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J UN 14 1972
TREASURY DEPARTMENT
£* <.i
- 9 *
We have traveled a long way In the past year, hut we
still have a long way to go before we reach ’’normalcy", And
normalcy, too, has its problems, if history is any guide.
But problems add to the zest of living.
I am confident th,e
American people will face the problems ahead, proud of their
record,.but determined to better it, again and again.
0
O0
8
liM
Our standard of livingvis higher than before the war,
while that of every country ‘in the Old World is tremendously
lower.
It is urgent in the interests of world trade and of
world peace - in the interests of the future prosperity and
peace of the United States - that these countries be set
back on their feet.
All of the labor for doing this and
most of the materials must come from the devastated countries
themselves.
The people of those countries have the will and
determination to work hard and to live on little, until their
reconstruction is complete.
But they need a helping hand
from us.
They need a minimum amount of loans to purchase the
American-grown and American-made materials necessary fob their
reconstruction and for the restoration of their trade. We must,
and will, extend this helping hand.
32
A
Fortunately, the goods which these countries need the
most are not those in scarcest supply here; but, even when
they are, w e^nust
mmd
.4§Tpeace ’"^^^•osperity her© and in the rest of the world«
Britain held the liil
Most urgent of all ,is the loan to Britain.
This
cost
.for moril
1 e g w H F e ii ! 1111u» ■'■j
i^Ker- dearly}
The war has b een a great drain on her resources. than tw
In order to conserve her a ssets, she has had to lay down
She wants the same kind of before i
«numerous barriers to world trade.
■Nazis
world that we want.
But she cannot restore her own economy
and she cannot remove her trade barriers without a helping hand
from u s . This is what the proposed Financial Agreement does,
It is the Number One item on our plate for better international war 0I!
economic relations.
So, in the past year, we have licked many problems; but
many new ones have 'arisen, and many of the old ones remain.
The w'ar has been won; but the peace has not yet been made
Demobilization is three-quarters over; but many of the service
men have not yet found their proper places in civilian life.
We have jobs available for-all of our people, and satisfactory
jobs for most of them; but we have not solved our problem of
industrial relations. W e have.held the price line during and
after the war far better than ever before In our history; but
inflationary pressures are still strong. We have almost com
pleted the physical and financial task.of reconversion; but
the pipe lines of partially finished goods from producer to
producer and of finished goods from producer to consumer are
far from full, and many manufacturers suffer from scarcities
of component parts,.
7
Tax rates have already been substantially reduced since
VJ-Day,
These reductions - which, in a broad way, followed
Secretary Vinson* s recommendations - were particularly im
portant in two fields*
First, Congress swept off the books
the old concept of the "victory tax" - which took no account
of family responsibilities and taxed the family man as heavily
as the bachelor.
The name of- this tax had been changed from
"victory" to "normal" prior to its demise,, but there was
nothing normal about it.
It was unjust and was tolerable only
under war condition^.
Its elimination was a victory for jus
tice and for fair play..
The second field in which- the tax reductions of the
Revenue Act of 1945 were particularly important was that of
business taxes.
Here, Congress - following Secretary Vinson’s
recommendation - repealed the excess profits tax. This move
was thoroughly justified by the -conditions of the transition
period.
ihe major thesis of the excess profits tax - that the
excessiveness of profits can be measured by comparing them
with those of a prewar period - was appropriate only for the
period of active hostilities. Applied in peacetime, it would
have throttled the growth of new and expanding industries,
and would have worked major inequities all along the line.
The repeal of the excess profits tax has already paid large
dividends in speeding reconversion; and it will pay further
dividends as peacetime production progresses• By encouraging
business men both to produce more and to watch their expendi
tures more, the repeal of the excess profits tax has contri
buted to combat, rather than to increase, inflationary press-
pinion, the tax reductions effected by the
45 are as far as we should go until inflafurther subside. . When that time comes, we
can^combine a further tax reduction with a thorough stream
lining and modernization of our tax structure.
There is another- aspect of our nolicy on the financial
front upon which I should like to comment.
This may be the
most important aspect of all in determining the world in which
we shall live tomorrow.
The destruction of.life and property In the war which
has just ended is almost beyond conception.- This war has
differed from any other of modern times,-in that the toll
among civilians has exceeded that among men in uniform; and
the destruction of property away from the battlefields has
exceeded that on the battlefields,.
6
An important aspect of the Treasury’s policy with respect
to debt management at the present time is to encourage' the
people to buy and hold savings bonds.
We are sometimes asked,
"With a steadily declining-debt, why is the Treasury continu
ing to push the sale of savings bonds?"
The answer is, of course, thajt the Treasury is pushing
the sale of savings bonds, hot to obtain money to finance the
deficit, but in order to combat the inflationary pressures
which are still continuing from the war, and which will con
tinue for a while lQnger; andato secure a better distribution
of the public debt.
Every dollar of savings bonds sold today permits us to
retire a dollar of debt held by bapks. Every dollar which is
used to purchase savings bonds and which would otherwise be
spent is a dollar removed from the ’present inflationary markets for consumers’
_____N
’ goode,
“ and a dollar added to
our backlog
o f purchasing power saved* up against the day when goods wi 11
be plentiful.
This will be a double-acting backlog,
^ome of it will
be used to buy goods in the da}rs t.o co m e . More of it will
be retained Indefinitely, but it will provide its holders with
the feeling - and with the reality - of economic security which
will permit them .to spend a larger proportion of their current
incomes on .goods and services.
All of it, as long as it is
held, will give to its holders a sense of enhanced participa
tion in their country’s affairs and an enhanced interest in
our national well-being.
^
Promoting the sale of savings bonds is one of the things
which can be done on the fiscal front to counteract the infla
tionary pressures which are holding over from-the war.
As I
have already indicated, the most important thing the Govern
ment can do on this front is to cut down its own purchases of
goods and services - that is, in general, to reduce its ex
penditures.
Almost equally important is that it should main
tain its tax revenues, for money paid to the Government in
taxes is thereby removed from the market for goods and
services.
J-he tax revenues of the Government, as I have already
indicated, are holding up very w e l l • We want to keep them
that way.
in order to do this, it will be necessauy to keep
tax rates at. around present levels as long as the inflation
ary pressures persist..
/
5
The budgetary'picture gives us assurance that it will be
possible to effect a further large reduction in the debt from
the' cash balarrce% aniftHr-hopo thofr'-dui 1 iig"-ft!i'd'"TOHTt'T
'P'Q'B
-tions from su-rnlu-s
deb4---reduc-
.
It has been our desire to concentrate the reduction in’
the debt, as far as possible, upon securities held by banks.
It has, consequently, been gratifying to the Treasury that
the Government 'security holdings of Federal Reserve Banks
and .weekly reporting member banks - the only banks concerning
which data are available - have declined by 4.3 billion dollars
since the end of the year - a decline equal to almost three
quarters of the net reduction in the total debt occurring dur
ing- this period.
. -;
' , \
• | . ,/i .
The interest rates at which the Treasury borrows money
have not changed maturity-for-maturity since Secretary Vinson
took office-. They'are low, measured by most historical stan
dards - although long-term rates are not so low, for example,
as those prevailing iri Great Britain in the last decade of
the Nineteenth Century; nor are short-term rates as low as
those prevailing in the'United States during most of the
thirties'. '
•»
Secretary Vinson has stated on numerous' oeTc'a m f f i r T R g V
heNQavors low interest rates, and that he considers presp^ft
rate^vlow
I am convinced that an increase in the l ^ e l of
intere^trates at the present time would have no
¡ciable
retardingS^ffect on existing inflationary press
¡s; and we
all know ti^t a rise in interest rates, with
corresponding decline irSsthe capital values of outs tariffing securities
which it would eHtail, would be upsetting'^to the financial
markets, and would niterfere.with the^Emooth progress of
reconversion.
In determining the TH^er^i^;' rate on new securities,
the Treasury must take int^K^count many diverse factors,
including both the intermits ^Gs^the bondholders as credi
tors of the United Staffs and thS^interests of the tax
payers as the u l t i m ^ e obligors o f S ^ e debt.
Most of us
stand in both capacities, and our interests crisscross in
an intricate jj# xtern-. Overriding all of^fehese interests,
the Treasup^must -look to the future when l^Swil! be
necessapp^to stimulate new investment by ever^N^pans possiblpf^ln order to secure the full utilization o
ec^ffomic resources, and a high level of product!
Employment.-
-4
-
The speed with which demobilization has been carried
on has increased many classes of expenditures this year.
For this reason, I think it is all the more remarkable that
total expenditures have come down as rapidly as they have.
Total Federal expenditures in April 1945 amounted tc
$8,000,000,000.
In -June 1945, the month after VE~D?y, they
reached a high of $9,700,000,000; while layl, month, they
were down to $4,200,000,000, and they will c e n t i m e to de
cline swiftly as demobilization is completed.
While the expenditures of the Federal Chveinino.it have
been declining rapidly, revenues have held up remarkably well.
This is because business has been good and jobs have been
plentiful.
Income tax receipts have been large because In
comes have been high, and so have taxes.
But no higher than
we need in these critical times.
Net receipts for the first ten months of this fiscal year
amounted to $35,800,000,000, a decline of only about 4-1/2 per
cent frbm the corresponding ten months of the last fiscal year,
all of which were during a period of total war.
TJae decline
in receipts, as compared with last year, has, 6f course, been
somewhat greater in recent months. Net receipts In March, the
last major tax month, however,' amounted to $5,700,000,000, a
decline of only 17 percent below the corresponding month of
last year.
As a result of rapidly declining expenditures on the one
hand and well-maintained receipts on the other, the Federal
budget has come nearly into balance.
Receipts exceeded expen
ditures in both February and March.
There will be some
deficit during the remainder of this fiscal year, but the out
look for a balanced budget rrcit yy oq r is very good.
The approach to a balanced budget has made it possible
to apply part of the Treasury cash balance to a.reduction in
the debt.
A portion of the certificate issues due on March 1
and on April 1, all of the bond and note issues due or called
for payment on March 15, and all of the certificate issues
due on May 1 were paid in cash.
In addition, Secretary Vinson
announced only yesterday that two billion dollars.of the certi
ficate issue due on June 1 and the entire amount of each of
the two bond issues which have been called for payment on June
15 will be paid off in cash. Tills will mean that as of June 15
the net reduction in the Federal debt since its peak at the
end. of February will aggregate more than 10 billion dollars.
(b
2
This is a fair inventory of our homefront worries of a
ago.
It is good to look back at them, because it may
help to restore our perspective on our troubles of today. On
the whole, we have cone out pretty well; and, if we could
lick the problems of yesterday, we ban lick the problems of
today.
3rear
Letts pass the year briefly in review.
We beat Japan a lot quicker than we expected.
Our Govern
ment had the courage to spend $2,000,000,000 to save
It had the courage to destroy two cities in
order to save millions of American, British, Chinese, Russian,
and Japanese lives.
Since VJ-Day, we have demobilized quickly. The number of
men in the armed forces has been reduced from over 12,000,000
on VJ-Day to less than 4,000,000 today.
And those who have
been discharged have been absorbed quickly into peacetime occu
pations.
We canceled our war contracts quickly following VJ-Day,
and we have settled them quickly.
Settlement will be almost
completed by the end of this fiscal year.
Congress had
placed in the hands of the Executive Branch a well-thought-out
Contract Settlement Act, and settlements have been kept abreast
of the filing of contractors1 claims.
In the meantime, ade
quate interim financing has been provided, so that no one has
had to wait for his money.
Plant clearance has proceeded
swiftly, and without complaint. War contractors have been
placed in both a physical and a financial position to resume
peacetime production.
I say this with due modesty as I con
cluded my wartime service as General Counsel for the Office
of Contract Termination and Settlement.
Industry has responded swiftly to the termination of
wartime needs. The production of civilian goods has risen more
rapidly since VJ-Day than in any period of equal length for
which we have record, and the production of civilian goods was
at an all-time high immediately preceding the shut-downs brought
on by the coal strike.
In March, the most recent month for which we have figures,
less than 3,000,000 men were unemployed and seeking work, and
most of these were unemployed because they could not find the
right job, not because they could find no job at all. The
number of unemployed is very small, considering the great re
duction in the size of the armed forces and the tremendous
turnover in occupations which is taking place even in civilian
life.
3
The controls have been relaxed; but they have, for the
most part, held. The people have shown that they have the
fortitude to put up with controls as long as they are neces
sary to prevent a postwar inflation and a subsequent defla
tion and depression. The Government has promised that we
will no,t have to put up with them any longer than that.
Controls are necessary until the war plants are recon
verted; until the men formerly in the armed forces and in the
war plants are back at peacetime jobs; until the long pipe
lines between the producer and the ultimate consumer are
filled; ^and until the most urgent of the pent-up civilian de
mands are met. All of these things are being done; some of
them are nearly completed.
In- the meantime, I feel confident
that the American people will keep the controls as long as
they are needed.
Two years after the end of the last war would
have turned the trick and prevented the 1921 depression*
If we
profit from our mistake last time, we will continue the controls
for another year.
During the past year, the Government has made great strides
toward reducing its expenditures.
It is important to understand just what is involved here.
The prime requisite is that the Government cut down its pur
chases of goods and services, and do this quickly.
In this
way, the men and machines formerly working for the Government
can be released to make things for civilians.
This is neces
sary to raise our standard of living. It is necessary to com
bat inflation, for it was the diversion of men and machines
from making civilian goods to making war goods which was the
cause of the inflationary pressures in the first place..
Inflation can be beaten only by reversing the process.
In general, reducing the Government’s demand for goods
and services means reducing Government expenditures.
This is
always true in the long run. But sometimes in the short run
it means the exact opposite.
Take mustering-out pay, or con
tract settlements, for instance. The faster money is paid
out on these accounts, the more rapid is demobilization and
reconversion, and the more swiftly the flow of civilian goods
and services gets going.
If we had spent less this year on
mustering-out pay and on contract settlements, Government
expenditures would have been less. We would have saved
money this year, but it would have cost us a great deal more
in the long run.
TREASURY DEPARTMENT
Washington
(The following address by Edward H, Foley, Jr,,
Assistant Secretary of the Treasury, before
the National Association of Mutual Savings $anks,
at the Commodore Hotel, New York City, is sched
uled for delivery at 2:30 P,M.t D.S.T,. May 16,
1946, and is for release at that ^ime,)
Psychologists tell us that time which is crowded with
events seem short while passing, but long in retrospect.
This certainly applies to the past year,
A year ago today many of us were in uniform,
VE-Day had
barely passed.
The current talk was of redeployment to the
Pacific.
The atom was of interest only to scientists; and the
Manhattan Engineering Project, if it had been mentioned at all,
would have been taken as a Robert Moses proposal for postwar
New York City development,
The past year has gone by like a rocket, but May 1945
already seems almost a decade away.
What were we thinking about a year ago?
worries on the home front?
What were our
Some of us were worrying about inflation.
The controls
were going to pieces, and prices were going to skyrocket.
Some of us were worrying about unemployment,
Many millions of
persons were going to be out of work,
One of Mr. O ’Malley’s
whimsy Fascist friends in the comic strip Barnaby, which I hope
you. all enjoy as much as I, said that the chief postwar problan
would be ’’Who would manage the bread lines?"
We had many other things to worry about, too, The war
was going to be long, Demobilization was going to be slow.
Jobs were going to be hard to find when we were released from
the Army., The Federal Government was going to continue heavily
in the red for years.
Contract settlements were going to drag
on endlessly.. This would hold back, production - provided, of
course,^that it was not being held back anyway by the failure
of the Government to clear its property out of the war plants.
V-329
-
23
~
have held the price line during and after the war far
better than ever before in our history; but inflationary
pressures are still strong.
We have almost completed
the physical and financial task of reconversion; but
the pipe lines of partially finished goods from producer
to producer and of finished goods from producer to
consumer are far from full, and many manufacturers
suffer from scarcities of component parts.
We have traveled a long way in the past year, but
we still have a long way to go before we reach "normalcy”.
And normalcy, too, has its problems, if history is any
guide.
But problems add to the zest of living.
I am
confident the American people will face the problems
ahead, proud of their record, but determined to better
it, again and again.
22
wants the same kind of a world that we want#
But she
cannot restore her own economy and she cannot remove
her trade barriers without a helping hand from us.
This is what the proposed Financial Agreement does.
It is the Number One item on our plate for better
international economic relations.
So, in the past year, we have licked many problems;
but many new ones have arisen, and many of the old ones
remain.
The war has been won; but the peace has not yet been
made.
Demobilization is three-quarters over; but many of
the servicemen have not yet found their proper places in
civilian life.
We have jobs available for all of our
people, and satisfactory jobs for most of them; but we
have not solved our problem of industrial relations.
We
have
-
21
to work hard and to live on little, until their
reconstruction is complete*
hand from us*
But they need a helping
They need a minimum« amount of loans
to purchase the American-grown and American-made
materials necessary for their reconstruction and for
the restoration of their trade.
We must, and will,
extend this helping hand*
Fortunately, the goods which these countries need
the most are not those in scarcest supply here; but,
even when they are, we must share— if we are to have
one world, and that free.
Most urgent of all is the loan to Britain*
held the line alone for a year.
and cost her dearly*
her resources*
Britain
This profited us much
The war has been a great drain on
In order to conserve her assets, she has
had to lay down numerous barriers to world trade.
She
wants
20
This may be the most important aspect of all in
the world in which} we shall live tomorrow.
The destruction of life and property in the war
which has just ended is almost beyond conception.
This
war has differed from any other of modern times, in that
the toll among civilians has exceeded that among men in
uniform; and the destruction of property away from the
battlefields has exceeded that on the battlefields.
Our standard of living is higher than before the war,
while that of every country in the Old World is
tremendously lower.
It is urgent in the interests of
world trade and of world peace— in the interests of
the future prosperity and peace of the United States—
that these countries be set back on their feet.
KM of
the labor for doing this and most of the materials must
come from the devastated countries themselves.
The
people of those countries have the will and determination
19
The repeal of the excess profits tax has already paid
large dividends in speeding reconversion; and it will
pay further dividends as peacetime production
progresses.
By encouraging business men both to
r
produce more and to watch their expenditures more, the
repeal of the excess profits tax has contributed to
combat, rather than to increase, inflationary pressures.
But, in my opinion, the tax reductions effected
by the Revenue Act of 1945 are as far as we should go
until inflationary pressures further subside.
When that
time comes, we can combine a further tax reduction with
a thorough streamlining and modernization of our tax
structure.
There is another aspect of our policy on the
financial front upon which I should like to comment.
This
18
normal about it.
It was unjust and was tolerable
only under war conditions.
Its elimination was a
victory for justice and for fair play.
The second field in which the tax reductions
/
of the Revenue Act of 1945 were particularly important
was that of business taxes.
Here, Congress— following
Secretary Vinson* s recommendation— repealed the excess
profits tax.
This move was thoroughly justified by the
conditions of the transition period.
The major thesis
of the excess profits tax— that the excessiveness of
profits can be measured by comparing them with those of
a prewar period— was appropriate only for the period of
active hostilities.
Applied in peacetime, it would have
throttled the growth of new and expanding industries,
and would have worked major inequities all along the line.
The
17
market for goods and services.
The tax revenues of the Government, as I have
already indicated, are holding up very well.
to keep them that way.
We want
In order to do this, it will be
/
necessary to keep tax rates at around present levels as
long as the inflationary pressures persist.
Tax rates have already been substantially reduced
since YJ-Day.
These reductions— which, in a broad way,
followed Secretary Yinsonfs recommendations— were
particularly important in two fields.
First, Congress
swept off the books the old concept of the ffvictory tax"—
which took no account of family responsibilities and
taxed the family man as heavily as the bachelor.
The
name of this tax had been changed from "victory* to
"normal" prior to its demise, but there was nothing
normal
i
16
its holders with the feeling— and with the reality— of
economic security which will permit them to spend a
larger proportion of their current incomes on goods and
services.
All of it, as long as it is held, will give
/
to its holders a sense of enhanced participation in
their country’s affairs and an enhanced interest in our
national well-being.
Promoting the sale of savings bonds is one of the
things which can be done on the fiscal front to counteract
the inflationary pressures which are holding over from the
war.
As I have already indicated, the most important thing
the Government can do on this front is to cut down its
own purchases of goods and services— that is, in general,
to reduce its expenditures.
Almost equally important is
that it should maintain its tax revenues, for money paid
to the Government in taxes is thereby removed from the
market
The answer is, of course, that the Treasury is
pushing the sale of savings bonds, not to obtain money
to finance the deficit, but in order to combat the
inflationary pressures which are still continuing from
the war, and which will continue for a while longer;
and to secure a better distribution of the public debt*
Every dollar of savings bonds sold today permits us
to retire a dollar of debt held by banks.
Every dollar
which is used to purchase savings bonds and which would
otherwise be spent is a dollar removed from the present
inflationary markets for consumers’ goods, and a dollar
added to our backlog of purchasing power saved up against
the day when goods will be plentiful.
This w i n be a double-acting backlog.
Some of it
will be used to buy goods in the days to come.
More of
it will be retained indefinitely, but it will provide
14
including both the interests of the bondholders as
creditors of the United States and the interests of
the taxpayers as the ultimate obligors of the debt.
Most of us stand in both capacities! and our interests
crisscross in an intricate pattern.
Overriding all of
j
these interests! the Treasury must look to the future
when it will be necessary to stimulate new investment
by every means possible, in order to secure the full
utilization of our economic resources, and a high level
J
of production and employment.
An important aspect of the Treasury1s policy with
respect to debt management at the present time is to
encourage the people to buy and hold savings bonds.
We
are sometimes asked, "With a steadily declining debt,
why is the Treasury continuing to push the sale of
savings bonds?"
The
J
13
Secretary Vinson took office.
They are low, measured
by most historical standards— although not so low, for
example, as those prevailing in Great Britain in the
last decade of the Nineteenth Century.
Secretary Vinson has stated on numerous occasions
that he favors low interest rates, and that he considers
present rates low.
I am convinced that an increase in
the level of interest rates at the present time would
have no effect on existing inflationary pressures;
and we all know that a rise in interest rates, with
the corresponding decline in the capital values of
outstanding securities which it would entail, would be
upsetting to the financial markets, and would interfere
with the smooth progress of reconversion.
In determining the interest rate on new securities,
the Treasury must take into account many diverse factors,
including
accomplished since its peak at the end of February
9
is now about W&yrfcea-dottars.
The budgetary pioture
gives us assurance that it will be possible to effect
a further large reduction in the debt from the cash
/
balance; and I hope that during the coming fiscal year
it may be possible to augment this by further debt
reductions from surplus revenues.
It has been our desire to concentrate the
reduction in the debt, as far as possible, upon
securities held by banks.
It has, consequently, been
gratifying to the Treasury that about '44411ie&-4oJLlars
^ 7; ¿wo, ^
trcm
of the 7~bi4Meft-4ellar reduction in the debt thus far
effected has come from the holdings of Federal Reserve
and weekly reporting member banks alone.
The interest rates at which the Treasury borrows
money have not changed maturity-for-maturity since
Secretary
11
of last year*
As a result of rapidly declining expenditures on
the one hand and well-maintained receipts on the other9
the Federal budget has come nearly into balance.
|
Receipts exceeded expenditures in both February and
March.
There will be some deficit during the remainder
of this fiscal year, but the outlook for a balanced
budget next year is very good.
The approach to a balanced budget has made it
possible to apply part of the Treasury cash balance to
a reduction in the debt.
A portion of the certificate
issues due on March 1 and on April 1, all of the bond
and note issues due or called for payment on March 15»
and all of the certificate issue^due on May 1 were paid
in cash. ( The net reduction in the Federal debt
accomplished
10
remarkably well*
This is because business has been
good and jobs have been plentiful*
Income tax receipts
have been large because incomes have been high, and so
have taxes*
But no higher than we need in these critical
times.
Net receipts for the first ten months of this fiscal
year amounted to
, a decline of only
about 4-1/2 percent from the corresponding ten months of
the last fiscal year, all of which were during a period
of total war.
The decline in receipts, as compared with
last year, has, of course, been somewhat greater in
recent months.
Net receipts in March, the last major
ft ¿T ItrOf etm/0tFb
tax month, however, amounted to
,a
decline of only 17 percent below the corresponding month
of
9
we had spent less this year on mustering-out pay and on
contract settlements, Government expenditures would have
been less.
We would have saved money this year, but it
would have cost us a great deal more in the long run.
|V';if§K|§';J||I'•
:H I
•
The speed with which demobilization has been carried
on has increased many classes of expenditures this year.
For this reason, I think it is all the more remarkable
%
that total expenditures have come down as rapidly as
they have.
Total Federal expenditures in April 1945
im*t inr®, irtro
amounted to 8-billion dt&iarB.
In June 1945, the month
1& f,
¿snsMC
after YI~Day, they reached a high of 9^Z-^411ie^-4el3Ea3rs;
0
«rtnOy m rtj
while last month, they were down to rfer^-^illian^uiollars,
and they will continue to decline swiftly as demobilization
is completed.
While the expenditures of the Federal Government
have been declining rapidly, revenues have held up
remarkably
8
working for the Government can be released to make things
for civilians.
of living*
This is necessary to raise our standard
It is necessary to combat inflation, for it
/
was the diversion of men and machines from making civilian
goods to making war goods which was the cause of the
inflationary pressures in the first place.
Inflation can
be beaten only by reversing the process.
In general, reducing the Government’s demand for
goods and services means reducing Government expenditures.
This is always true in the long run.
But sometimes in
the short run it means the exact opposite.
Take mustering-
out pay, or contract settlements, for instance.
The
faster money is paid out on these accounts, the more rapid
is demobilization and reconversion, and the more swiftly
the flow of civilian goods and services gets going.
If
7
consumer are filled; and until the most urgent of the
pent-up civilian demands are met.
All of these things
are being done; some of them are nearly completed.
In
the meantime, I feel confident that the American people
t
will keep the controls as long as they are needed.
Two
years after the end of the last war would have turned the
trick and prevented the 1921 depression.
If we profit
from our mistake last time, we will continue the controls
for another year.
During the past year, the Government has made great
strides toward reducing its expenditures.
It is important to understand just what is involved
here.
The prime requisite is that the Government cut
down its purchases of goods and services, and do this
quickly.
