristol, W. M., Jr.
^9,999.92
27,415.69
Means, E. A.
49,999.92
HELLER BROTHERS COMPANY
7/3lM
36,316.63
Holler, Paul E.
48,000.00
E SINGER MANUFACTURING COMPANY
12/31/43
Alexander, Sir Douglas, Bart.
100,000.00
I TED STATES PIPE & FOUNDRY CO.
12/31/43
10,336.00*
Russell, N. F. S.
60,000.00
** In addition to the above there was $10,136.00 deposited in Trust Fund for future benefit.
*
Added Compensation amounting to $10,136.00 paid January 28, 1944.
80,000.00
145,000.00
143,000.00
87,415.69
77.to5.61
77,to5.61
77,to5.61
84,316.63
100,000.00
70,336.00**
- 8 -
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
NEW YORK
AIR REDUCTION COMPANY, INC. 12/31/43
115,575.00
49,375-00
1,200.00
Adams, C. E.
65,000.00
ALLIED CHEMICAL & DYE CORPORATION
*12/3l/^3
125,000.00
Athcrton, H. F.
125,000.00
AMERICAN CAR AND FOUNDRY COMPANY
4/30/44
118,512.48
1,429.00
Hardy, Charles J*
117,083.48
100,704.00
36,429.00
Stevenson,-F. A.
64,275*00
AMERICAN CYANAMID & CHEMICAL CORP.
12/31/43
82,592.29
37,670.29
Derby, E. L.
44,928.00
AMERICAN FLANGE & MFG. CO., INC.
11/30/44
125,000.00
Parish, Richard L.
125.000.00
AMERICAN WOOLEN COMPANY
12/31/43
125,550.00
550.00
Pendleton, Moses
125,000,00
ATLAS CORPORATION
12/31/43
100,000.00
Odium, Floyd B.
100,000.00
90,000.i
THE AVIATION CORPORATION
11/30/44
Emanuel, Victor
90,000.00
50.00
122,874.
22,824.21
BELL AIRCRAFT CORPORATION
12/31/43
50.00
81,809.
21,759.20
Bell, Lawrence D.
100,000.00
Whitman, Ray P.
60,000.00
Included in Other Compensation is the contribution made by the Corporation to a trust fund which forms a part
of a pension plan for the benefit of employees. The amount included for Lawrence D. Bell is $22,024.21 and
for Ray P. Whitman is $21,059.20.
CARTER CARBURETOR CORPORATION 4/30/44
Weed, Hugh H. C.
CERRO DE PASCO COPPER CORPORATION
12/31/43
Kingsmill,'Harold
48,000.00
58,531.00
106,531.OC
75,000.00
1,184.13 76,184.1;
1IAME QF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATICN
TOTAL
NEW YORK (Cont.)
CITIES SERVICE COMPANY 12/31/43
Jones,. W. Alton
150,000.00
COLUMBIA PICTURES CORPORATION
6/30/44
Aherne, Brian
113,875.00
Bischoff, Samuel
91,000.00
Buchman, Sidney
130,000.00
Cohn, Harry
182,000.00
Cohn,. Jack
105,750.00
Cummings* Irving
194,444^33
Grant, Cary
133,33^.33
Hall, Al
108,750.00
Kyser, Kay
100,000.00
Montague, Abraham
79,500.00
Muni, Paul
125,000.00
Robinson,.Edward G.
127,083.33
Russell, Rosalind
166,666.67
Savilie, Victor
117,500.00
Schneider,..Ahraham
90,100.00
Siegel,,Sol
87,608.33
Van Upp,. Virginia
91,000.00
Wolfson- P...J...
85,166.67
COMMERCIAL::INVESTMENT TRUST CORP..
12/31/43
Dietz, Arthur 0.^.
100,000.00
T. M.-DUCES & SONS, INC.
11/30/44
Graessle,,W..F. .„
3.180.00
H..DUYS & CO., INC.
3/31/44
Stour, John A. C.
* Includes $10,000.00 paid on account for expenses.
180,00
150,180.00
113,875.00
67,600.00
36,600.00
91,000.00
130,000.00
249,600.00
142,350.00
194,444^.33
133,333.33
108,750.00
100,000.00
79.500^00
125,000.00
127,083.33
166,666.67
117,500. (
8,200.00
98,300. (
87,608.
91,000. (
85,166.1
110.00 100,110. (
101,049.07 104,229.c
86,426.72 86,426.7
- 10 -
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
BONUS
OTHER
COMPENSATION
TOTAL
_____
NEW YORK (Cont.)
ETHYL CORPORATION
Webb, Earle W.
* JULIUS FORSTMANN CORPORATION
Rosenberg, Bernard A.
ROBERT GAIR COMPANY, INC.
Dyke, George E.
GENERAL CABLE CORPORATION
Palmer, D. R. G.
GENERAL FOODS CORPORATION
Chester, Colby M;
Franci s, Clarence
Igleheart, Austin S.
Metcalf, Charles W.
Young, Udell ft.
GIMBEL BROTHERS, INC.
Gimbel, Bernard F.
Broido, Louis
Gimbel, Frederic A.
Kaufmann, Arthur C.
KAUFMANN AND BAER COMPANT
Blum, Jacques
SAKS & COMPANY
Gimbel1, Adam L.
CHR. HANSEN'S LABORATORY, INC.
Monrad, Karl J.
HEARST MAGAZINES, INC.
Berlin, R. E.
JOSKE BROS. CO.
Calvert, James H.
S. LIEBOVITZ & SONS, INC.
Rosensweig, Louis
12/31/^3
60,000.00
99,931.48
39,931.^2
n/30/44
. 27,000.00
97,706.06
327*23
91.^93.59
12/31/43
48,000.00
43,166*36
60,000.00
30,000.00
12/31/43
90,000.00
12/31/43
122,333.27
116,818.07
101,818.14
86,818.10
76,212.08
122,333.27
116,818.07
101,818.14
86,818.10
76,212.08
1/31/44
100,000.00
50,ooo.o4
49*999.92
50,000.00
•55,000.00
47,500.08
47,500.00
100,000.00
85,000.04
97,500*00
97,500.00
50,000.00
47,500.00
97,500.00
60.000.00
40,000.00
100,000.00
12,000.00
67,634.85
79,634.85
50,000.00
74,121.90
124,121.90
24,000.00
94,679.49
118,679.49
25,000.00
96,989.56
121,989.56
1/31/44
1/31/44
2/31/43
12/31/43
1/31/44
12/31/43
- 11 -
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
NEW YORK (Cont.)
LOEW'S INCORPORATED
Arnold, Edward
Astaire, Fred
Beery, Wallace
Berman, Pandro S.
Bernstein, David
3oyer, Charles
Brown, Clarence
Buzzell, Edward
Cohn, J. J.
Coleman, Ronald
Considine, J. W., Jr.
Conway, Jack
Crisp, Donald
Cukor, George
Cummings, John S.
Del Ruth, Roy
Dietrich, Marlene
Dietz, Howard
Durante, Jimmy
Fleming, Victor
Franklin, Sidney
Freed, Arthur
Gable, Clark
Garnett, Tay
Garson, Greer
Gibbons, Cedric
Goetz, Ben
Gumm, Francos (Judy Garland)
Hepburn, Katharine
Holtz, Lou
8/31/44
99.523.31
225,127.87
250,-000.00
191,750.00
93,600.00
122,916.67
209,200.00
78,375.00
130.0S3.33
178,333.32
169,000.00
176,000.00
110,833.34
210,600.00
107,250.00
91,000.00
120,000.00
65,000.00
133.749c92
110,500.00
232,500^00
l38t16C 66
161,250.00
109,856.95
200s 0.X c 00
91,0^% 00
io4.ooo,oo
i42.cS3.^3
227,013.-49
84,250,00
192,306.28
13,000.00
99.523*31
225,127.87
250,000.00
191,750^00
285,906^28
122,916.67
209,200.00
78,375.00
130,083*33
178,333.32
169,000.00
17 6,000.00
110,833.34
210,600.00
107,-250.00
91,000.00
120,000.00
78,-000.00
133.749.92
110,500.00
232,500.00
138,166.66
161,250.00
109.856.95
200,000.00
91,000.00
104,000.00
142,083.33
227,013.49
84,250.00
- 12 -
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
BONUS
OTHER
COMPENSATION
TOTAL
NEW YORK (Cont.)
LOEWS*S INCORPORATED (Cont.)
8/31/44
Hornblow, Arthur, Jr.
Huston, Walter
James, Harry
Katz, Sam
Koster, Henry
Laughton, Charles
Lawrence, Vincent
Leonard, Robert Z.
Le Roy, Mervyn
Lewin, Albert
Lichtman, Al.
Loy, Myrna
Mandl, Hedwig K. (Hedy Lamarr)
Mannix, E. J.
Mayer, J. G.
Mayer, L. B.
McGuinness, James
McLeod, Norman
Morgan, Frank
Murphy, George
Pasternak, Joseph
Pidgeon, Walter
Powell, William
Rapf, Harry
Riskin, Everett
Roberts, Marguerite
Robinson, Casey
Rodgers, W. F.
Rooney, Mickey
182,000.00
93,333.32
98,512.01
156,000.00
143,000.00
102,187.50
142,125.86
84,666.67
208,000.00
182,000.00
104,000.00
156,000.00
100,000.00
112,094.40
n4,ooo.oo
142,125.86
158,600.00
78,000.00
156,000.00
109,875.00
99,428.30
244,680.52
113,000.00
163,000.00
108,791.66
292,500.00
99,275.00
124,833.33
76., 500.00
'125,000.00
104,000.00
66,566.66
752,069.95
10,400.00
100,000.00
182,000.00
93,333.32
98,512.01
298,125.86
143,000.00
102,187.50
84,666.67
208,000.00
182,000.00
104,000.00
268,094.40
100,000.00
114,000.00
300,725.86
78,000.00
908,069.95
109,875.00
99,428.30
244,680.52
113,000.00
163,000.00
108,791.66
292,500.00
99,875.00
124,833.33
76,500.00
125,000.00
n4,4oo.oo
166,566.66
- 13 NAME OF CORPORATION
AND OFFICERS OR'
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
NEW YORK (Cont.)
LOEW'S INCORPORATED (Cont.) 8/31/44
Rubin, J. Robert
Ruggles, Wesley
Sanders, George
Schenck, N. M.
Sidney, Louis K.
Skelton, Richard
Sothcrn, Ann
Thau, Benjamin .
Thorpe, Richard
Taurog, Norman
Tracy, Spencer
Turner, Lana
Vidor, King
Weingarten, L.
Wellman, William
Wilson, Carey
Young, Robert
Zimbalist, Sam
R. H. MACY & CO., INC.
1/31/44
Marks, Edwin I.
Straus, Jack I.
MANUFACTURERS TRUST COMPANY
12/31/43
Gibson, Harvey D.
THE MATHIESON ALKALI WORKS C^C.) 12/31/43
Allen, E. M.
METROPOLITAN LIFE INSURANCE CO. 12/31/43
Lincoln, Leroy A.
88,400.00
185,066.67
87,500.00
105,300.00
78,000.00
76,983*30
99,l66.68
91,000.00
91,000.00
156,000.00
270,545.76
112,000.00
115.333*33
169,000.00
105,833.33
106r250.00
119,500.00
110,250.00
91,900.00
102,733.3**
19L355.32
279,755.32
185,066.67
87,500.00
286,560.46
391,860.46
78,000.00
76,983.30
99,166.68
109,144.40
200,i44.4o
91,000.00
156,000.00
270,545.76
112,000.00
115.333.33
^5,531. *+6 214,531.46
105,833.33
106,250.00
119,500.00
110,250.00
300.00 92,200.00
320.00
103,053.34
•
127.00
135,000.00
91,200.00
91,200.00
125,000.00
125.000.00
135,127.00
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
NEW YORK (Cont.)
PHILIP MORRIS & CO., LTD., INC. 3/31/44
Chalkley, 0. H.
Lyon, A. E.
THE NATIONAL CITY BANK OF N. Y.. 12/31/43
Brady, Wm. Gage, Jr.
Burgess, W. Randolph
Rentschler, Gordon S.
NESTLE* S MILK PRODUCTS, INC.
12/31/43
'Norton, D. F.
THE NEW JERSEY ZINC COMPANY
12/31/43
Hayes, J. E.
OHRBACH*S, INC.
7/31/44
Ohrbach, Nathan M.
REEVES BROTHERS, INC.
6/30/44
Kerr, Arthur M.
Reeves, John M.
RUSSELL, BURDSALL & WARD BOLT
AND NUT COMPANY
6/30/44
Ward, Evans
'
SALMANSON & CO. , INC. (Amended) 12/31/43
Friedman, Josenh
SCHENLEY DISTILLERS CORPORATION 8/31/44
Jacobi, Lester E.
SINCLAIR OIL CORPORATION
12/31/43
Sinclair, H. F.
Sinclair, E. W.
SOCONY-VACUUM OIL COMPANY, INC. 12/31/43
Brown, John A.
Bolton, George V.
Sheets, Harold F.
79,950.00
79,950.00
4,300.00
4,200.00
4,700.00
99,999.84
79,999.92
124,999.92
68,750.00
104,950.00
104,950.00
25,000.00
25,000.00
98,750.00
30,000.00
4,190.00
76,500.00
80,690.00
100,000.00
100,000.00
36,000.00
66,000.00
104,299.24
84,199.92
129,699.92
78,000.00
127,000.00
42,000.00
61,000.00
58,940.61
45,408.00
126,848.61
81,384.02
81,384.02
22,500.00
75,220.00
155,200.00
100,000.00
120,000.00
80,000.00
85,000.00
4oo.oo
750.00
155,600.00
100,750.00
120,000.00
80,000.00
85,000.00
- 15 NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
NEW YORK (Cont.)
L. SONNEBORN SONS, INC. 1/31/44
Roten, J.
Sonneborn, F.
Sonneborn, R.
STANDARD OIL COMPANY (NEW JERSEY) 12/31/43
Gallagher, R. W.
Harden, Oryille
Holman, E.
STERN BROTHERS
1/31/44
Riordan, William 0.
THORER & HOLLENDER, INC.
11/30/44
Mahler, Curt
TIDE WATER ASSOCIATED OIL CO.
12/31/^3
Humphrey, William F.
TOBIN^PACKING CO., INC.
11/30/44
Tobin, Frederick M.
M. H. TREADWELL COMPANY, INC.
12/31/^3
Casey, J. S.
UNION BAG & PAPER CORPORATION
12/31/43
Cfilder Alexander
UNITED ARTISTS CORPORATION
12/31/43
Sears, Gradwell L.
UNITED STATES RUBBER COMPANY
12/31/^3
Davis, F. B., Jr.
Humphreys, H. E., Jr.
Lang, E. J.
Marlor, H. S.
. Needham, T. J.
Roberts, Elmer
Smith, H. E.
78,000.00
82,500.00
73,500.00
26,511.00
26,511.00
26,510.99
104,511.00
109,011.00
100,010.99
98,333.00
90,000.00
80,833.00
92,333-00
90,000.00
80,833.00
50,000.00
25,000.00 140.00 75,1^0.00
24,000.00
60,414.18 84,414.18
75,000.00
3,535.20 78,535.20
65,000.00
90,000.00 155,000.00
44,800.00
50,000.00 94,800.00
85,000.00
15,565.99 975.00 101,540.99
130,000.00
130,000.00
150,000.00
72,000.00
41,596.09
50,000.04
50,000.04
81,333.32
550.00 150,550.00
47,000.00
n4,55i.63
38,600.00
47,000.00
47,000.00
47,000.00
550.00
500.00
550.00
500.00
550.00
119,550.00
114,551.63
80,696.09
97,550.04
97,500.04
128,883.32
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
5,700.00
6,300.00
105*700.08
106,300.08
NSW YORK (Cont.)
UNITED STATES STEEL CORPORATION
Olds, Irving S.
Vorhees, E..M.
UNIVERSAL FILM EXCHANGES, INC.
Scully, William A.
UNIVERSAL PICTURES COMPANY, INC.
Ahbott, Bud and Lou Costello
Blumberg, N. J.
Carrillor Leo
Cowdin, J. Cheever
Durbin, Deanna
Jackson, Felix
Laughton, Charles
Oakie, Jack
Olson, Ole and Chic Johnson
Prutzman, Charles D.
Seidelman, Joseph
Wanger, Walter
Work, Cliff
WALDBURGER, GRANT & CO., INC.
Waldburger, E^ R. .J.
WALLERSTEIN COMPANY, INC.
Graf, William
Wallerstein, Leo
WESTERN ELECTRIC COMPANY, INC.
Stoll, C. G.
12/31/43
10O.O0Q.O8
100,000.08
10/31/44
91,000.00
91,000.00
10/31/44
175,250.00
117,000.00
86,916.67
117,000.00
243,000.00
85,208.35
83,333*35
137,000.00
200,000.00
75*^00.00
63,800.00
65,000.00
104,000.00
10/31/44
249,069.86 424,319.86
113,523.25
113,523.25
83,491.02
12,707.22
56,479.1^
56r479.i4
344,928.43
56,479.14
230,523.25
86,916.67
230,523.25
326,491.02
85,208.35
23,333.35
137,000.00
212,707.22
13l.279.l4
120,279.14
409,928.43
i6o,479.i4
77,059.53 99*559.53
22,500.00
12/31/43
60,000.00
84,000.00
21,000.00 81,000.00
10,000.00
520.00 90,520.00
12/31/43
90,000.00
94,000.00
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
OTHER
COMMISSION BONUS COMPEN- TOTAL
SATION
OHIO
THE AETNA PAPER COMPANY 12/31/43
Howard, H. M.
CHAMPION SPARK PLUG COMPANY
12/31/43
Stranahan, Frank D.
Stranahan, Robert A.
THE GENERAL TIRE & RUBBER COMPANY ]l/30/44
O'Neil, W.
THE GLIDDEN COMPANY
10/31/44
Joyce, Adrian D.
THE GOODYEAR TIRE & RUBBER CO. 12./31/43
Litchfield, P. W.
Thomas, E. J.
JACK & HEINTZ, INC.
10/31/44
Heintz, Ral-nh M^
Jack, Wm. R".
Jack, Wm. S.
LUCIA1I Q, MOFFITT, INC.
12/31/^3
Bednar, A.
Moffitt, L. Q.
„
;
THE NATIONAL ACME COMPANY
12/31/43
Cha-pin, F. H.
THE NATIONAL CASH REGISTER CO. 12/31/45
Allyn, S. C.
Deeds, Col. E. A.
SPICER MANUFACTURING CORP.
8/31/44
r«-rnenter R. E.
Carpenter, K. *>.
Dana, C. A.
92,609.64
36,000.00
120,000.00
170,000.00
10,000.00
128,609.64
120,000.00
170,000.00
87,000.00 97,000.00
170.00 96,170.00
96,000.00
100,000.00
52,000.00
75,000.00 175.000.00
33,760.09
91.760.09
125,000.00
125,000.00
125,000.00
125,000.00
,r
4,650.00
12,000.00
125,000.00
125,000.00
229.8S3.03 234,533.03
102,608.39
114,608.39
50,000.00 80,000.00
30,000.00
20,000.00
75.000.00
36,000.00
1-60,000.00
16,000.00 96,000.00
25,000.00
100,000.00
63,250.00 99,250.00
100,000.00
- 18 -
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
OHIO (Cont.)
THE UNITED STATES SHOE CORP.
Cohen, A. B.
Salinger, Alvin
Stern, Joseph S.
THE WELLON TOOL COMPANY
Bergstrom, C. A.
11/30/44
33.990.84
33.990.84
33,990.84
50,000.00
50,000.00
50,000.00
12/31/^3
25,090.00
71,620.00 96,710.00
JB0-, 000. 00
25,000.00
M
83,990.84
83,990.84
83,990.84
OREGON
MEIER & FRANK COMPANY, INC.
Adams, R. R.
1/31/44
85,000.00
PENNSYLVANIA
ALUMINUM COMPANY OF AMERICA
Davis, Arthur V.
Gibbons, G. R.
ARMSTRONG CORK COMPANY
Prentis, H. W., Jr.
ERIE FOUNDRY COMPANY
Currie, D. A.
FIRTE STERLING STEEL COMPANY
Clark, Donald G.
Firth, L. Gerald
GREAT LAKES STEEL CORPORATION
Fink, G. R.
HERSHEY CHOCOLATE CORPORATION
Murrie, Wm. F. R.
JONES & LAUGHLIN STEEL CORP.
Lewi s, H. E.
12/31/43
108,000.00
.108,000.00
75,^00.00
12/31/43
125,000.00
75,4oo.oo
125,000.00
6/30/44
40,5^7.26
122,102.23 49,769.72 212,419.21
17,550.00
23,400.00
120,776.56 138,326.56
120,776.56
12/31/43
12/31/43
62,500.00
12/31/43
91,550.00
12/31/43
75,000.00
144,176.56
137,500.00
91,550.00
135,000.00
135,000.00
- 19 -
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
—.
OTHER
COMMISSION BONUS COMPEN- TOTAL
SATION
PENNSYLVANIA (Cont.)
NATIONAL STEEL CORPORATION 12/31/43
Fink, G. R.
Millsop, T. E.
Weir, E. T.
THE PENNSYLVANIA RAILROAD CO.
12/31/43
Clement, M. W.
62,500.00
26,666,64
93,750.00
110,000.00*
75,000.00
50,000.00
112,500.00
400.00
400.00
300.00
137,900.00
77,066.64
206,550.00
955.00 110,955.00
, actually paid at the rate of $110,000.00 per annum,
* Because of restrictions imposed by Federal Regulations
although the salary is $125,000.00.
TASTY BAKING COMPANY 12/31/43
Baur", P. J.
Morris, H. C.
122,851.12
122,851.12
122,851.12
122,851.12
SOUTH CAROLINA
ROCK HILL PRINTING & FINISHING CO. 12/31/43
Joslin, Archie 0.
55,000.00
50,560.37
105,560.37
TENNESSEE
COCA-COLA BOTTLING CO.,
(THOMAS), INC.
Hunter, G. T.
12/31/^3
76,501.95
76,501.95
VERMONT
E. B. AND A. C. WHITING COMPANY 5/3l/^
Unsworth, Thomas A.
48,000.00
75,000.00
123,000.00
- 20 -
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
5,ooo.o4
7,500.00
217,599.96
88,100.00
BONUS
OTHER
COMPENSATION
TOTAL
VIRGINIA
PLANTERS NUT AND CHOCOLATE CO.
Obici, A.
Peruzzi, M.
9/30/44
4oo.00
4oo.oo
223,000.00
96,000.00
- 21 NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSATION
75.155.-33
4oo.oo
TOTAL
REPORT OF PAYMENTS OF SALARY, COMMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF $75,000.00 COMPILED FROM
INCOME RETURNS, SCHEDULE F-l, FILED
FOR THE CALENDAR YEAR 1942 AND FISCAL
YEARS ENDED IN 1943
SUPPLEMENTAL NO. 3
MICHIGAN
YELLOW TRUCK & COACH MFG.
CO.
Babcock, Irving B.
1/1/43 to
9/30/43
45,000.00
120,555.33
Note:
In addition to the above, Mr.- Babcock is a party to the Contributory Retirement Plan of Yellow Truck & Coa
Manufacturing Company, and may become entitled to receive benefits of contributions made by Yellow Truck & Coach
Manufacturing Company thereunder in accordance with the terms of said Contributory Retirement Plan.
During the year 1943, (January 1st to September 30th, inclusive), the total contributions by employees part
pating in the Plan amounted to $31,662.30, of which Mr. Babcock contributed $2,137.50. The total contribution
by Yellow Truck & Coach Manufacturing Company during the year 1943 amounted to $6l,734.19.
- 22 -
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
BONUS
COMMISSION
OTHER
COMPENSATION
TOTAL
REPORT OF PAYMENTS OF SALARY, COMMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF $75,000.00 COMPILED FROM
INCOME RETURNS, SCHEDULE F-l, FILED
FOR THE CALENDAR YEAR 1942 AND FISCAL
YEARS ENDED IN 1943
SUPPLEMENTAL NO. 3
NEW YORK
CARL L. NORDEN, INC.
Barth, T. H.
UNITED STATES RUBBER COMPANY
Davis, F. B., Jr.
Humphreys, H. E., Jr.
Needham, T. J.
Roberts, Elmer
Smith, E. E.
Tompkins, L. D.
1/1/43 to
10/31/^3
83.333.36
2.333.33
150,000.00
60,184.53
44,666.68
44,666.68
6o,i84.53
55.999.92
60,056.75
60,056.75
60,056.75
60,056.75
60,056.75
91,666.69
12/31/42
420.00
420.00
420.00
420.00
300.00
310.00
150,420^00
120,661.2s
105,143.43
105,143.43
120,541.28
116,366.67
NORTE CAROLINA
BLUE BELL, INC.
Fox, J. C.
11/30/43
102,511.0
TRKASORY DSPAR1MIT
Washington
FOR R5LKA3I, MORRIHG KKH8PAPIRS, (/ -~ I
Tueeday. December ll n 1945.
Bio Secretary of the Treasury announced laet evening that the tendert for
•1,300,000,000, or thereabouts, of 91-day treasury bUU to be dated Decenber 13, 1943,
and to mature March 14, 1946, which were offered on December 7, 1945, were opened at
the Federal Reserve Banke on Decenber 10.
The details of tola issue are aa follows:
total applied for - $2,085,361,000
Total accepted
- 1,301,797,000 (includes $55,641,000 entered on a fixed-prlM
basis at 99.905 and aeesptod in full)
Average price
- 99.905/ Equivalent rate of discount approx. 0.375* per mm
Range of accepted competitive bids:
High - 99.908 Equivalent rate of discount approx. 0.364* P«r *"«•
Low
- 99.905
•
• n
*
*
0.376* per annua
(56 percent of the amount bid for at the low pries was accepted)
Federal Reserve
District
Total
Applied for
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
a m fnuitiMA
$
21,650,000
1,464,285,000
72,965,000
47,210,000
30,457,000
16,365,000
276,785,000
28,423,000
15,670,000
23,956,000
7,060,000
80.535.000
12,085,361,000
TOTAL
Total
A**«%!r
I
15,028,000
876,125,000
57,125,000
34,010,000
29,577,000
16,365,000
165,839,000
18,523,000
10,478,000
18,412,000
6,180,000
_. « • - — ~.»
54.135,«0
11,301,797,0*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, Press Service
Tuesday, December 11, 1945.
No. V-160
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 December 13, 1945, and to mature March 14, 1946
which were offered on December 7, 1945, were opened at the Federa
Reserve Banks on December 10.
The details of this issue are as follows:
Total applied for - §2,085,361,000
Total accepted
- 1,301,797,000 (includes $55,641,000
entered on a fixed-price basis at 99.905 and accepted in
full)
Average price - 99.905/Equivalent rate ($f discount approx.
0.375/0 per annum
Range of accepted competitive bids:
High - 99.908 Equivalent rate of discount approx.
0.364/0 per annum
low
- 99.905 Equivalent rate of discount approx.
0.376% per annum
(56 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
Boston $ 21,650,000 $ 15,028,000
New York
1,464,285,000
Philadelphia
72,965,000
Cleveland
47,210,000
Richmond
30,457,000
Atlanta
16,365,000
Chicago
276,785,000
St. Louis
28,423,000
Minneapolis
15,670,000
Kansas City
23,956,000
Dallas
7,060,000
San Francisco
80,535,000
TOTAL $2,085,361,000 $1,301,797,000
-0O0-
Accepted
876,125,000
57,125,000
34,010,000
29,577,000
16,365,000
165,839,000
18,523,000
10,47^,000
18,412,000
6,180,000
54,135,000
Prior to military service, Mr, Balderson was employed at the
Farm Credit Administration as a legal research assistant and has
had wide experience in personnel administration as it applies to
the armed forces. He attended armyvconducted personnel courses
a-tt&r- x*r/} reft ft &
In Calcutta/Nassisted In ironing out malassignmen&s, in the Tenth
Air force caused by large personnel increases* 4mmm^together with
h t *yi
his other duties, am*»«isBt«<V«Bj1msWjp*SjWm^
well quallf iaj^f or M s
new position.
The Treasury Department today announced the appointment of
Wllmer H. Balderson to fill the «smmmmmmm position of veterans1
placement officer in the Department's Division of Personnel.
Mr. Balderson, a 0Bsmss> of ftsjipssssssr receives his discharge
from the Army Air Corps on October 5. As a sergeant in the
Tenth Air Force, he served overseas in the China - Burma - India
Theater of operations for twenty-seven months.
The position of veterans1 placement officer, created at the
request of Secretary Fred M. Vinson, is in furtherance of the
policy of the Treasury Department to provide adequate counsel for
returning veterans.
Mr. Balderson'9 duties will include the placement of former
employees returned from military service/ and establishment of the
employment rights of other veterans under the Veterans1 Preference
Act of 1944. He will discuss1 with veterans their interests, aptitudes, skills and experience, both civilian and military, for the
purpose of determining future employment opportunities or reinstatement rights in the Treasury Department.
Other functions of the new office will include that of maintaining a complete information service on the 0. I. Bill of Rights,
arranging interviews with operating officials and the Civil Service
"mrnnlTTnlqTi, iagsiBtinL '" H* I'ri'-f'nr'fTT'Tff"^ TWIr^'fT'Tr fVjVflT^V'fi
maintaining liaison with the Veterans' Administration tow Ineuss *
^imi^^^*mew^^^m»'n»o^Baaaryi^ seeking employment for the physicallyand
handicapped,/advising veterans' widows on their rights as potential
Federal employees.
TREASURY DEPARTMENT
Washington
FOR M E D I A T E RELEASE
Tuesday, December 11, 1945
Press Service
No, V-161
The Treasury Department today announced the appointment of
Wilmer H. Balderson to fill the position of veterans' placement
officer in the Department's Division of Personnel,
Mr. Balderson, a native of the District, received his discharge from the Army Air Corps on October 5. As a sergeant in
the Tenth Air Force, he served overseas in the China - Burma India Theater of operations for twenty-seven months.
The position of veterans' placement officer, created at the
request of Secretary Fred M. Vinson, is in furtherance of the
policy of the Treasury Department to provide adequate counsel for
returning veterans,
Mr. Balderson's duties will include the placement of former
employees returned from military service, and establishment of the
employment rights of other veterans under the Veterans' Preference
Act of 1944. He will discuss with veterans their interests., aptitudes, skills and experience, both civilian and military, for the
purpose of determining^future employment opportunities or reinstatement rights in the Treasury Department.
Other functions of the new office will include that of maintaining a complete information service on the G. I,. Bill of Rights,
arranging interviews with operating officials and the Civil Service
Commission, maintaining liaison with the Veterans' Administration,
seeking employment for the physically handicapped, and advising
veterans' widows on their rights as potential Federal employees..
Prior to military service, Mr. Balderson was employed at the
Farm Credit Administration as a legal research assistant and has
aad wide experience in personnel administration as it applies to
jbhe armed forces. He attended army-conducted personnel courses in
Calcutta, after which he assisted in ironing out malassignments,
Ln the Tenth Air Force caused by large personnel increases. This
vork, togetherAwith his other duties, well qualifies him for his
:ew position.
oOo-
FOR IMMEDIATE RELEASE
December 35pf, 19k$
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee entered for consumption during the period
commencing October 1, 19U5 as follows:
Country of Production
Quantity in Pounds
As of December 1, 19h5
Signatory Countries;
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
• Peru
Venezuela
Non-Signatory Countries:
TOTAL
25U,2Ql*,310
110,519,261
6,1*79,173
61
5,755,Ol;6
5,907,793
5,600,053
10,566,723
180,781
2,992,U1U
6,336,88U
761,973
777,9U6
2,855,165
100,U00
U13,037,983
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday. December 12. 1945.
Press Service
No. V-162
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee entered for consumption during the period
commencing October 1, 1945 as follows:
Country of Production
Quantity in Pounds
As of December 1, 1945
Signatory Countries$
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
i-Signatory Countries:
TOTAL
254,204,310
110,519,261
6,479,173
61
5,755,046
5,907,793
5,600,053
10,566,723
180,781
2,992,414
6,336,884
761,973
777,946
2,855,165
100,400
413,037,983
FOR IMMEDIATE RELEASE,
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President's proclamation
of May 28, 1941, as modified by the President's proclamations of April 13, 1942,
and Aprfil 29, 1943, for the 12 months commencing May 29, 1945, as follows:
:
:
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
\Established :
Imports
Established :
Imports
Quota
Quota
:May 29, 1%45, to ,
: May 29, 1945,
:Dec. 1, 1945
. t0Dec. 1, 1945
(Bushels)
(Bushels)
(Pounds)
(Pounds)
Wheat
Country
of
Origin
•
Canada
795,000
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
Germany
100
Syria
100
New Zealand
Chile
100
Netherlands
Argentina
2,000
Italy
100
Cuba
1,000
Prance
Greece
100
Mexi co
Panama
U ruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guat emala
100
100
3razil
Union of Soviet
100
Socialist Republi cs
100
Belgium
800,000
794,421
794,421
-o0o~
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
-.1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
4,000,000
1,082,863
1,082,863
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday. December 12, 1945.
Press Servi?^
No. V-163
The 3ureau 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
Country
of
Origin
Established :
Imports
Quota
:May 29, 1945, to
tDec. 1, 1945
(Bushels)
(Bushels)
r
794,421
Canada
795,000
China
Hungary
Hong Kong
Japan
United Kingdom
100
Australia
Germany
100
Syria
100
New Zealand
Chile
Netherlands
100
2,000
Argentina
Italy
100
Cuba
1,000
France
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
100
Guatemala
Brazil
100
Union of Soviet
Socialist Republics
100
Belgium
100
800,000
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
:May 29, 1945, to
t Dec. 1. 1945
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
794,421
oOo
4,000,000
1,082,863
1,082,863
- -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, lay Countries of Origin:
Total quota, provided/ however, that not more than 33-1/3 percent of the quo
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 following countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(In Pounds)
Country of Origin
United Kingdom
Canada.
Prance
British India
Netherlands
Switzerland
Belgium
Japan
China
Egypt
Cuba
Germany
Italy
TOTALS 5,482,509
1/
EstablishedTOTAL QUOTA
TCTAJ. IMPORTS
ESTABLISHED
Sept. 20, 1945 33-1/3A of
toDec. 1, ±9k$ Total Quota
4,323 ,457
239 ,690
227 ,42.0
69 ,627
69,627
68 ,240
44,383
38,559
341,535
17,322
8 ,135
6,544
76,329
21,263 •mmmmmmnmmmvmimtmmimm
69,627
Included in total imports, column 2.
-0O0-
1,441,152
75,807
22,747
14,796
12,853
25,443
7,088
1,599,886
Imports
Sept. 20, 194^
toDec. 1, 1/
iffe—
p
1
']
FOR IMMEDIATE RELEASE
* **"
^A^LAJ
December 13g 19k$
}u?, 1/ - / ** 4
The Bureau of Customs announced t'oday 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,' 194g , to,December 1, 19}i$.. '
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OJt HOUGH
COTTON OF. LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE "MANUFACTURE Of BLANKETS AND BLANKETING,1 AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries7 01s Origin:
(In Pounds)- •"!
:
Staple length l e s s : Staple length 1-1/8" or more
Country of
than 1-1/8"
: but less than l-il/16"
:
Origin
:Imp>orts Sept.: Established : Imports Sept.
• - ""~" •^®st-a^li«hed:20,. 194£, to :
Quota
: 20, 194-5, to
: Quota
Sec. 1, 19U5 , ,45,656,420 P e c 1, IShj
:
Egypt^and the'Anglo-:
Egyptian Sudan
783,816
'"""' '
p
«ru
247,952
2k7,9$2
British India
2,003,483
685,961
China
1,370,791
Mexico
8,883,259' < 8,883,259
Brazil
,
618,723
618,723
Union of Soviet
-Socialist Republics...
475,124
-...
Argent ina
5,203
Haiti
237
Ecuador
9,333
Honduras
752
Paraguay
'
871
. . . .
-Colombia, r-.--.---r *•.-.-..,... _ „ w
„,. _„ ..,124
Iraq
*195
"""
Br-itish East Africa.'
2,240
_
Netherlands East Indies.
71,388
_
%
Barbados
Other British West
Indies l/
21,321
Nigeria
5,377
Other British West
Africa 2/
16,004
Other French Africa 3/...
,689
Algeria and Tunisia
14,516,882 10,U35,895
45,656,420
,
,
^^W—
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria,
3/ Other than Algeria, Tunisia, and Madagascar.
"*"' 5,169,623
3,03i,7ltf
.
-
"
8,l8U,370
—
—"
TREASURY DEPARTMENT
B:ashington
"OR Bl/IEDIATE RELEASE, Press Service
"Wednesday. December 12. 1945.
No. V-I64
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 b^ 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 December 1, 1945.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPIE LENGTH AND CHIEFLY USED IN THE MANUFACTURE OF BLANKETS AND BLANKETING, AND 01 HER TPL»N LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
(in Pounds)
; • Staple length less sStanle length 1-1/8" or more
:
than 1-1/8"
: but less than 1-11/16"
:
Jw1^"
tlmports Sept.:-Established* Imports Sept.
01,16111
J . Quota
: 20, 1945, to
:Established:20,1945 to
Quota
tDec. 1, 1945 : 45,656,420: Dec. 1, 1945
;
Egypt and the AngloEgyptian Sudan
., 783,816
Peru
247,952
British India
.2,003,483
China
.1,370, 791
Kexico
8,883,259
Brazil
618,723
Union of Soviet
Socialist Republics,. 475,124
-jgentina
5,203
Haiti.
237
Ecuador
9,333
Honduras
752
Paraguay,
871
Colombia
124
Iraq
195
f
British East Africa....
2,240
Netherlands East Indies
71,388
Barbados
3ther British Vfest
Indies 1/
21,321
Nigeria
5,377
fjther British Best
/ Africa 2/
16,004
:ther French Africa 3/.
689
ilgeria and Tunisia....
14,516,882
]
247,952
685,961
5,169,623
3,014,747
8,883,259
618,723
-
-
-
—
-
-
10,435,895
45,656,420
8,184,370
J Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
1/ Other than Gold Coast and Nigeria,
1/ Other than Algeria, Tunisia, and Madagascar.
- 2 COTTON CBJtD STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER TBASTE, LAP A A S T E , SLIVER BABSTE, AND ROVING rASTE, "WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN V.J.UE. annual quotas commencing
September 20, by Countries of Originr
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 following countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(In Pounds)
: Established
Country of Origin : TOT. J, QUOT^
United Kingdom,....
Canada
France
British India
Netherlands
Switzerland........
Belgium
Japan
China
Egypt
Cuba
Germany.
Italy
TOTALS
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509
TOTAL IMPORTS : ESTABLISHED
Sept. 20, 1945 t 33-1/3* of
to Dec. 1, 1945s Total fuota
1,441,152
75,807
69,627
22,747
14,796
12.853
25,443
7,088
69,627
1/ Included in total imports, column 2.
oOo
1,599,886
Imports
Sept. 20, 1945
to Dec. 1,1945 1
- 2 -
Commodity
:
Established quota
: Period and Country : Quantity :
Silver or black
foxes, furs,
and articles: May^Nov., 191^5
Foxes valued
All countries
under $250 each
and whole furs
and skins
Tails
12 months from
Dec. 1, 19/4/4
Paws, heads or
other separated
parts
Unit
: itmports as of
of
: November 30,
Quanti ty :
191*5
£2,176
Number
28,178
5,000
Pieces
-
M
5oo
Pound
500
Piece plates
"
550
Pound
-
Articles, other
than piece plates
"
500
Unit
30
FOR IMMEDIATE RELEASE,
December 3 3 , 19/45
\y
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 November 3Q> 19W, inclusive, as follows:
Commodity
*
:
Established Quota
: Period and Country : Quantity"
Unit
of
Quantity
: Imports as of
: November 39,
:
V)\\$
TJShole Milk, fresh
or sour
Calendar year
3,000,000
Gallon
2U,822
Cream> fresh or
sour
Calendar year
1,500,000
Gallon
1,182
Fish, fresh or
frozen, filleted,
etc., cod, haddock
hake, pollock, cusk,
and rosefish
Calendar year
17,668,311
Pound
White or Irish 12 months from
potatoes:
Sept. 15, 19^5
certified seed
90,000,000
other
60,000,000
Pound
Pound
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Red cedar
shingles
Quota filled
28,738,957
219,979
Pound
(unstemmed
equivalent)
Quota filled
22,000,000
Calendar year
1,727,2U2
Square
1,1489,3142
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6$of
total soluble
Calendar year
solids
1,500,000
Gallon
1,367,037
TREASURY DEPARTMENT
Washington
Press Service
No. V-165
FOR IMMEDIATE RELEASE,
December 12 , 1945
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 November 30, 1945, inclusive, as follows:
Commodity
Established Quota
Period and Country : Quantity
Unit
of
Quantity
Imports as of
November 30,
1945
Whole Milk, fresh
or sour
Calendar year
3,000,000
Gallon
24,822
Cream, fresh or '
sour
Calendar year
1,500,000
Gallon
1,182
Fish, fresh or
frozen, filleted,
etc., cod, haddock,
hake, pollock, cusk,
and rosefish
Calendar year
17,668,311
Pound
^uota filled
90,000,000
60,000,000
Pound
Pound
28,738,957
219,979
Tillhite or Irish
potatoes:
certified seed
other
12 months from
Sept. 15, 1945
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Red cedar
shingles
Pound
(unstemmed
equivalent)
Quota filled
22,000,000
Calendar year
1,727,242
Square
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble
Calendar year
s olids
1,500,000
Gallon
1,489,342
1,367,037
- 2•
•
Unit
quota
:
of
Commodity
:
Established
s Quantity : Quantity
: Period and Country
Silver or black
foxes, furs,
and articles: May-Nov., 1945
52,1%
Number
Foxes valued
All countries
under $250 each
and -whole furs
and skins
Tails
12 months from
Dec. 1, 1944
5,000
Pieces
: Imports as of
: November 30,
:
1945
28,178
_
Paws, heads or
other separated
parts
"
500
Pound
500
Piece plates
"
550
Pound
_
Articles, other
than piece plates
"
500
Unit
30
DIVISION OF PUBLIC RELATIONS
Assignment sheet. Title II^&IJLJ^
Release date /^. /
7
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IAJ,0
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dist.
y
y
)
fa*t s'tSj**^
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TAC
) Trade Agreement Commodities . • . •
CFQ
) Coffee quotas • ••••.•••••
22
136
CQ
) Cotton quotas ••»....•••*
22
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WQ
) Tiilheat quotas • •••••••••*
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115
BUL
) Treasury monthly'Bulletin . • . i • (j
F
) Finance ........••••••
167
540
NM.
) Net Market transactions ••••••
142
207
T
\ Taxes .•••••••
167
600
DLI
) Debt limitation •••••..••••
151
325
SF
) Stabilization fund. • • •
174
551
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150
178
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156
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-'
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7/1/45
0
V
TREASURY DEPART LENT
Washington
(The following address by Roy Blough, Assistant
to the Secretary, before the New Orleans Chapter
of the National Association of Cost Accountants
at the Hotel Jung, New Orleans, is scheduled for
delivery at 8 P.M., C.S.T., December 12, 1945,
and is for release at that" time)
Hew Orleans, La., December 12, 1945 It is a great pleasure
for me to be here tonight; both the city and the audience are of
special interest. New Orleans is a unique city with a fascinating
history. It has been a great city throughout the history of our
country, and its commanding outlook on the vast world to the south
should assure it an increasingly important place, in the nations
life. The National Association of Cost Accountants is an organization of great importance, not only for its membership but for the
economy generally. Speaking from the viewpoint of the economist,
I have long felt that the cost accountant occupies a strategic
position a^s a practicing economist who is in position to affect by
his decisions price policies and other important operations of our
economic society.
My pleasure" in being here with you is increased by memories of
similar visits with other Chapters of the Association, which have
'always been marked by hospitality and an intelligent approach to
the problems of our subject for discussion.
Taxation has many facets and is of concern to people with different occupations and points of view. The taxpayer himself is
interested in having a tax system under which he can live and prosper. His views on what kind of a system it should be will be modified by whether he is affected principally by the individual income
tax, the corporation taxes, a particular excise tax, or the local
property tax. Tax lawyers and accountants are concerned with the
legal and practical problems of preparing income tax returns and
3ases for the administrators and for court review. The tax administrator is also interested in such problems and in the additional
problems of locating the reluctant taxpayer and of keeping the
•morale of taxpayers high through the effective auditing of tax
returns.
Another point of view toward taxes is that of their effects on
the general economy; this may be called the economic point of view.
approaching taxation from the economic point of view involves the
examination
of taxes in an effort to determine such facts as these:
/-166
- 2 the revenue yield and its fluctuations; the distribution of tax
AJDrdens among income groups, among occupational groups and between
individuals and corporations; the effects of taxes on consumption,
production, employment, saving and investment; vthe relation of
taxes to business competition; and the usefulness of taxation in
controlling inflation and deflation. These'are the types of facts
on which legislative tax policy must be based if a sound economy is
to be promoted.
The wartime system of taxation in the United States is by far
the most powerful revenue system in our history. Internal revenue
collections totaled §5,300,000,000 in the fiscal year ending
June 30, 1940 and 845,800,000,000 in £he fiscal year ending June 30,
1945» Of course, this more-than-eightfold increase in revenues was
not due solely to the wartime taxes and tax rates. It was due in
part to the tremendous increase in.production and income during the
war. Net national income for the calendar year 1939 was about
571,000,000,000 as compared to $161,000,000,000 for the calendar
year 1944. Wartime tax rates would have produced less than half as
much revenue at 1939 levels of income as at 1944 levels.
We will be past the pealc of wartime taxation by the end of 1945,
but we. do not yet have a postwar tax system. We are in the transition period. The problems of the transition and postwar periods
were not overlooked, of course, in the various wartime tax laws.
Concern for the postwar period is indicated, for example, in the
carrybacks of losses and unused excess profits credits, the 10 percent postwar credit ~of excess profits taxes, and certain ''automatic51
tax decreases in the case of the excise taxes.
i
Early in 1944 the Treasury started concentrated study of the
transition and postwar tax problems. This work was accelerated in
June 1944 by action of the Congressional Joint Committee on Internal
Revenue Taxation. The Joint Committee does not report revenue bills.
to the Houses of Congress, which is • the function of the House Ways
and Means Committee and the Senate Finance Committee, but one of
its functions is to study tax matters. The Joint Committee is
normally made up of five members of the Ways and Means Committee and
five members of the Senate Finance Committee. For purposes of postwar tax studies, however, the Committee added a minority party
member from each House, giving ec^ual representation to the two major
parties. It also passed a resolution calling on its staff and the
Treasury staff, including the Bureau of Internal Revenue, to work an
a unit in the study of transitional and postwar tax problems. This
was done, and during the summer and fall of 1944 a number of special
research projects were undertaken. Moreover, many conferences were
held wittf the tax committees of various taxpayer groups, including
business, professional, agricultural and labor organizations.
- 3A series of reports was submitted by the two staffs to the Joint
Committee during the winter of 1944-1945. The Joint Committee
itself met frequently during this period to look into the problem
with a view to recommending needed legislation.
On the basis of this study the Joint Committee submitted a
report to the Ways and Means and Senate Finance Committees, containing proposals which without substantial change, were enacted, as the
Tax Adjustment Act of 1945. This legislation had been urged by the
business community and by various Government agencies in order to
help corporations over the reconversion period. It was not a tax
reduction law. The several billion dollars of tax benefits were
not in the form of a reduction in tax liabilities but grew out of
making more speedily available to corporate taxpayers the benefits
which previous legislation had provided. Thus, the postwar credit
bonds which were not due until several years after the end of the
war were made cashable on January 1, 1946. Provision was made for
taking the postwar credit for 1944 and subsequent years as a credit
against current tax payments. Benefits from the carrybacks of loss
and unused excess profits credit can now be anticipated currently
and used to postpone payment of taxes or to secure a quicker refund.
This involves the refunding of tax before audit, a revolutionary
idea in tax administration, but one that was believed to be necessary to meet the needs of business in the reconversion period. It
is to be hoped that taxpayers and their advisors will not abuse this
provision, which is in the nature of an experiment. Similar provision for crediting and speedy refunds was made with respect to
amounts due taxpayers in the recalculation of the amortization of
emergency facilities. This recalculation occurs where the amortization period is shortened either by virtue of the issuance of a
certificate of non-necessity cr as a result of the proclamation on
September 23, 1945 of the end of the emergency period.
The Tax Adjustment Act was passed in the interim period between
VE-Day and VJ-Day. Shortly after VJ-Day, the Congress at the recommendation of the President and the Secretary of the Treasury considered and passed tax reduction legislation. The Revenue Act of
1945, which was approved November 8, 1945, was the first general taxreducing measure since 1929. Though it granted substantial tax
reduction, it was limited in scope and devoted to a relatively small
.lumber of simple rate changes. It is to be considered strictly as a
transitional tax reduction bill, not a final postwar tax revision
bill. By far the most important part of the bill was the repeal of
the excess profits tax as of December 31? 1345, with provision for
continuing the carryback of unusec. credit until Lee ember 31, 19-16.
Much structual revision of the Federal tax system for the postwar period remains to be considered. Whether substantial further
tax reduction can accompany such tax revision remains to be seen.
4
The amount of tax reduction for the postwar period must depend primarily on two factors: the level of Federal expenditures and the
level of national income. Budget estimates of expenditures for 1946
total $66,000,000,000, of which $36,000,000,000 is expected to be
met by revenue. This represents a decline from $100,000,000,000
expenditures in fiscal year 1945. The expenditures will, of course,
continue to decline at a rapid rate. Ultimate postwar budgets have
been variously estimated although there is relatively little basis
for making a definitive estimate at this time. The order of magnitude
of most of these estimates ranges around $25,000,000,000 as compared
with expenditures of $9,000,000,000 in the fiscal year 1940.
One of the fields of taxation which will be Involved In any plan
of modernization is that of corporation taxes. The tax picture for
corporations during the war has been a complicated one. At the peak
rates of wartime taxation, which extend until the close of the
calendar year 1945, the corporation has been subject to the following
Federal taxes:
1. The corporation income tax, first imposed as an excise tax
in 1909, and consisting in 1945 of a standard rate of 24 percent
normal tax and 16 percent surtax, with lower rates for corporations
with small incomes, the rates on the first $5,000 being 15 percent
normal tax and 10 percent surtax. An additional rate of 2 percent
is added in case a consolidated return is filed.
2. The World War II excess profits tax, first passed in 1940,
L. posed on profits in excess of a credit calculated, at the option
Df the taxpayer, on the basis of either prewar ea-rnings or invested
capital. The peak rate is 95 percent less a postwar credit of 9-g>ercent, giving a net rate of 85-J percent. Beginning in 1942 the
"egular income tax has not applied to profits which are subject to
sxcess profits tax. A limit of 80 percent gross (which is 72 to 73
)ercent net) of corporate net income is placed on the combined excess
)rofits tax and income tax. This limit is reached when the excess
>rofits are 73 percent or more of total profits.
3. The declared value capital stock tax and its accompanying
Leclared value excess profits tax, passed In 1933, The rate of the
capital stock tax is $1.25 for each $1,000 of declared value; the
declared value excess profits tax Is 6-6/10 percent of income between
.0 percent and 15 percent of the declared value of capital stock;
•he rate is 13-2/10 percent of income in excess of 15 percent of
.eclared value.
The Revenue Act of 1945 has greatly simplified corporate taxes.
•s I have indicated, the excess profits tax was repealed and with it
- 5 will go many very puzzling problems for both administrator and taxpayer. The declared value capital stock tax and its accompanying
declared value excess profits tax are repealed beginning with the
capital stock tax payment of next July, This tax has long been the
subject of serious criticism on the part of the business community.
Repeal was recommended by the Treasury in 1939 and 1942 and the fact
that revenue considerations stood in the way of recommending its
repeal in 1945 should not be construed as any indication of approval
of the taxes. These taxes have been a guessing game with large
stakes, and the system is well rid of them.
While the corporate tax picture has been simplified, important
corporate tax issues still remain^ Some of these issues, for example
the rate of depreciation and the carryback and carryforward of
losses, are not exclusively restricted to corporations but are
eommon to all businesses, whether corporate or unincorporated*
Other issues are limited to corporation taxation. One problem
involves the relative burdens to be imposed on small and large
corporations. A reconsideration of policy with regard to tax-exempt
corporations is being strongly urged in some quarters. Another
problem concerns the taxation of affiliated corporations through the
taxation of intercorporate dividends and the special rate for the
privilege of filing consolidated returns. Perhaps the issue that
has been subject to mos-t discussion in recent months concerns the
so-called double taxation of corporate dividends and the broader
problem of how to tax the corporation on Its distributed income and
its undistributed income.
The discussion to follow will examine this general problem of
corporation taxation. It is not my purpose to arrive in this discussion at proposals for corporate tax policy. Tax policy involves
many considerations which are often conflicting and must be weighed
and balanced in the light of circumstances. My purpose is rather to
indicate the nature of some of these considerations and thereby to
•throw light on the problem and what is involved in reaching a solution. This is a less ainbitious objective than proposing policy
revisions. But in the present stage of discussion of corporate tax
problems, a foundation of analysis is necessary at this stage if
sound policy is to emerge at a later stage.
The double taxation of corporate dividends arises from the fact
that profits earned by a corporation are subject to the corporation
tax, and that when dividends "are paid out of these profits to
individual stockholders, the dividends are included in the income
subject to the individual income tax. That is, income passes through
the corporation tax mill and if what is left is distributed in the
form of dividends, it passes through the individual tax mill. For
example, if a corporation is subject in 1946 to the standard
- 6 corporation income tax rate of 38 percent and if the profits after
taxes are paid to an individual stockholder who is subject to tax on
his dividends at an average rate of 50 percent, then out of every
$100 of profits received by the corporation, the corporate tax is
^38, the dividend is $62, and the individual tax on the dividend is
§31. Taxes total $69 and the stockholder has left §31 of the original $100. On the other hand, if §100 of profits is earned in a
partnership by a partner whose average tax rate on his partnership
profits is 50 percent, the total tax paid on the $100 is §50, or §19
less than where the profits are earned through the corporation.
It will be observed that there is not a complete doubling of
tax since the individual tax applies only on the dividends received
in cash after the payment of the corporation tax. The total tax rate
on $100 of corporate profits in the example given is not 38 percent
plus 50 percent, or 88 percent, but 69 percent. It is impossible for
the combined rate to exceed 100 percent of the original corporate
profit before tax.
Now there is nothing unusual or necessarily inequitable about
double taxation. A person owning real estate must pay out of the
income earned by the real estate both the real estate tax and the
income tax. likewise, in a sales tax state an income may bear both
the income tax and also the sales tax on goods purchased with the
income. Examples can easily be found of multiple taxation where
three or four or more taxes must be paid from the same income.
Indeed, since practically all taxes must be paid out of income, it
is obvious that all forms of tax involve multiple taxation to a
greater or less degree. There is nothing intrinsically objectionable
about double taxation and, indeed, it is inevitable if we are to have
a diversified tax system.
Some forms of double taxation, however, are objectionable. The
objection may arise because the application of the two taxes creates
inequities or gives rise to harmful economic effects. Several
objections have been raised to the double taxation of distributed
corporation income, that is, of corporate dividends. It is urged
in the first place that it is inequitable to tax profits made through
incorporated business at higher rates than profits made through
unincorporated business operations, especially since the two kinds
of business organization operate side by side and compete for capital and customers. In the second place, it is urged that the corporation tax cannot be adjusted to distinguish between stockholders
with large incomes and those with small incomes and thus does not
fall on stockholders in accordance with the principle of ability
to pay. For example, an individual with total income below the
personal exemption level and thus subject to a zero rate on his
3-ther income would receive dividends reduced from the original
corporation profits by a 38 percent tax. Regardless of the size of
their incomes, stockholders find their dividends after tax reduced by
the amount of the corporate tax. With a 38 percent corporate tax,
- 7 the maximum dividends which could be made available to stockholders
after payment of both corporate and individual income taxes are
38 percent smaller than they would be if there were no corporate tax.
This is true whether the individual incomes of the stockholders are
large or small, so long as the reduction in cash dividends resulting
from the corporate tax does not throw the stockholders into a lower
individual tax bracket.
In appraising the validity of these two equity arguments, that
the double taxation of distributed corporate profits discriminates
against corporate business and tha;t it discriminates against stockholders with small incomes, several factors must be considered.
The equity arguments do not apply to preferred Stocks except
under unusual conditions. The common stockholder bears whatever
corporate tax falls on stockholders, while the preferred stockholder
goes free. The arguments that double taxation is inequitable assume
that the corporation inoome tax is a burden on the stockholder, since
unless he bears the corporate tax there is no double tax. The
assumption is that the corporation income tax rests in the long run
on the stockholder by reducing the amount of dividends which the
corporation can pay and does pay to him. But there are other
possibilities. Frequently one hears businessmen and others arguing
strongly that the income tax is shifted to customers in the form of
higher prices. Less frequently perhaps, it Is argued that they are
shifted to workers in the form of lower wages* It is Important to
bear In mind that if, and to the extent that, the tax is thus shifted
to customers or workers, it is not borne by the stockholders.
During the war when the Government was the sole customer for
many companies and when prices were set and renegotiated with a view
to a reasonable profit, it appears likely that, unconsciously if not
consciously, the size of the tax load was borne in mind in the setting of prices. Corporate profits before taxes rose from
$5,300,000,000 in 1939 to an estimated $25,400,000,000 in 1943, or
nearly five times as much* Net profit after taxes increased from
$4,000,000,000 to $9,600,000,000, or about two and one-half times
as much. It may be that in the absence of heavy corporation taxes,
including the excess profits tax, net profits after taxes would also
have increased five times as much, but I am inclined to doubt it
seriously, for the reasons mentioned.
Peacetime conditions differ, however, from wartime conditions.
The economic analyses which have been made of the shifting and
incidence of the corporation income tax are by no means entirely
satisfactory but they point to the improbability that under normal
competitive conditions large amounts of taxes are shifted in prices
or wages. It remains to be seen whether in the transition period
- 8
the decrease in corporate taxes as a result of the Revenue Act of
1945 will be absorbed in prices that are lower or wages that are
higher than they otherwise would be. It is very difficult to
measure such absorption.
The equity of the so-called double taxation of corporations is
affected also by what is called the capitalization of the corporate
tax. Capitalization in this connection is an economic term meaning
that purchasers adjust the amount they are willing to pay for
corporate stocks so that the return on the investment after allowing
for any special taxes is comparable to the returns of other alternative investments. The present holders of most corporate stocks are
not the original investors in the corporation but rather persons
who have purchased the stocks from previous owners. The purchase
price was determined by market conditions and by the expectations
of the buyer, seller, and others as to probable future earnings and
probable future taxes. The present double taxation of distributed
corporate earnings has been In effect partially since the beginning
of the First World War and completely beginning in 1940, A great
deal of turnover of stocks has thus taken place with the present
taxing arrangements in effect. Under these circumstances, most
owners of such securities do not present a convincing complaint
regarding the inequities of double taxation. In buying the stock the
purchaser bargained for an expected return after corporate taxes,
and paid accordingly. To eliminate part or all of the double taxation at this time would give a windfall to many stockholders in
that their dividends and the market values of their securities
would thereby be increased beyond what they had bargained for when
they purchased the securities.
The capitalization argument does not apply to new corporations
or newly issued securities. It applies to past security issues,
not to new ones, which is an important distinction in looking to the
postwar business world.
This fact leads us to a second criticism of the present double
taxation of corporate dividends, namely, that the return on investment in new corporate stocks is thereby made unattractive in comparison with other investments, for example, bonds. Thus, it is argued
that if a newly formed corporation could expect to earn 10 percent
on its investment and the stock is held by stockholders paying an
average income tax rate of 50 percent on their dividends, corporation and individual taxes would eat up 6.9 percent of the 10 percent,
leaving a net return of 3.1 percent. If the individual rate is
higher than 50 percent the net return is even smaller. This argument is much more spe'ctacular when computed at the wartime excess
profits tax rates, although it is not particularly valid since
excess profits presumably are profits in excess of what stockholders
should have reasonably anticipated.
- 9 In any event, it is clear that the imposition of both the
corporate tax and an individual tax on dividends does reduce the
incentive to reinvest individual earnings in new corporate equity
securities. This is said to discourage venture capital investments
in comparison to investment in bonds where interest paid by the
corporation is deductible as ah expense and not taxed as profit.
On the other hand it should be borne in mind that a large share,
probably most, of the undistributed profits of corporations bear
less tax than do the incomes of stockholders generally. Added to
this is the fact that the individual income tax rates furnish a
powerful inducement for corporations to retain and reinvest
earnings without having them pass through the individual tax mill.
Under our system of corporation taxation, the relative overtaxation
of profits distributed to stockholders as dividends is accompanied
by a relative undertaxation, so far as the stockholders with large
incomes are concerned, of earnings retained by the corporation and
reinvested directly. Whether or not the total volume of venture
capital is likely to be adequate, it is clear that the present
system encourages the expansion, through corporate reinvestment
rather than through the individual investing directly, in new equity
securities.
This criticism leads readily to the next one, namely, that
under present taxing arrangements when corporations a're obliged to
raise funds from the public they are encouraged to do so insofar as
possible through the issuance of bonds instead of stocks. Bond
interest paid is a deduction from income, while dividends paid are
not deductible. Evidence is available that this tax favoritism to
bond financing has had substantial effects on the form of corporate
financing in a number of specific instances* Perhaps the surprising
thing, however, is that the dislike of bond financing by the
average management of an industrial or trade corporation is generally
strong enough to overcome the temptation to secure tax advantages
through Issuing bonds. Be that as it may, it does not seem desirablr
that our tax system should encourage the use of debt financing,
especially in view of the Istrge body of opinion — probably a large
majority of opinion — that holds financing through stock issues to
be sounder, not only for the business organization itself but for
the economy as a whole,
A fourth criticism of the present method of taxing corporations
is directed not so much to the double tax as to the effects on
corporate decisions of the high rate of tax, particularly the high
rate at the corporate level. Undoubtedly, heavy taxes become a
matter of major interest to corporate managements and the decision
to go ahead or not to go ahead with new projects may be importantly
affected by the tax consequences. High levels of corporate taxation
- 10 may be expected to interfere with such decisions more than low
levels. Most students of the question also appear to believe that
a tax at the corporation level has a greater effect on management
than does a tax at the stockholder level, although they recognize
that the stockholder's tax position as an individual may affect
the management's point of view even where the*management is not
constituted of heavy stock owners.
Before turning to possible methods of eliminating or reducing
double taxation one other point of view should be explored. Many
people do not consider double taxation objectionable because they
believe that business in the corporate form should be subject to
special taxation. There is a substantial body of sentiment that
holds corporations, particularly larger corporations, to be economic
engines of such power that the Government can properly impose
special taxes on their profits which do not apply to income earned
in other less potent ways. Time does not permit analysis of this
point, but it undoubtedly has had a substantial bearing on corporate
'tax policy in the past.
Let us turn now, in the short time remaining, to a brief
examination of the methods under consideration for the reduction or
elimination of double taxation of distributed corporate profits.
Double taxation of dividend income could be eliminated either
completely or only partially. Many people who contend that the
logic of the situation calls for complete elimination would be
willing to settle, at least for the time being, for a partial
elimination of double taxation.
In Federal tax history, two methods for reducing double taxation have been applied. From 1913 through 1935 dividends received
by stockholders were exempt from the individual normal tax. From
1936 through 1939, dividends paid by corporations were exempt from
the tax on undistributed profits, a tax which was in full force
only for the two years 1936 and 1937. It is not well known that in
1936 the Treasury recommended and the House of Representatives
passed a measure entirely repealing the corporation income tax and
substituting a tax applying only to undistributed profits. As the
bill passed Congress, however, it provided both a corporate tax and
an undistributed profits tax and repealed the exemption of dividends
from the normal tax. Thus there was partial elimination of double
taxation, since income distributed was exempt from the tax on
undistributed profits. That plan was emasculated beginning in 1938
and came to an end in 1939. Thereafter there was not even partial
elimination of double taxation.
- 11
Two of the leading proposals for treating dividend income stem
from the two methods already used. One would exempt dividends received by individuals from part of the individual income tax. The
other would allow a full or partial deduction of dividends paid in
computing the corporate tax.
Businessmen are usually emphatic that they do not like anything
that smacks of an undistributed profits tax. There may not be an
awareness, however, of the defects of the partial exemption of
dividends received. In applying this method it is usually proposed
also that the corporation rate and basic or starting individual rate
be the s"&me. Thus, if the corporate rate were 38 percent, the
individual income tax would start at 38 percent with graduation
above the first bracket; the dividends received by individual
stockholders would be exempt from the 38 percent individual tax but
would be subject to the amount of additional tax on higher brackets.
This method can perhaps be most easily understood if we assume that
the 38 percent is the normal tax and the remaining graduated income
tax is the surtax; in that case dividends would be exempt from tht
normal tax but subject to the surtax. There are a number of possible
variations on this theme, but the basic i4ea of all Is that the
dividends received from individual stockholders are exempt from a
part of the individual income tax.
Now the use in the above example of a 38 percent rate indicates
one of the difficulties in using this method. The 38 percent rate
is obviously too high as a starting rate for the individual income
tax whatever may be its merits or defects as a corporate rate. As
previously mentioned, the method was followed from 1913 to 1935.
However, during most of the period the individual normal tax rate
was so much lower than the corporation rate that the integration
eliminated only a relatively small part of the double taxation. It
is rare that equality between the corporate rate and starting
individual rate would be found desirable as there is little theoretical or practical reason for such equality. Moreover, the adoption of the plan would interfere with the flexibility of adjusting
either individual or corporation rates to the needs of both revenue
and economic conditions.
Perhaps a more important objection to this method of exempting
dividends received from the individual normal tax is the fact that
if double taxation really exists the method gives too much relief to
stockholders in high individual income tax brackets and not enough
to stockholders with very small Incomes who are exempt from
individual tax. The stockholder who has no individual tax to pay
receives no relief whatever from the burden of the corporation tax,
bis dividends are taxed just as heavily as those of the stockholder
subject to individual income tax at the normal rate. On the other
hand, the stockholder who is subject to surtax will pay less in
- 12 combined corporation and individual tax than if he received the
income from unincorporated business or if there was no corporation
tax at all, I want to emphasize this point because it is ordinarily
overlooked. This apparently anomalous situation arises from the
fact that the dividend which is subject to the individual surtax
under the plan Is the net cash dividend received from the corporation
and not the profit of the corporation before taxes.
Let us go back to our earlier example. If the corporation
pays a 38 percent, or $38, tax on $100 of profits and pays the
remaining $62 in dividends to a stockholder paying a 50 percent
rate, and if the dividend is subject only to the excess of 50
percent over.38 percent, or 12 percent, the tax to the stockholder
is 12 percent of $62 or $7.44. The amount net after tax is $54.56
as compared to $50 left on $100 of income from other sources.
Double taxation has been over-eliminated by $4*56 for this taxpayer.
The higher the individual income tax rate the greater this overelimination. And this of course is only on the distributed profits;
the undistributed share pays only the corporation tax, which under
this assumption was no higher than the individual starting rate.
The previous discussion of the dividend exemption method
applies where it is used in a pure form, namely when the starting
rate of the individual-tax and the corporate tax rate would be the
same. However, partial application must be considered. During most
of the period when we followed this approach, the individual normal
tax was lower than the corporate tax, and some advocates of the
dividend-exemption plan would not attempt to eliminate the
discrepancy in rates. Such variations of the plan would not be so
vulnerable to the criticisms mentioned, but neither would they go
so far in eliminating double taxation.
Another proposal that has aroused much interest is to impose
a tax on all corporate profits, treating it as a withholding tax
insofar as dividends are distributed. Under this plan if the
corporate tax rate were 38 percent, or $38 on $100 of corporate
Drofits, the whole $100 could be declared as dividend, $62 being
paid in cash and $38 being treated as a withholding tax. The
stockholder would put $100 into his income and be allowed a tax
rredit (or refund) of the $38. Essentially, this method has been
ised in Great Britain for many years.
A more positive method of eliminating the double taxation of
dividend income than any of those mentioned would, of course, be to
^epeal the corporation income tax. This has the serious defect of
illowing profits to be retained and piled up in the corporation
without being subject to any tax whatever. Years later, to be sure,
- 13 profits might be paid out in the form of dividends and be subject to
tax, or the individual might realize on the corporate earnings
through a capital gain at the time his stock was sold. At the
present time the capital gains tax is subject to important loopholes, particularly the opportunity of passing assets from one
generation to the next without paying any capital gains tax.
Moreover, at the present time, the rate of tax on capital gains
realized on assets held over six months is much less than the
rate on other income. The law could be amended to eliminate both
of these advantages to capital gains but even so the long postponement of tax would necessitate the levy of higher rates on other
sources and would not be in harmony with the idea that every dollar
of Income should go through the taxing mill. It is not unlikely,
moreover, that in the absence of a substantial tax at the corporate
level the piling up of retained profits in corporations would have
seriously harmful effects on the economy and that business financing
would be even more concentrated in the form of reinvested corporate
earnings than at the present time.
The discussion of repealing the corporate income tax entirely is
largely academic for two reasons. It is academic because of the
virtual political impossibility of repealing the tax on corporations.
Moreover, it is academic because the proponents of repeal rarely
believe in simple repeal of the tax. Those with whom I have talked
who recommend repeal of the corporate tax have in mind either the
use of the corporation as a means of withholding taxes from stockholders, in which case the corporate tax continues to be collected,
by whatever name it may be called; or they have in mind the
adoption of some form of tax or other measure to induce or compel
distribution of the corporate profits to the individual stockholder,
thus making the profits available for immediate taxation to him at
individual rates* Or still again they may have in mind the taxation
of the stockholder on his share of corporate profits whether or not
received by him, thus placing the taxation of the corporation and
its stockholders on the same basis as the taxation of the partnership and its partners.
The optional taxation of small corporations in the same manner
as partnerships has a good deal to recommend it in theory but its
serious consideration must await the surmounting of a number of
technical, legal, and administrative difficulties.
CONCLUSION
In conclusion, I want to express regret that this paper may
seem overloaded with economics* I regret the necessity, but see
10 escape for thinking in economic terms in dealing with problems
- 14 of this kind. As you see, I have not presented a solution for the
problem of corporation taxation in this discussion. I wholeheartedly wish that its solution was readily at hand. In that
case no doubt the matter would have been settled long ago. What
we face is a series of alternatives, none of which is satisfactory
in all respects. Each of them is subject to important objections.
It is my impression that neither the business community nor the
public generally has reached an agreement over which of these
alternatives would be preferable in the light of existing circumstances. A good many facts necessary to an intelligent choice among
unsatisfactory alternatives have net been developed. The subject
is one that deserves and will require a great deal more thought and
consideration before a stable solution is likely to be found. It
would seem preferable to examine the problem with great care and to
have it thoroughly discussed by the public, especially the business
public, before a decision is reached, since in the interests of
stable taxation the method chosen should be worthy of being perpetuated.
-0O0
FOH IMMEDIATE BELSASE
The Bureau of Customs announced today that it is antici*
pated that the quota of 22,000,000 pounds of Cuban filler tobacco, not specially provided for, other than cigarette leaf
tobacco, unstemmed or stemmed, and scrap tobacco will be filled
by entries for consumption and withdrawals from warehouse for
consumption filed on the first day of the new quota year January 2, 1946*
In order that importers of such tobacco may have equal
opportunities at all ports, facilities have been provided for
the simultaneous presentation of entries or withdrawals at
12:00 Noon, Eastern Standard Time, 11:00 a.m., Central Standard
Time, 10:00 a.m., Mountain Standard Time, and 9:00 a.m., Pacific
Standard Time.
Entries and withdrawals for consumption of the quota
class of Cuban tobacco may be accepted by customs at the quota
rates of duty, providing the importer or his agent does not
take delivery thereof pending determination by the Bureau of
the quota status of such tobacco* If the Importer does take
delivery "before such determination, he shall be required to
deposit estimated duties at rates in effect on August 24, 1934.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, Press Service
Wednesday, J)eo ember 12, 1945-
No. V-167
The Bureau of Customs announced today that it is
anticipated that the quota of 22,000,000 pounds of
Cuban filler tobacco, not specially provided for, other
than cigarette leaf tobacco, unstemmed or stemmed, and
scrap tobacco will be filled by entries for consumption
and withdrawals from warehouse for consumption filed on
the first day of the new quota year January 2, 1946*
In order that importers of such tobacco may have.
equal opportunities at all ports, facilities have been
provided for the simultaneous presentation of entries
or withdrawals at 12;00 Noon, Eastern Standard Time,
11:00 a.m., Central Standard Time, 10;00 a.m., Mountain
Standard Time, and 9:00 a.m., Pacific Standard Time.
Entries and withdrawals for consumption of the
quota class of Cuban tobacco may be accepted by customs
at the quota rates of duty, providing the importer or
his agent does not take delivery thereof pending determination by the^ Bureau of the quota status of such
tobacco. If the importer does take delivery before
such determination, he shall be required to deposit
estimated duties at rates in'effect on August 24, 1934.
-oOo-
TREASURY DEPARTMENT
Washington
>t
FOR BfllTiPTflTT) PriLr.rt ffiTT, if . Press Service.
Kiui'baa'.V, November 15, 1945;.
Jte. V-L66 * rio*t/*'
During the month of October. 1945,. market
A
transactions in direct and guaranteed securities of
the Government for Treasury investment and other
accounts* mnjultd
Secretary Vinson announced today.
oOo-
TREASURY DEPARTMENT
Washington
FOR RELEASE,- MORNING NEWSPAPERS,
Saturday, Dec ember 15 » 1945. v
Press Service
Uo.-V-168
During the month of November, 1945, there
were no market transactions in direct and guaranteed securities of the Government for Treasury
investment arid other, accounts, Secretary Vinson
announced today.
-oOo
- 3-
for such bills, whether on original issue or on subsequent purchase, and the a
actually received either upon sale or redemption at maturity during the taxab
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 1*18, as amended, and this notice, ore-
scribe the terms of the Treasury bills and govern the conditions of their issu
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 b
Secretary of the Treasury of the amount and price range of accepted bids. Thos
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
all tenders, in whole or in part, and his action in any such respect shall be f
Subject to these reservations, tenders for $200,000 or less from any one bidde
99.905 entered on a fixed-price basis will be accepted in full. Payment of acc
tenders at the prices offered must be made or completed at the Federal Reserve
in cash or other immediately available funds on December 20, 19U5
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 s
and loss from the sale or other disposition of Treasury bills shall not have a
special treatment, as such, under Federal tax Acts now or hereafter enacted. T
bills shall be subject to estate, inheritance, gift, or other excise taxes, wh
Federal or State, but shall be exempt from all taxation now or hereafter impos
on the principal or interest thereof by any State, or any of the possessions o
the United States, or by any local taxing authority. For purposes of taxation
amount of discount at which Treasury bills are originally sold by the United S
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,
th
amount of discount at which bills issued hereunder are sold shall not be consi
to accrue until such bills shall be sold, redeemed or otherwis disposed of, an
such bills are excluded from consideration as capital assets. Accordingly?
tne
owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price pa
XXXKX
TREASURY DEPARTMENT
Washington j/ ^
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December lU, l & g .
The Secretary of the Treasury, by this public notice, invites tenders
for 11>300,000,000
f or
thereabouts, of 91 -day Treasury bills, to be issued
on a discount basis under competitive and fixed-orice bidding as hereinafter p
vided. The bills of this series will be dated December 20, 19k^ » and will
mature March 21, 191+6 , when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of $1,
$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 JSasx time, Monday, December 17» lyhb
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 expresse
on the basis of 100, with not more than three decimals, e. g., 99-925- Fractio
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 Bank
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment sec
ties. Tenders from others must be accompanied by payment of 2 percent of the
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 Fe er
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, December 14, 1943*
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.-on a discount basis under, competitive and
fixed-price bidding as hereinafter provided. The bills of this
series will be dated December 20, 1945, and will mature March 21,
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., Eastern Standard time,
Monday, December 17, 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.
Fractions may not be used. It is urged that tenders be made on
the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application.th er ef or,
Tenders will be received without deposit'from incorporated
banks arid trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 perc_ent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment 'by an incorporated bank or trust.
company.
.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action
in any such respect shall be final.- Subject to these reservations
tenders for §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 (Over)
cash or other immediately available
V-169
funds on December 20, 1945.
- 2 -
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment,
as'such, under Federal tax Acts now or hereafter enacted, *' The
bills shall be subject to estate, inheritance, gift, or other.
excise taxes, whether Federal or State, but shall be.exempt from
all taxation now or hereafter imposed on the principal or interesthereof 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 original].;
sold by the United States shall be considered to be interest.
Under Sections 42. and 117 (a) (1) of the Internal Revenue Code,
as amended by Section 115 of the Revenue Act of 1941, the amount
of discount at which bills issued hereunder are sold shall not
be considered to accrue until such bills shall be sold, redeemed
or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury
bills (other than life insurance companies) issued hereunder need
include in his income tax return only the difference between the
price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which
the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtaine<
from any Federal Reserve Bank -oOoor Branch.
TREASURE DEPARTMENT
Washington
FOR IMMEDIATE RELEASE Press Service
Monday. December 17» 1945
No.
On December 15th the Treasury received the sum of $258,054.74
from the Government of Finland, representing a payment of principal
in the amount of $90,000.00 and the semiannual payment of interest
in the amount of $133,227.50 under the Funding Agreement of May 1,
1923; |13,695.06 on account of the semiannual payment on the annuity
due under the postponement agreement of May 1, 1941; and $21,132.18
on account of the semiannual payment on the annuity due under the
postponement agreement of October 14, 1943.
These payments represent the entire amount due from the
Government of Finland on December 15, 1945, under these agreements.
Mr. Bartelt
Mr. Batchelder
Mr. D. W. Bell
Mr. E.- M. Bernstein
Mr. Brennan (Disb.)
Mr. Broughton
Mr. Burdette (3111)
Miss Burke
B & W (U30g)
Mr. Cake
Mr. Church
Mr. Coe
Mrs. Goon
Miss Cullen
Mr. Cunningham
Mrs. Day (3*121)
Mr. Delano
Mr. Dietrich (3^53)
Miss Edelin
Mrs. Farrell (5323)
Miss Florin (H125)
Mr. Frese (3^6U)
Mr. Gamble
Mr. Gerardi
^
Miss Gibeon (3U6H)
Mr. Glasser (3^37)
Mr. Greenberg
Mr. Gunter (2222)
Mr. Haas
Mr. Hall (E & P)
Mr. Hearst
Mr. Heffelfinger
Mr. Howard
Mis(s Hodel (3^58)
Mr. Hyland (3^13)
Mr. Jones (2^9)
Mr. Jordan
Miss Kailey (3013)
Mr. Kelley
Mr. Kilty
Mr. Landis
Mr. Lindow
Mr. Luxford
Mr. Maxwell (U330)
Mr. McDonald
Miss Michener
Mr. L. V. Moore
Mr. M. Moore (3^58)
Mr. Mulvihill (5310)
Mrs. Naud (U330)
Mr. Ness
Mr. Nisonger (kkky)
Mr. O'Daniel (5056)
Mrs. Potts
Mr. Rabon
Mrs. Half (132*0
Mr. Reeves
Mrs. Root (jkGk)
Mrs. Boss
Miss Rousseaux (^319)
Miss Sanford (512^)
Mr. Schoeneman
Mr. Schwalm
ia
Mr. Shaeffef
*"^"Mr. MluQuu
Mr. Speck
Mr. Starratt
Mrs. Sundelson (3UH9)
Mr. Tickton
Mr. Tietjens
Mr. Upham
Miss Vassar (jkk6)
Mrs. Walker (3H6U)
Mrs. V/arneson
Mr. Webor
Miss West (3U53)
Miss White (3^6)
Mr. White
Mrs. Wondrack
Mr. Ziegenfus
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Ilonday, December 17, 1945.
Press Service
No. V-170
On December--15th the Treasury received the
sum of $258,054.74 froni the Government of Finland,
representing a payment of principal in the amount
of $90,000 and the, semiannual payment of interest
in the amount of $133,227.50 under the Funding
Agreement of May 1, 1.923; $13,695.06 on account
of the semiannual payment on the annuity due
under the postponement agreement of May 1, 1941;
and $21,132.18 on account of the semiannual payment on the annuity due under the postponement
agreement of October 14, 1943.
These payments represent the entire amount
due from the Government of Finland on December 15,
1945, under these agreements.
-oOo-r
THMStJET DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, December 18, 19U5.
I*ees Serrict
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 December 20, 19U,
and to mature March 21, l?k&, which were offered on December Ik, 191*5, were opened it
the federal Reserve Banks on December 17*
The details of this issue are as follows:
Total applied for - $2,030,823,000
Total accepted
~ 1,316,U63,000 (includes 151**353,000 entered on a flxed-priM
basis at 99,90$ and accepted in full)
Average price
- 99»905f* Equivalent rate at discount approx. 0.375* per anno
Range of accepted competitive bids*
High - 99.908 Equivalent rate of discount approx. 0.36W per annua
Low
- 99*90$
•
s e e
«
o.37©* *
•
(60 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
$ 6,005,000
916,093,000
37,900,000
22,635,009
21,726,000
17,701,000
19b,l5l,000
U,tf5,800
9,895,000
15,682,000
8,230,000
TOTAL
3,725,000
1,U66,U13,000
U6,lu0,000
30,675,000
26,526,000
22,101,000
298,751,00©
16,81*5,000
13,895,000
18,082,000
9,270,000
J3,1*00,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, December 18, 1945.
Press Service
No. V-171
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 December 20, 1945, and to mature March 21, 1946, which
were offered on December 14, 1945, were 'opened at the Federal Reserve
Banks on December 17.
The details of this issue are as follows:
Total applied for - $2,030,823,000
Total accepted
- 1,316,463,000 (includes $54,353,000 entered
on a fixed-price basis at 99.905 and accepted in full)
Average price - 99.905/ Equivalent rate of discount approx.
0.375% per annum
Range of accepted competitive bids:
High - 99.908 Equivalent rate of
0.364%
Low
- 99.905
0.376%
discount approx.
per annum
Equivalent rate of discount approx.
per annum
(60 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas'City
Dallas
San Francisco •
TOTAL
Applied for
Accepted
$
$
8,725,000
1,466,413,000
46,140,000
30,675,000
26,526,000
22,101,000
298,751,000
16,845,000
13,895,000
18,082,000
9,270,000
75.400,000
P",030,823,000
-oOo-
6,005,000
916,093,000
37,900,000
22,635,000
21,726,000
17,701,000
194,151,000
11,725,000
,!'^'^
15,682,000
8,230,000
54,720,000
3c
$1,316,463,000
- 2 2. The Secretary of the Treasury reserves the right to reject any subscription in whole or in part, to allot less than the amount of certificates applied
for 'and to close the books as to any or all subscriptions at any time without
Subject
0tice; and any action he may take in these respects shall be final.
t 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 «r
before'January 2, 194.6, or on later allotment, and may be made only in Treasury
Notes of Series C-19^6, maturing January 1, 1946, 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
authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve Banks of the respective Districts, to issue allotment notices,
to receive payment for certificates allotted, to make delivery of certificates
on full-raid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive certificates.
2. The Secretary of t* e Treasury may at any time, or from time to time,
prescribe supplemental or aiLendax.0 ry rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks.
FRED M. VINSON,
Secretary of the Treasury.
UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES A-1947
Dated and bearing interest from January 1, 1946 Due January 1, 1947
Department C i r c u i t N<&' 782 "*•'"*«
t
.
\ v^
Fiscal Service
Bureau .of the Public Debt
•>
;_ TREASygf'DEPARTJfflNT,-.; •' /
y . gf£icfe' of the S e c t a r y ,
f
•' %&sffi.ngton, December^ 17, 1945.
^*;
• '''•> *
I. OFFERING OF CERTIFICATES
' •
*
' • • '
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people of
the United States for certificates of indebtedness of the United * States, designated 7/8. percent Treasury Certificates of Indebtedness of Series. A—1947, in .
exchange for Treasury Notes of Series C-1946, maturing January 1, 1946.
II. DESCRIPTION OF CERTIFICATES '";-,- • ].
1. The certificates
from that date at
July 1, 194-6, and
not be subject to
will be dated January 1, 1946, and will bear interest
the rate of 7/8 percent per annum, payable semiannually on..
January 1, 1947. They will mature January 1, 1947, and- will
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,
^xempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any*
local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys*
They will not be acceptable in payment of taxes.
';'
4.. Bearer certificates with interest coupons attached will be issued in
denominations of $1,000, $5,000, .$10,000, $100,000 and $1,000,000. The certificates will not be issued in registered form.
,
" .
5. The certificates will be subject to the general regulations of the .
Treasury Department, now or hereafter prescribed, governing United States.
certificates.
III. SUBSCRIPTION AND ALLOTMENT
1, Subscriptions will be received at the Federal Reserve Banks and Branches
and at; the Treasury Department, Washington. Banking institutions generally W
submit subscriptions for account of customers, but only the Federal Reserve Bar*
and tbe Treasury Department'are authorized to act as official agencies.
A >•.-.• ^KJi
J _ r <-...•_;.;WX.i-i
Wac. ington
*» RELEASE, MDRHIBO HWGPAPERS. pre^s Service
vcr.tear. December 17. 19: S
Secretary of-the B ^ ^ I U V tfinsov. today announced the offering, throti«h
the Federal Baser
IM :A., of
.-: D, •.•»ciro Treasury Cert*U'icates of Indebt^cness of Series A-BS4? ;v.^n r* at exchange basi>, par for par, to holders
of Treasury xotee of Be>Ae~ • - >46, maturing January 1, 1946, Cash subecAi >tidns mill not be rec : o .
The certificatec :c f: :/cc r^l be dated January :, 19^6# and will
bear interest from tht I *A hi rate of seve — ighths of one percent P- r
o n u s , payable aeadannu. _.., or M
1, 1946, end
riuary 1, 1947. They c u
nature January 1, 1947. T^-v 'i—•• > issued lei .nearer form only, in dencjninttiona of #1,000, i5,0C0; a ^ : ^ , A'-J<\000 and ; ,000,000.
Pursuant to tne prcvisie^ of
the certificates now o -rrsd
Federal tax Acts now or hertaxability are c*t forth ir
Mhe Public uc t Act of 1941, interest vpen
shiu.l not have any exemption, as such, under
fi r enacted. The full provisions relating to
. official circular released today.
3rAcript:c»)d will be receivea .;• MAC reaeral deserve Banka and Branches,
ana at B e Tr ^rury Department, leshingtor, *nd should be accompanied by a
like face amou of %he maturing not' c, S U A <ct to the usual reservations,
all subser?t>tio'io »..; M ?A >tted ±n lu^..
T-.o pur-ry.t; :,ooks wii* lose .*t w xose of business fjbdaesday,
>;c?roeii i<;-, sxeep' :M.r tno receipt of subscriptions from holdefa of |1CC,OCO
••Jr oee of the maturing notet. Tnt subscription books fill tfoee for the
ftcuspt of subscription* o the matter claee at the wloae of business 3itur*day, December <:..
Subscriptions addressed to a Federal Reserve B*nk or ranch or to the
Treasury DepaHmehi, and placed in the mail before midnight of the respective
closing dayo,»lU be ccneiaerec as having b*en entered before tne d c e e of \f*
obtolcrlptloo books,
There are nc* outstanding 13,415,321,000 of the Series -: AAO A ...
The text of «the official circular fcliowss
TREASURY gEPARTIViENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday. December 17, 1945.
Press Service
K-/7
Secretary of the Treasury Vinson today announced the offering, through
the Federal Reserve Banks, of 7/8 percent Treasury Certificates of Indebtedness of Series A-1947, open on an exchange basis, par for par, to holders
of Treasury Notes of Series C-1946, maturing January 1, 1946. Cash subscriptions will not be received.
The certificates now offered will be dated January 1, 1946, and will
bear interest from that date at the rate of seven-eighths of one percent per
annum, payable semiannually on July 1, 1946, and January 1, 1947. They will
mature January 1, 1947. 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 notes. Subject to the usual reservations,
all subscriptions will be allotted in full.
The subscription books will close at the close of business Wednesday,
December 19, except for the receipt of subscriptions from holders of $100,000
or less of the maturing notes. The subscription books will close for the
receipt of subscriptions of the latter class at the close of business Saturday, December 22.
Subscriptions addressed to a Federal Reserve ite,nk 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 $3,415,821,000 of the Series C-1946 notes.
The text of the official circular follows:
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, December 17, 1945.
Press Service
I.;0. V-172
Secretary of the Treasury Vinson today announced the offering, through
the Federal Reserve Banks, of 7/8 percent Treasury Certificates of Indebtedness of Series A-1947, open on an exchange basis, par for oar, to holders
of Treasury Notes, of Series C-1946, maturing January 1, 1946. Cash subscriptions will not be;received.
The certificates now offered will be dated January 1, 1946, and will
bear interest from that date at the rate of'seven-eighths of one percent per
annum, payable semiannually on July'1, 1946, and January 1, 1947. They will
mature January 1, 1947. 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 notes. Subject to the usual reservations,
all subscriptions will be allotted in full.
The subscription books will close at the close of business wednesday,
December 19, except for the receipt of subscriptions from holders of $100,000
or less of the maturing notes. The subscription books will close for the
receipt of subscriptions of the latter class at the close of business Saturday, December 22.
Subscriptions addressed to a Federal Reserve B<.nk 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 $3,415,821,000 of the Series C-1946 notes,
The text of the official circular follows:
UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES A-1947
Dated and bearing interest from January l, 1946 Due January 1, 1947
1945
Department Circular No. 782
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, December 17, 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, designated 7/8 percent Treasury Certificates of Indebtedness of Series A-1947, in
exchange for Treasury Notes of Series C-1946, maturing. January 1, 1946.
II.' DESCRIPTION OF CERTIFICATES
1. The certificates will be dated January 1, 1946, and will bear interest
from that date at the rate of .7/8 percent per annum, payable semiannually on
July 1, 1946, and January 1,. 1947. They will mature January 1, 1947, and will
not be subject to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all Federal
taxes, now or hereafter imposed. The certificates shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any
local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
4. Bearer certificates with interest coupons attached will be issued in
denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The certificates will not be issued in registered form.
5. The certificates will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United States
certificates.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and Branches
and at the 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 2. The Secretary of the Treasury reserves the right to reject any subscrin.
tion, in whole or in part, to allot less than the amount of certificates applLT
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 tr
before January 2,, 1946, or on later allotment, and may be made only in Treasury
Notes of Series C-1946, maturing January 1, 1946, 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
authorized and requested to receive subscriptions,'to make alletments on the
basis and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve Banks of the respective Districts, to issue allotment notices,
to receive payment for certificates allotted, to make delivery of certificates
on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive certificates.
2. The Secretary, of the Treasury may at any time, or from time "to time,
prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks,
FRED M. VINSON;
Secretary of the Treasury.
mBB&
- 3 -
for such bills, whether on original issue or on subsequent purchase, and the a
actually received either upon sale or redemption at maturity during the taxabl
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, ore-
scribe the terms of the Treasury bills and govern the conditions of their issu
Copies of the circular may be obtained from any Federal Reserve Bank or Branch
wmx
- 2 -
Reserve Banks and Branches, following which public announcement will be made b
Secretary of the Treasury of the amount and price range of accepted bids. Thos
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
all tenders, in whole or in part, and his action in any such respect shall be
Subject to these reservations, tenders for $200,000 or less from any one bidde
99.905 entered on a fixed-price basis will be accepted in full. Payment of acc
tenders at the prices offered must be made or completed at the Federal Reserve
in cash or other immediately available funds on December 27, 19U5
$g
— -
The Income derived from Treasury bills, whether inter:;st or gain from
the sale or other disposition of the bills, shall not have any exemption, as s
and loss from the sale or other disposition of Treasury bills shall not have a
special treatment, as such, under Federal tax Acts now or hereafter enacted. T
bills shall be subject to estate, inheritance, gift, or other excise taxes, wh
Federal or State, but shall be exempt from all taxation now or hereafter impos
on the principal or interest thereof by any State, or any of the possessions o
the United States, or by any local taxing- authority. For purposes of taxation
amount of discount-at which Treasury bills are originally sold by the United S
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?
th
amount of discount at which bills issued hereunder are sold shall not be consi
to accrue until such bills shall be sold, redeemed or otherwise disposed of, a
such bills are excluded from consideration as capital assets. Accordingly,
owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price pa
XXEHX
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday. December 18. 19k1?
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
on a discount basis under competitive and fixed-price bidding as hereinafter p
vided. The bills of this series will be dated December 27, 19h$ , and will
" 3S?x
mature March 28, 19^6 , when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of $1,
$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 ^Sffit time,
Friday, December 21, 19u5
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 expresse
on the basis of 100, with not more than three decimals, e. g,, 99-925- Fractio
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 Bank
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment sec
ties. Tenders from others must be accompanied by payment of 2 percent of the i
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 Fe
/
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, December 18, 1945
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 on a discount basis under competitive and fixed:price-:bidding as hereinafter provided 1 The bills of this series
wil.lbe dated December 21\ 1945,- an!d will mature March 28, 1946,
.when,the face.amount will be payable without interest. They will .
beBissued in bearer form only,:and-in, denominations of $1,000,
-|5,,O00,. $10,000, $100,000, $'500,000', and $1,000,600: (maturity value).
.
•
S
•
•
''
•
•
Tenders will be received- at Federal Reserve Banks and Branches
up to the closing hour, two o'clock p.nu, Eastern Standard time,
Friday, December 21,' 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.
Fractions may not be used.' .It Is urged that; tenders be made, on the
printed forms and; forwarded in the special envelopes which, will be
supplied by Federal Reserve Banks or Branches'on application
therefor.
- Tenders will be received without deposit from incorporated
banks and trust companies "and- from responsible and recognized
rdealers in investment securities. Tenders;;from others must be
accompanied, by payment of 2 percent of the.face amount of Treasury
bills applied for, unless•• the tenders, are accompanied by an- express
guaranty of payment by an incorporated bank or*trust- company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the 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 December 27, 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 bills
V-173
- 2 shall be subject to estate, inheritance, gift, or other excise taxe<
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.for such bills, whether
on original issue or on subsequent purchase, andfthe amount
actually received either upon sale ©r 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-
- 2 ~
COTTON CARD STRIPS made from cottons- having.a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP' W^jSjTE, 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 following countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy*.
(In Pounds)
Country of Origin
EstablishedTOTAL Q,U0TA
TOTAL IMPORTS : ESTABLISHED : Imports
Sept. 20, 1944 : 3 3 - 1 / 3 A of : Sept. 20, 1944
toSept. 19, 19kf> Total quota : toSept, 19,1/
TSEF
United kingdom
Cai&daA
France
British India
Netherlands
Switzerland
Belgium
Japan
China
Egypt
Cuba
Germany
Italy
4,323,457.
239,690
227 ,420^
69,627^
68 ,240_
44 ,388"
38 ,559
341,535
17,322
8 ,135
6,544
76,329
21,263_
1,441,152
75,807
69,627
22,747
14,796
12,853
-
25,443
7,088
1,599,886
TOTALS 5,482,509" 69,627
1/ Included in total imports, column 2.
-oOo-
FCR IMMEDIATE RELEASE
December jfcf^ I9I1S
/
.y ^ j O (L
"**" %&L DATA FOE QUOTA YEAR, SEPT.20, 19kh to SEFS 19, 19i£
The .Bureau of Customs announced"*!oday t"Eat f fioaX —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 SeptemberB20,.1944, to September"1?^ 19US•
*
•
•
•'/.<
~ . - .
. . .
COTTON'HAVING A STAPLE OP LESS THAN l-li/16 INCHES (OTHER-THAN^lURSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). . Annual quotas
commencing September 20, by Countries of Origin:
(In •Pounds)
Country of
Origin
Staple length 1-1/8" or more
Staple length less
but less than 1-11/16"
than 1-1/8"
Established : Imports Sept
:Imports Sept
Established:20, 1944, to t
quota
: 20, 1944, to
"quota VSept. 19, 19li5~-,45,656,420 Sept. 19, 19h$
Egypt and the AngloEgyptian Sudan
783,816
tPeru
247,952
26,183
British India
2,003,483
lOlj.,287
China
1 ,-370,791
Mexico
8 ,883,259 8,883,2^9
Brazil
618,723
Union of Soviet
"Socialist Republics...
475,124
Argent ina
."
5,203
Haiti
237
Ecuador
9 ,333
Honduras
752
Paraguay
•
»
871
_ jJblombia^
^. L:
124
Iraq~. .7777.7, ,\'. .777. T 7"*' '
"T95
British East Africa
,
2,240
Netherlands East Indies.
71,388
Barbados
Other British West
Indies 1/
21,321
Nigeria
5,377
Other British West
Africa 2/
16,004
Other French Africa 3/..,
689
Algeria and Tunisia...
14,516,882 9,013,729
1/
2/
3/
1|0,£60,910
2,897,71*2
901,609
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago
Other than Gold Coast and Nigeria,
Other than Algeria, Tunisia, and Madagascar.
1^,360,261
TREASURY DEPARTMENT
Washington
Press Service
No. V-174
FOR IMMEDIATE RELEASE ,
pnirsdayr December 20. 1945.
FINAL DATA FOR QUOTA YEAR'. SEPT. 20. 1944 to SEPT. 19. 1945
The Bureau of Customs announced today that final 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
:he proclamations of ftecember 19, 1940, March 31, 1942, and June 29, 1942, during
:he period September 20, 1944, to September 19, 1945.
XJTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFACTURE
OF BLANKETS AND BLANKETING, aND OTHER THAN LINTERS). Annual quotas commencing
September 20, by Countries of Origin:
(in Pounds)
tStaple length 1-l/S" or more
Staple length less
t but less than 1-11/16"
than 1-1/8"
:Imports Sept,
Established: Imports Sept.
Established:20, 1944 to
20, 1944 to
:
Quota
Seot. 19. 1945
Quota
:Sept. 19. 1945; 45,656.420
Country of
Origin
;gypt and the Angle—
•I- Egyptian Sudan,,,,,
'eru
,
iritish India,,,....,
ihina
exico
razil
,.
nion of Soviet
Socialist Republics,...
rgentina,,..,
aiti.........
cuador
bnduras
araguay,
olombia
raq
m
ritish East Africa
,
etherlands East Indies,,
arbados
ther British Vfest
Indies 1/
igeria
ft her British "Jest
"' Africa 2/..
'ther French Africa 3/...
Igeria and Tunisia
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
8,883,259
901,609
475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
21,321
5,377
16,004
689
14,516,882
/
/
/
40,560,910
2,897,742
26,183
104,287
9,013,729
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria,
Other than Algeria, Tunisia, and Madagascar.
44,360,261
- 2 COTTON CARD STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER BAiSTE, LAP ""ASTE, SIIVER M'^STE, AND ROVING "7ASTE, TOETHER
OR NOT MANUFACTURED OR OTHER"!SE .JDVANCED IN VALUE. «nnual quotas commencing
September 20, by Countries of Origin:
Total auota, 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 following
countries: United Kingdom, France, Netherlands, Switzerland, Belgium, Germany,
and Italy:
(In Pounds)
, . sEstablished : TOTAL IMPORTS : ESTABLISHED t Imports
Lountry oi urigin cTOTAX.QUOTA : Sept. 20, 1944
: 33-1/3$ of :Sept. 20,1944 to
:
: to Sept, 19, 1945: Total ruota :Sept. 19,1945 1/
United Kingdom,..,..
Canada
France
....
British India.,.,,i4
Netherlands
Switzerland
,,.,
Belgium
,
Japan
China
Egypt
.,.,
Cuba.
# . ##
Germany,.
....^
Italy;..
TOTALS
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
1,441,152
75,807
69,627
22,747
14,796
12,853
25,443
7,088
5,482,509
69,627
1/ Included in total imports, column 2,
oOo
1,599,886
FOR IMMEDIATE RELEASE
December &f% 19^5
/f
The Bureau of Customs announced today preliminary figures
shoving the quantities of coffee entered for consumption during
the period commencing October 1, 19^5 as follows:
Country of Production
Quantity in Pounds
As of December 8, 19ty>
Signatory Countries:
Brazil 275.S78.599
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guat emala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
117,869,165
6,66U,ty>3
71
6,8*1-2,058
6.50^,575
5.59**»786
10,566,352
180,782
2,9§2,*«L*|.
6,871,120
7^0,897
1.036,5^16
2,1*71 ,H60
Hon-Signatory Countries: 100,H67
TOTAL
W*,333,695
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, Press Service
B/ednesday, December 18, 1945.
No. "V-175
The Bureau of Customs announced today preliminary
figures showing the quantities of coffee entered for
consumption during the period commencing October 1,
1945 as follows;
Country of Production '
Quantity in Pounds
As of December 8, 1945
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
275,878,599
117,869,165
6,664,403
71
6,842,058
6,504,575
5,594,786
10,566,352
180,782
2,992,414
6,871,120
760.897
1,036,546
2,471,460
i-Signatory Countries s
TOTAL
-oOo
100,467
444,333,695
TBSA80BX WLTASStmSKt
IfofMngtOJi
FOR RELEASE, MaRHIKQ Umtftjm, hm amlet
the Secretary of the Treasury announced list evening that the tenders for
#1,300,000,000 or thoroaboats, of 91-day treasury Mils to bo dated December 27, 1AJ,
sad to mature Harch 28, 19i*6, *hich wore offered oa December 18, X9hS9 were opened at
the Fodoral Reserve Banks on Beceaber 21.
Th& ^fotsilff of this Issue aro as fellowst
total applied for ~ $2,038,31*0,000
total acooptod
• 1,30^,266,000 (includes 139,250,000 entered oa a fixed-pri*
oasis at 99*90$ and acooptod la foil)
Average price
- 99.905/ Equivalent rate of discount approx* 0.375* osr annas
Range of accepted competitive bids*
High - ?9.908 Equivalent rats of discount approx* 0.36W ptr anna
low
- 99.9&Z
*
o s s
«
o.37« par annus
($9 percent of the amount old for at the low price was accepted)
Federal Reserve
District
total
Applied for
Boston
Bow fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Mianoapolis
Kansas City
#
lb,U90,000
1*1*69,075*000
32,850,000
&0#3?0,000
11,019,000
5,1*75,000
298,135,000
15,250,000
U,985,ooo
11,711,000
6,375,000
lMsfftCft
San Francisco
TOTAL
$2,038,3110,000
Total
Accepted
# 10,185,000
92^,890,000
2^,650,000
28,090,000
9,7l*V~~
10,125,
U,985,tt*
10,153,000
5,555,000
87,585,000
•1,30^,266,000
TREASURY DEPARTMENT
Washington
FOP RELE/SE, MORNING NEWSPAPERS,
Saturday, December 22, 1945
Press Service
No. V-176
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 December 27, 1945, and to mature March 28, 1946, which
were offered on December 18, 1945, were opened at the Federal Reserve
Banks on December 21.
The details of this issue are as follows:
Total applied for - $2,038,340,000
Total accepted
- 1,304,266,000 (includes $39,250,000
entered on a fixed-price basis at 99.905
and accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx.
0.375$ per annum
Range of accepted competitive bids:
High - 99.908 Equivalent rate of discount approx.
0.364$ per annum
Low
- 99.905 Equivalent rate of discount approx.
0.376$ per annum
(59 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Ac3cepted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
$
TOTAL
14,490,000
1,469,075,000
32,850,000
40,390,000
11,019,000
5,475,000
298,135,000
15,250,000
4,985,000
11,711,000
6,375,000
128,585,000
$2,038,340,000
-oOo
10,185,000
924,890,000
24,650,000
28,090,000
9,748,000
5,375,000
182,925,000
10,125,000
4,985,000
10,153,000
5,555,000
87,585,000
$1,304,266,000
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,_
Wednesday, December 26, 1945•
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 on a discount basis under competitive and
fixed-price bidding as hereinafter provided. The bills of this
series, will be dated January 3, 1946, and will mature April 4, 1946,
when the face amount will be payable without interest. They willbe issued in bearer form only, and in denominations of "'31,000,
$5,000, §10,000, $100,000, $500,000, and $1,000,000 (maturity
value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o'clock p.m., Eastern Standard time,
Friday, December 28, 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.
Fractions may not be used. It is urged that tenders be made on
the printed forms and forwarded in the special envelopes which
will be supplied by Federal Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognised
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 Preserve 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'
V-177
en 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 January 3, 1946.
- 2 .The-, income-derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment,
as such, under Federal tax Acts now or hereafter enacted. The
bills shall be subject to estate, inheritance., gift, or other
excise taxes, whether Federal or State, but shall be exempt from
all taxation now or hereafter imposed on the principal or interest
thereof by ariy 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 originallysold 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
bill's (o'ther 'than life insurance companies) issued hereunder need
include in his income tax return only the difference between the
price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which
the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies
-oOo-of the circular may be
obtained from any Federal Reserve Bank or Branch.
- 2 -
be discriminatory in relation to measures applied to assets of nationals
of any other country and that no sequestration measures are in effect in
their countries on property of United States nationals. Exchange control
restrictions of both Norway and Finland will be liberalized to permit
transfers from those countries to the United States to the fullest extent
consistent with their foreign exchange position.
Copies of the letters exchanged between Secretary Vinson and the
Norwegian and Finnish Ministers of Finance, as well as the French and
Belgian letters, are available at Federal Eeserve Banks.
-00O00-
TREASURY DEPARTMENT
INTER OFFICE COMMUNICATION
DATE 12-26-45
TO
Mr. Feltus
FHOM Mr. Shaeffer
If agreeable to you Orvis Schmidt* of Foreign Funds
Control would like the attached press release to be put out
for Saturday a.m»s\
FOREIGN FUNDS CONTROL
(Room)
(Bldg.)
TREASURY DEPARTMENT
INTER OFFICE COMMUNICATION
DATE 12-26
TO
Mr* Feltus
PHOM Mr. Shaeffer
If agreeable to you Orvis Schmidt* of Foreign Funds
Control would like the attached press release to be put out
for Saturday a.m's^
d by the governments of the four
for France,
r License No. 95 are:
stitut Belgo-Luxembourgeois du Change;
lland, Bank of Finland.
i available to Norway and Finland
bhe Norwegian and Finnish Ministers
Liar to those written in connection
ung licenses.
Ministers of Finance have advised
to assets in their countries belong>s, no action will be taken that wou*
0. A. SCHMIDT
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Saturday, December 2,9A 1945.
Press Service
No. V-178
Secretary "Vinson announced today the final step in the
unfreezing of Norwegian and Finnish assets through the issuance
of General License No. 95. It was pointed out that General
License No. 94 issued on December 7, removed the controls over
current transactions with these countries but did not lift the
restrictions on existing blocked accounts.
Today's license provides for the release of Norwegian and
Finnish blocked accounts through a certification procedure similar to that already in effect for French and Belgian accounts.
Investigations will be made by the Norwegian and Finnish authorities of the ownership of blocked property to determine that there
are no enemy interests in the property and that it is otherwise
eligible for certification under the license. Once property has
been certified it will no longer be regarded as blocked.
The new general license has also been made applicable to
France and Belgium, since it is broader in some respects than the
defrosting licenses already issued for these countries. The old
licenses, General Licenses Nos. 92 and 93, were revoked today,
but certifications made under them will remain fully effective.
All current transactions with France and Belgium are covered by
General License No. 94.
Other liberated countries will be included under the new
license as defrosting negotiations with them are completed. Substantial progress has been made in this direction.
The certifying agents designated by the governments of the
four countries presently named in General License No. 95 are: for
France, Office des Changes; for Belgium, Institut BelgoLuxembourgeois du Change; for Norway, Norges Bank; and for Finland,
Bank of Finland.
General License No. 95 was made available to Norway and
Finland after exchanges of letters between the Norwegian and
Finnish Ilinisters of Finance and Secretary Vinson similar to those
written in connection with the French and Belgian defrosting
licenses.
Both the Norwegian and Finnish Ministers of Finance have
advised Secretary Vinson that, with respect to assets in their
countries belonging to nationals of the United States, no action
will be taken that would be discriminatory in relation to measures
- 2applied to assets of nationals of any other country and that no
sequestration measures are in effect in their countries on property of United States nationals. Exchange control restrictions
of both Norway and Finland will be liberalized to permit transfers
from those countries to the United States to the fullest extent
consistent with their foreign exchange position.
Copies of the letters exchanged between Secretary Vinson and
the Norwegian and Finnish Ministers of Finance, as well as the
French and Belgian letters, are available at Federal Reserve Banks.
-0O0-
T8HEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE FORWARD 8 COPIES TO ROOM U03, WILKINS
BUILDING.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, December 27, 1945.
Press Service
No. V-179
The Bureau of Customs announced today preliminary
figures showing the quantities of coffee entered for con
sumption during the period commencing October 1, 1945 as
follows;
Country of Production
Quantity in Pounds
As of December 15, 1945
Signatory Countriesi•
Brazil
Colombia
Costa Rica
Cuba
Dominican R epublic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
293,895,959
119,922,835
6,664,403
71
6,842,058
6,502,951
5,594,482
10,836,660
2,790,009
3,745,387
6,871,120
760,897
1,036,546
3,081,500
i-Signatory Countries:
<
TOTAL
-oOo-
2,305,100
470,849,958
- 2 institutions is not an end in itself but only a means to
the end of international peace and prosperity*
Our task,
therefore, has but just commenced.
If these two great international institutions are
to achieve the mission which the ?/orld has so hopefully
entrusted to their care, it will require the wholehearted
and concerted cooperation of each of the member countries
and their peoples.
The Government of the United States is resolved - as,
I am sure, are the other governments represented here to do all in its power to make these institutions an outstanding example of the results that can be accomplished
by the united action of those who want and are willing to
work for a peaceful and prosperous world.
6 O *
History is being written today as we execute these
documents and breathe the breath of life into the International Monetary Fund and the International Bank for
Reconstruction and Development.
We can be thankful that the history we are now
writing is not another chapter in the almost endless
chronicle of war and strife. Ours is a mission of peace not just lip service to the ideals of peace - but action,
concrete action, designed to establish the economic foundations of peace on the bed rock of genuine international
cooperation.
Four long years of intensive work have gone into
laying the groundwork for this day - the day upon which
the International Fund and Bank take their places in the
mighty arsenal for peace we of the United Nations are so
carefully preparing. But these past four years in which
we have Yvrestled with the fundamental problems of international currency stability and investment are but prologue.
The birth of these two great international financial
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday. December 27^ J5£5, •
Press Service
No. V~ t % &
Secretary Vinson today issued the following statement
at the time of the formal signing of the Bretton Woods Agreements:
History is being written today as we execute these
documents and breathe the breath of life into the
International etc x x x
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, Press Service
Thursday, December 27, 1945.
No, V-180
Secretary Vinson today issued the following statement at the
time of the formal signing of the Bretton Woods Agreements:
History is being written today as we execute these
documents and breathe the breath of life into the International Monetary Fund and the International Bank for
Reconstruction and Development.
We can be thankful that the history we are now writing
is not another chapter in the almost endless chronicle of
war and strife. Ours is a mission of peace - not just lip
service to the ideals of peace - but action, concrete
action, designed to establish the economic foundations of
peace on the bed rock of genuine international cooperation.
Four long years of Intensive work have gone into
laying the groundwork for this day - the day upon which the
International Fund and Bank take their places in the mighty
arsenal for peace we of the United Nations are so carefully
preparing. But these TDast four years in which we have
wrestled with the fundamental problems of international
currency stability and investment are but prologue. The
birth of these two great International financial institutions is not an end in itself but only a means to the end
of international peace and prosperity. Our task, therefore, has but just commenced.
If these two great international institutions are to
achieve the mission which the world has so hopefully
entrusted to their care, it will require the wholehearted
and concerted cooperation of each of the member countries
and their peoples.
The Government of the United States Is resolved - as,
I am sure, are the other governments represented here - to
do all in its power to make these institutions an outstanding example of the results that can be accomplished by the
united action of those who want and are willing to work for
a peaceful and prosperous world.
-0O0-
28. 1^3.
/-w
Tha Secretary of the treasury today announce the final
and allotiaent figures with respect to the current offering of 7/8
Treasury Certificates of Indebtedness of Series A-1&7.
Subscriptions aad allotments vers diTided aj*ong thi
Reserve Districts and th© Treasury as follows s
Total Subscriptions
Bistrict
122 # Wt000
Philadelphia
Atlanta
Chicago
St. I*mis
372,520,000
U7,JW»000
?ita3A#ooo
12i,Ta7*O0O
9Mi5,ooo
389,203,000
•xaaftrtooo
*3f323,l&»000
Kansas City
Dallas
San Francisco
Treasury
TOTAL
D
TREASURY DEPARTMENT
Washington
fOR IMMEDIATE RELEASE
Friday, December 28, 1945
Press Service
No. V-181
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 A-1947.
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the'Treasury as followss
Federal Reserve
District
Total Subscriptions
Received and Allotted
Boston
New York
Philadelphia
Cleyelatid
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
1
116,,468,,000
1,587,,736,,000
122,,892,,000
140,,397,,000
74,,588,,000
96,,859,,000
572,,520,,000
117,,505,,000
78,,214,,000
128,,787,,000
96,,915,,000
389,,203,,000
1.,110,,000
TOTAL
-oOo-
,3,323,194,000
TI&JLSUKr DKPAHT5ffiST
Washington
FOR RELEASE, MOB&BKS M T & B P A F E H S ,
Saturday, December 29, 1J&5.
PraM twrlm
if-it
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 January 3 and to
mature April U, 191*6, which were offered oa December 2k> 191*5, were opened at the F*
Reserve Banks on December 23.
The details of this issue are as follows:
Total applied for - $2,90fe,j#6»000
Total accepted
- 1,302,898,000
Average price
( i n c h e s $33,1*61,000 entered on a fix»d-prH
ba*i& at 99.905 and accepted in fall)
* 99.906 Equivalent rate of discount approx. 0.373* per anmst
Bangs of accepted competitive bidas
Hi^i - 99.908 Sexvalent rate of discount approx. 0.36W s*** •«"
(22 percent of the anoortt bid for at tlm low price was accepted)
federal Beserve
District
Total
Applied toat
Boston
t*g?w York
faUadelphia
Cleveland
Richmond
Atlanta
C&lcag©
St. Louis
Kansas City
$
San Francisco
TOTAL
114,110!•000
ltUSfO©,,000
25,830,•000
5,1*90*,000
12,797],000
7,905,,000
1,286,1933,000
10,680,,000
19,360 ,000
10,552,p000
7,1*90,000
69,U6l ,000
12,904,256 ,000
Total
Accepted
I
7,370,000
399,051,000
8,670,000
$,a9O,O00
9,»1,000
U,oo5,ooo
817,1»18,000
1,830,000
6,330,000
8,212,000
5,930,000
25.021.000
$1,302,893,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Saturday, December 29, 1945
Press Service
No. V-182
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 January 3 and to mature April 4, 1946, which were
offered on December 24, 1945, were opened at the Federal Reserve
Banks on December 28.
The details of this issue are as follows;
Total applied for - $2,904,956,000
Total accepted
- 1,302,898,000 (includes $38,461,000
entered on a fixed-price basis at 99.905
and accepted in full)
Average price
- 99.906 Equivalent rate of discount approx.
0.373$ per annum
Range of accepted competitive bids;
High
- 99.908 Equivalent rate of discount approx.
0.364$ per annum
Low
- 99,905 Equivalent rate of discount approx.
0*576$ per annum
(22 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
$ 14,110,000
1,435,063,000
25,830,000
5,490,000
12,797,000
7,905,000
1,286,198,000
10,680,000
19,360,000
10,552,000
7,490,000
69,481,000
$2,904,956,000
7,870,000
399,051,000
8,670,000
5,490,000
9,521,000
4,005,000
817,418,000
4,830,000
6,880,000
8,212,000
5,930,000
25,021,000
$1,302,898,000
TOTAL
oOo-
Purposes stipulated for the gifts have covered a wide range of
war needs, with the purchase of jeeps, bombers and machine guns being
particularly popular. One gift of $400,000 from two individuals was
for the provision of recreation facilities for members of the armed
at an air field in Ohio.
forces serving i**alaflA«4g^ T ^«4> Large sums were given also for such
purposes as the purchase of books and ^B9S^aS^£for the Army and Navy*
As.
Donors have included fraternal orders, men's and women's clubs,
athletic societies, schools, religious organizations, children's groups,
organizations of industrial workers, and other bodies, as well as
individuals.
One group of employees in an airplane factory contributed $1,000
per month throughout the war period, to be used for providing canteen
credits for troops overseas*
Many donations of property also were received, including automobiles,
boats, firearms, medical equipment and supplies, patent rights,
textile products and cigarets*
One of the more unusual donations was a money order for $5, with
the donor directing that the money be used "to find out whether there
is anything to this moon magic.
rt
Gifts received after January 1 for the benefit of personnel of the
armed forces stationed abroad will be expended through the Army and Navy
Secretary Vinson said. Most conditional gifts received heretofore have
handled in this manner.
($4d &) >*>*W. W
*3*>t*U{- to*4
Siler - draft of proposed release
(^
ferwn
tf
A
r"fT
'
DECZSuJ*
Secretary I if she* iflii ui i u JIIII| Vinson today called attention to the fact
that under the terms of a new Act of Congress just signed by President
Truman, authority of the Treasury to accept conditional gifts to the
Government is limited commencing January 1 to gifts for the benefit of
personnel of the armed forces stationed abroad.
This limitation is imposed in an Act making certain revisions
in the Second War Powers Act of 1942, as amended. Under terms of the
original Second War P0wers Act, which became effective March 27, 1942,
conditional gifts to the Government were acceptable for any war purpose.
Gifts were classed as conditional when the donorastipulated that some
particular use be made of them*
Unconditional gifts may still be accepted without restriction,
Secretary Vinson said. Unconditional gifts of cash are placed in the
general fund of the Treasury* Conditional gifts of cash have been added
to outstanding Congressional appropriations covering the purposes
stipulated for these gifts*
The Secretary noted that from March 27, 1942, when conditional
gifts first became acceptable, through December 28, 1945, the
Treasury received 1,513 conditional gifts of cash or securities,
amounting to approximately $6,190,000. The number of persons from whom
whese gifts came is estimated at 25,000 to 30,000, the exact number being
unknown because many of the donations were from large groups of which no
lists were supplied*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Saturday, December 29, 1945
Press Service
No. V-183
Secretary Vinson today called attention to the fact that under
the terms of a new Act of Congress just signed by President Truman,
authority of the Treasury to accept conditional gifts to the
Government is limited commencing January 1 to gifts for the benefit
of personnel of the armed forces stationed abroad.
This limitation is imposed in an Act making certain revisions
in the Second War Powers Act of 1942, as amended. Under terms of
the original Second War Powers Act, which became effective March 27,.
1942, conditional gifts to the Government were acceptable for any
war purpose*. Gifts were classed as conditional when the donors
stipulated that some particular use be made of them.
Unconditional gifts may still be accepted without restriction,
Secretary Vinson said.. Unconditional gifts of cash are placed in
the general fund of the Treasury. Conditional gifts of cash have
been added to outstanding Congressional appropriations covering the
purposes stipulated for these gifts..
» The Secretary noted that from March 27, 1942, when conditional
gifts first became acceptable, through December 28, 1945, the
Treasury received 1,513 conditional gifts of cash or securities,
amounting to approximately $6,190,000.. The number of persons from
whom these gifts came is estimated at 25,000 to 30,000, the exact
number being unknown because many of the donations were from large
groups of which no lists were supplied..
Purposes stipulated for the gifts have covered a wide range of
war needs, with the purchase of jeeps, bombers and machine guns
being particularly popular.. One gift of $400,000 from two
individuals was for the provision of recreation facilities for
members of the armed forces serving at an air field in Ohio, Large
sums were given also for such purposes as the purchase of books and
hospital equipment for the Army and Navy.
Donors have included fraternal orders, men's and women's clubs,
athletic societies, schools, religious organizations, children's
groups, organizations of industrial workers, and other bodies, as
well as individuals.
One group of employees in an airplane factory contributed
$1,000 per month throughout the war period, to be used for
providing canteen credits for troops overseas.
- 2 -
Many donations of property also were received, including
automobiles, boats, firearms, medical equipment and supplies, patent
rights, textile products and cigarets.
One of the more unusual donations was a money order for $5,
with the donor directing that the money be used "to find out whether
there is anything to this moon magic."
»
Gifts received after January 1 for the benefit of personnel of
the armed forces stationed abroad will be expended through the Army
and Navy, Secretary Vinson said. Most conditional gifts received
heretofore have been handled in this manner.
-oOo
Press PO1O*»#IB
December 2jf, I9I+5 1
ffl*+*liu
C-.
.t^ j Ow
«MiHMM*aa^*>nminMn<*»
l/jutrvo*nv
leielSec
Secretary 13 fa Mi • SMAHJILLJ today announced that steps have been
taken to permit all banks hereafter authorized to begin business by
the Comptroller of the Currency^ or admitted to membership in the Federal
Reserve System* to transact normal banking business without obtaining a
special license from the Treasury.
Jsiiice the bank holiday of March 6, 1933, all member,ibanks of the
Federal Reserve System have been required to be licensed by the Secretary of the Treasury* Inasmuch as the requirements for organization
as a national bank or for membership in the Federal Reserve System
adequately safeguard the public interest at the present time, independent!
consideration of each proposed member bank by the Treasury is no longer
necessary* J Accordingly, today's action constitutes an authorization of
the Secretary of the Treasury to new members of the Federal Reserve
System to transact normal banking business without further license
from the Treasury Department*
G O O
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS, Press Service
Monday, December 31, 1945.
No* V-184
Secretary Vinson today announced that steps have been taken
to permit all banks hereafter authorized to begin business by
the Comptroller of the Currency, or admitted to membership in
the Federal Reserve System, to.transact normal banking business
without obtaining a special license from the Treasury.
Since the bank holiday of March 6, 1933, all member banks of
the Federal Reserve System have been required to be licensed by
the Secretary of the Treasury. Inasmuch as the requirements for
organization as a national bank or for membership in the Federal
Reserve System adequately safeguard the public interest at the
present time, independent consideration of each proposed member
bank by the Treasury is no longer necessary.
Accordingly, today's action constitutes an authorization of
the Secretary of the Treasury to new members of the Federal
Reserve System to transact normal banking business without
further license from the Treasury Department.
-oOo-
FOR IMMEDIATE RELEASE
January 2, 19^6
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 19^5 as follows;
Country of Production
Quantity in Pounds
As of December 22, 19U5
Signatory Countries;
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
i-Signatory Countries:
TOTAL
303,362,956
13M76,8U0
6.739.H03
79
6,8&2,059
6,503,251
5,59^,^2
10,333.012
5,329,712
3,7^5.337
6,871,120
79^,1*62
1,036,5U6
5,171,^
3.036.963
506,237,736
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, January 2,- 1946.
Press Service
No. V-185
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 1945 as follows:
Country of Production
Quantity in Pounds
As of December 22, 1945
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
303,362,956
134,876,840
6,739,403
79
6,842,059
6,503,251
5,594,482
10,833,012
5,829,71*2
3,745,387
6,871,1-20
794,-462
1,036,546
5,171,464
8,036,963
»n-Signatory Countries:
506,237,736
TOTAL
-0O0-
ALPHA
- 3 -
for such bills, whether on original issue or on subsequent purchase, and the a
actually received either upon sale or redemption at maturity during the taxabl
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 41#, as amended, and this notice, Pre-
scribe the terms of the Treasury bills and govern the conditions of their issu
Copies of the circular may be obtained from any Federal Reserve Bank or Branch
ALPHA
- 2 -
Reserve Banks and Branches, following which public announcement will be made by
Secretary of the Treasury of the amount and price range of ace oted 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
all tenders, in whole or in .part, and his action in any such respect shall be
Subject to these reservations, tenders for $200,000 or less from any one bidder
99.905 entered on a fixed-price basis will be accepted in full. Payment of acce
tenders at the prices offered must be made or completed at the Federal Reserve
in cash or other immediately available funds on January 10. 19L6
KzBc
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 su
and loss from the sale or other disposition of Treasury bills shall not have an
special treatment, as such, under Federal tax Acts now or hereafter enacted. Th
bills shall be subject to estate, inheritance, gift, or other excise taxes, vrt
Federal or State, but shall be exempt from all taxation now or hereafter impose
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 t
amount of discount at which Treasury bills/are originally sold by the United St
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, th
amount of discount at which bills issued hereunder are sold shall not be consid
to accrue until such bills shall be sold, redeemed or otherwise disposed of, an
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 pai
SUM
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday. January Ji. 19ii6
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
on a discount basis under competitive and fixed-price bidding as hereinafter
vided. The bills of this series will be dated January 10. 19k6 and will
mature April 11, 19U6 , when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of $1
$5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Ranks and Branches up to the
Standard
closing hour, two o'clock p.m., Eastern j$sr time,
Monday. January 71 19k6
2x^
Tenders will not be received at the Treasury Department, 7/ashington. Each tender
must be for an even multiple of $1,000, and the price offered must be express
on the basis of 100, with not more than three decimals, e. g., 99.925- Fracti
may not be used. It is urged that tenders be made on the printed forms and fo
warded in the special envelopes vhich will be supplied by Federal Reserve Ban
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment sec
ties. Tenders from others must be accompanied by payment of 2 percent of the
amount of Treasury bills applied for, unless the tenders are accompanied by a
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, January 4, 1946
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 orf a discount basis under competitive and
fixed-price bidding as hereinafter, provided. The"toills of this
series'.will be dated January 10, 1946,. and will mature April 11,/
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., Eastern Standard time,,
Monday, January 7, 1946. Tenders will not be received at the
Treasury Department, Washington. Each t.ender must be for an even
multiple of $1,000, and the price offered must be expressed on the.;
basis of 100^ with not more than three decimals, e. g., 99*925. •
Fractions may; not be used. It is urged that • tenders be made on the:;
printed forms and forwarded in the special envelopes which will.be..
supplied by Federal Reserve Banks or Branches on application
therefor.
Tenders will be received without deposit from incorporated.
banks and trust companies and from responsible and recognized
dealers In investment securities, Tenders from? others must be.
accompanied by.payment of 2 percent of the face amount of Treasury
bills applied for, unless the ten'ders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or
reject any or all tenders, In whole or in part, and his action in
any such respect shall be final. Subject to these reservations,
tenders for $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 January 10, 1946.
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,
(over)
V-186
,
•
* . . .
I
- 2
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) (i) 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
otherewise 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 subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
-oOo-
- 25 -
Since wars are not ordained, but are
man-made, man can avoid war by solving trie
problems that,cause war.
With the native Texan ability he brought
to the job, enhanced by nis experience during
the depression and both World Wars, Sam
Rayburn, resisting the siren's music, has
done a yoeman's service in keeping our
country on her course with even keel.
While Texas has sent many great men to the
councils of government she has sent no man
who has added more luster to the lone Star.
-0O0-
- 22 -
The nation® Bt the world* in m
Judgment, can work under t&eae processes
of Justice* law* $rder and peace, and etill
retsatn alert end strong. 8r rta*lnlng
alert and strong tftis nation tfiouldj indeed
It suvt * •*& a bettor mmmlB for ttie world
than It did last tlat*
If tha nations of tlia world can solve
thalr problems by peaceful dtscueeion uM
at the wme time ba ready* willing and able
to etamp out th* international gangster
before he canralts his Mgh felonies, we
will have prevented war.
-n
There are the problem of finding and
earthing out the mmm of full production*
full sapiepiant* mass purchasing power* and
efficient distribution* fe have the political*
social and min«ie problem® among nations
that twice in our generation recked us into
war* These problems are tough* but surely
they cannot be nioh tougher than the ones
we have had*
Now we wonder whether the world cm go
forward through adversity under justice*
law and order as we did* le wonder whether
international pretties* can be solved by
peaceful means»
• 20 -
Our way of life has stood the test*
We whipped m enany fro® within and troi
without* and neither during the depression
nor during the war was any life* liberty
or property taken from any citlssn without
due process of law} neither during the
depression mt during th* war was the Bill
of Eights abrogated} neither during the
depression nor during the war was the
election tf our governing officials suspended*
this gives us the confidence and
inspiration to face the future. Of course*
the future has its problems•
-19
Our land flowed with stilk and honey,
Washington is not isad at you because you
prospered* ait conversely you should not
be mad at Washington because you would like
to have had more oreaa and sugar*
Yes* we tod all this and victory too*
through the efforts of all true Americans we
waged a total war and kept our eeononiy on an
even keel. Industry* labor and agriculture
performed a production miracle. We had our
probloBS and our headaches* but America*
united* did tht whole Job so well that we
overclaimed the mmm with our might* had more
than enough to live on at home* and kept the
fires of inflation from consuming us.
• 18-
That latchstring was never removed* But
few went and fewer won*
that was the result of living undsr
those controlsf Bvetry group in this country*
worker* farmer* manufacturer* distributor*
retailer* had a hi^er dep*ae of prosperity
than at any tine in the history of our nation*
Moreover* our standard of living was high.
True we had ^to pit up with the old car* and
the old radio, ait our people ate more food*
better food* and a wider variety than ever
before. We were clothed and housed* We
even bought more jewelry and perfume and
went to more movies.
-17-
We preserved our democratic way of life*
up to and including our constitutional
right to gripe.
When we think of our constitutional
right to gripe we think of those ®confounded®
war measures — wage control* priorities*
allocations* rations* manpower and price
controls; we think of the administration
and elections. Those controls were necessary.
fe were waging a total war. We were
preserving the value of our dollar. Those
controls were promulgated under law and if any
individual thought that as to him the
application of any control violated the duo
process of law he could go to the courthouse.
-16-
It would have been ea^y to turn to man with
/
liquid promises*
Likewise* when the war clouds gathered
and later when we were In it to the hilt*
it would have been so easy not to face the
facts of life. Again our people* beladen
with suffering and sacrifice* heard fatalistic
appeals. Some asked us to bury our heads
in the sand. Some asked for a negotiated
peace• Instead we out-produced* out-fought*
out-thought* and out-lasted the Brmm&*
fe did all this without selling any of our
birthright.
15-
We gathered sufficient strength to
iShlp the depression and to win the war*
That Is a great lesson# ait there is a
greater lesson. We mistered that strength
and licked the depression and whipped the
Axis without impairing in any way our basic
principles of government.
Eeseisber further* w friends* we did not
stick to our way of life simply because
temptation did not beckon* During the
depression tht stage was set for starry-eyed
plans of salvation* Mot only was the
situation ripe for the appeals of dauagoglc
despots, but the appeals were irnde.