In this way, the men and machines formerly
working
6
is very small, considering the great reduction in the
size of the armed forces and the tremendous turnover
in occupations which is taking place even in civilian
life*
The controls have been relaxed; but they have,
for the most part, held*
The people have shown that
they have the fortitude to put up with controls as long
as they are necessary to prevent a postwar inflation
and a subsequent deflation and depression*
The Government
has promised that we will not have to put up with them
any longer than that*
Controls are necessary until the war plants are
reconverted; until the men formerly in the armed forces
and in the war plants are back at peacetime jobs; until
the long pipe lines between the producer and the ultimate
consumer
5
production.
I say this with due modesty as I concluded
my wartime service as General Counsel for the office of
Contract Termination and Settlement.
Industry has responded swiftly to the termination
of wartime needs.
The production of civilian goods has
risen more rapidly since YJ-Day than in any period of
equal length for which we have record, and the production
of civilian goods was at an all-time high immediately
preceding the shut-downs brought on by the
coal strike.
In March, the most recent month for which we have
1 cnrz> ertrk
figures, less than three-million men were unemployed
and seeking work; and most of these were unemployed
because they could not find the right job, not because
they could find no job at all.
The number of unemployed
is
4
of men in the armed forces has been reduced from over
d p
/ %t ¿nrv. ¿rzna
^
erxrs
on YJ~Day to less than four milliron today.
And those who hare been discharged have been absorbed
quickly into peacetime occupations.
I'ifi |
/
We canceled our war contracts quickly following
YJ-Bay, and we have settled them quickly.
Settlement
will be almost completed by the end of this fiscal year.
Congress had placed in the hands of the Executive Branch
a well-thought-out Contract Settlement Act, and settlements
have kept abreast of the filing of contractors* claims.
In the meantime, adequate interim financing has been
provided, so that no one has had to wait for his money.
Plant clearance has proceeded swiftly, and without
complaint.
War contractors have been placed in both a
physical and a financial position to resume peacetime
production
3
being held back anyway by the failure of the Government
to clear its property out of the war plants.
This is a fair inventory of our homefront worries
of a year ago.
It is good to look back at them, because
it may help to restore our perspective on our troubles
of today.
On the whole, we have come out pretty well;
and, if we could lick the problems of yesterday, we can
lick the problems of today.
Letfs pass the year briefly in review.
We beat Japan a lot quicker than we expected.
„
. , ,
'
Our
1 2 ,000 ,0 0 0 .0 0 0
Government had the courage to spend two bi ^id-ear dollars
#50,000,000,000
to save #ifty billdre m
It had the courage to destroy
two cities in order to save millions of American, British,
Chinese, Russian, and Japanese lives.
Since 7J-Day, we have demobilized quickly.
The number
of
2
Some of us were worrying about inflation*
The
controls were going to pieces, and prices were going
to skyrocket.
ment,
Some of us were worrying about unemploy
Many millions of persons were going to be out *
of work.
One of Mr. O ’Malley’s whimsy Fascist friends
in the comic strip BarnabyT which I hope you all enjoy
as much as I, said that the chief postwar problem would
be ”Who would manage the bread lines?”
We had many other things to worry about, too.
war was going to be long.
be slow.
The
Demobilization was going to
Jobs were going to be hard to find when we
were released from the Army.
The Federal Government was
going to continue heavily in the red for years.
settlements were going to drag on endlessly.
Contract
This would
hold back production— provided, of course, that it was not
being
An address by Edward H. Foley, Jr*,
Assistant Secretary of the Treasury, to the
National Association of Mutual Savings Banks,
at Commodore Hotel, New York City, at 2:$0 p.m., DST,
May 16, 1946
Psychologists tell us that time which is crowded with
events seems short while passing, but long in retrospect.
This certainly applies to the past year.
A year ago today many of us were in uniform.
barely passed.
Pacific.
YE-Day had
The current talk was of redeployment to the
The atom was of interest only to scientists; and the
Manhattan Engineering Project, if it had been mentioned at all,
would have been taken as a Bobert Moses proposal for postwar
New York City development.
The past year has gone by like a rocket, but May 1945
already seems almost a decade away.
What were we thinking about a year ago?
What were our
worries on the home front?
Some
TREASURY DEPARTMENT
Washington
(The following address by Edward H. Foley, Jr.,
Assistant Secretary of the Treasury, before
the National Association of Mutual Savings Banks,
at the Commodore Hotel, New York City, is sched
uled for delivery at 2:30 P.M., D.S.T., May 16,
1946, and is for release at that time.)
Psychologists tell us that time which is crowded with
events seem short while passing, but long in retrospect'.
This certainly applies to the past year.
A year ago today many of us were in uniform.
VE-Day had
barely passed.
The current talk was of redeployment to the
Pacific. The atom was of interest only to scientists; and the
Manhattan Engineering Project, if it had been mentioned at all,
would have been taken as a Robert Moses proposal for postwar
New York City development.
The past year has gone by like a rocket, but May 1945
already seems almost a decade away.
What were we thinking about a year ago?
worries on the home front?
What were our
Some of us were worrying about inflation.
The controls
were going to pieces, and prices were going to skyrocket.
Some of us were worrying about unemployment.
Many millions of
persons were going to be out of work.
One of Mr. OiMalley’s
whimsy Fascist friends in the comic strip Barnaby, which I hope
you all enjoy as much as I, said that the chief postwar problem
would be f,Who would manage the bread lines?”
We had many other things to worry about, too. The war
was going to be long. Demobilization was going to be slow.
Jobs were going to be hard to find when we were released from
the Army.
The Federal Government was going to continue heavily
in the red for years.
Contract settlements were going to drag
on endlessly.
This would hold back production - provided, of
course, that it was not being held back anyway by the failure
of the Government to clear its property out of the war plants.
V- 529
2
This is a fair inventory of our homefront worries of a
year ago.
It is good to look back at them, because it may
help to restore our perspective on our troubles of today. On
•the, whole, we have
come out pretty well; and, if we could
lick the ‘problems of yesterday, we can lick the problems of
today.
L e t ’s pass the year briefly in r.eview.
We beat Japan a lot quicker than we expected.
Our
Government had the courage to spend |>2,000,000,.000 to save
untold billions.
It' had the courage to destroy two cities in
order to save millions of American, British, Chinese, Russian
and Japanese lives.
Since VJ-Day, we have demobilized quickly,
'the number of
men in the armed forces has been reduced from over 12,000,000
on VJ-Day to less than 4,000,000 today.
And those who have
been discharged have been absorbed quickly Into peacetime occu
pations .
We canceled our war contracts quickly■following VJ-Day^
and we have settled them quickly.
Settlement will be almost
completed by the end of this fiscal.year.
Congress had
placed In the hands of the Executive Branch ,a well-thought-out
Contract Settlement Act, and settlements have been kept abreast
of the filing of contractors’ claims.
In the meantime, ade
quate interim financing has been provided, so- that no one has
had to wait for his money.
Plant clearance has proceeded
swiftly, and without complaint. War contractors have been
placed in both a physical and a financial position to resume
peacetime production. I say this with due modesty as I con
cluded my wartime service as General Counsel for the Office of
Contract Termination and Settlement.
• Industry has responded swiftly to the termination of
wartime n e e d s . ■ The production of civilian goods has risen
more rapidly since VJ-Day than in any period of equal length
for' which we have record, and the production of civilian
goods was at an all-time, high immediately preceding the shut
downs brought on by the coal strike.
In March, the most recent month for which we have figures,
less than 3,000,000 men were unemployed and seeking work, end
most of these were unemployed because they could., not find the
right job, not because they could find no job at all.
The
number of unemployed is very small, considering the great re
duction in the size of the armed forces and the tremendous
turnover in occupations which is taking place even in civilian
life.
. ,
3
The controls have been relaxed; but they have, for the
most part, held* The people have shown that they have the
fortitude to put up with controls as long as they are neces
sary to prevent a postwar inflation and a subsequent defla
tion and depression*
The Government has promised that we
will not have to put up with them any longer than that*
Controls are necessary until the war plants are recon
verted; until the men formerly in the armed forces and in the
war plants are back at peacetime jobs; until the long pipe
lines between the producer and the ultimate consumer are
filled; and until the most urgent of the pent-up civilian de
mands are met* All of these things are being done; some of
them 3re nearly completed*
In the meantime, I feel confident
that the American people will keep the controls as long as
they are needed.
Two years after the end of the last war would
have turned the trick and prevented the 1921 depression.
If we
profit from our mistake last time, we will continue the controls
for another year*
During the past year, the Government has made great strides
toward reducing its expenditures*
It is important to understand just what is involved here.
The prime requisite is that the Government cut down its pur
chases of goods and services, and do this quickly*
In this
way, the men and machines formerly working for the Government
can be released to make things for civilians.
This is neces
sary to raise our standard of living. It is necessary to com
bat inflation, for it was the diversion of men and machines
from making civilian goods to making war goods which was the
cause of the inflationary pressures in the first'place*
Inflation can be beaten only by reversing the process.
In general, reducing the Government’s demand for goods
and services means reducing Government expenditures. This is
always true in the long run.
But sometimes in the short run
it means the exact opposite.
Take mustering-out pay, or con
tract settlements* for instance. The faster money is paid
out on these accounts, the more rapid is demobilization and
reconversion, and the more swiftly the flow of civilian goods
and services gets going.
If we had spent less this year on
mustering-out pay and on contract settlements, Government
expenditures would have been less* We would have saved
money this year, but it would have cost us a great deal more
in the long run.
4
The speed with which demobilization has been carried
on has increased many classes of expenditures this year.
For this reason, I think it is all the more remarkable that
total expenditures have come down as rapidly as they have.
Total Federal expenditures in April 1945 amounted to
$8,000,000,000.
In June 1945, the month after VE-Day, they
reached a high of $9,700,000,000; while last month, they
were down to $4,200,000,000, and they will continue to d e
cline swiftly as demobilization is completed.
While the expenditures of the Federal Government have
been declihing rapidly, revenues have held up remarkably well.
This is because business has been good and jobs have been
plentiful.
Income tax receipts have been large because in
comes have been high, and so have taxes.
But no higher than
we need in these critical times.
Met receipts for the first ten months of this fiscal year
amounted to $35,800,000,000, a decline of only about 4-1/2 per
cent from the corresponding ten months of the last fiscal year,
all of w^hich were during-a period of total war.
The decline
in receints, as compared wi t h ’last year, has, of course, been
somewhat greater in recent months.
Net receipts in March, the
last major tax month, however, amounted to $5,700,000,000, a
decline of only 17 percent below the corresponding month of
last year.
As a result of rapidly declining expenditures on the one
hand and well-»maintained receipts on the other, the Federal
budget has come nearly into balance.
Receipts exceeded expen
ditures in both February and March.
There will be some
deficit during the remainder of this fiscal year, but the out
look for a balanced budget by July 1, 1947 is vbhy good.
The approach to a balanced budget has made it possible
to apply part of the Treasury cash balance to a reduction in
the debt.
A portion of the certificate issues due on March 1
and on April I, all of the bond and note issues due or called
for payment on March 15, and all of the certificate issues
due on May 1 were paid in cash.
In addition, Secretary Vinson
announced on l y 'yesterday that two billion dollars of the certi
ficate issue due on June 1 and the entire amount of each of
the two bond issues which have been called for payment on. June
15 will be paid off in cash.
This will mean that as of June 15
the net reduction in the Federal debt since its peak at the
end of February will aggregate more than 10 billion dollars.
*
5
The budgetary picture gives us assurance that it will be
possible to effect a further large reduction in the debt from
the cash balance*
It has been our desire to concentrate the reduction in
the debt, as far as possible, upon securities held by banks*
It has, consequently* been gratifying to the Treasury that
the Government security holdings of. Federal Reserve Banks
and weekly reporting member banks - the only banks concerning
which data are available - have declined by 4*3 billion dollars
since the end of the year - a decline equal to almost three
quarters of the net reduction in the total debt occurring dur
ing this period*
The interest rates at which the Treasury borrows money
have not changed maturity-for-maturity since Secretary Vinson
took office*
They are low, measured by most historical stan
dards - although long-term ratés are not so low, for example,
as those prevailing in Great Britain in the last decade of
the Nineteenth Century, nor are short-term rates as low as
those prevailing in the United States during mos.t Of the
thirties•
An important aspect of the Treasury1s policy with respect
to debt management at the present time is to encourage the
people to buy and hold savings bonds* We are sometimes asked,
’’With a steadily declining debt, why is the Treasury continu
ing to push the sale of savings bonds'?”
The answer is, of course, that the Treasury is pushing
the sale of savings bonds, not to obtain money to finance the
deficit, but in order to combat the inflationary pressures
which are still continuing from the war, and.which will con
tinue for a while longer; and to secure a better distribution
of the public debt*
Every dollar of savings bonds sold t o day.permits us to
retire a dollar of debt held by banks* Every dollar which is
used to purchase savings bonds and which would otherwise be
spent is a dollar removed from the present inflationary mar
kets for consumers’ goods, and a dollar added to our backlog
of-purchasing power saved up against the day when goods will
be plentiful*'
This will be a double-acting backlog*' Some of it will
be used to buy goods in the days to come*
More of it will
be retained indefinitely, but it will provide its holders with
the feeling -, and with the reality - of economic security which
will permit them to spend a larger proportion of their current
incomes on goods and services*
All of it, as long as it is
held, will give to its holders a sense of enhanced participa
tion in their country’s affairs and an enhanced interest in
our national well-being*
Promoting the sale of savings bonds is one of the things
whicij tan be done on the fiscal front to counteract the infla
tionary pressures which are holding over from the war.
As I
have already indicated, the most important thing the Govern
ment can do on this front is to cut down its own purchases of
goods and services - that is, in general, to reduce its ex
penditures*
Almost equally important is that it should main
tain its tax revenues, for money paid to the Government in
taxes is thereby removed from, the market for goods and
services.
The' tax revenues of the Government, as I have already
indicated, are holding up very well. We want to keep them
that way.
In order to do this, it will be necessary to keep
tax rates at around present levels as long as the inflation
ary pressures persist*
Tax rates have already been substantially reduced since
VJ-Day. These reductions - which, in a broad way, followed
Secretary Vinson’s recommendations - were particularly im
portant in two fields.
First, Congress swept off the books
the old concept of the "victory tax" - which took no account
of family responsibilities and taxed the family man as heavily
as the bachelor. The name of this tax had been changed from
"victory” to "normal" prior to its demise, but there was
nothing normal about it.
It was unjust and was tolerable only
under war conditions.
Its elimination was a victory for jus
tice and for fair play.
The second field in which the tax reductions of the
Revenue Act of 1945 were particularly important was that of
business taxes. Here, Congress - following Secretary Vinson’s
recommendation - repealed the excess profits tax. This move
was thoroughly justified by the conditions of the transition
period. The major thesis of the excess profits tax - that the
excessiveness of profits can be measured by comparing them
with those of a prewar period - was appropriate only for the
period of active hostilities.
Applied in peacetime, it would
have throttled the growth of new and expanding industries,
and-would have worked major inequities all along the line.
The repeal of the excess profits tax has already paid large
dividends in speeding reconversion: and It will pay further
dividends as peacetime production progresses.
By encouraging
business men both to produce more and to watch their expendi
tures more, the repeal of the excess profits tax has contri
buted to combat, rather than to increase, inflationary press
ures.
7
But, in my opinion, the tax reductions effected by the
Revenue Act of 1945 are as far as'we should go until infla
tionary pressures further s u b s i d e . W h e n that time comes, we
can combine a further tax reduction with a thorough stream
lining and modernization of our tax structure.
There is another aspect of our policy on the financial
front upon which I should like to comment... This may be the
most important aspect of all in determining the world in which
* we shall live tomorrow...
The destruction of life and property in the war which
has just ended is almost beyond conception. .This war has
differed from any other of m o d e m times, in that the toll
among civilians has exceeded that among men in uniform; and
the%destruction of property away from the battlefields has
exceeded that on the battlefields.
Our standard of living is higher than before the war,
while that of every country in the Old World is tremendously
lower. . It is urgent in the interests of world trade and of
world peace - in the interests of the future prosperity and
peace of the United States - that these countries be set
back on their feet. .All of the labor for doing this and
most of the materials must come from the devastated countries
themselves. The people of those countries have the will and
determination to work hard and to live on little, until their
reconstruction is complete.
But they need a helping hand
from us. They need a minimum amount of loans to purchase the
American-grown and American-made materials necessary for their
reconstruction and for the restoration of their trade. We must,
and w i l l ,...pxtend this helping hand.
Fortunately, the goods which these countries need the
most are not those in scarcest supply here; but,, even when
they are, we must share - if we are to have peace and pros
perity here and in the rest of the worldv.
Most urgent of all is the loan to Britain.
Britain held
the line for more than two years before the Nazis declared war
on. us • This cost her dearly and profited us much.. The war
has been a great drain on her resources.
In order to con
serve her assets,, she has had to lay down numerous barriers
to world trade.. She wants the same kind of a world that we
want... But she cannot restore her own economy and she cannot
remove her trade barriers without a helping hand from us.
This is what the proposed Financial Agreement does.
It is
the Number One item on our plate for better international
economic relations. .
8
So, in the past year, we have licked many problems; but
many new ones have arisen, and many of the old ones remain.
The war has been won; but the peace has not yet been made
Demobilization is three-quarters over; but many of the service
men have not yet found their proper places in civilian life.
We have jobs available for all of our people, and satisfactory
jobs for most of them; but we have not solved our problem of
industrial relations. We have held the price line during and
after the war far better than ever before in our history; but
inflationary pressures are still strong* We have almost com
pleted the physical and financial task of reconversion; but
the pipe lines of partially finished goods from producer to
producer and of finished goods from producer to consumer are
far from full, and many manufacturers suffer from scarcities
of component parts*
,
'
•
We have traveled a long way in the past year, but we
still have a long way to go before we reach "normalcy” . And
normalcy, too, has its problems, if history, is any guide.
But problems add to the zest of living.
I am confident the
American people will face the problems ahead, proud of their
record, but determined to better it, again and again.
0
O0
mm
mm
EABNINGS, EXPENSES, AND DIVIDENDS 07 NATIONAL BANKS ÏOR YEARS
ENDED DECEMBER 31, I9U5 and 19*&
(Amounts la thon«and« of dollar«)
! Change since
!
t
!
1944
1944
t
19^5
!
Capital stock* par value: 1/
......... .
....
Common* TT>........••••••*••*.***. ....
TOTAL CAPITAL STOCK......... ....
....
Earnings froa carrent operations:
$91,966
1.475.226
1.567.192
4,274,865
- a , 572
¿Î13,430
«1.858
«80.872
632,471
¿112,113
359.883
60.187
¿14,234
*4,257
37,390
72.075
f 8,080
f 3.371
¿4.144
1,206,263
¿142,9»
3.35*377
135.377
2229*412
» ,412
122,333
208,695
/ 13,044
¿20,717
7,206
6,392
r ¿814
124.567
124,567
97,826
53.898
¿26,741
¿988
$70,39»!
1 .588,656
1
Æ
4,655.737
Interest and dividends:
On ïï* S. Government obligations* .......
On Other Securities • •••.... ...... *••
®5** 592)
92,992)
Interest and discount on loans«»*****»«» 37^*117
Service charges o n deposit accounts****»
61,20^
Other service charges, conaissions, fees,
and collection and exchange charges«*••
.. 52.337
. ^0,7^1
4o,76l
Trust d e p a r t m e n t , .
76.219
Other carrent earnings* ........ ..........
76,219
TOTAL EARNINGS FROM CURRENT
OPERATIONS................ *...... .1,349,222
1,3^9,222
Oarrent operating expenses»
Salaries and wages:
Officers* ••••••**••••••••••••••••«**
Employees other than officers*******
Fees paid to directors and members of
executive, discount, and advisory
committees****•*»»*«•••••»•*•»••••*
Interest on tine deposits (including
savings deposits)*........ •••.•••*•
Taxes other than on net incone*******
Recurring depreciation on hanking house,
furniture and fixtures****.*••••*••*••1
Other current operating expenses*.*.»*»»,
TOTAL CURRENT OPERATING EXPENSES«» .
NET EARNINGS FROM CURRENT
54,886
23,468
23,468
241,772..
241«
816,688
OPERATIONS...***.. 532.534
532,534
Recoveries;
On securities****.**»********»*...... .
54,153
54.153
» 37*392
37.39?
On loans*******.****..........
26.784
All other...................... *.*•*♦,
26,784
118,329
TOTAL RECOVERIES............. . , 118,32$
Profits on securities sold or redeemed*** **. 141,803
l4l,803
TOTAL RECOVERIES AND PROFITS ON
SECURITIES SOLD ORREDEEMED..... . 260,132
260,132
Losses and chargesffs,t
74.627
On securities**•••»•*..•..•..•••*•••••••.
74,627
©,652
On loans*********.***.*,*****»**»*«**»*«.
29,652
.
27,688
All other*******************************
27,688
f I.017
24,497
211.607
725,248
481,015
«»1,029
¿30.165.
^91t440
¿51,519
50,302
50,348
24,524
125,174"'
68,963
.¿3*851
•42,956
194,137
¿65,995
67.574
41.039
33.8»
142,472
532,680
¿7.053
•U.,387
-6,171
-10,505
¿128,019
¿47,294
¿2,436
•6,845
¿72,840
TOTAL LOSSES AND CHARGE-07FS.........
.
PR07ITS BEFORE INCOME TAXES».****.... .
131*967
131.967
660,699
660,699
Taxes on net Incone:
.
Federal*••»•** «........... . . .
State*............. ....... *....... . .
159,374
159*374
11,192
11*192
TOTAL TAXES ON NET INCOME.........*.
170,566
170,566
NET PROFITS BEFORE DIVIDENDS*.......*..... *.
*190,133
490,133
112,080
8,756
120,836
411,844
4,131
5.296
>1,165
151.525
77.3*2
139,012
33.900
&2.513
¿43.408
178,208
¿54,756
5.031
**g
Dividends declared»
On preferred stock......................
On conaon stock!
Cash dividende.................. .
Stock dividende......................
TOTAL DIVIDENDS DECLARED............
Hunter of tanks 1/
Rate
To
Rate
To
l/
ef net profite:
capital funds j/**<
of cash dividends*
capital funds 1/*.
At end of period*
5.023
Percent
10*53
3*34
Percent
9.63
3.38
~
W 3W
¿78, » 9
~
- 2 Cash dividends declared on common and preferred stock in 1945 totaled
$ 155 ,656*000 in comparison with $144,308,000 in 1944.
dividends was 3*34 percent of capital funds.
The annual rate of cash
The cash dividends to stockholders
in 1945 were 31,76 percent of net profits available.
The remaining 68.24 percent
of net profits, or $334,477*000, was retained b y the banks in their capital
accounts.
On December 31, 1945 there were 5*023 national banks in operation as compared
to 5,0 3 1 in 1944.
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
, MORNING NEWSPAPERS,
p
T
>
Press Service
No* / , 3 3 ö
Comptroller of the Currency Preston Delano announced today that the national
hanks in the United States and possessions reported net profits after income taxes
of $490,133>000 for the year ended December 3^* 1945, an increase of $78,289,000
over the year 1944*
Net operating earnings, before income taxes, were $532*534,000.
Adding to the
net operating earnings, profits on securities sold of $l4l,803*000 and recoveries on
loans and investments, etc. previously charged off of $ 1 1 8 ,329 ,0 0 0 , and deducting
therefrom losses and charge-offs of $1 3 1 ,967,000 and taxes on net income of
$170,566*000, the net profits before dividends for the year ended December JL» 1945
amounted to the $490,133,000 mentioned above, which at an annual rate amounts to
I O .53 percent of capital funds*
'
The principal items of operating earnings for 1945 were $651,952,000 from
interest on U. S. Government obligations and $92,992,000 interest and dividends on
ether securities, a total of $744,584,000, which was an increase of $ 1 1 2 ,113,000
over the corresponding period in 1944; and interest and discount on loans of
$374,117,000, an increase of $14,234,000.
The principal operating expenses were
$ 371 ,995,000 for salaries and wages of officers and employees and fees paid to
directors, a n increase of $34*575*000 over 1944; and $124,567*000 expended in the
form of interest on time and savings deposits, an increase of $26,741,000.
earnings of $1,349,222,000 were reported for the year 1945*
increase of $142,959,000 over the gross earnings for 1944.
Gross
This represents an
Operating expenses were
$ 8 l 6 ,688 ,0 0 0 , as against $725,248,000 for 1944.
Profits on securities sold during 1945 aggregating $l4l,803,000 were $72,840,000
more than in the preceding year, and losses and depreciation on securities in 1945
totaling $74,627,000 were $7,053,000 more than in the year before.
Losses charged 0f
on loans and discounts of $2 9 ,652,000 were $ 1 1 ,387,000 less than in the previous
year.
Taxes on net income, Federal and State, in the year 1945 totaling $170,566,000
exceeded the amount of such taxes paid in the preceding year by $49*730,000.
TREASURY DEPARTMENT
Comptroller of the Currency
-Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday, May 18, 1946 _______
Press Service
No. V-330
Comptroller of the Currency Preston Delano announced
today that the national banks in the United States and pos
sessions reported net profits after income taxes of
$490,133,000 for the year ended December 31, 1945, an increase
of $78,289,000 over the year 1944.
Net operating earnings, before income taxes, were
$532,534,000.Adding to the net operating earnings, profits
on securities sold of $141,803,000 and recoveries on loans and
investments, etc., previously charged off of $118,329,000, and
deducting therefrom losses and charge-offs of $131,967,000 and
taxes on net income of $170,566,000, the net profits before
dividends for the year ended December 31, 1945 amounted to the
$490,133,000 mentioned above, which at an annual rate amounts
to 10.53 percent of capital funds.
The principal items of operating earnings for 1945 were
$651,952,000 from interest on IT. S. Government obligations and
$92,992,000 interest and dividends on other securities, a total
of $744,584,000, which was an. increase of $112,113,000 over
the corresponding period in 1944; and interest and discount on
loans of $374,117,000, an increase of $14,234,000.
The prin
cipal operating expenses were $371,995,000 for salaries and
wages of officers and employees and fees paid to directors, an
increase of $34,575,000 over 1944;' and $124,567,000 expended
in the form of interest on time and savings deposits, an in
crease of $26,741,000.
Gross earnings of $1,349,222,000 were
reported for the year 1945. This represents an increase of
$142,959,000 over the gross earnings for 1944.
Operating ex
penses were $816,688,000, as against $725,248,000 for 1944.
Profits on securities sold during 1945 aggregating
$141,803,000 were $72,840,000 more than in the preceding year,
and losses and depreciation on securities in 1945 totaling
$74,627,000 were $7,053,000 more than in the year before.
Losses charged off on loans and discounts of $29,652,000 were
$11,387,000 less than in the previous year. Taxes on net
income, Federal and State, in the year 1945 totaling
$170,566,000 exceeded the amount of such taxes paid in the
preceding year by $49,730,000.
2
Cash dividends declared on common and preferred stock
in 1945 totaled $155,656,000 in comparison with $144,508,000
in 1944.
The annual rate of cash dividends was 3.34 percent
;of capital funds. The cash dividends to stockholders in
1945 were 31.76 percent of net profits available.
The remain
ing 68.24 percent of net profits, or $334,477,000, was re
tained by the banks in their capital accounts.
On December 31, 1945 there were 5,023 national banks in
operation as compared to 5,031 in 1944-.
- 3
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOE'YEARS
ENDED DECEMBER 31, 1945 and 1944
(Amounts in thousands of dollars)
1944Capital stock, par value: 1/
Preferred....... *.....
Common.... ........ .
TOTAL CAPITAL STOCK..
Capital funds 1
..... Earnings from current operations:
Interest and dividends:
On U.S. Government obligations...
On other securities.... .
Interest and discount on loans.....
Service charges on deposit accounts..
Other service charges, commissions, fees,
and collection and exchange charges
Trust department..................
Other current earnings............
TOTAL EARNINGS FROM CURRENT
OPERATIONS'....................
Current operating expenses:
Salaries and wages:
Officers.... .... ...........
Employees other than officers......
Fees paid to directors and members of
executive, discount, and advisory
committees......... .............. .
Interest on time deposits (including
savings deposits)..-................
Taxes other than on net income......
Recurring depreciation on banking house,
furniture and fixtures........ .....
Other current operating expenses........
TOTAL CURRENT OPERATING EXPENSES....
NET EARNINGS FROM CURRENT OPERATIONS.....
Change since
1944.
$>70,394
,0)66
-21,572
1,659,050
4,655,737
1,567,192
4 ,274,865
/9 Î 5 8 5 8
¿380,872
632,471
/1 1 2 , 1 1 3
359,883
60,187
/1 4 , 2 3 4
/ 1,017
* 52,337
40,761
76,219
44,257
37,390
72,075
/ 8,080
/ 3,371
i■ 4,144
,3 4 9 , 2 2 2
1,206,263
/142,959
135,377
229,412
122,333
208,695
/ 13,044
/ 20,717
7,206
6,392
/814
54,336
97,826
53,898
7/26,741
/9S8
23,4-68
241,772
8 1 6 ,6 8 8 '
532,534
211,607
725,248
481,015
651, 592)
92,992)
374,H7
61,204
1
1 2 4 ,5 6 7
2 4 ,4 9 7
-1,029
/30.165
/9l,440
/51,519
- Iir-
•
•
1945
Recoveries:
On securities;...... ....... ........
On loans............................
TOTAL RECOVERIES...............
Profits on securities sold or redeemed....
TOTAL RECDVERTES AND PROFITS ON
SECURITIES SOLD OR REDEEMED....
¿3,851
-12,956
¿2 , 2 6 0
-6,845
¿72,840
2 6 0 ,1 3 2
194, 1j?7
¿65,995
67,574
41,039
33,859
142,472
¿7,053
-11,387
-6,171
-1 0 , 5 0 5
¿128,019
5 0 ,3 0 2
74,627
29,652
2 7 ,6 8 8
1 3 1 ,9 6 7
660
,É09
5 3 2 ,6 8 0
159,374
11,192
170,566
490,133
112,080
8,756
120,836
411,844
¿47,294
¿2,436
¿49,730
¿78,289
4,131
5,296
-1,165
,525
77,308
2 3 2 ,9 6 4
139,012
33,900
178,208
¿1 2 , 5 1 3
¿43,408
¿54,756
5,023
5,031
151
Number of banks 1/............ .
Percent
.
1/ At end of period*
-oOo-
Change since
1944
50,348
24,524
125,174
68,963
State...... ........ . ....... ........
TOTAL TAXES ON NET INCOME.......
NET PROFITS BEFORE DIVIDENDS............
Dividends declared:
On preferred stock................ . *
On common stock:
Cash dividends....................
Stock dividends................ .
TOTAL DIVIDENDS DECLARED.........
of net profits:
capital funds 1/.......... .
of cash dividends:
capital funds 1jl..................
s
:
54153
37,392
26,784
118,329
141,803
Losses and charge-offs:
On securities....... .................
On loans.......... ....... ...........
All 0~bil027••••••••••••••«••••••••©oo«©«©
TOTAL LOSSES AND CHARGE-OFFS.....
PH)FITS BEFORE INCOME TAXES........... .
Taxes on net income:
Rate
To
Rate
To
1944
1 0 .5 3
3 .3 4
•
-8
Percent
9.63
Percent
3.38
-.04
¿.9 0
- 3 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. [¡.18, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
/
Immediately after the closing hour, tenders ■Brill 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 1200,000
or less from any one bidder at 99.90^ entered on a fixed-price basis will be
accepted in full. ‘ Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
May 23, 19ii6
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 here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
U2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 11S> of
the Revenue Act of 19U1., the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
TREASURY DEPARTMENT
Washington
^
—
'v) 3
FOR RELEASE, MORNING NEWSPAPERS.,
Friday, May 17, 19h6
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 Trill be dated
May 23,
Mr* 19ii6
, and
will mature . August 22, 19U6____ , when the face amount will be payable with"4»
out interest. They will be issued in bearer form only, and in denominations
of $1,000, $5.)000, $10,000, $100,000, $5 0 0 ,0 0 0 , and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, tiro o^clock p.m., Eastern Standard time,
Monday« May 20, 191^6
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.,
Fractions may not be used.
99
.9 2 5 *
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.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May~17, 1946
The Secretary of the Treasury, by this public notice,
invites tenders for $1,300,000,000, or thereabouts, of 91-aay
Treasury bills, to be issued on a discount basis under com
petitive and fixed-price bidding as hereinafter provided. The
bills of this series will be dated May 23, 1946, and will mature
August 22, 1946, when -the face amount will be payable without
interest.
They will be,,issued in bearer form only, and in
denominations of $1,000V $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, May 20, 1946. Tenders will not be re
ceived at the Treasury Department:, Washington.
Each tender
must be for an even multiple of $1,000, and the price offered
must be. expressed on the basis of 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 inust 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 May 23, 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-331
(Over)
2
disposition of Treasury bills shall ,not haven any special treat
ment, as such, under Federal "tax Acts now or hereafter enacted*
The bills shall b e .subject to estate, inheritance, gift, or
other excise taxe sy* 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 o f #the
possessions of the United States, or by any local taxing auth
ority*
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 con
sidered to accrue until such bills shall be sold, redeemed or
otherwise disposed of, and such bills ,are excluded from .con
sideration as capital assets.
Accordingly, the owner of'
Treasury bills (other than life insurance companies) issued
hereunder need include in his income tax return only the differ
ence between the price paid for such b i lls , whether on original
issue or on subsequent purchase, and the amount actually re
ceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
/ \
’»Hit ■
.
'• •
Treasury Department Circular No, 418, as amended, and this
notice, prescribe the terms of the Treasury bills and govern
the conditions of their issue.
Copies of the circular may be
obtained from any Federal Reserve Bank or Branch.
oOo
•
v
&
1/
I
want to make clear what I said on the division of the world
into economic blocs.
It is of the utmost importance to prevent the formation of
economic blocs grouped around great powers.
The way to prevent this
is by having all countries join in the World Fund and Bank.
That
has been the policy of the United States and will continue to be our
policy.
Russia participated in the Bretton Woods Conference and had
observers at the Inaugural Meeting of the World Fund and Bank in
Savannah.
Russia is not yet a member of the Fund and Zknk.
I hope
that she will see the advantages of participating fully in these
organizations for international economic cooperation.
If we make it possible for Britain to abide by the fair trade
and currency standards of the United Nations there is every prospect
that the Fund and Bank will succeed in their work and that all
countries will find it advantageous to be inside rather than outside
the Fund and Bank.
On the other hand, if England finds it necessary
to organize and maintain a British economic bloc, the United Nations
cannot succeed in establishing the same fair trade and currency
standards.
Inevitably, there would be not only a British bloc, but
an American bloc^ and a Russian Hoc.
The objective of our policy is to prevent the formation of a
jBritish bloc and to urge on Russia the desirability of joining with
’the United States and England, and the other United Nations, in a
omprehensive program of international economic cooperation*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, May 16, 1946.
Press Service
No* V-332
Secretary Vinson today made the following statement before
the House Banking and Currency Committee.:
I want to make clear what I said on the division
of the wbbld into economic blocs*
It is of the utmost importance to prevent the forma
tion of economic blocs grouped around great powers.
The way to prevent this is by having all countries join,
in the World Fund and Bank.
That has been the policy
of the United States and will continue to be our policy.
Russia participated in the Bretton Woods Conference
and had observers at the Inaugural Meeting of the World
Fund and Bank in Savannah*
Russia is not yet a member
of the Fund and Bank.
I hope that she will see the ad
vantages of participating fully in these organizations
for international economic cooperation.
If we make it possible for Britain to abide by the
fair trade and currency standards of the United Nations
there is every prospect that the Fund and Bank will suc
ceed in their work and that all countries will find it
advantageous to be inside rather than outside the Fund
and Bank,
On the other hand, if England finds it ne
cessary to organize and maintain a British economic bloc,
the United Nations cannot succeed in establishing the
same fair trade and currency standards.
Inevitably,
there would be not only a British bloc, but an American
bloc, and a Russian bloc.
The objective of our policy is to prevent the
formation of a British bloc and to urge on Russia the
desirability of joining with the United States and
England, and the other United Nations, in a compre
hensive program of international economic cooperation.
0
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Bwnxmrn
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of the trm m rg fim o» today m m m m é that. t a 3 parc«*3t
frm m tT Mimiß of Ip ffeifc in t£t* « w t of $1#035*B?3»#O» ani the jki/ß pejw
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The t a t of t a o ffic ia l t r a t a r follows*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, May 20, 1946« -
Press Service
No. V-333
Secretary of the Treasury Vinson today announced that the
3 percent Treasury Bonds of 1946-48, in the amount of
$1,035,873,400, and the 3-1/8 percent Treasury Bonds of 194649, in the amount of j,818,627,000, which have been called for
redemption on June 15, 1946, will he redeemed in cash*
At the same time, the Secretary announced the offering,
through the Federal Reservé Banks, of 7/8 percent Treasury
Certificates of Indebtedness of Series E-1947, open on an ex
change basis, par for par, to holders of Treasury Certifi
cates of Indebtedness of Series E-1946, in the amount of
#4,799,491,000, which will mature on June 1, 1946.
Since it
is planned to retire about & 2,000,000,000 of the maturing
certificates on cash redemption, subscriptions will be re
ceived subject to allotment to all holders on an equal per
centage 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 June 1, 1946,
and will bear interest from that date at the rate of seveneighths of one percent per annum, payable semiannually on
December 1, 1946, and June 1, 1947. They will mature June 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
certificates•
The subscription books will close at the close of business
Wednesday, May 22, 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 subscrip
tions of the latter class at the close of business Friday, May 24.
Subscriptions addressed to a Federal Reserve Bank or Branch
or to the Treasury Department, and placed in the mail before mid
night of the respective closing days, will be considered as
having been entered before the close of the subscription books.
The text of the official circular follows:
UNITED STATES OF A?,/ERICA
Dated and bearing interest from June 1, 191*6
191*6
Due June 1, 19l*7
TREASURY DEPARTMENT,
Office of the Secretary,
Wàshington, May 20, 191*6.
Department Circular No. 788
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 E~19l*7> in exchange for
Treasury Certificates of Indebtedness of Series E-I9U6, maturing June 1, 191*6.
II.
DESCRIPTION OF CERTIFICATES
1. The certificates will be'dated June 1, 191*6, and will bear interest from
that date at the rate of 7 / 8 percent per annum, payable semiannually on December 1,
191*6, and June 1, 19i*7. They will mature June 1, 19l*7j 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, in
heritance, gift or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any
local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
1*. Bearer certificates with interest coupons attached will be issued in
cates will net b© issued in registered form,
3.
The certificates will be subject to the general regulations of the Treasury
III. SUBSCRIPTION, AfJD' 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 subscrip
tion* in Whole or in part, to allot less than the amount of certificates applied
for, and to close the books as to any or all subscriptions at any time without
notice; and any action he may take in these respects shall be final. Subject to
these reservations, 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 $2 5 , 0 0 0 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 June 1, 19U6, or on later allotment, and may be made only in Treasury Cer
tificates of Indebtedness of Series E-19U6, maturing June 1, 19UÓ, which m i l be
accepted at par, and should accompany the subscription,
V.
GENERAL PROVISIONS
1,. As fiscal agents of the United States, Federal Reserve Banks are author
ized and requested to receive subscriptions, to make allotments on the basis and up
to the amounts indicated by the Secretary of the Treasury to the Federal Reserve
Banks of the respective Districts, to issue allotment notices, to receive payment
for certificates allotted,.to make delivery of certificates on full-paid subscrip
tions allotted, and they may issue interim receipts pending delivery of the defini
tive certificates.
2. The Secretary of the Treasury may at any time, or from time to time, pre
scribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks.
Fred M. Vinson^
Secretary of the Treasury.
TREASURY DEPARTMENT
Washington* dMF.
Vn/
s£(
Press Service
3
In order to enable hanks to render better service to individuals
and corporations wishing to buy or sell restricted Government securi
ties, Secretary Vinson announced today that he had amended Treasury
regulations so as to permit commercial banks to hold a limited
amount of the restricted issues for trading purposes. jThe limit on
I —
holdings is 1 percent of demand deposits, excluding war loan deposits
and interbank deposits, or $500 ,000 , whichever is less. ITheJbonds
so held shall be in addition to and shall be held in an account
separate from the bonds of such issues which have been otherwiseI
acquired. ^The change was made after consultation with Federal Reserve
authorities» who agreed that it would be helpful particularly to
small non-bank investors. |The circular which incorporates the details
and enumerates the issues affected, is attached.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, May 17, 1946.
Press Service
No. V-334
In order to enable banks to render better service to
individuals and corporations wishing to buy or sell restricted
Government securities, Secretary Vinson announced today that
he had amended Treasury regulations so as to permit commercial
banks to hold a limited amount of the restricted issues for
trading purposes.
The limit on holdings is 1 percent of demand deposits,
excluding war loan deposits and interbank deposits, or
$500,000, whichever is less.
The bonds so held shall be in
addition to and shall be held in an account separate from
the bonds of such issues which have been otherwise acquired.
The change was made after consultation with Federal
Reserve authorities, who agreed that it would be helpful
particularly to small non-bank investors.
The circular which incorporates the details arid enumer
ates the issues affected,
is attached.
MODIFICATION OF VARIOUS DEPARTMENT CIRCULARS GOVERNINGISSUES OF TREASURY BONDS RESTRICTED AS TO OWNERSHIP BY
COMMERCIAL BANKS WHICH ACCEPT DEMAND DEPOSITS
1946
Department Circular No. 787
______
TREASURY DEPARTMENT,
Office of the Secre2tary,
Washington, May 1*1r, 1946.
Fiscal Service
Bureau of the•Public Debt
I.
1.
ENUMERATION OF DEPARTMENT CIRCULARS AFFECTED
The Department circulars rnodif ed'by this circular and
the Treasury bond issues which they govern, are as follows:
No. 685) - 2-1/2 percent Treasury
692)
No. 701 - 2-1/2 percent Treasury
No. 708 - 2-1/2 percent Treasury
April 15, 1943)
No. 7X9) - 2-1/2 percent' Treasury
Sept. 15 , 1943)
724)
No • 729)
734) - 2-1/2 percent Treasury
740)
No • 730) - 2-1/4 percent Treasury
735)
No. 755) - 2-1/2 percent Treasury
760)
No. 768 - 2-1/2 percent Treasury
June 1, 1945)
No. 769 - 2-1/4 percent Treasury
June 1, 1945)
No. 776 - 2-1/2 percent Treasury
Nov. 15, 1945)
No. 777 - 2-1/4 percent Treasury
Nov. 15, 1945)
Bonds of 1962-67
Bonds of 1963-68
Bonds of 1964-69 (dated
Bonds of 1964-69 (dated
Bonds of 1965-70
Bonds of 1956-59
V
Bonds of 1966-71
Bonds of 1967-72 (dated
Bonds of 1959-62 (dated
Bonds of 1967-72 (dated
i
Bonds of 1959-62 (dated
2
II.
1*
MODIFICATION OF CIRCULARS
Each of the circulars enumerated in Section I
hereof provides that the bonds issued thereunder may not be
transferred to or be held
by commercial banks, which were
defined for this purpose as banks accepting demand deposits,
before various fixed dates,
except to the extent and in the
manner set forth in the governing circulars.
These provis
ions are hereby modified to permit any such bank to hold,
for the purpose of facilitating transactions for the account
of customers, bonds issued pursuant to said circulars in an
aggregate amount not to exceed at the close of business on
any day one percent of its demand deposits, excluding United
States war loan deposits and inter-bank deposits, or
$500,000, whichever is less.
Such bonds shall be in addition
to and shall be held in an account separate from those other
wise acquired pursuant to the provisions of the offering
circulars.
FRED M, VINSON,
Secretary of the Treasury
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORBINO NEWSPAPERS,
Press Service
Tuesday, May 21, 19U6.
The Secretary of the Treasury announced last evening that the tenders for
I■’
s^'
y .
■’
^
§¡1
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated May 23 and to aatun
•'
fc,
August 22, 19b6, which were offered on May 1?, 191*6, were opened at the Federal Reserve
Banks on May 20/
The details of this issue are as follows«
Total applied for - $1,927,697,000 /
• :
_
Total accepted
* 1,313,785,000 * (includes $39,1*58,000 entered on a fixed-price
Average price
-
^
99.905/
basis at 99.905 and accepted in fu ll)
0*375# per
Equivalent rate of discount approx*
annum
Range of accepted competitive bidet
** 99 *9 OS Equivalent rate of discount approx. 0.36k# per annum
99.905A
*
s
w
e
*
0.376# •
*
low
~
(66 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
total
Applied for
Boston
Sew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
i
TOTAL
19,690,000
1,1*75,217,000
16,01*0,000
25, 275,000
H»,155, 000
It,535,000
260,125,000
6,115,000
1,835,000
23,650,000
8 ,305,000
72,755,000
$1,927,697,000
Total
Accepted
$
13,601»,000
993,1*97,000
11,960,00)
18,815,000
12,115,000
1*,535,000
171*,105,000
5,231,000
1,835,000
2 0 ,3 1 8 ,0 »
7,1*55,000
5o,3lS,ooo
$1,313,785,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 21, 1946
________
Press Service
No. V-335
The Secretary of the Treasury announced last evening that
the tenders for $1,300,000,000, or thereabouts, of 91-day
Treasury bills to be dated May .23 and to mature August 22, 1946,
which were offered on May 17, 1946, were opened at the Federal
Reserve Banks on May 20.
Thè details of this issue are as follows:
Total applied for - #1,927,697,000
Total accepted
- 1,313,785,000 (includes #39,458,000 entered
on a fixed-ppice basis at
99.905
Average price
- 99.905/ Equivalent rate of discount approx.
0.375$ per annum
Range of accepted competitive bids:
High - 99.908 Equivalent rate of discount anprox. 0.364$ per annum
Low - 99.905
”
*»
"
"
\ "
0.376$ ”
»
(66
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
#
19,690,000
1,475,217,000
16.040.000
25.275.000
14.155.000
"4,535,000
260,125,000
6.115.000
1.835.000
23.650.000
8.305.000
72.755.000
' I 1,927,697,000
oOo
Total
Accepted
$
13,604,000
993.497.000
11,9*60,000
18.815.000
12.115.000
4.535.000
174.105.000
5,231;000
1,835;000
20.318.000
7.455.000
50.315.000
# 1,313,785,000
Page T
Assets and liahillties
of
all active oariks in tha United States and possessions, hy classes,
Dec. 31, I9 U 5 - Contd.
(In thousands of dollar«)
1
:
5
fötal
* National
ail tanks *
tanks
%
.
|
•
Total deposits..................... $ 166 ,530,093
111 tanks *
Banks other than national
other thanj State (ecot- s M u t u a l 1 priTa^e
national j merclal)
: savings :
3%5*0 * 238,099
^,21*2,9^7 * «1,287,1*16 *65,69^,907 *15,
2111 s payable, rediseemnts, and other
227,150
llatilitles for torrowsd money» ......«•
Acceptances executed t y or for secouât of
reportlng tanks and outstaading. .,..»*«
86,635
Interest, discount, rent, and other
income collectod tut not earned.
59,299
Interest, taxes, and other expenses
æ c m e d and nnp&id......................
383,183
453.im
Other llatilitles**«»»«»«......••••••••••
Total llatilitles............... .
167,739,464
CAPITAL AOCODNTS
Capital not«« And d i t n t o r M .... .
Preferrsd stock«.........................
Ceomon stock*...... ........... .
Surplus............ .
UncLivided profits*••••••»•»••»•••«.»•••»»
Seserves and retireront aecount for preforrod stock and capital notas and
dstsnturos».... »•••»••».......... ••»
Total.capital, eccountf*•»»•«•»•»»•.
77,969
149,181
139,909
6,750
2,522
*7,9*3
38,692
29,586
m
9,106
31,484
27,815
27,3*
430
31
173,227
163,317
181.1* .. 157.151
81,859,445 66,211,824
9,661
25,921
15,397,302
249
209,996
269.720
85,880,019
312
250,319
4,922
2)oil*403
688,986
72,080
92,946
1,363,503
2,992,878
1,092,114
1,357,590
1,882,781
653,800
1 ,097,226
•*37,835
12,871
479
638.862
10,611,611
296.509
>*,655,737
*2.353
5,955,«74
289.109
4,343,3*
. 49*857
1,589,840
22,650
Total llatllitlos and capital
aecounts»»«»»»«•••••»•••»•••••«••• 178,351,075
90,535,756
«7,815,319
70,555,208
16,987,142
272,969
72,080
163, * 0
2,951,94s
5,0m, 281
1,781,100
1,588,445
70,# 4
g ;jg
5,913
3.387
u?
*
1
*
Total
* Bational
all banks 1 banks
Currency and eeia**«****.•••*••••*•••••*«•**• $2,025,088
Balances with other banks, including reserve
balances and cash items in process of
collection**..»••*•••••••••.....
33,5^9,^93
Bask premises owned, furniture and fixtures««
1,020,023
Beal estate owned other than bank premises***
72,930
Investments and other assets indirectly rep
resenting bask premises or other real estate« . 77,2hh
easterners9 liability on acceptaaftes outstanding*
75,856
Interest, commissions, rent, and other income
earned or accrued but not collected**•••••••«
295,803
Other assets******....*...... ...... •••*•*«*»
211.8^8
Total assets«***....*................. 172,331,073
* All banks
* other than
* national
*
Banks other than national
* Stato (cos»»« ^ f nei
* aereial)
: Malaga » Pri^ats
t
$1,008,644
$1,016,444
$919,250
$94,757
$2,437
19,170,145
495,105
10,068
14,419,548
524,918
62,862
13,853,438
513,016
94,860
34,711
53,094
487
402
46,384
41,943
30,860
33,913
24,048
25,113
6,786
•
26
8,800
147,946
55.870
90,535,754
147,857
155.968
*7,815,319
108,177
122.^9
70,555,we
39,150
, 26,690
530
709
(4f£5zi>
^749
272,969
LIABILITIES
Demand deposits«
73,932,416 40,970,935
32,961,481
24,675,269 14,084,930
10,590,339
2,042,958
3,182,679
5,225,637
12,692,205
8,586,132
4,106,073
1,295,224
603,325
691,899
. 2.616.254 ^1.430.3U - - 1.1*5.943
120,437,005 68,858,312
51,5ta,693
Time deposits«
45,291,845 15,960,051
29,331,794
TJ. S, Government*................ *••••
23,033
Postal savings«********.****.......... *****
5^656
2,979
States and political subdivisions«•••*••**••
395,098
305,032
^ ;S i
Baiks in the Qhited States..... •«••*•••••••
85,609
49,082
35,527
Banks in foreign countries............ ••••*
17*609
5*802
H,«>7
Total time deposits«*....••*••....... * ^6,^93,088
lb,384,635
29,708,453
32,801,805
8,760 150,916
347
10,588,816
1,176
524
2,040,628
1,806
4,087,278
54 18,741
650,988
40,911
1.181.501
1,287
3,155
“51,351,Olb ------11,801 “*215376“
13,968,876 15,340,876
23,033
2,671
288,412
1 ,5 1 8
48,692
*5
11.807
14,343,491 15,342,739
22,042
136
45
22
,
Bage $
Assets and liabilities of all active banks in the United States and possessions, by classes,
Dec. 31, 19*<5*
(In thousands of dollars)
'-f'
; 1
Cr ^
Qjuk~ ajMM»
*
aJk
/¿o
Total
all banks
National
banks
"T
:
Banks other than national
All banks
r4other than
State (com-: Mutual
Private
national
mercial)** t savings
Number of banks«.....