-Ik-
on the firing line, where the might
of this nation met the might of the
BTMW*
our men in uniform bore the(b^OT reality ^
of war. These men, their families, and their
loved ones, made the great and noble
sacrifices. In this respect Texas set a fine
example for the nation. We mint thank our
soldiers whether they be the living, the
dead, or the living dead* not alone by
monuments and words of praise* but by getting
out and working for the peace every bit as
fully as we worked for victory*
-15-
Ifeterlals in short supply had to be controlled.
Inflation threatened. That meant the
control of wages and prices*
In spite of this effort* reflect upon
the situation we faced in the sumer of *1*2.
It appeared that Stalingrad* Alexandria* and
the -Sues Canal would fall* Australia was
threatened. The U-Boats roemed the oceans.
Yes, what if we had gained our military
might just a little slower* or if the ixis
had been Just a little stronger? We almost
came to live under th© heels of mm who
today stand trial at Miernburg as criminals
against civilization*
- 12
Just before we were attacked* we
seriously questioned the extension of the
Selective Service and Training Act* Ton
recall it passed the House by one vote*
If we had been disbanding our aray at the
time the Japs struck at Pearl Harbor* we
would certainly have been in fin* shape*
Mobilisation for war put terrific
strain* upon our nation* Millions of mm
and women took new Jobs in th* military
services and in war production. Millions
of mm and women marched out of their hones*
out of school, out of retirement.
11 -
The days of Dunkirk were dark days.
Later w© were attacked. War brought
us mny problems. We had to grind to a halt
wxch of our peacetime production. We had to
lick shortages of raw materials* le had to
smooth out bottlenecks in our production
system* In short* we were faced with the basic
problem of conYertlng a civilian economy into
military preparedness after the battle had
started. And we were fighting countries
that had been building up their military might
for years. You can lose a war that way.
We almost did.
- 10 -
Many were in jobs that called for only a
fraction of one's talents and many jobs
carried meagre pay. Our economy did not permit
the pursuit of life, liberty and happiness in
the full constitutional meaning of that term.
That depression with its breadlines* its
closed banks, Its heartaches, its 5-cent
cotton and 10-c©nt oil* was a stern trial for
our system of government. Mot long afterwards
our way of life faced another test — the
teat, of fire.
We saw th© peoples of Poland* Chechoslovakia,
Denmark, Norway* Belgium, Holland and France,
maimed, killed and conquered.
-9During the early JO 1 a many of our
people suffered because of their inability
to secure the stark necessities of lifet
some food, sose clothing. Many of our people
were unemployed and we are not thinking about
transitional unemployment* Our unemployment
problem then was mass unwloyiaent* Several
millions of mir people were out of work* not
by choice, not through lack of Initiative*
but simply because they were not offered any
kind of a job*
Even the lot of those who were employed
was not necessarily a fortunate one.
8-
Our values of life have stood trial by
the ordeal of depression* Insecure boom*
and total war.
If we look at only the latter half of
that generation — from the Fall of l?p
to date — we see that we have lived through
the worst depression this country has ever
had, mx^ the worst war that has ever engulfed
the world. Unless we exercise an uneomon
amount of isiaglimtion we cannot reconstruct
our life as It was during the dark days of
the depression in the early J0*s or the black
days of the war In the *u*n*r of f42.
• 7 •
We have witnessed Geraany's surrender,
the United Nations Charter, the atomic bomb,
Japan*s surrender, the beginning of Bretton
foods. Through all of this history*
President Truman has bBBia an active, capable,
courageous, aggressive and imaginative world
leader.
During the generation that Sam Raybura
has served in the House we have lived through
two World Wars and an uncertain period
between the Wars. Our my of life, our form
of government* has been put in the crucible
during our generation.
<* 0 #
Vice-President Truasan was in the Speaker**
office on April 12* 19&5 «&®& he received
the emergency call to come to the Ifiiite House.
That he should be called from a meeting with
the Speaker to take his oath as President
was not surprising since Em Hayburn and
Harry Triwn have long been close friends and
co-workers in serving the people of this
country.
Have you recalled recently the world
history that we have seen since Barry Truiaan
became President?
• 9^
I mm a few? important appropriation acts
authorising funds to win the war* to start
the reconversion* and. to keep our federal
government supplying the services cm people
need and wantJ the extension of the
Renegotiation Act* Subsidy Mysents* th*
Stabilisation Act, and Reciprocal Trade
Agreements,* the Bret ton foods Agreement Act)
the Reorgsniaatlon Act} the liberalisation of
the 0. X* Bill of Rights! end the largest
tax reduction act ever passed*
That is a partial legislative record
wherein nam Rayburn worked band-in-glove
with President Truaan.
Fran April 12 to the m& of the year
over 200 public laws were enacted. Wt
every on* of these bill* was world shaking,
of course* but there wo imm important
ones*
1±A~
Though 3am IWburn has this great record
and is a ran of tremendous influence* he
is still the congxssann of his constituents
and of the state he passionately loves.
This love for Teras with her unlimited
opportunities* course* and spirit Is a part
of Sam's religion*
It is mm not to rsslilw ttoe Siesr
voluo* of wrtc the House mist do* I and* a
choc!:, Just for illustration* of the
legislation that has becoa* Urn lam of the
land since our greet wartime leader Franklin
D* Roosevelt died in the service of his
country*
-k
Experience, of course, is nocesoary to
attain such distinction, but frankness,
courage, loyalty, honesty of purpose and
outstanding ability are necessary
ingredients in the san *ho is chosen by
tne Boos© to bo its leader and Speaker.
can Rsybura has stood tne test of fire.
8© legislator has participated as intiaately
in the passage of as aany loportant laws
during the critical periods of this country's
history as 9MB Bayburn.
After being chosen majority leader,
he was elected 3peaker of the House, the
Ho. 2 Job in the United states. Sam Rayburn
has been elected to this important position
four times* San Bsytaira will hold^ti* <~*
office of Speaker longer than my other
mm If a Iteoermtlc mjorlty again elect
him to this Influential post*
He was a great leader of the limine*
He Is a .great speaker of the House* fto
mm reaches these helgits by accident*
He served on that coroiittee for soma 25
years. He actively participated in legislation
establishing the Federal Trade comaission* the
Federal Tariff Comlsslon* and the Federal
Reserve System* As Obairaan of that cotimittee
he fathered the Securities Act of f?5, the
Stock Exchange Act of *$kt the Public Utilities
Holding Company Act of *J5* the Rural
Electrification and Federal Cemunlcations
Acts.
Some of these bills met the toughest
opposition. Today* in the wisdom of hindsight*
we can see that Sam Eayburn is a solid,
feet-on-the-ground* constructive legislator.
I am happy to participate in this
testimonial to issy good friend, Sm Rayburn.
Our friendship of sore than 20 years1 has
created a brother-like devotion*
8am Rayburn, a great Texan, has served
you and Ms country faithfully for a
generation. The true significance of his
service, however, lies not In its length but
In Its quality.
His long career has been devoted to the
common good. In his first session he was
elected a member of the important cossslttee
of Interstate and Foreign Comoros.
TRMSURY DEPARTMENT
Washington
6
(The/\f ollowing\addr<
Secretar: in;
HoteJ
Si
>am Rayburn, Speaker
a iesy6imonial
entatives,
and is for
of VbMe Hoaia^bf
release in mor: ng newspapers, Saturday,
January 5> 19
/U*V-^tv*--
//v
Qjjjfr**]-
.*v-/
nson
Dallas,
dinner to Sam Rayburn
(The following address by Secretary Vinson was given
at the Adolphus Hotel, Dallas, Texas, at a testimonial dinner to Sam Rayburn^J^p-eaker of the House
of Representatives, and i ^ f o V release in morning
newspapers, Saturday, J a n u a r y \ , 1 9 4 6 ) .
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday, January 5, 19*4-6.
Press Service
No. V-lg7
(The following address by Secretary Vinson was given
at the Adolphus Hotel, Dallas,Texas, at a testimonial dinner to Sam Rayburn, Speaker of the House
of Representatives, and is for release in morning
newspapers, Saturday, January 5, 19^6.)
I am happy to participate in this testimonial to my good friend,
Sam Rayburn, Our friendship of more than 20 years has created a
brother-like devotion.
Sara Rayburn, a great Texan, has served you and his country
faithfully for a generation. The true significance of his service,
however, lies not in its length but in its quality.
His long career has been devoted to the common good. In his
first session he was elected a member of the important committee of
Interstate and Foreign Commerce. He served on that committee for
some 25 years. He actively participated in legislation establishing
the Federal Trade Commission, the Federal Tariff Commission, and the
Federal Reserve System, As Chairman of that committee he fathered
the Securities Act of '33, the Stock Exchange Act of '3^, the Public
Utilities Holding Company Act of '35, the Rural Electrification and
Federal Communications Acts,
Some of these bills met the toughest opposition. Today, in the
wisdom of hindsight, we can see that Sam Rayburn is a solid, feet-onthe-ground, constructive legislator.
After being chosen majority leader, he was elected Speaker of
the House, the No. 2 job in the United States, Sam Rayburn has been
elected to this important position four times. Sam Rayburn will hold
continuously the oiflce of Speaker longer than any other man if a
Democratic majority again elect him to this influential post.
He was a great leader of the House, He is a great Speaker of
the House. No man reaches these heights by accident. Experience, of
course, is necessary to attain such distinction, but frankness, cours e , loyalty, honesty of purpose and outstanding ability are necessary
Ingredients in the man who is chosen by the House to be its leader
a
nd Speaker. Sam Rayburn has stood the test of fire. No legislator
has participated as intimately in the passage of as many important
laws during the critical periods of this country's history as
Sam Rayburn, Though Sam Rayburn has this great record and is a man
- 2 of tremendous influence, he is still the Congressman of his constituents and of the state he passionately loves. This love for Texas
with her unlimited opportunities, courage and spirit is a part of
Sam's religion.
It is easy not to realize the sheer volume of work the House
must do. I made a check, just for illustration, of the legislation
that has become the law of the land since our great wartime leader
Franklin D, Roosevelt died in the service of his country.
From April 12 to the end of the year over 200 public laws were
enacted. Not every one of these bills was world shaking, of course,
but there were many important ones. I name a few: important appropriation acts authorizing funds to win the war, to start the reconversion, and to keep our Federal Government supplying the services
our people need and want; the extension of the Renegotiation Act,
Subsidy Payments, the Stabilization Act, and Reciprocal Trade Agreements; the Bretton Woods Agreement Act; the Reorganization Act; the
liberalization of the G. I, Bill of Rights; and the largest tax
reduction act ever passed.
That is a partial legislative record wherein Sam Rayburn worked
hand-in-glove with President Truman. Vice-President Truman was in
the Speaker's office on April 12, 19^5 when he received the emergency call to come to the White House. That he should be called from
a meeting with the Speaker to take his oath as President was not surprising since Sam Rayburn and Harry Truman have long been close
friends and co-workers in serving the people of this country.
Have you recalled recently the world history that we have seen
since Harry Truman became President*? We have witnessed Germany's
surrender, the United Nations Charter, the atomic bomb, Japan's
surrender, the beginning of Bretton Woods. Through all of this
history, President Truman has been an active, capable, courageous,
aggressive and imaginative world leader.
During the generation that Sam Rayburn has served in the House
we have lived through two World Wars and an uncertain period between
the wars. Our way of life, our form of government, has been put in
the crucible during our generation. Our values of life have stood
trial by the ordeal of depression, insecure boom, and total war.
If we look at only the latter half of that generation — from
the Fall of 1929 to date — we see that we have lived through the
worst depression this country has ever had, and the worst war that
has ever engulfed the world. Unless we exercise an uncommon amount
of imagination we cannot reconstruct our life as it was during the
dark days of the depression in the early 30Ts or the black days of
the war in the summer of Ti42.
- 3During the early 30!s many of our people suffered because of
their inability to secure the stark necessities of life: some food,
some clothing. Many of our people were unemployed and we are not
thinking about transitional unemployment. Our unemployment problem
then was mass unemployment. Several millions of our people were out
of work, not by choice, not through lack of initiative, but simply
because they were not offered any kind of a job.
Even the lot of those who were employed was not necessarily a
fortunate one. Many were in jobs that called for only a fraction of
one's talents and many jobs carried meagre pay. Our economy did not
permit the pursuit of life, liberty and happiness in the full constitutional meaning of that term.
That depression with its breadlines, its closed banks, its
heartaches, its 5-cent cotton and 10-cent oil, was a stern trial for
our system of government. Not long afterwards our x^ay of life faced
another test — the test of fire.
We saw the peoples of Poland, Czechoslovakia, Denmark, Norway,
Belgium, Holland and France, maimed, iilled and conquered. The days
of Dunkirk were dark days.
Later we were attacked. War brought us many problems, We had
to grind to a halt much of our peacetime production. We had to lick
shortages of raw materials. We had ^o smooth out bottlenecks in our
production system. In short, we were faced with the basic problem
of converting a civilian economy into military preparedness after the
battle had started. And we were fighting countries that had been
building U P their military might for years. You can lose a war that
way. We almost did.
Just before we were attacked, we seriously questioned the extension of the Selective Service and Training Act. You recall it passed
the House by one vote. If we had been disbanding our army at the
time the Japs struck at Pearl Harbor, we would certainly have been in
fine shape.
Mobilization for war put terrific strains upon our nation. Millions of men and- women took new jobs in the military services and in
war production. Millions of men and women marched out of their
homes, out of school, out of retirement. Materials in short supply
had to be controlled. Inflation threatened. That meant the control
of wages and prices.
In spite of this effort, reflect upon the situation we faced in
the summer of '^2, It appeared that Stalingrad, Alexandria, and the
Suez Canal would fall, Australia was threatened, The U-Boats
-1* roamed the oceans. Yes, what if we had gained our military might
just a little slower, or if the Axis had been just a little stronger?
We almost came to live under the heels of men who today stand trial
at Nuernburg as criminals against civilization.
On the firing line, where the might of this nation met the
might of the enemy, our men in uniform bore the brunt reality of war.
These men, their families, and their loved ones, made the great and
noble sacrifices. In this respect Texas set a fine example for the
nation. We must thank our soldiers whether they be the living, the
dead, or the living dead, not alone by monuments and words of praise,
but by getting out and working for the peace every bit as fully as we
worked for Victory.
We gathered sufficient strength to whip the depression and to
win the war. That is a great lesson. But there is a greater lesson.
We mustered that strength and licked the depression and whipped the
Axis without impairing in any way our basic principles of government.
Remember further, my friends, we did not stick to our way of life
simply because temptation did not beckon, During the depression the
stage was set for starry-eyed plans of salvation. Not only was the
situation ripe for the appeals of demagogic despots, but the appeals
were made. It would have been easy to turn to men with liquid promises.
Likewise, when the war clouds gathered and later x^hen we were In
it to the hilt, it would have been so easy not to face the facts of
life. Again our people, beladen with suffering and sacrifice, heard
fatalistic appeals. Some asked us to bury our heads in the sand.
Some asked for a negotiated peace. Instead we out-produced, outfought, out-thought, and out-lasted the enemy. We did all this
without selling any of our birthright. We preserved our democratic
*ray of life, U P to and including our constitutional right to gripe.
When we think of our constitutional right to gripe we think of
ihose "confounded" war measures — wage control, priorities, allocations, rations, manpower and price controls; we think of the
administration and elections. Those controls were necessary. We were
raging a total war. We were preserving the value of our dollar,
'hose controls were promulgated under law and if any Individual
nought that as to him the application of any control violated the
•ue process of law he could go to the courthouse. That latchstring
as never removed. But few went and fewer won.
What was the result of living under those controls? Every group
n this country, worker^ farmer, manufacturer, distributor, retailer,
ad a higher degree of prosperity than at any time in the history of
ur nation. Moreover, our standard of living was high. True we had
- 5to out up with the old car, and ^he old radio. But our people ate
more food, better food, and a wider variety than ever before. We
were clothed and housed. We even bought more jewelry and perfume
and went to more movies.
Our land flowed with milk and honey, Washington is not mad at
you because you prospered. But conversely you should not be mad at
Washington because you would like to have had more cream and sugar.
Yes, we had all this and victory too. Through the efforts of
all true Americans we waged a total war and kept our economy on an
even keel. Industry, labor and agriculture performed a production
miracle. We had our problems and our headaches, but America, united,
did the whole job so well that we overwhelmed the enemy with our
might, had more than enough to live on at home, and kept the fires
of inflation from consuming us.
Our way of life has stood the test. We whipped an enemy from
within and from without, and neither during the depression nor during
the war was any life, liberty or property taken from any citizen
without due process of law; neither during the depression nor during
the war was the Bill of Rights abrogated; neither during the depression nor during the war was the election of our governing officials
suspended.
This gives us the confidence and inspiration to face the future.
Of course, the future has its problems. There are the problems of
finding and carrying out the means of full production, full employment, mass purchasing power, and efficient distribution. We have the
political, social and economic problems among nations that twice in
our generation rocked us into war. These problems are tough> but
surely they cannot be much tougher than the ones we have had.
Now we wonder whether the world can go forward through adversity
under justice, law and order as we did. We wonder whether international problems can be solved by peaceful means.
The Nations of the urorld, in my judgment, can work under these
processes of justice, law, order and peace, and still remain alert
and strong* By remaining alert and strong this nation should, indeed
it must, set a better example for the world than it did last time.
If the nations of the world can solve their problems by peaceful
discussion and at the same time be ready, willing and able to stamp
out the international gangster before he commits his high felonies,
we will have prevented war.
Since wars are not ordained, but are man-made, man can avoid
tfar by solving the problems that cause war.
- 6With the native Texan ability he brought to the Job, enhanced
by his experience during the depression and both World Wars, Sam
Rayburn, resisting the siren's music, has done a yeoman's service in
keeping our country on her course with even keel. While Texas has
sent many great men to the councils of government she has sent no
man who has added more luster to the Lone Star.
-0O0-
STASTOOHT DEBT LIMITATION
AS 0? DECEMBER 31, 19M-5
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amo
of obligations issued tinder 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 $300*000,000,000 outstanding at any one time.M
The following table shows the face amount of obligations outstanding and the face
amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time $300,000,000,0
Outstanding December 31, I9H5
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Bonds
Treasury
$120,^23,209,1*50
Savings (maturity value)* ...
59»078, ^ j 250
Depositary
^6,592,500
Adjusted Service •
500,157,956 $180,^98,369,156
Treasury notes.... ^2,03*4,189,900
Certificates of indebtedness... H6,823,890,000
Treasury bills....
17,037,086,000
Total interest-bearing
Matured, interest-ceased.......
Bearing no interest
War Savings Stamps...
133,228,681
Excess profits tax refunds bonds
1,127,536,617
Total
105.895,165,900
286,393,535*056
337,131,328
1,260,765,298
287,991^81,682
—
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: 3P.H.A. •
Hi, 131,986
Demand obligations: C.C.C. ...
511,639#3^7
Matured, interest ceased
1.1 isagaa
552,771,333
1*4,676,225
567,^7,55^
Grand total outstanding....................•.*.. •••••••• 288 r 558,92^
Balance face amount of obligations issuable under above authority
11,441,07P|
Reconcilement with Statement of the Public Debt - December 31, I9H5
(Daily Statement of the United States Treasury, January 2, 19^6)
Outstanding December 31, 19^5
Total gross public debt.
,#278,11^,523^
#
Guaranteed obligations not owned by the Treasury........
g6jf^Il
Total gross public debt and guaranteed obligations........
278,o81,97u*
Add - unearned discount on U.S. Savings Bonds
(Difference between maturity value and current redemption value)
10,895,519,095
Deduct - other outstanding public debt obligations
not subject to debt limitation
1,018,560,51*4Q.876t^tl
2S8,55*»i3/
Approximate face or maturity value; current redemption value $^8,182,890,155.
BMttxroRS^$l5=»
STATUT.btg EEBT LIMITATION
AS OF DECEMBER 31, 1945
January 7, 19*6
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 ampunt 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 $300,000,000,000 outstanding at any one time,"
The following table shows the face amount of obligations outstanding and the
face amount vjhich can still be issued under this limitation:
Total face amount that may be outstanding at any one time $300,000,000,000
Outstanding December 31, 194-5
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Bonds
Treasury
$120,423,209,450
Savings (maturity value ) *
59,078,409,250
Depositary
496,592,500
#
Adjusted Service
500,157,956 $180,498,369.156
• Treasury notes 42,034,189,900
Certificates of indebtedness
Treasury bills
#
Total interest-bearing
Matured, interest-ceased....,
Bearing no interest
TJar Savings Stamps
Excess profits tax refunds
bonds
Total
46,823,890,000
17,037,086,000 105.895, 165.900
286,393,535,056
337,181,328
133,228,681
1,127.536.617
Guaranteed obligations (not held by Treasury)
Interest—bearin g
Debentures: F.H.A
41,131,986
Demand obligations: C.C.C..
511.639.347
Matured, interest ceased...
1.260.765.298
287.991.481.682
552,771,333
14,676,225
567.447.558
Grand total outstanding
Balance face amount of obligations issuable under above authority..
288.558,929,240
11,441,070,760
Reconcilement mth Statement of the Public Debt - December 31, 1945
(Daily Statement of the United States Treasury, January 2, 1946)
Outstanding December 31, 1945
Total gross public debt
278*114,523,101
Guaranteed obligations not onvned by the Treasury
567,447,558
Total gross public debt and guaranteed obligations
278,681,970,659
Add - unearned discount on U. S # Savings Bonds
(Difference between maturity value and current redemption value)
10,895,519,095
Deduct - other outstanding public debt obligations
not subject to debt limitation
1,018,560,514
9.876,958,581'
288.558,929,240
*
V.
Approximate face or maturity value; current redemption value $48,182,890,155
tSMmm
DEPARTS!
Washington
FOR RELEASE, wmim MESfSPAPURS, Frees Service
Tuesday, January 8, 19U6.
i*i. rf
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 January 10 and te
mature April 11, 19U6, which were offered on January It, l?i*6, were opened at the
Reserve Banks on January 7*
The details of this issue are as follows:
Total applied for - $2,259,U4i,000
Total accepted
- 1,316,060,000
Average price
(includes $62,U60,000 entered on a fixed-priej
basis at 99.905 and accepted in full)
- 99*90$/ Equivalent rate of discount approx.. 0.37& per annus
Range of accepted competitive bidst
... 4
..--v»
High
Low
- 99*907 Equivalent rate of discount approx. 0.368£ per annua
- 99.90$
•
B
•
«
n
0.376U •
»
.•.-....
.»• •
••»•
($1 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Boston I 20,255,000 # 12,660,000
New York
fhiladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL |2,259,UWi,000 $!,3l6,O60,Ol0
Ajiplied for
1,503,50,000
56,655,000
&,5?5,000
• 13,070,000
7,5°9,000
ial4,620,000
21,013,000
23,620,000
20,215,000
29,U30,000
109,839,000
Accepted
83U,2O3,O00
1*14,503,000
29,675,000
l6,81i5,000
7,573,000
235,770,000
12,1*87,000
16,270,000
16,785,000
19,630,000
69,6^9,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, Press Service
Tuesday, January 8, 1946>
No. V-189
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 January 10 and to mature April 11, 1946, which were
offered on January 4, 1946, were opened at the Federal Reserve Banks
on January 7«
The details of this issue are as follows:
Total applied for - $2,259,444,000
Total accepted
- 1,316,060,000 (includes $62,460,000
entered on a fixed-price basis at 99.905 and accepted in
full)
Average price - 99.905/Equivalent rate of discount approx.
0.375^ per annum
Range of accepted competitive bids:
High - 99.90^ Equivalent rate of discount approx.
0.368/b per annum
Low
- 99.905 Equivalent rate of discount approx.
0.37S/£ per annum
(51 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
Boston
$
20,255,000
New York
1,503,553,000
Philadelphia
56,655,000
Cleveland
34,575,000
Richmond
18,070,000
Atlanta
7,599,000
Chicago
414,620,000
St. Louis
21,013,000
Minneapolis
23,620,000
Kansas City
20,215,000
Dallas
29,430,000
San Francisco
109,859,000
TOTAL $2,259, 444,000 $1,316,060,000
-0O0-
Accepted
$
12,660,000
834,203,000
44,503,000
29,675,000
16,845,000
7,573,000
235,770,000
12,487,000
16,270,000
16,785,000
19,630,000
69,659,000
ft/JXA, \/u* ff , ftf,
(F*ek^3£a^^f' and*wa^
••• 1i mmMsias Isail
~ ^
Secretary Vinson teday made public the appointment of Sdwi* L.
Xilby aa Commissioner of the Public Debt, Treasury Department, to succeed William S. Breoghten, who retired en December 31 after over fortyfive years of Treasury service.
Mr. Kilby, a career Government employee, first came to Washington
in 191? as a clerk in the War Department-
Soen after the declaration
of World War I he enlisted in the Army, and served daring the remainder
of hostilities with the Seventh Anti-Aircraft Sector in France. ) Following his discharge early in 1919, Mr. Kilby came to the Treasury
Departn»nt»ijhe>e'^^
Bi>rTiff1>
"l' ff* w a s
naBWd
Associate Commissioner of the Public Debt on June 11, 1944, after
ten years BE jswJAssietant Commiesionor.
A native of Dennysville, Maine, Mr- Kilby received his business educitj
in Bangor, later taught in Maine Schools, and was for a time esployed
by the Maine Central BailreadMr. Broughton, the retiring Commissioner, W&M&&M& received
his appointment to the post in 1919, shortly following creation of the
Public Debt Service, as the Bureau was called prior to 1940, to handle
World War I. He was granted two leaves of absence during his Treasury
career—in 1908-1909 whan he served as fleet paw clerk on a battleship
cruise around the world, and in 1910 when he supervised the Census ftr
the District of Columbia.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, Press Service
Wednesday, January 9, 1946.
No. V-190
Secretary Vinson today made public the appointment of
Edwin L. Kilby as Commissioner of the Public Debt, Treasury
Department, to succeed William S. Broughton, who retired on
December 31 after over forty-five years of Treasury service-.
Mr. Kilby, a career Government employee, first came to
Washington in 1917 as a clerk in the War Department. Soon
after the declaration of World War I he enlisted in the
Army, and served during the remainder of hostilities with
the Seventh Anti-Aircraft Sector in France.
Following his discharge early in 1919, Mr. Kilby came
to the Treasury Department. He was named Associate Commissioner of the Public Debt on June 11, 1944, after ten years
as Assistant Commissioner.
A native of Dennysville, Maine, Mr. Kilby received his
business education in Bangor, later taught in Maine Schools,
and was for a time employed by the Maine Central Railroad.
Mr.. Broughton, the retiring Commissioner, received his
appointment to the post in 1919, shortly following creation
of the Public Debt Service, as the Bureau was called prior
to 1940, to handle the indebtedness incurred in World War I.
He was granted two leaves of absence during his Treasury,
career--in 1908-1909 when he served as fleet pay clerk on a
battleship cruise around the world, and in 1910 when he
supervised the Census for the District of Columbia.
-0O0-
9m alt«raatlvt — Q M mm
tit — is
to pariah together* Jteikliid surely
ims th© wit ani tht will to choose
not doath tut lifts
Bktt tha cast to ui B M to tha
mmm
would ba raflaetad in dooroasad trada,
doom** mmlmmw%$ ®&& l^w
stmdardt of lining* Baittsor wa
nor any othar eau&try can afford a
faraak&cmi ia j^osmtionl
mmmlc
raayatianae
Iba dgnif ieanca of tha f Ina&eial
ocrtoMsit with Britain goes far
Mym&
its acorn*!* offootif taportaat
tbougi thay arte ^*i§ is a world in
which all oowtriai mxst work togathar
if wa are to livo in poaea aad
prosperity*
it* a m than any othor eauttry*
art oonoaraad with tha kind of aooncsmio
world that ia now batag built* iha
foot is that w# would ha tha primary
tergat in tha ooiitiimiad una of
rottrictiw* and diattrtrtmtary ctirranoy
and tmda natsuraa* Thorn ia no doubt
that wo eould toko ccmz^mmmrm*
Thar* ia no doubt that we eould
dafaod ouraalwas if aoono^io mrfar*
should braak out*
•e J? It will bt a tfighif i©§nt othtribiitiaii
to thi pranpt attaiaaanft of thoaa
abjaetlws of ardor and froodon im
tht tetatmtiofial BBuSmrnvm that tha
Bra&tan Woods program hoya boldly sat
up m tha basis for istartfetiaml
tmda and imtftaaaft oftor tht war*
It will unto posiiblt an Bmmmk
a^mg tht united nations to aatabliah
•n XiitanaiUaml mm argaiiintioii
datotitd to tht m&tummm* of fair
pnaticM in intarmtioml trada#
Lai*g* awtat* abroad play m
fepartaut port in our dOMMfti*
prooptrity and full a^apHa«t«
TMS 18 a good iimMTttMllt* «*
mmct affor! intonation*!
econordc aimrchy.
Tha approval of tht f luaneial
acnooaM&t with Britain will MI*
raal progrt** in tht restoration
of a world aeanaBy*
*»55~
Utah of tha mmj iawlw* will
bt uaad to f inane* inomaad axpart*
to Britain* Xuaro***d txpoot* m®m
aura Albican prtdaatiaa* Mora
production mmm mora ineona to
lMrio*a tmtorsU BWB utora
aigvifiowt — tha prop***! program
will aaan ace*** to mora mrfeata on
an *«i*l ©empotitiifo basis for
Amarloan buaiffcaai# In this way tha
loon helps to inaar* a eaatimint
mrteot for tha product* of jy&ariaan
factories and fan»f
• 52 Th* *nount of tht proposed
BrltUft crtdit is largo* but it i®
naodod to do tha j«ib# Thro* and
tto^t^narttr billion dollar* ia
a lot of do^r*^ in anybody's book*
Bit war, including its sftaimth*
is costly bu*in***e Thi* lean
r*pr**onts about two waafai Bt cm*
depandituree for war tooar! its
eloat* In w tudgncnt, this I*
not on axponditur* tut an iinrastaaant*
It is sound business f w Aaariea*
* 51 •
In Britain ttoagr imm b@m call*!
too hsrO* in tt» tMtod stttts* tee
easy. T&ay ar«# in m $adg»§at# fair
to both countries* fbay task* account
of Brttsln*8 mM for aid and har
ability to repay* They take accrual;
©f th© flBMMtlst cost t© this
aowitswiit of grwiaing aid to
Britain* a© Interest charge*
Britain is reasonably comparable to
tint It costs this Goteraaiat to
borrow money*
- 50An iBtaimtlotml ©enfenmoe is to be
held next mmmr for the purpose of
•stalftlaliiag an international trade
GrpaalssatlOG, and of reaehiiie as
agreeBeiit to reduce th® barriara
to trade, to eliminate dlscrlalmtioxss
in trade* and to facilitate tha
neinfeenanee of high levels of
^^plo^^@iit#
It is unfortunate that there
haw boon Beam i&toep*mt* atetanstit*
cmmmim the tarns of the proposed
loon*
~29 9m discussions in Washington
ware eoneoimad with trade as well as
financial problens# A Sotnt statiwsnt
of policy was i**u*d by tit* tftiit*d
states and the u&itad Kingdom setting
forth an isidei^widing regarding a
proposal for * ocnaairoial policy
f&greeti§nt among the Ubitod Nation*
to f acllltat* the iwontion of world
tamti**
e»g8~
On th* a*fetlom0Q6 of tha starling
balances sccuauulated during the war*
Britain will mefe* her ma *irttB*Hnfi*
with th* ^mtries.^newiiade Britain
has stated that At intends to ado*
m towliate paywtnt en these balance**,
that part of these balance* will be
written off as a contribution to th*
mr effort* md that a large part will
b* funded and released owor a period
of year** The** released funds will
also bt freely amilable far u*o in
any country without discrSMnatlon*
-trender the aptenont the sterling
area countries will be free «* within
a year, unless a longer period i*
agreed - to use the sterling may
mm fro® ticporta for popisnta in
any country they cheese* In effectf
under this f ittanoiai *gjp*onantj
many of the restrictive futures
gowning the use of sterling will
be abandoned at mm J and as a result
th* so-called sterling dollar pool
will be abolished*
~t6Qn her part* Britain undertakes
to ralasc and oliminato the wartime
currency and trtd* restrictions*
specifteaily* th* Britioli awen^nt
will WBMB freely cHmrartibl* into
dollars all sterling reoslired by
.teorlcans in payment for exports
to the united King^^ Sterling
tal*n*M *oqpir*d by ii*nrt**n* em
arising out of current transaction®
will also be freely convertible into
dollars*
If a m l w r in some year should
be necessary* tt will only be
because Britain would otherwise
be eHoap*U*d to iwtriot iwart*
of food «ad raw n*t*rlal* to a
1*9*1 that would mxmmBr the
health of her people and
econonor*
under .such conditions, it is not
in the interest of the United states
to etiipel a default. It is better to
do as our *gr*omont prettd**: accept
the iiutaOmmft* of principal due
during these years* while waiving
the interest payiMtta# and as won
as those teap^mry condition* pass*
r*sum* the full annual papiont of
interest and principal*
• 25 The net amount due to th* united
States from thaw accounts was f ixad
at appmiimtely $6?0 million* Th*
bread ton* provide that both mms
beginning In 19331 *lth Interest at
2 parent •
Obviously* we eatmot foresee th*
futwre« There my IM* tines* under
depressed condition** when it will
be impossible for Britain to mm
full poaflBtat under these agreements
without serious consequomoo*
9m m*$/k billion to be lent
to Britain will be a line of credit
on which Britain m y draw during
th* n*aft ttm years to pay tor th*
import* oh* needs* lo part of tit*
loan is to be used in pttytae hor
debts to ether ooisitria** Britain
mist gar these debts from ether
rowiirc**e
m •fgreeraent was a l w reached
on the settlement of claims arising
from Londp44msa and Reciprocal Aid
and the sale of surplus preparty
located in the United Kingdom*
-21FK» carwfttl study, oar
representatives cane to the
comslusion that Britain will need
a credit of S5-5A billion to enable
her to centime essential inperti
until «orld trade has revived aad
British exports have expanded* Even
wltn thin eredit, the British people
will have to continue to keep their
belts veil tightened* Their standard
of living will be little different
fras the austere levels forced on
thea during the ear*
- 20 ~
After acre than three month* of
discussion* th* rip^wntmtlws of
the unite* stmt** and Engload agreed
on three siojer points* First, a
oonflict en uit«raationBl eeenemie
policy must be avoided* second*
Britain will need help in wmmtm
her essential import* while her export
industries get b&cic on their feet*
Third* with such help* Britain would
be able *oan to abandon tha wartime
currency and trod* controls*
• If*
unless she ho* help in securing
her essential Import need* during
the ae*t thro* to five years*
Britain would have to retain m&
extend th* wartime trad* and exchange
control** Trad* within the sterling
area mould be built up* ahlla trad*
witt th* outside world would be kept
to a minimum* We are a part of that
outside world* In a real sens* a
British economic bloc would be establish
based on preferences to countries
within the bloc and discrimiimtlons
against c&uitrtee outside the bloc*
• 18*
Our earn trod* relations with
Britain have *lm*ya boon clow*
Before tha war, Britain bought
If percent of our aborts and tha
British aspire beugit k& percent*
In fact* agitata «nd th* BrltiA
Hapir* won not only mr best
customer hot alw tha best custeitir
of the whole world* accounting for
ftf percent of ill world trade* That
is why what Britain does to eliminate
wartia* restrictions and disei^imtions
is *o isgartflnt to us and to thy*
entire world*
.17aeaa w a n s oust be f ound by the
British aspire to settle these
sterling obligations*
these are the important probleas
which Britain m e t solve. The coarse
she chooses will affect the economic
well-being of the entire world* Before
the » r Britain was the largest
Inserting and the second largest
exporting country* But Britain's
enolce has even wider significance*
Many other countries are so dependent
m British trade that tnelr policies
are vitally linked to those of Britain*
ih* debts Britain has- inclined
to othar §ftiiferle§ to seet her war
isrpenses overseas amount to th*
*aomca* sua of $11 billion* Th***
are held in blocked balances of
Sagttflh aurceney* Th* mar* existence
of th* debt in this fom compel*
Britain to limit stringently the use
of har money in the maittat* of the
world*. Britain cannot deal with
this problets as an ordimry debt,
we snot rmw»ab*r that this is a
foreipi debt, and for a foreign debt
the s® involved is troemndoua*
-15That means that the pre-war volume
of world trade must be substantially
increased*
An port of her all-out war
of fort* Britain was f creed to reduce
her import trade sharply until in
19U&. it was only 50 percent of the
1958 vott**** Even with favorable
condition* Britain will need several
years to ^pand her «pwts
sufficiently to pay fir her imports^
During those yearn* she oust find
sane m& to f o*d her people and her
factories vlth food and row materials*
- 3fc~
There is no other way lh which Britain
can continue to ^m the foods that
an essential to tha m&intesame of
her aC'Onomy*
The esepansion of her sports is
primarily a problem for Britain to
solvaf but there ia a naponaibillty
on us and cm other eetmtries too* Bv*n
if British industries are In a position
to export* they COT succeed in
«iwting enough to pay for British
imports only if thero are maxtota abroad*
-I?Many of hor f oreisi investments tir#
©old to raise toe mmm needed for
the war* and* in addition* she bacons®
heavily indebted to foroUB countries*
A large part of Britain9* merchant
fleet mam mma. daring the war* Receipt*
from ether services have also fallen*
Although they will probably recover
with the iacpaiislon of trade*
The do&in* in BritiOh revenues
abroad from iimmrtmoot* «nd services
Mist be of fast by increased eoqpotrta*
• 12 for this roaaon Britain stands to
p»ln to an unusual degree from tha
offiei*nt ftmotienliig of a world
economy* Bat for the same reason
Britain cannot riik the less of th*
protection afforded by th*** wartime
measures unless she can otiterwiso
secure essential food and mw
materials during the period in which
ihe builds up her export**
The war has seriously damaged
Britain1 * export trade and her
Intornatlonal eoonotsic position*
• 11 •
ait the continuance of these &®m
moasures after fee war cm have
serious restrictive effects m
production sad trade in America and
on world trod* g*n*rally* They can
Imperil* or delay for tuny years* the
restoration of a sound world economy*
a y , then* should there be any
thought that Britain would contlnu*
these restrictive mmmmm
is in aii mzm^rmtmtr
Britain
and probably
unique situation In her dependence cm
inserted food and raw Hmteriais and
upon foreign tract®*-
The dollars and other convertible
currencies tamed ty sterling area
countries were placed In a council
pool and were allocated for us*
where thogr were most essentia! for
the war effort*
These »aimrts enabled Britain
to pit ail of the foreign exchange
resources at her disposal into the
war* All of tht Halted Nation*
benefited bocaus* the force breu^it
a§aihiit thekxis waa increased*
• 9importa from the sterling area and
other axiHHatttur** within thla area
were paid for in *t*rllna ~ British
currency - which wa* held in the
form of -deposits in London or
invested in British floury bills*
aur&lma talaamea could be used
finely only for poptetits inside
me sterling *r*a*
** B «#
That is a practical problem that
faces us nor* and the proposed lean
to Britain* which is subject to
approval by the confess* is a
specific example of facing th*
problem*
tinder the necessity of war*
Britain introduced omtonaiv* trad*
Mid fMtiifigt control* in order to
mohlllm* for total war* The use of
for*ign exchanse was otrlngmtly
llmlt*d by complete control of import*
and payment* out aid* th* group of
countries known as the sterling area*
•7
Peace and prosperity cannot flourish
In a climate of suspicion* mistrust*
and economic awmHOey*
Tha people of all the united.
Ifetiens have clvwn ample evidence of
their earnest desire to *llmlnat* th*
wononi* cons** of conflict* Hit
they comet pursue this course until
they have reasonable assurance that
their w»THrt*r*ln*d economies will
function*
-6mm maaouraa of iwfcrtatiem and
diicri^*jmtiim have h**n introduced
to momt the special conditions of mrt
and »ny ceuatrlem wiH b* taaptad
to continue and *mn to perpetuate
«h*w wartime devices*
Th* ehap* -of tha post**war world
li IN^BK foxmad by what we do rlgtt
now* Unless steps ore t*k*n to
prevent It* thor* is a real danger
that countries will turn oeain to
aeonoBio isolation* and that tht world
will again bt divided into conflicting
eccmc^ic blocs •
~5Instead of economic stateaaanshlp*
countries resorted to exchange
depreciation, exchange controls,
trade restrictions, bilateral
elMrtng arrangements and similar
AawPwrlSRiflaSF^*!* U#is# *
Th* faat is that th* Male
intaraatlonal oeonemlc probi«s were
never solved* AM now th* war ha*
multiplied naqNTaild th* difficulties
of th* prewar period* Castoaxty
trade relation* have been disrupted*
- f c -
Keiths can the world economy be
stable without prosperity in this
oomatry*
After the last war we had on
opportunity to build a world in ohich
countries could went together in
peace and prosperity* le muffed that
opportunity* Iitterwtlona! economic
relations wort allowed to break dotm*
instead of economic cooperation* th*
world resorted to economic warfara*
-5m hav© learned a great truths
eternal vigilance is the price not
only of liberty but of peace and
prosperity*
jlll ©f these probleas are
interrelated, se cannot have a
lasting peace without good economic
conditions throughout the world*
neither can we have enduring
prosperity threuehout th© world
without lasting peace, we cannot have
a hisfc level economy in this country
without a stable world econony«
All of these problems art
difficult* ait we ham* no reason to
ha dlohoartanrnde •* have mot and
omlvaa difficult probl»* before*
Tht very fact that we rmaognla* them*
that we ar* prepared to deal witih
th«m* la an *nQmnkglmg indication
that we «r* on the way to succeed*
Wc doubt we ohall imfe* *cm* mistake* J
hut w# eball not repeat the great
ml state wa mad* after th* last war —*
the ulstate of doing nothing*
Th© close of the war ho* b r o ^ t
to m and to the entire world mm
problem* that are difficult and
important* There is th* problem of
reconverting our industries to peaoattaa
needs and. maJjrtmlming a high level of
production, &^XoyiE©nt, and national
income* There is the preblma of
making a lasting peace through tlie
oooporatlon of the United Nation**
And there is me problem of restoring
a world economy shattered by six years
of destructive war*
TREASURY DEPARTMENT
Washington
FOR RELEASE, 9:30 PM, EST,
Wednesday, January 9, 1946.
Press Service
No. V-191
(The following broadcast by Secretary Vinson before
the American Academy of Political and Social Science
at Town Hall, Philadelphia, will be carried over the
Coast-to-Coast Network of the. American Broadcasting
Company at 9;50 PM, EST, Wednesday, January 9, 1946,
and is for release at that time).
The close of the war has brought to us and to the entire
world new problems that are difficult and important. There is
the problem of reconverting our industries to peacetime needs
and maintaining a high level of production, employment, and
national income* There is the problem of making a lasting peace
through the cooperation of the United Nations* And there is the
problem of restoring a world economy shattered by six years of
destructive war*
All of these problems are difficult. But we have no reason
to be disheartened* We have met and solved difficult problems
before. The very fact that we recognize them, that we are
prepared to deal with them, is an encouraging indication that we
are on the way to succeed. No doubt we shall make some mistakes;
but we shall not repeat the great mistake we made after the last
war — the mistake of doing nothing. We have learned a great
truth: eternal vigilance is the price not only of liberty but of
peace and prosperity.
All of these problems are interrelated. We cannot have a
lasting peace without good economic conditions throughout the
world, Neither can we have enduring prosperity throughout the
world without lasting peace. We • cannot have a high level
economy in this country without a stable world economy. Neither
can the world economy be stable without prosperity in this country*
After the last war we had an opportunity to build a world in
which countries could work together in peace and prosperity.
- 2 -
We muffed that opportunity* International economic
relations were allowed to break down. Instead of economic
cooperation, the world resorted to economic warfare. Instead of
economic statesmanship, countries resorted to exchange depreciation, exchange controls, trade restrictions, bilateral clearing
arrangements and similar measures.
The fact is that the basic international economic problems
were never solved. And now the war has multiplied many-fold the
difficulties of the pre-war period. Customary trade relations
have been disrupted. New measures of restriction and discrimination have been introduced to meet the special conditions of war;
and many countries will be tempted to continue and even to
perpetuate these wartime devices.
The shape of the post-war world is being formed by what we
do right now. Unless steps are taken to prevent it, there is a
real danger that countries will turn again to economic isolation,
and that the world will again be divided into conflicting economic
blocs. Peace and prosperity cannot flourish in a climate of
suspicion, mistrust, and economic sword-play.
The people of all the United Nations have given ample
evidence of their earnest desire to eliminate the economic causes
of conflict* But they cannot pursue this course until they have
reasonable assurance that their war-strained economies will
function. That is a practical problem that faces us now, and the
proposed loan to Britain, which is subject to approval by the
Congress, is a specific example of facing the problem.
Under the necessity of war, Britain introduced extensive
trade and exchange controls in order to mobilize for total war.
The use of foreign exchange was stringently limited by complete
control of imports and payments outside the group of countries
known as the sterling area. Imports from the sterling area and
other expenditures within this area were paid for in sterling -British currency -- which was held in the form of deposits in
London or invested in British Treasury bills. Sterling balances
could be used freely only for payments inside the sterling area.
The dollars and other convertible currencies earned by sterling
area countries were placed in a common pool and were allocated
for use where they were most essential for the war effort*
These measures enabled Britain to put all of the foreign
exchange resources at her disposal into the war. All of the
United Nations benefited because the force brought against* the
- 3
Axis was increased. But the continuance of these same measures
after the war can have serious restrictive effects on production
and trade in America and on world trade generally. They can
imperil, or delay for many years, the restoration of a sound
world economy*
Why, then, should there be any thought that Britain would
continue these restrictive measures? Britain is in an extraordinary and probably unique situation in her dependence on
imported food and raw materials and upon foreign trade. For this
reason Britain stands to gain to an unusual degree from the
efficient functioning of a world economy. But for the same
reason Britain cannot risk the loss of the protection afforded by
these wartime measures unless she can otherwise secure essential
food and raw materials during the period in which she builds up
her exports.
The war has seriously damaged Britain's export trade and her
international economic position. Many of her foreign investments
were sold to raise the money needed for the war, and, in addition,
she became heavily indebted to foreign countries. A large part
of Britain's merchant fleet was sunk during the war. Receipts
from other services have also fallen, although they will probably
recover with the expansion of trade.
The decline in British revenues abroad from investments and
services must be offset by increased exports. There is no other
way in which Britain can continue to buy the foods that are
essential to the maintenance of her economy.
The expansion of her exports is primarily a problem for
Britain to solve; but there is a responsibility on us and on
other countries too. Even if British industries are in a position
to export, they can succeed in exporting enough to pay for British
imports only if there are markets abroad. That means that the
pre-war volume of world trade must be substantially increased.
As part of her all-out war effort, Britain was forced to
reduce here export trade sharply until in 1944 it was only 30
percent of the 1938 volume. Even with favorable conditions
Britain will need several years to expand her exports sufficiently
to pay for her imports. During those years, she must find some
way to feed her people and her factories with food and raw
materials •
- 4 -
The debts Britain has incurred to other countries to meet
her war expenses overseas amount to the enormous sum of $13 billion.
These are held in blocked balances of English currency. The mere
existence of the debt in this form compels Britain to limit
stringently the use of her money in the markets of the world.
Britain cannot deal with this problem as an ordinary debt. We
must remember that this is a foreign debt, and for a foreign debt
the sum involved is tremendous. Some means must be found by the
British Empire to settle these sterling obligations.
These are the important problems which Britain must solve.
The course she chooses will affect the economic well-being of the
entire world. Before the war Britain was the largest importing
and the second largest exporting country. But Britain's choice
has even wider significance. Many other countries are so
dependent on British trade that their policies are vitally linked
to those of Britain*
Our own trade relations with Britain have always been close.
Before the war, Britain bought 17 percent of our exports and the
British Empire bought 42 percent. In fact, Britain and the
British Empire were not only our best customer but also the best
customer of the whole world, accounting for 27 percent of all
world trade. That is why what Britain does to eliminate wartime
restrictions and discriminations is so important to us and to the
entire world.
Unless she has help in securing her essential import needs
during the next three to five years, Britain would have to retain
and extend the wartime trade and exchange controls. Trade within
the sterling area would be built up, while trade with the outside
world would be kept to a minimum. We are a part of that outside
world. In a real sense a British economic bloc would be
established based on preferences to countries within the bloc and
discriminations against countries outside the bloc*
After more than three months of discussion, the representatives of the United States and England agreed on three major points.
First, a conflict on international economic policy must be avoided.
Second, Britain will need help in securing her essential imports
while her export industries get back on their feet. Third, with
such help, Britain would be able soon to abandon the wartime
currency and trade controls.
From careful study, our representatives came to the conclusion that Britain will need a credit of $3-3/4 billion to
enable her to continue essential imports until world trade has
revived and British exports have expanded. Even with this credit, t
the British people will have to continue to keep their belts
w
ell tightened. Their standard of living will be little different
from the austere levels forced on them during the war.
5 -
The $3-3/4 billion to be lent to Britain will be a line of
credit on which Britain may draw during the next five years to
pay for the imports she needs. No part of the loan is to be
used in paying her debts to other countries. Britain must pay
these debts from other resources,
/
An agreement was also reached on the settlement of claims
arising from Lend-Lease and Reciprocal Aid and the sale of surplus
property located in the United Kingdom. The net amount due to the
United States from these accounts was fixed at approximately
$650 million. The broad terms provide that both sums will be
repaid in 50 annual payments beginning in 1951 with interest at
2 percent.
Obviously, we cannot foresee the future. There may be times,
under depressed conditions, when it will be impossible for Britain
to make full payment under these agreements without serious
consequences. Under such conditions, it is not in the interest of
the United States to compel a default. It is better to do as our
agreement provides: accept the Instalments of principal due
during those years, while waiving the interest payments, and as
soon as those temporary conditions pass, resume the full annual
payment of interest and principal.
If a waiver in some year
should be necessary, it will only be because Britain would otherwise be compelled to restrict imports of food and raw materials
to a level that would endanger the health of her people and
economy.
On her part, Britain undertakes to relax and eliminate the
wartime currency and trade restrictions. .Specifically, the
British Government will make freely convertible into dollars all
sterling received by Americans in payment for exports to the
United Kingdom. Sterling balances acquired by Americans and
arising out of current transactions will also be freely convertible
into dollars.
Under the agreement the sterling area countries will be free
— within a year, unless a longer period is agreed — to use the
sterling they earn from exports for payments in any country they
choose. In effect, under this financial agreement, many of the
restrictive features governing the use of sterling will be
abandoned at once; and as a result the so-called sterling dollar
pool will be abolished.
On the settlement of the sterling balances accumulated during
the war, Britain will make her own arrangements with the countries
- 7 -
The approval of the financial agreement with Britain will
mark real progress in the restoration of a world economy. It
will be a significant contribution to the prompt attainment of
those objectives of order and freedom in the international
exchanges that the Bretton Woods program has boldly set up as the
basis for international trade and investment after the war. It
will make possible an agreement among the United Nations to
establish an International Trade Organization devoted to the
maintenance of fair practices in international trade.
We, more than any other country, are concerned with the kind
of economic world that is now being built. The fact is that we
would be the primary target in the continued use of restrictive
and discriminatory currency and trade measures. There is no doubt
that we could take countermeasures. There is no doubt that we
could defend ourselves if economic warfare should break out. But
the cost to us and to the world would be reflected in decreased
trade, decreased employment, and lower standards of living.
Neither we nor any other country can afford a breakdown in international economic relations.
The significance of the financial agreement with Britain goes
far beyond its economic effects, important though they are. This
is a world in which all countries must work together if we are to
live in peace and prosperity. The alternative -- God save us —
is to perish together. Mankind surely has the wit and the will
to choose not death but life.
ft
t/-ii>
FOR IMMEDIATE RELEASE,
January'fr. 19U6
The Bureau of Customs announced toda^ preliminary figures showing the
quantities of wheat and wheat flour ••ntored, 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, 19*:
and Aprf-ll 29, 1943, for the 12 months commencing May 29, 1945, as follows:
W h e a t flour, semolina,
crushed or cracked
w h e a t , and similar
wheat -products
Country
Of i'
Origin
Established
Quota
:
Imports
jMay 2 9 , 1 9 4 5 , to
•Established
:
Quota
Uteo* 29, \$h&
(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
France
1,000
Greece
Mexi co
100
Panama
U ruguay
Poland and Danzig
Sweden
—
Yugoslavia
Norway
—
Canary Islands
Rumania
1,000
Cuat emala
100
100
3razil
Union of Soviet
Socialist Republics
100
3elgium
100
800,000
(Bushels')
79k,hZ$
7$M25"
•"•oOo-*
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
, 1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
4,000,000
Imports
May 29, 1945,
to QgQ, 29, W j
(Pounds)
l,10it,038
i,MW$
TREASURY DEPARTMENT
Washington
K R IMMEDIATE RELEASE^
Wednesday, January 9^ 1946.
Press Service
No. V-192
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:
inlheat
Country
of
Origin
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
^Argentina
Established :
Imports
Quota
: May 29, 1945, to
: Dec. 29, 1945
(Bushels)
(EUshels)
795,000
-
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Jugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
794,425
100
-
100
100
-
100
2,000
100
1,000
-
100
—
1,000
BJheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Imports
Established :
Quota
: May 29, 1945,
: to Dec. 29 . 1945
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,104,038
-
•
f-
-
100
100
100
100
800,000
794,425
-oOo-
4,000,000
1,104,038
FOR IMMEDIATE RELEASE
J a n u a r y ^ 19**6
1
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 19*+5 as follows:
Country of Production
Quantity in Pounds
As of December 29, 19*M>
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
i-Signatory Countries:
TOTAL
333,021,955
1U2,006,936
6,738,6U3
95
6,97^653
6,503.516
5,59^2
10,332,993
5.329,712
3,7^,313
7,518,632
793,308
1,036,992
6»0U3,269
8,036,963
5^,632,027
TREASURY DEPARTMENT
Tifashington
FOR IMMEDIATE RELEASE,
Yfednesday, January 9, 1946.
Press Service
No. V-193
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee entered for consumption during the period
commencing October 1, 1945 as follows:
Country of Production
Quantity in Pounds
As of December 29, 1945
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
333,021,955
142,006,936
6,738,643
95
6,974,653
6,503,516
5,594,482
10,832,998
5,329,712
3,744,318
7,518,632
793,808
1,036,992
6,048,269
Ncn-Signatory Countries
3,036,963
TOTAL
544,682,027
- 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
Month of
December
Canada
Tails
Unit
of
Quantity
: Imports as of
: December 29,
J
19i*5
17,500
Number
3,700
Other than
Canada
7,500
Number
1,260
12 months from
Dec. 1, 19U5
5,000
Piece
—
I!
500
Pound
U90
H
550
Pound
-
500
unit
Hi
Paws, heads or
other separated
parts
Piece plates
Articles, other
than piece plates
FOR IMMEDIATE RELEASE,
January^* 19k6
t/'iii
7
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 December 29, 19U5. inclusive, as follows:
Commodity
Established Quota
: Period and Country : Quantity
Unit
of
Quantity
: Imports as of
: December 29,
:
19ii5
Miole Milk, fresh
or sour
Calendar year
3,000,000
Gallon
25,525
Cream, fresh or
sour
Calendar year
1,500,000
Gallon
1,291
Fish, fresh or
frozen, filleted,
etc., cod, haddock,
hake, pollock, cusk,
and rossfish
Calendar year
17,668,311
Pound
Quota filled
Unite or Irish 12 months from
potatoes:
September 15, 19li5
certified seed
90,000,000 Pound
other
60,000,000 Pound
U7,31*8,357
181,516
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Red cedar
shingles
Calendar year
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble
Calendar year
solids
Pound
(unstemmed
equivalent)
Quota filled
22,000,000
1,727,21*2 Square
1,578,1*05
1,500,000
1,387,75U
Gallon
TREASURY DEPARTMENT
"Washington
FOR IMMEDIATE RELEASE,
Wednesday. January 9 T 1946.
Press Service
No. V-194
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
December 29, 1945, inclusive, as follows:
Commodity
Imports as of
December 29,
1945
Established Quota
: Period and Country: Quantity
Iftiole Milk, fresh
or sour
Calendar year
3,000,000
Gallon
25,525
Cream, fresh or
sour
1,500,000
Gallon
1,291
Calendar year
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
47,348,357
181,516
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year 22,000,000
Pound
(unstemmed
equivalent)
Quota filled
Red cedar
shingles
12 months from
September 15, 1945
90,000,000
60,000,000
Calendar year
1,727,242
Square
1,578,405
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble
solids
Calendar year
1,500,000
Gallon
1,387,754
- 2 -
Commodity
: Unit
: Imports as of
Established Quota
:
of
: December 29,
Period and Country; Quantity t Quantity :
1945
Silver or Black
foxes, furs,
and articles:
Foxes valued
under ^250 each
and whole furs
and skins
Month of
December
Canada
17,500
Number
3,700
Other than
Canada
7,500
Number
1,260
Tails
12 months from
Dec/1, 1945
5,000
Piece
Paws, heads or
other separated
parts
« 500
Pound
Piece plates
» 550
Pound
Articles, other
than piece plates
500
Unit
490
14
- 2 -
COTTON CARD STRIPS made from cottons having a staple ot 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 1-3/16 inches or more in staple length in the case of the following countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(In Pounds)
Country of Origin
Established
TOTAL QUOTA
TOTAL IMPORTS : ESTABLISHED
Sept. 20, 194£ : 33-1/3& of
to Dec, 29, 19U5 Total Quota
Imports
Sept. 20, 194$
toDec* 29, 1,
1315"
United Kingdom,
Canada.
France
British India.,
Netherlands
Switzerland....
Belgium
Japan
,
China..,
Egypt
,
Cuba
Germany
Italy
TOTALS
1/
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135.
6,544
76,329
21,263
5,482,509
1,441,152
75,807
69,627
22,747
14,796
12,853
25,443
7,088
69,627
Included in total imports, column 2.
-oOo-
1,599,886
FOR BrlEDIATh; RELEASE
January &, 19U6
1/ ~/9
_
±
f
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, 1942l> and'june"
.29 ,-1942, during the period September; 20 ...'M1945, to December 29, 19U5«
v
•
'
,
-
. • - !' B
COTTON -HAVING A STAPLE OF LESS THAN i-n/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE kANUFACTURE.QF BLANKETS AND BLANKETING, AND-OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds),
Country of
Origin
Staple length 1-1/8" or more
Staple length less
but less than 1-11/16"
than 1-1/8"
:Imports Sept. Established : Imports Sept.
Established:20, 1945, to...:
Quota
: 20, 1945, to
Quota ^ec. g ^ 19li^. 45,656,420 tT)ec. 29, 19),*
Egypt-and the'AngloEgyptian Sudan.
'.
783,816
Peru
247,9522kl,9$2
British India...
•
2,003,483
755,913
China
1,370,791
Mexico
8,883,259 8,883,259
Brazil
618,723
618,723
Union of Soviet
-Socialist Republics...
475,124
Argentina
5,203
Haiti
237~
Ecuador
9 ,333
Honduras
752
Paraguay
871
Colombia.
124
-Iraq:w.~r. rrr.'rrr:'.vr/rr "*'","~~"1S5"*""*"""'"
British East Africa
2,240
Netherlands East Indies.
71,388
Barbados
Other British West
Indies l/
21,321
Nigeria
5,377
Other British West
Africa 2/
16,004
Other French Africa 3/..,
689
Algeria and Tunisia...
14,516,882 10,505,8U7
1/
2/
3/
6,890,1488
3,856,9^9
-""
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
10,7U7,ll37
TREASURY DEPARTMENT
Washington'
FOR IMMEDIATE RELEASE
Wednesday, January 9, 1946.
Press Service
No* V-195
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 December 29, 1945.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
GOTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE KANUFACTUEE OF BLANKETS AND BLANKETING, AND OTHER THAN' LINGERS)* Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)
Country of
origin
Staple length less
than 1-1/8"
:Imports Sept*
Established:20, 1945, to
Quota
:Dec. 29, 1945
Egypt and the AngloEgyptian Sudan
783,816
247,952
Peru
247,952
755,913
British India
2,003,483
China
1,370,791
Mexico
8,883,259 *, 883,259
618,723
Brazil
618,723
Union of Soviet
Socialist Republics....,
475,124
Argentina
5,203
Haiti
,
237
Ecuador
9,333
Honduras
752
Paraguay
871
Colombia.
,
.•
124
Iraq
195
British East Africa
2,240
Netherlands East Indies...
71,388
Barbados
,.
~
Other British West
Indies 1/
21,321
Nigeria
5,377
Other British west
Africa 2/
16,004
689
Other French Africa 2/« • • •
14,516,882
Algeria and Tunisia
^_ 10,505,847
Staple length 1-1/8" or more
but less than 1-11/16"
Imports Sept.
Established
20, 1945, to
Quota
Dec. 29, 1945
45,656,420
6,890,488
3,856,949
45,656,420
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
10,747,437
- 2 COTTON CARD STREPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND EDVENG BASTE, WHETHER
OR NOT liANUFACTURLD OR OTHEKBISE 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 quota
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 following countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(In Pounds)
Established : TOTAL IMPORTS : ESTABLISHED
TOTAL QUOTA : Sept. 20, 1945 : 33-1/3$ of
: to Dec.29, 1945: Total Quota
Country of Origin
United Kingdom
Canada
France.,...
British India
Netherlands
Switzerland
Belgium
Japan
Oiina
Egypt
Cuba
Germany
Italy
TOTALS
,
4,323,457
239,690
227,420
69,627
68, 240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509
1,441,152
75,807
69,627
22,747
14,796
12,853
25,443
7,
69,627
1/ Included in total imports, column 2.
-oOo-
1,599,886
Imports
Sept. 20, 1945 !
to Dec.29, 1945
\i
FOR IimvIEDIATE RELEASE
January 9, 1946
V
yL
FINAL DATA Fun TJHB, QUOTA. Y&dl OCTOBER 1, 1944 to SgPESMBgft 30, 1945
The Bureau of Customs announced today final figures shovdng the quantitie
of coffee entered for consumption under the quotas for the 12 months comm
October 1, 1944, provided for in the Inter-American Coffee Agreement, pro
by the President on April 15, 1941, as follows:
Country of Production
:
J
iuota Quantity
(Pounds) 1/
Entered for Consumption
AS of^eftft^, 1945
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Domini c an Blepublic
Ecuador
11 Salvador
Guatemala
Haiti
Honduras
1'exico
Nicaragua
Peru
Venezuela
Non-s:"'.<matorv Countrie s
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
49,350,324
6,326,893
106,292,893
1,582,641,262
689,225,506
38,233,006
4,390,802
30,368,344
22,425,991
120,087,595
100,346,282
57,607,905
5,060,210
78,225,723
25,021,345
4,538,573
65,607,665
89,842,785
1,684,253
Quotas as estsblished by action of the Inter-American Coffee Board on
June 1, 1945.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, January 10, 1946.
Press Service
No. V-196
FINAL DATA FOR THE QUOTA YEAR OCTOBER 1, 1944 TO SEPTETSBER 30, 194!
The Bureau of Customs announced today final figures showing
the quantities of coffee entered 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/
Entered for Consumption
As of Sept . 30, 1945
(Pounds)
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-signatory Countries3
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
1,582,641,262
689,225,506
38,233,006
4,390,802
30,368,344
22,425,991
120,087,595
100,346,282
57,607,905
5,060,210
78,225,723
25,021,345
4,538,573
65,607,665
89,842,785
1,684,253
1/ Quotas as established by action of the Inter-American Coffee
Board on June 1, 1945.
0O0-
»
- 3-
for such bills, whether on original issue or on subsequent purchase, and the
actually received either upon sale or redemption at maturity during the taxa
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, ore-
scribe the terms of the Treasury bills and govern the conditions of their is
Copies of the circular may be obtained from any Federal Reserve Bank or Bran
- 2 -
Reserve Banks and Branches, following which public announcement will be made b
Secretary of the Treasury of the amount and price range of accepted bids. Thos
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
all tenders, in whole or in part, and his action in any such respect shall be f
Subject to these reservations, tenders for $200,000 or less from any one bidde
99-905 entered on a fixed-price basis will be accepted in full. Payment of acc
tenders at the prices offered must be made or completed at the Federal Reserve
in cash or other immediately available funds on January 17. 19L6
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 su
and loss from the sale or other disposition of Treasury bills shall not have a
special treatment, as such, under Federal tax Acts now or hereafter enacted. T
bills shall be subject to estate, inheritance, gift, or other excise taxes, whe
Federal or State, but shall be exempt from all taxation now or hereafter impos
on the principal or interest thereof by any State, or any of the possessions o
the United States, or by any local taxing authority. For purposes of taxation
amount of discount at which Treasury bills are originally sold by the United S
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, t
amount of discount at which bills issued hereunder are sold shall not be consi
to accrue until such bills shall be sold, redeemed or otherwise disposed of, a
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 pa
' tarn
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 11, 19U6
.
-^-
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 issue
on a discount basis under competitive and fixed-price bidding as hereinafter
vided. The bills of this series will be dated January 17« 19U6 , and will
mature April 18, 19U6 , when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of $5,000, $10,000, $100,000, $500,000, and $1,000,000 (naturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Standard
closing hour, two o'clock p.m., Eastern 5te time, Monday, January lit, 1?U6
55
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 expres
on the basis of 100, with not more than three decimals, e. g., 99.925- Fract
may not be used. It is urged that tenders be made on the printed forms and f
warded in the special envelopes which will be supplied by Federal Reserve Ba
or Branches on application therefor.