1^,59S
9»003
li5ZL
1 Æ L
ASSETS
Loans and discounts:
Commercial and industrial loans (including
open-market paper)«....••.•••••••.••**•« $9,599>625 $5,681,722
$3,917,8*3 $3,880,29*
Loans to farmers directly guaranteed by\"f
1X5,186
115,186
the Conmodlty Credit Corporation« «c...^«
3^8,U6l
193,275
Other loans to farmers««••••••.........X««.-1.052.816 ,«,t 513*912
Consumer loans to individuals»♦♦«♦«.««♦««^ S ^ i s 1,09b,*53,..>
! * *
1.322,365 :;^ l,319t837
Loans to brokers and dsalsrs in securities^ 3,178,02h" 1,^,3«
1,753,6» ^ l.TO.Soi
Other leans for the purpose of purchasing
or carrying stocks, bonds, and other
1,99^,110
1,655,215
1,6^,607
securities«........••••••••••••••«••••• 3,6^ , 32$
Beal-estate loans:
1 9 3 ,2 * 9
Secured by farm land«.«».....♦♦.♦«♦♦.♦♦♦
528,879
327,272
335,630
Secured by residential properties....... 7,559,688
1,769,758
1 ,6 2 3 , 5 6 1
5,936,I f f
*66,730
501,6*3
Secured by other propertieo«....•*«...««
691,;
389,662
22,368
22,368
26*536
Lean« to barks«»««««««««««*«*««..«•••••••»
h8,<
811.113
All other loans, including overdrafts.«... 1.231.002
*19.889
£t*T
,fr&,Sfe7 1 3 ,9 te,Oh2
16,518,825
12,W ,
Total leant and discounts...............
Securities:
TT« S, Government securities:
Other bonds.
Corporate it
federal reserve
101,8751,165 51,*59,960
zb^908
7,7*6
«•**»•«•»
of
sto<
*,08;>,267
3,99«>,*67
537.926
iiq^isja..
♦Excludes banks in the Philippines«
♦♦Includes trust companies and stock savings barks«
2,*1,72§
1,056,865
1*5.313
55.611.609
50,*19,205
17,162
1,7*1,5*2
(392.6m
z g a q g r
$121
¿ 1
$37,*28
2*1 UU.
275
8,33^
U05
10,203
7,963
*,16*,773
3*,807
»5
1,596
62.507
4,271,7**
2,*27
62^5
39,676,505 10,659,*36
1*,*05
2,757
83,26*
•
JO
Guaranteed obligations««.......
Obligations of States and political sub«
5&L
1,602,119
1,339,899
221.6*9
*8 .g*UgI.
93,087
9 » ,*69
165.679
H.905.*28
106
*6,336
9,23*
,5.285
W.119
Pasef
Comparison, o f a s s e t s a n d l i a b i litie s o f all banlcs — C o n t i n u e d
(In thousands of dollars)
f
•
5
«
LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand......................... ............ .
Time.................. ..................................
U. S. Government and postal savings deposits....... .
Deposits of States and political subdivisions...............
Deposits of hanks. .................................. .
Other deposits (certified and cashiers1 checks, etc.).......
Total deposits........ ......... .......... .......... .
Bills payable, rediscounts, and other liabilities for
borrowed money......................... .............. .
Acceptances executed by or for account of reporting banks...
Interest, discount, rent, and other income collected but
not earned.............. ........... ........................
Interest, taxes, and other expenses accrued and unpaid...•..
Other liabilities............................... .............
Total liabilities............... ................ .
CAPITAL ACCOUNTS
Capital notes and debentures...... .............. ...........
Preferred stock....... .......... .................... .......
Common stock................... .......................
Surplus. .............. ............................. ..........
Undivided profits................................... .........
Reserves and retirement account for preferred stock and
capital notes and debentures...............................
Total capital accounts. .............. ........ .
Total liabilities and capital accounts.............
r
D ec. 31
1945
........... ................
■— , , f .
e
% f
e
Ju n e 3 0 ,
1945
•
S
Dec* 3® »
1944
{
,
$ 7 3 ,9 3 2 ,4 1 6
4 5 ,2 9 1 ,8 4 5
2 4 .7 7 9 .1 9 6
5 .8 2 0 ,7 3 5
1 4 ,0 8 9 .6 4 7
2 ,6 1 6 ,2 5 4
1 6 6 .5 3 0 .0 9 3
$6 6 ,7 0 9 ,1 9 0
4 1 .3 4 7 ,7 0 1
2 4 ,5 4 3 ,5 8 4
5 . 441,597
1 2 .6 2 6 ,4 6 2
1 ,2 6 4 ,1 5 7
151 .9 3 2 .6 9 1
$6 5 ,3 1 6 ,3 0 7
37.229.1*40
20,925,90*4
5 .1 9 5 .5 0 s
12,26*4,080
1 .3 7 9 .8 8 5
1*42,310,82*4
227.150
86,635
81,075
56,330
125,624
78,146
152 .8 7 5 .0 0 8
47,514
293.540
398,420
l43,25**,068
72,080
1 6 3 ,3 ^
2,951.9*48
5,00*4,281
1 ,7 8 1 ,1 0 0
78.762
186,014
2 .8 5 3 ,3 4 0
4 ,6 6 1 ,9 6 7
1 .7 5 9 .4 7 3
82,320
207,044
2 ,7 6 3 .5 8 6
4 ,4 8 9 .2 0 7
1 .5 7 4 ,3 6 4
638,862
1 0 ,6 1 1 ,6 1 1
178.351.075
612,*415
59.299
3 8 3 .I8 3
453.104
167.739.^ 64
)
)
)
804,912
1 0 ,1 5 1 ,9 7 1
163.026,979
(
(
(
576.595
9 ,6 9 3 .1 1 6
152,947,18**
Assets and Liabilities of All Active Sacks in the United States and Possessions on December 31, 19**5 »
June
30, 19^5, and December 30, 19^4
(Amounts in thousands of dollars)
June 30»
1 9 U5
Dec» 31,
1 9 H5
Number of banks............................. .
ASSETS
Loans on real estate.......................
Other loans, including overdrafts....................
Total loans................. ................ .
U. S. Government securities:
Direct obligations................ .............
Guaranteed obligations..................... .
Obligations of States and political subdivisions.....
Other bonds, notes, and debentures................ .
Corporate stocks, including stocks of federal
Reserve banks«...»...*....... ......... .......... .
Total securities........ •••••••••.............
Currency and coin............................. ........
Balances with other banks, including reserve balances
Bank premises owned, furniture and fixtures..........
Real estate owned other than bank premises.
Investments and other assets indirectly represent
ing bank premises or other real estate.»»••••••••.
Customers1 liability on acceptances outstanding..... •
Interest, commissions, rent, and other income
earned or accrued but not collacted«.•••»•••......
Other assets............... .......................... .
Total assets............................... .
♦Excludes banks in The Philippines.
♦♦Excludes banks in Guam and The Philippines
lU.587*
i*+,598*
101,879.165
2*1,908
$8,73*1.961
17 ,366,678
26,101,639
85,hl0,720
94,192,682
**7.763
3,892,1+84
3.609,1+96
1+,083,267
3.990 ,1+67
537.926
110,515,733
2,025,088
33.589.693
1,020,023
72,930
530,1+60
102,272,885
1.6*+9,l+87
29,2^6,^07
l.d+1,995
77.2*+*+
79.31**
*+8,037
1,004,035
3.659.307
3,383.082
553,816
9*+.ôiô,'96d"
1 ,801.370
29.175.791
1,066,158
167,61+8
113,868
75.856
172»351*075
l*+i57Î** /
$8 ,743,031+
19.3*+9.106
28,092,1^0
$8,979,872
21.1+86,995
30,466.867
295*203
211,838
Dec* 30,
19
)
)
c**82.Sl+6
163,026,979
86,172
67.92*+
(
(
260,972
208,550
152,9^7 ,1^
purchasing and carrying securities, idiich advanced $2»2^-»000*000, or ^9 percent»
in the year*
Cash and balances with other hanks» including reserve balances» in Decem
ber 19^5 were $35»615»000,000» which was an increase of $^,638,000,000, or 15
percent, in the year*
Total capital accounts on December 3^» 19^5 were $10»612»OCX) »000 compared to
$9»693.000,000 at the end of 1 9 ^ *
The total of surplus, profits and reserves
at the end of 19 H 5 was $ 7 , ^ , 0 0 0 , 0 0 0 , an increase of $78^,000,000, or nearly 12
percent in the year*
The complete tables are attached*
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FORDRELEASE, MORNING NEWSPAPERS
Press Service
No. K - 3 3 6
The total assets of all commercial and savings hanks in the United States and
possessions amounted to $178»353-»000 »000 on December JL* 3-945* Comptroller of the
Currency Preston Delano announced today.
This figure* which covers the returns
of the 14,598 active hanks of all classes* exceeds hy $25»404,000,000, or 17 percent,
the assets reported as of December 30» 19*&*
The total deposits of the hanks at the end of 1945 were $166*530»000,000 in
comparison with $1^2»33i»000,000 at the end of 1944, an increase of $24,219»000,000,
or 17 percent*
Demand deposits of individuals, partnerships and corporations were
$ 7 3 »9 3 2 ,0 0 0 ,0 0 0 , and exceeded hy $8 ,616 ,0 0 0 ,0 0 0 , or more than 13 percent, this class
of deposits reported at the close of the previous year; time deposits of individuals,
partnerships and corporations were $45»292»00©'*000v an increase of $8 ,0 6 3 *0 0 0 ,000 ,
or nearly 22 percent, and deposits of the U. S^Government, including postal savings,
were $24,779,000,000, which was an increase of 18 percent in the year*
At the end of December 19^5 the hanks held obligations of the U. S. Government,
direct and guaranteed, of $101,904,000,000, an increase of $15*489,000,000, or
18 percent, since December 1944.
Obligations of States and political subdivisions
held at the close of 1945 amounted to $4,083*000,000,
***■ increase
of $424,000,000.
Other securities held increased $591,000,000 in the year, and amounted to
$4,528,000,000.
The aggregate of all securities held on December 31, 1945 was
$110,5l6,000,000, and represented 62 percent of their total assets.
At the end of
the previous year the ratio was 6l percent.
Loans a»# discounts amounted to $3Q»467»000»000,
or more than l6| percent, since December 1944.
increase of $4,365*000,000,
The increase in loans is chiefly in
commercial and industrial loans, which advanced $1 ,567 *0 0 0 ,0 0 0 , or 19 percent, and
loans to
brokers and dealers in securities and other loans for the purpose of
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, May 23, 1946
______
Press Service
No. V-336
The total assets of all commercial and savings banks in
the United States and possessions amounted to $178,351,00Q,0©Q on
December 31, 1945, Comptroller of the Currency'Preston Delano
announced today.
This figure, which covers the returns of the
14,598 active banks of all classes, exceeds by $25,404,000,000,
or 17 percent, the assets reported as of December 30, 1944.
The total deposits of the banks at the end of 1945 were
>30,000,000
in comparison with $142,311,000,000 at the
166,*'
end of 1944, an increase of $24,219,000,000, or 17 percent.
Demand deposits of individuals, partnerships and corporations
were $73,932,000,000, and exceeded by $8,616,000,000, or more
than is percent, this class of deposits reported at the close
of the previous year; time deposits of individuals, partner
ships and corporations were $45,292,000,000, an increase of
■'8,063,000,000, or nearly 2 2 percent, and deposits of the
U ,S . Government, including postal savings, were $24,779,000,000,
which was an increase of 1 8 percent in the year.
At the end of December 1945 the banks held obligations
of the U . C . Government, direct and guaranteed, of
$101,904,000,000, an Increase of $15,489,000,000, or 18 per
cent, since December 1944.
Obligations of States and politi
cal subdivisions held at the close of 1945 amounted to
-'4,083,000,000, an increase of $424,000,000.
Other securities
to
rear and amounted
held increased $591,000,000 in the jv«*,
-----$4,528,000,000. The aggregate of all securities held on Decem
ber 31, 1945 was $110,516,000,000, and represented 62 percent
At the end of the previous year the
of their total assets,
ratio was 61 percent.
Loans and discounts amounted to $30,467,000,000, an in
crease of $4,365,000,000, or more than 16^ percent, since
December 1944.
The increase in loans is chiefly in commercial
and industrial loans, which advanced $>1,567,000,000, or 19 ^
percent, and loans to brokers and dealers in securities and
other loans for the purpose of purchasing and c a r d i n g secu
rities, which advanced $»2,244,000,000, or 49 percent, in the
ye a r .
Cash and balances with other banks, including reserve
balances, in December 1945 were $35,615,000,000, which was an
increase of $4,638,000,000, or 15 percent, in the year.
Total capital accounts on December 3i , 1945 were
$10,612,000,000 compared to $9,693,000,000 at the end of 1944.
The total of surplus, profits and reserves at the end of 1945
was $7,424,000,000, an increase of $784,000,000, or nearly 12
percent in the year.
The complete tables are attached.
Page 2
Assets and Liabilities of All Active Banks in the United States and Possessions on December.31, 1945»
June 30» 1945* an<3- December 30» 1944
(Amounts in thousands of dollars)
;
:
Humber of banks.,............................. .
Dec. 31»
19^5
1^,596*
;
:
J u n e 30,
19^5
14,587*
;
:
Dec, 30,
1944
14,579* *
ASSETS
Loana on real estate..... .......... .
*.......
Other loans, including overdrafts..... .......... .
Total loans..... ........... .
U*. S. G-overnment securities;
Direct obligations.................... .
Guaranteed obligations......... ..........
Obligations of States and political subdivisions......
Other bonds, notes, and debentures... ......
Corporate stocks, including stocks of federal.
Reserve banks.......................... .
Total securities............ .......... +••*
Currency and coin.... ....... ...........
Balances with other banks, including reserve balances
Bank premises oVned, furniture and fixtures....... .
Real estate owned other than bank premises,.........
Investments and other assets indirectly represent
ing bank premises or other real estate...........
Customers* liability on acceptances outstanding.... .
Interest, commissions, rent, and other income
earned or accrued but not collected... ...... .
Other assets........ ......................... ..
Total assets.................. ........... '
$8,979.272
21,486,995
$8,743,034
19.349,106
$8,734,961
17,366,678
30,466,867
2 8 , 0 9 2 , l^O
26,101,639
101.s79.165
24,908
4,083,267
3.990,467
94,192,682
47,763
3,892,484
3,609,496
85,410,720
1,004,035
3.659.307
3,383,082
532.926
530,460
553,816
' 110,515,733
2 , 0 2 5 , OSS
33,589,693
; 1,020,023
72,930
102,272,885
94,010,960
1,649,487
29,246,407
1,041,995
113,268
1,801,370
29,175,791
1,066,15s
167,648
79,314
48,037
86,172
67,92^
........
77,24475,856
29 5*203
2 1 1 ,8 3 8
178,351,075
j
482,846
163,026,979
(
(
260,972
208,550
152,947,184
♦Excludes banks in The Philippines.
.♦♦Excludes banks in Guam and The Philippines.
HRHH
■
.
page 3
Comparison of assets and liabilities of all banks - Continued
(in thousands of dollars)
.
'
June 30,
Dec. 31
Dec. 30,
I9I4I4
•
191*5
19^5
LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand,............. . . ..... ....................
Time....... ........................ *......
U. S. Government and postal savings deposits......... .
Deposits of States and political subdivisions......
Deposits of banks... *....... .............. ......
Other deposits (certified and cashiers' checks, etc.)....
Total deposits...........................»...
Bills payable, rediscounts, and other liabilities for
borrowed money.................. ..... .
Acceptances executed by or for account of reporting banks
Interest, discount, rent, and other income collected but
not earned...... ..........................
Interest, taxes, and other expenses accrued and unpaid...
Other liabilities............................... *,
Total liabilities........ ...................
CAPITAL ACCOUNTS
Capital notes and debentures... ......... ....... .
Preferred stock...... ............... ........ .
Common stock................. ...... ........... .
Surplus............... ..........................
Undivided profit s.............. ........ *..........
P.cserves and retirement account for preferred stock and.,
capital notes and debentures..... ..... .......... .
Total capital accounts....... ..... ...... .
Total liabilities and capital accounts..........
$73,932.^16
1*5,291.8^5
2^,779,196
5,820,735
i4,089,647
2,616,254
$66,709,190
1*1 ,31*7,701
2'4,5l*3,581*
5.1*1*1.597
12 ,626,^62
1 ,261*.157
$65 ,316,307
37,229,11*0
20,925,9014
5 ,195,508
12,2614,080
1,379.885
166,530,093
151 .932.691
Il42,310,82l4
227,150
86,635
81,075
56,330
125,6214
78,ll46
59,299
383,183
1*53,101*
167,739,^
72,080
163,3*40
804,912
152,875.008
78,762
1,781,100
lSo,0l4
2,853.31*0
14,661,967
1,759.1*73
632,862
612,1415
2,951,948
5,004,281
.
)
)
)
10 ,611,611
178,351,075
10,151 , 971
163,026,979
(
(
(
1*7,511*
293,51*0
398,1*20
1 ^3 ,25^,068
82,320
207,0l4l4
2,763,586
4,489,207
1 ,571*. 361*
576,595
9 .693.116
152 ,91*7 ,181*
Page *4
Assets and liabilities of all active banks in the United Sta tes and posses sions, by classe s»
Jr
Dec. 31, 19*45*
(In thousands of dollars)
;
* Total
National
all': banks
banks
•
,V - •
Humber of banks.. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1*4,598
ASSETS
Loans and discounts:
Commercial and industrial loans (including
open-marke t paper ) . , . . . . ...... . .... .
. . . . ..$9 ,599,625
Loans to farmers directly guaranteed by
the Commodity Credit Corporation.♦ . , ♦ . . . .
308*461
Other loans to farmers..... ......... ........... .... . . 1,052,836
Consumer loans to i n d i v i d u a l s * . . . . . . . . . . . 2,*4Ì8,818
3 *178*0211
Loans to brokers and dealers in securities
Other loans for the purpose of purchasing
or carrying stocks* bonds* and other
securities.. ........................ . . . . . . . . . . . . . 3 ,6^9,325
Real-estate loans:
Secured by farm land..................... ..
52s,S79
Secured by residential properties........ •• 7,559,688
Secured by other properties....
..
891,305
Loans to banks. ..............
........ ..
*43,90*4
All other loans, including overdrafts...... .* 1 *231*002
Total loans and discounts.*.............. , .30*1466,867
Securities:
U, S. Government securities:
Direct obligations.••••••.,* è••••••«**•.. 101 ,879,165
Guaranteed o b l i g a t i o n s . ........ „
2*4,908
Obligations of States and political subdivisions............................ . . l+*OS3*267
Other honds, notes and d e b e n t u r e s * .. • 3 ,990,^67
Corporate stocks* including stocks of
Federal Reserve banks.... ...............
537.926
Total securi ties...................... ... .1 1 0 *5 1 5 , 7 3 3
♦Excludes "banks in the Philippines.
.
**Tneludes trust companies and stock savings banks.
5,-023
7
•*
Banks other than national
• State (com4-: Mutual
:
* mereiai)** : savings
Private
All banks
0ther than
national
9,003
9,575
53*4
38
,
$ 5,681,782
$3 ,917,343
$3,880,29*4
193,275
513.912
1,096,H53
1,14214,389
115,186
538,924
1 ,322,365
1 ,753,635
638,-*408
i >319,837
1 ,745,301
—;
2*41
927
—
1,601
8,334
1,9914*110
1 ,655,215
1 ,6*4*4,607
*405
\
IO.203
193,249
355,630
5,936,127
327,272
1. 769,758
*466,730
22,368
35*1,955
7,963
4,164,773
34,807
1,596
106
1,623,561
389^662
26,536
811,113
13,9*48“ 0*42
*419,889
16 *518,825
51 ,459,960
50,*419,205
7.746
17,162
2 ,341,725
1 ,656,865
1 ,741,542
2 ,333,602
1^5,313
392,613
5*4,90*4,12*4
55 .611,609
501,6*43
22,368
115,186
12,184,716
39,676,505
1*4,*405
1 ,602,119
1,339,899
221,6*49
42,854,977
$121 $37, *428
—■
275
395
**
2,427
62,507
4,271,744 “ 62,365
10,659,436 83,26*4
2,757
93,087
98*4**469
...
46,336
9,234
5,285
165,679
11,905,*428 1*44, II9
Page 3
Assets and liabilities'of all active banks in the United States and possessions, by classes,
Dec. 31» 19^5 ~ Continued
(in thousands of dollars)
Total
: National
all banks : banks
Balances with other banks, including reserve
balances and cash items in process of
collection................ ...............
Bank premises owned, furniture and fixtures*
Real estate owned other than bank premises*.
Investments and other assets indirectly rep-
$1,008,644
$1, 016,444
$919,250
$94,757
$2,437
33.539,693
1,020,023
19,170,145
495,105
10,06s
14, 419, 54s ' 13.853,43s
513,016
53,094
27.749
0
77,244
ng
Total assets.........................
LIABILITIES
Demand deposits:
Individuals, partnerships, and corporati
U. S. Government........................
Total demand deposits
Time deposits:
Individuals, partnerships, and co:
U. S. Government................ .
Postal savings........ ..........
States and political subdivisions.
Banks in the United States...... .
Banks in foreign countries...... .
Total time deposits..................
other than
national
Banks other than national
: State (com-: Mutual : Privntn
; mereiai)
: savings :
$2,O25,OSS
72,930
Interest, commissions, rent, and other income
earned or accrued but not collected.......
Other assets.........................
:
:
75,356
295,S03
211,S3S
178,351»
178,351,075
73,932,416
24,675.269
5,225,637
12,692,205
1,295.22*+
2,616,254
120,437,005
524,91s
6.2,S62
429,-571
94,860
34,711
487
402
41,943
30,s6o
33, 913
6,786
26
147,946
55.S70
147,257
24, o4S
25,113
108,177
46, 3S4
90,535.756
4o.970.935
l 4, 0S4,930
3,122,679
2,526,132
603,325
1,430,311
6S,S5S,312
45, 291,845 15,960,051
75.244
90,277
5,650
2,979
595.09s.
305,032
84,609
35,527
5.S02
17,609
46,093,OSS 16,334,635
46,093,0
155.96s
27,215,319
128,569
-
39,150
26,690
70, 555,202 16, 987,142
32,961,431
10,590,339
2, 042, 95S
4, 106,073
691,899
1, 185.943
51,578,693
51,351.016
29.331.794
13,962,276 15,340,276
23,033
2,671
290,066
49,OS2
11,S07
29, 708,453
32, 801,805
10, 588,816
2, 040, 62S
4, 087, 27S
650,988
1, 181,501
23,033
2,671
288,412
48,692
11,807
8,760
1,176
524
54
1»2S7
8,800
53O
709
272,969
150,916
347
i,so 6
18,741
40,911
3,155
11,801 215.876
22,042
-
-
-
-
136
1. 51S
45
345
-
14,343,491 15,342,739
-
22,223
Page 6
Assets and liabilities of all active banks in the United States and possessions, by classes,
Dec* 31 . 19^5 “ Contd.
(in thousands of dollars)
*►
Total
:
all banks*
Total deposits.»...... ............. * • $166,530,023 $
Bills payable, rediscounts, and other
liabilities for borrowed money...»..,..
227,150
Acceptances executed by or for account of
86,635
importing banks and outstanding.......
Interest, discount, rent, and other
income collected but not earned........
59.299
Interest, taxes» end other expenses
accrued and. unpaid* **................
3S3.123
Other liabilities................. .
453,104
Total liabilities..-....... .
CAPITAL ACCOUNTS
Capital notes and debentures........ ...»
Preferred stock. .
............... . ...
Common stock!.................... .
Surplus...................
Undivided profits........... ............
Reserves and retirement account for proferred stock and capital notes and
debentures,.........................
Total capital accounts.......... .
^Vptal liabilities and capital
account s.
i 67,739»*+64
National
banks
All banks t
Banks other than national
: other than * State (com-: Mutual *
: national i mercial)
; savings
-Private
85»2^2,947 $ 81,2^7,146 $65,69^.507 $15 ,
6,750
2,522
29,586
-
9,106
27.S15
27,35^
430
31
269,720
173.227
183,384
163,317
157,151
9 ,66l
25,921
249
312
85 ,880,019
81,859,445.
66,211,824
15 .397,302
250,319
72,080
-
77.969
149,181
139,909
^7.9^3
32,692
31
209»956
T2,0S0
163,3^0
2.951.9US
70,39*7
1,588,445
5,004,281
1 ,7 2 1 , 1 0 0
2,011,403
6 8 8 ,9 8 6
296,509
6 3 2 ,8 6 2
1 0 ,6 ll,6
ll
1 7 s,3 5 1 , 0 7 5
23s,099
$
67,15s
4,922
92,946
92,946
1 .363,503
1 ,357,590
-
2,992.278
1,092,114
1
3 ^2 , 3 5 3
*+,6 5 5 ,737
5,955,87!+
,5 3 5 , 7 5 6
87,215,319
90
,8 8 2 , - 7 8 1 • 1 ,0 9 7 , 2 2 6
653,800
1+37,835
5.913
12,871
479
1+9,857
3,387
2 8 9 ,1 0 9
U,31 +3 ,3 8 1 +
70,555.208
1 *5 8 9 ,s4o
16
,9 8 7 , 1 4 2
2 2 ,6 5 0
272,969
V
JOE IMMHDJfT«!
3
Steretary Vinaem tsday ammeanced the ergaaisatien af a com
mittee af prominent authorities 1m the tax field ta work with Gereraaait
revenue affleiala la making a comprehensive study af federal tax fra*
cedure.
/Designated ta serve an tkia advisory committee are tke fellsvii.
Samuel 0. Clark Jr., Washing!», D. C., attorney aad farmer Asaiataat Attar*
may Geaeral la charge af tke Tax Division af tke Department af Justive;
George $. Cleary, at t a m e Jr, New lark City; Artkur H. Kent# attorney, Sam
francisce, Calif.; Char lea L. B. Levadas, prefeaser af lav, Duke University,
Durham, N.
; Bamdalph B. Paul, Wash inf tan, D. C*, a t t a m a y and Bxscur
tira Assistant ta Jrke President; aad Bdvard S. laid, attamay, Detreit,
Mlchi fan.
/ The are rail abjective af the ## canmittaa's study is t a dare lap
race matendatians far impraramamta in the existing machinery far the judicial
review af tax deternimatlens af the Cemmisaiemer af Internal Bevemise.
It
is haped that such recemmemdatiens will lead ta ehamfes which will enable
litigation in the tax field ta he cendueted as expeditieualy aad affieiantly
as passible in tba interest a af tax practitiemers, the Treasury and the
ceurts*
^ T h e study will also include aa axaminatian af the extent ta which
existing defects in precedure eantributa tp present tax litifatian, with a
view ta suggesting changes
designed ta reduce the velume af such liti*
gatlan.
¡J
is believed that the study will be
grass in cansidering prehlens in the tax field.
of
aaslatance ta the Cen-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday,
1946
-- —
,May
- ■■</- 21,
n
•- ri-I
-
Press Service
No. V-337
J
.L
..^
Secretary Vinson today announced the organization of a
committee of prominent authorities in the tax field to work
with Government revenue officials in making a comprehensive
study of Federal tax procedure.
Designated to serve on this advisory committee are the
following:
Samuel 0 . Clark, Jr., Washington, D. C., attorney
and former Assistant Attorney General in charge of the Tax
Division of the Department of Justice;
George E,. Cleary, at
torney, New York City;
Arthur H. Kent, attorney, San Francisco,
California;
Charles L. B. Lowndes, professor of law, Duke
University, Durham, N. 0.;
Randolph E. Paul, Washington, D.C.,
attorney and Executive Assistant to the President;
and Edward
S « Reid, attorney, Detroit, Michigan.
The overall objective of the committee’s study is to
develop•re commendations for Improvements in the existing mach
inery for the judicial review of ta'x determinations of the
Commissioner of Internal Revenue.
It is hoped that such
recommendations will lead to changes which wrill enable litiga
tion in the tax field to be conducted as expeditiously and
efficiently as possible in ,the interests' of tax practitioners,
the Treasury,and the courts.
The study will also include an examination of the extent
to which existing defects in procedure contribute to present
tax litigation, with a view to suggesting changes designed to
reduce the volume of such litigation.
It is believed that the study will be of assistance to
the Congress in considering problems in the tax field.
oOo
27
Two world wars and a world-wide depression
have taught this generation the bitter lesson that
the only road to pesos and world prosperity is
through International cooperation*
Tbe political
and economic problems of the world cannot continue
to be solved by force*
That road leads to destruction*
The political and economic problems of the
world can and must be solved by international coopera
tion*
Is are on our way on this road*
It requires
hard workf constant attention, and true devotion* >
But the road leads to the greatest goal that mankind
has ever set - enduring prosperity and peace*
The alternative is as unhappy as it is clear*
The great danger before us is the division of the
world into conflicting blocs*
te are trying to meet
the economic part of this problem through cooperation
in the World Fund and Bank*
That has been and will be
the policy of the United States*
< joined the Fund and Bank*
Russia has not yet
It is hoped that she will
become convinced of the advantages of full participati
If we make it possible through the Financial Agreement
for England to adopt the fair currency and trade prae/
tices we advocate, there is every prospect that the
Fund and Bank will succeed in their work and that all
countries will find it advantageous to be in rather
than outside these institutions*
j
\
If England finds it necessary, however, to keep
f
her wartime currency and trade restrictions, it will
result in a British bloc, an American bloc, and a
Russian bloc*
Such a development would probably be
an unsurmountable obstacle to peace and prosperity*
So country wants that kind of a world, and no country
can afford that kind of a world*
- 25 In addition to the faot that the financial aid
is a repayable loan, and that Britain will remove the
trade and currency controls which I have just dis**
cussed, it should be remembered that the bulk of the
dollars will be spent in the United States, and those
that are not so spent in the first instance, will
eventually find their way here#
this will increase
the business of our industry and agriculture,
si -¿ l i,'
This Agreement is a big step in preventing
economic warfare*
It is a big step in creating a
world in which countries live and work together in
peace and prosperity*
For England, it means a chance
to feed her people and reconvert her industries in
a world of expanding trade*
For the United States,
it means the opening of the markets of our best
customers to the products of our factories and farms*
It means a larger American share in a larger world
trade*
- 24 (2} All countries of the sterling area
«ill he able to use the dollars they acquire
from their trade to make purchases in the
United States,
The sterling area dollar pool*
a most restrictive device* «ill be dissolved*
(3) England's import controls «ill be
a(Mini stared in a manner that is not discrimina
tory against American goods*
Any export from
the United States to England «ill be paid for
in dollars or in sterling that is convertible*
(4) England will settle the blocked sterling
obligations out of her own resources, not out
of the load*
The funds that are released in
settling these balances* whether now or later*
will be available for purchases in any country*
including the United States*
(5) England will support the American
proposal for the establishment of an international
trade organisation for the reduction of trade
barriers and for the elimination of trade dis
crimination*
** 23 «*
The Agreement provides that this interest
will be paid, except under certain temporary
depressed conditions which are objectively defined
in the Agreement.
In case of such depressed condi*
tions, it is thought to be far better to waive the
interest for that temporary period than to force a
default on the entire amount of the loan.
In consideration for the use of the money in
the loan, which is to be repaid with interest,
Britain promises to remove within a year, unless we
agree to a temporary extension, her wartime trade
and currency controls#
This means:
(1) 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.
Sterling
arising from current trade will be made fully
convertible.
—
22
—
A loari to Britain will help balance the
difference between what she must buy abroad and
what she sells, until she re-establishes a full
flow of exports*
During this transition period
her imports will far exceed her exports*
It must
be added, however, that though her imports will be
large, her resulting standard of living will not
be much different from the austere levels she had
during the war*
The American-British Financial Agreement goes
directly to the two basic problems of eliminating
BbH&in's shortage of dollars and of removing the
currency and trade restrictions*
The loan part of
this Financial Agreement opens a line of credit of
3-3/4 billion dollars*
loan, not a gift*
This line of credit is a
The principal must be repaid*
It is, moreover, an interest-bearing loan*
The
interest rate of 2 percent, beginning in 1951, is
not a nominal rate, for it is quite comparable to
what it costs your government to borrow money*
*
2 1
«*
Britain must somehow make good the fall in
her foreign income, because she must import heavily
to feed her people and her factories* Her exports
a
are off, yet she must import^!remendous volume to
live*
She does not have the dollars to pay for these
imports*
Moreover, her shortage of dollars means
that she cannot make sterling convertible into
dollars until the blocked sterling balances are
settled*
It means that she cannot permit the
sterling she pays for her imports to be used freely
in any country, and particularly in the United States.
It means that she must continue the dollar pool*
To remove Britain1s shortage of dollars and to
eliminate these obstacles to trade is a major inter*
national economic problem*
The solution definitely
depends upon what America and Britain do*
America
is the largest exporting country in the worid;
England is the largest importing1country in the
world*
Between us and the countries in our trading
areas, 75 percent of the world trade is done*
** 30 *
These restrictions are still in effect*
were necessary during the war*
They
They helped Britain
in mobilizing her resources and devoting them to
war purposes*
in peace*
These devices, however, are dangerous
They restrict trade*
To restrict trade
in time of peace is to force poverty on the world*
England and the other sterling area countries,
as well as ourselves, do not wish these restrictions
to be continued*
Nonetheless, they might have to be.
Britain must find some means to pay for her imports*
Britain, as an island nation, relies heavily upon
foreign 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 exported only 30 percent
of what she did in 1938*
Her export induetries were
converted to war production.
of her merchant fleet*
She lost a large part
Her income from foreign banking
and insurance services declined*
She sold many of
her most marketable foreign investments and has lost
the income from them*
- 19
When an Egyptian exporter sold goods in the
United States, he turned over the dollars he received
to the Rational Bank of Egypt and received Egyptian
pounds«
The Rational Bank df Egypt sold these dollars
to the British Treasury for sterling«
The dollar
receipts of the sterling area were in this way pooled
in London«
If dollars were needed in the sterling
area, application was made to London for an alloca*
tion«
London allocated the dollars on the basis of
the most essential needs«
In order to conserve dollars,
London made no allocation to buy goods in America if
they could be secured from any one of the sterling
area countries«
This device really puts a brake on
buying American goods«
Along with these financial controls there were
established direct controls on imports in all sterling
area countries«
These controls, such as import licenses,
are used to keep out goods that must be paid for in
foreign money.
In practice, this meant keeping to a
minimum imports from countries that had to be paid
for in money other than sterling«
V
A
-
18
-
The primary reason for restricting the convertibility of sterling was that England did not
have enough dollars and gold*
During the war,
Britain sold 4*S billion dollars worth of her
foreign investments to finance her expenditures*
Moreover, she incurred the enormous foreign debt of
13 billion aolltrS|iBmwmwmt& tm
in the
form of sterling balances in London banks, and
sterling securities in the British Treasury*
Britain
could not convert such large amounts into dollars /
or other currencies*
She had to block sterling*
Britain had to do more than block sterling*
She had to mobilise all of her dollar resources
to pay for war needs*
so-called dollar pool*
followss
This was done through the
The dollar pool worked as
* 17
When we speak of the sterling area, we are
referring to the countries that use the pound
sterling form of currency.
These are the countries
of the British Empire, except Canada, 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 England9s
banks.
Before the war, the sterling area countries
could draw on these reserves to^buy goods anywhere
in the world.
If an Australian firm wanted to buy
American cotton, it sold sterling for dollars.
the
During
war, however, Britain had to stop this converti
bility of sterling.
blocked.
That meant that sterling was
Its use was restricted.
Britain had to
say to the countries of the sterling area, to Egypt,
India, Australia, and all the rest, your sterling
reserves cannot be converted into dollars.
You can
use your sterling for making payments to each other,
but not to outsiders.
~
16
-
During the war, Britain adopted certain currency
and trade controls*
These controls are still in effect*
American business cannot afford to see these controls
continued*
These wartime controls bring to mind such terns
as sterling area, blocked sterling, and the dollar
pool*
What do these terms mean?
Living in the United States, we are accustomed
to money in the form of dollars and cents.
We earn
dollars and we spend dollars*
Outside of this country, there are other currencies#
There are a few currencies of inter-country application,
but the world-wide currencies are primarily the dollar
and the pound sterling*
If someone abroad wants to
buy your cotton, tobacco, wheat, lard, machine tools,
or automobiles, he has to have dollars or be able to
change his money into dollars*
In converting money from one form to another,
restrictions and obstacles can grow up or be imposed*
If there is not free convertibility, there is a brake
on trade between the nations that use different forms
of currency*
— 15 *
Our foreign trade cannot reach the level neces
sary for American prosperity if the world again resorts
to currency and trade restrictions«
Unless our pro
ducers and exporters have access to world markets on
fair and equal terns, we will not be able to maintain
our production in those fields in which we have long
specialised, fields such as raising cotton, tobacco
and wheat, making automobiles, machinery and equipment.
We must have a high level of foreign trade to have high
levels of production, employment and national income
/..
in America«
All sectors of our economy, all sections
of our country, are directly or indirectly dependent
upon that foreign trade#
Internaticnal economic cooperation and the expan
sion of trade among all the nations are definitely in
the interests of each country and of all countries«
When countries exchange their surplus products, they
all gain«
It means more production and a higher level
of income in the country which sells, and it means more
goods and a better standard of living in the country
which buys«
It is a noble attribute to learn from experience,
and it is a very costly characteristic not to do so*
We must not forget the lesson of the decade before
the war when our industry and agriculture suffered
from trade and currency restrictions*
The exports
of the United States were harder hit by these devices
than those of any other country*
In 1928, our share
of world exports was 15*8 percent of the world total
of 32*5 billion dollars*
E|y 1834, our share of world
exports was 11*5 percent of the world total of 18*5
billion dollars*
This drastic decline made a large
contribution to the severe depression in industry and
the collapse in agriculture that we experienced*
Particularly hard hit were out exports of wheat,
cotton, tobacco and lard.
Fran 1925 to 1928, we sold
abroad an annual average of more than 1.25 billion
dollars of these four products*
From 1931 to 1934, our
annual average was less than .5 billion dollars on
these four items*
The lack of markets abroad for our
agricultural products was an important factor in the
decline of nearly 60 percent in farm prices in the
four years between 1928 and 1932*
Second, it provides the financial wherewithal that
makes it possible for Britain to remove these
restrictions and it requires the repayment of that
The underlying purpose of this Financial Agree*
meat between Britain and the United States is to make
it possible to follow the principle of fair and full
world trade*
A large volume of trade between countries
benefits America, benefits Britain, and benefits the
whole world*
Our export trade is a vital link in American
prosperity*
Even when our foreign trade was severely
reduced during the *30*s, our exports were some 7 or
8 percent of our agricultural and industrial production
Foreign trade meant the difference between prosperity
and depression for many of our producers in the
factories and on the farms,
Of all our foreign
trade, no part was more important than that with
the British Empire*
—
1 2
—
We have, then, developed many concrete, practical
measures to wipe out international economic diseases,
and are developing more*
There are many hamful trade
and monetary restrictions existing that are not wanted,
but which may be considered necessary until a clear
alternative can be seen and followed*
These other
restrictive
measures should be alleviated
' f trade
.
;.• ,¡Jig''I■ or
abolished.- The United States ha® proposed that there
be established an international trade organisation to
meet many of these problems.
Britain, at the ti&e of
the American-British Financial Agrément, agreed with
us on all of the main principles to guide a proposed
International Trade Organisation*
The Financial Agreement, moreover, meets directly
several of the most important trade and currency
obstacles that now exist**
Basically, the Agreement
is a contract between our two countries on trade and
currency policies*
It has two major aspects*
First,
it provides that Britain will abolish trade and
currency restrictions and discriminations that
were in effect during the war and which would
be substantial obstanles to peacetime world trade.
-
11
-
It is rather difficult for us in America to
realise the physical devastation that was caused
in many lands by the war«
These nations must
reconstruct in order that they can produce and take
their part in a sound world economy*
The International
Bank will offer aid to these countries in the recon
struction of their economy* aid which could be secured
in no other way«
This supplementary aid is to be
given on thrms fair to both the lender and the
borrower*
The capital of the Bank will be primarily
a surety fund*
The loans will be financed almost
entirely by private investors*
In the past we have often found nations
with the flow of trade between nations*
interfering
le had many
forma of economic warfare in the *30*8 which included
devices such as currency depreciation*
Through the
International Monetary Fund* the member nations will
remove monetary restrictions and substitute fair
standards of currency exchange*
This will greatly
aid in creating a volume of world trade far greater
than we have ever had before*
-
10
-
%• the end of 1945t more than enough countries
had ratified this work of their representatives so
that the organisations could be established*
This
spring in Savannah* Georgia* there was held the
Inaugural Meeting of the World Fund and Bank*
At
this meeting there was further implementation of the
basic principles which had been agreed to at Bretton
Woods#
More important* at this meeting there was a
re-dedication to the proposition that the nations
could live and work together in peace and prosperity*
Our faith in the future was refreshed!^
These two institutions will go far in removing
economic problems that often lead to economic warfare*
which usually leads in the end to actual shooting#
These institutions are cooperative enterprises of
governments*
As such they must not become just two
more financial institutions.
The way to solve international problems is to
obtain cooperation among the nations.
The United
States has long advocated this policy of international
cooperation.
principle.
With us, it has been more than a high
We have done something about it*
We have
done something about it, for example, through the
Reciprocal Trade Agreements, the Export-Import Bank,
the
United Rations Relief and Rehabilitation Adminis
tration, the International Food and Agricultural
Organization, the Social and Economic Council of,the
United Rations, and the International Monetary Fund
and the International Bank for Reconstruction and
Development.
I wish to place particular emphasis upon the last
two, the World Fund
and Bank.
At Bratton Woods, repre
sentatives of more than 40 countries agreed upon the
basic principles that should govern these two institu
tions.
Bretton Woods is perhaps the best example that
we have seen of so many nations getting together and
working together to solve their common problems in the
interests of bettering the economic relationships among
all nations, as well as in their own self*ij$f crest*
am 3
<•»
This is simply one of the corollaries to
the basic fact that wo are today the most influen
tial nation in the world.
We are going to contribute,
and contribute greatly, to a world that is stable,
politically and economically, by having a sound,
expansive economy at home*
There are, however, other things we must do to
improve the economic situation among the nations.
We want high levels of production not only in
America, but throughout the world.
We want the goods
that are created to flow freely among the nations*
Our goal, then, is more production and more trade
throughout the world*
Ti accomplish this, we must
work to remove the discriminations and restrictions
/
that hamper production and trade*
tiIf
The removal of
sucji economic barriers is, by the very nature of the
problem, a joint undertaking*
Bo one nation, no matter
how big or strong it may be, can successfully solve
a problem wherein the very essence of the problem is
the relationship between nations.
meet an international problem*
Bo one nation can
«. 7 *
All through the war, we have done without many
consumer goods that we want#
our standard of living#
fe want to improve
And w© now have what we
have not always had * the means to do it*
This
accumulated demand can, barring inflation, be the
flywheel of our production system for a long time
to come#
All Americans can be more optimistic, with
justification, about their future than at any
previous time in our history#
This American prosperity which we have, and'
shall continue to have, is an important factor in
the assurance of a stable world economy#
It is often
said that we cannot have prosperity in America if
the world is in an unhealthy economic condition*
With that I do not disagree, but I emphasise the
converse, that the world does not stand a chance of
having a sound, s table economy unless we are a
prosperous nation#
Unless our receipts and expenditures picture is
significantly altered, and the prevention of that
includes doing our job in maintaining a sound and
expansive economy at home, and doing our part in
re-establishing production and trade among the
nations, it now appears that we can have a balanced
budget by the end of our next fiscal year, June 80,
1947.
In view of the fact that our position is better
than we expected, that is, ourr expenditures are much
less, and our receipts are much higher, we are using
some of the money on hand to reduce the public debt.
% June 15, the debt will be more than 10 billion
dollars below its peak reached in February*
Th$t is
a sizable reduction, and we had no significant reduction
before this for 16 years*
We have made a start on the road of high pro
duction and income*
We should not lose the advantage
of this good beginning#
We will be helped tremendously
in maintaining this high level economy by the fact
that we have developed a large reservoir of demand*
« 6
•V/.
We often spend today to save tomorrow/*
Rapid
settlement of war contracts, for example, increases
the Government’s immediate expenditures, but speeds
reconversion to put our economy and the Government’s
finances in a sounder position for the long haul#
Contract settlements have been very rapid? they will
be practically completed by the end of this fiscal
year.
In view of the speed of demobilisation and
reconversion, and the pushing forward of expenditures
which it has involved, I feel that our record of
reducing the current rate of total expenditures by
over 60 percent since VE~Day is remarkable^)
Meanwhile our receipts have been well maintained*
During the first ten months of this fiscal year,
July 1, 1945, through April 30, 1946, our net receipts
were less than 5 percent below the corresponding
period the previous year when we were at total war*
1
** b *
Our national income is at a high level*
Hot
nearly so many have become unemployed as «as
expected*
While the pressures of inflation have
been terrific, a remarkable job has been done*
Our values, therefore, are not distorted as we
swing into this peacetime high-level economy*
While we have had our headaches, we are in a
much better position than we were after the first
world war*
This time we have a fighting chance
to do the job right, at home and abroad*
One of the best evidences that we are in good
shape is that we are well on our way to balancing
the budget, and have already made substantial
reductions in the public debt*
While our receipts
have remained high, our expenditures have been cut
in rapid fashion*
The Federal Government spent 9.7 billion dollars
last June against 4*2 billion dollars in April, and
that rapid decline will continue for erne time to come*
Contrary to the impression that many like to hold,
Washington has made a wholehearted effort to put its
budget on a peacetime basis*
Automobiles, refrigerators, and nylone did not
appear in our stores overnight*
A production machine
had to be changed over from the ways of war to the
ways of peace*
able*
Transportation was not always avail«
Our distribution system could not recover
automatically from the strains of war*
Many have
been restive as a result of wage, price, or raw
material problems*
Some days it seemèâ that we
solved one problem only to be confronted with
another, or two others*
If we step back and view the over-all situation
in perspective, however, we readily realise that we
have made much progress in the short period of nine
months since VJ«Day*
Our reconversion is well along.
K early one hundred thousand war contracts were can«
celled overnight when Japan surrendered*
More than
five million men were discharged from military
service by the end of the year*
These plants and men
In fact, our production of peace
time goods reached an afl«time high by March*
This
is difficult to believe, for we do not see it in our
stores,
$on©thelesa, it is a fact, and we shall see
the results when the supply lines have been filled.
(
* 4 -
In this country we have long accepted the funda
mental principle that a man may not be the final
judge of his own cause«
Gradually this concept must
be accepted by the peoples of all the world«
We must lead the way in international cooperation
on economic matters«
’ ’ .Ï» '
* -
This includes making the Interif l
I
•
i&p'
•
•"
national Monetary fund and the International Bank
for Reconstruction and Development effective institu
tions«
Building the kind of nation and world we want
requires constant vigilance and unstinted effort in
all of these fields.
Tonight, I shall speak chiefly
on the economic situation in our country and among
nations#
;
We have had our share of irritations and disap
pointments since VJ-Day, nine months ago«
Hot all
of our kinfolk and friends could return immediately
to be with us«
Our responsibility for world order
continued beyond the day that actual warfare ceased«
* 3 *
The basic principle underlying that sound
economy will be our principle of free enterprise*
;■
Our system of free enterprise hal built us a great
nation*
It will^JbuiM ps a greater nation*
le
must show the world that it is possible for all
groups within a nation to have economic security
and a full opportunity to reap their just rewards
for initiative, talent, and industry*
That, in summary, is what we must do in our own
country^
we must do a second job in order to
discharge our duty of leadership, and that is to be
the world’s best proponent of international coopera
tion*
fronts*
This, too, means attention and work on many
We must do everything in our power to
achieve genuine cooperation in the political field*
The institution of the United hâtions must succeed*
We must lead the way in setting a new standard
of international law and justice*
This includes
making the International Court of Justice a respected
and meritorious ttibunal like our own Supreme Court*
» 2 «
Our laws so far as possible are broad principles
and our laws are applicable to all*
"$i¡\ «#' '\*y-
- £-
. v/
■*■**-. ^ - ■
\
!
are respected and are effective*
And so, our laws
S0
fhe men who make,
execute, implement and interpret our laws are public
servants and have the public interest as their guiding
principle*
And thus, equity, humanitarianism, and
life are added to our system^.
To say that our govern*
ment is either a government of laws or a government
of men, is to me a fais
Ours is a govern
We must not only set a good example politically,
socially^ and culturally, but also economically.
This
requires the maintenance of a sound, expansive economy
in our nation.
A sound economy means an economy that
affords full production and a high national income*
A sound economy means an economy that affords work for
those who want to work, at a decent return for that
work, whether it be as an employee, an employer or a
farmer*
In short, a sound economy means that all
forms of business activity are going in high gear.
DRAFT - 2
MEMPHIS SPEECH
5-16*46
Our country is the most influential nation in
the world*
That is a basic fact*
It is recognised
by the peoples and governments of other nations*
What
ever doubt exists arises not as to whether we are the
most influential nation, but as to whether we fully
realise the import of this basic fact and are ready
to accept the leadership and to assume the responsi
bility that it entails*
We must tackle this job in
such a way that these doubts vanish.
He must accept
fully the leadership and responsibility that now rest
upon our shoulders, and this job is one that requires
our attention and effort day in and day out*
In exercising our leadership and assuming our
responsibility, we must first set a good example in
our own country*
We must continue to be the most
freedom-loving and freedom-having people in the world*
He must continue to show the world that democracy works,
and works well, and that it is the best political
system that man has established to govern his relation
ships with other men*
We must continue to be the
exemplars of living under justice, law, and order.
He
have lived through prosperity, depression and war under
justice, law and order, and it is our duty to keep this
record unblotted so that all nations may be inspired to
y*
live in justice, order, and security*
TREASURY DEPARTMENT
Washington
(The following•address of Secretary Vinson,
before the Tri-State Bankers' Meeting
(Tennessee, Mississippi, Arkansas), at the
Hotel Peabody, Memphis, Tennessee, May 23,
1946, is scheduled for delivery at 8:00 I.M.,
CST» and is for release at that t i m e . It is
to be delivered by Assistant Secretary of
the Treasury Edward H, Poley, Jr., on behalf
of Secretary Vinson, who was unable to attend
because of official duties.)
Our country is the most influential nation in the world.
That is a basic fact.
It is recognized by the peoples and
governments of other nations. Whatever doubt exists arises
not as to whether we are the most influential nation, but as
to whether we fully realize the import of this basic fact and
are ready to accept the leadership and to assume the responsi
bility that it entails• We must tackle this job in such a way
that these doubts vanish.
We must accept fully the leadership
and responsibility that now rest upon our shoulders, and this
job is one that requires our attention and effort day in and
day o u t .
In exercising our leadership and assuming our responsibility,
we must first set a good example in our own country. We must
continue to be the most freedom-loving and freedom-having people
in the world. We must continue to show the world that democracy
works, and works well, and that it is the best political system
that man has established to govern his relationships with other
men. We must continue to be the exemplars of living under
justice, law, and order. We have lived through prosperity, de
pression and war under justice, law and order, and it is our
duty to keep this record unblotted so that all nations may be
inspired to live in justice, order, and security.
Our laws so far as possible are broad principles and our laws
are applicable to all,
And so, our laws are respected and are
effective.
The men who make, execute, implement and interpret
our laws are public servants and have the public interest as
their guiding principle.
And thus, equity, humanitarianism,
and life are added to our system.
To say that our government
is either a government of laws or a government of men, is to me
a false dichotomy.
Ours is a government both of laws and of
men.
V-338
We must not only set a good example politically, socially,
and culturally, but also-economically. This requires the main
tenance of a sound, expansive economy in our nation*
A sound
economy means an economy that affords full production and a
high national income.
A sound economy means an economy that
affords work for those who want to work, at a decent return for
that work, whether it be as an employee, an employer or a farmer.
In short, a sound economy means that all forms of business
activity are going in high gear.
The basic principle underlying that sound economy will be
our principle of free enterprise.
Our system of free enterprise
has built us a great nation.
It will build us a greater nation.
We must show the world that it is possible for all groups within
a nation to have economic security and a full opportunity to
reap just rewards for initiative, talent, and industry.
That, in summary, is what we must do in our own country.
But we must do a second job in order to discharge our duty of
leadership, and that is to be the world’s best proponent of
international cooperation.
This, too, means attention and work
on many fronts. We must do everything in our power to achieve
genuine cooperation in the political field.
The institution of
the United Nations must succeed.
We must lead the way in setting a new standard of inter
national law and justice.