Tenders .Jill be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment se
ties. Tenders from others must be accompanied by payment of 2 percent of the
amount of Treasury bills applied for, unless the tenders are accompanied by
express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federa
/
\l
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 11, 1946.
The Secretary of the Treasury, by this public notice, invites
tenders for $1,300,000,000, or thereabouts, of. ,91-rday Treasury
bills, to be issued on a. discount basis underMCpjnpetitive and.
fixed-price bidding* as hereinafter- provided, The bills of this:
series will be dated January 17,.. .1946, and will mature April 18,
1946, when the face., amount will be payable without interest. They
will brer issued in bearer form only, and in denominations of $1,000,
$5,000," flO.,pOOB' $100,00D: .$500,000, and- $1,000,000 (maturity value).
Tenders will be received at. Federal Reserve Banks and Branches
up to the closing hour, two o'clock p.-m., Eastern Standard time,
Monday, January"14, 1946, Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000,.and the price offered must be expressed on the
"basis: of"; 100, ; with'not more than three decimals,- e., g., 99.925.
Fractions may:not be'used,. • It is urged that, tenders be made on the
printed forms and': forwarded in the special envelopes which will be
^Supplied by Federal Reserve Banks . or..Branches on application
;therefor. '' "
.
•'vi * "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 Branch&s, 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 January 17, 1946.
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,V-197
(Over)
- 2
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 how 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 discbunt 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 R-eVenue 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 shallfre'sold:,redeemed or
otherwise disposed of, and such bills are-excluded from consideration as -capital a-sse-ts. 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- issueAor 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 "lbss.'
Treasury Department Circular No. 41S, ra's amended, and this
notice, prescribe the terms' of the Treasury bills and govern the
conditions of their "is sue, " Cobles of the circular m a y b e obtained
from any Federal Reserve Bank:Vbr Branch.-
-o'Oo-
FOR IMMEDIATE RELEASE
Jaiuary 10, 19U6. ]/ ' '
/
f
/ f (/
V
The Bureau of Customs announced today that entries for
consumption and withdrawals from warehouse for consumption
of Cuban filler tobacco, not specially provided for, other
than cigarette leaf tobacco, unstemmed or stemmed, and scrap
tobacco filed at the opening moment of the quota year beginning
January 2, 19U6, covered a quantity of such tobacco in excess
of the 22,000,000 pounds dutiable at the quota rates set forth
in the supplementary Cuban Trade Agreement of December 19U1*
Facilities were provided for the simultaneous presentation
of entries and withdrawals at 12 noon, E.S.T.; 11 a.m. 5 C.S.T.;
10 a.m., M.S.T., and 9 a.m., P.S.T., on January 2, 19h6.
The Bureau will determine, as expeditiously as possible how
much the quota was exceeded and will advise collectors of customs
as to what portion of each entry and withdrawal filed on January 2 is dutiable at the quota rates.
vr* PRESS KEU5UB HAS BEEN H M W H U H B
AHEN THIS PRESS KU-
P^SESEND^OO^TOKOOMLOB.m^
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, January 10, 1946.
Press Service
No. V-198
The Bureau of Customs announced today that entries for
consumption and withdrawals from warehouse for consumption of
Cuban filler tobacco, not specially provided for, other than
cigarette leaf tobacco, unstemmed or stemmed, and scrap tobacco
filed at the opening moment of the quota year beginning January 2,
1946, covered a quantity of such tobacco in excess of the
22,000,000 pounds dutiable at the quota rates set forth in the
supplementary Cuban Trade Agreement of December 1941.
Facilities were provided for the simultaneous presentation
of entries and withdrawals at 12 noon, E.S.T.; 11 a.m.; C.S.T.;
10 a.m., M.S.T., and 9 a.m., P.S.T., on January 2, 1946*
The Bureau will determine as expeditiously as possible how
much the quota was exceeded and will advise collectors of customs
as to what portion of each entry and withdrawal filed on January 2
is dutiable at the quota rates.
-oOo-
- 3of pareaaalag ooade of Seriee I, ! »r 0 ftr tki • • m e o w * ,
foil la-
etruetlone regarding proeedaro im any tmeh case will oe glrea oa application to any federal Reeerre leak or Braaeh.
Sao original issues of Seriee 3 eonds durlaf lfjC afgrefated
$^93,075,050, aatarltjr value, for which aaea aaouatla* to $369,806,207.50
was reeelred lato the fremaary. Aooat 70 perooat of the eeade origiaally
leeued reaala outetaadlng at tale tlae.
)W(AEDH\T£r
fHSafgft?
*e\aaiagtoa
_ ,. /
^h/il((Sl^
Secretary mtmrnmaammm
<• I oaa aoiiioo
la.
t/-i°icj
Tlaeea today aaaoaaeed that Alted Statee
Sarlage Bonde of Seriee 1, which will he dae for payaeat darlaf 19*6,
will he paid at their face or deaoaiaetleaal walmo aa they aatare tarn
years from their ieeue date, oa preeeatatioa ia aoeerdaaee with the
applicable regalatioae to any Federal Beearre leak or Braaeh, the freaearar
of the United Statee, Weohiagton 25, D. 0., or to any cuallfied payiaf
ageat.
The hoade to aot increaee ia ralue after aatarity aad ladlTldaalt who
wieh to continue their lnreetneat ia elailar hoade without iaterreptlea,
each ae united Statee Sarlage Bonde of Seriee 1* 7 or 0. ehoald preeeat
their oatarod ooade for payaeat la the aoath of aatarity aad aek that the
proceed* thereof ho applied to the parehaee of Ohlted State* Seriags Boadf
of Seriee S, F or &.
Bonds of Seriee I, l » f I purchased with the proceed* of aatared 0000*
of Seriee B will ho leaned la aay fera of registration authorised for hoads
of the respective eeriee, will he eahjeot to the liaitation oa holdings
applicahle thereto, aad will ho dated ae of the firet day of the aoath la
which the aatmred hoade aro proeeated for payaeat. aay difforoaoo hetweea
the redemption walao of the aatared hoade aad the parehaee price of hoade
of Seriee 1» f or @ will he paid to the owaer of the hoade proeeated.
Close relatives having possession of aaturing hoade of Seriee 1 eeleaf.
lag to eorrieaaaa abroad are authorised to redeea such hoade for the parpeef
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, Press Service
Fridayj January 11, 1§46.
No, V-199
Secretary Vinson today announced that United States
Savings Bonds of Series B, which will be due for payment
during 1946, will be paid at their face or denominational
value as they mature ten years from their issue date, on
presentation in accordance with the applicable regulations to any Federal Reserve Bank or Branch, the Treasurer
of the United States, Washington 25, D. C , or to any
qualified paying agent.
The bonds do not increase in value after maturity and
individuals who wish to continue their investment in similar bonds without interruption, such as United States Savings Bonds of Series E, F or 0, should present their
matured bonds for payment in the month of maturity and ask
that the proceeds thereof be applied to the purchase of
United States Savings Bonds of Series E, F or G-.
Bonds of Series E, F or G purchased with the proceeds
of matured bonds of Series B will be issued in any form of
registration authorized for bonds of the respective series,
will be subject to the limitation on holdings applicable
thereto, and will be dated as of the first day of the
month in which the matured bonds are presented for payment.
Any difference between the redemption value of the matured
bonds and the purchase price of bonds of Series' E, F or Gwill be paid to the owner of the bonds presented.
Close relatives having possession of maturing bonds
of Series B belonging to servicemen abroad are authorized
to redeem such bonds for the purpose of purchasing bonds
of Series E, P or G for the servicemen, Full instructions
regarding procedure in any such case will be given on
application to any Federal Reserve Bank or Branch.
The original issues of Series B bonds during 1936
aggregated #493,075,050, maturity value, for which cash
amounting to $369,806,287.50 was received into the Treasury. About 70 percent of the
-0O0-bonds originally issued
remain outstanding at this time.
TREASURE DEPARTMW1T
Washington
FOE RELEASE, ViORMNG NEWSPAPERS,
Tuesdayp January 1$, 191*6.
{*»,, Service
The Secretary of the Treasury announced last evening that the tenders for
11,300,000,000, or thereabouts, of 91-day Treasury bills to bo dated January 17 aad to
mature April Id, 19U6, which wore offered on January 11, 191*6, wore opened at the Faded
Reserve Banks on January ll».
The details of tills Issue are as follows:
Total applied for - $2,005,255,000
Total accepted
- 1,312,132,000
Average price
(includes $61,205,000 entered on a flxedprice basis at 99*90$ and accepted in fall)
- 99.90$/ Equivalent rate of discount approx. 0.375$ par annua
Range of accepted competitive bids:
Hi#i - 99.907 So,uiva2»iit rate of discount approx. 0.368* per annm
w
Low
- 99.905
• e
*
»
0.376V •
"
(61 percent of the amount bid for at the low price was accepted)
Federal Keserve Total Total
District
Boston $ 16,020,000 I ll»tt?6,OO0
Bow York
Fhiladalpaia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Franoiseo
Applied for
l,fe3a>720,000
32,615*000
l,^?*00©
21,^,000
16,1^,000
S^!S|
S?,19b0Q0
U*,065,000
X,feg»000
li,635,000
$2,005,255,000
72,739.000
3
TOTAL
Accepted
91
?' 2 6 2'?2
2a,235,000
,!>*SI#2£
Hf22MK
32X'25
^'S'S
H'&S'SS
H'JS'S
Mf'2S
£'???f25
$1,312,332,000
gf^1*0^
TREASURY DEPARTMENT
Y/ashington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 15, 1946:
Press Service
No. V-200
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 January 17 and to mature April 18, 1946, which were
offered on January 11, 1946, were opened at the Federal Reserve
Banks on January 14.
The details of this issue are as follows:
Total applied for - $2,005-255,000
Total accepted
- 1,312', 132,000 (includes $61,205,000
entered on a fixed-price basis at 99.905 and accented in
full)
Average price
- 99.905/Equivalent rate of discount approx.
0.375$ per annum
Range of accepted competitive bids:
High
- 99.907
0.368$
- 99.905
0.376$
Low
Equivalent rate of discount approx.
per annum
Equivalent rate of discount approx.
per annum
(61 percent of the amount bid for at the low price was accepted)
Federal Reserve
district
Total
Applied for
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
TOTAL
16,020,000
,434,720,000
1,
32,815,000
8,687,000
21,045,000
16,150,000
314,240,000
27,194,000
14,065,000
32,945,000
14,635,000
72,739,000
$2,005,255,000
-0O0-
Total
Accepted
$
11,496,000
918,263,000
24,235,000
8,687,000
19,388,000
13,950,000
196,538,000
18,419,000
10,165,000
29,435,000
11,125,000
50,431,000
$1,312,132,000
January 7, 1946
TO MR. BARTKLTt
There were no market transactions during the aoath of
December, 1945, In direct and guaranteed securities of the
Government.
Com&lssioner of Accounts
GOjpy to: Mr. Ueffelfinger
Mr. Shaeffer
Miss Sanford
HNaud
Mr* Bartelt
Mr. Batchelder
Mr. Bernstein (3^5)
Mr. Brennan (Dist)..)
Mr. Burdette (3111)
Miss Burke
B & W (1*308)
Mr. Cake
Mr, Church
Mr.. Coe
Mrs. Coon
Miss Cullen
Mr. Cunningham
Mrs. Day (3^21)
Mr. Delano
Mr. Dietrich (3^53)
Miss Edelin
Mrs. Farrell (5323)
Miss Florin (Hi25)
Mr. Frese (3^6U)
Mr. Gerardi
Miss Gibson (3^6U)
Mr. Glasser (3^37)
Mr. Greehberg
Mr. Gunter (2222)
Mr. Haas
Mr. Handy (3^58)
Mr. Hearst
Mr. Heffelfinger
Mr. Howard
Miss Hodel (3^58)
Mr. Hyland (3^13)
Mr. Jones (2HU9)
Mr. Jordan
Miss Kailey (3013)
Mr. Kelley
Mr. Kilby
Mr. Landis
Mrs. Legg (3^53)
Mr. Lindow
Mr. Maxwell (U330)
Mr. McDonald
Miss Michener
Mr. L. V. Moore
Mr. M. Moore (3*458)
Mr. Mulvihill (5310)
Mrs. Naud (**330)
Mr. Ness
Mr* Nisonger (HU09)
Mr. O'Connell
Mr. 0'Daniel (5056)
Mr. Peterson (Disfc.)
Mrs. Potts
Mr. Rahon
Mrs. Half (132^)
Mr. Reeves
Mrs. Root ( 3 W O
Mrs. Ross
Miss Rousseaux (^319)
Miss Sanford (512*0
Mr. Schoeneman
Mr» Schwalm
>
Mr. Shaeffer
^^>
"Mr. 51indee ~~
Mr. Smith O ^ O
Mr. Speck
Mr. Starratt
Miss Stockwell (3^53)
Mrs. Sundelson (3^9)
Mr. Tickton
Mr. Tietjens
Mr. Upham
Miss Vassar (3*&6)
Mrs. Walker (3^6*0
Mrs. Warneson (3^6)
Mr. Weber
Miss White (3UU6)
Mr. White
Mrs. Wondrack
Mr. Ziegenfus
/.
t
TREASURY SJEPARTMSTT
, Washington
TOR RELEASE^ MORNING NBW8PA3M1RS,
SaiwawLay, December L5 7 1945*
Press Service
Ho i V ,166
During the month of NoviMhbm, 1945, there
were no market transactions in; direct and guaranteed securities of the Government for Treasury "
investment and other accounts, Secretary Vinson
announced today.
-oOo-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, January 15, 1946.
Press Service
No. V-201
During the month of December, 1945, there
were no market transactions in direct and guaranteed securities of the Government for Treasury investment and other accounts,
Secretary Vinson announced today*
~o0a~
FOR IMMEDIATE RELEASE
January 15. 19#
/^-P-
^^~
The Bureau of Customs announced today preliminary figures
shoving the quantities of coffee entered for consumption during
the period commencing October 1, 19**5 as follows:
Country of Production
Quantity in Pounds
As of January 5, 19**6
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
i-Signatory Countries:
TOTAL
391,015,^71
155,679,063
7.U66.619
100
9,26s,**6l
7,069,367
6,080,1*65
10,867,959
6,250,1*90
3.SS5.SS5
7,518,682
793,80S
1,036,251
6,01*8,269
ll*,62l*,6i&
627,605,539
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday,January le, 1946.
Press Service
No. V-202
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 1945 as follows:
Country of Production
Quantity in Pounds
As of January 5, 1946
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
391,015,471
155,679,068
7,466,619
100
9,268,461
7,069,367
6,080,465
10,867,959
6,250,490
3,885,885
7,518,682
•793,808
1,036,251
6,048,269
>n-Signatory Countries J
14,624,644
TOTAL
627,605,539
-oOo
^_
J)
rfVh_
TREASURY DEPARTMENT
Washington
FOR*RiSLhAS&, UOKNIKG IMSPAIEiHSj
Press Service
Secretary Vinson today announced the preliminary figures on securities sold
in the Victory Loan Drive aggregating $21,lUi,000,000, of which $6,776,000,000
was subscribed by individuals and $1U,368,000,000 by all other non-bank investors.
Total subscriptions for each of the securities offered in this Drive were as
follows J
(Xn Millions of Dollars)
E Savings Bonds $ 2,20U
F and G Savings Bonds
Savings Notes
2-1/2? Treasury Bonds
2-1/1$ Treasury Bonds
7/8$ Certificates
657
1,682
9,819
3,0k$
3,737
Total $21,114*
In addition to those which applied to the Drive, the Treasury received subscriptions from corflfflorcial ban&s, based on their savings deposits, which aggregated
#1,396,000,000, as follows?
(In dllions of Dollars)
F and 0 Savings Bonds $ 90
2-1/2$ Treasury Bonds
2-lA,i Treasury Bonds
7/856 Certificates
853
1*23
30
Total $1,396
There were also purchased outside of the Drive $1,017,650,000 of the 2-l/2^
Treasury Bonds and ?500,000 of the ?A'w Certificates for the Treasury investment
accounts.
The deferred payment provision of the offering circulars was availed of to thi
extent of §1,277,000,000 for the 2-1/2^ bonds and $21^,000,000 for the 2-l/W hen*.
These subscriptions are included in the Drive figures given in the first table or
this statement.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, January 17, 1946.
Press Service
No. V-203
Secretary Vinson today announced the preliminary figures on
securities sold in the Victory Loan Drive aggregating
$21,144,000,000, of which $6,776,000,000 was subscribed by
individuals and $14,368,000,000 by all other non-bank investors.
Total subscriptions for each of the securities offered in this
Drive were as follows:
(In Millions of Dollars)
E Savings Bonds $ 2,204
F and G Savings Bonds
657
Savings Notes
1,682
2-1/2% Treasury Bonds
9,819
2-1/4$ Treasury Bonds
3,045
7/8$ Certificates
3,757
Total $21,144
In addition to those which applied to the Drive, the Treasury
received subscriptions from commercial banks, based on their savings
deposits, which aggregated $1,396,000,000, as follows:
(In Millions of Dollars)
F and G Savings Bonds $ 90
2-1/2$ Treasury Bonds
2-1/4$ Treasury Bonds
7/8$ Certificates
Total $1,396
853
423
30
There were also purchased outside of the Drive $1,017,650,000
of the 2-1/2$ Treasury Bonds and $500,000 of the 7/8$ Certificates
for the Treasury investment accounts.
The deferred payment provision of the offering circulars was
availed of to the extent of $1,277,000,000 for the 2-l/2$ bonds and
$214,000,000 for the 2-l/4$ bonds. These subscriptions are
included in the Drive figures given in the first table of this
statement.
-0O0-
-2the presses, the Mint had put out a total of 2,677,23^,448 of
these coins*
Trhe new Roosevelt dime is the fourth portrait coin in the
present series, all of which honor former presidents. The others
are the Lincoln* pjeaafty, "the Washington quarter, and the Jefferson
nickel.
-oOo-
Secretary Vinson announced today that the United States Mint u)j
beg4n striking the Franklin D. Roosevelt dime thio morning*
Nellie Tayloe Ross, Director of the Mint, stated that on and
after February 5, the new coins will be released over the' country
through the Federal Reserve banks and branches as well as through
the cashier of the Treasury*
The ten-cent piece commemorating the late President and
designed by John R. Sinnock, the Mint's chief engraver, is of
exactly the same size and metallic content as the dime now
circulating.
The "head", or obverse side, bears a portrait of
BJr. Roosevelt facing left, the word LIBERTY around the left border,
in the lower left field IN GOD BE TRUST, and the date, 1946, in
the lower right field.
The reverse side carries the torch of liberty centered with
the olive branch of peace on the left, and to the right the oak
branch signifying strength and independence; inscribed around the
upper border is UNITED STATES OF AMERICA; around the lower border
ONE I'II'/!E; across the lower field appears E PLURIBUS ulfUIT.
The winged liberty head dimes now outstanding will continue
to circulate.Mrs. Ross said; but no more will be minted.
^ — T h e first ten-cent coins bearing the pattern created thirty
years ago by Adolph A. Weinman, were struck in 1916. As of late
December, 1945, when the last of the Liberty dimes passed through
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, January 17, 1946f
Press Service
Ho. V-204
Secretary Vinson announced today that the United
States Mint will begin striking the Franklin D. Roosevelt
dime tomorrow morning.
' Nellie Tayloe Ross, Director of the Mint, stated that
on and after February 5, the new coins will be released
over the country through the Federal Reserve banks and
branches as well as through the cashier of the Treasury.
The ten-cent piece commemorating the late President
and designed by John R. Sinnock, the Mint's chief engraver,
is of exactly the same size and metallic content as the
dime now circulating. The "head", or obverse side, bears
a portrait of Mr. Roosevelt facing left, the word LIBERTY
around the left border, in the lower left field IN GOD WE
TRUST, and the date, 1946, in the lower right field.
The reverse side carries the torch of liberty centered
with the olive branch of peace on the left, and to the
right the oak branch signifying strength and independence;
inscribed around 'the upper border is UNITED STATES OF
AIIERICA; around the lower border ONE DIME; across the
lower field appears E PLURIBUS UNUM.
The winged Liberty head dimes now outstanding will
continue to circulate, Mrs. Ross said; but no more will be
minted. The first ten-cent coins bearing the pattern
created thirty years ago by Adolph A. Weinman, were struck
in 1916. As of late December, 1945, when the last of the
Liberty dimes passed through the presses, the Mint had put
out a total of*2,677,232,448 of these coins.
The new Roosevelt dime is the fourth portrait coin in
the present series, all of which honor former presidents.
The others are the Lincoln penny, the Washington quarter,
and the Jefferson nickel.
-oOo
- 3 for such bills, whether on original issue or on subsequent purchase, and the
actually received either upon sale or redemption at maturity during the taxa
year for which th return is made, as ordinary gain or loss.
Treasury Department Circular No. A1S, as amended, and this notice, ore-
scribe the terms of the Treasury bills and govern the conditions of their iss
Copies of/KheJcircular may be obtained from any Federal Reserve Bank or Bran
- 2 -
Reserve Banks and Branches, following which public announcement will be made
Secretary of the Treasury of the amount and price range of accepted bids. Th
submitting tenders will be advised of the acceptance or rejection thereof. T
Secretary of the Treasury expressly reserves the right to accept or reject a
all tenders, in whole or in part, and his action in any such r spect shall be
Subject to these reservations, tenders for $200,000 or less from any one bid
99.905 entered on a fixed-price basis will be accepted in full. Payment of a
tenders at the prices qffered must be made or completed at the Federal Reser
in cash or other immediately available funds on January 2k, 19k&
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
and loss from the sale or other disposition of Treasury bills shall not have
special treatment, as such, under Federal tax Acts now or hereafter enacted.
bills shall be subject to estate, inheritance, gift, or other excise taxes, w
Federal or State, but shall be exempt from all taxation now or hereafter imp
on the TDrincipal or interest thereof by any State, or any of the possession
the United States, or by any local taxing authority. For purposes of taxatio
amount of discount at which Treasury bills are originally sold by the United
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 Revenu- Act of 1941,
amount of discount at which bills issued hereunder are sold shall not be con
to accrue until such bills shall be sold, redeemed or otherwise disposed of,
such bills are excluded from consideration as capital assets. Accordingly, t
owner of Treasury bills (other than life insurance companies) issued hereund
need include in his income tax return only the difference between the price
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 13, 19U6
.
The Secretary of the Treasury, by this public no tic-, A invites tenders
for $ 1.3Q0.Q00.000 , or thereabouts, of 91 -day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter
vided. The bills of this series will be dated January 2k, 19U6 , and will
mature April 2$, 19U6 , when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of $1
$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 $gx time, Monday. January 21. 19ii6
•
Tenders will not be received at the Treasury Department, 7/ashington. Each tender
must be for an even multiple of $1,000, and the price offered must be express
on the basis of 100, with not more than three decimals, e. g,, 99.925- Fracti
may not be used. It is urged that tenders be made on the Drinted forms and fo
warded in the special envelopes which will be supplied by Federal Reserve Ban
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment sec
ties. Tenders from others must be accompanied by payment of 2 percent of the
amount of Treasury bills applied for, unless the tenders are accompanied by a
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, January 18, 1946.
The Secretary of the Treasury, by this public notice, invites
tenders for $1,500,000,000, or thereabouts, of 91-day Treasury
bills, to be issued on a discount basis under competitive and
fixed-price bidding as hereinafter provided. The bills of this
series will be dated January 24, 1946, and will mature April 25,
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., Eastern Standard time,
Monday, January 21, 1946, Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and the price offered must be expressed on the
basis of 100, with not more than three decimals, e.g., 99.925.
Fractions may not be used. It i° urged that tenders be made on the
printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve. Banks or Branches on application
therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers- in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the 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 January 24, 1946.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall(Over)
not
V-205
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
- 2 -
shall-be subject to estate, inheritance, gift, or other excise
taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof
by any State, or any of the possessions of the United States, or by
any local taxing authority. For purposes of taxation the amount of
discount at which Treasury bills are originally sold by the United
States shall be considered to be interest. Under Sections 42 and
117 (a) (1) of the Internal Revenue Code, as amended by Section 115
of the Revenue Act of 1941, the amount of discount at which bills
issued hereunder are sold shall not be considered to accrue until
such bills shall be sold, redeemed or otherwise disposed, of, and
such bills are excluded from consideration as capital assets.
Accordingly, the owner of Treasury bills (other than life insurance
companies) issued hereunder need include in his income tax return
only the difference between the price paid for such bills, whether
on original issue or on subsequent purchase, and the amount
actually received either upon sale or redemption at maturity during
the taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No* 418, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be
obtained from any Federal Reserve Bank or Branch.
oOo
DIVISION OF PUBLIC RELATIONS
assignment sheet. Title
7/t$ Csrtlficatei
V»206
Press Service No*
Release date l/2l/46
Mailing : No. copies
list
! to be sent
Bldg.
dist.
Special messenger
65
. . . . . . . .
IU > 6 0
0
General ........••••*
TAC
Trade Agreement Commodities « • •
CFQ
60
I
:
\f
158
Coffee quotas • «•••••••»
22
136
:
CQ
Cotton quotas ....... w • •
22
135
:
T.UQ
"Wheat quotas ....*•••• 4
22
115
:
BUL
Treasury monthly Bulletin /|> . .
1,367
:
F
Finance . , • • • * ^ +'> • • • • •
167
540
i
m
Net Market trans actons
142
207
T
Taxes . . . . . . .
167
600
DLI
Debt limitation . <
151
325
/ /
SF
>»
......
5
551
174
Stabilization fund. •
'
taattqf.)
Miss Rover (pleas© delivar
lelivai
178
150
Weekly bill offering
B&B
Bills & Bonds other than weekly • •
FE
NE
Financial Editors
News Editors • .
Speech list • . *
156
275 '
\
200
j
300
469 \
1,575 !"^
126
\
PUBLIC RELATIONS, Room 4416
•
•
•
150 __
*
Press room . • • •
25
om
Building distribution . 160..
7 yz>
7/1/45
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, January 21, 19U6.
Press Service
ifo. V-206
Secretary of the Treasury Vinson today announced the offering, through the
Federal Reserve Banks, of 7/8 percent Treasury Certificates of Indebtedness of
Series B-19U7, open on an exchange basis, par for par, to holders of Treasury Certificates of Indebtedness of Series A-19U6, maturing February 1, 19U6. Cash subscriptions will not be received.
The certificates now offered will be dated February 1, 19U6, and will bear
interest from that date at the rate of seven-eighths of one percent per annum,
payable semiannually on August 1, 19U6, and February 1, 19U7. They will mature
February 1, 19U7. They will be issued in bearer form only, in denominations of
$1,000, $£,000, $10,000, $100,000 and $1,000,000.
Pursuant to the provisions of the Public Debt Act of 19U1* interest upon the
certificates now offered shall not have any exemption, as such, under Federal tax
Acts now or hereafter enacted. The full provisions relating to taxability are set
forth in the official circular released today.
Subscriptions will be received at the Federal Reserve Banks and Branches, and
at the Treasury Department, Washington, and should be accompanied by a like face
amount of the maturing certificates. Subject to the usual reservations, all subscriptions will be allotted in full.
The subscription books will close at the close of business Wednesday,
January 23, 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 Saturday,
January 26.
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 $£,Ol;3,U67,000 of the Series A-19U6 certificates.
The text of the official circular follows:
UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES B-19U7
Dated and bearing interest from February 1, 19U6 Due February 1, 19^7
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, January 21, 19k6,
19U6
Department Circular No, 783
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, designated 7/8 percent Treasury Certificates of Indebtedness of Series B-19U7* in
exchange for Treasury Certificates of Indebtedness of Series A-19U6, maturing
February 1, 19^6.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated February 1, 19U6, and will bear interest
from that date at the rate of 7/8 percent per annum, payable semiannually on
August 1, 191+6, and February 1, 19U7. They will mature February 1, 19U7, and
will not be subject to call for redemption prio* 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 an the principal or interest
thereof by any State, or any of the possessions of the United States, or by any
local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
ii. 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 certificates will not be issued in registered form.
5>. The certificates will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United States certificates .
III.
SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and Branches
and at the 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 -
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of Certificates applied
for, and to close the books as to any or all subscriptions at any time without
notice; and any action he may take in these respects shall be final. Subject to
these reservations, all subscriptions will be allotted in full. Allotment notices
will be sent out promptly upon allotment.
IV. PAYMENT
1. Payment at par for certificates allotted hereunder must be made on or
before February 1, 19l|6, or on later allotment, and may be made only in Treasury
Certificates of Indebtedness of Series A-19U6, maturing February 1, 19U6, 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 authorized and requested to receive subscriptions, to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive
payment for certificates allotted, to make delivery of certificates on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery.of
the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks.
FRED M. VINSON,
Secretary of the Treasury.
TREASURY DEPARTMENT
Washington
A
FOR RELEASE, MORNING NEWSPAPERS, Press service ^
Tuesday, January 22, 19U6.
,
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 January 21* and to
mature April 2$, 19U6, which were offered on January 18, 191*6, were opened at the Fedt
Reserve Banks on January 21.
The details of this issue are as follows;
Total applied for - 12,016,155,000
Total accepted
- 1,316,791,000
Average price
(includes $59,905,000 entered on a fixedprice basis at 99*90$ and accepted in full)
- 99.905^ Equivalent rate of discount approx. 0.375$ per annum
Range of accepted competitive bidss
High - 99.907 Equivalent rate of discount approx. 0.3685Tper annua
B
Low
- 99.905
« «
»
«
0.376$ «•
"
(61 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
Accepted
Boston
$
$
liwTork
Philadelphia
P
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL $2,016,155,000 $1,316,791,000
"*s £ ,
1U,515,000
1,1*98,283,000
1*1,775,000
18,250,000
12,325,000
8,315,000
290,525,000
17,21*0,000
lU, 985,000
18,305,000
ll*,625,000
67,012,000
11,239,000
*?'ffi'25
31
'k£'25
17,860,000
10,960,000
8,315,000
181,325,000
12,21*8,000
S'Sn'JK
tf'SS'S
1U,I18,000
52,387,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, Press Service
Tuesday, January 22, 1946.
No. V-207
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 January 24 and to mature April 25, 1946, which were
offered on January 18, 1946, were opened at the Federal Reserve
Banks on January 21.
The details of this issue are as follows:
. Total applied for - $2,016,155,000
Total accepted
- 1,316,791,000 (includes $59,905,000
entered on a fixed-price basis at 99.905 and accepted in
full)
Average price - 99.905/Equivalent rate of discount approx.
0.375^ per annum
Range of accepted competitive bids:
High - 99.907 Equivalent rate of discount approx.
O.368/0 per annum
Low
- 99.905 Equivalent rate of discount approx.
0.376^ per annum
(61 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
$
14,515,000
Boston
1,498,283,000
New York
41,775,000
Philadelphia
18,250,000
Cleveland
.axuiimunu
12,325,000
Richmond
Atlanta
8,315,000
Chicago
290,525,000
St. Louis
17,240,000
Minneapolis
14,985,000
Kansas City
18,305,000
Dallas
14,625,000
San Francisco
67,012,000
TOTAL $2,016,155,000 _ $1,316,791,000
-0O0-
Accepted
$
11,239,000
948,913,000
31,401,000
17,860,000
10,960,000
8,315,000
181,325,000
12,248,000
11,085,000
16,940,000
14,118,000
52,587,000
23 Jan 46
The Treasury, War and Navy Departments today issued the following joint stateme
United States Army and Navy forces in the main and outlying islands of Japan
and in Korea are using a supplemental military currency denominated in yen as
well as local legal tender currency. In order to distinguish bet-ween the supple- •
mental military currency used in these two areas, the letter "B" has been imprinted!
on the military currency notes for use in the main and outlying islands of Japan
and the letter "A" on the military currency notes for use in Korea.
The supplemental military currency notes bear on their face the words "Military Currency" in English and in Japanese and on the reverse side the words "Issued
Pursuant to Military Proclamation" in both languages.
This supplemental military yen currency has been issued in seven denominations,
namely, 10 and 50 sen and 1, 5, 10, 20 and 100 yen. There are 100 sen to the yen.
The notes in the denominations of 10 sen, 50 sen, and 1 yen are one-half the size
of the U.S. dollar currency. The 5 yen and 10 yen denominations are somewhat
larger than the sen notes, and 20 yen and 100 yen notes are the size of the U.S.
dollar note.
,
Military yen supplement the local legal tender currency in Japan and Korea, /
namely Bank of Japan and state notes in Japan, and Bank of Chosen notes in Korea,
and are interchangeable therewith without distinction at the rate of one for one.
Japanese military yen scrip (used by Japan in the Japanese occupied territories)
has been declared not legal tender and is not interchangeable with supplemental
yen or local legal tender currency.
Supplemental military yen currency notes were produced in the United States
for use under appropriate military authority in the above-mentioned areas. In
order to save costs of printing and shipping currency, the Bank of Japan and the
Bank of Chosen, acting upon instructions from the Supreme: Commander for the
Allied Powers, are now providing yen to the military commander for his use in
Japan and in Korea, respectively. In these two areas, military yen currency
is therefore being held in reserve.
No general rate of exchange between the yen and the dollar has been establish i
However, for U.S. military and naval pay and accounting purposes, an initial conversion rate of 10 supplemental military yen equal one U.S. dollar was used in
the invasion of Okinawa and other islands of the Ryukyu group. This conversion
rate was superseded as of 4 September 1945 by a rate of 15 yen equal one U.S.
dollar which is the conversion rate now being used in the main and outlying islan
of Japan and in Korea.
Under existing arrangements U.S. military and naval personnel may remit in
dollars to the United States at the above rate all or any portion of the amount
of their pay drawn by such personnel in yen for their local expenditures. They
\ may also remit in dollars to the United States yen arising from dollar instruments,
such as remittances from home, cashed through official channels. U.S. soldiers
and sailors leaving the area may exchange yen currency held by them, if obtained
from the sources just mentioned, for dollar currency. The relevant army and navy
J appropriations are charged for the dollar equivalent of yen used by U.S. forcss for|
i military and naval expenditures properly chargeable to War Department and Navy
Department appropriated funds. In this manner the control of the Congress over
the expenditures of the U.S. forces is maintained.
($}•
odt
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, January 25, 1946.
Press Service
No. V-208
The Treasury, War and. Navy Departments today issued the
following joint statement:
United States Army and Navy forces in the
main and outlying islands of Japan and in Korea
are using a supplemental military currency denominated in yen as well as local legal tender currency.
In order to distinguish between the supplemental
military currency used in these two areas, the
letter "B" has been imprinted on the military currency notes for use in the main and outlying islands
of Japan and the letter "A" on the military currency
notes for use in Korea.
The supplemental military currency notes bear
on their face the words "Military Currency" In
English and in Japanese and on the reverse side the
words "Issued Pursuant to Military Proclamation" in
both languages.
This supplemental military yen currency has been
issued in seven denominations, namely, 10 and 50 sen '
and 1, 5, 10, 20 and 100 yen. There are 100 sen to
the yen. The notes in the denominations of 10 sen,
50 sen, and 1 yen are one-half the size of the U. S.
dollar currency. The 5 yen and 10 yen denominations
are somewhat larger than the sen notes, and 20 yen
and 100 yen notes are the size of the U. S. dollar
note.
Military yen supplement the local legal tender
currency in Japan and Korea, namely Bank of Japan and
state notes in Japan, and Bank of Chosen notes in
Korea, and are interchangeable therewith without distinction at the rate of one for one. Japanese military
yen scrip (used by Japan in the Japanese occupied
territories) has been declared not legal tender and is
not interchangeable with supplemental yen or local
legal tender currency.
23 Jan IS
JThe Treasury, War and Navy Departments today issued the following joint state
United States Army and Navy forces in the main and outlying islands of Japan
and in Korea are using a supplemental military currency denominated in yen as
well as local legal tender currency. In order to distinguish between the supplemental military currency used in these two areas, the letter "B" has been imprinted!
on the military currency notes for use in the main and outlying islands of Japan
and the letter "A" on the military currency notes for use in Korea.
The supplemental military currency notes bear on their face the words "Military Currency" in English and in Japanese and on the reverse side the words "Issued
Pursuant to Military Proclamation" in both languages.
This supplemental military yen currency has been issued in seven denominations
namely, 10 and 50 sen and 1, 5, 10, 20 and 100 yen. There are 100 sen to the yen.
The notes in the denominations of 10 sen, 50 sen, and 1 yen are one-half the size
of the U.S. dollar currency. The 5 yen and 10 yen denominations are somewhat
larger than the sen notes, and 20 yen and 100 yen notes are the size of the U.S.
dollar note.
Military yen supplement the local legal tender currency in Japan and Korea,
namely Bank of Japan and state notes in Japan, and Bank of Chosen notes in Korea,
and are interchangeable therewith without distinction at the rate of one for one.
Japanese military yen scrip (used by Japan in the Japanese occupied territories)
has been declared not legal tender and is not interchangeable with supplemental
yen or local legal tender currency.
Supplemental military yen currency notes were produced in the United States
for use under appropriate military authority in the above-mentioned areas. In
order to save costs of printing and shipping currency, the Bank of Japan and the
Bank of Chosen, acting upon instructions from the Supreme: Commander for the
Allied Powers, are now providing yen to the military commander for his use in
Japan and in Korea, respectively. In these two areas, military yen currency
is therefore being held in reserve.
No general rate of exchange between the yen and the dollar has been establish
However, for U.S. military and naval pay and accounting purposes, an initial conversion rate of 10 supplemental military yen equal one U.S. dollar was used in
the invasion of Okinawa and other islands of the Ryukyu group. This conversion
rate was superseded as of 4 September 1945 by a rate of 15 yen equal one U.S.
dollar which is the conversion rate now being used in the main and outlying islan
of Japan and in Korea.
Under existing arrangements U.S. military and naval personnel may remit in
dollars to the United States at the above rate all or any portion of the amount
of their pay drawn by such personnel in yen for their local expenditures. They |
\ may also remit in dollars to the United States yen arising from dollar instruments^
such as remittances from home, cashed through official channels. U.S. soldiers
and sailors leaving the area may exchange yen currency held by them, if obtained .
from the sources just mentioned, for dollar currency. The relevant army and navy
appropriations are charged for the dollar equivalent of yen used by U.S. force« w
military and naval expenditures properly chargeable to War Department and Navy
Department appropriated funds. In this manner the control of the Congress over
the expenditures of the U.S. forces is maintained.
o 6o
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, January 25, 1946.
Press Service
N o . V-208
The Treasury, War and. Navy Departments today issued the
following joint statement:
United States Army and Navy forces in the
main and outlying islands of Japan and in Korea
are using a supplemental military currency denominated in yen as well as local legal tender currency.
In ordet-±Mdistinguish_between the supplemental
'3 two areas, the
• .)n the military curI and outlying islands ,/
Treasury Department
the military currency ''•"'
Division of Monetary Research
Date„.Ja»uary.22,.i94..6...
To:
Mr, Charles P. Shaeffer RBU 4408
From: W. H. Diehl N ^ - — - ,
This is suggested press release
on Japanese yen currency. We would
appreciate receiving 60 copies of this
for distribution.
"••,
currency notes bear
ry Currency" in
the reverse side the
ary Proclamation" in
yen currency has been
namely, 10 and 50 sen •
There are 100 sen to
ninations of 10 sen,
bhe size of the U. S.
10 yen denominations
i notes, and 20 yen
of the U. S. dollar
3 local legal tender
nely Bank of Japan and
:>f Chosen notes in
:herewith without disone. Japanese military
Japanese occupied
lot legal tender and is
lental yen or local
The Treasury, War and Navy Departments today issued the following joint statemen
United States Army and Navy forces in the main and outlying islands of Japa
and in Korea are using a supplemental military currency denominated in yen as
well as local legal tender currency. In order to distinguish between the supple
mental military currency used in these two areas, the letter *Bn has been imprin
on the military currency notes for use in the main and outlying islands of Japan
and the letter "AH on the military currency notes for use in Korea.
The supplemental military currency notes bear on their face the words "Mill
tary Currency" in English and in Japanese and on the reverse side the words wIss
Pursuant to Military Proclamation" in both languages.
This supplemental military yen currency has been issued in seven denominate
namely, 10 and 50 sen and 1, 5, 10, 20 and 100 yen. There are 100 sen to the ye
The notes in the denominations of 10 sen, 50 sen, and 1 yen are one-half the siz
of the U.S. dollar currency. The 5 yen and 10 yen denominations are somewhat
larger than the sen notes, and 20 yen and 100 yen notes are the size of the U.S.
dollar note.
Military yen supplement the local legal tender currency in Japan and Korea,
namely Bank of Japan and state notes in Japan, and Bank of Chosen notes in Korea
and are interchangeable therewith without distinction at the rate of one for one
Japanese military yen scrip (used by Japan in the Japanese occupied territories)
has been declared not legal tender and is not interchangeable with supplemental
yen or local legal tender currency.
Supplemental military yen currency notes were produced in the United States
for use under appropriate1'military authority in the above-mentioned areas. In
order to save costs of printing and shipping currency, the Bank of Japan and the
Bank of Chosen, acting upon instructions from the Supreme: Commander for the^
Allied Powers, are now providing yen to the military commander for his use in
Japan and in Korea, respectively. In these two areas, military yen currency
is therefore being held in reserve.
No general rate of exchange between the yen and the dollar has been establi
However, for U.S. military and naval pay and accounting purposes, an initial^cor
version rate of 10 supplemental military yen equal one U.S. dollar was used in
the invasion of Okinawa and other islands of the Ryukyu group. This conversion
rate was superseded as of 4 September 1945 by a rate of 15 yen equal one U.S.
dollar which is the conversion rate now being used in the main and outlying lsli
of Japan and in Korea.
Under existing arrangements U.S. military and naval personnel may remit in
dollars to the United States at the above rate all or any portion of the amount
of their pay drawn by such personnel in yen for their local expenditures. They
may also remit in dollars to the United States yen arising from dollar instrumei
such as remittances from home, cashed through official channels. U.S. soldiers
and sailors leaving the area may exchange yen currency held by them, if obtainei
from the sources just mentioned, for dollar currency. The relevant army »nd w
appropriations are charged for the dollar equivalent of yen used by U.S. forces
military and naval expenditures properly chargeable to War Department and Navy
Department appropriated funds. In this manner the control of the Congress over
the expenditures of the U.S. forces is maintained.
o 0 6
~ 2 -
Supplemental military yen currency notes were
produced in the United States for use under appropriate military authority in the above-mentioned
areas. In order to save costs of printing and
shipping currency, the Bank of Japan and the Bank
of Chosen, acting upon instructions from the Supreme
Commander fori the Allied Powers, are now providing
yen to the military commander for his use in Japan
and in Korea,.respectively. In these two areas,
military yen currency is therefore being held in reserve.
No general rate of exchange between the yen and
the dollar has been established. However, for U. S.
military and naval pay and accounting purposes, an
initial conversion rate of 10 supplemental military
yen equal one f£T, S. dollar was used in the invasion
of Okinawa and?', other islands of the Ryukyu group.
This conversion rate was superseded as of 4 September
1945 by a rate^of 15 yen equal one U. S. dollar which
is the conversion rate now being used in the main and
outlying islands of Japan and in Korea,
Under existing arrangements U. S. military and
naval personnel may remit in dollars to the United States
at the above rate all or any portion of the amount of
their pay drawn by such personnel in yen for their local
expenditures. They may also remit in dollars to the
United States yen arising from dollar instruments, such
as remittances from home, cashed through official channels.
U. S, soldiers and sailors leaving the area may exchange
yen currency held by them, if obtained from the sources
just mentioned, for dollar currency. The relevant army
and navy appropriations are charged for the dollar
equivalent of yen used by U, S, forces for military and
naval expenditures properly chargeable to War Department
and Navy Department appropriated
funds. In this manner
oOothe control of the Congress over the expenditures of the
U. S. forces is maintained.
(/'i°f
FOE IMMEDIATE BELEA3E
January 22, I9U6.
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October I, 19^5»
Country of Production
as
follows:
Quantity in Pounds
As of January 12, I9H6
Signatory Countries:
Brazil
Colombia
Costa Eica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
Non-Signatory Countries:
TOTAL
iU7,U77,023
16S,593,159
7.H65.995
101
9,291,805
8,01^,1+13
6,07^,^28
10,867,959
6,250,^90
3,917,210
$tkOk,k%l
1,678,598
1,121,9^
8,1*55,000
15,339,213
672,956,815
*T*iqB HAS BEEN MIMEOGRAPHED,
TO* THIS RELEASE HAS
^
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, January 23, 1946.
Press Service
No. V-209
The Bureau of Customs announced today preliminary
figures showing the quantities of coffee entered for
consumption during the period commencing October 1,
1945, as follows:
Country of Production
Quantity in Pounds
As of January 12, 1946
Signatory Countries:
417,477,023
168,598,159
7,465,995
101
9,291,805
8,014,413
6,074,428
10,867,959
6,250,490
3,917,210
8,404,481
1,678,598
1,121,940
8,455,000
Brazil
Colombia
Costa Rica
Cuba
Dominican Rejpublic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
15,339,213
>n~Signatory Countries:
TOTAL
672,956,815
-0O0-
DIVISION OF PUBLIC RELATIONS
AS
signment sheet.
Title Vinson Chapel H 1 U speech on Briti»h loan
1/24/46
-— — - - V-21°
Release
date
Press Service No.
i
Mailing : No* copies
. list
: to be sent
Bldg.
dist.
65
P^
Special messenger
^ 6 5
«**
&
^
:
60
:
•
60
0
General
TAG
Trade Agreement Commodities'
22
158
:
CFQ
Coffee quotas • • '••• . * • • • •
22
136
:
CQ
Cottonf quotas
22
135
t
VilQ
Tillheat
22
115
s
BUL
Treasury" monthly Bulletin
1,367
:
F
Finance
540
i
NM
207
\
.
12
T
Mr» Viaoon* At once)
142
Net Market transactions
•
Mrs* MoHugh
167
Taxes . # • . . . • • • • • • • • •
575»
10
DLI
Debt limitation
SF
167
600
< J
151
325
Stabilization fund
174
551
B
Weekly bill offering «
150
178
B&B
Bills & Bonds other than weekly •
156
275
FE
RE
Financial Editors
News Editors . .
Speech list • • .
. . . . • • • • •
—
469
1,575
186
PUBLIC RELATIONS, Room 4416 . . V
Press room . . • •
* back up
Speech list
OH •
Building distribution
/>*'Z>
7/1/45
200
TREASURY DEPARTMENT
Washington
FOR RELEASE, 9:00 P.M. EST
Thursday, January 24, 1946.
Press Service
No. V-210
(The following address by Secretary Vinson
before the 21st annual meeting of the North
Carolina Newspaper Institute at Music Hall,
Chapel Hill, North Carolina, is scheduled
for delivery at 9:00 P.M., E.S.T., Thursday,
January 24, 1946, and is for release at that
t ime).
Coming from Kentucky I feel that I am visiting my friends and
neighbors when I come to North Carolina. All of us in the South
are proud of what you are doing. We are proud of the great
forward strides you are making in industrial and agricultural
development. We are proud of the great forward strides you are
making in education and public welfare. We see in North Carolina
a vigorous and progressive democracy built on the finest traditions
and highest ideals of the South.
Tonight we shall discuss a measure, on which the representatives of two democratic nations reached agreement, that will better
our chances of establishing a sound world economy. That measure,
which is subject to the consideration and approval of the Congress,
is the proposed financial agreement between the United Kingdom and
the United States.
The American people should understand fully the nature and
effects of the proposed agreement in order that Congress can have
the benefit of their views in applying Its best judgment to the
proposal.
One part of this agreement provides that the United States
will offer a credit of $3,750,000,000 to Britain. There are
certain misconceptions about this line of credit to Britain which
should be dispelled at the outset. In some quarters this credit
is still said to be, through inadvertence, misunderstanding, or
purpose, a gift.
The proposed line of credit is not a gift; it is a loan. It
is not merely a loan of so many dollars to be repaid, but it is
an interest-bearing loan. ' The interest is not a nominal fee, but
- 3 -
It is my hope, therefore, to ekplain some of these benefits
in such plain language that those who wish to understand will not
be lured away by colorful statements without substance. As we
proceed to this more detailed examination, keep this over-all
summary of the proposed Financial Agreement in mind: the money
extended Britain is not a gift but an interest-bearing loan
wherein we receive not only a return of the dollars and interest
but benefits that in truth many believe would have supported a gift.
The prosperity of this country is closely linked with our
export trade. Even during the 1930.; s, when world trade was
severely reduced, our exports accounted for some 7 or 8 percent
of our agricultural and industrial production. For many of the
products of our factories and farms, foreign trade meant the
difference between prosperity and depression. And of all our
foreign trade, no part was more important than that with the British
Empire.
It is hardly necessary for a Southerner addressing
Southerners to state that British trade is important to the South.
But just look at cotton and tobacco, the two principal crops of
the South. In the four years before the war, from 1935 to 1938,
for every two pounds of tobacco we consumed in this country, we
sold one pound abroad. In that same period England alone bought
more than two-thirds of all our tobacco exports. Of our fluecured tobacco a much larger proportion went abroad, principally to
England. And the same thing is true with cotton. In the four
years from 1935 to 1938, for every bale of cotton consumed in this
country we sold a bale abroad. England alone bought nearly onefourth of all our cotton exports. It is plain that without the
British market it would not have been possible to maintain our
cotton and tobacco production and price levels.
During the war Britain adopted certain monetary and trade
controls which if continued would hurt seriously peacetime trade.
* say, frankly, American business cannot afford to see Britain's
wartime trade and currency restrictions continued.
In connection with these wartime controls you have heard of
the sterling area, blocked sterling, and the dollar pool. What
does this mean?
Most of us spend our entire lives in the United States, We
are accustomed to money in the form of dollars and cents. When we
work we are paid in dollars. When we buy we spend in dollars.
When we travel up North, we find that they take our dollars, too.
- 4 -
In the world, however, there are other currencies. There are
a few of inter-country application, but the world-wide currencies
are primarily the dollar and the pound-sterling. If you have a
dollar and want to buy something in another country you may have
to change your money into its kind. If someone abroad wants to
buy your cotton or tobacco, he has to change his money into
dollars.
In this convertibility of money from one kind to another,
restrictions and impediments can grow up or be imposed. As you
can readily see, this puts a brake on trade between nations.
Now what do we mean by the sterling area? These are the
countries of the British Empire and some European countries who
keep their monetary reserves in the form of sterling in London.
Australia, for example, keeps its reserves on deposit in English
banks. Before the. war, the sterling area countries could draw on
these reserves to buy goods all over the world. If Australia
wanted to buy American cotton, it sold sterling for dollars. But
during the war, Britain had to stop the convertibility of sterling.
That brings us to blocked sterling. Britain had to say to
these countries of the sterling area -- to India, Egypt,
Australia and all the rest — the reserve you now have in sterling
cannot be converted into dollars. You can use these sterling
reserves for making payments to each other but not to outsiders.
.
One reason for restricting the convertibility of sterling
was that England did not have enough gold and dollars. During
the war not only did Britain sell $4,500,000,000 worth of her
foreign investments to finance her expenditures, but also she
incurred an enormous debt of $13,000,000,000, measured in our money,
held by foreign countries in the form of sterling balances in
London banks and sterling securities of the British Treasury.
Britain had to restrict the convertibility of sterling. She
couldn't convert such large amounts into dollars or other.currencies.
She had to block their use.
But it wasn't enough to block the wartime sterling balances
and end the convertibility of sterling. England had to mobilize
all of its dollar resources to pay for war needs. The British
Treasury took over private holdings of American securities in
England, paying for them in sterling, and sold many of these
investments in the United States for dollars. And it took steps
to see that all of the dollar receipts of the sterling area
countries were mobilized for war.
- 5 -
This was done through the so-called dollar pool. For example,
when an Egyptian exporter sold goods in the United States, he
turned over the dollars he received to the National Bank of Egypt
and received Egyptian pounds. These dollars were then sold by the
National Bank of Egypt to the British Treasury for sterling. In
this way all of the dollar receipts of the sterling area are pooled^
in London. Then when a country in the sterling area needs dollars,
say Egypt, it applies to London which allocates these dollars on
the basis of the most essential needs. To conserve dollars, London
does not allocate funds to buy goods in America if they can be
secured from sterling area countries.
Of course, along with these financial controls, there are
direct controls of imports in all sterling area countries. And
these controls, like import licenses, are used to keep out goods
that must be paid for in foreign exchange. In practice, this
meant keeping to a minimum imports from countries that had to be
paid for in foreign exchange.
These wartime restrictions are still in effect in Britain.
Clearly, they were essential for the war. They helped Britain to
mobilize her foreign exchange resources and devote them to war
purposes. They restricted the use of her foreign exchange
resources for non-essential purposes. But these wartime restrictions are dangerous in peace. During war, ordinary trade must
give way to war; but trade is the very life-blood of peace. To
restrict trade in time of peace is to force poverty on the world.
That is why we and all countries have an interest in seeing the
prompt removal of Britain's wartime restrictions.
Neither England nor the countries of the sterling area have
any wish to continue these wartime restrictions. But until Britain
finds some other means to pay for its imports it cannot remove
these restrictions. Until the blocked sterling balances are
settled, sterling cannot be made convertible. Until Britain's
dollar receipts are increased, she cannot permit the sterling she
pays for her imports to be used freely in any country, and
particularly the United States. Until Britain can earn enough to
pay for her imports from the dollar area, she must continue the
dollar pool. Until Britain exports enough to pay for its essential
imports it must continue to limit imports from outside the sterling
area, and particularly from the United States.
The elimination of all these wartime restrictions and discriminations is the major international economic problem for the
entire world. Whether they are eliminated depends on what we do.
6 -
We are the largest exporting country in the world. It depends on
what England does. England is the largest importing country in
the world.
As you know, England's attitude will influence other countries,
just as ours will. A number of countries in the British Empire and
in Europe are so completely dependent on British currency and trade,
that they are invariably guided by British policy. That is why
Britain' s decision to terminate her wartime restrictions and discriminations is an essential prerequisite to establishing fair
trade and currency practices.
This country has a particular interest in the removal of
England's currency and trade restrictions. England is our best
customer. One-sixth of all our exports before the war went to
England, Nearly 40 percent of all our exports were sold to the
British Empire and the sterling area. Every section of this country,
every American industry has a vital interest in the opening of
British markets to our products on fair and non-discriminatory
terms. The people of this country, the people of the South, cannot
afford to see England continue and extend her wartime restrictions
on currency and trade.
Let's see, for example, what that means to the South. It
means that England would concentrate its trade within the sterling
area where countries would take payment in sterling for the cotton
and tobacco and other things England would buy. It means that
England would buy cotton primarily from India and Egypt; she
would buy tobacco primarily from Rhodesia and the Near East.
England would stimulate production in her trading area, and once
such production was built up, the British market might be lost to
us forever.
You know the consequences to the South if Britain should adopt
such a policy. In plain language, we would have no other alternative than to cut the production of cotton and tobacco by 20 or
30 percent. More than that'. With the decline in tobacco and
cotton exports the downward pressure on prices would be heavily
increased. We might once again see 8-cent tobacco and 5-cent
cotton.
I speak of cotton and tobacco, only, because they are
Southern crops that we know so well, But the situation would be
much the same in other industries. Wherever American farms and
factories depend on exports, the closing of the markets of the
British Empire and the sterling area would mean economic disaster.
- 7 -
A good deal of progress has been made toward establishing a
world in which countries can trade together* We have agreed on the
fair currency and trade principles that are necessary to make it
possible for. world trade to expand and grow. But it will do no
good to agree on these principles unless all of the trading countries
are ready to put them into practice. We can move ahead on this
program only after Britain removes the restrictions on the use of
sterling outside the sterling area; only after the wartime dollar
pool is abandoned; only after the blocked sterling problem is
settled. When these wartime restrictions have been removed it will
be possible for world trade to expand and to make its full contribution to world prosperity.
Frankly, we have told England that we should like to see her
wartime currency and trade restrictions brought to an end. We want
importers in England and the entire sterling area to have an
opportunity to buy American products if they prefer our products.
The British Government, in turn, has told us frankly that they have
no wish to continue these wartime restrictions. If they could find
some other means to secure the flow of essential imports of food,
raw materials and equipment into Britain they would be prepared to
abandon at once these wartime restrictions and discriminations.
We all know that Britain, as an island nation, relies heavily
upon trade. During the war what she shipped in and bought and what
she shipped out and sold was thrown out of kilter. In 1944 she
shipped out only 30$ of what she did in 1938. Her export industries
were converted to war production. She has lost a large part of her
merchant fleet. Her income from foreign banking and insurance
services declined. She sold many of her most marketable foreign
investments, and lost the income from these, Britain must somehow
make good the fall in her foreign exchange income because she needs
to import large amounts of food and raw materials to feed her people
and industries.
This is the basic reason that Britain needs the money in this
loan. The loan will help balance the difference between what she
must buy abroad and what she sells until she reestablishes a full
flow of export trade. And may I add that though in the transition
period her imports will far exceed her exports that the resulting
standard of living for Britain will be little different from the
austere wartime levels.
- 8 -
In return for the loan, in addition to repaying principal
and interest, here is what Britain undertakes to do by way of
removing within a year, unless we agree to a temporary extension,
the wartime trade and currency controls:
First, all countries of the sterling area will be
allowed to use the proceeds of their exports to England
to buy goods in any other country, including the United
States.
That's because sterling arising from current
A
trade will be made convertible.
Second, all countries of the sterling area will be
able to use the dollars they acquire from their trade
with the United States to make purchases in the United
States. That's because the sterling area dollar pool
will be dissolved.
Third, England's import controls will be administered
in a manner which will not discriminate against American
products. Any exports from the United States to England
will be paid for in dollars or in sterling that can be
. converted into dollars by American exporters.
Fourth, England will settle the blocked sterling
obligations out of her own resources. The funds that are
released in settling these balances, whether as an immediate
payment or as future payments, can be freely used for
purchases in any country, including the United States.
Fifth, England will support the American proposal
for the establishment of an International Trade Organization, for the reduction of trade barriers and for the
elimination of trade discriminations.
This Agreement, then, will be a big step in preventing
economic warfare. It will also be a big step in creating a world
in which countries live and work together in peace and prosperity.
For England it will mean a chance to feed her people and reconvert
her industries in a world of expanding trade. For the United States
it will mean the opening of the markets of our best customers,
England and all the countries in the British Empire and the
sterling area, to the products of our factories and farms. It will
mean a larger American share in a larger world trade. For the
South it will mean the stimulation of the great industrial development which now beckons. Just as there cannot be national
- 9 -
prosperity in the United States without international prosperity,
there cannot be that great economic development of the South
without general prosperity in the United States and the world.
For all countries it will mean a chance to reconstruct a warshattered world with expanding trade, great employment and higher
standards of living.
The alternative is as unhappy as it is clear. If England
cannot "secure the financial assistance of this loan, she will have
to take drastic steps to curtail her imports and force her sales
on other countries. This means that England and the countries that
depend on England's currency and trade — the sterling area
countries -- would reduce their purchases in the United States and
in the dollar area. Our exports would be excluded as far as
possible from British markets. Britain would enter into bilateral
agreements with countries in Europe and South America, offering to
swap her manufactures for their food and raw materials. Such a
policy would inevitably divide the world into conflicting economic
blocs.
I have no doubt we could defend ourselves. We would have to
fight fire with fire. We would be forced to retaliate. We would
set up restrictions and discriminations of our own. In blunt
language, the world would be at war -- economic war. And if we won,
at best we would win a sorry victory. World trade would be
destroyed and all countries would suffer.
That is not the kind of a world our people want. Our basic
goal is to establish a world in which countries can live and work
together in peace and prosperity. Two world wars and a world-wide
depression have taught this generation the bitter lesson that there
is no other road to peace -- there is no other road to prosperity
except through international cooperation. The political and
economic problems of the world cannot continue to be solved by
force. That road leads to destruction.
This is nothing new to the people of the South. They have
long known that expanded trade among nations will contribute to
the^prosperity of all. It was Woodrow Wilson, a Southerner brought
up in Virginia, North Carolina, and Georgia, who warned an
unheeding world that only through international cooperation will
it be possible to maintain peace. Without regret for what might
have been we must finish the job we have at last begun. That job
is to build through international cooperation a peaceful and
prosperous world.
- 10 -
The people of the United States and the United Nations have
agreed on a program in which countries cooperate to maintain peace
and prosperity. The United Nations Organization, with its
Security Council, General Assembly, International Court of Justice,
and Social and Economic Council, constitutes one side of this
program. The Food and Agricultural Organization, the International
Monetary Fund and the International Bank for Reconstruction and
Development, and the proposed International Trade Organization
constitute another side of the same program. The Financial Agreement with the United Kingdom is a sound, big step to the realization of this entire program for peace and prosperity. This is
what I hope the people and Congress will bear in mind in considering the Financial Agreement.
-o0o-»
- 3for such bills, whether on original issue or on subsequent purchase, and the amount
actually received either upon sale or redemption at maturity during the taxa
year for "which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice, pre-
scribe the terms of the Treasury bills and govern the conditions of their is
Copies of the circular may be obtained from any Federal Reserve Bank or Bran
- 2 -
Reserve Banks and Branches, following which public announcement will be made
Secretary of the Treasury of the amount and price range of accepted bids. Th
submitting tenders will be advised of the acceptance or rejection thereof. T
Secretary of the Treasury expressly reserves the right to accept or reject a
all tenders, in whole or in part, and his action in any such respect shall b
Subject to these reservations, tenders for $200,000 or less from any one bid
99.905 entered on a fixed-price- basis will be accepted in full. Payment of
tenders at the prices offered must be made or completed at the Federal Reser
in cash or other immediately available funds on January 31, 19k6
The income derived fror. Treasury bills, whether inter,st or gain from
the sale or other disposition of the bills, shall not have any exemption, as
and loss from the sale or other disposition of Treasury bills shall not have
special treatment, as such, under Federal tax Acts now or hereafter enacted.
bills shall be subject to estate, inheritance, gift, or other excise taxes,
Federal or State, but shall be exempt from all taxation now or hereafter imp
on the principal or interest thereof by any State, or any of the possessions
the United States, or by any local taxing authority. For purposes of taxatio
amount of discount at which Treasury bills are originally sold by the United
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,
amount of discount at which bills issued hereunder arc sold shall not be con
to accrue until such bills shall be sold, redeemed or otherwise disposed of,
such bills are excluded from consideration as capital assets. Accordingly, t
owner of Treasury bills (other than life insurance companies) issued hereund
need include in his income tax return only the difference between the price
mm
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 25, l?ii6
.
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 issue
on a discount basis under competitive and fixed-price bidding as hereinafter
vided. The bills of this series will be dated January 31, 19U6 , and will
mature May 2. 19U6 , when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of $
$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, January 28, 19U6
.
Tenders will not be received at the Treasury Department, Vi/ashington. Each tender
must be for an even multiple of $1,000, and the price offered must be expres
on the basis of 100, with not more than three decimals, e. g., 99.925- Fract
may not be used. It is urged that tenders be made on the printed forms and f
warded in the special envelopes which will be supplied by Federal Reserve Ba
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 se
ties. Tenders from others must be accompanied by payment of 2 percent of the
amount of Treasury bills applied for, unless the tenders are accompanied by
express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
7^*1
TREASURY DEPARTMENT
Washington
"
~ FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 25, 1946.
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 on a discount basis under competitive and
fixed-price bidding as hereinafter provided. The bills of this
series will be dated January 31, 1946, and will mature May 2, 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 Pbderal Reserve Banks and
Branches up to the closing hour, two o'clock p.m., Eastern
Standard time, Monday, January 28, 1946. Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and the price offered must be
expressed on the basis of 100, with not more than three decimals,
e. g., 99.925, Fractions may not be used. It is urged that
tenders be made on the printed forms and forwarded in the special
envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies•and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action
In any such respect shall be final. Subject to these reservations,
tenders for $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 January 31, 1946,
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-211
(Over)
- 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 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-1 Issued hereunder are sold shall not
be considered to- accrue uiitil such, bills shall be sold, redeemed
or otherwise disposed7of, and such bills are excluded from
consideration as capital-assets, Accordingly, the owner of
Treasury bills (other-than life insurance companies) issued
hereunder need include" In his income tax return only the difference
between the price paid for'"such bills, whether on original issue
or on subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department Circular No, 418, as amended, and this
notice, prescribe the terms of the 'Treasury bills and govern the
conditions of their issue-. Copies- of the circular may be obtained
from any Federal Reserve Bank or Branch.
-oOo-
TREASURY EEPARTM3OT
Washington
FOR IMMEDIATE RELEASE, Press Service
Monday. January 28. lQUk.
Ho.
^^ y I ^
Secretary Vinson announced today that the new Franklin D.
Roosevelt dime,originally scheduled for simultaneous release
over the country on February 5» 19**6, will instead be released
on January 30. the late President's birthday, "by all Federal Reserv
Banks and branches.and fthe Cashier of the Treasury.
The acceleration of the release date, sett Secretary Vinson^Lt-/
has been made possible by stepping up the production program at
the United States Mints.