This includes making the International
Court of Justice a respected and meritorious tribunal like our
own Supreme Court.
In this country we have long accepted the
fundamental principle that a man may not be the final judge of
his own cause.
Gradually this concept must be accepted by the
peoples of all the world.
Vie must lead the way in international cooperation on
economic matters.
This includes making the International
Monetary Fund and the International Bank for Reconstruction
and Development effective institutions.
Building the kind of nation and world we want requires
constant vigilance and unstinted effort in all of these fields.
Tonight, I shall speak chiefly on the economic situation in our
country and among nations.
We have had our share of irritations and disappointments
since VJ-Day, nine months ago. Not all of our kinfolk and
friends could return immediately to be with us.
Our responsi
bility for world order continued beyond the day that actual
warfare ceased.
Automobiles, refrigerators, and nylons did
not appear in our stores overnight.
A production machine had
to be changed over from the ways of war to the ways of peace.
Transportation was not always available.
Our distribution
system could not recover^ automatically from the strains of war.
Many have been restive as a result of wage, price, or raw mat
erial problems.
Some days it seemed that we solved one problem
only to be confronted with another, or two others.
If we step back and view the over-all situation in per
spective, however, we readily realize that we have made much
progress in the short period of nine months since VJ-Day.
Our
reconversion is well along. Nearly one hundred thousand war
contracts were cancelled overnight when Japan surrendered.
More than five million men were discharged from military ser
vice by the end of the year.
These plants and men have gone
back to peace.
In fact, our production of peacetime goods
reached an all-time high by March. This is difficult to b e
lieve, for we do not see it in our
stores.
Nonetheless, it
is a fact, and we shall see the results when the supply lines
have been filled.
Our national income is at a high level.
Not nearly so
many have become unemployed as was expected.
While the
pressures of inflation have been terrific, a remarkable job
has been done.
Our values, therefore, are not distorted as we
swing into this peacetime high-level economy.
While we have
had our headaches, we are in a much better position than we
were after the first world war.
This time we have a fighting
chance to do the job right, at home and abroad.
One of the best evidences the.t we are in good shape is
that we are well on our way to balancing the budget, and have
already made substantial reductions in the public debt. While
our receipts have remained high, our expenditures have been
cut in rapid fashion.
The Federal Government spent 9.7 billion dollars last
June against 4.2 billion dollars in April, and that rapid
decline will continue for some time to come.
Contrary to the
impression that many like to hold, Washington has made a whole
hearted effort to put its budget on a peacetime b a s i s .
We often spend today to save tomorrow.
-uapid settlement
of war contracts, for example, Increases the Government's im
mediate expenditures, but speeds reconversion to put our economy
and the Covernment-1 s finances In a sounder position for the long
haul. Contract settlements have-: been very rapid; they tatII! be
practically completed by the end of this fiscal year.
In view
of the speed of demobilization and reconversion, and the pushing
forward of expenditures which it has involved, I feel that our
record of reducing the current rate of total expenditures by
over 50 percent since VE-Day Is remarkable.
\
4
-
Meanwhile our receipts have been well maintained.
During
the first ten months of this fiscal year, July 1, 1945, through
April 30, 1946, our net receipts were less than 5 percent below
the corresponding period the previous year when we were at total
war. Unless our receipts and expenditures picture is signifi
cantly altered, and the prevention of that includes doing our
job in maintaining a sound and expansive economy at home, and
doing our part in re-establishing production and trade among
the nations, it now appears that we can have a balanced budget
by the end of our next fiscal year, June 30, 1947*
In view of the fact that our position is better than we
expected, that is, our expenditures are much less, and our
receipts are much higher, we are using some of the money on
hand to reduce the public debt.
By June 15, the debt will be
more than 10 billion dollars below its peak reached in
February.
That is a sizeable reduction, and we had no signifi
cant reduction before this for 16 years.
We have madb . a start on the road of high production and
income. We should not lose the advantage of this good beginning
We will be helped tremendously in maintaining this high level
economy by the fact that we have developed a large reservoir of
demand. All through the war, we have done without many consumer
goods that we.want. We want to improve our standard of living.
And we now have what we have not always had - the means to do it
This accumulated demand can, barring inflation, be the flywheel
of our production system for a long time to come.
All Americans
can be more optimistic, w i t h .justification, about their future
than at any previous time in our history•
This American prosperity which we have, and shall continue
to have, is an. important factor in the assurance of a stable
world economy.
It Is often said that we cannot have prosperity
in America if the world is in an unhealthy economic condition.
With that I do not
disagree, but I emphasize the converse,
that the world does not stand a chance of having a sound, stable
economy unless we are a prosperous nation.
This is simply one of the corollaries to the basic fact
that we are today the most influential nation in the world.
We are going to contribute and contribute greatly, to a world
that is stable, politically and economically, by having a sound,
expansive economy at home.
5
There are, however, other things we must do to improve
the economic situation among the nations. We want high levels
of production not only in America, hut throughout the world.
We want the goods that are created to flow freely among the
nations.
Our goal, then, is more production and more trade through
out the world.
To accomplish this, we must work to remove the
discriminations and restrictions that hamper production and
trade. The removal of such economic barriers is, by the very
nature of the problem, a joint undertaking.
No one nation, no
matter how big or strong it may be, can successfully solve a
problem wherein the very essence of the problem is the relation**
ship between nations.
No one nation can meet an international
problem.
The way to solve international problems is to obtain
cooperation among the nations.
The United States has long
advocated this policy of international cooperation. With us,
it has been more than a high principle.
We have done something
about it. We have done something about it, for example, through
the Reciprocal Trade Agreements, the Export-Import Bank, the
United Nations Relief and Rehabilitation Administration, the
International Food and Agricultural Organization, the Social
and Economic Council of the United. Nations, and the International
Monetary fund and the International Bank for Reconstruction and
Development •
I
wish to place particular emphasis upon the last two,
the World Fund and Bank.
At Bretton Woods, representatives
of more than 40 countries agreed upon the basic principles
that should govern these two institutions.
Bretton Woods is
perhaps the best example that we have seen of so many nations
getting together and working together to solve their common
problems in uhe interests of bettering the economic relation
ships among all nations, as well as in their own self-interest.
By the end of 1945, more than enough countries had rati
fied this work of their representatives so that the organiza
tions could be established.
This spring in Savannah, Georgia,
there was held the Inaugural Meeting of the World Fund and
Bank. At this meeting there was further implementation of the
Basic principles which had been agreed to at Bretton Woods.
More important, at this meeting there was a re-dedication to
tRe proposition that the nations, could live and work together
in peace and prosperity.
Our faith in the future was refreshed.
6
These two institutions will go far in removing economic
problems that often lead, to economic warfare, which usually
leads in the end to actual shooting.
These institutions are
cooperative enterprises of governments.
As such they must
not become just two more financial institutions.
It is rather difficult for us in America to realize the
physical devastation that was caused in many lands by the war.
These nations must reconstruct in order that they can produce
and take their part in a sound world economy.. The Inter
national Bank will offer aid to these countries in the recon
struction of their economy, aid which could be secured in no
other way.
This supplementary aid is to be given on terms
fair to both the lender and the borrower,
-^he capital of the
Bank will be primarily a surety fund.
The loans will be
financed almost entirely by private investors.
In the past we have often found nations interfering with
the flow of trade between nations. We had many forms of
economic warfare in the ’30’s which included devices such as
currency depreciation.
Through the International Monetary
Bund, the member nations will remove monetary restrictions
and substitute fair standards of currency exchange.
This will
greatly aid in creating a volume of world trade far greater
than we have ever had before.
We have, then, developed many concrete, practical measures
to wipe outt international economic diseases, and are developing
more. There are many harmful trade and monetary restrictions
existing that are not wanted, but which may be considered
necessary until a clear alternative can be seen and followed.
These other restrictive trade measures should be alleviated or
abolished.
The United States has proposed that there be
established an international trade organization to meet many
of these problems.
Britain, at the time of the AmericanBritish: Financial Agreement, agreed with us on all of the main
principles to guide a proposed International Trade Organization,
The Financial Agreement, moreover, meets directly several
of the most important trade and currency obstacles that now
exist.. Basically, the Agreement is a contract between our two
countries on trade and currency policies.
It has two major
aspects,
^irst it provides that Britain will abolish trade and
currency restrictions and discriminations that were in effect
during the war and which would be substantial obstacles to
peacetime world trade.
Second, it provides the financial where
withal that makes it possible for Britain to remove these
restrictions and It requires the repayment of that financial
aid.
7
The underlying purpose of this Financial Agreement between
Britain and the United Spates is to make it possible to follow
the principle of fair and full world trade.
A large volume of
trade between countries benefits America, benefits Britain, and
benefits the whole world.
Our export trade is a vital link in American prosperity.
Even when our foreign trade was severely reduced during the
’30fs, our exports were some 7 or 8 percent of our agricultural
and industrial production,
^oreign trade meant the difference
between prosperity and depression for many of our producers in
the factories and on the farms.
Of all our foreign trade, no
part was more important than that with the British Empire.
*t is a noble attribute to learn from experience, and it
is a very costly characteristic not to do so. We must not for
get the lesson of the decade before the war wrhen our industry
and agriculture suffered from trade and currency restrictions.
The exports of the United States were harder hit by these
devices than those of any other country.
In 1928,"our share
of world exports was 15.8 percent of the world total of 32.5
billion dollars.
By 1954, our share of world exports was 11.5
percent of the world total of 18.5 billion dollars.
This
drastic decline made a large contribution to the severe depres
sion in industry and the collapse in agriculture that we
experienced.
Particularly hard hit were our exports of wheat, cotton,
tobacco and lard.
From 1925 to 1928, we sold abroad an annual
average of more than 1*25 billion dollars of these four pro
ducts.
From 1931 to 1934, our annual average was less than
.5 billion dollars on these four items.
The lack of markets
abroad for our agricultural products was an important factor
in the decline of nearly 60 percent in farm prices in the four
years between 1928 and 1932.
Our foreign trade cannot reach the level necessary for
American prosperity if the world again resorts to currency and
trade restrictions. Unless our producers and exporters have
access to world markets on fair and equal terms, we will not
be able to maintain our production in those fields in wrhich we
have long specialized, fields such as raising cotton, tobacco
and wheat, making automobiles, machinery and equipment. We
must have a high level of foreign trade to have high levels of
production, employment and national income in America.
All
sectors of our economy, all sections of our country, are
directly or indirectly dependent upon that foreign trade.
8
Wmm ':f^,;X■j^gi||tf§§i|gg|
International economic cooperation and the expansion of
trade among all the nations are definitely in the interests of
each country and of all' countries. When countries, exchange
their surplus products, they all gain.
It means more production
and a higher level of income in the country which sells, and it
means more goods and a better standard of living in the country
which b u y s .
During the war, Britain adopted certain currency and trade
controls. .These controls are still in effect.
American busi
ness cannot afford to see these controls continued.
These wartime controls bring to mind such terms as sterling
area, blocked sterling, and the dollar pool. What do these
terms mean?
Living in the United States, we are accustomed to money
in the form of dollars and cents. We earn dollars and we 'Spend
dollars.
Outside of this country, there are other currencies.
There are a few currencies of inter-country application, but
the world-wide currencies are primarily the dollar and the
pound sterling.
If someone abroad wants to buy your cotton,
tobacco, wheat, lard, machine tools, or automobiles * he has
to have dollars or be able to change his money into dollars.
In converting money from one form to another, restrictions
and obstacles can grow up or be imposed;
If there Is not free
convertibility, there is a brake on trade between the nations
that use different forms of currency.
When we speak of the sterling area, we are referring to
the countries that use the pound sterling form of currency.
These are^the countries of the British Empire, except Canada,
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 England’s banks.
Before the war, the sterling area countries could draw on
these reserves to buy goods anywhere in the world.
If an
Australian firm, wanted to buy American cotton, it sold sterling
for dollars.
During the war, however, Britain had to stop this
convertibility of sterling.
Tftat meant that sterling was
blocked.
Its use was .restricted.
Britain had to say to the
countries of the sterling area, to Egypt, India, Australia, and
all the rest, your sterling reserves cannot be converted into
dollars. You can use your sterling for making payments to each
other, but not to outsiders.
9
The primary reason for restricting the convertibility of
sterling was that England did not have enough dollars and gold.
During the war, Britain sold 4.5 billion dollars worth of heh
foreign investments to finance her expenditures.
Moreover, she
incurred the enormous foreign debt pf 13 billion dollars in the
form of sterling balances in London banks, and sterling securi
ties i n •the British Treasury.
Britain could not convert such
large amounts into dollars or other currencies.
She had to
block sterling.
Britain had to do more than block sterling.
She had to
mobilize all of her dollar resources to pay for war needs.
This was done through the so-called dollar pool.
The dollar
pool worked as follows:
When an Egyptian exporter sold goods in the United States,N
he turned over the dollars he .received to the National Bank of
Egypt and received Egyptian pounds.- The National Bank of Egypt
sold these dollars to the British Treasury for sterling.
The
dollar .receipts of the sterling area were in this way pooled in
London.
If dollars were needed in the sterling area, applica
tion was made to London for an allocation.
London allocated
the' dollars on the basis of the most essential needs.
In order
to conserve dollars, London made no allocation to buy goods in
America if they could be secured from any one of the sterling
area countries.
This device really puts a brake on buying
American goods.
Along with these financial controls there were established
direct controls on imports in all sterling area, countries.
These controls, such as import licenses, are used to keep out
goods that must be paid for in foreign money.
In practice,
this meant keeping to a minimum imports from countries that had
to be paid for in money other than sterling.
These restrictions are still in effect.- They were neces
sary during the war.
They helped Britain in mobilizing her
resdurces and devoting them to war purposes.
These devices,
however, are dangerous in peace.
They restrict trade.
To
restrict trade in time of peace is to force poverty on the
England and the other sterling area countries, as well as
ourselves, do not wish these restrictions to be continued,
onetheless, they might have to be.
Britain must find some
means to pay for her imports»
Y
-
10
Britain, as an island nation, relies heavily upon foreign
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 exported only 30 percent of what she did in 1938. Her ex
port industries were converted to war production.
She lost a
large part of her merchant fleet.
Her income from foreign
banking and insurance services declined.
She sold many of her
most márketable foreign investments and has lost the income
from them.
Britain must somehow make good the fall in her foreign
income, because she must import heavily to feed her people and
her factories.. Her exports are off, yet she must import a
tremendous volume to live.
She does not have the dollars to
pay for these imports. Moreover, her shortage of dollars means
that she cannot make sterling convertible into dollars until
the blocked sterling balances are settled*
It means that she
cannot permit the sterling she pays for her imports to be used
freely in any country, and particularly in the United States.
It means that she must continue the dollar pool.
To remove Britain’s shortage of dollars and to eliminate
these obstacles to trade is a major international economic
problem.
The solution definitely depends upon what America
and Britain do. America is the largest exporting country in
the world; England is the largest importing country in the
world. Between us and the countries in our trading areas,
75 percent of the world trade is done.
A loan to Britain will help balance the difference between
what she must buy abroad and what she sells, until she re
establishes a full flow of exports.
During this transition
period her imports will far exceed her exports. It must be added,
however, that though her imports will be large, her resulting
standard of living will not be much different from the austere
levels she had during the war.
The American-British Financial Agreement goes directly to
the two basic problems of eliminating Britain’s shortage of
dollars and of removing the currency and trade restrictions.
The loan p art of this Financial Agreement opens a line of credit
of 3-3/4 billion dollars. This line of credit is a loan, not a .
gift. T^e principal must be repaid.
It is, moreovér, an
interest-bearing loan.
The interest rate of 2 percent, beginning
in Í951, is not a nominal rate, for it is quite comparable to
what it costs your government to borrow money.
11
The Agreement provides that this interest will he paid,
except under certain temporary depressed conditions which are
objectively defined in the Agreement.
In case of such de
pressed conditions, it is thought to be far better to waive
the interest for that temporary period than to force a default
on the entire amount of the loan.
In consideration for the use of the money in the loan,
which is to be repaid with interest, Britain promises to re
move within a year, unless we agree to a temporary extension,
her wartime trade and currency controls.
This means:
(1) All countries of the sterling area
allowed to use the proceeds of their exports
to buy goods in any other country, including
States.
Sterling arising from current trade
made fully convertible.
will be
to England
the United
will be
(2) All countries of the sterling area will be
able to use the dollars they, acquire from their trade
to make purchases in the United States.
T'he sterling
area dollar pool, a most restrictive device, will be
dissolved.
(3) England’s import controls will be adminis
tered in a manner that is not discriminatory against
American goods.
Any export from the United States to
England will be paid for in dollars or in sterling
that is convertible,
(4) England will settle the blocked sterling
obligations out of her own resources, not out of the
loan.
The funds that are released in settling these
balances, whether now or later, will be available for
purchases in any country, including the United States.
(5) England will support the American proposal
for the establishment of an international trade organ
ization for the reduction of trade barriers and for
the elimination of trade discrimination.
In addition to the fact that the financial aid is a repay
able loan, and that Britain will remove the trade and currency
controls which I have just discussed, it should be remembered
that the bulk of the dollars will be spent in the United States,
and those that are not so spent in the first instance, will
eventually find their way here.
This will increase the business
of our industry and agriculture.
12
This Agreement is a big step in preventing economic warfare.
It is a big step in creating a world in which countries live and
work together in peace and prosperity.
For England, it means a
chance to feed her people and reconvert her industries in a
world of expanding trade.
For the United States, it means the
opening, of the markets of our best customers': to the products of
our factories and farms.
It means a larger American share in a
larger world trade.
The alternative is as unhappy as it is clear.
The great
danger before us is the division of the world into conflicting
blocs. We are trying to meet the economic part of this problem
through cooperation in the dorid Fund and Bank,
That has been
and will be the policy of the United States.
Russia has not
yet joined the Fund and Bank.
It is hoped that she will become
convinced of the advantages of full participation.
If we make
It possible through the Financial Agreement for England to
adopt the fair currency and trade practices we advocate, there
is every prospect that the Fund and Bank will succeed in their
work and that all countries will find it advantageous to be in
rather than outside these institutions.
If England finds it necessary, however, to keep her war
time currency and trade restrictions, it will result in a
British bloc, an American bloc, and a Russian bloc.
Such a
development would probably be an unsurmountable obstacle to
peace and prosperity. No country wants that kind of a world,
and no country can afford that kind of a world.
Two world wars and a world-wide depression have taught
this generation the bitter lesson that the only road to peace
and world^prosperity is through international cooperation.
Ihe political and economic problems of the world cannot con
tinue to be solved by force.
xhat road leads to destruction.
The political and economic problems of the world can and
must be solved by international cooperation. We are on our
way on this road.
It requires hard work, constant attention,
and true devotion.
But the road leads to the greatest goal
that mankind has ever set - enduring prosperity and peace.
0
O0
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE FORWARD 8 COPIES TO ROOM 1*03, WILKINS BLDG*
iminary figures
»nsusrpt ten during
IWSJ
quantity in Pounds
As of April 30, 19^6
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
8 5 1 ,8 8 9 ,83U
398,356,65^
17,7 1 2 ,7 9 3
253
17.U35.6U3
9 ,0 9 2 ,S27
29.3U 8.909
u9.2uo.998
1 5 ,2 7 0 ,1 8 6
5 ,0 7 6 ,8 2 1
^1,S^7,2SH
1 1 ,9 6 9 ,3 1 3
2 .3 8 3 ,2 3 2
3 2 ,9 0 3 ,3 1 7
Signatory Countries:
26,992,U 09
TOTAL
1 ,5 0 9 ,5 2 0 ,U73
The above data refleets the amount of coffee for which
entries for consumption have been reported as of April 3 0 , and
includes the returned weights on a number of entries, which
returned weights have not previously been considered*
FOR IMMEDIATE RELEASE
E^JSk.líá
The Bureau, of Cast erne announced teday preliminary figures
shewing the quantities ef coffee entered fer con sump t ten during
the peried commencing October 1, 19^5» ns fellows:
Country of Production
Quantity in Pounds
As of April 30, I 9H 6
Signatory Countries:
851,889,83^
398 .356 .65 H
17,712,793
253
1 7 .H3 5 .6 H 3
9 ,092,^27
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Hicaragua
Peru
Venezuela
29 .3H 8 .9 0 9
H9 .2H0 .9 9 8
15 ,270,186
5 ,076,821
>a,8H7,28H
11.969,313
2,383,232
32,903,317
2 6 .992 .H09
Ron-Signatory Countries:
TOTAL
1 ,509 ,520,^73
The above data reflects the amount of coffee for which
entries for consumption have been reported as of April 30, and
Includes the returned weights on a number of entries, which
returned weights hare not previously been considered.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, May 22, 1946
Press Service
No 4 V-33'9
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 April 30, 1946
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic'
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
851,889,834
398,356,654
17,712,793
253
17,435,643
9,092,827
29,348,909
49,240,998
15,270,186
5,076,821
41,847,284
11,969,313
2,383,232
32,903,317
Non-Signatory Countries:
26,992,409
TOTAL
1,509,520,473
The above data reflect the amount of coffee for which
entries for consumption have been reported as of April 30, and
includes the returned weights on a number of entries, which
returned weights have not previously been considered«*
oOo
f-
- 3 -
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. I4I8 , 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
-
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement trill 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
accepted in full.
9 9 .9 0 5
entered on a fixed-price basis will be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
May
31
.
19)1 A________ .
,
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 oh here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
b2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115> of
the Revenue Act of 1914-1* the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
TREASURY DEPARTMENT
u '
^
6
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 2lu 19ii6________.
"103x“
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1,300,000,000
, or thereabouts, of
mk
90
iSS
-day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter
The bills of this series m i l be dated May 31, 19U6_______ , and
m
/T*
will mature August 29^ 191*6____ , when the face amount m i l be payable withprovided.
out interest.
They m i l be issued in bearer form only, and in denominations
of $1,000, $5,000, $10,000, $100,000, $5 0 0 ,0 0 0 , and $1,000,000 (maturity value).
Tenders m i l be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time,
Monday1 May ^>7*
Tenders will not be received at the Treasury Department, Vfashington.
1 9 A6
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.,
Fractions may not be used.
9 9 .9 2 5 -
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.
. FOR RELEASE, MORNING NEWSPAPER,
Friday, May 24, 1946
TREASURY DEPARTMENT
Washington
The Secretary of the Treasury, by this public notice, in
c i t e s tenders for $ 1,300.,000,000, or thereabouts, of 90-day
*Treasury bills, to be issued on a discount basis under com
petitive and fixed-price bidding, as hereinafter provided. The
bills of this series will be dated May 51, 1946, and will
mature August 29, 1946, when the face amount will be payable with
out interest. They will be issued in bearer.form only, and in
denominations of $1,000, $5,000> $10,000, $100.,000, $500,000,
rand $1,000,000 (maturity, value).
:
.
Tenders-will be received at Federal Reserve Banks.;and.
Branches up .to t h e ;closing hour,'two o ’clock p.m., Eastern
Standard time,.-Monday., May 27, 1946. Tenders will not ..be re
ceived a p, the Treasury. Department, Washington. .Each tender
must be fo,r:an- even multiple of $1,000, and the price offered
must be expressed on- the-basis of 100, with not more than three
.decimals.,- e, g.> 99.925*. Fractions may not- be- used. • It 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 -trus t companies and from responsible and becognized
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 fixedprice basis will be accepted in full.
Payment of accepted
tenders at the prices offered must be made or completed at the
Federal Reserve Bank in cash or other immediately available
funds on May 31, 1946.
*
,« '-
•
^
t
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
V-340
(Over)
’’
r -2 ; - .
other disposition of Treasury bills .shall n 6 t\ha,ve. any special
treatment, as duch, under Federal tax' Acts' how /or hereafter
eriactedT The bills shall b e subject to estate, -inheritance,
gift,.or other excise taxes, ■whether Federal q t State* but
shall be exempt*from all taxation n o w or hereaftep•imposed on
the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing auth
ority* .For purposes of taxation the amount of discount at
which Treasury ’bills are originally gold' by the' United States
shall be considered to be.interest*
Under Sections 42 and 117
(a) (1) o f <the Internal R e v e n u e ‘Code, as amended by Section 115
of .the Revenue Act of 1941, t h e .amount of discount-at which
bills-issued hereunder' are- sold shall not be considered to
accrue until such bills shall-be' sold, redeemed or otherwise
disposed of, and such bills are excluded from .consideration as
capital assets* Accordingly, the. owner of Treasury .bills
(other thari 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
oh subsequent purchase, and the amount actually received either
upon, sale or redemption at maturity during the taxable year
for which the return is mad*e, 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 t h e ,circular may be
obtained from any Federal Reserve Bank or Branch.
oOo
WHEN this
release has been mimeographed,
PLEASE FORWARD 10 COPIES TO ROOM 1*03, WILKINS
BUILDING.
; the t a r i f f - r a t e
packed in i c e ) ,
f i l l e t e d , skinned, boned, s lic e d , or divided in to p o rtio n s,
not sp e cia lly provided fo rj cod, haddock, hake, p ollock, cusk,
and ro s e fis h , was approximately 95% f i l l e d as of May 25, 191*6.
Importers are required to deposit estim ated duties a t the f u l l
t a r i f f r a te on a l l e n trie s fo r consumption of qu ota-class fish
during the period May 25 to December 3 1 , 191*6, pending determi
nation of the quota sta tu s of such importations*
—'V-
FOR IMMEDIATE RELEASE
The Bureau of Customs announced today th a t the t a r i f f - r a t e
quota of f is h , fresh or frozen (whether or not packed in i c e ) ,
f i l l e t e d , skinned, boned, s lic e d , or divided into p o rtio n s,
not sp e cia lly provided f o r : cod, haddock, hake, p ollock, cusk,
and ro s e fis h , was approximately 95% f i l l e d as of May 2f>, 19h6,
Importers are required to deposit estim ated duties a t the f u l l
t a r i f f r a te on a l l e n trie s fo r consumption of qu ota-class fish
during the period May 25 to December 3 1 , 19U6, pending determi
nation of the quota sta tu s of such im portations.