All production of the ten-cent coin hereafter will be of the
new Roosevelt design and substantial numbers of these coins will
enter into circulation as the needs of business require. However,
the winged Liberty head dimes now outstanding will continue to
circulate.
0 00
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, ' Ibress Service
Monday, .January 28, 1946.
No. V-212
Secretary Vinson announced, "today-that the new
Franklin D. Roosevelt dime, originally scheduled for
simultaneous release over the country on February 5>
1946, will instead lie released on January 30, the
late President's birthday, by'all Federal Reserve
Banks and branches, and by the Cashier"of the "
Treasury.
The acceleration of the release date, Secretary
Vinson said, has been made possible by stepping up
the production program at the United States Mints•
All production of the ten-cent coin hereafter
will be of the new Roosevelt design and substantial
numbers of these coins will enter into circulation.
as the needs of business require.
However, the
winged Liberty head dimes now outstanding will continue to circulate.
-oOo-
mkmmmwsmm
•Bill tttn'4t wlft'SVvKjfeSWji
F O E RSL&ASK, MORMIHG KEffSPAFRRS,
'Shtuuidjisr* JJUKHASTV 29 101*6
.aJBSSKSaiLj "Tr^S?!rif. Ti.l/ .ifx™.li ,„.,.,.,
Ft**** S o r t i M
tp mf w w w
w » » w » «^^p.
The Secretary of the Treasury announced lart evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day treasury bills to bo dated January 31 and U
aature May 2, 19k6, which were offered on January 25, 191*6, vert opened at the Federa
Reserve Banks on January 23.
the details of this issue are as followt
Total applied for - $2,025,0l4*,000
Total accepted
- 1,3X5,717,000
Average price
(include* $53,573,000 entered on & fixad-pi4|
basis at 99.905 and accepted in fall)
1
- 99.905/ Equivalent rate of discount approx. 0.375< per ann»
Range of accepted competitive bidst
- 99*907 Equivalent rate of discount approx. 0,368* per annua
- 99.905
•
• •
•
»
0.37W •
•
High
Low
(61 peroont of the amount bid for at the low pries was accepted)
ii mi HI ii •mmmmnmi KIUIII in .ilmi
.I . i i
Boston
Sew lork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Uallas
San Francisco
-£
Total
Accepted
Total
Applied for
Federal Reserve
i n
ii.
•
11
«•§
"
%
$ 8,175,000
1,539,205,000
iiU, 005,000
16,580,000
12,039,000
13,565,000
296,976,000
18,020,000
3,235,000
17,238,000
5,755,ooo
k9,k$l>00Q
TOTAL $2,O25,0U*,OO0
5,991,000
980,553,000
30,7*5,3$$
11^,201,000
11,259,000
186,929,000
12,853,000
3,*35,$$*
aii,n8,oo|
5,565,0$
$1,305,717,00$
TREASURY DEPARTMENT
' Washington
:F0RsHEXmSE, MORNIN& INTEWSPAPFRS, Pfess Service
Tuesday, January $9, 1946.
No. V-213
The Secretary of the Treasury announced last evening that the
tenders for $>1,300,000,000, or thereabouts, of 91-day Treasury bil
to be dated January 31 and to mature lay 2, 1946, which were offere
on January 25, 1946, were opqned at the Federal Reserve Banks onJanuary 28.
The details of this issue are as follows:
Total applied for - $2,025,044,000
Total accepted ^ - 1,315,717,000 (includes1 #53,578,000
entered on a fixed-price basis at 99.905 and accented in
full)
Average price - 99.905/£quivalerit rate of discount approx.
0.375% per annum
Range of accepted competitive bids:
High - 99.907 Equivalent rate of discount approx..
0.368$ per annum ,
i»ow
- 99.905 Equivalent rate of discount approx,
0.316% per annum
(61 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
Boston
$ ' 8,175,000
Hew York
1,539,205,000
Philadelphia
44,005,000
Oleveland
^
.
v
^
^
16,580,000
y
A
Richmond
A
, 12,039,000
Atlanta
13,565,000
t
Chicago
296,976,000
St. Louis
'
18,820,000
Minneapolis
3,235,000
Kansas City
17,238,000
allas
^
5,755,000
•San Francisco
49,451,000
TOTAL $2, 025, 044, 000 f 1, 315, 717, 000- 0O0-
Accepted
$
5,991,000
980,553,000
30,745,000
14,201,000
11,259,000
13,565,000
186,929,000
12,853,000
3,235,000
14,118,000
5,365,000
36,903,000
y~z~>^
FOR IMMEDIATE RELEASE
January 29. 19^6
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 19^-5, as follows:
Country of Production
Quantity in Pounds
As of January 19. 19N-6
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
**5M**5,6l3
178.83*1*110
7.H65.995
11V
9,87^,3^2
8,01^13
7,lte,978
13,183,760
6,285,771
^,177,232
9.013.265
1,678,598
1,39^,206
10,275.739
Signatory Countries:
15,339,385
TOTAL
727,525,521
TREASURY DEPARTMENT
Washington
FOR IMMEDI/TE RELEASE,
jfednesdaj, January 30, 1946
Press Service
No. V-214
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing Oc-tober 1, 1945, as follows:
••")•••••'
Country of Production
,
^^^
Quantity in Pounds
As of January 19, 1946
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
454,845,613
178,834,110
7,465,995
114
9,874,342
8,014,413
7,142,978
13,183,760
6,285,771
4,177,232
9,013,265
1,678,598
1,394,206
10,275,739
Signatory Countries:
15,339,385
TOTAL
-oOo
727,525,521
•f /
11+MH**
TRSASURT D K P A R W M T
Washington
FOR IMMEDIATE RELEASE,
Thursday. January 31. 1946.
Press Service ^
1/
The Secretary of the Treasury today announced the final subscription and allotment figures with respect to the current offering of 7/$
percent Treasury Certificates of Indebtedness of Series B-1947*
Subscriptions and allotments wore divided among the several Federal
Reserve Districts and the Treasury as follows s
Federal Reserve
District
Total Subscriptions
Becelved and Allotted
Boston
Sew Torfc
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
$ 122,269,000
3,012,254,000
84,604,000
199,144,000
61,406,000
94,736,000
498,520,000
104,419,000
63,785,000
147,475,000
81,011,000
479,010,000
., 4t»6i<
I4,952,949,<
90*
TREASURY DEPART MENT
Washington
FOR IMMEDIATE RELEASE, Press Service
Thursday, January 31, 1946.
No. V-215
The Secretary of the Treasury today announced the
final subscription and allotment figures with respect
to the current offering of 7/8 percent Treasury Certificates of Indebtedness of Series B-1947Subscriptions and allotments were divided among
the several Federal Reserve Districts and the Treasury
as follows:
Federal Reserve Total Subscriptions
District
Received and Allotted
Boston $ 122,269,000
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL #4,952,949,000
3,012,254,000
84,604,000
199,144,000
61,406,000
94,736,000
498,520,000
104,419,000
63,785,000
147,475,000
81,011,000
479,010,000
4,316,000
-0O0-
wm mmm§ mmm& mmvmm.
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t %l#ffft»i
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oarly i»
If General Ucenss 80. «*,
Ko. 95 w«* mad* *vaila*l* to the
ftiffi.lfflf1' % 0
of the
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TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,. Press Service
Wednesday, February 13, 1946.
No. V-216
The unfreezing of Netherlands blocked accounts was announced
today by Secretary Vinson.
By amending General License No. 95 to include the Netherlands,
the release of blocked Netherlands accounts is provided for through
the certification procedure already in effect for French, Belgian,
Norwegian and Finnish assets. The Netherlands Government has
^
designated the Nederlandsche Bank as the certifying agent under the
license.
Substantially all restrictions on current transactions with the
Netherlands were removed early in December by General License No. 94.
Accounts certified under the arrangement announced today will also be
freely available for use under that license.
General License No. 95 was made available to the Netherlands
after an exchange of letters between the Netherlands Minister of
Finance and Secretary Vinson similar to those written in connection
with the defrosting-of the countries previously included in the
license. Copies of the letters are available at the Federal Reserve
Banks of New York, Chicago, and San Francisco.
The Netherlands Minister of Finance has informed Secretary
Vinson that the sequestrat?Bon measures imposed on property of United
States nationals during the German occupation have been abrogated and
that a procedure has been established under which absent owners can
be reinstated in their rights. Treatment accorded to assets in the
Netherlands of United States nationals will be as favorable as that
accorded to assets of nationals of any other country. Transfers of
funds from the Netherlands to the United States will be permitted
to the fullest extent consistent with the Netherlands foreign exchange
position.
oOo-
Sinofi wars art not ordaln»a bat tare
the pro&Xwas that eat*©© mat*
ft would b* lass than frank If
we did not recognize that «t tlmoc
Wwm mux to* dutoMit Bat AswrteauB
are not by mturo pocsiaistic and should
not fee n««« fH®r« is ft sr«**$ tint
tr* wh® MgfitB ft ©mala is feattar thin
h@ *t»© eowts ttr* <Saria«ws# I*t m all
go forth «mt its** a swMtte in sfeatafir
plw® or station *e fee* W**s specks
«f light, anltipUfii mm tto**# *tU4Unal tha outetm,'
9mm$
aad otter prmimm$
oonfitnt
us 01 tli# mm tmot* In «Mitlon m
tmm tte polittool* ooeiaX* onl
oooMnto jmfeflM* sens mMmm mm
ftrloo In our goaomtioo rookotf us into
uTi if tte notion* of tl# mm%A cunt
ooivo the ir pra*AǤ ftp IMMWMI
4i*otio*toft nnS m% tte oo» tla* bo
roodp* willing sue: tilt to dtaap out
tho i&tormtioml .gaagster %Bitm ho
eoestit* lit htgjb t€km%m$ w# will
faav© provotitod wmr*
-57*
fa stust lava a substantial lasraaa*
is t&a aiistoaa sag® mma m mm to
mwSar ©my lit mnUm to our tearless
•taBfttttf of Hiring*
ft mat do awrytWag in w
pswr to ail tka votano* Ha ia the
wa that soda t&» gamiaa aurlftast
ia this war. art ©air *** *» roota**!
t&s great sanriet* out now bo •»•*
£aea th® prottUns of basoning m
isttcnl port of our paaostissi memam*
m mm «&k« tha iatarruption t© hia
career of m little disaawtage as
9m iMtf**a*op of fur tewing bo*
boon «e«timtoi by tte m f | so *o
or* fnrtter btftfte ttett ovor tefosno*
A m l itmrnAm P ^ » * » o*tt te a
groot eontribution to our Mtiro
ooottNdo ooooition IMMMHIOO it It *
big wrtet far a n ? Mterioi* ontl it
te* * croot offoot mm
oqtfugmot*
our my of lift noon* * teoast
«UP* for a U t «bo pr#s«t lit **fc*
* r onyHMant*-«i^io^ v t a t e w ttet
is for too
Wm
there aro all of the prooiwa of
finding and carrying oat the Keaas
ef full prodoetioft, full mttAofumA,
maa jwrctmsina poaor, ami effieiaat
<ttttrlbtttlam* awh of that* factors
aagaMta tha otfeara* Ttioa® ©bleetives,
llto total w» require vigilance anfl
action en amy fronts.
We mat conquer the housing
probleau This U a *i«M wfeeroia the
res&issjfciOB las never been up t© the
Ideal of a truly jussrleea standard of
living.
Just this weak on Anti-Inflation
cosrssittoe ^presenting nearly all
of th® loading husiaaasiaaa ana
wrehsnta is to® Biatrial of colaaMa
hefpa a ©ajagslpi to prevent lattattoa
aan t© %®»P « w AAiA«
wo mm
for Mm
mn the inflation tattle
row**
it wouia oa pathetic
if *a loat tha tenth @M last roani.
T!» battta against inflation*
while the neat inportant tattey* is
oaly ©no or the prohlaaa that ©osfront
us at hoce#
It ia w holiof that aero of
our people than aw before realii»
the iaporfaneo of tha continuation
of price eontrol* Tha low. Poll of
Jaawnr a? show® that of the several
raocMisndatioMi the President wis
m, fete raoant xaftio talk tte
continuation of prto® a»s rent
MMrA ma esatidsf** the seat
necessary, froa tera and aors
<pas*t*rs ooww wport for th®
sBctsnaion of the stabiltaation Aet#
« 58 •
we lata tha tools to finish the
jobi price control, the buying of
government bonds or saving in other
nays* eontrol of credit purchases, and
«eat ©f all th® will to prevent inflation*
fa ehoulo. extend tte fHm control &et
lust m mm m possible te raseve the
lingering hop© of tlr* tsisority that
thay eta profit out of the aeareltgr
that exists before our total reconversion
aglets wmiimu all of tha lteas for
HUch our appetite la batted*
-51lo mmf% mint grioo inoroooo* lite
ttet on oatpyr* flour* *Mtt or ovon
on. fbirtfi* tfr*o*o* *nft ouit** tten wo
CUB find tte** tinfett tte goo^i oo tte
ote£to* of our *feora* oon notoli tte
mmmf in our p®m®mm^$ la our o*f o
*i9**lt too** in mat Bm»m$ oaft in
JA I -«iyw»iilf oottvwtllfto tepoolts*
ttero will bo o angw of inflation*
9mm- oar* MMMLO fisrapto** in tte *irt
aicft m imi ootnto ind otoefe wrtoto* -^
z^JCJ^-j to rosine in that tte oteoaTtero it
^Sff'^pT'i(ff?:^^aw^ ^wipvaBflWWP'' ifjJJjF^'*1-'*^ ^P
avoir mmmmtwlL ftoa&nooamn mmm
mm it i* toaorrov'* profit* ttet «^^
mm soot iaporteit* Wo do not waft
tte Wim^mm ttet f §110*0$ tte loot
*or»
Dl***troii* infl*ti«n ia otill
poaaibl** it it liteiy ttet am* of
in eoeonuts, so let us use thai for
an example. The celling on coconuts
wm $61*90 par thwart* may took
tte oatiiae oft. text <lay tha price
ms Slli*# the t*c«« day 5175* »te *^e
thlrt day S2?i*
M B cwxclmlon ttet price control©
otiould te %tmmlmm& is fouity*
Tter* AIHI a*ay pwofbt BM f*bloo
ttet oouaaoi Asatao* gnMtm to^oy1*
cfeaao** wittiout r#§«rd for tte futur*#
MI fea't kill tte gmm ttet lui?*
tte sol*** **g*t laol: tefor* j*a I**p#
MlwiiOf ** tea** boyond
pondmftaro ttet ataorica** gr**t
businoos tradition «** mt tout upon
tte quiofcoate tent of Abort «n§o
OiX^rotlcnn*
wall* «v*ryon* teoao tte inoros**
in tte oo*t of living during thi*
mr ten filiated mm
of u*» *ad «a*
m minor irrltatioB to A H of u*» it io
aa caaalljiat mmm
iOitptrod rtt*
a}***** augur la*t tfao*
m s immm
of tte b**in**aaoa ate
*a*t* to r « w o pii** o<ntr*l* i* not
hard to i*aoor*tand« Bo ooopora&aft*
a* did a* all* to ala tte a*r« te aap
now mm a Mmm
of big profit* coine
by tte board otarr d*y boooaso te
cannot cter^o aoro than celling prloo*
far hi* zoo*-**
-trite coat of living in tha 72 months
of this war vent up one-telf of
what it did la the 52 aoaths of
world fer X, and after Hovaster 18,
1918, tte east of living eontlnued to
inorease rapidly until June 1920* At
that Urn the cost of living warn ovar
tarlea what it ma at th® start of
th® Wt in tte aart If aonths case
tte cmsb* the cost of living tea
teen stela* allies the close of world
war xi and wa ara tit a auoft hotter
position te avoid * similar collapse.
~t6•Jtoat aa ** ted Aatawunea* and
iiffionitiaii, oneb a* atertaaa* m&
^ botU*BMn during tte **rf *» law*
* tmp®rm*y iapaddtaattt* toatp at wo
awtag to**** nigh «*wa* of jaedawtioa*
Prodlgioa* produatiaa is aaralp noododf
not fifty to build oar otandari of
living ia anion a* tew alaai* pridod
otaraaftr*** bat to owatoraot tte
iiiilationary praoaur* attlcfe it atUl
oar Mm I pratAa* at boa**
The /jMHrloaa paopla taw® don* a
rood job oa tlit inflation front* BO far#
- 15*
l® can tell thai that *e have laid
the foundation for full production,
full wplopsont and. a high national
ia oaa ttll taam tkmt moataratoa
baa coao along to pt*afctp good abapa*
a* ia point oat* for BmmAB$. tbat
pbyaloal raootwaraioa *f aar plant*
is virtually coxaploto* *• oaa poiat
out that naaa^j*a*it ii «attp ^«*
oaa^baXf tb*t of ^stimtos aad* jaat
altar tte ®&m aor* Mid doaa*
Ttior* are, of' ooara** **** ttafc*
in tte mchino*
Hat only a*** tuia rmm®
mm
m ooatttftna* but alto tte rooofd
itaalf tf ?** a* a mmA tea* apaa
ahioh to build* MB can fao* air
aafcaraa* with tea* «ton^ ttea
aa aid loat tima*
•a **a tall our bay* aa ttey
ratara tbat tht thine* thap dkaaaad
mmtm ataod tm m tbap fiaatft
froa foxholo, plan* or ship tev*
tea* presomd* fo cm toll than tbat
HUlt ttey f ought *o pradaead tte
articles of wr and kopt our country
an bar oonrse Bd.fh ©Yen kaad*-
But m did the job* and our a w of
Ufa* our aifaiaa of tofiiiaiaat* stood
ttit aoid and tte fir**
aa baa* our yeowkmm today tad
we will ha** oar prtbiǤ toiiorrd**
ant m had sane tough ones yesterday
too* During the mr we ©versteiiiad
m mum mlth oar auptt* lived veil
at heat, aad Moot inflation turn our
door* Wtem w hate proved ouraalva*
lite that, wo an- faoa the future
with full confidence*
* 88 •»
. ft abit9*d an aneaty froa. within
and froa atthout, $M noitter -luring
tte dopr***ion nor during tte mr mn
aaqrlifft* literly §r propirty fcafcan
.from aw oltiaaa without du* proooaa
of laaf noitter during tte d*pr**alon
nor mrims tht «r mo tte 8111 of
-tf 3ht* tiiFormti^i noitter firing tte
tepr***ion nor during tha war aa*
tlit «l*otlon of air ^warning officials
ixirim? tht d**r*ooi.on and tte
war we ted our hoaitacte* m£ our
hoartac-teo*
teroovor* our itandard of living
aa* hitfu flh y«# w# baa to put
ap with tte- old our and tte old
radio* ait our ptoplt at* «ort
food* b*tt*r foodi and a aldaa*
varlatar than over bafar** a*
aar* slotted and boa**** ^@
w® taaitit sort lovolry aad
parfura** and aaat to sort tmi*a*
•* 8*«>
9mm
eontrol* aar* pNaaOattad ante
laa and if any individual thougn
tbat as to hM tte ap*9i«ation of
aqy ooattarol violated tte duo protoaa
of law b* oaaia m t* tte ooarttw****
Stat lartobatring: aa* aavar raawvad*
ait faw awat and f mm
J
ilea did aa faro mUm
wmm
tteaa
*odi*ua* oaafcrala** wary P*^P te
tiiis ooaatry* ******* far**?* immfaotwwi
dlol^hiiter* retailor*, bad a id&mt
dograa tf p^tiprity tbaa at any
tlaa in tte biatory of our nation*
** did all ttii* without selling any
of our btrttattgbt* to jraaarvad our
daaaamti* way of Ufa* ap to and
iaeAndlne w
aaawtitatioaal ritfit to
•Hpa*
mm
wm mm
*f our ootwrUtatioaal
rigte to gripa m thinfe of thou*
*%JteS^l^te8f^i^Ba1i*^
1
8i^6S;,i'* *ftSfciS *£$"# $*4S&a
_^.
'8iaiEi£®i&
***te*S* prlorffia% aU«e*tloa*t
rations* aaapaawr and prito aaoavola*
Tboa* ecottroi* mm
aaeaaaaay* wo
aar* we^inf?: a total war* fo aoro
praaarvlnrr a aMQftd eoonoew*
It would tew teaa mm
t* turn to
awn witb liwiid prtaai****
Mteiiaati nbaa tte war cloths
**tb*awd aavft latar whan ao war* ia it
to tte hilt* 1% aouid Mm teon m
mm for oar •**•&** baAaaaa with
mmm?$m aaa aaarifi*** te turn te*
aoa* fatauati* **ur**» aoaa a*!**!
u* to tawy our Hsa40 in tte aaad*
tmm aofcod for a mgotiatod paaaa*
xaatoa* a* imtNp*o^§od# oaWoaefet*,
ont^th«#t* aad oaMaated tte
««y#
*17ttat it a .groat lessor:. But tter*
la a groator laawaa* We au*t«r*d
'WV*PP W ?W*" W# ^SMwafcffi y#i TwWSaiftfl** *aV-4te ^rf'#Ssia*rT&A ^F**^* ^&*mt&&&m' H*flS*88P*a'^JFW*
and ahippid the Aula with-it iapairiag
«p4sffi •^aas*j!|r *w$P§jP T!SF*W# "WF^NyFafc w J^w •mbm$fyr w Jp^amW^aa ^^a
awaaraaaait*.
If yau will iwaall* wo did not
atlak to our way of Ufa aiaply
ba*aa** taawtetloa did not teii8iM§
During tte d*g»wa*laa tte afeag* aa*
sat far it«^*^id plaaa of aalvatloa*
Hot «ly w tht altaAtloii rip* for
tii» «i$a*lo of daaacogio dospota*
bat tte n r*-"k: v?».rc
:T.I!O*
* 16.
QB tte firing line, where the
sight of this nation net tte sight
of the ***** our sea in istff©m ter*
the tea* realitr of «&r* These men,
their fattU*** sat thatr lovad ones,
m d « th* a*** and noM* saerif leas*
wo a w k ttas our soldier*, whether
ttey be tte living., the dead, or the
living dead, bsr «*ttl*** out sad
working for the pew® awry hit as
fully as wo wfeod for victory.
we gathered suffielent strength
to whip tte depression awt to win the
war.
• 1*«
in spite or this colossal effort,
it appeared that wo wore losing the
war in tte swwsr of '1*2. it appeared
that "^insrad, aaandria, aad tte
3am oansl would fan* Australia aa*
Wam%mm*/fm Weate roamed tte
©owns, if we had gained our niUtenr
might lust a little slower, or If tte
Axis he* teen £at a little stronger,
m would te living tomcat under tte
heels of mm ah© no* stead trial at
Ifcernters a® criaimls against
civilisation..
-IkAnd wo vara f tgitiag asalnat ootartrf **
tbat ted baan building up tbwtr
adlltaiy migbt far ya*r*« ?ou oan
1*** a war tbat way. *a alaaat didu
Kobiuaatiaa for aar put tarrifl*
atnta* upaa our nation* fteuaanda
of aaa and m w m obaagad Job**} otter
tteaaaad* aar*b*d aat of ttelr hmmB$
out of *ob**lf out of fwt*Uwa«Bk«
Matorinlo te abort aa*pfOy ted to bo
oontrollad* laflatioa thraataaad*
l M t m m m th* control of aaflpa and
prim®*
~ 15 Wo mm tte pooploa of terop*
aadttad* MiUod and conquered* fteao
mm ciark days* tear* awrvival wm
A question. ,mmMr viimark*
tetar wo **r* at^^*d# war
bafoaafit u* ur*ant* taaab problaaaa*
wo bad to grind to a bait aaab of
our paaaatlw* traduction* a* ted to
lick atoalaegaa^ 10 bad to miofa
battlaaaaks* in g§jtft# a* wort
faoad witb tte tat* of oomartiaa
A olviiiAn aoanaay into ailitaary
pmm^^mm altar tha f idhttinc ted
started*
-1*onr oooncsy did not pomit tte pursuit
of iifOf iiterty and teppinoss in tte
way our f aaaidara waot tevo pioturad
***** thay arat* tbat atiniaf
aonatitntlootl pbraa**
Sunt aawrwawioa witb ita dosod
baaaca* ita tea^ote** its 5~oont
cotton* 10«*aa*t corn* mid 8*0*^
t^baooa* aa* a atom trial for our
ayatan of gwrsMitt Mot loaw
afterwards our wy of Ufa f Acad
tte t**t of f ira*
-11our unwplopwat probl*® t&#n aa*
MASS
uBomployassnt * It aa* not a
aaattar of a Mttlo traawitiaaal
wmm$mmm*
swwarai aiuion* of
oar p**al* war* oat of aotft;* not ty
Abal*** not tbrauBb lack of ialtlativ**
latt simply baoauaw tbay mm
not of farad
a job 0* any Utti
E¥eB tte lot of wmw m o aroro
aw*l*yad aa* latf ortomta* Htny aara
in job* m a t etif i*d tteir *abitloa*
And sort job* carriod i#or pay*
- 1 0 *»
it mod no further assurance to fao*
tht ftttarw*
it it mm not to rooopHi* tte
Uport af oar aweca**# It it *o mm
to laraat* Vitabout a groat faculty
^*Fw»- «H^'W#Sw*ll*3r aT vSffwfc *fcfe*8^^^^.«ft^4w'Hw' w a**.*p^fc'w aRp^P %fc wastaafea^Spr al
raaoaatsiMit our lift during tb* gloaiy
mm of tte d«gr*aatiaa or tte dm*
mm *i tte war*
During tte dapraawlaa wany of
our' people *ttffor*a* itebting far tte
stark rwcauwlti** of lif*t m$m food*
mm clothing*
~9~
mm important, ao bavo mm our any
of lif a* our f ana of w&wewm^M put
ia tte onu&brl* .aad loaad not aa^aaSac*
Sinaa tte Fall of * a? our aay
of lif#* our fara of M^oraaarit* tea
sjPiw
*sn»i J* ™ * * ?
w*w*»
A P TIP** *R*
TIP**
4s*VIP V •**• * •(•WiiWlB" ™ j p
«(HWWi*
•stood trial wlsr tte wwafe doptaalon
ttiia eotattry ten *a*r ted* find tte
aorat w tbat bas at or ansa!!*4 tte
.aria* fcten oar aay of doing tbiaaw
Mi atood two mxfc tost* a* ttea*i aa
cm ba teprMoly *aafid*et of our
ability to grapgio witb aay protAaa*
tbat aay oottfrwt ua*
*3«
Mm through this port, mere than
l§0 million tons of ears* passed
daring th® war with tte precious
freight of victory*
instead of trying to wis* the
last 190 ymtn of our history, let
m rmrim t& aere detail the last
tenth of it* la tte last 15 years
v* have partieipated in the writing
of more history than seat people ever
see durinr: their astir® lives., te
teva 8@« t.r«^odo»s APPilopteitts in
the natural solaces*
a> ? <a
lb* faaaaa aaltftaar* aUppar abipa
aaliad all aaar ate aarfLd* oairyiitg
Mapriaaa product of a strong* and
iiataat wrld* today* ytiintti
tbir* lat?***t awaport in tte country*
a*at*Mra baa not boon oaotaat
to uv* oa it* ***** lb* oaaariBy te*
mmm to te apatafal for abat y*u
did daring tte critical yaatra of
tim wm?* Tou gava a full stero of
yaoar youtb to the Hunting aarvlo***
tte a^rttar* unci butf n**awaa of
Baaltiaor* produood atoel* coppar*
oil* pto»s &nd ablp* that aant to aar*
» § •>
T*ur aatarpria* and initlativ*
ooaitMbaaad to tn* building of tte
nation* tte bigteay* aad railroad*
tbat started Iroa aalttear* pu*b*4
into ttt* laat mud telpM opm a naw
oontinaat*
T*a tm¥# playti aa ocpally
a*t*bl* part in tte dawOofawnt of
fete f mwlm acmarca of tte aaitad
statin* Tte ablp* built in oaitlaaar*
yartt waro tte glory of tte mmUm
. Aawoteiit aatria* of a eantetry tgo*
sia** taaatta* la a part of tte
aatlr* *oa*aaiity* tte laaooiatioa
of eawaaraa in nonaring tte isatfa
i^iifwwiir^ of tei&ing i% in a
broador awn*** bonorSaa tte City of
aalt*baora far it* laas and notaila
part to tte dotalaa**** of tbia
country*
evaa tef or* TO ted grosm to
mtloabootf* Baltimore wa* *a
baportaat cantor *f colonial
induotry and actaa*?***
Near as a i l as established
enterprises anst have credit.
Financial aid is a necessity for
sa ©spending ®eon<w* Fiimnoial
aid is a neceesitr for «ail
enterprise to hold its ©an against
giant aa*oteatlon« A high and
v
divowlf led/level of production,
mployamt and incoso, is both a
cause and aa effect of free
•aterprise* in ahort, m «ant our
shol* ©conay in high gear*
m | a>
4fe## w'Wp'wr' fw*a* ^p^wA- 'iMFisaiaP'afc**** *j^— iiFai«j*^awpa^p %yfepaa*
baiter **n play a vary largo roila*
fboro la tte restoration and
awtetaaftttawa of mi pradaatioa ia
a paaaatlaa aaaaway* 9mm l* tte
praawrvatlca aad
OIAEII^^
of oar
ayataw of fraa mtmrpnm to a norid
aft&afe ten *» iweaatty b*aw r^mtmA
f^aaurfly it is tte baakar mo
i&sat supply tte oradit lor high
laval* of iwaaaetlaa and trmd** xa
this regard*, m in otters* w* auat
mist our eigftts*
-19m teHsor in aateiag hia daoliiott*
ana* taka ia** ooaatdaratioa tte
aalfar* tf tte watira baaaaaa* ctfaaainity*
Otter* dopant upon tte banker i m advlc*
and mitimim*
fte bai&or te* a gnat
fliaKartuaity for laaaawrafctp* our
da^octutic mBtrm. of £OwrsMont
rawtfraa Uadavatslp te -all group* te
•IBllt-'WfTte JICTT
jtoik, Jfaajfcai;
Jtt* iSS"
rffefc
^A*i^Hit t i^ > kiMI*]lAj*ttl*Wt&id^% J *&**r
ins oat of gafaraaaaa*
ilankara i m w pariorawd a roal
aarvio* in tte timmtam
of tte « r i
Tte problaaa of paao* ara alao
Sapoz***nt*
tamrimm bava n o w tean onoa
to r**t upon tteir lairol* or to
aaaaa* te tte ivmm of Uviae noroiy
to olto tteir history* Fra* our paat*
haaavar* wa a* gain «xp*rl*t*a* and
aweara oonf iianoo*
fit* iUwooiatian of cmmmrm 1*
aaaorteK tte institution of batftlae
flhich St calabratlnc its l$otb
aariivaraary In Mafylniid and Baltfcaorw*
oat of tte moat aatisfyine aspaot*
of baifeing is that it is a part of
tte ap^ieultumli inctostrisl* and
ceraeroial 11 fo of t&c/&mmmlt2M
AB-
V;>
(The following address by Secretary Vinson
before the annual Meeting and dinner of the
Baltimore Association of Commerce at the
Lord Baltimore Hotel, Baltimore, Maryland,
is scheduled for delivery at 9.00 P.M*, E.S.T.
Thursday, January 51, 1946* and is for release
at that time.)
TREASURY DEPARTMENT
Washington
£OR RELEASE, 9:.00 P.M., E.S.T.
Thursday,, January 31, .1946.
Press Service
No. V-217
(The following address by Secretary Vinson
before the annual meeting and dinner of
the Baltimore Association of Commerce at
the Lord Baltimore Hotel, Baltimore, Maryland,
is scheduled for delivery at 9:00 -P.M., E.S.T.
Thursday, January 51, 1946, and is for release
at that time.)
Americans have never been ones to rest upon their laurels or
to engage in the luxury of living merely to cite their history.
From our past, however, we do gain experience and secure confidence.
The Association of Commerce is honoring the institution of
banking which is celebrating its 150th anniversary in Maryland and
Baltimore. One of the most satisfying aspects of banking is that
it is a part of the agricultural, industrial, and commercial life
of "the community.
The banker in making his decisions must take, into consideration
the welfare of the entire business community. Others depend upon
the banker for advice and guidance. The banker has> a great
opportunity for leadership. Our democratic system of government
requires leadership in all groups in and out of government.
Bankers have performed a real service in the financing of the
war. The problems of'peace are also important* In two of our
basic problems the banker can play a very large role. There is
the restoration and maintenance of full production in a peacetime
economy. There is the preservation and enlargement of our system
of free enterprise in a world which has so recently been regimented
for war.
.Primarily it is the banker who must supply the credit for high
levels of production and trade. In this regard, as in others, we
must raise our sights.' New as well as established enterprises
must have credit, Financial aid is a necessity, for an expanding
economy. Financial aid is a necessity for small enterprise to
hold its own against giant concentration, A high and diversified
- 2r
level of production, employment and income, is both a cause and an
effect of free enterprise. In short, we want our whole economv in
high gear*
Since banking is a part of the entire community, the Association of Commerce in honoring the 150th anniversary of banking is,
in a broader sense, honoring the City of Baltimore for its long
and notable part in the development of this country*
Even before we had grown to nationhood, Baltimore was an
important center of colonial industry and commerce. Your enterprise
and initiative contributed to the building of the nation. The
highways and 'railroads that started from Baltimore pushed into the
West and helped open a new continent.
You have played an equally notable part in the development of
the foreign .commerce of the United States. The' ships built in
Baltimore yards were the glory of the American merchant marine of
a century ago. The famous Baltimore clipper ships sailed all over
the world, carrying American produce of a strange and distant
world. Today, you are the third largest seaport in the country.
Baltimore has not been content to live on its past. The
country has reason to be.-grateful for what you did during the
critical years of the war. You gave a full share of your youth to
the fighting services. The workers and businessmen of Baltimore
produced steel, copper, oil, planes and ships that went to war.
And through this port,, more than 100 million tons of cargo passed
during the war with the precious, freight of victory.
Instead of trying to review the last 150 years of our history,
let us review in more detail the last tenth of it. In the last 15
years we have participated in the writing of more history than most
people ever see during their entire lives. We have seen tremendous
developments in the natural sciences* More important, we have seen
our way of life, our form of government, put in the crucible and
found not wanting.
Since the Fall of '29 our way of life, our form of government,
has stood trial under the worst depression this country has ever
had, and the worst, war that has ever engulfed the world. When our
way of doing things has stood two such tests as these, we can be
supremely confident of our ability to grapple with any problem that
may confront us. We need no further assurance to-face the future.
• 3
f,.It..is easy not to recognize the 'jLmpqrt .ofour successs-m It••-;
is so easy to forget*; ^Without a. great faculty of memory or imagination we cannot 'r;ecprtS;tru'ati 'our life during the gloomy days of ,the -•-:
depression or- t^he.,d:ark} dslys: of the* war*
During -the depression many of our people suffered-,- fighting- for
the stark'necessities of life,: some food, some clothing* Our
unemployment problem then was-mass unemployment* 'It ,wa,s'not a
. :
matter of, a little transitional, unemployment^. Se-veral millions of
our people were out of work, not- by choice,- not through Tack of
initiative, but simply because they were not offered a jpb of any
kind*
Even,.the lot pf.-manyt who- were employed was. unfortunate* Many
were in jobs, that stifled their ambition* And most jobs carried
poor pay*. .-Our economy did not- permit the pursuit- of life, liber.ty
and happiness in the. way our founders must have pictured when they
wrote that stirring constitutional phrase*
,
That, depression with its closed banks, its. heartaches, its
5-cent cotton, 10-cent corn, and 8-ce,nt tobacco-9 -was a stern trial
for our system of government* Not long afterwards our way. of life
faced the test of fire*
We saw the peoples of Europe maimed, killed and conquered.
Those were dark days. Mere survival was a question* Remember
Dunkirk.,
Later*, we were attacked* War brought us urgent;, tough problems.
We had to grind to^ a halt much of our peacetime- production* We Jiad •
to lick shortages/ We had to remove bottlenecks.* - In. short, we
were faced' with the task of converting a civilian economy into ,
military preparedness after the fighting Jiad started,.; And we. were
fighting against countries that had been building up- their• military
might for years. You can lose a war that way* We almost did*
Mobilization, for war put terrific strains- .upon- our nation* :
Thousands*. ,o.:f men'and women, cb.ang.ed-jobs . ..: Other thousands: marched.
out of their homes, out of school, out of retirement^ Materials
in short supply had ,.to- be, controlled. Inflation; threatened* That
meant the,control- of,wages and prices.
In spite of this, colossal effort., it • appeared- that -we were
losing the war in the' summer'of f 42* It appeared that Stalingrad,..^.
Alexandria, and the Suez Canal would fall* Australia was threatened*
* 4 **
The-U-Boats roamed the oceans; If we held gained our military might
just a little slower> or if the Axis had;; been ^justB'a little
stronger, we would he'living tonight, undei; .:the hedl's of"'men who •,.
rft5w stand trial at Nuernberg as criminals-.against civilization. -:<
On the firing.line,»Afahere the.might p:fvfchl's nation met the., A:
might of the. enemy, our men in uniform bore- the^binint reality of!"
war. These men, their families, and their loved ones, made the
great"and noble sacrifices* We must thank our soldiers, whether
they be the living, the dead, or the.living dead, by'getting-out
and working for. the peace' every .b.it.as £ully as we -wo'rked-for
Victory*. * .
• ;
: •" •
,. .,,* • •'"""'*''."'..'...*
•We gathered sufficient strength-.to whip- the 'depression and to
win the war* That is a great lesson. But there is a greater
lesson* We mustered that strength and licked the depression andwhipped the Ax is,without' impairing in.-any way outf 'basic principles
of government* . - . • • .
, • A
• *'
If you will recall, we did not stick to our way of life simply
because temptation did not beckon. During the depression the stage
was set for starry-eyed plans t>f salvation.. -Not only'was the
situation ripe for ;thev appeals of demagogic despots, but the
appeals were made. It would have been easy to turn to men with
1 iquid pr omi s e s .
• .v,; •.
'
•...
tr Likewise, when the war'clouds gathered and later when we were.
in it to the'hilt, it would have been .so easy for bur people,
beladen with suffering and sacrifice, to turn to some fatalistic
course. Some asked us to bury our heads in the sand* Some asked
for a negotiated peace* Instead we out-produced, out-fought, outthought, and out-lasted the enemy. We did all this without.
selling any of our birthright* .We preserved our democratic way of
life, up to and including our constitutional right to gripe.
When.we /think of our -constitutional right to gripe we think of
those "confounded" war measures -- wage control, priorities,
allocations, "rations, manpower and price controls. Those controls
were necessary. We were waging a total, war. We were preserving
a sound economy. Those controls were promulgated under law and
if any individual thought that as to nim the application of any
control* v|'61ated the;due process of law he could go to the courthouse.' ''^That latchstring was never removed. But few went and
fev$5r won.
5 -
How did we fare under ,those "odious" controls? Every group In •
this country., worker,,. ? farmer* manufacturer, .distributer, retailer,
had a higher degree of prosperity than at any time in the history
of our nation.*
Moreover, -our-Jstandard of living was high* Oh
yes, we had to put up with*the 'old,car and the old radio. But our
people ate more food, better food, and a wider variety than ever^
before* We were clothed and housed. We even bought more jewelry
and perfume, and went to more movies ••
We whipped an enemy from within and from without, and neither
during the depression nor during the war was any life, liberty or
property taken from any citizen without due '.process of law; neither
during the depression nor during the war -wasrthe Bill of Rights
abrogated; neither during the depression nor during the war -was
the election of our governing-officials suspended*.
During the depression and the war we had our headaches and our
heartaches. But we did the job, and our way of life, our system of
government, stood the acid and the fire.
We have our problems today and we will have our problems
tomorrow. But we had some tough ones yesterday too. During the
war we overwhelmed an enemy with our might, lived well at home,
and kept inflation from our door. When we have proved ourselves
like that, we can face the future with full confidence..
Not only does this record give us confidence but also the
record itself gives us a sound base upon which to build. We can
face our veterans with less embarrassment than we' did last time.
We can tell our boys as they return that the things they
dreamed America stood for as they fought from foxhole, plane or
ship have been preserved. We can tell them that while they fought
we produped the articles of war and kept our country on her course
with even keel. We can tell tliem that we have laid the foundation
for full production, full employment and- a high national income.
We can tell them that reconversion^as come along in pretty
good shape. We can point out, for example,- that physical reconversion of war plants is virtually complete. We car; point out that
unemployment is only about one-half that of estimates made just
after the guns were laid down*
There are, of course,, some kinks in the machine* ' Just as We-.
had annoyances and difficulties, such as shortag.es and bottlenee-ks
- 6*- .
during the war, we have temporary•impediments today as we swing
toward high levels of production* Prodigious * production is sorely
needed; not only to build our. standard.-,; of .-living, in which* we have.
always prided ourselves, but to counteract tfre inflationary pressure*
which is still our No* 1 problem at home.
The American people have done, a good job on the inflation
front, so far. The cost of living-in the 72 months of this war*
went up one-half of what it did in the 52 months of World War I,
and after November 18, 1918> the cost of living continued to
increase rapidly, until June 1920. At that time the cost of living
was over twice what ; it was at the start of the war. In the next
12 months came the crash* The cost of living has been stable since
the close of World War II and we are-in a much.better position to
avoid a similar collapse., While everyone knows the increase in the
cost of living during this war has pinched some of us, and was a
minor• irritation to all of us, it is an excellent record compared
with 25-cent -sugar last time*
The feeling of the businessman who wants to remove price controls is not hard to understand. He cooperated, as did we all, to
win the war.• He may now see a mirage of big profits going by the
board every day because he cannot charge more than ceiling prices
for his goods. His conclusion that price controls should be
abandoned is faulty.
There are many proverbs and fables that counsel against grabbing
today's chances without regard for the future. There is sound
philospphy in the old saws: don't kill the goose that, lays- the
golden eggs; look before you leap.
Likewise, we know beyond peradventure that America's great
business tradition was not built upon the quicksand base of short
range operations. Every successful businessman knows that it is
tomorrow's-profit that is the most important. We do no.t want the
boom-crash that-followed the last war.
Disastrous inflation is still possible. It is likely that
none of us has too much of .a heart interest, in coconuts, so. let us
use them for an example. The ceiling on coconuts was $61.50 per
thousand. They took the ceiling off. Next day the price was $140,
the second day $175, and the third day $£52.
We don't wan.t price increases like that# on sugar, flour, meat,
or even on shirts*, dresses and suits, when we can find them. Until
the goods on the shelves of our stores can match the money ^ in our
pocketbooks, in our safe deposit boxes, in our socks, and in our
'
• " '
•
j
- 7 -
readily convertible deposits, there will be a danger of inflation.
There are symptoms in the air, such as real estate and stock
markets,- wage-price contests, to remind us that the atmosphere is
still charged.
We have the tools to finish the job: price control, the buying
•of government bonds or saving in other ways, control of credit
purchases, and most of all the will to prevent'• inflation* 'We
•should extend the Price Control Act just as soon as possible to
remove the lingering hope of the minority that they can profit out
of the scarcity that exists before our total reconversion makes
available all of the items for which our appetite is whetted.
It is my belief that more of our people than ever before realize
the importance of the continuation of price control. The Iowa Poll
of January 27 shows that of the several recommendations the
President made in his recent radio talk the continuation of price
and rent control was considered the most necessary* From more and
more quarters comes support for the, extension of the Stabilization
Act* Just this week an Anti-Inflation Committee1 representing
nearly all of the leading businessmen and merchants in the District
of Columbia began a campaign to prevent inflation and to keep the
O.P.A.
We have won the Inflation battle for nine rounds. It would be
pathetic if we lost the tenth and last round.
The battle against inflation, while the most important today,
is only one of the problems that confront us at home. There are
all of the problems of finding and carrying out the means of full
production, full employment, mass purchasing power, and efficient
distribution. Each of these factors augments the others. These
objectives, like total war, require vigilance and action on many
fronts.
We must conquer the housing problem. This is a field wherein
the realization has never been up to the ideal of a truly American
standard of living. The inadequacy of our housing has been accentuated by the war, so we are further behind than ever before. A
real housing program will be a great contribution to our entire
economic condition because it is a big market for many materials
and it has a great effect upon employment.
Our way of life means a decent wage for all. The present law
sets a forty-cents-an-hour minimum. That is far too low. We must
have a substantial increase in the minimum wage unless we mean to
render only lip service to our American standard of living.
- 8 -
We must do everything in our power to aid the veteran. He is
the one that made the genuine sacrifices' in this war. Not only
has he rendered the great service, but now he must face the problems
of becoming an integral part of our peacetime economy. We must
make the interruption to his career of as little disadvantage as
possible.
,
•
'
These, and other problems, confront us on the home front.
In addition we have the political, social, and economic problems
among nations that twice in our generation rocked us into war.
If the nations of the world can solve their problems by'peaceful
discussion and at the same time be ready, willing and able to
stamp out the international gangster before he commits his high
felonies, we will have prevented war. Since wars are not ordained
but are man made, man can avoid war by solving the problems that
cause war*
'
We would be less than frank if we did not recognize that at
times there will be darkness. But Americans are not:"by nature
pessimistic and should not be now. There is a proverb that he
who lights a candle is better than he who curses the -darkness.
Let us all go forth and light a candle in whatever place or station'
we be. These specks of light, multiplied many times will dispel
the darkness*
-0O0-
- 3-
for such bills, whether on original issue or on subsequent purchase, and th
actually received either upon sale or redemption at maturity during the tax
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 1+18, as amended, and this notice, r>re-
scribe the terms of the Treasury bills and govern the conditions of their i
Copies of the circular may be obtained from any Federal Reserve Bank or Bra
- 2 -
Reserve Banks and Branches, following which public announcement will be made
Secretary of the Treasury of the amount and price range of accepted bids. Tho
submitting tenders will be advised of the acceptance or rejection thereof. T
Secretary of the Treasury expressly reserves the right to accept or reject a
all tenders, in whole or in part, and his action in any such respect shall be
Subject to these reservations, tenders for $200,000 or less from any one bid
99.905 entered on a fixed-rprice basis will be accepted in full. Payment of
tenders at the prices offered must be made or completed at the Federal Reser
in cash or other immediately available funds on February 7* lr>u6
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
and loss from the sale or other disposition of Treasury bills shall not have
special treatment,fas such, under Federal tax Acts now or hereafter enacted.
bills shall be subject to estate, inheritance, gift, or other excise taxes, w
Federal or State, but shall be exempt from all taxation now or hereafter imp
on the principal or interest thereof by any State, or any of the possessions
the United States, or by any local taxing authority. For purposes of taxatio
amount of discount at which Treasury bills are originally sold by the United
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,
amount of discount at which bills issued hereunder arc sold shall not be con
to accrue until such bills shall be sold, redeemed or otherwise disposed of,
such bills are excluded from consideration as capital assets. Accordingly, t
owner of Treasury bills (other than life insurance companies) issued hereund
need include in his income tax return only the difference between the price
TREASURY DEPARTMENT
1/^ > '
Washington
FOR RELEASE, M0RNII7G NEUSPAFERS,
Friday, February 1, 19L.6
.
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
on a discount basis, under competitive and fixed-price bidding as hereinafter
vided. The bills of this series will be dated February 7, 191+6 , and will
tfr
mature
May 9, 19k6
•
, when the face amount will be payable without
Interest. They will be issued in bearer form only, and in denominations of 31
$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 5£az time,
Monday, February lu 19U6
Tenders will not be received at the Treasury Department, V/ashington. Each te
must be for an even multiple of $1,000, and the price offered must be express
on the basis of 100, with not more than three decimals, e. g., 99-925- Fracti
may not be used. It is urged that tenders be made on the printed forms and fo
warded in the special envelopes which will be supplied by Federal Reserve Ban
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 se
ties. Tenders from others must be accompanied by payment of 2 percent of the
amount of Treasury bills applied for, unless the tenders are accompanied by a
express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Feder
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEY/SPAPERS,
Friday,"February 1, 1946.
The Secretary of the Treasury, by this public notice; invi.tes
tenders for $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 provided. The bills of this
series will be dated February 7',. 1946,. and will mature May 9, 1946,
when the face amount will be payable, without Interest. They will
be issued.in bearer form only, and in denominations of OljOOO,
$5,000, :(;10,000, $100,000, $500,000, and!$±i000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o!clock p.m., Eastern Standard time,
Monday, February 4, 194.6. Tenders will not be received at the
Treasury Department, Washington. Each tender-must be:for an even
multiple of $1,000, and the price offered-must be: expressed on. the
basis of 100, with not. more than three decimals, e. g.?. 99.925.
Fractions may not be used. It is urged that tenders be made on
the printed forms and. forwarded in the special envelopes which
will be supplied by Federal Reserve Banks, or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies arid from responsible-and recognized
dealers in investment securities. Tenders from others must be.
accompanied by payment of 2 percent of the face amount of Treasury
bills applied for, unless the'tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
vail 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 February 7, 1946.
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(Over)
not have any special treatment,
V-218
- 2 as such, under Federal tax Acts now or hereafter enacted. The
bills shall be subject to estate, inheritance, gift, or other
excise taxes, whether Federal or State, but shall be exempt from
all taxation now or hereafter Imposed on the principal or" interest
thereof by any-State, or any of the possessions of the United
States, or by any local taxing authority. For purposes of taxation -the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections 42 and 117 (a) (1) of the Internal Revenue Code,
as amended by Section 115 of the Revenue Act of 1941, the amount
of discount at which bills issued hereunder are sold, shall not
be considered to accrue until such bills shall be sold, redeemed
or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury
bills (other than life insurance companies) issued hereunder need
include- in his income tax'return only the difference between the
price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which
the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
-oOo-
FOR JEJEASE !
•The War and Treasury Departments, working through Headquarters,
U« S« Forces, Mediterranean Theater, and the American Embassy in Rome,
yesterday terminated negotiations for procedures in the interests of
the U. S. armed forces in the theatefr^hoifebynETT^aTian Government
mWk\ extended to the armed forces of the United States and to other
agencies of the United States Government, the rate of exchange of
225 lire equals one U# &• dollar, ?rhich the Italian Government had
made available to the diplomatic corps,
%
^ c I4.£cbrtt*»-
6jJ^
.
xm$^-m\^
/t-&
TREASURY DEPARTMENT
Washington
FOR RELEASE at 3.00 P.I!., E.S.T.,
Saturday, February 2, 1946.
Press Service
No. V-219
The Treasury and the War Department today issued the following joint statement:
The War and Treasury Departments, working through Headquarters, U. S. Forces,
Mediterranean Theater, and the American
Embassy in Rome, yesterday terminated
negotiations for procedures in the interests of the U, S. armed forces in the
theater.
As a result the Italian Government
extended to the armed forces of the United
States and to other agencies of the United
States Government, the rate of exchange of
225 lire equals one U. S. dollar, which
the Italian Government had made available
to the diplomatic corps.
The previous rate of exchange was 100
lire eauals one U. S. dollar.
-oOo-
•HJlf A g l W r
Oltf DA IMPUP M l
TKaAauJII vOTAI&TilibST
Washington
FOE HE1RASE, MORHING NEWSPIPERS, Precs Serrice
Tuesday, February $, 1946.
,/! ~
^Q
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 February 7 and tt
mature May 9, 1946, which were offered on February 1. 19U6, were opened at the Federal
Reserve Banks on February 4*
The details of this issue are as follows:
Total applied for - 11,923,073,000
Total accepted
- 1,3114,673,000
(includes $1*6,573,000 entered on a fixed-fri*
basis at 99*90$ and accepted in full)
Average price
- 99*90$/ Equivalent rate of discount approx* 0*375$ per annua
Range of accepted competitive bids;
High - 99.908 Equivalent rate of discount approx. 0.361$ per annua
Low
~ 99*905
*
• e
e
• 0.376* • •
(65 percent of the amount bid for at the lev price was accepted)
Federal Seserve
listrict
Boston $ 34,010*000 • 9,6^,00$
New lork
FhUadelphia
Cleveland
IlehmoBd
Atlanta
Chicago
St. Louis
Kansas City 14,124,000 ^M
©alias
San Franciseo
TOTAL
total
Applied for
Total
Accepted
1,463*733,000
55,970,000
6,770,000
13,475,000
982,1*58,000
^ * * M
6,735,000
^'SMS-
5,477,0)0
MIVSL
W
281,987,000
5,900,000
^^&S
*'%&&•
000
i'SS'
$1,928,073,000
if'iS'S
$1,314,673,000
foyWS
56,592,000
TREASURY DEPARTMENT
Washington
FOR" RELEASE, MORNING NEWSPAPERS,
Tuesday, February 5, 1946.
Press Service
No. V-220
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 February 7 and to mature May 9, 1946, which were
offered on February 1, 1946, were opened at the Federal Reserve
Banks on February 4.
• '
The details of this issue-are as follows:
Total applied for - $1,928,075,000
Total accepted
- 1,314,673,000 (includes $46,573,000
entered on a fixed-price basis at
99.905 and accepted in full)
MM
Average price
- 99.905/ Equivalent rate of discount
approx. 0.375% per annum
Range of accepted competitive bj.ds:
High - 99.908 Equivalent rate of discount approx.
0.364% per annum
V
Low
- 99.905 Equivalent rate of discount approx.
0.376% per annum
(65 percent of the amount hid for at the low price was accepted)
Federal Reserve
Total
Total
District
Applied for
> Accepted
Boston $ 14,010,000 $ 9,670,000
New York
1,463,733,000
982,458,000
-Philadelphia ,
55,970,000
43,860,000
.Cleveland
6,770,000
6,735,000
Richmond
13,475,000^
10,990,000
.Atlanta
5,477,000''
5,477,000
'Chicago
281,987,000
187,487,000
St. Louis
5,900,000
5,025,000
Minneapolis
3,095,000
3,095,000
Kansas City
14,124,000
^12,374,000
Dallas
6,940,000
6,310,000
San Francisco
56,592,000
41,1^2,000
TOTAL
$1,928,073,000
$1,314,673,000
-oOo-
^Commissioner Nun an explained that the law requires payment of interest at
the rate of 6 per cent per year on refunds delayed past March, and therefore the
Government will save several million dollars of interest payments by the speedup\
plan. He pointed out that it took about a year to pay the refunds for 1943, fjPI
year of the withholding tax, and the interest charges were nearly ^22,000,000.
The 1944 refunds were completed in seven months and the interest payments fell
517,000,000. This year, it is expected to complete the refunds within three
months after the March 15 deadline, and the savings, while impossible to estimalj
accurately, should he at least "several million dollars."
/Under the present plan, refunds are paid on the basis of information in the
taxpayer*s return, with the understanding that any inaccuracies will be correctej
when the regular audits of returns are made.
(The 1944 tax returns resulted in over £1,000,000,000 of refunds to approximately 21,000,000 individuals. Due to demobilization and other economic factor?
following the end of the war, the 1945 refunds may be slightly higher.
TREASURY PEPjffiTMl#
Bureau of Internal Revenue
Washington 25, D. G*
For Release fA*u~^ /Utv+frt^r*,
Press
Service
Joseph D. Nunan, Jr., Commissioner of Internal Revenue, announced today?
that refunds on 1945 income tax returns of individual taxpayers have been speoi
up to save taxpayers several months of waiting and to save the Government
several million dollars of interest payments.
) Under the expedited plan, refunds are now being paid by local offices of
collectors of internal revenue almost as fast as returns are received, and
refunds totalling more than $27,000,000 were paid to more than 600,000 taxpayer
,:
in- January. Other taxpayers who are entitled to refunds and who file immediai
"'
instead of waiting for the March 15 deadline, will receive correspondingly rapij
service. To the extent that last minute returns swamp the facilities of
collectors' offices, refunds due on such returns will be delayed. However, M
eve:: these refunds (except on faulty returns) are expected to be completed be
the end of June. Of course it is not possible:for Collectors to make prompt |
refunds if returns are not complete and accurate. The most common reason for
delay in refunding is failure of taxpayers, who use their withholding statement
a s ret urns , to s i gn t h era.
Trhs refunds involved in this plan usually result from instances in which \
tax withholding from wages exceeds the actual tax liability of the taxpayerlj.
The withholding tax is based on the assumption that every worker is employed \
continuously throughout the year, and therefore most of the refunds go to wori
who die. not work the whole year. Thus, many of the refunds will go to vetera|
who, after discharge from the armed forces, held civilian jobs during only?*
of the year. Many refunds also will go to war workers who were laid off as
result of cutbacks and reconversion in industry after V-E and V-J days.
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington 25, D. C.
FOR RELEASE, MORNING NEWSPAPERS, '
Thursday. February 7. 1946,
'
Press Service
No. V-221
Joseph D. Nunan, Jr., Commissioner of Internal Revenue, announced today
that refunds on 1945 income tax returns of individual taxpayers have been
speeded up to save taxpayers several months of waiting and to save the
Government several million dollars of interest payments.
Under the expedited plan, refunds are now being paid by local offices
of collectors of internal revenue almost as fast as returns are received,
and refunds totalling more than $27,000,000 were paid to more than 600,000
taxpayers in January. Other taxpayers who are entitled to refunds and vdio
file immediately, instead of waiting for the March 15 deadline, will receive
correspondingly rapid service. To the extent that last minute returns swamp
the facilities of collectors' offices, refunds duo on such returns m i l be
delayed. However, even these refunds (except on faulty returns) are expected
to be completed before the- end of June. Of course it is not possible for
Collectors to make prompt refunds if returns are not complete and accurate.
The most common reason for delay in refunding is failure of taxpayers, who
use their vdthholding statements as returns, to sign them.
«
The refunds involved in this plan usually result from instances in
which tax withholding from wages exceeds the actual tax liability of 'the
taxpayers. The withholding tax is based on the assumption that every worker
is employed continuously throughout the year, and therefore most of the refunds go to workers who did hot work the whole year. Thus, many of the
refunds will go to veterans who, after discharge from the armed forces, hold
civilian jobs during only part of the year. Many refunds also will go to
war workers who were laid off as the result of cutbacks and reconversion in
industry after V-E and V—J days,
Cornmissioner Nunan explained that the law requires payment of interest
at the rate of 6 per cent per year on refunds delayed past March, and therefore the Government will save several million dollars of interest payments •
by the speedup plan. He pointed out that it took about a year to pay the
refunds for 1943., first year of the withholding tax, and the interest
charges were nearly ^22,000,000, The 1944 refunds were completed in seven
months and the interest payments fell to ,,17,000,000. This'yc^, it is
expected to complete the refunds within three months after the March 15
deadline, and the savings, while impossible to estimate accurately, should
be at leasts "several million dollars".
Under the present plan, refunds are paid on the basis of information
in the taxpayer's return, with the understanding that any inaccuracies will
be corrected when the regular audits of returns are made.
The 1944 tax returns resulted in over Bl,000,000,000 of refunds to
approximately 21,000,000 individuals. Due to demobilization and other
economic factors following the end of the war, the 1945 refunds may be
slightly higher.
oOo
- 6 -
Chief Wilson warned bond owners to keep their securities
in a safe place, and to keep a record of bond serial numbers
separately to aid in recovery if losses should occur.
In addition to its perennial war against moonshiners,
continued prosecution of liquor black marketeers of the recent
.oor ta
shortage years and evaders of*floor
tax stipulated in recent
revenue acts, the Alcohol Tax Unit tac^bd a new problem in 1945.
The Unit, charged with enforcement of the National Firearms Act,
conducted a nationwide campaign to register automatic weapons
such as machine guns, sub-machine guns and machine pistols
brought in as souvenirs by returning servicemen. The Unit
sought to persuade the owners to render these and other weapons
unserviceable for the protection of their families and to
decrease the possibility of such weapons falling into criminal
hands•
Stewart Berkshire, Head of the Unit, said the campaign was
considered Imperative in view of a rapidly developing wave of
crimes of violence in which such weapons brought in originally
as souvenirs figured.
He pointed out that the law provides a
tax of #200 on each transfer of automatic weapons, a liability
which can be avoided if the guns are made unserviceable.
-oOo-
5 -
two-year sentence for burglary.
While working in the prison
foundry, he is alleged to have made sand moulds for manufacturing
counterfeit nickels, dimes, quarters and half dollars out of iron
and aluminum, which he spent in the prison commissary.
His
activities were discovered only two weeks before he was due for
discharge, and he is now under indictment and awaiting trial on
the counterfeiting charge.
Chief Prank Wilson of the Secret Service reported that losses
to the public from circulation of counterfeit currency and coins
dropped* to a new low of $25,666 in 1945, compared to $28,067 in
1944.
In some years In the middle 30f s such losses ran to more
than a million dollars a year.
The most spectacular check forgery case of the year was
solved with the arrest of Arthur Moses in New York on November 24.
Moses confessed he had made a living by victimizing merchants
with more than 1,000 stolen checks since 1938, realizing at least
$50,000.
He operated in Detroit, Louisville, Chicago, Cincinnati,
Philadelphia and other cities, in addition to New York.
The Secret Service received for Investigation more than
6,500 bonds stolen and fraudulently negotiated during the year.
In one case, In Philadelphia, Stanley S* Gnagey, 19 years old,
was arrested in connection with theft and forgery of $^240 worth
of fconds, the proceeds of which he exhausted on a New York
spending spree*
He was sentenced in state court for the burglary
and faces other charges.
- 4 -
In the same area, officers foiled an extensive plot to
export critically scarce truck tires*
The conspirators sought
to evade export control regulations by mounting the new tires
on the wheels of decrepit automobiles and then exporting the
automobiles*
The "wrecks" were driven or towed through mud to
conceal the newness of the tires.
Other cases involved illegal exportation of gold for sale
abroad; and an attempt to export to the Orient without license
quantities of medical supplies*
The Secret Service continued to combat counterfeiting and
check forgeries with widespread use of educational films, newspaper and magazine publicity, and radio warnings designed to
alert the public and storekeepers to the methods followed by
these racketeers*
Two abortive attempts to make counterfeit currency were
smashed during the year, one in Washington, D. C , and one in
St. Petersburg, Florida*
Plates and equipment and bogus money were seized in each
case, and only one note got into circulation in the two ventures.
one man was arrested in each case*
The coin manufacturing plant in Missouri Penitentiary
involved 20 year old William L* Patterson, who was serving a
-3The Treasury's smallest investigative unit, the Foreign
Funds Control Compliance Section, continued its policing of
funds of enemy firms and nationals, with Its outstanding case
being the blocking as German of some $5,000,000 in cash and
securities in five New York banks. These assets were held in
the name of a Swiss company, which, investigation disclosed,
was in turn owned by a German company.
During 1945, 11,012 persons were convicted in federal
courts of violations of laws administered by the above agencies
and the Bureau of Narcotics and Intelligence Unit of the Bureau
of Internal Revenue, which, collectively, make up the Treasury
Enforcement Agencies.
In 1944, convictions totalled 10,888.
Typical of the cases developed by Customs in increasing
numbers during the closing months of 1945 was the seizure, from
a professional entertainer returning from Latin America by
plane, of thirty-two cut diamonds and other gems concealed in
baggage. The passenger paid #4,000 in penalties and surrendered
the gems for forfeiture to the Government.
Customs officers broke up a small scale rum smuggling
conspiracy operating between Cuba and Florida, and involving
the masters of three vessels and officials of a steamship
company.
They sought to evade payment of duties by means of
false manifests.
-2-
Mr. Irey reported that the United States Secret Service
continued to depress money counterfeiting toward the vanishing
point; but that theft and forgery of Government checks and
bonds increased, although relatively slightly in comparison
with the huge increase in such items being issued or outstanding.
More than 23,000 checks were involved in Secret Service
investigations during 1945, compared to 15,700 in 1944; and
1,841 persons were arrested on forgery charges. Discovery of
coin counterfeiting within the walls of Missouri State Penitentiary was a spectacular incident of Secret Service investigative activities.
The Alcohol Tax Unit of the Bureau of Internal Revenue
reported a decline in illicit distilling operations as reflected
by still and mash seizures, but said the traditional moonshine
states of the South witnessed fairly substantial substitution
of cane syrup and homemade sorghum for scarce sugar, with
operations continuing about as usual*
The fourteen Southern states contributed 95 percent of all
the stills seized, 92 percent of the mash seized, and 85 percent
of the persons arrested for liquor law violations.
For the entire country, still seizures in 1945 were 7,521,
compared with 7,762 in 1944, with arrests of 9,492 compared to
11,911 in 1944.
d*
7
PROPOSED PRESS RELEASE y^. V**^
Officers of the United States Customs A#finey Service today
saw statistical evidence of the shift of world trade and travel
toward a peacetime basis with emphasis, from the enforcement
point of view, on the traditional contraband of undeclared
luxury merchandise —
diamonds, furs, watches and such.
Elmer L. Irey, Chief Coordinator of Treasury Enforcement
Agencies, reported to Secretary Vinson that seizures of all
types of smuggled commodities increased sharply in 1945 to 17,009
compared to 10,215 in 1944.
Two elements swelled the total:
first, the disposition of travelers to attempt to bring in or
export scarce commodities, from beefsteak to nylons and automobile
tires, in violation of wartime regulations; and in the closing
months, conventional smuggling growing out of relaxed conditions
of trade and travel. With the easing of the United States supply
situation, liquor seizures declined.
E. J. Shamhart, Deputy Commissioner of Customs, said today
that the Agency is applying W J Ulij Improved inspection techniques
and equipment developed as a wartime protective service to the
peacetime checking of travelers and their luggage and shipments
of merchandise through Customs. He said those attempting to
avoid payment of duties on merchandise will have a tougher
gauntlet to run than ever before.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, February 7, 1946.