TREASURY DEPARTMENT
Washington
Press Service
N o 4 . V-341
FOR IMMEDIATE RELEASE
Friday, May 24, 1946
The Bureau of Customs announced today that the tariffrate quota of fish, fresh or frozen (whether or not packed
in ice), filleted, skinned, honed,
sliced, or divided into
portions, not specially provided for:
cod, haddock, hake,
pollock, cusk, and rosefish, was approximately 95 % filled as
of May 25, 1946.-
Importers are required, to deposit estimated
duties at the full tariff rate on all entries for consumption
of quota-class fish during the period May 25 to December 31,
•
■■
'
1946, pending determination of the quota status of such
importations♦
oOo
general
assistant to the Attorney)
on oil land
1915 to 1922 he served.in the Department of
litigation. In 1922, he transferred to the Bureau of Internal Revenue as an
Assistant Solicitor, and in 1923 was made chairman of the Bureau’s Committee
on Appeals and Review. He left the Bureau to become the first Chairman of the
Board1of Tax Appeals in 1924 and resigned about a year later to enter private
practice. He has continued in private practice SSm since except for a period
in 1927-1928 when he served as Counsel to the Joint Committee on Internal
Revenue Taxation. His home is at McLean, Virginia.
Judge Smith, like Mr. Hamel, was 4&m a charter member of the Board of
Tax Appeals and has rriini’hniiTa member am m since^ HeOras planning to retire
at the expiration of his term on June 2, but has
consented
to serve on the
new Council. He is 67 and a native of Windham, New Hampshire. He was
educated at Brown University^ Providence, Rhode Island, and George Washington
University at Washington. |He entered Government service as an editor and
statistical assistant in the Census Bureau in 1905. He transferred in 1914
to the Bureau of Internal Revenue as its first income tax attorney. He was
appointed Assistant Solicitor of the Bureau in 1917 and Assistant to the
Commissioner in 1921. In 1923, he was made a member of the Bureau’s
Committee on Appeals and Review and its Tax Simplification Board.
- 0 -
Treasury Department
Bureau of Internal Revenue
Washington 25, D. C#
* 7 ^
JosephD* Nunan, Jr*, Commissioner of Internal Revenue, today announced
am*
^as chaim
the creation of «»Excess Profits Tax Council, headed by Charles D#
to administer claims for relief from the excess profits tax under Section 722
of the Internal Revenue Code#
The Council will be composed of 15 manbers selected for outstanding
experience in law, accounting and economics. It will operate directly under
the Commissioner of Internal Revenue^ and will be primarily responsible for
matters of interpretation, policy and procedure. ¡While the initial exam
ination of claims will contia® to be made by the internal revenue agents in
field offices throughout the country, taxpayers desiring to appeal will have
ah opportunity to be heard by the Council under rules it will establish.
Commissioner Nunan also announced that Judge Charles P# Smith of the
Tax Court of the United States has «toe consented to serve as a member of
the Council# The names of many other outstanding individuals have been
suggested for membership and are being considered by Commissioner Nunan, who
will announce the
selections
at an early date# It is contemplated that the
selections will be made largely from persons not now employed by the Bureau.
Mr. Hamel, a practicing attorney in Washington, D. C#, for many years,
was the first chairman of the Board of Tax Appeals (now known as the Tax
Court of the United States) when it was created in 1924# He was born in
Dakota at Grand Forks^and National University in Washington. He entered
Government service as an attorney in the Interior Department in 1909. From
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington 25, D. C.
Release, Morning Newspapers,
Saturday Morning, May 25, 1946
Press Service
No. V-342
Joseph D. Nunan, Jr., Commissioner of Internal Revenue, today announced
the creation of an Excess Profits Tax Council, headed "by Charles D. Hamel
as chairman, to administer claims for relief from the excess profits tax
under Section 722 of the Internal Revenue Code.
The Council will be composed of 15 members selected for outstanding
experience in law, accounting and economics. It will operate directly under
the Commissioner of Internal Revenue, and will be primarily responsible for
matters of interpretation, policy and procedure,.
While the initial examination of claims will continue to be made by
the internal revenue agents in field offices throughout the country, tax
payers desiring to appeal will have an opportunity to be heard by the
Council under rules it will establish*
Commissioner Nunan also announced .that Judge Charles P. Smith of the
Tax Court of the United States had consented to serve as a member of the
Council. The names of many other outstanding individuals have been sug
gested for membership and are being considered by Commissioner Nunan, who
will announce the selections at an early date. It is contemplated that the
selections will be made largely from persons not now employed by the Bureau.
Mr. Hamel, a practicing attorney in Washington, D. C., for many years,
was the first chairman of the Board of Tax Appeals (now known as the Tax
Court of the United States) when it was created in 1924* He was born in
Minneapolis, Minn., in 1881, and was educated at the University of North
Dakota at Grand Forks, and National University in Washington. He entered
Government service as an attorney in the Interior Department in 1909. From
1915 to 1922 he served in the Department of Justice as a special assistant
to the Attorney General on oil land litigation. In 1922> he transferred to
the Bureau of Internal Revenue as an Assistant Solicitor, and in 1923 was
made chairman of the Bureau's Committee on Appeals and Review. He left the
Bureau to become the first Chairman of the Board of Tax Appeals in 1924
and resigned about a year later to enter private practice. He has continued
in private practice since except fpr a period in 1927-1928 when he served as
Counsel to the Joint Committee on Internal Revenue Taxation. His home is at
McLean, Virginia.
Judge Smith, like Mr. Hamel, was a charter member of the Board of Tax
Appeals and has continued a member since its organization. He was planning
to retire at the expiration of his term on June 2, but has consented to serve
on the new Council. He is 67 and a native'of Windham, New Hampshire. He was
educated at Brown University at Providence, Rhode Island, and George Washing
ton University at Washington.
2
He entered Government service as an editor and statistical assistant
in the Census Bureau in 1905, He transferred in 1914 to the Bureau of
Internal Revenue As its first income tax attorney,' He was appointed
Assistant Solicitor of the Bureau in 1917 and Assistant to the Commissioner
in 1921, In 1923, he was made a member of the Bureau’s Committee on Appeals
and Review and its Tax Simplification Board,
oOo
TREASURY DEPARTMENT
Washington
Press Service
FOR IMMEDIATE RELEASE,
Monday, May 27, 19it6.
l/'S
Secretary of the Treasury Vinson today announced the subscription
figures and the basis of allotment for the offering of 7/8 percent
Treasury Certificates of Indebtedness of Series E-19l>7 in exchange for
Certificates of Indebtedness of Series E-19U6, maturing June 1, 19U6.
Reports received from the Federal Reserve Banks show that sub
scriptions aggregate $1*,163,000,000. Subscriptions in amounts up to
and including $25,000, totaling about $62,000,000, were allotted in
full. Subscriptions in amounts over §2$,000 were allotted u percent
on a straight percentage basis, but not less than $25,000 to any one
subscriber, with adjustments, where necessary, to the next highest $1,000.
Details as to subscriptions and allotments will be announced when
. pV
■ v'
'■
<
final reports are received from the Federal Reserve Banks.
i
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Press Service
Monday, May 27, 1946
No. V-343
Secretary of the Treasury Vinson today announced the
subscription figures and the basis of allotment for the
offering of 7/8 percent Treasury Certificates of Indebtedness
of Series E-1947 in exchange for Certificates of Indebtedness
of Series E-1946, maturing June 1, 1946.
Reports received from the Federal Reserve Banks show
that subscriptions aggregate $4,163,000,000.
in amounts up to and including $25,000,
$62,000,000, were allotted in full.
Subscriptions
totaling about
Subscriptions in amounts
over $25,000 were allotted 66 percent on a straight percent
age basis, but not less than 1-25,000 to any one subscriber,
with adjustments, wrhere necessary to the next highest $1,000.
Details as to subscriptions and allotments will be
announced when final reports are received from the Federal
Reserve Banks.
oOo
TREASURY DEPARTMENT
Washington
FOE RELEASE, ISORHING NEWSPAPERS,
tiwwUy, M g 28, 19to-___________
.
Press Service
j/'3 < /tf
TtM S ecretary of the Treasury announced l a s t evening th a t the tenders f o r
* 1 .3 0 0 , 000,000, o r thereaboutsi of 90-day Treasury b i l l s to be dated Hay 31 and to nature
August 29, 191*6, which were offered on May 2k$ 191*6, were opened a t the Federal Reserve
Banks on Hey 27«
The d e ta ils of th is issue are as follows«
T otal applied f o r - $1,91*8,786,000
T otal accepted
- 1 ,3 1 0 ,2 0 1 ,0 0 0
Average p rice
(includes $22,1*23*000 entered on a fixed -p rice
b asis a t 99*90$ and accepted in f u l l )
- 99*906/ Equivalent r a te of discount approx* 0 .3 7 6 * per annum
Range of accepted competitive bids (excepting one tender of $100,000)«
High
Low
- 99.908 Equivalent r a te of discount approx. 0 .3 6 8 1 per annum
- 99*906
*
n
e
e
«
0 .3 7 6 * *
*
(66 percent of the amount bid f o r a t the low p rice was accepted)
Federal Reserve
D is t r i c t
T otal
Applied fo r
T o tal
Accepted
Boston
Hew fork
Philadelphia
Cleveland
Richmond
A tlan ta
Chicago
S t. Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
*
*
TOTAL
21», 570,000
1 ,5 2 5 ,6 6 6 ,0 0 0
2 8 ,6 6 5 ,0 0 0
6 ,5 2 0 ,0 0 0
8 ,7 2 5 ,0 0 0
1 ,9 2 5 ,0 0 0
2l»7,065,000
1 7 ,9 5 5 ,0 0 0
1 ,0 6 0 ,0 0 0
1 2 ,8 6 5 ,0 0 0
1 3 ,9 8 5 ,0 0 0
5 9 ,7 3 5 ,0 0 0
*1,91*8,736,000
17,670,000
1 ,0 2 7,036,000
19,893,000
1»,820,000
1»,331,000
1,789,000
162,263,000
13,705,000
1,060,000
6,266,000
10,857,000
feo,511,000
*1 ,3 1 0 ,2 0 1 ,0 0 0
TREASURY DEPARTMENT
Washington
Press Service
No, V-344
FOR RELEASE MORNÏNG NEWSPAPERS,
Tuesday, May 28, 1946_____
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 May 31 and to mature August 29, 1946,
which were offered on May 24, 1946, were opened at the Federal
Reserve Banks on May 27.
The details of this issue are as follows:
Total applied for - $1,943,786,000
Total accepted
- 1,310,201,000 (includes $22,423,000, entered
on a fixed-price basis at
99.905 and accepted in full)
Average price - 99*906/ Equivalent rate of discount approximately
0.376% per annum
Range of accepted competitive bids
$100,000):
(excepting one tender of
'
High - 99.908 Equivalent rate of discount approx, 0.368% per annum
Low - 99.906
”
w
t?
,f
tf
0.376% tf
"
(66 percent of the amount bid for at the low price was accepted)
Total
Applied for
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
$
24,570,000
1,525,666,000
28.665.000
6.520.000
8.725.000
1.925.000
247,065,000
17.955.000
1.060.000
1 2 ?865,000
13.985.000
59.785.000
$1,948,786,000
Total
______ Accepted
$
17,670,000
1,027,036,000
19.893.000
4.820.000
4.331.000
1.789.000
162,263,000
13.705.000
1.060.000
6,266,000
10.857.000
40.511.000
$1,310,201,000
F O R E I G N FUNDS C O N T R O L
m
•
*»
/
To:
(1 ).<>.• ..Mr *.Sbaoff.er__
v
...
/
1\ .
\*)
(Room)
(¿idg.)
(Room)
(Bldg.)
(Room)
(Bldg.)
From:;.... M,;L,.Bell......... 5/22/46 .
(Date)
(Room)
(Bldg.)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
No. V-345
Ita. ..3ft, 1946,
S ecretary Vinson today issued General License No* 53A
removing the remaining freezing co n tro l r e s tr ic tio n s over p r a c tic a lly
a l l persons in the generally licensed trad e a re a . This area includes
the other American Republics, the B r itis h Commonwealth of Nations,
the U. S . S* R ., and c e rta in of the overseas possessions of France,
Belgium and the Netherlands.
Treasury o f f ic ia ls pointed out th a t one of the e f fe c ts of
today’ s actio n is to unblock property belonging to most resid en ts of
Hong Kong, B ritis h Malaya, the Belgian Congo, the Netherlands West
Indies, French E q u atorial A frica and c e rta in other formerly blocked
a re a s . The actio n thus supplements th a t taken l a s t December 7
through the issuance of General License No. 94 which licensed cu rrent
tran sactio n s with these areas not involving property blocked as of
th a t d ate.
The sp e cia l r e s tr ic tio n s on Hong Kong and B r itis h Malaya
imposed a t the time of the Japanese occupation by Public C ircu lars
Nos* 10 and 16 were a lso removed thus re sto rin g these areas to th e ir
pre-occupation s ta tu s .
The p rin cip al persons in the generally licensed trade area
not benefited by today’ s actio n are (a ; Proclaimed L is t N ationals,
(b) c itiz e n s or su bjects of Germany and Japan who since December 7 ,
1941* have been in enemy or enemy-occupied t e r r i t o r y , (c ) persons
who, on October 5 , 1945 > were in countries then blocked other than
members of the generally licensed trade a re a , and (d) le g a l e n titie s
owned or controlled by persons sp ecified in ( a ) , (b) or ( c ) . In
th is connection, Treasury o f f ic ia ls called a tten tio n to the f a c t
th a t the new licen se does not waive the provisions of General Ruling
No. 1IA.
-ooOoo-
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday, May 50, 1 9 4 6 ____
Press Service
No. V-345
Secretary Vinson today issued General License No. 53A
removing the remaining freezing control restrictions over
practically all persons in the generally licensed trade area.
This area includes the other American Republics, the. British
Commonwealth of Nations, the U.S.S.R., and certain of the
overseas possessions of France, Belgium and the Netherlands.
Treasury officials pointed out that one of the effects
of today’s action is to unblock property belonging to most
residents of Hong Kong, British Malaya, the Belgian Congo,
the Netherlands West Indies, French Equatorial Africa apd .
certain other formerly blocked areas.
The action thus
supplements that taken last December 7 through the Issuance
of General License No. 94 which licensed current transactions
with these areas not involving property blocked as of-that
date.
The special restrictions on Hong Kong and British Malaya
imposed at the time of the Japanese occupation by Public Cir
culars Nos. 10 and 16 were also removed thus restoring these
areas to their pre-occupation status.
The principal persons in the generally licensed trade
area not benefited by today’s action are (a) Proclaimed List
Nationals, (b) citizens or subjects of Germany and Japan who
since December 7, 1941, have been in enemy or enemy^occupied
territory, (c) persons who, on October 5, 1945, were in coun
tries then blocked other than members of the generally licensed
trade area, and (d) legal entities owned or controlled by per
sons specified In (a), (b), or (c). J n this connection,
Treasury officials called attention to the fact that the new
license does not waive the provisions of General Ruling No.
11A .
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
^ s4 k
PLEASE FORWARD 8 COPIES TO ROOM 1*03, WILKINS
BUILDING.
*
gjr^^
uoun'cry oz
rroaucmoa
kliminary figures
jonsumption during
Lows:
Quantity in Pounds
Aa of April 30 , I9 U6
Signatory Countries:
«51,869,273
39^,330,188
17,710,859
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
290
17,1*35,61*3
9,092,827
29,31*7,61*3
1*9,238.750
15,270,187
5,076,821
1*1 ,81*7*988
li,959.038
2,379.907
32,837.179
Non-Signatory Countries:
TOTAL
26.992.1*09
1.509,389,002
The above data refleet the amount of coffee for which entries
for consumption have been reported as of April 30, and includes
the returned weights on a number of entries, which returned weights
have not previously been considered.
u
FOR IMMEDIATE RELEASE
May 38-. 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
Ac of April 30, 19*6
Signatory Countries:
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexieo
Nicaragua
Peru
Venezuela
Non-Signatory Countries:
TOTAL
85i.869.273398,330,188
17,710,859
290
17,*35.6*3
9»092,827
29,3*7,6*3
*9 ,238,750
15 ,270,187
5,076,821
1*1,8^7,988
li.959.038
2.379,907
32.837,179
26.992.*09
1,509.389,002
The above data reflect the amount of coffee for which entries
for consumption have been reported as of April 30» and includes
the returned weights on a number of entries, which returned weights
have not previously been considered.
TREASURY- DEPARTMENT
Washington
Press Service
Now V-346
POR IMMEDIATE RELEASE
Wednesday, May 2$-, 1946
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:
Quantity in Pounds
As of April 30, 1946
Country of Production
Signatory Countries:
851,869,273
398,330,188
17,710,859
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
. 290
17,435,.643
9,092,827
29,347-, 643
.49,238,750
15,270,187
5 ,076,821
41,847,988
11,959,038
2,379,907
32/837,179
Non-Signatory Countries:
26,592,409
TOTAL .
1,509,389,002
The above data reflect the amount of coffee for which
entries for consumption have been reported as of April 30,
and includes the returned weights, on a number of entries,
which returned weights have not previously been considered.
oOo
* 3f
MEM
- 3 -
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. Ul8, 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
-
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following 'which public announcement rill be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders rill 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 99.90^ entered on a fixed-price basis »trill be
accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately .
available funds on
June 6. 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 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 here%
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
U2 and 117
Under Sections
of the Internal Revenue Code, as amended by Section 115> of
the Revenue Act of 19Ul* the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
n m
TREASURY DEPARTMENT
Washington
U
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 31, 19k&
i@E
?
The Secretary of the Treasury, by this public notice, invites tenders for
, or thereabouts, of
91_ -day Treasury bills, to be issued
jjfc
It’.on a discount basis under competitive/and. fixed-price bidding as hereinafter
¿1 ,300,000,000
provided.
The bills of this series Trill be dated
Trill mature
out interest.
September 5,
June 6« 19U6
, and
19h6__, Trhen the face amount Trill be payable with-
They Trill be issued in bearer form only, and in denominations
of $1,000, $5,000, $10,000, $100,000, $5 0 0 ,0 0 0 , and $1,000,000 (maturity value).
♦
Tenders Trill be received at Federal Reserve Banks and Branches up to the
closing hour, tvro o ’clock p.m., Eastern Standard time,
Monday, June 3, 19U6
Tenders Trill 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, Trith 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 forrrarded 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.
TREASURY DEPARTMENT
W
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, May 51, 1946____ _______
Press Service
No. V-347
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 competi
tive and fixed-price bidding as hereinafter provided. The bills
of this series will be dated June 6, 1946, and will mature
September 5, 1946, when the face amount will be payable with
out interest.
They will be issued in bearer form only, and
In denominations of $1,000, $5,000, $ 10,000, $100,000,
$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, June 3, 1946.
Tenders will not be
received at the Treasury Department, 'Washington. Each ten
der must be for an even multiple of $1,000, and the price
offered must be expressed on the basis of 100, with not
more than three decimals, e.g., 99.925,
Fractions may not
be used.
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application
therefor.
Tenders will be received without deposit from incorpo
rated banks and trust companies and from responsible and
recognized dealers in investment securities.
Tenders from
others must be accompanied by payment of 2 percent of the
face amount of Treasury bills applied for, unless the 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
June 6, 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 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 Gode, as amended by Sec
tion 115 of the Revenue Act of 1941, the amount of discount
at which bills issued hereunder are sold shall not be con
sidered 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 dif
ference 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.
Cories of the circu
lar may be obtained from any Federal Reserve Bank or Branch.
oOo
-
2
-
He entered the Army in 1943 with the rank of Major and was later promoted
to Lt. Colonel and received personal citation of merit from General Eisenhower
and the Army Commendation Ribbon from Lt. General Clay.
Mr. Fisher is the co-author of "Essentials of Maryland Pleading" (second
edition), and the author of numerous articles including "The Question of
Personal Liberty" (Atlantic Monthly, February 1926).
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington 25, D. C.
Press Service
For/
Joseph D. Nunan, Jr., Commissioner of Internal Revenue, announced today
the appointment of Morton P. Fisher, prominent Attorney and tax authority
of Baltimore, Md., as a member of the Excess Profits Tax Council*
The Council, of which It*. Charles D. Hamel^ is chairman, will administer claia
for relief from the Excess Profits Tax under Section 722 of the Internal
\
Revenue Code. The Council will be composed of fifteen members who are being
selected for their outstanding experience in law, accounting and economics.
Mr. Fisher returned only last month from service as Lt. Colonel aid
Chief of the Public Finance Branch of the Office of Military Government in
Germany. He was theJJnited States delegate on the Four-nation Committee which
revised the tax laws of Germany and set up the tax system which is now
operating in all four of the occupation zones.
Mr. Fisher was born in Baltimore on February 14, 1897. He was graduated
with the degree of AB from Johns Hopkins University in 1919 and from the
University of Maryland with the degree of LLB in 1920, both times with high
honors. He served as a seaman in the Navy during the first World War and
later entered the practice of law in Baltimore.
He was Assistant United States Attorney for Maryland &n 1922 to 1925,
and Special Assistant to the Attorney General of the United States (Tax
Division) IjjQr1928 to 1930. In the latter capacity, he argued tax cases in
every Circuit Court of Appeals in the United States and also the Supreme Court.
1941 to 1943 he was chairman of the Income Tax Committee of the Tax
Section of the American Bar Association and also instructor in the graduate
course of Federal Taxation at the University of Baltimore
TREASURY DEPARTMENT
Bureau of Internal Revenue
Washington 25, D. C.
FOR IMMEDIATE RELEASE
Wednesday, May 29, 1946
Press Service
No. V-348
Joseph D. Nunan, Jr., Commissioner of Internal Revenue,
announced today the appointment of Morton P. Fisher, prominent
attorney and tax authority of Baltimore, Md., as a member of
the Excess,Profits Tax Council.
The Council, of which Charles D. Hamel is chairman, will
administer claims for relief from the Excess Profits Tax under
Section 722 of t h e 'Internal Revenue code. The Council will be
composed of fifteen members who are being selected for their
outstanding experience in law, accounting and economics.
Mr. Fisher returned only last month from service as
L t . Colonel and Chief of the Public Finance Branch of the
Office of Military Government in Germany.
He was the United
States delegate on the Four-nation Committee which revised
the tax laws of Germany and set up the tax bystem which is
now operating in all four of the occupation zones.
Mr. Fisher was born in Baltimore on February 14, 1897.
He was graduated with the degree' of AB from Johns Hopkins
University in 1919 and from the University of Maryland with
the degree of LLB in 1920, both times with high honors.
He
served, as a seaman in the Navy during the first World Wrar,
and later entered the practice of law in Baltimore.
He was Assistant United States Attorney for Maryland from
1922 to 1925, and Special Assistant to the Attorney General of
the United States ,(Tax Division) from 1928 to 1930.
In the
latter capacity, he argued tax cases In every Circuit Court of
Appeals in the United States and also the Supreme Court.
From 1941 to 1943 he was chairman of the Income Tax
Committee of the Tax Section of the American Bar Association
and also Instructor in the graduate course of Federal Taxa
tion at the University of Baltimore.
He entered the Army in 1943 with the rank of Major and
was later promoted to Lt, Colonel, and received personal cita
tion of merit from General Eisenhower and the Army Commendation
Ribbon from Lt. General Clay.
Mr. Fisher is the co-author of ”Ess-entials of Maryland
Pleading” (second edition), and the author of numerous articles
including nThe Question of Personal Liberty” (Atlantic Monthly,
February 1926) .
oOo
1
&
t
o
g
v
*
_______
^
TRKA3UB? DEPARTMENT
Washington
POE IMMEDIATE RELEASE,
Friday, May 31» 191*6»
Press Service
The Secretary of the Treasury today announced the final subscription
and allotment figures with respect to the current offering of 7/8 percent
Treasury Certificates of Indebtedness of Series E-19l*7*
Subscriptions for
amounts up to and including $25,000 were allotted in full and amounted to
$63 ,198,000 *
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as followss
Federal Reserve
District
Total Subscriptlons Received
Total Subscriptions Allotted
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
|
|
TOTAL
136,216,000
2,168,758,000
107,?U2,000
166,003,000
52,163,000
Sk,k7?,000
U76,5U5,000
83,380,000
63,121,000
114,788,000
73,103,000
326,800,000
12,763.000
||,166,090,000
90,921,000
1,652.77lt,000
71,97k,000
111,007,000
35.kl7.000
37,13k,000
318,978,000
57,321,000
kk,238,000
78,765,000
k9,2kk,000
217,16k,000
8,kk9,000
12,773,386,000
TREASURY DEPARTMENT
.Washington
FOR IMMEDIATE RELEASE,
Friday, May 31, 1946.
Press Service
No. V-349
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 E-1947.
Subscriptions for amounts up to and includ
ing $25,000 were allotted in full and amounted to $63,1-98.000.
Subscriptions and allotments were d vided among the
several Federal Res ?rve Districts and the Treasury as follows:
Federal Reserve
District
Total Subscriptions Received
Total Subscriptions Allotted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San 'Francisco
Treasury
$
$
TOTAL
136,245,000
2,498,758,000
107.942.000
166.003.000
52.163.000
54.479.000
476.545.000
83,380;000
63.121.000
114.788.000
73.103.000
326.800.000
12.763.000
$4,166,090,000
oOo
90,921,000
1,652,774,000
71.974.000
111.007.000
35.417.000
37.134.000
318.978.000
57.321.000
44.238.000
78.765.000
49>244,000
217.164.000
8,449,000
$2,773,386,000
-
22
-
"both these inequalities and the excessive litigation they promote
would appear to outweigh the possible claims of single persons.
That same double need likewise points to the inclusion of the income
of minors in the total income to he divided between the parents.
Finally, the transitional problem is best met in a period of tax
reductions, so that the near future should be auspicious in this
respect for a new approach to family income.
But as we said at the
outset, these are technical observations whereas the subject matter
involved belongs to the public.
So we must leave our conclusions
to the test of the afternoon club meeting, the locker room, and the
bridge table
be absorbed in the tax reduction that we hope the future will bring.
She decrease in revenue resulting from a per capita division exists
almost entirely in the brackets above the first surtax bracket.
It
eli
would therefore seem proper that such decrease should be charged
against any tax reduction that would otherwise be made in those
brackets.