Press Service
No. V-222
Officers of the United States Customs Service today saw
statistical evidence of the shift of world trade and travel toward
a peacetime basis with emphasis, from the enforcement point of
view, on the traditional contraband of undeclared luxury merchandise — diamonds, furs, watches and such.
Elmer L. Irey, Chief Coordinator of Treasury Enforcement
Agencies, reported to Secretary Vinson that seizures of all types
of smuggled commodities increased sharply in 1945 to 17,009 compared to 10,215 in 1944. Two elements swelled the total: first,
the disposition of travelers to attempt to bring in or export
scarce commodities, from beefsteak to nylons and automobile tires,
in violation of wartime regulations; and in the closing months,
conventional smuggling growing out of relaxed conditions of trade
and travel. With the easing of the United States supply situation,
liquor seizures declined.
E., J. Shamhart, Deputy Commissioner of Customs, said today
that the Agency is applying improved inspection techniques and
equipment developed as a wartime protective service to the peacetime checking of travelers and their luggage and shipments of
merchandise through Customs. He said those attempting to avoid
payment of duties on merchandise will have a tougher gauntlet to
run than ever before.
Mr. Irey reported that the United States Secret Service continued to depress money counterfeiting toward the vanishing point;
but that theft and forgery of Government checks and bonds increased,
although relatively slightly in comparison with the huge increase
in such items being issued or outstanding. More than 25,000 checks
were involved in Secret Service investigations during 1945, compared
to 15,700 in 1944; and 1,841 persons were arrested on forgery
charges. Discovery of coin counterfeiting within the walls of
Missouri State Penetentiary was a spectacular incident of Secret
Service investigative activities.
The Alcohol Tax Unit of the Bureau of Internal Revenue reported
a decline in illicit distilling operations as reflected by still
and mash seizures, but said the traditional moonshine states of the
- 2 -
South witnessed fairly substantial substitution of cane syrup and
homemade sorghum for scarce sugar, with operations continuing about
as usual.
The fourteen Southern states contributed 95 percent of all
the stills seized, 92 percent of the mash seized, and 85 percent of
the persons arrested for liquor law violations.
For the entire country, still seizures in 1945 were 7,521,
compared with 7,762 in 1944, with arrests of 9,492 compared to
11,911 in 1944.
'
The Treasury's smallest investigative unit, the Foreign Funds
Control Compliance Section, continued its policing of funds of
enemy firms and nationals, with its outstanding case being the
blocking as German of some $5,000,000 in cash and securities in
five New York banks. These assets were held in the name of a Swiss
company, which, investigation disclosed, was in turn owned by a
German company•
During 1945, 11,012 persons were convicted in federal courts
of violations of laws administered by the above agencies and the
Bureau of Narcotics and Intelligence Unit of the Bureau of Internal
Revenue, which, collectively, make up the Treasury Enforcement
Agencies. In 1944, convictions totalled 10,888.
Typical of the cases developed by Customs in increasing
numbers during the closing months of 1945 was the seizure, from a
professional entertainer returning from Latin America by plane, of
thirty-two cut diamonds and other gems concealed in baggage. The
passenger paid $4,000 in penalties and surrendered the gems for
forfeiture to the Government.
Customs officers broke up a small scale rum smuggling conspiracy operating between Cuba and Florida, and involving the
masters'of three vessels and officials of a steamship company.
They sought to evade payment of duties by means of false manifests.
In the same area, officers foiled an extensive plot to export
critically scarce truck tires. The conspirators sought to evade
export control regulations by mounting the new tires on the wheels
of decrepit automobiles and then exporting the automobiles. The
wrecks" were driven or towed through mud to conceal the newness
of the tires.
- 3 -
Other cases involved illegal exportation of gold for sale
abroad; and an attempt to export to the Orient without license
quantities of medical supplies.
The Secret Service continued to combat counterfeiting and
check forgeries with widespread use of educational films, newspaper
and magazine publicity, and radio warnings designed to alert the
public and storekeepers to the methods followed by these racketeers.
Two abortive attempts to make counterfeit currency were
smashed during the year, one In Washington, D. C , and one in
St. Petersburg, Florida.
Plates and equipment and bogus money
were seized in each case, and only one note got into circulation in
the two ventures. One man was arrested in each case.
The coin manufacturing plant in Missouri Penitentiary involved
20 year old William L. Patterson, who was serving a two-year sentence for burglary* While working in the prison foundry, he is
alleged to have made sand moulds for manufacturing counterfeit
nickels, dimes, quarters and half dollars out of iron and aluminum,
which he spent in the prison commissary. His activities were- discovered only two weeks before he was due for discharge, and he Is
now under indictment and awaiting trial on the counterfeiting
charge.
Chief Frank Wilson of the Secret Service reported that losses
to the public from circulation of counterfeit currency and coins
dropped to a new low of $25,666 in 1945, compared to $28,067 in
1944. In some years in the middle 30's such losses ran to more
than a million dollars a year.
The most spectacular check forgery case of the year was solved
with the arrest of Arthur Moses in New York on November 24* Moses
confessed he had made a living by victimizing merchants with more
than 1,000 stolen checks since 1938, realizing at least $50,000.
He operated in Detroit, Louisville, Chicago, Cincinnati, Philadelphia
and other cities, in addition to New York.
The Secret Service received for investigation more than 6,500
bonds stolen and fraudulently negotiated during the year* In one
case, in Philadelphia, Stanley S, Gnagey, 19 years old, was arrested
in connection with theft and forgery of $1,240 worth of bonds, the
proceeds of which he exhausted on a New York spending spree* He
was sentenced in state court for the burglary and faces other
charges.
4 -
Chief Wilson warned bond owners to keep their securities in
a safe place, and to keep a record of bond serial numbers
separately to aid in recovery if losses should occur.
'
In addition to its perennial war against moonshiners, continued prosecution of liquor black marketeers of the recent shortage years and evaders of the floor tax stipulated in recent
revenue acts, the Alcohol Tax Unit tackled a new problem in 1945.
fhe Unit, charged with enforcement of the National Firearms Act,
conducted a nationwide campaign to register automatic weapons such
as machine guns, sub-machin^e guns and machine pistols brought in
as souvenirs by returning servicemen. The- Unit sought to persuade
the owners to render these and other weapons unserviceable,, for
the protection of their families and to decrease the possibility
of such weapons falling into criminal hands.
B1
Stewart Berkshire, Head of the Unit, said the campaign was
considered imperative in view of a rapidly developing wave of
crimes of violence in which such weapons brought in. originally as
souvenirs figured. He pointed out that the law provides a tax of
$200 on each transfer of automatic weapons, a liability which can
be avoided if the guns are made unserviceable.'"
^oOo
- 3 Shortage and extremely high price of narcotics continued to lead
addicts and drug peddlers to resort to many methods to obtain supplies
from medicinal stocks*
Despite precautions taken by legitimate handlers,
robberies and burglaries of narcotics from pharmacies and other registered
establishments increased, with the aggregate of these diversions substantial,
the most spectacular being the theft of a truckload of morphine, with an
underworld value of perhaps half a million dollars, from a supply house in
Brooklyn*
While several distributors have been arrested, and quantities of
drugs identified as part of the loot have been seized, the actual perpetrators
of the robbery are still at large*
Undercover Narcotics agents posing as nnnrrnpilouo Ehyoicianc in the
pcvctoUou,
market for the drags.solved another substantial diversion case involving
narcotics stolen from the United StatesAMedical Supply Depot in Brooklyn.
Four persons were arrested and are awaiting trial, including several alleged
leaders of the so-called 107th Street mob*
Edson J. Shamhart, Deputy Commissioner of Customs in charge of enforcement, reported continued numerous seizures of opium on vessels arriving from
the Orient and from Europe, the largest being 36 pounds of raw opium turned
up by a two-day search of a Netherlands tanker at Perth Amboy, New Jersey.
Fourteen caches of the drug were found, including several lots concealed
in hollowed out timbers.
The tanker cleared from Liverpool.
One seizure of 35 pounds of Mexican opium was S^Kea* at Gibson, Arizona,
by Customs patrol officers, who found the contraband in hollowed out frames
of the truck body.
Two Mexican nationals were arrested.
- 2 -
of a supply o£jiope fugitive from the battlefields of Europe.
Strenuous efforts are being made by Allied'occupation authorities
in cooperation with the Treasury to corral all surplus narcotic supplies
in war torn areas. Following the first world war, quantities of such drugs
eventually found their way into the world illicit trade, and contributed
to a wave of addiction that swept through many countries.
The first case of such diversion from abandoned medicinal stocks of
this war developed in Portland, Oregon. As a result of undercover investigation by Bureau of Narcotics agents, a discharged Army infantryman who
saw service in Africa, Sicily, Italy, France, Germany and Austria, and an
associate, face charges of violating the Harrison Act. Quantities of
morphine and cocaine seized by the officers were, the soldier admitted,
found in a small town near Nurmburg, Germany, in a German hospital supply
dump, and were transported by him, by devious routes, packed in two Army
canteens, back to the United States*
H* J. Anslinger, Commissioner of Narcotics, reported that illicit
drugs continued scarce, with underworld prices very high, and drugs of the
manufactured type when found often highly adulterated. Heroin appearing in
the traffic shows evidence of manufacture from opium by crude methods, with
some coming in from Mexico, and some being manufactured in this country in
clandestine laboratories of the small "kitchen" type.
Raw and smoking opium made up bulk of the supplies available to the
underworld, coming largely from Mexico, Iran, and India* The Mexican
Government is making a strong effort to suppress poppy growing, which is
carried on principally in isolated, mountain sections.
A
k-vV
Proposed Press Release
1
Treasury law enforcement agencies responsible for combating illicit
traffic in narcotics reported today that 1945 saw a substantial increase
in seizures of both opium and its derivatives compared with 1944*
Arrests of traffickers were somewhat fewer, indicating a continuing
concentration of the racket in the hands of well-organized, well-financed
mobs •
New York City appeared to be the focal point of such traffic, with
remnants of several notorious gangs active, their tenacles reaching in
some cases across the nation. Wholesale arrests of traffickers were made
in this area, and drastic penalties meted out in Federal courts, 5 to 8
years in many instances, attested to the efficiency of the Treasury*s war
against the drug syndicates.
Elmer L. Irey, Chief Coordinator of Enforcement, reported to
Secretary Vinson on the basis of statistics compiled by the Bureaus of
Customs and Narcotics, that total seizures of opium type drugs were 10,995
ounces in 1945, compared to 7,226 ounces in 1944•
The 1945 total still
was well below comparable figures for some pre-war years.
Combined seizures of marihuana fell off in 1945, from 12,138 ounces
in 1944 to 9,475 ounces, possibly reflecting the success of the Bureau of
Narcotics in smashing several nationally operating gangs. In the year just
closed, agents carried out an intensive campaign to eliminate traffic in
the weed in fringes of the New York City night club belt.
Narcotics officers encountered the first symptoms of what was a seriooi
post-w^rf^uilir-4ne headache, with the seizure in the closing months of 1945J
TREASURY DEPART MEND
Washington
;*>0R RELEASE, AFTIRNOON NEWSPAPERS, . Press Service
^Saturday, February 9, 1946.
No. V-223
Treasury law enforcement agencies responsible for combating
illicit traffic in narcotics reported today that 1945 saw a substantial increase in seizures of both opium and its'derivatives
compared with'1944. f:
* Arrests of traffickers were somewhat fewer, indicating a
continuing concentration of the racket in the hands of wellforganized, well-financed mobs.
New York City appeared to be the focal point of such traffic,
with remnants of'several notorious gangs active, their tentacles
reaching in some cases across the nation. Wholesale arrests of
|traffickers were made in this area, and drastic penalties meted
I'out in Federal courts, 5 to 8 years in many instances, attested to
the efficiency of the Treasury's war against the drug syndicates.
Elmer 1. Irey, Chief Coordinator of Enforcement, reported to
Secretary Vinson on the basis of statistics compiled by the
Bureaus of Customs and Narcotics, that total seizures of opium"
type drugs were 10,995 ounces in 1945, compared to 7?226 ounces in
1944. The 1945 total still was well below comparable figures for
some pre-war years.
Combined seizures of marihuana fell off in 1945, from 12,138
iOtmces in 1944 to 9,475 ounces, possibly reflecting the success of
the Bureau of Narcotics in smashing several nationally operating
gangs. In the year just closed, agents carried out an intensive
campaign to eliminate traffic in the weed in fringes of the New
[York City night club belt.
^!
,. Narcotics officers encountered the first symptoms cf what
was a serious post-World-War-I headache, with the seizure in the
(closing months of 1945 of a supply of dope fugitive from the
battlefields of Europe.
Strenuous efforts are being made by Allied occupation authorities in cooperation with the Treasury to corral all surplus nar'-Cotic supplies in war torn areas. Following the first" world war,
quantities of such drugs eventually found their way into the world
•illicit trade, and contributed to a wave of- addiction that swept
.through many countries.
- 2 The first case of such diversion from abandoned medical stocks
of this war developed in Portland, Oregon. As a result of undercover investigation by Bureau of Narcotics agents, a discharged
Army infantryman who saw service in Africa, Sicily, Italy,- France,
Germany and Austria, and an associate, face charges of violating
fee Harrison Act. Quantities of morphine and cocaine seised by
|he officers were, the soldier admitted, found in a small town near
Sternberg, Germany, in a German hospital supply dump, and were
transported by'him, by devious routes, packed in' two Army canteens,
£ack to the United States.
I
H. J. Anslinger, Commissioner of Narcotics,/reported that.
illicit drugs continued scarce, with underworld prices very high,
and drugs of the manufactured type when found often highly adulterated. Heroin appearing in the traffic shows evidence, of manufacture from opium by crude methods, with some coming in from
jgsxico, and some being manufactured in this country in clandestine
laboratories of the small "kitchen1' type.
\. Raw and smoking opium made up the bulk of the supplies available to the underworld, coming largely from Mexico, Iran, and India.
Pie Eexican Government is making a strong effort to suppress poppy
growing, which is carried on principally in isolated, mountain
iections.
B Shortage and extremely high price of narcotics continued to
lead addicts and drug peddlers to resort to many methods to obtain
Supplies from medicinal stocks. Despite precautions taken by
legitimate handlers, robberies and burglaries of narcotics from
pharmacies and other registered establishments increased, with the
Aggregate of these diversions substantial, the most spectacular
leing the theft of a truckload of morphine, with an underworld value
if perhaps half a million dollars, from a supply house in Brooklyn.
Riile several distributors have been arrested, and quantities tof
tags identified as part of the loot have been seized, the actual
perpetrators of the rubbery are still at large.
Undercover narcotics agents posing as dealers in the market
'or the drugs partially solved another substantial diversion case
involving narcotics' stolen from the United States Naval Iledical
>Upply Depot in Brooklyn. Four persons were arrested and are
waiting trial, including several alleged leaders of the so-called
x
•07th Street mob.
, -Edson J. Shamhart, Deputy Commissioner of Customs in charge of
Iforcement, reported continued numerous seizures of opium on
'essels arriving from the Orient and from Europe, the largest being
'6 pounds of raw opium turned up by a two-day search of a Netherlands tanker at Perth Amboy, New Jersey. Fourteen caches of the
*•' '
- 3drug were found, including several lots concealed in hollowed out
timbers. The tanker cleared from Liverpool.
One seizure of 35 pounds of Mexican opium was made at Gibson,
Arizona, by Customs patrol officers, who found the contraband'in:*
hollowed out frames of the truck body. Two Mexican nationals were
arrested.
-0O0-
I
^
. "*r"- IS*" I
POR IMMEDIATE BELEASK
February 5. 19**6
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 19*5, as follows:
Country of Production
Quantity in Pounds
As of January 26. 19*j6
Signatory Countrite:
Brazil ^90,987,609
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guat emala
Haiti
Honduras
Mexico
Ni caragua
Peru
Venezuela
203,218,289
7,^71.220
115
10,015,006
8,01*1,972
7,602,13^
13»lg3.505
6,285,771
M77.232
9,013,265
1 * 678,59^
1,5*7,992
13,329,355
Non-Signatory Countries: 15,339,^7
TOTAL
79M6H,510
THEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE JOKiaRD 8 COPIES TO ROOM 1*03, HLKINS BLDG.
a
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, February 6, 1946.
Press Service
No. V-224
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 1945, as follows:
Country of Production
/ Quantity in Pounds
As; of January 26, 1946
Signatory Countries: \
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
490,987,609
203,218,289
7,471,220
115
10,015,006
8,014,972
7,602,134
13,183,505
6,285,771
4,177,232
9,013,265
1,678,598
1,547,992
13,329,355
15,339,447
signatory Countries:
TOTAL
-oOo-
791,864,510
Aim
-3 -
for such bills, whetH r on original issue or on subsequent purchase, and the
actually received either upon sale or redemption at maturity during the taxa
year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. U18, as amended, and this notice, de-
scribe the terms of the Treasury bills and govern the conditions of their is
Copies of the circular may be obtained from any Federal Reserve Bank or Bran
Aim
- 2 -
Reserve Banks and Branches, following which public announcement will be mad
Secretary of the Treasury of the amount and price range of accepted bids. T
submitting tenders will be advised of the acceptance or rejection thereof.
Secretary of the Treasury expressly reserves the right to accept or reject
all tenders, in whole or in part, and his action in any such respect shall
Subject to these reservations, tenders for $200,000 or less from any one bi
99-905 entered on a fixed-price basis will be accepted in full. Payment of
tenders at the prices offered must be made or completed at the Federal Rese
in cash or other immediately available funds on February lU, 19U6
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption, a
and loss from the sale or other disposition of Treasury bills shall not hav
special treatment, as such, under Federal tax Acts now or hereafter enacted
bills shall be subject to estate, inheritance, gift, or other excise taxes,
Federal or State, but shall be exempt from all taxation now or hereafter im
on the principal or interest thereof by any State, or any of the possession
the United States, or by any local taxing authority. For purposes of taxati
amount of discount at which Treasury bills are originally sold by the Unite
shall be considered to be interest. Under Sections 42 and 117 (a) (l) of th
Internal Revenue Code, as amendea by Section 115 of the Revenue Act of 1941
amount of discount at which bills issued hereunder are sold shall not be co
to accrue until such bills shall be sold, redeemed or otherwise disposed of
such bills are excluded from consideration as capital assets. Accordingly,
owner of Treasury bills (other than life insurance companies) issued hereun
need include in his income tax return only the difference between the price
imss.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, February 8, 19U6
.
The Secretary of the Treasury, by this public notice, Invites tenders,
"4
r
f°
$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 February lk, 19U6 , and will'
mature May 16, 19U6 , when the face amount will be payable without VB
• • •••»•••• •
n—i.-i I > ; » « W ' * I W < W W I I I . H * W I * I H I I «
/
*
interest. They will be issued in bearer form only, and in denominations of
$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 3fer time, Monday, February 11 ^ 19h6
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 expre
on the basis of 100, with not more than three decimals, e. g., 99.925- Frac
may not be used. It is urged that tenders be made on the printed forms and
warded in the special envelopes which will be supplied by Federal Reserve B
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 s
ties. Tenders from others must be accompanied by payment of 2 percent of th
amount of Treasury bills applied for, unless the tenders are accompanied by
express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the' Federa|
A^5'
t^ASURY'DEPARTMENT
Washington
-
" - '£OR RELEASE, MORNING NEWSPAPERS, ' "
Friday, February 8, 1946.
The Secretary 6f the^Treasury, by this public notice, invites
tenders for $1,300,000;000, or thereabouts, of .91-day Treasury bills,
to;be issued'on a discbunt basis under.competitive and fixed-pricebidding as hereinafter provided. The bills of this series will be
dated February 14, "1946, and will mature May 16, .1946, when the
face amount will be -payable .without interest. They will be issued A
in bearer form only, and in denominations of |l,000, $5,000, f10,000,
$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.mV, Eastern Standard time,"
Monday, -February 11, 1946, 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 mo^e than' three decimals, e. g., 99.925*
Fractions may not be used. It is urged that tenders be made on the
printed forms and' forwarded; In the special envelopes which, will be
.supplied-by Federal Reserve Banks or Branches on application
:
therefor*
•
Tenders will be received without deposit from.incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 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
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or"rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action
in any such respect shall be final. Subject to these reservations,
tenders for $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 February 14, 1946.
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,
V-225 (Over)
*i -fe- *
as such* under Federal,tax Acts now or.hereafter enacted. The
bills shall be subject"1" tp' estate,'inheritance, gift, or other excisi
taxes, whether Federal;or State, but shall be exempt from all taxa.
tion-now Or hereafter'imposed on the principal or interest thereof
by any State, orvany 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 untilsuch 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) Iesued hereunder need include in his income tax return
only the* difference between the price paid for such bills, whether
on original issue Or on subsequent purchase, and the amount.
actually received either upon, sale or redemption at maturity during
the taxable year for which the return is made, as ordinary gain or
loss*
Treasury Department Circular No, 418, as amended, and this
notice, prescribe the terras of the Treasury bills and govern the
conditions of their is-sue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch*
bOo-
STATUTORY DBBT LIMITATIC:;
AS OF JANUARY 31, 194JT"
Section 21 of the Second Liberty Bond Act, as amended, provides that the face am
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), "shall not 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 fac
amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time $300,000,000,1
Outstanding January 31» 19**6
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Bonds
Treasury.
$121,35*. 3 5 ^ 0
Savings (maturity value)* .*•
59.^67,668,300
Depositary*
*
473,624,500
Adjusted Service
500.157.956 $1S1,799.805,206
Treasury notes 39,202,996,000
Certificates of indebtedness...
50,111,962,000
Treasury bills
17.04l.62S.000
106*356.586,000
Total interest-bearing
*
288,156,391,206
Matured, interest-ceased.
*
251,831,1^5
Bearing no Interest
War Savings Stamps
120,204,353
Excess profits tax refunds bonds
239.723.240
359.927.593
Total
288,768,149,944
ssaEaanacnBsasaEBBSsrs
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A.
38,657.936
Demand obligations: C.C.C. .*.
506,44l,294
Matured, interest-ceased............ *
*......
5**5»099.230
12,911.625
558,010,855
Grand total outstanding
Balance face amount of obligations Issuable under above authority.•••••••
289.326.l60j
10.673t83ii
Reconcilement with Statement of the Public Debt - January 31, 19**6
(Dally Statement of the United States Treasury, February 1, 1946)
Outstanding January 31. 19**6
Total gross public debt....
278,886,605
Guaranteed obligations not owned by the Treasury.•••••.................
iffi'SB
Total gross public debt and guaranteed obligations.....*
...*..
279»W,olW
Add - unearned discount on U.S. Savings Bonds
(Difference between maturity value and current redemption value)
10,880,133.362
|
Deduct - other outstanding public debt obligations
^J
not subject to debt limitation
998.588,688
o,f881t2a
* Approximate face or maturity value; current redemption value $48,587,534,9(38*
S
I f ! l ? T . ° E !! T ' ™ T T " T ™
AS OF JANUARY 31. 1946
February 11. 1946
J'nf^hlf^tfnn.6-8600^ Iferty B°nd 4ct> as ^^ded, provides that the face
amount of obligations issued under authority of that Act, and the face amount of
\lg Zl^TTl"
, " t 0 P r i n ° / P a l •** ^terest by the United States (except
such guaranteed obligations as may' be held by the Secretary of the Treasury),"shall
not 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 $300,000,000,000
Outstanding January 31, 1946
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Bonds
Treasury,
$121,358,354,450
Savings (maturity value)* 59,467,668,300
Depositary.
473,624,500
Adjusted Service
500,157,956 $181,799,805,206
Treasury notes
39,202,996,000
Certificates of indebtedness 50,111,962,000
Treasury bills
17,041,628,000
106,356,586,000
Total interest-bearing
288,156,391,206
Matured, interest-ceased
,
251 831 145
Bearing no interest
War Savings Stamps.*..
120,204,353
Excess profits tax refunds
bonds
239,723,240
359,927,593
T
°tal
288,768,149,944
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A.
38,657,936
Demand obligations: C.C.C.
506,441,294
Matured, interest-ceased
.545;099*230
12,911,625
558,010,855
Grand total outstanding
Balance face amount of obligations issuable under above authority,,
289,326,160,799
10,673,839,201
Reconcilement with Statement of the Public Pebt - January 31, 1946
(Daily Statement of the United States Treasury, February 1, 1946)
Outstanding January 31, 1946
Total gross public debt,
278,886,605,270
Guaranteed obligations not owned by the Treasury.................
558,010,855
Total gross public debt and guaranteed obligations.....
279,444,616,125
Add - unearned discount on U. S. Savings Bonds
(Difference between maturity value and ourrent redemption value)
10,880,133,362
Deduct - other outstanding public debt obligations
not subject to debt limitation
998,588,688
9,881,544,674
289,326,160,799
•Approximate face or maturity value; current redemption value $48,587,534,938,
V 2
- 26,
_o0o„
ie Act~ of-^©sgres
12T179
alajo provided, on the advice of Alexander Hamilton, for a yearly
si liver
coijnage for we4^ht and purity by an Annual Assay Commission, a group^'bf citizen
appointed each yeas^ by the President in conclave with certain specifically desigjnti
government officials carrying ex-officio status* The MinV^pemed during Octobef of
thAt year in Philadelphia,N$hen the Nation's capitals/coinage was under way by/No?emf>er; and the first Annual Ass'&y Commission cajatS together the second Wednesdajr of
following February* With only one dxgept^fffi* the year 1S01, when the capital iransferred to Washington, the Annual Ass^'Ccfcnmission has met on the second Wednesday oi
February* The 1801 meeting too£'*place in Apr^»
I According to a provi siojrin the original statute, Mint officials were pun|.shabli
by death if the coins "J^ere found below the standards se\by law. The penalty was
never recommended./
Original el-officio members were: the chief Justice of the United States,
Secretary and Comptroller of the Currency, the Attorney General,
a n a H h e Secretary
of ^Sfate (the last named because the Mint was a State Department functi
vunt:
-795).
y t o the Annual As pay C o m m i s s i o n s
The President customarily names (a member* of the" staff of the National Bureau of
Standards who brings with him to Philadelphia under seal the official weights of
the Philadelphia Mint which are calibrated in Washington by the Bureau of Standa:
each year for these ceremonies*
D
*
TREASURY DEPARTMENT
WASHINGTON
r^
^
r^i
tfyy
Nellie Tayloe Ross, Director of the Hint, will convene the 154th Annual Assay
Commission on February 13 at philadelphia to "try" a random sampling of the e
1945 silver coinage for weight and fineness. The Commission was established
statute during George Washington* s administration, and since then has been
each year at the Philadelphia Hint.
For this year's Annual Assay Commission, President Truman has named: George
Kloepfer, liiMillg^ , Buffalo, New York; Judge Thomas A. Keating
^anbury, Connecticut; Mrs. Patrick F. McGann, Elizabeth, New Jersey; Mrs* Es
Taft, Norwich, Connecticut; Lieut. Col. Joseph Moss, Philadelphia, Pennsylva
Judge Samuel Dennis, Baltimore, Maryland; I.H. Krekstein, Philadelphia, Penn
Frs. William H. Davis, New York City; Mrs* Arthur J. White, Redbank, New Jer
A
rthur W. Devine, Jfc»^*^git"'i!yf^
3*m*^Wft'T^W&mt% Providence, Rhode Island; Dr. Irl C. Schoonover, Division o
Chemistry, National Bureau of Standards, Washington, D.C*; Dr. M. Fortwalter
Wert, Ohio.
Statutory ex-officio members are: Judge William H. Kirkpatrick of the Distri
Court for Easterm Pennsylvania, Philadelphia, Pennsylvania; Comptroller of t
Currency Preston Delano, Washington, D.C; Joseph Buford, Assayer of the U.S.
w
Office, New York City*
A total of 196,321 silver coins worth $37,936.55 from all three mints will b
tested*
The Annual Assay Commission remains in session for two days. Members serve ^
compensation, but receive a special medal. This year's is a three inch bronz
bearing on the obverse a portrait of George Washington and on the reverse a
Mount Vernon.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, February 12, 1946.
Press Service
No. V-227
Nellie Tayloe Ross, Director of the Mint, will convene the
154th Annual Assay Commission on February 13 at Philadelphia to "try
a random sampling of the entire 1945 silver coinage for weight and
fineness. The Commission was established by statute during George
Washington's administration, and since then has been meeting each
year at the Philadelphia Mint.
For this year's Annual Assay Commission, President Truman has
named: George J. Kloepfer, Buffalo, New York; Judge Thomas A.
Keating, Danbury, Connecticut; Mrs. Patrick F. McGann, Elizabeth,
New Jersey; Mrs. Esther K. Taft, Norwich, Connecticut; Lt. Col.
Joseph Moss, Philadelphia, Pennsylvania; Judge Samuel Dennis,
Baltimore, Maryland; I. H. Krekstein, Philadelphia, Pennsylvania;
Mrs. William H. Davis, New York City; Mrs. Arthur J. White, Redbank,
New Jersey; Arthur W. Devine, Providence, Rhode Island; Dr. Irl C.
Schoonover, Division of Chemistry, National Bureau of Standards,
Washington, D. C ; Dr. M. Fortwalter, Van Wert, Ohio.
Statutory ex-officio members are: Judge William H. Kirkpatrick
of the District Court for Eastern Pennsylvania, Philadelphia,
Pennsylvania; Comptroller of the Currency Preston Delano, Washington
D. C.; Joseph Buford, Assayer of the U. S. Assay Office, New York
City.
A total of 198,321 silver coins worth $37,936.55 from all three
mints will be tested.
The Annual Assay Commission remains in session for two days.
Members serve without compensation, but receive a special medal.
This year's is a three inch bronze disc bearing on the obverse a
portrait of George Washington and on the reverse a relief of
Mount Vernon.
The President customarily names to the Annual Assay Commission
a member of the staff of the National Bureau of Standards who
brings with him to Philadelphia under seal the official weights of
the Philadelphia Mint which are calibrated in Washington by the
Bureau of Standards each year for these ceremonies.
-oOo
TREASURY D&PARTME8T
Vashington
FOR RELEASE, MORNING
Yuesday^ February 12, 191*6.
Press Service
The Secretary of the Treasury announced last evening that the tenders for
11,300,000,000, or thereabouts, of 91-day Treasury bills to be dated February tk$ tad
nature May 16, 191*6, which were offered on February 8, 1?1*6, were opened at the Masai
4
Reserve Banks on February 11.
The details of this issue are as follows:
Total applied for - $1,987,760,000
Total accepted
- 1,309,003,000
Average price
(includes *5l,J*82,O0O entered on a fixed-praj
basis at 99.905 and accepted in full)
- 99*90$/ Equivalent rate of discount approx* 0*375* per annua
Hange of accepted competitive bids:
- 99.908 Equivalent rate of discount approx* 0.361$ per annua
- 99.905
•
s e e
•
0.376* •
Low
•
(62 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
I 19,525,000
1,U93,098,000
39,975,000
23,765,000
17,735,000
23,10*5,000
t^,33k,000
18,305,000
3,300,000
12,963,000
10,225,000
51,290*000
•1,987,760,000
/
TOTAL
Total
accepted
12,933,000
967,188,000
29,221,000
17,989,000
15,303,*©
17,7*5,000
173,320,»
12,91*7,000
2,920,000
11,063,001
31
$1,309,003,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, Press Service
fuesday, February 12, 1946.
No. V-228
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 February 14, and to mature May 16, 1946, which were
offered on February 8, 1946, were opened at the Federal Reserve Banks
on February 11.
The details of this issue are as follows:
Total applied for - $1,987,760,000
Total accepted
- 1,309,003,000 (includes $51,482,000 entered
on a fixed-price basis at 99.905 and
accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx.
0.375% per annum
Range of accepted competitive bids:
High - 99.908 Equivalent rate of discount approx. 0.364$ per
annum
S
Low - 99.905 Equivf
Equivalent rate of discount approx. 0.376$ per j
annum
(62 percent of the amount bid for at the low price was accepted)
.Federal Reserve
District
Total
Applied for
Boston $ 19,525,000 $ 12,913,000
New York
1,493,098,000
Philadelphia
39,975,000
Cleveland
23,765,000
Richmond
17,735,000
Atlanta
23,445,000
Chicago
274,134,000
St. Louis
18,305,000
Minneapolis
3,300,000
Kansas City
12,963,000
Dallas
10,225,000
San Francisco
51.290,000
TOTAL $1,987,760,000 $1,309,003,000
-oOo-
Total
Accepted
967,188,000
29,221,000
17,989,000
15,303,000
17,745,000
173,320,000
12,947,000
2,920,000
11,063,000
9,264,000
59,130,000
DIVISION OF PUBLIC RELATIONS
Assignment sheet.
Title
Statistics of income* Fart 2. 1948
Y-229
Release date 2/2S/46 ^fYess Service No*
Bldg.
dist.
Special messenger
. . . . . . . . .
General •«*..•••••••••
Mailing : No. copies
list
: to be sent
65
i
66
60
\
60
Trade Agreement Commodities • • • •
22
153
J
Coffee quotas • • • * • •
22
136
:
Cotton quotas ••*••••••••
22
135
i
Yilheat quotas ........•••
22
115
i
1,367
t
Treasury monthly Bulletin
Finance •••••«••••••«•
167
540
i
Net Market transactions *....*
142
207
\
Taxes ......* •*•
167
600
Debt limitation •...«.....
151
325
Stabilization fund* . * *
174
551
Weekly bill offering
150
178
Bills & Bonds other than weekly • •
156
275
!
700
469
1,575
Financial Editors ..*«••••«
News Editors
Speech list • • • * . • • • • • • *
186
PUBLIC RELATIONS, Room 4416 * * . •
_—_.
—.—
press room . . • •
25
OVtfl ..*•*.•• •
Building distribution
7/1/45
167
TREASURY DEPARTMENT
Washington
FOR RELEASE,
Press Service
Monday, February 25, 1946 w0# v-229
Secretary of the Treasury Vinson today made public preliminary
statistics from corporation income tax returns and corporation excess profits tax returns for 1943, filed through December 31. 1944,
prepared under the direction of Commissioner of Internal Revenue
Joseph D. Nunan, Jr* The preliminary report, Statistics of Income
for 1943, Part 2, will be released at an early date.
SUMMARY DATA
The number of corporation income and declared value excessprofits tax returns for 1943, filed through December 31, 1944, is
455,753, of which 283,698 show net income of $28,689,371,258, while
136,787 show deficit of $898,719,848, and 35,268 have no income data
(inactive corporations).
The income tax liability reported on these returns is $4,476,486,967
and the declared value excess-profits tax is $153,347,862, while an excess profits tax liability of #11,268,477,112, after credits, is reported on 68,163 corporation excess profits tax returns for the same
period* Thus the total amount of corporation income and excess profits
taxes is $15,898,311,941, representing an inorease of 30 percent as
compared with the total for 1942* The amounts of income tax and excess profits tax liability do not take into aocount any credit claimed
for income and profits taxes paid to a foreign country or United States
possession*
The 68,163 taxable corporation excess profits tax returns for 1943
show excess profits net inoome of $22,264,876,164 and adjusted excess
profits net income of $14,519,879,149.
- 2 A comparison of the 1943 returns with the 1942 returns is provided in the following summary:
Corporation returns, 1943 and 19421 Summary data
(Money figures in thousands of dollars)
Increase
, 1943
1942
decrease
(Prelimi- (Complete) Number or
nary)
amount
or
(-)
Percent
Income and declared value exoess-profits tax returns
Total number )f income and
deolared value excessprofits tax returns,
Form 1120:
Returns with net income sl^
Number
Net income l/
Tax liability:
Income tax 2/
Deolared value excessprofits tax
Excess profits tax Z/
Total
Returns with no net income xl/
Number
Deficit 1/
Number of returns of inactive
corporations
455,753
-23,924
-5
269,942
283,698
13,756
28,689,371 24,052,358 4,637,015
5
19
138,759
5
86.494
66,854
7,851,814 3,416,663
129
44
15,898,312 12,256,396 3,641,916
30
-55,956
172,725
136,787
898^720 1,000,746 -102,026
-21
-10
47^677
4,476,487 4,337,728
153*348
11,268,477
35,268
37,012
-1,744
-5
Excess profits tax returns
Taxable excess profits tax
returns, Form 11211
Number
Excess profits net income V
Adjusted excess profits n e t
income 5/
Excess profits tax
For footnotes, see p. 17*
54,002
14,161 26*22
68,165
22,264,876 17,064,370 5,180.506 50*52
14,519,879 10,494,667 4,025,212 58*55
See a1t>ove
- 3
»
Allowance of the net operating loss deduction reduced the net income for declared value excess-profits tax computation by $224,688,137
on 44,579 returns filed for 1943, as compared with $378,113,851 on
46,008 returns filed for 1942*
The net operating loss deduction tabulated herein is the amount
originally reported, consisting only of the net operating loss carryover reduced; by certain adjustments, and does not take into account
whatever revisions may subsequently be mad? as the result of any carryback of net operating loss from the two succeeding tax years. 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 Dreceding taxable year, the net operating loss
tor the second preceding taxable year is reduced to tne extent such loss
has been absorbed by such net income*
RETURNS INCLUDED
The returns included in this release are those filed for the calendar year ending December 31, 1943, a fiscal year ending within the
period July 1943 through June 1944, and a part year with the greater
portion of the accounting period in 1943.
*
The data are from corporation income and declared value excessprofits tax returns, Form 1120; life insurance company income tax returns, Form 1120L; mutual insurance company income tax returns, Form
112011; 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. Amended returns and tentative returns are not included. The complete report, Statistics of Income for 1943, Part 2,
will contain more detailed statistics from corporation income and declared value excess-profits tax returns and from corporation excess
profits tax returns, together with data from personal holding company
returns, Form 112OH.
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 Interna]
Revenue and prior to any changes which may result from the renegotiation
6f war contracts after the returns were filed* Changes resulting from
one renegotiation of war contracts are recorded as settlements are
reached, however, and the effect of renegotiation settlements reached
to date with respect to the tax year 1943 will be shown in a special
tabulation to be included in the complete report, Statistics of Income
for 1943, Part 2.
CHANGES IN LAW AFFECTING CORPORATION RETURNS
The provisions of the Revenue Act of 1942 continue in effect for
the calendar year 1943, for a fiscal year ending in the period July
through November 1943, and for a part year beginning and ending in I9ic:
- 4 In the case of returns for fiscal years ending in the period
January through June 1944, and returns for part years ending in 1944
with the greater part of the accounting period falling in 1943, the
tax liability is affected by certain changes in law introduced by the
Revenue A£t of 1943* These changes are described below:
Income and Declared Value Excess-Profits Tax Returns, Form 1120
(1) The amount of income subject to excess profits tax which is a
credit against net income in arriving at normal-tax net income and surtax net income is decreased by $5,000* This is the result of a change
in the excess profits tax law which provides an increase in the specific
exemption from $5,000 to $10,000 for purposes of determining adjusted
excess profits net income.
(2) Corporations filing returns for taxable years beginning in 1943
and ending in 1944 are required to compute two tentative taxes, one
under the 1942 Act, the other under the 1943 Act, and prorate each on
the basis of the number of days before January 1, 1944, and the number
after December 51, 1943, respectively. The prorated portions of the
two tentative taxes are then combined to determine the actual liability,
which is the amount tabulated in this report. Amounts tabulated from
these returns for all items other than the tax liability are the amounts
used in computing the tentative tax for 1943 under provisions of the
Revenue Act of 1942.
Excess Profits Tax Returns, Form 1121
(1) The excess profits tax rate is increased from 90 to 95 percent
of adjusted excess profits net income.
(2) The specific exemption allowed a corporation, or an affiliated
group of corporations filing a consolidated "turn, ^ t o r i * g i i i g ^
justed excess profits net income is increased from * > 0 » * J ^ » ° ° ° ;
Exemption from filing an excess profits tax return « " " ^ " S j j e x
tended to cover corporations with excess profits net income up to
$10,000, as against the $5,000 limitation previously in effect.
(3) The percentage of invested capital allowed as a credit under
the invested capital method is reduced as follows:
Percentage Allowed as a Credit
Invested Capital
Under the Revenue Acts of —
1945
1942
p 8
First $5,000,000
Next
5,000,000
Next 190,000,000
Over 200,000,000
°
°
*
&
7
6
s
r
- 5 (4) The limitation on post-war credit is amended to give effect to
the increase in excess profits tax rate from 90 to 95 percent, and special rules are provided for the computation of post-war refunds on fiscal year returns.
(5) Corporations with taxable years beginning in 1943 and ending
in 1944 are required to compute two tentative taxes and prorate each „
in a manner similar to that described above for income tax. As in the
case of the income tax returns, the only item in this report affected by
this change is the tax liability, all other items having been tabulated
in the amounts determined under the provisions of the 1942 Act.
CONSOLIDATE) RETURNS OF AFFILIATED CORPORATIONS (FORM 1120)
For 1943 the number of consolidated returns for income tax purposes
is 1,286, of which 1,005 show net income amounting to $5,536,384,418,
while 277 show
deficit of $120,211,955, and 4 have no income data
(inactive corporations). The number of consolidated returns filed is
only 0.3 percent of all corporation returns. However, the net income
reported in consolidated returns is 12.3 percent of the net income of
all returns showing net income, and the income tax reported therein,
amounting to $771,312,359, is 17*2 percent of the income tax for all
corporations.
As in 1942 the privilege of filing a consolidated return for income
tax purposes (Form 1120) is granted to affiliated domestic corporations
in general upon the condition that the affiliated group make also a consolidated excess profits tax return for the taxable year. To qualify as
an affiliated group, the member corporations must meet certain requirements in respect to their connection through stock ownership with a common parent corporation.
Data from the consolidated returns are shown as a separate tabulation in table 1-A, page 10 , and are combined with data from other returns in the tabulations presented elsewhere in this release* The
following summary shows, by industrial divisions, the number of consolidated returns (Form 1120) and the number of subsidiaries included therein,
for both the years 1943 and 1942.
- 6 Consolidated corporation returns, 1943 and 1942, by industrial
divisions, showing number of consolidated returns and number
of subsidiaries
Industrial divisions 6/
All industrial divisions
Ml nlng and quarrying
Manufacturing
Public utilities
Trade
Service
Finance, insurance, real estate,
and lessors of real property
Construction
Agriculture, forestry, and fishery
Nature of business not allocable
Number cf
consolidated
returns 7/
1943
1942
56
414
200
206
90
944
46
304
176
149
64
255
47
15
5
167
28
7
5
1,286
Number of
subsidiaries 8/
1943
1942
6,165
5,596
285
293
1,973
1,546
1,515
1,604
570
512
474
403
1,332
1,204
91
50
6
58
40
5
For footnotes, see p. 17.
INDUSTRIAL GROUPS
The distribution of the corporation income and declared value
excess-pro £Lta tax returns for 1943 by major industrial groups for returns witn net income and returns with no net income is shown in
tables 1, 1-1, and 2, pages 8-13, of this release. Tables 1 and 2
include all returns, while table 1-A includes only consolidated returns*
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 industrial groups do not reflect pure industry classifications* It ia important to note that the industrial classification
of & consolidated return is based on the predominant business of tha
affiliated corporations for which the consolidated return is filed*
If it were possible to segregate the income of the subsidiary or
affiliated concerns, the data for such concerns might fall in industrial divisions other than the ones in which they are here included*
In analyzing the data Compiled from returns classified under the
major group "Insurance carriers, agents, etc.,9 it should be noted
that life Insurance companies are required to include only interest,
- 7 dividends, and rents in gross income. Beginning 1942, life insurance
companies are allowed a "reserve and other policy liability creditM
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 1943 the credit rate is 91,98 percent and for normal
tax purposes the aggregate amount of reserve and other policy liability
credit is $902,706,498, reported only on returns with net income. As
an offset to this credit, adjustment for certain non-life insurance
reserves is reported in total amount of $5,202,812 on returns with net
income. The latter adjustment, which is made in order to include in the
tax base the interest received on non-life insurance reserves, applies
only to life insurance companies deriving a portion of their income from
contracts other than life insurance, annuities, or noncancellable health
and accident insurance.
HISTORICAL SUMMARY
A historical summary for each of the years 1934-1943 is presented
in table 4, page 16 . In comparing the data throughout the ten-year
period, the various changes in law must be taken into consideration,
especially (1) the discontinuance for 1934-1941 of the privilege of
filing consolidated returns- for income tax purposes (except by railroad corporationa and their related holding or leasing companies and,
in 1940 and 1941, by Pan-American trade corporationa) and the restoration of this privilege for 1942-1943, and (2) the provision for 1936
and subsequent years requiring the dividends received from domestic
corporations subject to tax to be included in net income.
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- 14 Table 5. - Taxable corporation excess profits tax returns, 1945, by adjusted excess profits net income classes and by
aettaod of credit computation: Number of returns, excess profits net income, excess profits credit, adjusted excess
profits net income, excess profits tax, credit for debt retirement, and post-war refund
U n c ome classes and money figures in thoosands of dollars)
Adjusted excess profits
net income classes 5/
Number
of
returns
Excess
Excess
profits
profits
net
income 4/ eredlt lg/
Adjusted
excess
profits
net
income V
Excess
profits
tax
before
credits 5/
Credit
for debt
retirement 2 0 /
Excess profits
tax less credit
Post-war
refund 21/ for debt retirement and postwar refund
Aggregate
Under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
sounder 100
100 under 250
250 under 500
500 under 1,000
1,000 under 2,000
2,000 under 5,000
,,000 under 4,000
«,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 and over
Total
18,464
8,898
5,662
4,055
5,045
8,626
6,747
6,198
2,815
1,681
959
525
181
97
228
94
27
22
65
279,710
215,957
181,779
166,507
145,111
585,880
811,196
1,544,054
1,506,598
1,707,257
1,927,950
1,145,645
1,006,152
646,672
2,508,624
1,788,146
651,655
756,269
4,911,755
155,605
95,621
75,025
68,285
55,255
216,648
280,986
510,051
478,400
508,940
576,867
554,257
554,955
209,609
696,205
580,896
154,958
262,125
1,500,855
58,751
64,772
70,057
70,565
68,255
508,855
479,427
976,555
985,657
1,175,450
1,509,115
784,490
629,564
455,541
1,580,589
1,145,101
452,222
493,045
5,454,556
51,092
54,959
60,174
61,054
59,591
271,855
425,649
856,570
854,663
1,015,481
1,127,270
676,966
540,295
571,025
1,556,495
979,875
590,299
598,949
2,986,610
1,425
1,544
1,479
1,526
6,555
9,520
19,512
18,409
22,554
24,176
15,442
11,956
9,515
55,725
28,726
15,550
14,014
111,148
2,594
4,081
4,541
4,706
4,382
20,796
32,886
65,790
66,586
78,507
87,806
52,045
41,547
27,785
101,642
67,584
25,512
25,848
187,217
27,914
49,456
54,089
54,849
55,685
244,502
581,245
771,467
769,668
912,639
1,015,288
609,480
486,792
333,925
1,221,128
883,565
551,457
559,087
2,688,246
68.165
22.264.876
6.895„477
14.519.879
12.514.827
544.6S8
901.652
11.268.477
625
784
Invested capital method
Under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
Sounder 100
100 under 250
250 under 500
500 under 1,000
1,000 under 2,000
2,000 under 3,000
5,000 under 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 and over
14,090
6,472
5,850
2,665
1,956
5,254
5,799
5,250
1,407
814
428
156
67
45
88
42
15
15
50
188,479
142,477
109,599
97,005
85,515
525,789
418,480
749,948
685,665
787,527
825,787
426,418
586,598
245,724
852,573
758,682
575,560
547,690
2,245,655
_
44.401
10.250.744
Total
78,759
54,851
57,529
52,946
26,952
99,505
118,205
202,759
172,510
206,861
212 4 517
95,945
114,279
41,648
216,868
191,105
100,664
207,505
570,445
29,029
46,996
47,287
46,185
45,902
187,696
269,562
510,114
489,776
566,089
588,792
528,840
232,655
205,101
605,540
504,989
250,461
559,520
1,519,209
22,785
59,651
40,464
59,757
58,172
164,947
256,878
445,190
420,017
485,214
502,069
281,875
197,992
170,301
517,151
423,021
215,467
268,857
1,303,419
1,098
1,158
1,082
1,071
4,446
5,889
11,697
10,787
12,911
13,310
8,087
4,438
4,376
18,218
16,613
8,900
11,292
78,799
1,755
2,887
2,949
2,947
2,716
12,225
17,725
52,516
50,951
55,555
56,657
20,098
15,157
12,652
55,494
25,162
12,606
15,594
51,540
20,405
55,646
56,557
55,728
34,385
148,278
213,265
399,178
578,299
434,949
452,122
253,690
178,417
155,274
465,459
581,246
195,961
241,971
1,173,080
2.779.424
6.809.525
5.809.204
214.797
564.718
5.229.689
9,702
17,776
22,751
24,179
24,550
121,159
209,864
466,459
495,861
609,561
720,521
455,650
596,729
250,240
975,049
640,112
201,761
155,722
1,955,327
8,509
15,528
19,710
21,277
21,419
106,886
186,771
413,579
454,645
550,267
625,202
595,091
542,505
200,725
859,544
566,852
174,855
150,092
1,685,192
160
525
586
397
455
2,089
5,651
7,616
7,621
9,425
10,866
7,555
7,513
4,959
15,507
12,115
4,450
2,722
52,549
640
1,194
1,592
1,759
1,666
8,575
15,165
35,474
55,655
45,155
51,169
51,945
26,410
15,155
68,147
42,422
12,906
10,254
155,876
7.710.556
6.705.625
129.901
556.955
Income method - aggregate
fedw 5
-under 10
•0 wider 15
.5 under 20
X) under 25
5 under 50
0 under 100
00 under 250
50 under 500
00 under 1,000
IOOO under 2,000
i000 under 5,000
iOOO under 4,000
'°°0 under 5,000
,000 under 10,000
?»000 under 15,000
JiOOO vinder 20,000
JtOOO under 25,000
>i 000 and over
4,574
2,426
1,852
1,590
1,089
5,572
2,948
2,948
1,408
867
511
187
114
52
140
52
12
7
55
25.762
* footnotes, see pp. 17-:18.
91,231
75,461
72,380
69,504
59,796
260,091
592,716
794,085
820,955
919,750
1,104,164
719,225
619,554
400,948
1,456,052
1,029,465
256,095
206,580
2,666,122
12.014-1S2
54,844
40,791
37,697
55,557
28,501
117,143
162,781
507,272
505,891
502,079
564,550
260,295
220,676
167,961
479,557
589,795
54,274
54,- 825
750,411
4.114.054
-15Table S. - Taxable corporation exoess profits tax returns, 1945, by adjusted exoess profits net income classes and by
method of credit computation! Number of returns, exoess profits net income, excess profits credit, adjusted exoess
profits net income, exoess profits tax, credit for debt retirement, and post-war refund - Continued
Adjusted exoess profits
net income classes Jj
(Income classes and money figures In thau—^*. of dollars)
Adjusted
Exoess
Excess
Credit
Number
Exoess
exoess
profits
profits
for debt
of
profit*.
profits
ta*
net
retirereturns
credit ig/ net
before
income 4/
ment 2Q/
income 5/
oredits 5/
Income method > general average
Under 5
Sunder 10
10 under 15
15 under 20
20 under 25
25 under 50
Sounder 100
100 under 250
250 under 500
500 under 1,000
1,000 under 2,000
2,000 under 5,000
5,000 under 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 and over
Total
Under 5
5 under 10
10 under 15
IS under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
1,000 under 2,000
2,000 under 5,000
5,000 under 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 and over
_
Total
For footnotes, see pp. 17-18.
2,121
1,176
896
687
554
1,674
1,487
1,516
750
465
292
111
61
25
75
29
10
5
16
11.908
Exoess profits
tax less credit
Post-war
refund &/ for debt retirement and postwar refund
5,996
7,495
9,640
10,582
10,511
55,245
95,807
215,876
225,415
287,424
555,085
252,527
181,581
97,080
452,279
504,752
145,127
57,204
871,155
75
150
170
174
209
958
1,617
5,694
5,562
4,716
6,456
5,629
5,877
2,950
5,956
6,550
4,450
1,802
21,502
515
595
789
911
852
4,422
7,849
17,519
18,952
25,757
29,029
19,582
14,275
6,778
59,066
22,992
9,956
5,918
65,676
5,605
6,747
8,681
9,496
9,470
47,885
84,540
192,665
202,901
258,951
519,619
209,517
165,429
87,572
407,277
275,409
150,760
51,484
784,155
5.612.756
4.117.888
6r551.079
2.514.802
income method - Increased earnings
71.979
287.196
5,255,561
5,904
7,062
9,051
9,625
9,828
48,559
85,658
179,626
188,468
218,740
245,547
146,474
144,947
95,279
548,415
226,908
26,755
65,652
751,011
2.785.227
40,911
55,651
54,208
52,511
29,283
128,594
200,471
598,115
598,746
477,517
610,757
408,528
558,014
208,650
757,155
622,615
217,292
87,980
1,526,547
25,580
17,679
17,196
15,892
15,725
57,758
84,740
148,276
125,154
142,657
186,946
157,058
126,548
96,184
216,984
270,960
50,902
25,828
550,957
4,651
8,682
11,128
"11,968
11,955
60,525
105,616
241,812
255,942
551,097
409,241
269,775
210,874
111,585
519,018
548,508
166,540
64,157
975,480
2,255
1,250
956
705
555
1,698
1,461
1,452
678
402
219
76
55
27
65
25
2
4
17
50,520
59,850
58,172
57,195
50,514
151,497
192,245
595,975
422,189
442,215
493,426
510,897
281,540
192,518
718,897
406,850
58,805
120,600
1,159,575
51,464
25,112
20,501
19,446
14,576
59,585
78,041
160,996
170,756
159,442
177,404
123,255
94,128
71,777
262,353
118,355
5,573
50,995
179,454
5,071
9,095
11,626
12,211
12,415
60,854
104,248
224,627
259,919
278,264
511,080
185,877
185,855
118,858
456,031
291,604
55,421
89,585
959,847
4,515
7,856
10,070
10,695
10,908
55,641
92,965
199,503
209,230
242,845
270,116
162,564
160,721
105,644
387,065
252,120
29,706
72,888
812,059
84
175
216
222
246
1,151
2,014
5,921
4,059
4,707
. 4,450
5,726
5,640
2,009
9,571
5,782
920
11,048
525
598
805
848
854
4,151
7,315
15,955
16,705
19,596
22,140
12,565
12,154
8,555
29,082
19,450
2,971
6,556
70,000
11.854
5.483.055
1.799.251
r„592?468
5.092.886
57.922
249.757
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- 17-
Footnotes for tables in this release
1/ "Net income" or "Deficit" for 1940-43 is the amount
reported for declared value excess-profits tax computation
adjusted by excluding net operating loss deduction; for
1936-39 is the amount reported for (declared value) excessprofits tax computation and is the difference between
•Total income" and "Total deductions"} for 1934-35 is the
amount reported for income tax computation. Net income or
deficit as here defined is the basis for classification of
the returns by those with net income and those with no net
income for all years except 1936 when the classification
was based on the net income for income tax computation
which is less than the net income for (declared value)
excess-profits tax computation by the amount of the (declared value) excess-profits tax.
2/ "Income tax" for 1942-43 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 income, where receipts for the taxable year include interest
on obligations of certain instrurwmtalities of the United
States, described in note 17.
3/ 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 1942-43 the amount shown is the excess
profits tax liability reported on corporation excess profits tax returns, less the credit for debt retirement and
the net post-war refund, except that in table 3 the amount
of tax before such credits is also shown. Throughout this
release, the 1943 tax is before the amount deferred under
section 710(a)(5) (relating to abnormalities under section
722) and after any adjustments under other relief provisions. Owing, in some instances, to the non-availability
of the corresponding income and declared value excessprofits tax return for matching with the corporation excess profits tax return, $5,362,245 of the total excess
profits tax shown for 1943 is not distributed by industrial
groups.
The amount for 1941, shown in table 4, is the excess
profits tax deduction (item 35, p. 1, Form 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 accounting period in 1941, there is tabulated
the amount of excess profits tax liability (item 32, p. 1,
Form 1121 for 1940).
The amount for 1940, shown in table 4, is tabulated
from corporation excess profits tax returns for the calendar year 1940 and for fiscal years beginning in 1940 with
the greater part of the accounting period in 1940 (item 32,
p. 1, Form 1121). The excess profits tax provisions apply
only to taxable years beginning after December 31, 1939.
7/ Total number of returns includes returns of inactive corporations.
8/ "Number of subsidiaries" is the number of affiliated corporations which together with the common parent
corporation file a consolidated corporation income tax
return.
9/ "Total compiled receipts" consists of gross sales
(less returns and allowances), gross receipts from operations (where inventories are not an income-determining
factor), all interest received on Government obligations
(less amortizable bond premium), other interest, 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 included in gross income.
"Total compiled receipts" excludes nontaxable income other
than tax-exempt interest received on certain Government
obligations.
10/ "Income subject to excess profits tax," allowed as
a credit in computing normal tax and surtax net income for
taxable years beginning after December 31, 1941, is, in
general, equal to the adjusted excess profits net income.
However, 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 corporations 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 tax is 90 percent. For
• the purpose of computing 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 734 in case
of position inconsistent with prior income tax liability.
11/ The industrial classification designated "Investment trust and investment companies" consists of corporations which derived 90 percent or more of receipts from
investiaents 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.
12/ The industrial classification designated "Other
investment companies, including holding companies" consists 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 owned 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.
15/ Less than $500.
4/ The excess profits net income for returns with taxable year beginning in 1943 is obtained, as in 1942, from
the normal-tax net income (computed without allowance of
credit for income subject to excess profits tax and without
allowance of dividends received credit) by making certain
adjustments, consisting principally of the exclusion of
long-term capital gains and losses, and dividends received
from domestic corporations.
5/ The adjusted excess profits net income is the excess profits net income less the sum of the specific exemption, excess profits credit, and unused excess profits
credit adjustment. 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 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.
14/ "Dividends, domestic corporations" consists of
dividends received from domestic corporations subject to
income taxation under chapter 1 of the Internal Revenue
Code. This item is reported in column 2, schedule E,
page 3, Form 1120, and is the amount used for computation
of the dividends received credit. There is excluded from
this amount dividends from corporations organized 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 income from sources within a possession of the United
States) such dividends being included in "Other receipts."
15/ "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 instrumentality thereof, reported as item
9(b), page 1, Form 1120.
16/ "Interest received on Government obligations, subject to declared value excess-profits tax and surtax"
(Footnotes continued on p. 18)
18
Footnot** for tables in this releaie - Continued
consists of interest on United States savings bonds and
Treasury bonds owned in principal amount of over $5,000 issued prior to March 1, 1&41, reported as item 9(a), page 1,
Form 1120.
provided for a smaller amount of refund, equal to 10
percent of the excess of the actual tax liability over
the tentative tax computed under the 1941 law.
22/ Preliminary figures.
17/ "Interest received on Government obligations, subject to surtax only" consists of interest on oblingations
of instrumentalities of the united States (other than obligations 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.
18/ "Interest received on Government obligations,
wholly tax-exempt" consists of interest on obligations of
States, Territories, or political subdivisions thereof,
the District of Columbia, sad 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.
19/ The excess profits credit is a deduction from the
excess profits net income and is computed by one or the
other of the following methods t
(a) Under section 715 of the Internal Revenue Code
the credit is based on income, and for domestic corporations is 95 percent of the average base period
net income pins 8 percent of net capital addition or
minus 6 percent of net capital reduction; for foreign
corporations this credit is 95 percent of the average
base period net income. The method based on income
permits the base period net income to be determined
on either a general average basis or on increased
earnings in the last half of the base period. The
base period, in general, begins after December 51,
1955, and ends with the close of the last taxable
year beginning before January 1, 1940.
(b) Under section 714 the credit is based on invested capital, and, for returns with taxable year
beginning in 1942 or 1945, the percentage of invested
capital allowed as a credit is as follows: First
$5,000,000, 8 percent; next $5,000,000, 7 percent;
next $190,000,000, 6 percent; and over $200,000,000,
5 percent; for returns with taxable year beginning in
1944, the percentage of invested capital allowed as a
credit is as follows: First $5,000,000, 8 percent;
next $5,000,000, 6 percent; next $190,000,000, 5 percent; and over $200,000,000, 5 percent. (This change
affects certain returns, included in the tabulations
of this release,as e^lained in "Returns Included,"
page 5 .)
The "Unused excess profits credit adjustment" is not
included in the amount of excess profits credit shown in
table 3 but is taken into account in arriving at the adjusted excess profits net income, as explained in note 5.
20/ At the election of the taxpayer a credit for debt
retirement, is allowed against the excess profits tax. This
credit is limited to the lesser of (1) 10 percent of the
excess profits tax or (2) 40 percent of the net debt reduction for the year. To measure the net debt reduction, the
indebtedness as of t&e close of the taxable year is compared with the indebtedness as of September 1, 1942, or, if
the taxable year begins after this date, with the smallest
amount of indebtedness during the period beginning
September 1, 1942, and ending with the close of the preceding taxable year. No credit for debt retirement is allowed
for taxable years beginning in 1941, or ending before
September 1, 1942.
21/ For taxable years beginning after December 31, 1941,
and not beginning after December 31, 1943, the law provides
a post-war refund of an amount equal to 10 percent of the
excess profits tax for each taxable year. The amount due
the taxpayer is represented by non-interest-bearing nonnegotiable bonds redeemable after January 1, 1946. However,
part or all of such credit is available currently for debt
retirement as explained in note 20.
For taxable years beginning in 1941 and ending after
Jnne 50, 1942, the Revenue Act of 1943 limits the post-war
refund to 10 percent of the prorated tentative tax computed under the 1942 law. However, the returns for such
taxable
were
filed
February
29,such
1944,
the
date
computed
of years
the
under
1943
the
Act,
Revenue
andprevious
accordingly
Act of to
1942
show
which,
post-war
in
refunds
cases,
25/ "Income tax" for 1941 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); and 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).
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 17.
24/ The excess profits net income for returns with
taxable year beginning in 1940 is obtained from the normaltax net income by making certain adjustments, consisting
principally of the deduction of income and income defense
taxes for the taxable year, and the exclusion of (1) dividends received from domestic corporations (this adjustment
refers to that portion of dividends not deducted as dividends received credit in computing normal-tax net income),
and (2) gains or losses from sale or exchange of capital
assets (depreciable or nondepreciable) held for more than
18 months. For returns with taxable years beginning in
1941, the income tax is not deducted in arriving at excess profits net income, instead, the excess profits tax
is allowed as a deduction in the computation of normaltax net income. (The starting point in the computation
of excess profits net income for 1941 remains the normaltax net income computed without deduction of excess profits tax.)
25/ Income tax shown for 1940 includes income defense
tax.
26/ Declared value excess-profits tax shown for 1940
includes declared value excess-profits defense tax reported on returns for a fiscal year ending in period
July 1, 1940, through June 30, 1941.
27/ Income tax shown for 1938 consists of $41,569,498
normal tax and $7,778,561 surtax on undistributed profits
reported on returns for a fiscal year ending in period
July through November 1938 (and on returns for a part year
beginning in 1937 and ending in 1938, the greater part of
the accounting period falling in 1938), and $804,230,054
income tax reported on returns for the calendar year 1938
and on returns with a fiscal year ending in period January
through June 1939 (and on returns for a part year beginning and ending in 1938, and for a part year beginning in
1958 and ending in 1939, the greater part of the accounting
period falling in 1938).
2g/ Income tax shown for 1937 consists of $1,056,939,166
normal tax and $175,897,696 surtax on undistributed profits.
29/ Income tax shown for 1936 consists of $59,289,827
income tax reported on returns with fiscal year ending in
period July through November 1936 (and on returns for a
part year beginning in 1935 and ending in 1936, the greater
part of the accounting period falling in 1936), and
$965,503,111 normal tax and $144,972,284 surtax on undistributed profits reported on returns for the calendar year
1936 and on returns with fiscal year ending in period
January through June 1937 (and on returns for a part year
beginning and ending in 1936, and for a part year beginning
in 1936 and ending in 1937, the greater part of the accounting period falling in 1936).
50/ The (declared value) excess-profits tax shown for
1934 and 1935 includes e small amount of (declared value) excess-profits tax which appears on returns with no net income
for income tax purposes because the credit for interest received on certain obligations of the United States and its
instrumentalities, which was allowed against net income in
the computation of the income tax, was not allowed against
net income in the computation of the (declared value) excessprofits tax.
51/ Revised.
1934: See Statistics of Income for 1935,
Fart 2, page 9S footnote 2.
i/' ^
2,0
FOE IMMEDIATE EELEASE
Peoruary ,l^rT91*6
/3
The Bureau of Customs announced today preliminary figures shoving
the quantities of coffee entered for consumption during the period
commencing October 1, 19*5. fits follows:
Country of Production
Quantity in Pounds
As of February 2, 19^6
Signatory Countries:
522,396,302
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
£1 Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
7.S1M77
123
10,267.897
S.01M37
7,601,679
13.1S3.505
6,285.771
it.177.232
9,756,663
\.678,598
;.5*7,992
13.536,91*6
15,339,H55
Non-Signatory Countries:
TOTAL
837,286,298
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, February 15, 1946.
Press Service
No. V-230
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 1945, as follows:
Country of Production
Quantity in -Pounds
As of February 2, 1946
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
522,396,302
215,584,421
7,914,877
123
10,267,897
8,014,837
7,601,679
13,183,505
6,285,771
4,177,232
9,756,663
1,678,598
1,547,992
13,536,946
• ignatory Countries:
15,339,455
TOTAL
-oOo
837,286,298
- 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 JOOTApTURED. -OR.'6THE«ls|SE ADVANCED IN VALUE. Annual quotas commencing
September 20, by Countries of Origin:
Total quota, .provided, however, that not more than 33-1/& percent of the quotas
shall be filled by cotton wastes otner than Hi IB*
KXfntXimJSXXimXEXlDm
imEmW&J^IE^^
comber wastes made from
cottons of 1-3/16 inches or more in staple length in the case of the following countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(In Pounds)
Count ry^ of Origin
United Kingdom
Canada
France'
British India.,
Netherlands
Switzerland....
Belgium
\.
Japan.
,
China
Sgrpt
Cuba
Germany
Italy
Established $ T 0 T A I ' IMPORTS :. ESTABLISHED :" imports
TOTAL Q,U0TA ^ ^ P * * 2 0 ' 1 9 4 $ : 33-1/3^'of- : Sept. 20, 194*f
t'toTe^ 2. 19*16 : Total quota : t o | e ^ g, U # 6 1/
4,323,452
239,690 : y >
227,420 ,'y
69,627 " 69,627
68 ,240
44,388 \
38,559
341,535
17,322
8,135
6 ,544
76,329
21,263
1,441,152
75,807
22,747
14,796
12,853
25,443
7,088
B*W»»Wt»tt«tltM»»Wttlt«^»**"*tf
TOTALS
5,482,509
69*627
T
1/ . Included in total imports, column 2.
-0O0-
1,599;886
'TOR lMMItTVfA<ra RSEEASB
f t b r ^ y y 12, lgHS u
The Bureau of Customs announced today that preliminary reports from tfie^..
collectors of customs show imjsjsrts (of, cotton and cotton Vaste chargeable to tftip
import quotas established by the President' s proclamations of September 5; 193$|j
a;s kneiJoVed'by the proclamations 6f December 19, 194a/March, 31, 1942, and June-4
29,' 194,2, during the period September 20, 194£-, to" Jebrvmry 2 t 1J^6
COTTOH HAVING-A S$APX«E OF LESS THAN,l-ll/l6 INCHES (OTHER THAN HARSH OR ROUGH
- CQTTON OF LESS THAN 3/4 INCH IN ^AP|iE LENGTH AND .CHIEFLY USED IN THE MANUFACTURi OF B L A S T S AND BLANKETltfS,- AND OTHER f HAN LINERS). Annual quotaf
commencing September 20, by Countries .of Origin: ..
(In Paraayks) •
.,
Country of
n
„
,
,
1»',l • • .M ... t, • i j
,b-t
-U4H.
Staple length 1-1/8" or mofe
Staple length less
but less than 1-11/16"
than 1-1/8"
Imports Sept,
:Imports Sept. Established
Quota
*st$ftrli
"20, 1945, to
i20r 1945," to '
45,656,420 Seh. 2. 19H6
Quota
?:g*b., 2» 19H6
IpiijiWiiiiawjaaa^ajliii i w i i i a i . w |
• .1 • i
|i •
•»
tm
1
mm
Egypt and the Anglo9,520,220
' Egyptian' Sudan
,..
783,8165t082t3^>
2*17,952
Peru.
'.'.,"....
247,952British India
.
., 2,003,483 1,717,591
China.
.'.'... 1,370,791 S*s&3,259
Mexico
8,883,,259Brazil,
618,723
618^723
Union of Soviet
475,124r
Socialist Republics...
5,203Argent ina
237Haiti,
9,333Ecuador
752Honduras
f...
873r
Paraguay.
.iV.
C.olomb ia~». *..«..,..-.,.*—*-*.« «•>* • ... . -42419^
Iraq,
»...
••••-,
2,240
British Bast .Africa
'
71,388
Netherlands East Indies.
Barbados
21,321
Other British West
5,377
Indies lj
16 004
Nigeria
689
Other British West
Africa gj
45,656,420
1H,602,5&1
Other French Africa 3/. .t14,516,882 ll t it67,525
Algeria and Tunisia
,
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.'
3 / Other than Algeria, Tunisia, and Madagascar,
TREASURY DEPARTMENT
Washington
Press Service
No. V-231
FOR IMMEDIATE RELEASE,
Wednesday, February 13, 1946.
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 February 2, 1946.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFACTURE
• OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas commencing
September 20, by Countries of Origin:
/ (In Pounds)
Country of
Origin
Staple length less
than 1-1/8"
:Imports Sept.
Established: 20, 1945, to
Quota
: Feb. 2, 1946
Egypt and the AngloEgyptian Sudan.
783,816
Peru
247,952
British India...
2,003,483
China...
1,370, 791
Mexico
8,883,259
Brazil
618,723
Union of Soviet
Socialist Republics...
475,124
Argentina
-..
5, 203
Haiti
237
Ecuador
9,333
Honduras
752
Paraguay
871
Colombia
124
Iraq
195
British East Africa
2,240
Netherlands East Indies.
71,388
Barbados
Other British West
Indies 1/
21,321
Nigeria
5,377
Other British West
Africa 2/
16,004
Other French Africa 3/..
689
Algeria and Tunisia.....
14,516,882
Staple length 1-1/8" or more
but less than l-ll/l6"
Imports Sept.
established
20, 1945, to
Quota
Feb. 2, 1946
45,656,420
9,520,220
5,082,340
247,952
1,717,591
8,883,259
618,723
11,467,525
45,656,420
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.
14,602,561
- 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 comber wastes made from cottons of
1-3/16" inches or more in staple length in the case of the following countries:
United Kingdom, France, Netherlands, Switzerland, Belgium, Germany and Italy:
(in Pounds)
1
1
Country of Origin
United "Kingdom
..
Canada.
.. <
France
British Indisi . .
Netherlands.. ..
Switzerland.. ..
..
Belgium
Japan... . . 0 . ..
China... < o . e . o
Egypt... 1 . o o « ..
Cuba.... . . 0 . ..
Germany. • 0 O • ..
Italy..., • • 0 0 0 o
TOTALS
1
:
:
Established
TOTAL QUOTA
s TOTAL IMPORTS : ESTABLISHED : Impor-t:s
: Sept. 20, 1945 : 33--l/3?S of ; Sept, 20,1945/
: to Feb. 2, 1946: Total Quota :to Feb. 2, 1946i/
1,,441,152
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/ Included in total imports, column 2.
-0O0-
1
75,807
22,747
14,796
12,853
25,443
7,088
1,599,886
mmt
-
-2-
Established Quota
i Unit
:
Commodity s
:
of
:
: Period and Country: Quantity : Quantity :
Silver or Black
foxes, furs,
and articles:
Foxes valued
under ^25>0 each
and whole furs
and skins
Month of
January
Canada
Tails
Imports as of
February 2,
19U6
17,500
Number
5,820
Other than
Canada
7,500
Number
398
12 months froir
Dec. 1, 19k$
5,ooo
Piece
500
Pound
Piece plates
550
Pound
Articles, other
than piece plates
500
Unit
Paws, heads or
other separated
parts
it
-
k90
33
/-2 3
FOR IMMEDIATE RELEASE,
February 12, 19k6.
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
February 2, 19k&, inclusive, as follows:
Commodity
Established Quota
Period and Country: Quantity
Unit
of
Quantity
Imports as of
February 2,
191*6
Ytfhole Milk, fresh
or sour
Calendar year
3,000,000
Gallon
901
Cream, fresh or
sour
1,500,000
Gallon
195
Calendar year
Fish, fresh or
frozen, filleted,
etc., cod, haddock,
hake, pollock, cusk,
and rosefish
Calendar year 15*000*000
Pound
3,623,900
12 months from
White or Irish
Sept. 15, 19ii5
potatoes:
90,000,000
certified seed
60,000,000
other
Pound
Pound
68,585,532
Cuban filler tobacco
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco Calendar year
Red cedar
shingles
Pound
(unstemmed
jOOOtri equivalent) Quota filled
Calendar year Undetermined Square
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble
Calendar year
solids
190,118
1,500,000
Gallon
113,222
TREASURY DEPARTMENT
Washington
Press Service
No. V-232
FOR IMMEDIATE RELEASE,
Wednesday, February 13, 1946•
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 cf the quota periods to February 2, 1946, inclusive,
as follows:
Imports as of
Unit
Established Quota
February 2,
of
Commodity
1946
Period and Country | Quantity; Quantity
Whole Milk, fresh
or sour
Calendar Year
Cream, fresh or sour
Gallon
901
Calendar Year 1,500,000
Gallon
195
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar Year
15,000,000
Pound
3,623,900
White or Irish potatoes:
certified seed
other
12 months from
Sept. 15, 1945 90,000,000
60,000,000
Pound
Pound
68,585,532
190,118
3,000,000
Cuban filler tobacco unstemmed or stemmed (other
than cigarette leaf tobacco)
and scrap tobacco
Calendar Year
22,000,000
Red cedar shingles
Undetermined
Calendar Year
Molasses and sugar sirups
containing soluble nonsugar solids equal to more
than 6% of total soluble
solids
Calendar Year
Pound
(unstemmed
equivalent)
Square
1,500,000
Gallon
Silver or Black foxes, furs, Month of
. and articles: Foxes
January
valued under $250 each
Canada
17,500
and whole furs and skins
Other than Canada 7,500
Number
Number
Tails
12 months from
Dec. 1, 1945
Paws, heads or other
separated parts
Piece plates
Articles, other than piece platei
•oOo-
5,000
Piece
500
Pound
550
Pound
500
Unit
Quota filled
113,222
5,820
398
490
33
FGHr' IMMtolATE' 1ELEASE,
>«Tw»»»T>y IP, IQkfi
The Burea-u 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 £8, 1941, as modified by the President's proclamations of April 13,. 19'4£",
and April 29, 1943; for the 12 months commencing May 29, 1945, as follows:
Country
of
Origin
Established
Quota
(Bushels)
Canada
795*000
China
m*
Hungary
mm
Hong Kong'
Japan
United Kingdom
100
Australia
Germany
100
Syria
100
—
New Zealand
ahile
Netherlands
100
Argentina
2,000
Italy
100
—
Cuba
1,000
France
Greece
Mexi co
100
Panama
Uruguay
Poland and Danzig
—
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guat emala
100
100
Brazil
Union of Soviet
Socialist Republics
100
Belgium
100
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Imports
: , Imports
{Established
May 29, 1945,
:May 29, 1945, -to :
Quota
to lift. 2. jgty
(Pounds )(Bushels)
(Pounds)
79^,^5
«•»
tfj*
3,815,000
34,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
4,0.00,000
800,000
~o0o~
1,122,733
23*
1,122,^7
TftEASimy "BiPARTMENT
. Washington
Press Service
No. V-233
FOR IMMEDIATE RELEASE,
Wednesday, February 15, 1946
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 President1 s proclamation of
May 28, 1941, as modified by the President's proclamations of Apr^.1 13, 1942,and
April 29, 1943, for the 12 months commencing May 29, 1945, as follows:
T/Vheat
Country
of
Origin
Established
Quota
(Bushels)
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
795,000
-
Imports
May 29, 1945, to
Feb. 2, 1946
{Bushels)
794,425
100
-
100
100
—
100
2,000
100
_
1,000
„.
100
_
_
_
—
_
.
1,000
HVheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Imports
Established
May 29, 1945, to
Quota
Feb. 2, 1946
{Pounds)
{Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,122,733
4,000,000
1,122,967
234
100
100
100
100
800,000
794,425
-oOo-
To Holders of 3 percent Treasury Bonds of 19*6-46, aad Others Concernedt
1. Public notice ia hereby given that all outstanding 3 percent Treasury
Bonds of !%&~m§
dated June 15, 1934, a m hereby called for redemption on
Jnne 15, 1946, on which date interest on such bond* will cease.
2.
Holders of these bonds may, in advance of the redemption date, be
offered tha privilege of exchanging all or any part of their called beads
for other interest-bearing obligation of the United States, in which event
public notice will hereafter be given ami an official circular governing the
exchange offering will bo issued.
3. Full Information regarding th© presentation and surrender of the
bonds for cash rodejaptioB under this call will bo found ia Department Circular No. 666, dated July 21, 1941.
Fred M. Vinson,
Secretary of tho Treasury.
TEEASERT
vmmmm,
Fashin^ton, February U, 1946.
0> 0 0
TUBES AMD OKMSIOHTH PSBCEMT TKBUBOT BOMBS OF 19X6-A9
fo Holders of 3-l/« percent Treasury Bonds of 1946-49, aad Others Concernedt
1. Public notice ia hereby given tbat «& outstanding >-l/8 percent
Treasury Bonds of 1946-49, dated June 15, 1931, aro hereby called t*r ro*
demption on June 15, 1946, on which data Interest on such bonds will cease.
2.
Holders of these bonds aay, in advance of the redessption data, bo
offered the privilege ®f exchanging all or any part of their called bonds
for othar interest-bearing obligations of the United States, in which event
public notice will hereafter bo given and an official circular governing
the exchange offering w i n bo issued.
3. Full information regarding the presentation and surrender of the
bonds for cash redemption under this call will bo found in Department Circular So. 666, dated 4iily 21, 1 9 U .
Fred M. Vinson,
Secretary of the Treasury*
TREAS8EY DSPABBtllfT,
Washington, February 14, 1946,
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*ucr. ootids will ceago>«
'*>. Holders of 'J,. -^
^'":, be offeree the- pt I ;••
•lulled bonds for oi^er h~-'
• -is, in which evert %.-^.
• .' 1 c5 a 1 circular govtr : * A-r
2« Pull information rt-.c.••••
*he : ~ o s for cash r.;,!^:^1 ; ••
i*^vartr" .it Circular i?o. ?.-••:>'. ••>-.*
IfeE^SIJRy DEPARTMENT,
Washington, v-h M&:
^ B p T i — .*•
TBLUSBtti: B E P A R m i T
FOE ¥&IMSS, MORNING Ni^SPAPSHS,
Thnrse>yt Fobraary M » ^ 4 6 .
fvma Service
^ / ^ ^ y/
The Secretary of the Treasury announced today that the bonds
of two outstanding issues which aay bo redeemed at tha option of
the United States on June 15, 1946, aro called for redaction on
that data. These issues aro tha 3~l/8 percent Treasury Bends of
1946-49 and tha 3 p&r®m% Treasury Bonds of 1946-48. There aro
now outstanding 1318,627,000 of the 3-1/8 percent bonds and
$1,035,^73,400 of the 3 percent bonds*
The taxis of the formal notices of call are aa followsJ
TREASURY DEPARTMENT
Washington
Press Service
No. V-234
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, February 14, 1946,
The Secretary of the Treasury announced today that the bonds of
two outstanding issues which may be redeemed at the option of the
United States on June 15, 1946, are called for redemption on that
date. These issues are the 3-1/8 percent Treasury Bonds of 1946-49
and the 3 percent Treasury Bonds of 1946-48. There are now outstanding $818,627,000 of the 3-1/8 percent bonds and $1,035,873,400 of the
5 percent bonds•
The texts of the formal notices of call are as follows:
THREE AND ONE-EIGHTH PERCENT TREASURY BONDS OF 1946-49
NOTICE OF CALL FOR REDEMPTION
To Holders of 3-1/8 percent Treasury Bonds of 1946-49, and Others
Concerned:
1. Public notice is hereby given that all outstanding 3-1/8
percent Treasury Bonds of 1946-49, dated June 15, 1931, are hereby
called for redemption on June 15, 1946, on which date interest on
such bonds will cease.
2. Holders of these bonds may, in advance of the redemption
date, be offered the privilege of exchanging all or any part of their
called bonds for other interest-bearing obligations of the United
States, in which event public notice will hereafter be given and an
official circular governing the exchange offering will be issued*
3. Full information regarding the presentation and surrender
of the bonds for cash redemption under this call will be found in
Department Circular No. 666, dated July 21, 1941.
Fred M. Vinson,
Secretary of the Treasury,
TREASURY DEPARTMENT,
Washington, February 14, 1946,
(Over)
2 -
THREE PERCENT TREASURY BONDS OF 1946-48
NOTICE OF CALL FOR REDEMPTION
To Holders of 3 percent Treasury Bonds of 1946-48, and Others
Concerned:
1. Public notice is hereby given that all outstanding 3 percent
Treasury Bonds of 1946-48, dated June 15, 1934, are hereby called-for
redemption on June 15, 1946, on which date interest on such bonds
will cease.
2. Holders of these bonds may, in advance of the redemption
date, be offered the privilege of exchanging all or any part of their
called bonds (or other interest-bearing obligations of the United
States, in which event public notice will hereafter be given and an
official circular governing the exchange offering will be issued.
3. Full information regarding the presentation and surrender of
the bonds for cash redemption under this call will be found in
Department Circular No. 666, dated July 21, 1941.
Fred M. Vinson,
Secretary of the Treasury.
TREASURY DEPARTMENT,
Washington, February 14, 1946.
-oOo-
mm
- 3 -
for such bills, whether on original issue or on subsequent purchase, and the amo
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, 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
Secretary of the Treasury of the amount and price range of accepted bids. Tho
submitting tenders vail be advised of the acceptance or rejection thereof. Th
Secretary of the Treasury expressly reserves the right to accept or reject an
all tenders, in whole or in part, and his action in any such respect shall be
Subject to these reservations, tenders for $200,000 or less from any one bidd
99.905 entered on a fixed-price basis will be accepted in full. Payment of ac
tenders at the prices offered must be made or completed at the Federal Reserv
in cash or other immediately available funds on February 21. 19k6
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
and loss from the sale or other disposition of Treasury bills shall not have
special treatment, as such, under Federal tax Acts now or hereafter enacted.
bills shall be subject to estate, inheritance, 'gift, or other excise taxes, w
Federal or State, but shall be exempt from all taxation now or hereafter impo
on the principal or interest thereof by any State, or any of the possessions
the United States, or by any local taxing authority. For purposes of taxation
amount of discount at which Treasury bills are originally sold by the United
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,
amount of discount at which bills issued hereunder are sold shall not be cons
to accrue until such bills shall be sold, redeemed or otherwise disposed of,
such bills are excluded from consideration as capital assets. Accordingly, th
owner of Treasury bills (other than life insurance companies) issued hereunde
need include in his income tax return only the difference between the price p
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNI!TG NEWSPAPERS.
Friday. February 15. 191^6
..
The Secretary of the Treasury, by this public notice, invites tenders
for I 1.300.OOP.000 , or thereabouts, of 91 -day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter
vided. The bills of this series v/ill be dated February 21, 19U6 , and will
St
mature
May 23, 19U6
, when the face amount will be payable without
interest. They will be issued in bearer form only, and in denominations of $1
$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 xax time, Monday. February 18. 19k6
•
Six
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 expres
on the basis of 100, with not more than three decimals, e. g., 99-925- Fracti
may not be used. It is urged that tenders be made on the printed forms and fo
warded in the special envelopes which will be supplied by Federal Reserve Ban
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment sec
ties. Tenders from others must be accompanied by payment of 2 percent of the
amount of Treasury bills applied for, unless the tenders are accompanied by a
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
£°* R E L E f l> M 0 R N H ° ™ P A P E R S ,
Friday, February 15, 1946.
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 on a discount basis under competitive and fixed-price
bidding as hereinafter provided. The bills of this series will be
dated February 21, 1946, and will mature May 23, 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., Eastern Standard time,
Monday, February 18, 1946. Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and the price offered must be expressed on the
basis of 100, with not more than three decimals, e.g., 99.925.
Fractions may not be used. It is urged that tenders be made on the
printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application' therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible arid recognized
dealers in investment securities. Tenders from others must be
accompanied by payment of 2 percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the 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 Ipasis 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 February 21, 1946.
o>fti ^he income derived from Treasury bills, whether interest or
a n v e ^ ^ 3 1 6 S S l e ° r 0 t h e r deposition of the bills, shall not have
of Treasurv°h-if ? ? { a n d l o s s f r o m t h e s a l e o r o t h e r disposition
ireasury bills shall not have any special treatment, as such,
V^-235
(Over)
- 2 -
under Federal tax Acts now or hereafter enacted. The bills'shall
be subject to estate, inheritance,,gift, or other excise taxes,
whet'her 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 Sta'tes, 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 arid
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 b^lls
is-sued 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.) iss.ured hereunder need include in his income tax return
onljr. the' difference between the price pefid 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,.1 and this
notice, prescribe the terms of the Treasury bills and g-pvern the. i
condition's o f their issue. Copies of the circular may be obtained I
;
from anv Fdderal Reserve Bank or Branch.
"
...
-oOo-
~3~
1, As fiscal agents of the United States, Federal Reserve Banks are authorised and requested to receive subscriptions, to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive
payment for certifieates allotted, to make delivery of certifieates on full-paid
subscriptions allotted, aad they may issue interim receipts pending delivery of
th© definitive certificates.
2. the daerwtasgr of the treasury say at anor time, or from time to tiae,
prescribe supplesaental or amendatory rules and regulations governing the offering,
which will be easimunicated promptly te the Federal Reserve Banks.
Secretary of the Treasury.
2 3. The certifieates will be acceptable to secure deposits of public moneys.
ffeey will not be acceptable in payment of taxes.
k* Bearer certificates witli interest ecspcms attached will be issued in
denominations of $1,000, t£*00Q, 110,000*
|3J0O 9 O0O
aad #1,000,000. the certifi-
cates will net be issued ia ragistared form.
5» ftie certificates will be subject to the general regulations of th©
treasury Department, B O W or hereafter prescrf&ed, governing felted States certificates.
ni. mmmmm
&m Aiurvmm
1. Subscriptions will be received at the Federal Reserve Banks aad Branches
and at th* Treasury Department, Washington. Banking institutions generally may
mtatt subscriptions fcr account of customers, but oaGLy mm Federal leserve Banks
and the Treasury Department are authorised to act as official agencies.
2. the Secretary of th© treasury reserves the right to reject aa^ subscription, in whole or in part, to allot less than the amount of certificates applied
for, and to close ttie books as to any or all subscriptions at any time without
noticej and any action he aay take in these respects shall be final* Subject to
these reservations, subscriptions for amounts up to and including %2$,000 will be
allotted in full, and subscriptions for amounts over $25,000 will be allotted to
all holders on an equal percentage basis, but not less than #2$,000 on any one
subscription. The basis of the allotisent will be publicly announced, aad allotsent notices will be sent out promptly upon allotjsent.
If.
PAimHT
1. Paysent at par for certificates allotted hereunder isust be made on or
before March 1, 19i,6, or on later aHotaeat, and may be saade only in Treasury
Certificates of Indebtedness of Series B-19it6, maturing March 1, 191*6, which will
be accepted at par, and should accompany the subscription.
I
mVSW
STATES OF JUtEHICA
7/8 FEBGEKT mEASiOT CEmFIGATES OT BffiSBTEDS^SS W
Bated and bearing interest from March 1, 1946
SERIKS C-1947
Bos ifarch 1, 1947
191*6 rmmm BEPABTMENT,
l&parteent Circular to, 78$
Office of the Secretary,
Washington, February 18, 1946.
Fiscal Service
Bureau of the Public Debt
i. OFraxsa or CMTIFXGATES
1. Th® Secretary of th* Treasury, pursoaot to the ant&erity of the Second
.Ubertsy Bond Act, as amended, invites subscriptions, at par, from the people of
the United States for certificates of Indebtedness of the United States, designated 7/8 percent Treasury Certificates of Indebtedness of Series C-1947, in
exchange for Treasury Certificates of indebtedness of Series B-19l*6, laaturing
larch 1, 19U6. Approximately §1,000,000,000 of the imturing certificates will be
retired on cash redtjaption*
11. vtmrnmrn m c^nriOAtss
1. The certificates will be dated March 1, 1916, and will bear interest free
that date at the rate of 7/3 percent p9r annuel, payable semiannually on September
1, 193a6, and larch 1, 1947. They will saature Itoeh 1, 1947* and will not be subject
to call for redaction 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 atoall be
mxmmpt from all taxation now or hereafter imposed on the principal or interest
thereof by &W
State, or any of the ^sessions of the United States, or by any
local taxing authority.
TREASUBI DKPAKTJSKT
Washington
FOE RBLBA5S, H08JfIHG IKWSPAPERS,
tonday, February IB, 1946.
Press Service
Y*>J
&>
Secretary of the Treasury Vinson today announced that the Treasury Bonds of
1946-56, in the sj&ount of flt&9»G8O,lQ0, which have \>mn called for redeaption on
March 15, 1946, and the Treasury Hotes of Series A-l?l*6, in the amount of
$1,290,640,500, which will nature on March 15, 191*6, will be redeeosd in cash.
At the same tints, the Secretary aimounced the offering, through the Federal
%»mrv® Banks, of 7/6* percent treasury Certificates of Indebtedness of Series
G-1947* open on an exchange basis, par for par, to holders of Treasury Certificates
of Indebtedness of Series B-1946, mturing larch 1, 191*6. Since it is planned to
retire about $1,000,000,000 of the maturing certificates on cash redemption, subscriptions w i n be received subject to allotment to all holders on an equal percentage basis, except that subscriptions in s&ounts up to $25*000 will be allotted
in full. Cash subscriptions will not be received.
The certificates now offered will be dated larch 1, 19tt&, and will bear
interest from that date at the rate of seven-eighths of one percent per annual, payable semiamually on September 1, 1946, and March 1, 1947. They will mature starch 1,
1947. They will be issued in bearer form only, in denominations of $1,000, $5*000,
$10,000, #100,000 and $1,000,000.
Pursuant ts the provisions of the Public Dsbt 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 Beserve Banks and Branches, and
at the Treasury Qepartssent, Washington, and should be accompanied by a like fass
amount of the asaturing certificates.
The subscription books will close at the close of business 'Wednesday, February
20, except for th® receipt of subscriptions trm holders of $25,000 or less of the
uat aring certificate®. Th® subscription books will close for the receipt of subscriptions of the latter class at the close of business Saturday, February 23.
Subscriptions &&&m&m& to a Federal Beserv® Bank or Branch or to the Treasury
Bspartosixt, and placed in the sail before oidaight of the respective closing days,
will be considered as having been entered before the close of the subscription
coolcs.
There are now outstanding $1*147,310,000 of the aeries 3-1946 certificates.
The text of the official circular follows t
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, Press Service
Monday. February 18, 1946.
No. V-236
i
I
I
'
Secretary of the Treasury Vinson today announced that the
Treasury Bonds of 1946-56, in the amount of $489,080,100, which
have been called for redemption on March 15, 1946, and the Treasury
Notes of Series A-1946, in the amount of $1,290, 640,500, . which will
mature on March 15, 1946, will be redeemed in cash.
At the same time, the Secretary announced the offering, through
the Federal Reserve Banks, of 7/8 percent Treasury Certificates of
Indebtedness of Series C-1947, open on an exchange basis, par for
par, to holders of Treasury Certificates of Indebtedness of Series
B-1946, maturing March 1, 1946. Since it is planned to retire
about $1,000,000,000 of the maturing certificates on cash redemption,
subscriptions will be received subject to allotment to all holders
on an equal percentage basis, except that subscriptions in amounts
up to $25,000 will be allotted in full. Cash subscriptions will
not be received.
The certificates now offered will be dated March 1, 1946, and
will bear interest from that date at the rate of seven-eighths of
one percent per annum, payable semiannually on September 1, 1946,
and March 1, 1947. They will mature March 1, 1947. They will be
issued in bearer form only, in denominations of £l,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.
The subscription books will close at the close of business
Wednesday, February 20, except for the receipt of subscriptions from
holders of $25,000 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, February 23.
2 -
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 $4,147,510,000 of the Series B-1946
certificates.
The text of the official circular follows:
UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-19
Dated and bearing interest from March 1, 1946 Due March 1, 1947
1946
Department Circular No. 785
TREASURY DEPARTMENT
Office of the Secretary
Washington, February 18, 1946.
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, designated 7/8 percent Treasury Certificates of Indebtedness of Series^C-1947, in exchange for Treasury
Certificates of Indebtedness of Series B-1946, maturing March 1,
1946. Approximately $1,000,000,000 of the maturing certificates
will be retired on cash redemption.
II. DESCRIPTION OF CERTIFICATES
1. The certificates will be dated March 1, 1946, and will bear
interest from that date at the rate of 7/8 percent per annum,
payable semiannually on September 1, 1946, and March 1, 1947. They
will mature March 1, 1947, and will not be subject to call for
redemption prior to maturity.
- 3-
2. The income derived from the certificates shall be subject
to all'Federal taxes, now or hereafter imposed. The certificates
shall be subject to estate, inheritance, gift or other excise taxes,
whether Federal or State, but shall be exempt from all taxation now
or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States-, or by any
local taxing authority.
3. The certificates will be acceptable to secure deposits of
public moneys. They will not be acceptable in payment of taxes.
4. Bearer certificates with interest coupons attached will be
issued in denominations of ?1,000, $5,000, $10,000, $100,000, and
tl,000,000. The certificates will not be issued in registered form.
5. The certificates will be subject to the general regulations
of the Treasury Department, now or hereafter prescribed, governing
United States certificates.
Ill, 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 subscription, in whole or in part, to allot less than the amount
of certificates applied for, and to close the books as to any or all
subscriptions at any time without notice; and any action he may take
in these respects shall be final. Subject to these reservations,
subscriptions for amounts up to and including $25,000 will be
allotted in full, and subscriptions for amounts over $25,000 will be
allotted to all holders on an equal percentage basis, but not less
than $25,000 on any one subscription. The basis of the allotment
will be publicly announced, and 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 March 1, 1946, or on later allotment, and may be
made only in Treasury Certificates of Indebtedness of Series B-1946,
maturing March 1, 1946, which will be accepted at par, and should
accompany the subscription.
- 4 -
V.
GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve
Banks are authorized and requested to receive subscriptions, to make
allotments on the basis and 'up to the amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the
respective Districts, to issue allotment notices, to receive payment
for certificates allotted, to make delivery of certificates on fullpaid subscriptions allotted, and they may issue interim receipts
pending delivery of the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time
to time, prescribe supplemental or amendatory rules and regulations
governing the offering, which will be communicated promptly to the
Federal Reserve Banks.
FRED M. VINSON,
Seqretary of the Treasury.
oOo-
February 7, 1946
TO SH. BARTOTs
Th© following mrkfct transactions were nade during the
month of January, 1946, in direct and guaranteed securities
of the Government for Treasury Investment &nd oth@r accounts*
S&ISIB
««#*».••»..»•*..••..»••«,««•«* |Jil3,1331OQQ
Purchases A,*99&.QQQ
$ 8,137,000
.':""?"d* J:.'t-aph Greenberg
Joseph Gresnberg
Assistant Coaaiaeioner of Accounts
HNaud
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, February 15. IQAA
Press Service
No. V-237
During the month of January, 1946, market transactions in direct and guaranteed securities of the
Government for Treasury investment and other accounts
resulted in net sales of $8,137,000, Secretary Vinson
announced today.
-oOor-
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PrSSS 3fMHfiO#
SEWSPAPBXS,
Tuesday, fJabrqaary 19,
fte teeretary of tte Treasury aaaamaaed last evsd&t: thai tte Waders for
$1,300,000,000, or tteretttamts, «f 91-day Treasury bill* -te te dated r*teaax7 21 and
.mature tear 23, Hii6, ^iich vera offered on February 35, 3$|£, wn amrnmd at tte Itenl
tte details ©X this immm ar* aa follevst
Total applied for * 12,037*1X3*000
Total accepted
- 1,301,118,000 (include 1*7,591,000 entered oa a fistd^rite
basis at 99.9Q5 i*v* acosptod I A fall)
* N K * I » prist
- 9 P . ? 0 ^ fc^wateat rate «f discount spares* 0*37# pe* ansae
Sang© of accented competitive bids:
- 99.90S BqoivalsBt rate of disease* approx. 0»36t£ psr a s m
- 9P.90S
»
•
•
•
•
0.376* •
•
($9 percent of tte aawemt bid for at tte low prise was accepted)
federal Bseerte
DiiJirict
Total
*$&****«*
Total
Boston
tew lark
Pfeilad»l|>hia
$ 3S,970,000
1,&4,171,0G0
36,620,000
17,fcX>,000
I
23,677*000
97i#W*<»
2u,23fi,000
13,390,000
BSHSS-JI *taj^w#jp^ipsjpBa*
Atlanta
©itesfs
St. tenia
Minneapolis
ynwaajt City
San Franeiae©
8,235,000
27tt,lt6l»000
l6»30°,000
2,1*90,000
2$,sj63fO0O
tfW»000
.».,•.• w&i*im\i\tmn\m
total 12,^37,113*000
7,965,000
2**,173>00O
11,18*1.000
2,1*90,000
23,^3,000
7,7711,000
IIMX
$1,301,118,000
IREASURY DEPARTMENT
* Washington
FOR RELEASE, MORNING NEWSPAPERS, Press Service
Tuesday, February 19, 1946.
No. V-238
The Secretary of the Treasury announced last evening that
tenders for $1,300,000,000, or thereabouts, of 91-day Treasury
to be dated February 21 and to mature May 23, 1946, which were
fered on February 15, 1946, were opened at the Federal Reserve
on February 18.
The details of this issue are as follows:
the
bills
ofBanks
Total applied for - §2,037,113,000
Total accepted
- 1,301,118,000 (includes §47,991,000 entered on a fixed-price basis at 99.905
and accepted in full)
Average price
- 99.905/ Equivalent rate of discount approx.
v
0.375?o per annum
Range of accepted competitive bids:
Hi h
S - 99.908 Equivalent rate of discount approx.
0.364^ per annum
Low
- 99.-905 Equivalent rate of discount approx.
0.376^ per annum
(59 percent of the amount bid for at the low-price was accepted)
Federal Reserve Total Total
District
Applied for
*° 3 ™ n ,
$
38,970,000
1
V f i >,-1,544,171,00a
Philadelphia
36,620,000
C^eland
1 ? 4 9 0 ? 000
Riohmonc,
14,170,000
Chiron
8,215,000
1 D
274,461,000
oi,
p l ^ ' ,
16,309,000
Lnslfcitv
2,490,000
y
a
25,463,000
San Francisco
8,799,000
urcncisop
49,955,000
.TOTAL §2,037,113,000 51,301,118,000
-0O0-
Accepted
5
23,677,000
971 319 000
24,238 000
13, 390, 000
12 120 000
7,965,000
169,173,000
11,184,000
2 490 000
23,413,000
7,774,000
54,375,000
I
FOR IMMEDIATE RELEASE
February 19, 19k6.
t^->*f
The Bureau of Customs announced today preliminary figures showing
the quantities of coffee entered for consumption during the period
commencing October 1, 19U5, as follows:
Quantity in Pounds
As of February 9, 19U6
Country of Production
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
558,867,189
235,257,381;
8,257,868
126
10,515,851
8,215,851
8,381,36k
16,796,655
6,28ii,712
1^,276,112
12,971,972
1,807,U61
1,9*7,992
15,115,138
Non-Signatory Countries:
15,339,599
TOTAL
903,635,271*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, February 20, 1946.
Press Service
No. V-239
The Bureau of Customs announced today preliminary figures
showing the quantities of coffee entered for consumption during
the period commencing October 1, 1945, as follows:
Country of Production
Quantity in Pounds
As of February 9, 1946
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
v
Peru
Venezuela
Non-Signatory Countries:
TOTAL
-oOo-
558,867,189
235,257,384
8,257,868
126
10,515,851
8,215,851
8,381,364
16,796,655
• 6,284,712
4,276,112
12,971,972
1,807,461
1,547,992
15,115,138
15,339,599
903,635,274
MM
- 3 -
for such bills, whether on original issue or on subsequent purchase, and the a
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 b
Secretary of the Treasury of the amount and price range of accepted bids. Thos
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
all tenders, in whole or in part, and his action in any such respect shall be f
Subject to these reservations, tenders for $200,000 or less from any one bidde
99.905 entered on a fixed-price basis will be accepted in full. Payment of acc
tenders at the prices offered must be made or completed at the Federal Reserve
in cash or other immediately available funds on Febrna-ry 28. 19k6
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 s
and loss from the sale or/other disposition of Treasury bills shall not have a
special treatment, as such, under Federal tax Acts now or hereafter enacted. T
bills shall be subject to estate, inheritance, gift, or other excise taxes, wh
Federal or State, but shall be exempt from all taxation now or hereafter impos
on the principal or interest thereof by any State, or any of the possessions o
the United States, or by any local taxing authority. For purposes of taxation
amount of discount at which Treasury bills are originally sold by the United S
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, t
amount "of discount at which bills issued hereunder are sold shall not be cons
to accrue until such bills shall be sold, redeemed or otherwise disposed of, a
such bills are excluded from consideration as capital assess. 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 pa
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEU3PAFERS,
ThttrBria^ February ZX, 19ll6
The Secretary of the Treasury, by this public notice, invites tenders
for $ l.^OO.OOO.OOO , or thereabouts, of 92 -day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter p
vided. The bills of this series will be dated February 28. 19lt6 , and will
f 1 V
mature May 31* l?if6 , 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 -md Branches up to the
Standard
closing hour, two o'clock p.m., Eastern Stex time, Monday, Fe^ruarj 25. 19U6 •
Tenders will not be received at the Treasury Department, hashington.
Each tender
must be for an even multiple of $1,000, and the price offered must be expresse
on the basis of 100, with not more than three decimals, e. g,, 99-925- Fractio
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 Bank
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 secu
ties. Tenders from others must be accompanied by payment of 2 percent of the f
amount of Ireasury 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
^
V-^VO
TREASURY DEPARTMENT
Washington
'
P0
'
P RELEASE, MORNING NEWSPAPERS,
Thursday, February 21, 1946
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 February 28, 1946, and will
mature Lay 31, 1946, when the fac-e amount will be payable with- .
out interest. They will be issued in bearer form only, and in
denominations of $1,000, §5,000, $10,000, $100,000, §500,000,
and §1,000,000 (maturity value). j;
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, two o'clock p.m., Eastern
Standard time, Monday, February 25, 1946. Tenders will not be
received at the Treasury Department, Washington. Each tender
must be for an even multiple of §1,000, and the price offered
"must be expressed on the basis of 100, with not more than three
decimals, e, g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded
in the special envelopes which" will be supplied by Federal Reserve Banks or Branches on application therefor.
Tenders will be received without-deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others
must be. accompanied by payment of 2 percent of. the face amount
of Treasury bills applied for, unless the tenders' are accompanied by an express guaranty of payment by an incorporatedbank or trust company.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the treasury
of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection
thereof. The Secretary of':.t.he Treasury expressly reserves the
rigtht 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 oh- a fixed-price basis will be
accepted in full. Payment of accepted tenders at the prices
oifered must be made or completed at the Federal Reserve Bank
m cash or other immediately available funds on February 28, 1946.
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 oi
V-240
(Over)
- 2other disposition of Treasury bills shall not have any special
treatment, as such, under Federal tax Acts now or hereafter
enacted. The bills shall be subject to estate, inheritance,
gift, or other excise taxes, whether Federal or State, but
shall be exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority. For purposes of taxation the amount: of discount at which
Treasury bills are originally ,sold by the United*States shall
be considered to be interest. '• Under Sections 42 and 117 (a)
(1) of the Internal Revenue Code, as amended by Section 115 of
the Revenue Act of 1941, the amount of discount at which bills
issued hereunder are sold, shall not be considered to accrue
until such bills shall be sold, redeemed or otherwise disposed
.of, and such bills are excluded from consideration as capital
assets. 'Accordingly, the owner of Treasury bills (other than
life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid
for such bills, whether on original issue1 or o*n subsequent
purchase, and the amount actually received either upon sale or
redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
Treasury Department Circular. No. 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-
- 7-
x ..-•./.
<=*-~~^^<*
v.^nnvti
M M fehat- -tha ^a&A^f\tomw*i*w>&*-4?vrttPri
issets inXreasea/tey December 31, 1944, to approximately
J|l4,000,000,00i>v%exclusive of gold/earmarked for'forelgn
account.
Earmarked goJlK|nereused from #1,9X6*000,000 to
7
^KL
/
/
f
1 $^,957,000,000. Foreign deposits rage during this period* /^N
iQYQl&A countries acquired jtJnited States Government obliga\ / / / \ \
tiona, and foreign-ownedt securities increased considerably
in value•
Assets in this country owned by enemy countries as
of the census date amounted to #519,000,000. Germany le|
with #198,000,000, .Japan followed with #160,000,000, and
Italy was third with #150,000,000.
-oOo-
x
- 6
Of the remaining assets listed for the United kingdom,
#700,000,000 was in the form of business establishments
operated In the United States, and #400,000,000 in the form
of estates and trusts.
A single class of United Kingdom-owned assets amounting
to $1,000,000,000 was in the form of business claims and
debts in the process of liquidation, with #850,000,000 of
this representing British pre-payment on munitions contrac
which on the census date were In process of being .fulfille
Further, the United Kingdom at that time had outstanding
contract obligations of #940,000,000 which It still had to
pay on munitions. The obligation under these contracts
was later met by use of deposits and securities owned by
residents of the United Kingdom.
- 5 -
Chief among groups of countries in which ownership of
assets was listed are the following:
Continental Europe — #4,800,000,000 gross, Including
#3,000,000,000 in deposits and securities.
United Kingdom — #3,200,000,000 gross, including
#970,000,000 in deposits and securities.
Canada — #1,750,000,000 gross, including
f950,000,000 in deposits and securities.
Latin America — #1,400,000,000 gross, Including
#840,000,000 in deposits and securities.
Rest of world — #1,500,000,000 gross, including
#1,100,000,000 in deposits and securities.
Of the #970,000,000 in deposits and securities attributed
to United Kingdom ownership, the report showed that #245,00
actually was In the name of citizens of other countries,
mainly Americans.
- 4 -
Of the gross total, more than £l#300,000,000 represents
assets owned by American citizens living abroad and American
companies operating abroad. Allow|pces for these and other
pertinent items, Treasury e.xperts in charge of the census
said, would reduce the gross total to a much smaller net
amount of assets in this country actually available to
foreign countries for their use in international finance.
The census listed the various forms of the assets.
Of the gross total, about #6,948,000,000 was in deposits
and securities. Property of foreign corporations, including
American subsidiaries abroad, and of estates and trusts
accounted fcr about #3,000,000,000 more. The remaining
#2,500,000,000 was In the form of debts and claims and
similar items arising from current business transactions —
the nfloattt of ordinary business and banking.
I
- 3 -
was approximately #12,739,000,000, the report sets forth.
Included were such assets as deposits in American banks,
Investments In United States securities and enterprises,
interests In estates and trusts, and numerous other types
of property. Ownership of these assets was vested In
about %|>0,000 sources — individuals, partnerships, corporations, governmental bodies and agencies, estates,
trusts and so forth. In taking the census the Treasury
did not attempt to reduce the gross total to a net figure
of any kind. To have done so would have required offsettin
against the assets a very large number and wide variety
of liabilities, such as current debts and other claims.
Many of the assets, it was pointed out, are of types
that cannot be realized upon, such as the holdings of
estates and trusts.
- 2 -
nature and scope of the survey, discuss the more important
findings up to the end of 1944 so far as has been feasible
and outline certain technical problems encountered In
analyzing such statistics.
The census of foreign-owned assets was taken Immediately
after "freezing controlw was extended June 14, 1941, to
Germany, Italy, and the remainder of continental Europe.
To accomplish the census, the Treasury circularized tens
of thousands of business concerns and individuals with a
questionnaire, Form TFR-5G0. Because of the Importance of
full information for Foreign Funds Control, the census
included data on debts, claims and other items which are
not of particular importance as foreign-owned assets.
The gross total of all foreign-owned assets in the
United States as of the census date — June 14, 1941 —
PROPOSED PRESS RELEASE:
The Treasury Department today made public a report
showing the results of a census of foreign-owned assets
In the United States taken in 1941 by the department's
Foreign Funds Control. In a foreword to the report,
Secretary Vinson pointed out that with the war over, the
data provided by the census are available not only for use
in unfreezing foreign-owned assets over which the Foreign
Funds Control exercised Wartime supervision, but also for
their application to various post-war problems of international concern.
The report is in the form of a booklet, "Census of
Foreign-Owned Assets in the United States". It Is for
sale by the Superintendent of Documents. Its chapters
relate events which led up to the census, describe th©
•:#*•
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Saturday, February 25, 1946
Press Service
No. V-241
The Treasury (Department today made public a report showing the
results of a census of foreign-owned assets in the United States
taken in 1941 by the department's Foreign Funds Control. In a foreword to the report, Secretary Vinson pointed out that with the war
over, the data provided by the census are available not only for use
in unfreezing foreign-owned assets over which the Foreign Funds
Control exercised wartime supervision, but also for their application to various post-war problems of international concern.
The report is in the form of a booklet, "Census of ForeignOwned Assets in the United States". It is for sale by the -Superintendent of Documents. Its chapters relate events which led up to
the census, describe the nature and scope of the survey, discuss the
more important findings up to the end of 1944 so far as has been
feasible, and outline certain technical problems encountered in
analyzing such statistics.
The census of foreign-owned assets was taken immediately after
"freezing control" was extended June 14, 1941, to Germany, Italy,
and the remainder of continental Europe. To accomplish the census,
the Treasury circularized tens of thousands of business concerns and
individuals with a questionnaire, Form TFR-300. Because of the
importance of full information for Foreign Funds Control, the census
included data on debts, claims and other items which are not of particular importance as foreign-owned assets.
The gross total of all foreign-owned assets in the United Stater
as of the census date — June 14, 1941 -- was approximately
$12,739,000,000, the report sets forth. Included were such assets
as deposits in American banks, investments in United States securities and enterprises, interests in estates and trusts, and numerous
other types of property. Ownership of these assets was vested in
about 160,000 sources -- individuals, partnerships, corporations,
governmental bodies and agencies, estates, trusts and so forth. In
taking the census the Treasury did not attempt to reduce the gross
total to a net figure of any kind. To have done so would have
required offsetting against the assets a very large number and wide
variety of liabilities, such as current debts and other claims.
- 2 -
Many of the assets, it was pointed out, are of types that cannot
be realized upon, such as the holdings of estates and trusts.
Of the gross total, more than #1,300,000,000 represents assets
owned by American citizens living abroad and American companies
operating abroad. Allowances for these and other pertinent items,
Treasury experts in charge of the census said, would reduce the
gross total to a much smaller net amount of assets in this country
actually available to foreign countries for their use in international finance.
The census listed the various forms of the assets. Of the
gross total,, about $,6,948,000,000 was in deposits and securities.
Property of foreign corporations, including American subsidiaries
abroad, and of estates and trusts accounted for about #3,000,000,000
more. The remaining #2,500,000,000 was in the form of debts and
claims and similar items arising from current business transactions —
the "float" of ordinary business and banking.
Chief among groups of countries in which ownership of assets
was listed are the following:
Continental Europe — #4,800,000,000 gross, including
#3,000,000,000 in deposits and securities.
United Kingdom — #3,200,000,000 gross, including
#970,000,000 in deposits and securities.
Canada — #1,750,000,000 gross, including
$950,000,000 in deposits and securities.
Latin America — #1,400,000,000 gross, including
$840,000,000 In deposits and securities.
Rest of world — #1,500,000,000 gross, including
$1,100,000,000 in deposits and securities.
Of the $970,000,000 in deposits and securities attributed to
United Kingdom ownership, the report showed that #245,000,000
actually was in the name of citizens of other countries, mainly
Americans.
Of the remaining assets listed for the United Kingdom,
$700,000,000 was in the form of business establishments operated
in the United States, and $400,000,000 in the form of estates and
trusts.
- 3 -
A single class of United Kingdom-owned assets amounting to
#1-000,000,000 was in the form of business claims and debts in the
process of liquidation, with $850,000,000 of this representing
British pre-payment on munitions contracts which on the census date
were in process of being fulfilled. Further, the United Kingdom at
that time had outstanding contract obligations of $940,000,000 which
it still had to pay on munitions. The obligation under these contracts was later met by use of deposits and securities owned by
residents of the United Kingdom.
Assets in this country owned by enemy countries as of the census date amounted to $519,000,000. Germany led with #198,000,000,
Japan followed with #166,000,000, and Italy was third with
$130,000,000.
oOo-
Census of
Foreign-Owned Assets
in the United States
United States Treasury Department
Office of the Secretary
Washington, D. C,
• • • .
Census of
Foreign-Owned Assets
In the United States
United States Treasury
Office of the Secretary
Department
Washington, D.C.
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1945
For sale by the Superintendent of Documents, Washington, D.C.
Acknowledgments
The Treasury Department is indebted to m a n y members of
its staff for valuable services performed in connection with the
census of foreign-owned assets in the United States. T h e analysis
of the data and the preparation of this report were directed by
Paul D. Dickens. During the early stages of planning and administration, E. M . Bernstein, W . Harvey Reeves and Elting Arnold
were in direct charge of the work. M r . Arnold was associated
with the census throughout.
Contents
Foreword yjj
Chapter I. General background of fact and policy 1
Foreign assets in the United States before World W a r II
Period of American neutrality
Significance of the census
Chapter II. Form and scope of the census briefly discussed 8
T h e reporting requirements
Reports received
Outline of this report
1
3
5
8
10
10
Chapter III. Foreign-owned United States assets (the statistical results of the
census).
12
General types of assets
13
T h e principal countries involved
14
Corporate and individual holdings discussed
17
Foreign holdings of corporate bonds
20
Assets in names other than the owner's
22
Foreign-controlled United States enterprises
26
Interests concentrated in three countries
28
Business of foreign banks in United States
31
Chapter IV. Changes in foreign-owned dollar assets and gold in the United
States, 1941-1944
Analysis by groups of countries
E n e m y countries
Enemy-occupied countries
Neutral Europe
British Commonwealth
Latin America
All other countries
33
35
35
35
36
37
39
39
Chapter V. Short analyses of special topics 40
A. Difference between TFR-300 data and estimates m a d e on other bases.
40
Short-term assets
41
Government and corporate securities
42
Interests in controlled enterprises
43
Interests in estates and trusts
44
Miscellaneous assets
45
B. TFR-300 and the "Residual" in the balance of international payments
of the United States
. 46
TFR-300 data analyzed
•
47
C. Citizens of the United States located abroad and American-controlled
foreign enterprises
•• •
49
D. Foreign securities held by custodians in the United States for foreign
account
Ill
Appendices
"age
I. Definitions and principles of valuation
:. •. /
52
The forms described.,
•• ••
The term "national" defined
53
Other definitions
_
54
Property to be reported
55
Valuation principles
•
56
Interests in estates and-trusts.,. .,... t
• • • • • •••• >
Interests in foreign-controlled enterprises
58
The geographical arrangement
•
59
61
II. Detailed tables.... .•
•• •
Part I. General tables..
• • •,
61
Part II. Country tables.
•••;••
^
Text Tables
I.
N u m b e r of foreign persons owning United States assets, and the value
thereof, by types of nationals, as of June 14, 1941
II.
N u m b e r of foreign persons owning United States assets, and the value
thereof, by geographical areas (on the basis of reported address) as of
June 14. 1941,....... .. ,.
III. Value of United States assets owned by persons in foreign countries, b y
types of persons and by principal countries, as of. June 14, 1941....
IV. Value of United States assets owned by persons in foreign countries, b y
detailed property types and by types of persons, as of June 14, 1941
V.
Value of bullion, currency and deposits owned by foreign persons, b y
geographic areas (on basis of reported address), as of June 14, 1941. .
VI.
Foreign holdings of United States corporate bonds—Comparison of
TFR-300 data and those prepared by the Commerce Department...
VII. Value of United States securities owned by foreign persons, b y geographic areas (on basis of reported address), as,of June 14, 1941
VIII. Valuet of United States securities owned by foreign persons, by principal countries and areas, (on basis of reported address), and by m a n ner in which held, as of June 14, 1941
.
IX. N u m b e r of United States enterprises controlled by foreign persons and
the foreign interest therein, by type of business and by type of organization, as of June 14, 1941
X.
N u m b e r of United States enterprises controlled by foreign persons and
the foreign interest therein, by principal countries and areas, and by
type of organization in the United States, as of June 14, 1941.....
X I . Changes in gold held under earmark for foreign account by the Federal
Reserve System, and foreign deposits in United States banks, from
June 11, 1941 to September 30, 1944, by groups of countries
XII. Comparison of TFR-300 data with estimates of foreign-owned United
States assets made on other bases
12
14
15
18
19
21
22
24
27
29
34
41
PART I. GENERAL TABLES
Appendix Tables
1. Value of foreign-owned United States assets, by countries of reported address of the owners, and by principal types of assets, as of June 14, 1941
2. Value of foreign interests in United States enterprises controlled by foreign
persons, by countries of reported address of the foreign investors, and
by industrial groups, as of June 14, 1941
'
3. Value of miscellaneous assets owned by foreign persons, by geographical
areas (on basis of reported address), as of June 14, 1941
IV
61
54
gg
57
I
3 n 6 - °( persons in foreign countries owning United States assets, by
14 1941 C ° U n t n e s 0f reP°rted address, and by range groups, as of June
5. Number of persons in enemy countries owning United States assets,
tne value thereof, by countries of reported address, by types of persons
and m range of total assets, as of June 14,1941
o. Number of persons in foreign countries owning United States assets (reported with values), by types of person, and by principal countries, as
of June 14, 1941
/. Number of persons in foreign countries owning United States assets (reported without values), by types of person, and by principal countries,
as of June 14, 1941
:
8. Number of persons owning United States assets (reported with values), by
countries and by citizenship groups, as of June 14, 1941
9. Number of foreign persons owning United States assets (reported without
values), by countries and by citizenship groups, as of June 14, 1941....
10. Value of United States assets, and foreign securities, held in this country,
owned by citizens of the United States residing abroad, by countries of
reported address, and by principal types of assets, as of June 14, 1941. .
11. Value of United States assets, and foreign securities held in this country,
owned by American-controlled foreign enterprises, by countries of reported address, and by principal types of assets, as of June 14, 1941..
12. Reported market value of foreign securities held in the United States on
behalf of foreign owners, by countries of reported address, and by manner in which held, as of June 14, 1941.
13. Number of TFR-300 reportsfiled,by series and by Federal Reserve districts and territories
and
67
68
68
69
70
71
73
75
77
PART II. COUNTRY TABLES
A.
B.
C.
D.
E.
F.
G.
H.
I-
Argentina 79
Belgium
Brazil
Canada
China
Cuba
France
Germany
Italy
J.
Japan.
K.
L.
M.
X.
O.
P.
Q.
R.
S.
Mexico
..
Netherlands
Netherlands East Indies
Norway
Panama
Philippine Islands
••••
Sweden
Switzerland
United Kingdom
79
:
80
•••
'
"•
:........
•
80
81
81
•
;
82
82
~
•
g^
•
8
" ''
°
„
„
g7
gg
V
Foreword
O n April 10, 1940, when Germany invaded Denmark and Norway, the
president of the United States issued an Executive order freezing the
dollar assets of those two countries and their nationals. The purpose was
to safeguard their assets and prevent the aggressor from benefiting
therefrom. Similar action was taken at the time of each further aggression until, on June 14, 1941, the freezing controls were extended to
Germany and Italy, and to the remainder of continental Europe.
With a view to implementing the freezing controls, regulations were
issued providing for a census of all foreign-owned property subject to
the jurisdiction of the United States. Tens of thousands of banks, corporations and individuals in this country were required tofile,on F o r m
TFR-300, reports giving detailed information with respect to foreignowned assets and the owners. The cooperation received was excellent
notwithstanding the fact that a substantial amount of work was required
—several thousands of reports werefiledby some banks.
A s a result of the census, the magnitude of the foreign stake in this
country has become fully known for thefirsttime. About $12,739,000,000
of assets—deposits in American banks, investments in United States
securities and enterprises, interests in estates and trusts and m a n y other
types of property—were owned by foreign individuals and organizations
as of June 14, 1941. The dollar assets of persons located in countries
affected by the freezing controls amounted to $5,985,000,000. Gold and
foreign securities in the United States similarly owned raised the total of
blocked assets to $7,955,000,000.
T h e census also revealed the widespread character of foreign interests
in the United States. For example, more than 132,000 foreign individuals
had assets in this country valued at nearly $2,600,000,000, and 23,000
foreign corporations held property valued at about $8,000,000,000.
Thousands of persons held assets amounting to less than $5,000. While
the foreign interests in American corporations were large in value, it can
be stated definitely that they did not represent control over any large
segments of the industry of this country.
T h e information filed on Form TFR-300 was greatly needed in the
administration of the freezing controls. It enabled Foreign Funds Control
to determine in advance the importance of proposed measures of controls
and the nature of the administrative problems involved. A s useful as
they were during the last half of 1941, the data immediately became vital
VII
to m a n y of the economic warfare activities of this Government after Pearl
Harbor. N o w that the war is over, the T F R - 3 0 0 data facilitate planning by Government agencies for the unfreezing of the assets included
within the scope of the controls.
Never before was as complete information available for analyses of
the holdings of foreigners in this country. These data, studied in conjunction with materials currently collected on the subject of capital m o v e ments and foreign short-term dollar balances, permit a close appraisal
of the present dollar assets and gold in the United States n o w available
to the various countries df the world. Thus, for example, the Government
is better equipped to solve the problems connected with the financing of
relief and reconstruction in the war-ravaged areas.
Industry and the general public in this country are also greatly concerned in postwar problems. For that reason, the Treasury Department
has prepared this report for public distribution. It containsfirst,a statement of the events leading to the census on F o r m T F R ^ 3 0 0 and a description of its nature and scope. Next is an analysis of the most important
facts revealed by the reports, together with s u m m a r y tables. T h e last
two chapters bring the data up to the end of 1944 and discuss the census
in relation to certain technical problems relating to the international
financial position of this country. Individual tables, relating to the
principalcountries, containing data by property types and by the citizenship of the owners, are presented in the appendix. These should enable
people interested in international affairs to answer m a n y of the statistical
and economic questions which will arise concerning the assets of foreign
countries in the United States.
FRED M. VINSON,
Secretary of the Treasury.
VIII
CHAPTER I
General Background of Fact and Policy
The census of foreign-owned assets in the United States, taken by
the Treasury Department in the summer of 1941 on Form TFR-300, has
performed two important services. First, it has furnished detailed information with respect to the holdings of each foreign national having assets
in this country as well as significant facts concerning the nationals whose
properties were reported. Second, it has provided statistical data about
the foreign ownership of assets in the United States that are more complete and accurate than anything previously available. Both of these
services have been very useful in the process of determining and enforcing
policies of economic defense and economic warfare.
T h e value of foreign-owned assets in the United States increased
greatly in the years after 1934. B y the fall of 1939 the dollar assets owned
by the countries of continental Europe alone amounted to at least
$3,500,000,000. If property of such value had been available to persons
or nations for use in ways inimical to the interests of the United States,
untold damage could have been inflicted upon this country and the
cause of those countries that were fighting for their freedom. It was,
therefore, necessary to bring assets owned by enemy and enemy-occupied
countries and their nationals under United States Government control or
supervision. T o m a k e that control effective, detailed information w a s
required concerning the assets, their location and their owners.
Foreign Assets in the United States
Before World War
11
American securities and properties have long been popular among
investors in Europe. Total foreign investments in the United States, as
early as 1899, were estimated at $3,330,000,000,! and b y 1908 the estimates rose as high as $6,500,000,000.2 The liquidation of British and
other European holdings during the First World W a r was very large,
however, and by the end of 1919 the estimated long- and short-term
foreign investments in the United States were reduced to $3,985,000,000.3
T h e next 10 years, during which this country experienced unrivaled
Tyc7e Review, November, 1900, vol. 9,. pp. 263-285, "American International Indebtedness," by
Nathaniel T. ^acon.
M o n e t a r y Commission, Publications, vol. X X , Miscellaneous Articles, pp.
m T r e "ThtTJe"Bafancfof the\nited States" by Sir George Pajsh.
*Lewis, Cllona America's Stake in International Investments, p. 450.
1
prosperity and was the world's most profuse lender, were also years
during which the value of foreign assets in this country increased rapidly.
Part of this increase was the result of rising securities prices and part w a s
due to the accumulation of deposits in American banks. N e w investments
in securities and business properties contributed substantially to the
total. B y the end of 1929 total foreign assets in the United States were
estimated at $8,931,000,000.4
T h e depression years—1930 to 1933—were notable for the vast withdrawal of foreign short-term balances from this country. American lending to foreign countries had come to a stop during 1930 and the foreign
balances reported by banks in N e w York City, accumulated partly from
the proceeds of dollar loans, fell from about $2,673,000,000 at the end of
1929 to $467,000,000 at the end of 1934.5 Even during this period the
trend in the flow of long-term foreign capital was toward the United
States. T h e total value of foreign assets in this country at the end of 1933
was estimated at approximately $5,400,000.000.6
After the stabilization of the dollar in terms of gold in 1934, this
country became a place of refuge for the capital of peoples all over the
world. T h e depreciation of important foreign currencies or the threat of
depreciation were hazards which private capital in m a n y countries faced
almost constantly. Such factors caused heavy inflows of foreign shortterm capital. Preservation of capital, however, was not alone as an influence inducing the movement of foreign funds. T h e progress toward
prosperity in the United States, which was evident in 1935 and 1936, was
another influence. During that period a relatively large proportion of the
total inflow of foreign capital was long-term in form—investments in
United States securities.
Political events, such as the Italian invasion of Ethiopia in October
1935, had their influence. They became the dominant factors in 1938 and
1939. German aggressions, the invasion of Austria in M a r c h 1938, the
annexation of the Sudetenland of Czechoslovakia in September 1938, and
the occupation of the remaining parts of Czechslovakia in M a r c h 1939,
were outstanding events contributing to the mounting international tension. U p to the time of the Munich Conference for the settlement of the
Czechoslovakian controversy in September 1938, the political crises were
of a minor character or were largely internal in their origin and effects.
The results had been violent inflows of short-term funds and moderate
net foreign sales of United States securities interspersed with relatively
long periods of net purchases of United States securities and moderate
increases in short-term deposits. Following the crises of the Munich Conference net purchases of securities, that is, long-term investments, almost
'Ibid., p. 450.
5 7 4 ^ 7 ^ ?
9
7 ^ ^
*»""* —
" « — » StaHsHcs, 1943, pp.
from the 192? total, insofar as it is not accounted for by the movemento^ short tPrm fT.^T * J?duot«»
of the reduction in the market prices of common stocks included in the totals
^ * * he r6SU,t
2
which ,
^ ^ e x t r e m e l y lar ge inflow of short-term funds of
+
, in contrast to earlier periods, an important part was governmental.?
evrtn ^ ^ ^ ^ ^ g - S e p t e m b e r 1938 to August 1939-was used
extensively by Englatid and France to build up a reserve of liquid funds
o m which they could draw to finance the war purchases looming as
essential to their defense. The traditional neutral countries of Europe,
suchas Belgium, the Netherlands and Sweden, were equally foresighted
and began to keep substantial portions of their monetary reserves in the
united States. Individuals and corporations within those and other
countries were also anxious to accumulate funds in the relative safety
ot this country.
Period of American Neutrality
When the war in Europe started, the foreign-owned United States
assets,8 exclusive of earmarked gold amounting to $1,130,000,000, were
estimated at $9,064,000,000.9 Of this total, about $3,500,000,000 belonged
to continental European countries and $3,000,000,000 to the United
Kingdom. The practice of piling up dollar balances, so noticeable in the
prewar period, was continued by the neutral countries of continental
Europe over the next two years with a resultant increase of $400,000,000
in their total short-term holdings.
One almost immediate result of the war was to place the assets of persons in France, the United Kingdom and the British dominions and
colonies, under the actual or nominal control of their governments. Assets
payable in dollars and certain other currencies had to be reported in
accordance with Government decrees. Short-term assets were placed under
strict exchange controls almost immediately, but the orders or decrees
did not amount to the actual mobilization of foreign security holdings.
Only the United Kingdom implemented the control to the extent of
taking title to securities. This was done through the vesting of specified
issues at various dates between February 1940 and M a y 1941, and the
later sale of the vested securities in the United States. Such sales10 plus
private sales, the dollar proceeds of which probably accrued to the British
Government because of its controls, amounted to approximately
$600,000,000. Other securities and properties were pledged as collateral
to the $425,000,000 R.F.C. loan to the United Kingdom. Gold from the
British reserves and Empire production, amounting to more than
$2,500,000,000, was also sold to the United States during thefirsttwo
years of the war tofinancethe purchases of war supplies in this country.
7
Of the net inflow of foreign short-term funds since 1934, amounting to $2,400,000,000, about twothirds occurred after August 31, 1938, but of the net purchases of securities amounting to $1,177,000,000,
less thanfivepercent occurred during the 12 months following Munich.
8
See appendix I, p. 54, for definition of the phrase "United States assets."
^Foreign Commerce Weekly, January 4, 1941, pp. 5-7, "Foreign Investments in the United States
After One Year of War."
. . , . , .
,, TT .
""Including the sale of American Viscose Corporation to an American banking group. See, Hearings
K ^ ^ T t h P Subcommittee of the Committee on Appropriations, House of Representatives, 77th Cong.
1st se^TontheIh^nd Supplemental National Defense Appropriation Bill for 1942, p. I, pp. 453 and
414-428.
3
The course of the war in Europe brought to the United States a realization of its own lack of preparedness and a desire, at least partly inspired
by self interest, to be of some assistance to the cause of the Allies. In
other words, this country was soon interpreting its neutrality as a policy
of economic defense. American industry then had the dual task of building
up our own war potential and of adding to that of the Allies.
W h e n Germany invaded Denmark and Norway in April 1940, a new
factor entered the complex of forces determining the trend of policy. The
assets in the United States belonging to those countries and their nationals
were frozen by Executive Order 8389, issued on April 10, in order to prevent the Nazis from seizing, and putting to their own uses, assets which
the citizens of those two countries had accumulated over m a n y years.
Part of those assets had been sent to the United States during the preceding year or two primarily to have them in a place of safety. T o have
permitted the invaders to acquire such assets by force would have been
equivalent to a breach of trust.
Although the value of the Danish and Norwegian assets aggregated
only about $200,000,000, the Belgian, Dutch and French holdings of
dollar balances and securities, frozen in M a y and June after the invasion
of those countries, amounted to over $2,300,000,000.n Axis propaganda
in this country and in Latin America, the sabotage of vital American
properties and the acquisition of strategic materials would have been
greatly assisted had Germany been able to draw upon dollar resources of
such magnitude. The effective freezing of assets of that amount was,
therefore, an important contribution to the economic defense program
of the United States.** Nevertheless, the dollar assets of Germany,
Italy,i3 a n d Japan remained free of restrictions and their liquid assets
were reduced by more than 50 percent from April 10, 1940 to June 11
1941. These reductions were effected partly by the remittance of funds to
Latin American countries or by transfer to cloaks often for uses contrary
to the best interests of this country. Japan was able to purchase much
needed materials in the United States.
The policy of economic defense was a composite of (1) preparedness,
(2) economic assistance to thosefightingthe Axis, and (3) financial
trusteeship Not until 1941 did the policy lose its purely defensive character. The Lend-Lease Act, "An Act to Promote the Defense of the United
States, was approved on March 11 of that year. That measure represented a long step in the evolution of American policy, although to some
of The uleTsTT0 b ,T * ^ ^ m°nthS the industria" ~es
afthe United States had been at the disposal, at a price, of the nations
oniai^S.14' 1941 aS Sh°Wn herei- E*^g -M held under earmark and the assets of their col12
The successive invasions, by force or intimi^at;™, „ I D
• „
Greece were each followed by. ^extension o f Z freeZnJSZ^V, B < ul FVfr P u n Sary, Yugoslavia and
five countries amounted to about $135,000,000 l r e e z m g orders- T1*e total United States asiets of these
13
The assets of states invaded bv German v a n H r< i u r
14 1941. All countries affected by Execut™^^Order N o 8 3 8 9 ^ A p i ? i 9 £ L w e r e ™* ^ozen until June
fied in appendix I, "The Geographical Arrangement." p 59' " a m e n d e d - 5 E. R. 1400, have been identi-
4
ghting the Axis. A t this point the ability to continue to pay the price
began to seem doubtful. A s stated in the report to Congress b y the Lendl^ease Administration at the end of 1942:"
fti^iSiTf8 fvSential *° our security that all possible material assistance be
lurnisnecl to those nations thenfightingor threatened by the Axis.
nJiSA 1 W a S in o^iaterest that theflowof weapons and other supphes furnisned to promote the defense of the United States should not be interrupted
by a lack of dollar exchange.
v
If the shift away from purely defensive policy had not taken place at
the time of the passage of the Lend-Lease Act, it did on June 14, 1941,
w h e n the freezing control w a s extended to cover Germany, Italy and
the rest of continental Europe. T h e c o m m e n t of one Treasury official
was: This step changed the emphasis of freezing control from a defensive
weapon primarily intended to protect the property of invaded countries,
to a frankly aggressive weapon against the Axis."15
A s long as the policy of the Government with respect to foreign-owned
United States assets did not go beyond protecting the assets of invaded
countries, a simple record of those assets sufficed. During that period
reports on F o r m T F R - 1 0 0 were required with respect to assets belonging
to the nationals of each country as it became the object of Axis aggression.
W h e n , however, the policy became more aggressive in outlook it w a s
necessary to obtain complete information, world-wide in scope. Claims
to United States property crossed and recrossed national boundaries;
changes in title for the purpose of concealing ownership, and cloaking,
were frequent; these and other conditions and practices pointed to the
need for the fullest data. Therefore, simultaneously with the extension of
the freezing control to all of continental Europe, regulations were issued
calling for a report on F o r m T F R - 3 0 0 of all foreign-owned property in
the United States.16
Significance of the Census
Of the two important uses of the census materials, to provide statistical
information concerning property values and to supply detailed information about the owners of the property and the property itself, the latter
wasfirstin point of time. These data enabled Foreign Funds Control to
act more expeditiously and intelligently on applications for the release,
transfer and use of the frozen property. Other functions of the Control,
such as investigations to uncover e n e m y agents and e n e m y assets, especially after our entry into the war, were greatly facilitated by the T F R - 3 0 0
information, while the directive license program, whereby commodities
owned b y blocked nationals were disposed of as dictated b y United
"Report to the 78th Congress on Lend-Lease Operations, 78th Cong., 1st sess., H. Doc. No. 57, p
Government Printing Office, 1943.
i n
,
U ^ T T T ? I
is"!? *».intr Control as a Weapon of Economic Defense," an address by E. H. Foley, Jr., General
CounseMo^feTreSry^Department, Indianapolis, Ind., September 29, 1941.
"Sec. 130.4 of the regulations of April 10, 1940, as amended, 5 F. R. 1401.
5
u J +~ « „«r.ai,Wnhlp extent on the same source of
Nations needs, was based to a consideraoie extent
information.
, . rnan.. „,Q,ra
The statistical information obtained was soon used in m a n y ways
through preliminary tabulations. T h e probable effects of changes in
the freezing controls, and the needs for such, were determined in part on
the basis of these data. For example, before the domicile provision
in General License N o . 4 2 " was eliminated on N o v e m b e r 27, 1941,
and again before that general license was amended, on February 23,
1942, to extend its provisions to all nationals of foreign countries in the
United States on or before that date, the number of persons w h o might
be affected thereby and the volume of their assets were ascertained from
TFR-300 data.
.
Although the preliminary statistical data from the census were significant aids to the economic warfare program, thefinaltabulations presented
herein should be still more useful in planning for the peace and the period
of rebuilding in foreign countries. These data reveal the character and
magnitude of ownership of the assets which the enemy-occupied countries may, under certain circumstances, draw upon to meet their needs
for dollar exchange incident to the relief of their people and the rehabilitation of their economies. Some of those assets, such as gold and
bank balances, belong to the governments concerned and are highly
liquid. Other balances are owned by individuals and corporations and,
therefore, can be made available only if legal steps have been taken.
Certain types of assets, such as securities and business enterprises, are
seldom owned by the foreign governments and are less liquid. T h e y are
producing income and, even if they, remain in private hands, will tend
to support the balance of payments position of these countries after the
war. T o the extent that exchange controls are in effect, the governments
concerned will have control over the disposition of that income.
Data obtained by means of Form TFR-300 concerning the assets
owned in enemy countries permit more exact consideration of the w a r
claims problem. The effect on Germany and the United States, the administrative questions involved, and the persons primarily affected b y the
proposed solutions can all be analyzed with more assurance as a result of
the census. Inasmuch as transactions affecting the assets of e n e m y and
enemy-occupied countries could only be executed when licensed b y the
Treasury Department, the assets as of the present are not greatly different from those reported as of June 14, 1941 except to the extent they
have been vested by the Alien Property Custodian.^
As it related to the assets of nonblocked countries both Allied and
neutral, the greatest services of the TFR-300 census were in the war
JS^I^^'X^^^ K'h6adFbeRe„2H9°7'-P?T-tted
United States since June 17, 1940.
I M ^ I M ^ S6Cti0n ° n " ° h a n g e S
?»
free
-e
of
a d b e e n dom
"»led in and resided only in the
in F
° - g n - O w n e d dollar Assets and Gold in the United States,
theZ^^Z^oS^L^Zl^P e r m i U e d
6
y
Substantial
«*««e. in the gold and dollar assets of
th
«"
period. Because of the lack of restrictions m a n y changes in the character
and total of these assets have taken place.19 T h e data obtained will, however, provide a more substantial basis for estimates regarding the international investment position of those countries and will thus aid the
preparation of more accurate appraisals of the balance of international
payments of each. Never before has a full record of all types of foreignowned United States assets been available as a point of reference for work
in this field.
CHAPTER II
Form and Scope of the Census Briefly Discussed
The census of foreign-owned assets in the United States on Form
TFR-300 was announced on June 14, 1941, when amended regulations
under Executive Order N o . 8389 were issued. Originally all reports were
required to befiledby July 14, 1941, with respect to assets owned as of
June 14, 1941, and as of June 30, 1940. Thefilingdate was extended to
October 31, 1941. Further extensions were granted to institutions which,
because of the volume of reports to befiled,had been unable to complete
the necessary work, and to others when special circumstances justified it.
Representatives of other Government departments and several groups
of business m e n were consulted extensively in the final stages of the
planning of Form TFR-300. Valuable suggestions were m a d e b y them
relating to the forms and to the interpretations of technical parts of the
instructions.1 The business groups also assisted greatly in the important
and difficult task of bringing the census and the instructions to the attention of those w h o shouldfile,by circularizing persons in their industry and
by sending to them copies of the interpretations agreed upon with the
Treasury officials.2
The Reporting Requirements
Every person in the United States, including corporations and other
organizations, was required to make a report of all property held for or
owned by a foreign country or national thereof. The term "national" was
defined, briefly, as any subject, citizen or resident of, a foreign country,
and any organization organized in or controlled by a foreign country or
by persons w h o were nationals of such a country. Property of individual
nationals domiciled and resident in the United States since June 17, 1940
was in general, exempted from the reporting requirements 3
Not only Alaska, Hawaii, and Puerto Rico but also, at the outset, the
Philippine Islands, for the purpose of TFR-300, were treated the same
in all respects as other parts of the United States, and assets located
there were reportable only when they belonged to foreign nationals
Because of unavoidable delays in issuing the census forms in the United
•Contained in Public Circular No. 4.
These interpretations took the form of miestinno a„A
2
. 'See .ppe„di* ,
for
.
fuU definWon of
,he
au>m d.sw|
m,
.__
thi>
^^
States, and the further difficulties involved in distributing them in the
Philippines, very few reports were ever received from the Islands, A few
returns relating to property which would normally be reported in the
Philippines were filed in the United States but their number and the value
of property involved were both very small.
In February 1942, after the invasion of the Islands b y Japan, reports
were required on F o r m TFR-300, Series K , of property in the United
States (exclusive of the Philippine Islands) in which citizens of, and
others located in, the Islands had an interest as of January 1, 1942.
Because of the impossibility of making the census complete as to property
in the Philippines, as was originally planned, it was decided to use Series
K material as an integral part of this report, notwithstanding the difference in the reporting date, and to eliminate all of the original series reports filed in or relating to nationals located in the Islands. Therefore,
citizens of the Philippine Islands are treated as foreign nationals in this
report and their United States assets are included in the tables. Securities
issued by organizations in, and other properties located in, the Philippine Islands have been excluded in practically all cases.
Several persons were often required tofilereports with respect to the
same property and nationality because they served in different capacities,
such as debtors, agents and trustees. T h e reasons for requiring such
duplicating reports were:first,the economic warfare uses for T F R - 3 0 0
which m a d e it desirable to get data from various sources, and second,
the hope that b y those means the census would be statistically more
complete and accurate.
All kinds of property were reportable under 30 specified types. T h e
descriptions were so broad and inclusive that no property interests were
omitted. Certain contingent claims against the Government of the United
States arising out of World W a r I were omitted from the reporting. M a r ket or estimated value in June 1941, was the basis of valuation for most
items. T h e principal exceptions to the rule applied to life interests in
estates and trusts, which were valued on an actuarial basis, and interests in controlled enterprises. S o m e other categories, such as charter
parties and agency contracts, were reportable at "no value" or "value
indeterminable." Closely held corporations and branches were carried in
the tables at the book value of the net foreign interest in the enterprises,4
inasmuch as market values were not available.
Eight different basic series of F o r m T F R - 3 0 0 were provided. There
were two general forms, Series A and B , and six specialized forms, Series
C to H , designed for reports relating to certain types of property b y
special reporting parties. Four other forms, Series I, J, K , and L, were
added in response to special needs5 but, with the exception of Series K ,
were not used in connection with this report.
4See the
Ust of property types in appendix I. A detailed statement with respect to the types of valu-
a t i
°5rndn^S
ffi-^^oX^^o^S^W
as the questions and answers referred
to ^ v e t K ^ e e n S p l e d S o leading research libraries throughout the country.
9
Reports Received
In aU approbate* 565,000 reports -efd »" Fo^ TFR-300,
Series A to H . More than 65 percent of aH
»
the Federal Reserve Bank < * * " ^ ^ . J I t a * M e e t i n g
the total assets were reported on lorms m e a wiw
.wit,,.
h
the concentration of large accounts in the N e w York
^
^
tions. The dominant position of N e w York in the intornatio*J finanial
activities of the United States was further reflected in the attribution
of the Series E, F and G reports, the bank and broker reports. M o r e than
75 percent of thefirstand approximately 90 percent of the last two were
filed in that district. Reportsfiledwith respect to the assets of individuals
located in the United States, and reportsfiledwhich duplicated those
filed by other reporters, numbered about 210,000. All of these were, of
course, eliminated from the census.7
A large number of persons were required tofileone or more reports.
Almost 10,000 corporationsfiledreports detailing the foreign holdings
of their securities. O n the average each corporation filed 15 reports on
Series C-2 relating to separate nationals, but some of the larger ones
filed several hundreds of those forms. Approximately 4,000 banks and
trust companiesfiled190,000 reports on Series D, E and F, in addition
to thousands of reports on Series A and B. Certain banks filed reports
numbering in the tens of thousands. Moreover, thousands of individuals
and corporationsfiledbecause they were indebted to or held property for
a foreign national.
Outline of This Report
In this report the main body of the tables, and the discussion, relate
to the foreign interest in United States assets. The principal criterion
determining the foreign nature of the interest was the location or reported
address of the beneficial owner of the property. Consequently citizens of
the United States living abroad were considered as foreign nationals and
their United States assets included under the country of location. H o w ever, because of their special interest, the assets of such persons were
also shown in appendix II, tables 10 and 11. Citizens of foreign countries
living in the United States were considered as domestic persons and their
assets were excluded. Several tables are included in which citizenship is
an important factor, particularly in appendix II, part II. However the
decision to include the assets in those tables rested on the finding'that
the owner lived in a foreign country.
Foreign securities held in the United States, while reportable on T F R 300, are mcluded m the report only in appendix II, table 12. Their values
arenot mcluded m any other tables, except those relating to tt e ^ e t s
6
See appendix I, table 13, for further detail.
'In cases of duplcating reports, those were kerjt whinK
iJ
for example, custodian was preferred over a Power o f l u o r n e y l e t S o r i h i r 8 4
10
Significant
relationship;
of United States citizens and American controlled enterprises in foreign
countries.
Chapter III gives a brief statement of the principal facts of the foreign
ownership of United States assets. T h e discussion is brief and the tables
are numerous. Tables in the appendix are detailed and, unless necessary
in the interest of clarity and understanding, they are not discussed in
the text. Chapter IV is devoted to a short discussion of the changes which
have taken place in foreign-owned United States assets since the date of
the census. It indicates roughly the value of those assets as of December
31, 1944, and the principal factors in the changes that occurred.
Short analyses of four by-products of the census are given in chapter
V. First is a comparison of the T F R - 3 0 0 results and earlier estimates of
similar type. T h e purpose is to ascertain any defects in the estimates
so that both future studies and future uses of them m a y b e more accurate.
Second is an analysis of the results of the census. T h e aim is to extract such help as possible in the "explanation of the "residuals," or
"unexplained items," in the balance of international payments of the
United States. Third is a brief statement with respect to the United
States assets and foreign securities held in this country by United States
citizens and enterprises abroad, and fourth, is an analysis of foreign
holdings of foreign securities through custodians and nominees in the
United States.
There are two appendices. T h efirstis a detailed discussion of the rules
and regulations under which the census was taken and a careful statement of the definitions and principles of valuation,used in this report.
There is also a "Geographical Outline" which shows the combinations
of areas used generally throughout the tables. T h e second is a series of
detailed tables with respect to foreign-owned assets as reported on F o r m
TFR-300. A set of 19 tables relating to the assets of the principal foreign
countries, by detailed property types, has been included in appendix II,
part II.
11
CHAPTER III
Foreign-Owned United States Assets
The Statistical Results of the Census
The United States was in 1941, and still is, the greatest storehouse for
foreign-owned values in the world. About 160,000 persons of all countries
in the world held United States assets1 which on June 14, 1941 were valued at $12,739,000,0002 as shown in table I. Foreign securities held here
for foreign account, but excluded from the total just stated, had a market
value of $890,000,000.
TABLE I.—Number of foreign persons owning United States assets and the
value thereof, by types of persons, as of June 14, 1941
Number of persons
Having only assets
reported without
values1
Type of person
t
Individuals and sole proprietorships .!_...
Corporations and other profit organizations
72,479
16,788
271
525
1,804
91,867
Having assets reported
wholly or in part
with values
Value of
assets
reported
Millions
$2,577.8
7,980.3
70.2
2,016.3
93.9
132,036
23,102
857
711
3,638
160,344
4
12,738.7
N O T E . — T h e valuefiguresare rounded and will not necessarily add to the totals.
Composed principally of three types of reports: (1) those relating only to types of assets, with respect
to which no values were required, namely, patents and contracts, (2) those relating to assets, primarily
foreign securities, with respect to which no values were obtainable, and (3) those relating to nationals
whose total reported assets were less than $1,000. (See appendix I, p. 55.)
'Charitable, educational, religious and similar organizations.
'Principally, foreign estates and trusts.
4
Foreign securities held in the United States for the account of foreigners, but excluded from the body
of this report, are shown by countries in table 12, p. 75, and are discussed in Chapter V, Section D
pp. 50, 51.
Besides the normal attractiveness of this country as a place to invest
savings, world economic and political conditions before 1941 were such
as to encourage persons in foreign countries to accumulate assets here for
end1xTani54 °f ^
termS
"United
States assets
"
and
"Persons," as well as for other definitions, see
T 2Tih,f fi°^i,gnr"°^,le+d Pnited Stat? uasseJs of *12.739,000,000 were not net, or free of indebtedness as of
June 14, 1941. Indebtedness secured by the assets reported amounted to about $300 000 000 S c f i n i
debit balances reported by United States brokers. A much larger sum of unsecurpd i n H o K ^ r ^ c l u a m g
reported but was not subjected to intensive editing analysis because such indebtedness would be rlnorTel
l^Th?^^^
^•sffiftjassssTtSssin
such
"^^i^rss^sx sres
The statistics presented in this report are subject to the following types of correction- F W
foreign-owned assets m a y not have been reported, and second sompV™,-*. ™ c o " e c t l ° n - *«*•;, some
even after editing, with respect to such matters a^ cl^sificat^n and v a h K n " " i T i ^ h ^ *
X T X ^
beheved
corrections would make no significant difference in the major totals Thpv ™;„'Kt
that these
J
tals l n e y mi
important effect on details.
ght, occasionally, have an
12
ekeeping That this was a dominant motive is shown by the fact that
approximately one-third of the total foreign-owned United States assets
was in the form of demand deposits in American banks, a type of asset
on which no interest has been paid in recent years.
Because the United States is an important industrial country, securities oi American corporations were attractive to foreigners.^They presented m a n y opportunities for sound, profitable investments. M a n y of
such investments, which totaled about $2,400,000,000, were m a d e during
the years between 1937 and 1941 and m a y have been motivated by the
desire to have some assets in a safe place.
Being one of the principal consumers, as well as producers, of goods
and services in the world, the United States attracted a large volume of
investments in subsidiaries and branches to manufacture for, distribute
to, and serve the public. Investments of this type, which participate
directly in the economic activity of the country, amounted to $2,312,000,000. These are not influenced as greatly by world conditions, such
as those which existed before the war,3 as the other types of assets are.
General Types of Assets
Assets which do not involve any appreciable control over industry
in the United States predominate among the foreign holdings. Bank deposits in particular, which are almost exclusively demand deposits, have
been placed .here normally to facilitate commercial transactions. H o w
ever, as of the date of the census they were larger than necessary for
that purpose, in fact the total of about $4,000,000,000 had never been
approached previously. The deposits of central banks and foreign governments were unusually large because of world economic and political conditions. Private deposits had increased also and for somewhat the same
reasons. In large part "checks, notes and drafts" amounting to $317,000,000 could be classed with deposits and currency as short-term assets
(see tables IV and V, pp. 18 and 19, respectively).
C o m m o n stocks comprised almost 70 percent of the foreign portfolios
of domestic securities (see table VII, p. 22). Whereas at various times
in the history of this country Government bonds and railroad bonds
have been favored by foreign investors, today those types are relatively
unimportant. Approximately three-fourths of the securities reported
were listed on the N e w York Stock Exchange and more than half of the
remainder were listed on the N e w York Curb Exchange.
T h e substantial volume of interests in estates and trusts was the
result of several factors: First among them was the large number of
well-to-do citizens of the United States w h o m a d e their homes abroad,
for example, in France, Italy and England. Second was the effect of
immigration, evident in the number of estates, and trusts under wills, in
Enterpriser's capital did migrate at the time with the individual owners (refugees). Such investments are not reflected in these figures.
13
which natives of Europe were beneficiaries. Th.rd were < ^ ™ « * "
between wealthy American and prominent European
^
^
showed up particularly in the number and value of trusts: with Enghsh
beneficiaries, and fourth, some trusts were established b y Enghsh msurance companies during 1939 and 1940. A large number of the trus s m
which residents of the United Kingdom were mvolved dated back to
1910 and earlier.
T A B L E II.-Number of foreign persons owning Untied States assets awI the value
thereof, by geographic areas (on the basis of reported address), as of June 14,1941
Number of persons
Geographic areas
(of reported address)
Having only assets
reported without
values1
Unknown
Total, all areas
Having assets reported
wholly or in part
with values
29,092
12,649
7,010
6,847
84,093
3,068
14,909
1,636
1,040
160,344
12,276
8,992
5,408
4,437
50,750
1,876
5,520
1,337
1,271
91,867
Value of
assets
reported
Millions
$1,742.8
672.9
385.3
306.4
8,127.6
162.5
1,257.3
68.2
15.7
12,738.7
N O T E . — T h e valuefiguresare rounded and will not necessarily add to the totals.
'Composed principally of three types of reports: (1) those relating only to types of assets with respect
to which no values were required, namely, patents and contracts, (2) those relating to assets, primarily
foreign securities, with respect to which no values were obtainable, and (3) those relating to nationals
whose total reported assets were less than $1,000.'
There is some, though not conclusive, evidence of a tendency for
persons in several foreign countries to establish trusts in this country in
order to evadetaxation,avoid double taxation, or to reduce the possibilitv
of seizure by their own and enemy governments. The percentage of trusts
that were established between 1938 and 1941, inclusive, was very small
in cases with Canadian beneficiaries, was somewhat larger w h e n beneficiaries in the United Kingdom and Italy were involved, but was substantially higher in the cases with German, Dutch and Swiss beneficiaries
A m o n g the other assets, holdings of real estate, the cash value of
insurance policies, and goods and merchandise were small. T h e latter
reflected the low state of international trade. Debts and claims were very
large, partly because some foreign government assets were included
(see appendix II, table 3, p. 66) Included thp^,^
mciuaea
by American corporations other l^tt^Z
Z Z ^
V ^
leign
ers), which are a significant part of the total An I f f !
\
"
elude claims of very questional Z
u
* W * S m a d e t o ex"
success.
questionable value, perhaps without complete
The Principal Countries Involved
Two-thirds of the $12,739 000 Onn ^ t •
assets4asofJunel4,1941be^^^^
United States
^eofgoldh^
ederal
14
Reserve Bank of N e w York.
countries while about one-seventh belonged to 29,000 persons in
panada. Ihe remainder was about equally divided between Latin
America and Asia (see table II). T h e British Commonwealth of
Rations as a whole accounted for $5,355,000,000 or 42 percent of the
totalforeign-owned assets in the United States.5 A complete geographical breakdown of foreign-owned United States assets is given
m appendix II, table 1.
LE
u 7~ f °f United States assets owned by persons in foreign countries
oy types of persons and by principal countries, as of June 14, 1941
[In millions of dollars]
Types of persons
Country (of reported address)
Argentina.
Belgium. .
Brazil. . . .
Canada.. .
China. . . .
Individuals
and sole
proprietorships
Corporations
and other
profit
organizations
Governmental
bodies •
Other
persons 2
Total
41.5
56.1
34.3
227.5
38.0
186.2
251.0
80.5
1, 195. 7
283.7
5.2
3.1
18.8
264.5
27.1
0.6
2.3
0.4
21.5
7.6
233.4
312.7
134.1
1, 709. 2
356.4
Cuba
France... .
Germany. .
Hong Kong
Italy
63.7
357.4
83.7
25.8
91.0
95.2
589.2
108.0
57.5
15.9
9.1
82.3
0.9
0.7
1.4
3.7
11.5
5.5
0.4
21.3
171.8
1, 040. 5
198.0
84.3
129.6
Japan
Mexico
Netherlands
Netherlands East Indies.
Panama
16.7
70.4
82.8
4.2
4.8
138. 5
76.3
794.8
153.7
154.7
4.6
.8
7.8
3.1
0.2
160.5
159.8
976.7
158. 7
170.1
Portugal
Spain
Sweden
Switzerland
United Kingdom.
14.8
36.5
24.6
245.1
634. 9
43.7
18.2
310.8
955.3
1, 524. 4
0.7
2, 153. 8
424.0
7, 033. 4
946.9
2, 577. 8
7, 980. 3
Total......
All other countries.
Total, all countries.
5.3
96.0
0.6
10.6
(3)
59.7
59.8
366.2
1, 210. 6
3, 238. 9
1, 604. 4
411.9
0.5
2.8
1.3
5.9
42.4
139.8
24.3
10, 930. 7
1,808.0
2, 016. 3
164.1
12, 738. 7
2.4
29.5
4.3
1, 037. 2
N O T E . — T h e figures are rounded and will not necessarily add to the totals. T h e y are based o n -data
reported o n F o r m T F R - 3 0 0 without regard to supplementary information such as that presented in table
V I , p. 21.
' Foreign central banks, whose dollar assets a m o u n t to about $800,000,000, are included with corporations a n d other profit organizations.
* Includes non-profit organizations, foreign estates and trust and persons not otherwise classifiable.
» Less than $50,000.
Five countries, the United Kingdom, Canada, Switzerland, France
and the Netherlands, have 65 percent of the total foreign holdings (see
table III). The United Kingdom holdings as of June 14, 1941,
amounting to $3,239,000,000, far exceeded the assets of any other
country. Second, among the individual countries, was Canada with
holdings totaling $1,709,000,000. This total was probably less
affected by the events leading up to and in the first war years than
those of most countries. T h e United States assets owned in the
other three countries were Switzerland, $1,210,000,000; France,
SI 040,000,000; and the Netherlands, $977,000,000. The assets of
each of these countries were built up considerably before the war.
" " r i.- ,.» V„»n.>firial ownership does not always correspond with that of the country of
.JJion TtTno^T^^l^le^^in
afinancia.center is report as the nominal owner.
15
In considering the British total of $3,239,000,000 as of June 14,1941,
the following factors should be taken into account: T h e total includes,
-for example, advance payments on munitions contracts amounting to
about $850,000,000 which were eliminated soon thereafter b y the delivery of the materials. It also includes assets amounting to about
$940,000,000 which were offset by obligations on contracts in that
amount. Furthermore, assets with an estimated value of about
$700,000,000 were shortly afterwards pledged as collateral for a loan
from the Reconstruction Finance Corporation. Although the Britishowned United States assets not subject to these qualifications amounted
as of the middle ofj 1941, to about three quarters of a billion dollars,
a substantial part was not available to the Government. 6
E n e m y countries7 owned United States securities and other types of
assets in this country amounting to $519,000,000. Germany, Japan
and Italy with $198,000,000, $160,000,000 and $130,000,000, respectively, composed most of that total (see appendix II, table 1, p. 61).
Assets of a relatively liquid type—deposits and securities—accounted
for only 40 percent of the total for the above-mentioned countries
whereas for all parts of the world the corresponding figure w a s 55
percent. This is evidence of a considerable degree of success in the
mobilization of liquid assets by G e r m a n y and Italy before the w a r
started. T h e G e r m a n policy, after the Nazi regime came to power,
was to employ their industrial enterprises abroad as cells of influence
and to safeguard production techniques. Those enterprises constitute thejlargest part of the G e r m a n total assets in this country.
Interests in estates and trusts, which were also quite large for both
Germany jand Italy, were not subject to ready liquidation at the
behest of the Government. A further factor is the relatively large
part of the Italian total, particularly in the securities category, owned
by United States citizens located in that country.
United States assets amounting to more than $3,000,000,000 were
owned by persons in areas occupied by G e r m a n y and Japan at the
height of their success. Sixty-five percent of these assets were in the
form of deposits and domestic securities. It w a s important, therefore, that these assets should not fall into the hands of the enemy.
T h e possession of $2,000,000,000 of liquid assets, plus about
$1,000,000,000 of earmarked gold (see table X I , p. 34) would have
been of marked assistance to the enemy. Treasury freezing control
was the instrument by which e^emy countries were prevented from
benefiting by these assets.
slSo^ -liable.. Most of the
seizure by the Government of Great Britain. It?, probable ^ w L r 7
*? n°l "^J*?!*t 0 eflect « al
in the United Kingdom were actually held by British banksfaT^riSl8 ° m e a8l*t9 reported here as owned
"Changes in Foreign-Owned Dollar L « t . andGold £ S . U r i S d ^ * 0 * " ^ ^ ^
^ ^ IV'
H
Asse^etne^
^ ^
™^>
**' R ™ » ° « • -nd Japan.
Property Custodian, are ^ d T ^ I i ^ ^
16
Five countries—Argentina, Brazil, Cuba, Mexico and P a n a m a — s t o o d
out a m o n g the Latin American nations. A substantial part of the Panamanian holdings, and perhaps of the Argentine, was ultimately owned in
Europe. Deposits and securities comprised a large part of the total.
A m o n g the Asiatic countries, China, the Philippine Islands, Japan and
the Netherlands East Indies were outstanding. Only in the case of Japan
were interests in controlled enterprises very large. Deposits were large in
relation to the totals in each case.
Corporate and Individual Holdings Discussed
Individuals in foreign countries owned directly, as of June 14, 1941,
21 percent of the foreign-owned .United States assets, while corporations
owned 63 percent and governmental bodies and other types of persons
owned 16 percent (see table IV). T h e proportions were greatly affected
by the war which caused foreign exchange assets to be concentrated in
the hands of governments and central banks.8 For example, the Governm e n t of the United Kingdom took over most of the marketable securities
held b y British subjects. That Government, as well as others, took over
the dollar receipts of their subjects, such as interest and dividends, and
w h e n private remittances were required they were licensed to be paid
out of the Government's supply of dollars.
Three types of assets predominated a m o n g the holdings of individuals;
securities to the amount of $808,000,000, interests in estates and trusts,
$799,000,000 and deposits, $505,000,000. Only in Italy were the assets
of individuals more than half of the country's total andthat was influenced
greatly by the holdings of United States citizens living there.9
Corporate holdings were principally in the form of deposits, $2,852,000000; interests in controlled enterprises, $2,096,000,000, and domestic
securities, $1,812,000,000. Miscellaneous assets, mostly accounts receivable, notes, and other claims, were also large. There are wide variations
\ in the proportions of these various types of assets a m o n g the principal
countries. M o r e than 40 percent of the holdings of British, Canadian and
Netherlands corporations were interests in controlled enterprises in the
United States, whereas only 14 percent of the French and Swiss assets
were of that type. Two-thirds of the French corporate holdings and
about 44 percent of those of the Swiss were deposits in United States
banks. In both countries central bank deposits were quite large but the
shift of Swiss funds from private account to that of the central bank,
which took place in 1940 and 1941, had been offset by a shift from dollars
to gold.
Three-fourths of the foreign-owned American securities, as of June 14,
1941 were held b y persons in five countries—the United Kingdom,
«Central bank accounts, amounting to about $800,000,000, were included with corporations in these
»The ultimate ownership of assets, especially securities, is often obscured by the intervening agency
of a bank abroad in,the form of a custody account. See section "Assets held in names other than the
owner's," p. 22, ff.
17
Canada, Switzerland, the Netherlands and France (see table VIII,
p. 24). The portfolios of these countries exhibited a marked similarity in
the classes of securities of which they were composed, particularly the
first three mentioned. With respect to thosefivecountries, c o m m o n stock
comprised about 70 percent, preferred stocks about 12 percent, and
TABLE IV.—Value of United States assets owned by persons in foreign countries,
by detailed property types and by types of persons, as of June 14, 1941
[In millions of dollars]
Types of persons
Property types
CorporaNonIndividuals
tions and
profit
and sole
other profit organizaproprietororganizations
ships
tions
Governmental
bodies
Miscellaneous
Total
Bullion, currency and deposits:
Bullion1
Currency
Demand deposits3....
Time deposits
Total.
7.2
439.0
58.9
505.1
Stocks and bonds:4
U.S. Government
obligations
State and municipal
obligations
Corporate bonds
C o m m o n stocks
Preferred stocks
Other securities
Total.
61.3
146.4
2.8
0.1
3.1
213.7
74.6
82.0
491.1
92.6
6.6
808.2
15.0
124.9
1,308.6
200.3
17.3
1.6
7.6
14.2
6.2
0.4
0.2
2.2
0.4
1.1
4.7
26.5
6.9
0.2
92.7
219.4
1,842.6
306.1
24.5
1,812.5
32.4
3.3
42.5
2,699.1
0.8
0.7
0.1
5.6
5.4
1.0
86.2
38.6
24.5
1.5
5.7
6.4
124.8
55.7
743.5
0.6
52.5
0.6
6.5
0.4
0.7
3.9
2.9
61.2
806.1
799.2
53.1
7.1
1.1
6.8
867.3
Real property:
Real estate
Real estate mortgages.
(2)
65.2
21.5
Total.
Interests in estates and trusts:
Estates
Trusts
'
Total.
Interests in controlled
enterprises:5
Branches
Corporations and other
organizations......
Total.
Other assets:
Checks, notes, acceptances
Goods and merchandise. .
Insurance policies and
annuities
Debts and claims
25.0
0.8
2,798.6
28.0
18.4
0.6
1.0
0.7
746.9
104.9
0.1
16.5
2.0
26.0
9.0
4,019.5
194.3
2,852.4
19.0
853.5
18.6
4,248.8
14.6
(')
(a)
(2)
0.6
(»)
(')
507.3
2.0
53.1
13.0
1,805.3
2.6
53.1
13.0
2,312.6
.4
3.8
317.2
339.1
0.2
2.2
96.6
1,733.2
20.6
25.2
6.6
2,486.1
93.9
12,738.7
ll°T.?.'~The ^ures are rounded and will
nece88arll a d d
•Excluding gold held under e a r m a r k
y
to the totals
amounting to $1,916 000 000 ,UW
^ / " S , f,orei,gn
Fedenl Re8erve Bank
fn
'Lessthan
than
S50,b00.""
-* P^^
* New York,
'Less
$50,000
'
" M tofe^dSffi!
" '"'*U" * **
'Including balances in securities
or more
tions.
interests m partnreships and other organiza-
18
corporate bonds about 8 percent of the total. T h e French holdings were
somewhat more concentrated in bonds, particularly national, state and
municipal obligations.10.
1 ABLE V. Value of bullion1, currency and deposits owned by foreign persons, by
geographic areas (on basis of reported address), as of June 14, 1941
[In millions of dollars]
(of reported address)
Canada and Newfoundland. ..
South America
Central America and Mexico .
\Ve3t Indies
Bullion1
0.1
0.5
(5)
3.2
Asia
Oceania
Unknown
Total, all areas
(5)
22.2
(5)
26.0
Deposits
Currency
and
Demand3
Time
coin3
0.2
0.6
0.6
1.2
5.9
0.1
0.4
(5)
(5)
9.0
419.5
283.7
140.7
81.5
2,173.5
61.3
6S3.8
33.0
0.6
3,877.6
5.3
6.4
9.6
7.4
47.5
3.0
114.3
0.8
0.2
194.3
Cash
balance? in
securities
accounts4
4.9
13.9
2.1
2.9
112.7
1.1
3.7
0.2
0.3
141.8
Total
429.9
304 7
153.4
93 0
2,342.8
65 4
824.5
34.0
1.1
4,248.8
N O T E . — T h efiguresare rounded and will not necessarily add to the totals.
•Excluding gold held under earmark by the Federal Reserve Bank of N e w York for foreign account
amounting to $1,915,800,000. See also table X I , page 34.
'Excluding gold coin held under earmark.
'Including amounts due to the foreign head office by the United States branches of foreign banks.
4
Reported on Series F and G.
'Less than $50,000.
There was also a considerable uniformity in the types of persons who
owned these securities. In general about 30 percent of each class of
security belonged to individuals and 65 percent to corporations. T h e
principal exception was the French holdings in which the reverse situation existed. T h e French, to a greater proportionate extent than any
other country, had organized investment companies in the United States
to hold their portfolio. Such holdings would appear in the "interests in
controlled enterprises" rather than in the securities portfolio. Other
peoples, notably the Swiss, had organized investment companies in this
country. However, the Swiss still held the major part of their portfolio
in bank custody accounts and, to a considerable extent, the Swiss branch
banks acted as custodians. T h e concentration of securities in the portfolios of corporations is partly the result of a system of holding such
assets through the omnibus and numbered accounts of foreign banks.
This practice, which prevents the identification of the owner of the
securities in the accounts, has been used extensively b y nationals in
m a n v countries, notably through Swiss banks."
Corporations owned only 50 percent of the enemy-owned assets in
the United States as against 63 percent for all foreign-owned assets
(see table III, page 15). T o a considerable extent this is accounted for
by the transfer to this country of large parts of the reserves of the central
" S u based solely «.TF1M0C>*£«£
by the Netherlands bu ; thejatenal - J ^ * ^
of
P
feature of the
tag^^^^^^^S^S^&
Netherlands holdings.
^ ^ ! £ ^ ^ — — i n thischapter19
banks of neutral and enemy-occupied countries during 1939 and 1940.
Although the enemy countries took over the marketable dollar assets
of their peoples before the war, interests in estates and trusts and the
holdings of United States citizens, both of which were large in G e r m a n y
and Italy, left substantial assets owned by individuals. Considerably more
than 80 percent of the Japanese holdings was in the hands of corporations.
Small holdings of less than $5,000 accounted for about 4 percent of
the total enemy-owned United States assets and 58 percent of the number
of persons. Close to 90 percent of these small holders were individuals
(see appendix JI, table 5, p. 67). The number of persons decreased rapidly
as the value of their holdings increased so that 3.5 percent owned 74
percent of the total assets. In the higher brackets the corporations became of greater relative importance in number and value of assets. A s
shown in table 4, appendix II, the number and value of enemy-owned
assets in the lower ranges were higher in proportion to the total than
was the case when all countries were combined. However, institutional
holdings on behalf of foreign individuals probably account for the greater
degree of concentration in large accounts in the case of certain nonenemy European countries.
Foreign Holdings of Corporate Bonds
Those United States bearer securities that were located in foreign
countries, as of June 14, 1941, principally corporate bonds,12 were not,
generally speaking, reported on Form TFR-300. N o more reliable data
about the identity of the owners were available to persons w h o would be
liable to report than information already reported to the Bureau of
Internal Revenue on the ownership certificates (Form 1001), which were
filed when interest coupons were cashed. W h e n no other evidence than
that contained on the ownership certificate was available reports on F o r m
TFR-300 were not required.
It is possible, however, to estimate and distribute by countries the
value of the corporate bearer bonds located abroad with reasonable
accuracy. The International Economics and Statistics Unit of the Department of Commerce tabulated the interest data on the ownership certificates (Internal Revenue Form 1001) for the year 1940. T h e occupation
of several important countries by German-owned forces during that year
caused the adoption of the freezing controls by the Government of the
United States. A considerable reduction in the interest coupons turned
in for collection during that year was the result. Therefore, estimate,
based on the data obtained were less reliable than was hoped for w h e n
the_study was started. They still are the bestfiguresavailable.^
areS^ securities owned by foreigners
^^L^A^^ifJ^S^^^ to this Department in order that the
20
T h e total par value of the foreign holdings of United States corporate
bonds as calculated by the Department of Commerce was $532,000,000.14
T h e market value was $387,000,000 at prices prevailing at the end of 1940
which corresponded very closely with those as of the date of the census.
T h e market value of the bonds located abroad m a y be roughly estimated
as the difference between the above data and the TFR-300figureof
$219,000,000, or about $168,000,00015 (see table VI).
TABLE VI.—Foreign holdings of United States corporate bonds—comparison of
TFR-300 data and those prepared by the Commerce Department
[In millions of dollars]
Country and area
Canada and Newfoundland
South America
Central America and Mexico
West Indies and Bermuda
Europe:
Belgium
France
Total, Europe
TFR-300
data
Commerc
data1
Indicated
addition to ( + )
or deduction from (—)
TFR-300 data
+
—
—
—
1.0
3.2
2.8
5.5
43.0
8.2
6.8
12.0
44.0
5.0
4.0
6.5
2.3
18.3
15.1
42.6
41.5
13.1
132.9
9.0
27.0
154.1
47.0
62.3
18.1
317.5
+ 6.7
+ 8.7
+139.0
+ 4.5
+ 20.8
+ 5.0
1.2
14.4
0.7
0.3
219.4
1.6
8.0
0.4
+ 0.4
— 6.4
—
0.3
— 0.3
387.0
+167.6
+184.6
N O T E . — T h e figures are rounded and will not necessarily add to the totals.
iBased on previously unpublished data prepared by the International Economics and Statistics Unit
of the Department of Commerce. The amounts were converted to market values at the average rate of
73 percent of par, a rate indicated by the Commerce Department data.
Most of this additional foreign investment, or $139,000,000, was owned
in the Netherlands. This was to be expected in view of the practice in
the Netherlands of holding securities in that country, as is shown in table
VIII. T h e amounts to be added to the other European countries are m u c h
smaller in absolute and percentage terms.
Before the war Latin America and even Asiatic investors held United
States and other securities and transacted their investment business
through accounts in English and Continental banks. With political conditions as they were, accompanied by the destruction of records and property some of these securities were probably transferred to N e w York
before June 14, 1941, the date of the census. T h e effect of such shifts
'.
..
*„.i „T, th. nwnprshin certificate was in general capitalized on the basis of the rate
"The interesl-reported on the^ ^ ^ P ^ 6 ^ not be presented for collection, the assumption was
of interest paid. Because ^ " ^ . ^ E X the same as in 1939, for which the total was known
made that the total interest due ^ w g o ^ ^ U i f i B a
^^ ^
^
^
but no details by countries had ^ e n tarjujaieau x
Europe in the proportions actually tabu-
i
n
t
e
r
e
s
tp ^ a t ^ t t ^ ^ ^ ^
t o inciudedefauitedbonds
* t h etotaL
lated as paid to each of «~* ™^* £ u
it ^ p r o b a b l e t n a t substantial amounts of the European
isBecause of political conditions in.^ope, l ^
d rf 1 9 4 1 to b e laced in c u s t o dy accounts.
T £ £ 3 5 B T « O ? ? 9 4 0 . ^ h l a m o ^ t S u l u y E u r o p e m a y hive been larger than $168,000,000.
21
would be the reduction of the amounts shown in the table opposite
Europe and the increase in amounts opposite Latin America and Asiatic
countries. The same conditions caused individuals to m o v e from Europe
to Latin America. The statistical results of such a migration would be
the same whether or not the securities were taken out of custody accounts
in Europe and moved physically to Latin America or were held in custody
accounts in N e w York but the address of the owner transferred to Latin
America. More important, perhaps, is the fact that ownership certificates
do not need to befiledwith respect to bonds of companies which derive
80 percent or more of their income from abroad. Several American companies operating in Latin America and Asia, with bonds outstanding, fall
in this group. For these reasons it is not thought that deductions need
to be made from the TFR-300 results for any area, and that the additions
to the European country totals shown in table V I should be made.
TABLE VII.—Value of United States securities1 owned by foreign persons, by
geographic areas (on basis of reported address), as of June 14, 1941
[In millions of dollars]
Class of securities
Geographic areas
(of reported address)
Government
obligations
National
Canada and Newfoundland
Central America and Mexico
Total, all areas
State and
municipal
Corporate C o m m o n
stocks
bonds
Preferred
stocks
Other
Total
32.2
9.0
5.1
21.8
4.9
1.7
1.2
5.6
43.0
8.2
6.8
12.0
388.9
70.7
66.4
55.7
66.9
10.0
10.3
7.3
6.9
0.4
0.2
0.2
542.9
100 1
89.9
102 5
116.0
0.7
27.4
1.2
76.9
0.2
2.2
0.1
132.9
1.2
14.4
0.7
1,159.3
12.9
82.9
4.8
196.1
1.2
13.1
0.9
15.9
2
1,697.1
16.3
140.8
7.8
0.2
0.1
0.3
1.1
0.1
213.7
92.7
1,842.6
306.1
. 219.4
()
0.8
0.1
(2)
24.5
1.8
2,699.1
N O T E . — T h efiguresare rounded and will not necessarily add to the totals.
Nearer securities, primarily bonds, were in general only reported when held by United States custodians and nominees. See section on "Corporate Bonds," ch. IV and table VI.
msioai
2
Less than $50,000.
Assets Held in Names Other Than the Owner's
The practice of holding assets in names other than those of the beneficial owners is widespread. Although the technique frequently serves
strictly business purposes, assets are often held in that manner to conceal
the identity of the owner. In times of peace concealment of ownership is
practiced because it enables persons to evade taxes, to avoid double taxa
tion, or to obtain the benefit of more favorable national character
Sometimes it is used to conceal the nationality of the owner in case war
should occur.
This practice takes several forms. First, the use of custodians a n d
nominees to hold trtb to assets at the point of the principal mlrket for
such assets „ well known in the securities business. DeliverjTaccord22
ance with the customs and rules of the market is greatly facilitated. Second, the normal channels of business often cause custodial relationships
w> run through at least two countries. For example, people in the Balkans
are very likely to deal in United States securities through Swiss banks
because those banks maintain close contact with the N e w York market
and Balkan banks do not. London banks and brokers also do a large international business in United States securities and frequently hold the
assets of investors in continental Europe as weU as more distant places.
Third, corporations are set up in this country to hold United States assets,
or in foreign countries to hold control over American corporations or
other assets. A multiplicity of subsidiaries is c o m m o n in the United States
and in foreign countries. It is sometimes justified on administrative
grounds. However, as frequently happens, the device is also used for other
reasons, such as to facilitate the concealment of beneficial ownership.
T h e extent to which custodian and nominee relationships have been
set up by foreigners in the United States is shown in table VIII. Of
the $2,699,000,000 of United States securities held by foreigners as of
June 14, 1941, $1,860,000,000 were held by United States banks in a
custodian or nominee capacity, or by brokers and others in similar
capacity or as agents.
T h e system of holding securities through nominees or in custody
accounts is not exclusively for the benefit of either individuals or corporations, it serves both. Furthermore, its use is not entirely dependent upon
distance. The Netherlands and Switzerland are comparable in the matter
of distance and both arefinancialcenters. Still they differ in the use of
the system. Only 34 percent of the Netherlands holdings was held
through custodians and nominees while 95 percent of the Swiss holdings
was of that type. The reason appears to be one primarily of business customs and practices. In the Netherlands, United States securities become
liquid or readily marketable by reason of the issuance of Dutch certificates
representing the ownership of the American security. Administrative
trusts have been organized to hold immediate title to the securities and
to issue receipts which are marketable on the Netherlands stock exchanges. Switzerland, on the other hand, operates through bank custodian
and nominee accounts, thereby keeping the securities close to the market
in the United States.
T h e "nominee" system, which in its most unsavory manifestations is
referred to as "cloaking," has been subject to scrutiny by Foreign Funds
Control for several years. General Ruling N o . 17, issued October 20, 1943,
was one of the measures adopted in the attempt to uncover the actual
ownership of securities held in the names of banks andfinancialinstitutions in blocked countries. Under General Ruling N o . 17, there m a y not
be any sales or purchases of securities, or receipt of income on securities,
held in the account of afinancialinstitution within a blocked country,
unless the person in the United States holding the securities receives
23
from the foreignfinancialinstitution: (1) identification as to the n a m e ,
address and nationality of each person having an interest in the securities since April 8, 1940, or (2) a certification to the effect that no person
w h o is a national of a blocked country other than the country in which
the foreignfinancialinstitution is located has had an interest in the securities since the date mentioned.
T A B L E VIII.—Value of United States securities owned by foreign persons, by
principal countries and areas (on basis of reported address), and by
manner in which held, as of June 14,1941
[In millions of dollars]
Manner in which securities are held1
Countries and areas
Canada and Newfoundland
Latin America:
Argentina
Brazil
Cuba..
.
Mexico
Panama.
Other Latin America
Europe:
Belgium
France
Germany
Italy....
Netherlands
Portugal
Spain
Sweden
Switzerland
United Kingdom
Other Europe
Africa
NOTE.-Thefiguresare rounded and will not necessarily add
to the totals.
'Bearer securities, primarily bonds,
WWh6ld
^^^^Ssf^^^^S,"* IV^
* ™edStates
s
Reported on Series F.
Reported on Series G.
'Reported on Series A and B.
As of August 1944, about $200,000,000 of the United <Jt„t
teS s e c u n t
or two-thirds of those in the names of fill , !
'es,
European countries, had been Seor1& "»'
Percent was certified or identified a, b^t^^SN*^
24
-
tGd m t h e c o u n t r of the
invnl 7 i « ^ 1
'
y
^ i g nfinancialinstitution
involved. At least half of the other 15 percent was asserted to be owned
y persons of various nationalities located in Switzerland, principally
rrencn and Dutch. Holdings by persons located in Germany and other
enemy countries were insignificant, while those of German citizens located
in non-enemy countries amounted to about $2,000,000 or 1 percent of the
total certified and identified under General Ruling N o . 17. It is possible
that some of the other one-third ($100,000,000), with respect to which
no information had been received under General Ruling N o . 17 as of
August, was enemy-owned, although identifications since that time have
failed to uncover any substantial holdings.17
The ownership of assets by individuals and corporations through holding companies is a c o m m o n practice in domestic as well as international
investments. M a n y foreign corporations have been organized by citizens
and residents of the United States to hold domestic assets. As shown by
table II, appendix II, the United States assets held by American-owned
enterprises in foreign countries as of June 14, 1941, totalled about
$697,000,000.18 A substantial part of these assets developed out of the
normal parent-subsidiary or branch relationships of corporations devoted
to industrial activities while other parts were the portfolios of personal
holding companies and the assets offinancialenterprises.
Of primary interest, however, are the corporations which have been
organized in m a n y countries, such as in Argentina, Panama, and Switzerland, by citizens of other foreign countries, to hold United States assets.
The TFR-300 reports of 110 Panamanian corporations were studied and
it was found that 43 were owned in Switzerland, 20 in the United States,
and the other 47 in 23 other countries. Only 9 of the 47 could not be traced
beyond Panama. There is no assurance that any of the reports of holding
companies gave the country of ultimate ownership.
Most of the Swiss and other foreign-owned Panamanian corporations,
in terms of volume of assets, were represented in the United States by
agents or by persons having powers of attorney. Others, important in
volume of assets, were represented by officers or directors. More numerous,
but with far less assets, were the corporations whose assets were reported
only by banks and brokers in this country.19
A similar analysis was made of the reports of 6 Bermudian and 29
Bahamian corporations holding United States assets and foreign securities
"Based on reportsfiledunder General Ruling No. 17, 8 F. R. 14341, by the larger N e w York banks
that hold accounts affected by the ruling.
"General Ruling N o 17 did not cover nonblocked countries and, therefore, there is no means of ascertainine the volume of assets held by Argentine and other Latin American banks andfinancialinstitution for Dersons located in other countries. Morover, smce the accounts of institutions m occupied
countries were exempted from the ruling during the period of occupation, no information is yet available regarding such countries as France and the Netherlands.
isThis is undoubtedly an underestimate because, in general, there was no provision which required
that American ownership should be reported. Frequently such ownership was, in fact, reported. Other
^ ^ S L f i V p a n t m a n i a n ' c o r p o r a t i o n s had United States assets and foreign securities amounting
fo 8114 000 000 of which $66,000,000 belonged to the corporations owned in Switzerland, and $12,500,000
to 3^ 1 4 ' u u "^T'-„ t h - TTnited States. Examinations were made of 13 other reports of enterprises mcorto t h ° s ,^°^^^* h h e 1 1 F 0 J i n td and operating outside of that country. These controlled assets amount
to° $441)00,000See? w i t T I ^ O . O O O of afsets, were apparently owned in Switzerland but had their
head offices in the United States.
25
aggregating $23,000,000 and » « ^
^
J
^
^
ownership of these corporations was _almost excbsive y
Empire. Reports were examined relating to ^ ^ ^ ^ J ^ , found '
k n o w n to be of non-Canadian ownership. The largest n u m o e
to be owned in the United States, followed by France.
Partly as a result of wartime measures, it has been
« T ^ ^
43 United States enterprises were controlled in G e r m « * tfaro^h h d m g
companies and "cloaks" in other countries. The net worth of the German
interest in these enterprises was $88,000,000, the nominal ownership of
which was held by 53 foreign corporations or individuals of which 19
were in Switzerland, 19 were in the Netherlands, and 15 in 6 other
countries. The value of the interests held for German accounts b y the
Swiss was $39,000,000, by the Dutch, $36,000,000, and by the other
nationalities, $13,000,000. The significance of this record is emphasizedbecause, by contrast, interests in United States enterprises, the ownership
of which was held directly in Germany, were valued at only $16,000,000.
Furthermore, no activities of similar nature have been uncovered relating
to enterprises owned in the other countries.
Foreign-Controlled United States Enterprises
A total of 2,81520 United States enterprises were shown b y the reports
on F o r m TFR-300 to be controlled21 by persons in foreign countries. A s
of June 14, 1941, the foreign interest in these enterprises, frequently called
"direct investments," was valued at $2,312,000,000.22 M o r e than fourfifths of these enterprises were organized in the United States in the form
of corporations and partnerships. The remainder operated as direct
branches of foreign companies. Eighty-eight percent of the value of the
foreign interests in controlled enterprises was held by foreign corporations
and other profit organizations, about eight percent by individuals, and
remainder by other types of persons.
Judging by the Federal Reserve districts in which the reports were
filed, about 60 percent of the foreign interests in controlled enterprises
were in enterprises located or having their head offices in the N e w York
district. This indicates a lesser degree of geographic concentration than
was noted with respect tofinancialinterests, such as deposits and securities. T h e Chicago, Boston, and San Francisco districts follow, in importance, in that order (see ch. II, p. 10).
These enterprises, as shown in table IX, enter into all major segments
of the American economy and are ordinarily not distinguishable from
domestically owned enterprises. They manufacture here, primarily for the
domestic market; they participate in ourfinancialsystem in the form of
th^f ^ holding companies in
lne ngures o n l
into the value of the holding company.
y to the extent that they enter
^ 3 I 1 or statistical purposes only, control was Hptw. m ^„j
^ ,.
1
of more of the voting stock o f i K ^ K i n t t ,
^ off the ownership of 25 percent
g U S lntere
t»ons. (See definitions in appendix I, p. 54.)
°
sts m partnerships and other organiza»See discussion of method of valuation in appendix I, p.56.
rgaruza
26
branch banks, insurance and investment companies; they import foreign
produce; and they export American produce. Foreign countries participate
in our economy on a broad scale. In a fewfields,special circumstances
seem to have resulted in the concentration of interests in one or two
countries only. For example, the direct foreign interest in the railroads
of this country is found almost exclusively in the branch lines of the two
large Canadian systems. These branch lines run through the northern
part of the United States to Chicago and to the Atlantic seaboard.
T A B LL EE IIX
X . — N u m b e r of United States enterprises controlled1 by foreign
per
persons
and the foreign investment therein, by type of business and by type of
organization, as of June 14, 1941
[Values in millions of dollars]
Type of organization
Type of business
Branches and sole
proprietorships2
Number
Mining
Petroleum, coal and natural gas
Value
Corporations and
other organizations
Number
Value
Total
Number
Value
10
6
4
7.6
2.6
3.3
23
24
51
9.7
30.1
218.8
32
30
55
17.3
32.7
222.1
14
10
6
4
100
89
37
152
164
84
111.2
142.5
27.9
228.8
80.8
65.0
114
99
43
156
171
91
150.2
151.5
33.5
229.0
7
7
39.0
9.0
5.6
.2
3.9
0.1
48
57.8
626
656.1
674
714.0
52
86
22
8
50.6
225.1
35.2
63
77
121
39.4
84.2
87.1
115
163
143
90.0
309.3
122.3
160
310.9
261
210.7
421
521.6
125
3
46
102
33.4
20.5
62.9
8.3
'507.3
172.8
298.4
56.8
151.7
1,805.3
789
27
131
•657
<2,816
206.2
318.9
119.7
160.0
504
664
24
85
<555
<2,312
Manufacturing:
Textiles and apparel
Metal products and
Other manufacturing
Total, manufacturing. .
Finance:
Banking and brokerage. .
Total, finance
84.7
65.1
2,312.6
L_
isr/vrp Thefieuresare rounded and will not necessarily add to the totals.
iFTs'tatistkKfpose; only, control was determined on the basis of the ownership of 25 percent or
more of thtvoting sto^k of corporations and sirnUarintereste in partnerships and other organizations.
Hntprpirs in sole proprietorships amounted to about $l,^oU,uuu.
.
.
»The dlnos* Uabilities of the United States branches of foreign banks were not included in the mvestm e S n S o i l e d enterprises even though they were amounts due to the head office. Instead they were
^liS"^ *^*te
fOTei
^
interest am UQted
°
^ $2-600'00°-
Foreign-controlled American enterprises do not dominate any large
part of industry in this country. They are very important in certain lines
but usually they supplement the production of enterprises controlled
here In 1937 more than half of the United States production of potash,
borax and rayon was in the hands of foreign-controlled enterprises.
British and German-controlled enterprises were particularly involved
but the sale by the British in the spring of 1941 of American Viscose
C o - t h e largest producing unit in the industry-gave American capital
control of most of the rayon manufacturing capacity in this country.
27
After our entry into the war, the Alien Property Custodian vested he
controlling interest in one of the largest potash and ^ ^ 5 ^ .
. ^
United States. F r o m 35 to 50 percent of the production of distilled liquors
in this country in 1937 was in the plants of Canadian-owned companies.
American capital was invested heavily in the Canadian parent companies,
however. In certain branches of the chemical industry-dyestutts, cosmetics and specialized pharmaceuticals-foreign-controlled enterprises
were very important» Some of the larger and stronger of those units
have been vested as German-owned since this country entered the war
Production in the United States is frequently as effectively controlled
by means of patents as through the actual establishment of foreignowned enterprises. Patent control is not reflected in statistics of capital
invested in this country, nor in number of controlled enterprises, and is
not identifiable in the ordinary statistics of production. Without a
licensing agreement, a foreign-owned United States patent cannot normally be used by American industry. Frequently the license agreements
themselves (1) limit the volume of production and the conditions of sale
of goods manufactured under the licenses, including price-fixing and the
restriction of exports, (2) provide for the license or assignment of future
patents obtained by the licensee, which tends to discourage research, and
(3) define narrowly the field in which the patent m a y be used. These
types of control have affected particularly the production of drugs and
pharmaceuticals, synthetic rubber, magnesium, and beryllium a n d the
plastics.
M o r e than 60,000 patents and cross-licensing and other patent agreements were reported on TFR-300 24 . Approximately 40 percent was reported as enemy-owned, almost entirely by German nationals. T h e other
principal countries involved were the United Kingdom (15 percent), the
Netherlands (12 percent), and Switzerland (8 percent).25 It is impossible
to state in any quantitative terms the value or the economic significance
of these patents but they are known to cover all majorfieldsof industrial
activity. They include m a n y highly strategic processes and products.
Interests Concentrated in Three Countries
Three countries-the United Kingdom, Canada and the Netherlands—
"Ti 7 ^ P 2 6 e r ^ n t T 3 ° l t ^ . f 0 r e i g n intereSt in controlled enterprises (see
table X ) » The British interests are in part the result of early participation in the development of American industry and partly the result of
British preeminence m certain lines of business activity. British insurance
23
The statements in this paragraph relating +n ™.^, A-
"The Alien Property Custodian has vested about 29 000 P
applications. See a publication by the Office of thpAiLfi? 0 0 e n e m v -owned patents and 4 nnn „ o * « ^
enterp SeS
"
28
- " C°Untry'
by mdustry br
-
^-down of interests in controlled
companies, particularly in thefire,marine and casualty group, are well
K n o w n throughout the world. Their branches and subsidiaries comprised
aoout 73 percent of the foreign-controlled interests in insurance enterprises in the United States as of June 14, 1941. In several manufacturing
lines such as cotton textiles, the British were equally predominant among
the toreign-controlled enterprises. In all there were more than 600 United
fetates branches and subsidiaries of companies in the United Kingdom
and the total value of these interests was $712,000,000.
Although a large proportion of the value of the Canadian interests was
in the railroad branch lines, the remainder was spread throughout the
whole industrial range. In two other industrial groups the Canadian interests were of special importance, "foods, beverages and tobacco," and life
insurance. In the former group they had 47 percent of the total foreign
investment, as a result of the large holdings in the liquor industry. There
were 238 branches and subsidiaries of Canadian owners valued at
$518,000,000.
T A B L E X . — N u m b e r of United States enterprises controlled1 by foreign persons
and foreign investment therein by principal countries and areas, and
by types of organization in the United States, as of June 14, 1941
[Values in millions of dollars]
Type of organization
Country or area
Branches and sole
proprietorships2
Number
Canada and Newfoundland. . .
Central America and Mexico. .
West Indies and Bermuda
Europe:
Belgium
France
Germany
Netherlands
Switzerland
United Kingdom
Total, Europe
Asia:
Total, Asia
Total, all areas
52
5
8
6
Value
41.6
1.6
2.9
(2)
Corporations and
other organizations
Number
Value
Total
Number
Value
189
36
28
35
488.2
59.8
36.2
22.3
241
41
36
41
529.8
61.4
39.1
22.3
15
30
12
13
22
129
51
272
15.7
38.8
8.6
27.0
74.3
229.2
23.4
417.0
44
220
159
166
223
494
407
1,713
67.2
60.8
96.5
309.0
63.5
482.3
73.1
1,152.4
59
250
171
179
245
623
458
1,985
82.9
99.6
105.1
336.0
137.8
711.5
96.5
1,569.4
4
1.6
15
7.8
19
9.4
14
114
24
2.4
26.0
9.8
33
246
13
14.3
9.1
12.6
47
360
37
16.7
35.1
22.4
152
38.2
292
36.0
444
74.2
5
4.2
4
1.1
1.7
9
5.3
1.7
504
507.3
"2,312
'1,805.3
2,816
2,312.6
v O T E —Because interests in these enterprises which are not actually associated with the controlling
rw»rsons are included in this table, it sometimes happens that substantial investments are reported in
countries where control does not exist. This does not affect the number of enterprises which was arrived
St
'T^figSLe^tndtdTnd will not necessarily add to the totals.
iFor s t S c a l purposes only, control was determined on the basis of the ownership of 25 percent or
more o^fthfvoting stock of corporations and analogous interests in partnerships and other organizations.
S n d u f t i^nTprofit organizations in which the aggregate foreign interest amounted to about
$2,600,000.
29
The interests of the Netherlands are predominantly in the P f ^
and manufacturingfields.In both of these industries large parts oi the
interests are joint Dutch-British Ventures, title being held directly or
indirectly by holding companies organized in the Netherlands. A number
of Dutch companies took advantage of the decrees of their Government
before the invasion by Germany and transferred their head offices to the
Dutch West Indies, and occasionally to other countries. These are shown
in the tables as owned in the Netherlands. The total number of enterprises recorded as controlled in that country was 179 with a value of
$336,000,000.
Other countries with large interests in American enterprises are Switzerland, with large branches and subsidiaries in thefinancialfield;Germany,
with its well-known subsidiaries in the chemical industry; and France,
among whose holdings interests in investment companies were substantial.
The German practice of holding the ownership of their important industrial properties through individuals and corporations in third countries
has been mentioned elsewhere. This practice has recognized business uses,
but is capable of being used for other purposes. A comparison of T F R - 3 0 0
data with the vesting orders of the Alien Property Custodian shows
that of the 171 enterprises tabulated here as owned by Germans with a
total value of $105,000,000, 43 with a value of $88,000,000 were reported
as held by persons, usually corporations, in Switzerland, the Netherlands,
and other non-enemy countries. Title was sometimes distributed a m o n g
several persons—individuals as well as corporations—and in more than
one country.
Foreign-Owned Insurance Enterprises
The United States branches of foreign insurance companies were valued
as nearly as possible, at the book surplus of the branches, that is b y
deducting the general liabilities in the United States and the reserves set
up by the branches to cover their liabilities under policies, from the
total assets in the United States. The foreign interest in these insurance
branches calculated in this way, amounted to $225,000,000 Foreigncontrolled insurance companies incorporated in the United States were
valued on the basis of the market value of the foreign-owned stock or
the book value of th
@FedFRASER