To summarize and conclude;
The present treatment of family
income is vulnerable to indictment on tv/o serious counts.
A
It is a
fertile breeding ground of costly, difficult and wasteful litigation.
It is sadly lacking in tax equity, since it involves both geographical
discrimination between families in community property states and those
in non-community property states, and qualitative discrimination
between families receiving earned income and those possessing invest
ment income.
These discriminations dollarwise are highly inequitable
e,t present tax ra.tes. Judicial safeguards devised to protect the pro
gressive surtax have not provided a rational system.
The alternative
legislative solutions to these difficulties are mandatory joint returns
or per capita division between husband and wife.
At the level of the
family, the latter solution of per capita division appears politically
feasible.
Considered relative to the treatment of single persons, the
adoption of the per capita system may perhaps involve some discrimina
tion in favor of the family unit.
But the extent of the discrimination
so cheated is difficult of positive proof and measurement.
At any
event, it does not appear to be as serious as the present admitted
inequalities among married couples.
The double need of eliminating
-
20
-
further division of incom% would he large. The tax on a $50,000
family with income divided "between husband and wife is $18,164 with income divided betweent parents and two children, the tax is
reduced to $12,920, a reduction of 29$. To some degree, therefore,
the discriminations and incentives to litigation would remain.
Several solutions are at hand. The per capita principle could be
extended, and children counted on a fractional basis in the division
of the total family income for the purpose of the tax computation.
But the problem of determining the proper fractions would loom large.
A simpler approach would be to include the income of minors living
with their parents in the total to be divided between husband and
wife, leaving the adjustment for children to the exemption for such
children. Perhaps it would be satisfactory to limit such inclusion
to income of the child derived from property transferred to him by his
parents, thus excluding earnings of the child and gifts from outside
the immediate family. While some minor discriminations would remain,
the litigation incentive would be reduced to a minimum.
The transitional problem,aside from the perhaps difficult aspect
of ensuring that standards of simplification are maintained, is mainly
one of revenue cost. A shift to per capita division between husband
and wife would involve, at present rates, a decrease in revenue of a
little less than a billion dollars. The inclusion of income of minors
reduces that decrease by about 100 million dollars. The amount thus
involved in a per capita division IW of a magnitude that can
There are subsidiary aspects that appear to favor a per capita
.. division of income between husband and wife.-ad
TTflr.Miitrh-
r. Per capita division does present an inducement
toNiaarriage and in this sense offers a rough general answer to its
relationship to the tax on single persons — let them get married.
Or, as it is more picturesquely put in a popular song in which the
singer says to her importuning boy friend- MIf you wanna take the
dollar tour, Legalize my name.” Msare impsantontv *ptv sag4fra
ru1iii
HRS
sbsss
Oik._J
*«grri <nri pm»*****/* pointed out above, a per capita
aftygfteidwriii.i mi»«w™
division of family income would end the ■SEESPepfc discrimination
iv*"
/¿♦^»favor of income from property as against earned income. The
insistent
ìnsisi-em; demand
aemana for
ior a tax incentive for upper bracket executives
(UX 94LK***
z L _____
'&£xX
____
foul’
d ihui-finda large
lari answer in this changed treatment of family
income. Of course, the tax attorney who engages in tax planning
designed to achieve maximum tax savings may thereby find himself
in the position of a marriage broker. But our tax fraternity has
always proven itself equal to any task.
So far we have limited our discussion of family taxation to the
income of husband and wife. But the same concern for the elimination
of litigation and discrimination requires that we consider the place
of children. Obviously, many a family benefitting by a per capita
division would soon become accustomed to the novelty and would then
seek to further the splitting by legal allocation of a share of the
parents* income to their children. The tax savings from such a
- 18 said above WtB the proper level of the married couple’s tax
liability relative to the single person is probably somewhere between
mandatory joint returns and per capita division. Consequently,
adoption of per capita division would at best work a discrimination
against single persons that dollarwise is considerably 1
the
spread between the liability of mandatory joint returns
capita division. Yet the discrimination among married couples per se
under the present system is equal in most community property situations
and in many earned income versus investment income relationships to thd
entire spread. As a consequence, the possible creation of a dis
crimination against single persons thru adoption of a per capita
treatment of family income would appear outweighed by the need for
eliminating the more serious inequality presently existing between
married couples.
We must not forget that our present exemptions are on a per
capita basis. As far as the $3100 level, therefore, a married couple
pays but twice the tax of a single person with half that income.
As the great majority of married and single persons fall below these
levels, we thus have adopted the per capita system for such persons
despite the possible contrary arguments derived from a consumption
standard demonstrating the need for a higher relative exemption for
single persons. At this level the need for simplification outwei^ied
those arguments. At points higher in the income scale, may not the
need for tax equity among married couples perform a similar role, so
that a per capita division of income becomes justifiable as respects
its relationship to single persons?
n
to
E i t h e r i n i t i a l a p p r o a c h - t h a t p a r a l l e l i n g m a rrie d c o u p le s
s i n g l e p e r s o n s p o s s e s s i n g h a l f a s much in co m e, o r t h a t
i d e n t i f y i n g m a rrie d c o u p le s w ith s i n g l e p e r s o n s a t th e same 9tBSt
d o l l a r l e v e l - l o g i c a l l y - sh o u ld in t h e end p ro d u ce t h e same r e s u X
/(M
f l u a l i t a t i v e t h e ~ ~ T 5 a 1 a n c ln g o f th eo f co n su m p tio n
econ/p m ie s and i n c r e a s e d e x p e n s e s p r e s e n t in m a r r ia g e seem s t o p o i n t ,
k
a t t h e l e v e l s w here th e co n su m p tio n s ta n d a r d
is p e rtin e n t, to
a t a x on a m a rrie d c o u p le iri
t h a t l i e s in b e -
tw een t h e l i a b i l i t i e s
m an d ato ry
p ro d u ced by th e p e r c a p i t a sy ste m and by
jo in t r e tu r n s .
H ow ever, su ch an in -b e tw e e n
re s u lt
a p p e a r s u n l i k e l y o f a d o p tio n in th e a b s e n c e of a c c u r a t e a p p r a i s a l
atf\>
of those factors. As a consequence, each approach thus inVolves
A
a p re s u m p tio n o f i n i t i a l v a l i d i t y f o r t h e p a r a l l e l i t d ra w s ,
w hich p re su m p tio n c a n n o t be overcom e by r e s o r t t o co n su m p tio n
eco n o m ies on t h e
due t o
one hand o r i n c r e a s e d e x p e n s e s on t h e
i n a b i l i t y t o d e f i n i t e l y m easu re su ch
o th e r
fa c to rs .
Hence t h e c h o i c e o f i n i t i a l a p p ro a c h .in e f f e c t l a r g e l y d e te rm in e s
^ITnrortunat<a 1 y , e a ch W p p ro A ch n a s a d i f f e r e n t
a - p r i o r i appeal to d if f e r e n t
in d iv id u a ls .
C o n s id e r a t io n o f t h e a l t e r n a t i v e s
o f m an d atory j o i n t re tu riB
o r p e r c a p i t a d i v i s i o n from th e a s p e c t of t h e p r o p e r t a x l i a b i l i t y
o f m a rrie d c o u p le s r e l a t i v e t o t h a t o f s i n g l e p e r s o n s th u s d oes
n o t p r o v id e u s w ith any s i g n i f i c a n t p r e f e r e n c e f o r one
sy ste m o v e r t h e o t h e r .
p er c a p ita d iv is io n ,
If
o th e r f a c to r s ' d i c t a t e
su ch c h o i c e
t h e c h o ic e
of
sh ou ld t h e r e f o r e n o t be change!
t o m an d ato ry j o i n t r e t u r n s on t h i s a c c o u n t .
i s t h e c o n c l u s i o n t h a t an o th e r w is e d e s i r a b l e
E q u a lly a s im p o rta n t
s h i f t from t h e
p r e s e n t sy ste m t o p e r c a p i t a d i v i s i o n d o e s n o t become in a d v is a b le
when r e g a r d
F o r,
a s we
i s had t o th e e f f e c t r e l a t i v e t o
s in g le p e rso n s.
- 17 -
recognition? And, here also, single persons do not conform to a single
pattern. One who supports a penniless relation likewise incurs in
creased expenses. Is the young wife to he preferred to the sick and
widowed mother! And, to complicate the matter further, is there not
a point in the income scale, difficult of location though it may he,
where the consumption standard is of far less moment than the economic
power resulting from command over dollars of income? And if this he
true, what weight can he given to the joint command of husband and
wife when its extent and reality depend on the many imponderables of
marital relationships, the
separate fortunes, the possibil-
ity of divorce and the like?
single persons at the same dollar level, or that contesting married
couples withNqingle persons possessing half as mytcn income - logically
should in the enbvproduce the same result. Qualitatively,the balanc
ing of the facters ¿^increased espenses/and consumption, economies
present in marriage seemSi to point,
the levels where the consumption
standard is pertinent, to aNiax: ofi a married couple that lies in
between the liabilities prod^e^by mandatory joint returns and the
per capita system. Howe'er, such sfe in-between result appears
unlikely of adoption jrfL the absence of\accurate measurement of those
factors. As a consequence, each approadiSin effect involves a pre
sumption whic^/cannot
overcome due to the ^.fficulties of quantita
tive analysis, so thatlthe choice of initial app?*qaeh in effect largely
deterjohes the conclusion* Unfortunately, each approach has a different
.a priegj appee1 to different iadiviebaalBi
— .. -
- 16 with, say, $10,000 income should pay only twice the tax of a single
person with $5,000, as under the per capita system, or more than
Assuming
such amount as under the mandatory joint return approach* /i£ the
to
consumption standard/be the criterion, it may "be asserted that as
the consumption needs of two are present a married couple should pay
"but twice the tax of a single person with half of their income.
But, in reply, can it not he said that there are consumption economies
in marriage -- in rent, automobiles, furniture — which would justify
a higher tax on the married couple? But if so, how much higher - can
these economies he measured with sufficient accuracy? And, more to
the point, single persons are not a uniform class. Such economies
are possessed in varying degrees hy single persons living at home,
doubling up, and so on. If marriage produces a higher tax does the
wife who earns an income become a tax incubus compared to her equally
enterprising but erring sister.
Let us pose the basic question in a different form - Should a
married couple with $10,000 income pay the same tax as a single person
with the same income, as under the mandatory joint return system, or
less than such amount, as under the per capita system? ifefc Since each
unit - married couple and single person - has economic command over
the same dollars of income, such equal control would argue an equal
tax. But, in reply, can it not be said that the obvious increased
expenses of two individuals point to a lower tax on the married couple,
lower even than is achieved by the added exemption? But, if so, can
these increased expenses be sufficiently measured to warrant their
- 15 -
Which method is preferable - mandatory joint returns or a per
capita division between husband and wife? Considered as a permanent
system, as between married couples at any level tha
little reason
to prefer one method over the other. The tax in either case would
be the same for every married couple at that level regardless of
internal distribution of income. The mechanics of computation and
allocation of tax liability are essentially similar. Whether married
copies would pay more dollars under a mandatory joint return system
or under a per capita division depends almost entirely on the rate
structure adopted after one or the other system is selected. Under
either system consideration might be given to the problem of the
working wife, be it viewed as one of imputed income of the housewife
or, more likely, of additional deductions of the working wife.
Arguments derived from politics and emotions would point in the
direction of the per capita system and might well be permitted to
dictate the choice under the limitations so far discussed. There are,
however, additional factors which may affect the choice — the rela
tionship of either system to the taxation of single persons and the
transitional problem.
k.
The assumption underlying the desire to eliminate the tax disrrrteMm ' 11~ above /
is the economic unit of consumption.
At any level of income all families should accordingly be treated the
same. The «■§. problem then becomes one of how to treat the married
couple relative to the single person, not how to tax the married
couple per se. So viewed, the question is whether a married couple
- 14 Congress considered this solution as recently as 1941 and 1942.
The controversy that ensued is still fresh in our memories, for it
was a tax issue in which the public could join with relish and
relative understanding. Mandatory joint, returns met with defeat,
which after all was to he expected. 3For did not its opponents charge
that it was a device that would reduce women to slavery, break up
homes, encourage divorce and promote living in sin.
k Giving due weight to such a handicap, and
recognizing that the community property forces are adding to their
Congressional strength, the question may become one of seeking
further to achieve equality.
Another method would be to make the splitting of family income
nationwide. Under this method, the federal tax statute would provide
that the income of husband and wife living together would be totalled,
the total divided by two and the tax computed on the resulting amount
with a single person*s exemption. The tax so computed would then be
-ru
doubled to find the total tax of the married couple, assaw*»*« liabi
De allocated between husband and wife on the basis of their
actual respective incomes. The result in brief is a universalized
equal splitting of income between husband and wife. As effectively
as mandatory joint returns, this per capita approach would equalize
the treatment of married couples regardless of the character of theiV
income or the geographical location of the couple.
- 13 -
The judicial solution was to block the splitting of income by
building a wall around the husband with a variety of anti-tax avoid
ance rules based on the earning of income, on control and dominion
over income or property, on realization of income thru the satis
faction of the desire to benefit others, and so on. But we have
seen that the breach created by the community property case alone
sufficed to defeat the siege. The availability of other methods of
escape - such as gifts, joint tenancies, or family trusts - added to
the failure. Moreover, a solution is needed that does not constantly
present us with the hairbreadth escapes and captures of litigation.
In fairness to the courts, we must admit that the judicial process
is not the appropriate medium, and that a legislative solution is
required.
One such solution is a system of mandatory joint returns. The
total tax of a husband and wife living together would be computed on
4-t,«
of their income and deductions#"*fhe
computed on such aingle income could then.
if either desired, be allocated between them in accordance with their
income separat
As the computation of tax is based on
a single combined income, the actual legal division of such income
between husband and wife becomes immaterial, and every family is thus
placed on an equal footing as far as husband and wife are concerned.
12
couples whose income is from the husband’s services and those whose
income is from property are also in many instances in the dimensions
stated above respecting community property. In other xrords, the
middle bracket family with stocks and bonds that has split its
incc
in husband and wife receives a tax holiday at least
A,
every fifth year while the family living on a salary or professional
earnings must still work for Uncle Sam. One wonders whether the
decision of Justice Holmes in Lucas v. Earl to prevent the fruits
from being attributed to a different tree has not caused us to lose
sight of the forest of tax equity.
Tax discriminations of such proportions among families can not
be defended. How may they be eliminated? It is true that many of
the litigated devices for splitting income, as well as outright gifts
to the wife, involve a risk for the husband when the divorce rate is
considered. Similarly, in this respect community property husbands
may point out that their tax savings are not without hazards. Still,
a wife would seem a better gamble than Uncle Sam, who always takes
his share for keeps^j And at the very least we are left with the
formula that the degree of taxpayer - Commissioner litigation over
family income-splitting varies directly with the degree of family
felicity. While such a formula indicates that one method of reducing/¿¿uL,
litigation is through the promotion of family discord, one may be of
the opinion that other solutions are more feasible.
11
-
Oklahoma has thus, at present tax levels, simply voted its middle
"bracket citizens (from $15,000 to over $100,000) a federal tax
holiday at least every fifth year.
This readily perceived discrimination in favor of community
property residents should not prevent us from recognizing that
equally serious discriminations exist among families in non-community
property states, The tax savings of the community system result
from the automatic splitting of family income which that system
J2iJaBcor<*4*
affords. A non-community property couple can achieve
tax
A
savings where each spouse earns income or initially owns property
producing income. More important,
jbb*
savings can also he obtained
if they can avail themselves of the devices for income-splitting
afforded in their states. Thus, a.husband whose income is derived
C_
frc
I***
rou$i outright gift
Lfe, or utilization
of joint tenancy or tenancy by the entirety, or creation of a successful family trusty ^hnrra
m
imanmri tnaL itratings. Such resultant division of income in non-community
property states is extensive. Of the married couples filing separate
returns in non-community property states, the preponderant majority
present^ a division of income ranging from 70 - 30 to 50 - 50. But
tivA- C-ou/iA*
the judicial resistance to what ^F. conceived to be tax avoidance has
A
blocked every attempt of a husband whose income is derived from his
services to share that income with his wife in a non-community property
state. The result is that the discriminations between such married
-9Comparison of Tax Liabilities of Married
Couples(¡filth Ho Dependents)in CommunityProperty and in Hon-comminity Property
States
Total Tax on Married Couple-^
Het
income
T
Community property Tax Saving
before
Hon-community
in Community
state
exemption property state
property states
(Only one spouse (Income divided
equally between
has income^*
spouses)
: 5,000
10,000
15,000
25,000
50,000^
100,000
$
798
2,185
4,047
9,082
24,795
63,128
$
760
1,843
3,154
6,460
18,725
50,274
t
Tax Saving in
community property
states as a per
centage of tax
liability in
non-community
property states
$
38
342
893,
2,622
6,070
12,854
Aggregate Tax Savings of Married Couples (kith
Ho Dependents\^n Community Property States in
the Income Tears 1937 through. 1946 l/
Combined
net income
before exemption
$ 5,000
1 0 ,0 0 0
25.000
50.000
1 0 0 ,0 0 0
Aggregate amount
of tax savings
320
2,864
20,633
53,144
132,187
lax for non-community property states is computed on
the assumption that only one spouse has income, and
in community-property states^ that income and exemp
tions are divided equally between the spouses.
4,8$
15.7$
22.
28.9$
24.5$
20.¥
tax avoidance existed not in its origin but in its result. The
community system could in this respect claim some kinship with
joint tenancy or tenancy by the entirety, which in other states
could also work wonders in splitting family income from property.
But Oklahoma has stripped the community system of this moral cloak
and brought it to the level of other tax avoidance schemes. The
Oklahoma statute is purely tax motivated - the community system
commends itself to the State only because of the Federal income tax
dollars it saves for its citizens.
Several salient features emerge from this brief review of our
present treatment of family income. First, the present system is
a self-generating source of costly litigation. The rules are
unclear, so that expectations are disappointed and liabilities
uncertain. But the stakes are high and constantly tempt new players
with new systems. As a result, taxpayers, attorneys, the Treasury
and the courts pour energy and time into controversy after contro
versy. Our tax machinery is too heavily strained to stand this
increasing load of litigation over family trusts, family partner
ships and the like.
Second, the present system is highly" discriminatory among
families. The rewards of community property, indicated in the fol
lowing tables, are the most familiar example of this discrimination.
-7-
possessed tax magic* California, having tidied up its law, was able to
share this good fortune, so that in eigjit states husbands and wives
were automatically entitled to split their community income for tax
purposes. Success has its imitators and in 1939 Oklahoma attempted
to join its neighbors through the inexpensive expedient of permitting
its residents to elect community property. But the'Court in 1944 in
A
Commissioner v. Harmon stuffily insisted that all the punctilios must
be observed* Oklahoma had to do the job all over again and make com
munity property the system of property-holding by virtue of marriage
itself. HMs done, Oklahoma now becomes sacred soil.
When all is said and done, and proper obeisance has been rendered
to the treaty of Guadalupe* Hidalgo, the fact remains that the community
property cases present an inconsistent chapter in the judicial treatment
of family income. Justice Douglas recognized in his dissent in the
Harmon case that Lucas v. Earl and the Clifford case, with their stub
born resistance to family income-splitting, are at the opposite pole
from Poe v. Seaborn with its ready yielding to such a result. Hhe
recent estate tax decisions indicate that if the issue were presented
for the first time the magic of community property might prove less
potent against our steep surtaxes. However that may be, the family
income-splitting permitted by Poe v. Seaborn is probably imbedded too
deep for judicial excision. Finally, we must not forget that Oklahoma
was motivated entirely by the tax factor. Formerly, it could be
solemnly stated that the community system was an aspect of state policy
respecting property holding and the marital relationship adopted long
ago without an eye to taxes. In short, it was at least respectable and
—
6
—
in their enterprises. It mattered not that these wives knew as little
about the workings of the business as their infant sons and daughters who
often were also solemnly invested with the status of partners. The
goal of lowered surtaxes appeared enticingly near, and all at once the
vogue of family partnerships descended upon the tax scene. But when
these family partnerships had climbed the stairway of litigation to the
Supreme Court, the partnership trappings suddenly lost their glitter
and there remained only the plain cloth of tax avoidance. This year in
Commissioner v. Tower and Lusthaus v. Commissioner the Court, casting
back to Lucas v. Bari, posted the simple family partnership street with
a “Dead end*1 sign.
This flyer in family partnerships serves to indicate, however, that
new devices for income splitting among the family will be sought and
litigated. Tax rates are high» and tax ingenuity is inexhaustible and
responsive, while the Treasury’s defense is unceasing and patient.
While individuals thus struggle in weary litigation, in some areas
their collective representative, the State, suddenly says "Why do it the
hard way?" and this question takes us to community property. Here at
the start Justice Holmes in 1926 in United States v. Robbins, unimpressed
by the paraphernalia of that system, fastened upon the husband*s control
to prevent any income-splitting in California. But when the Commissioner
•agerly attempted to press this advantage ±x in the seven other community
property states, he suddenly found that the Court had become fickle.
The ahcient Spanish lineage proved too respectable and in 1930 in
Poe v. Seaborn community property residents discovered that their system
- 5More significant than the outcome of these engagements is their
very number.
The litigation in the family trust field has "been far
greater than is healthy under a tax statute.
Many of the trust
arrangements that the courts have condemned find their principal
source in hoped-for tax savings.
But it is also evident that family
trust devices, not necessarily less complex or devious, may serve
legitimate non-tax ends.
Shis factor of family arrangements serving
a traditional purpose, especially when such aspect is ably presented
by institutions whose business functioning lies in this field, as banks
and trust companies, makes it difficult to thrash about with the big
stick of tax avoidance.
Many of the tax-inspired trusts are thus able
in some degree to reflect the nimbus of respectability radiated by
other family trust arrangements, ,though the reflection at times has a
sickly cast.
As a eoneequence Congress, the Commissioner and the courts
must perforce trace a tortuous, weaving line to divide tax avoidance
trvucA'
from respectable family disposition.
The result is bound to be
excessive litigation, for only the surveys of litigation can locate
many a trust with relation to such a line.
Styles in tax avoidance suddenly flourish and as suddenly dis
appear.
Just when many a husband was gloomily surveying his tax picture
after the Supreme Court had shattered the rosy dreams inspired by the
trust lawyers, a fresh breeze of hope stirred the spirits in clubhouse
and luncheon club.
Bedevilled by war surtaxes, and forgetting the
disappointments of the past, husbands suddenly made their wives partners
- 4 -
tax fraternity, the neat technical arguments advanced hy the propo
nents of such devices have called forth more elaborate discussion of
the theoretical issues involved, so that the Moff with his head”
approach of Justice Holmes is submerged.
But basically the courts
have recognized that the transactions are mainly artificial taxinduced devices - how else can we describe the gift of a year1s inter
est coupons in Eelvering v. Horst - and their verdict of disapproval
has accordingly followed.
The assignment of earnings or other income thus met a cold
judicial response.
The problem became more difficult, however, when
the tax attorneys called in their good friends, the trust lawyers, for
aid.
Their first offering was a bold attempt to capture the entire .
field - the revocable trust of Corliss v. Bowers.
Here again, however,
in 1930 Justice Holmes saw no need to honor such a device with/lengthy
debate - income that the husband could obtain at any time must be re
garded as within the husband's domain for surtax purposes.
But in 1937
in Blair v. Commissioner a more cautious arrangement - the complete assign
ment of a part of the life interest of a trust beneficiary - won a por
tion of the field for the taxpayer.
Ever since, the battle has raged
f
as Commissioner and taxpaying settlors have attempted to control the
t*
ground that lay in between.
”
/
While the Commissioner has uniformly been
successful in the major skirmishes that have reached the Supreme Court notably in 1940 in the Clifford case - many a minor engagement in the
lower courts has been won by the taxpayer
- 3U)he Courts attention was thus caught by the circumvention of
the statute inherent in this device - and in other devices it could
imagine - especially in conjunction with so personal a matter as the
earning of a salary.
But the assignment involved circumvention
only if one fastened upon the progressive rate scale as establishing
the statutory policy to be protected,
And even then, as the assign
ment was to the wife, another basic principle had to be assumed that the family is not the unit of taxation but each individual
member thereof is responsible for his income to the tax collector.
£he progressive surtax is thus to be protected even at the expense
of allocating income to other members of the family group.
Stated
differently, splitting of income among the family group becomes tax
avoidance, and arrangements to that end become devices to avoid sur
tax.
As a consequence any such arrangement to pull the income out of
the ambit of the person previously paying surtax must.pass a careful
judicial scrutiny.
If such scrutiny reveals a sufficient linkage
remaining with that person, the judicial thumbs turn down.
As the
person in the higher surtax bracket is generally the husband, the
problem is to establish the boundaries of his taxable domain.
Lucas v. Bari is thus a crucial sign at the crossroads of family
income taxation.
By pointing in the direction of taxing the income-
producing husband, it has routed most of the subsequent devices along
that road instead of the road of income-splitting among the family.
It is true that as a by-product of the growing sophistication of our
-
2
-
In the general family picture it is the husband who is the
earner of wages, salary, or business profits, thereby providing
both the dollars of income and the accumulation of capital produc
ing additional dollars of income.
husband pays income tax.
become uncomfortable.
On these dollars, normally, the
But surtax rates increase and the husbands
Their tax attorneys, hating to see such dis
comfort, cast about for ways and means to ease their souls and
poeketbooks.
She result is an endless succession of devices to
reduce the husband* s tax.
Ill of the devices have a common end in
view - to shift the accountability for some of the dollars to the
wife, to the children, to trustees, so that the family may enjoy the
thrill that comes from thereby sliding down a progressive rate scale.
The first device to attempt the judicial gauntlet
was simple -
an assignment of future earnings by a husband to his wife.
Its
simplicity perhaps derived from the fact that the contract providing
for the assignment antedated the 16th Amendment.
The tax statute
provided no ready answer and the Supreme Court*s response in 1930 in
Lucas v. Earl thus held added importance, for in defeating the tax
payer it thereby imparted to the statute a basic policy. Justice Holmes
saw no reason to labor the point - the case turned **on the import and
reasonable construction of the taxing act** and there could be f,no doubt
that the statute could tax salaries to those who earned them and
provide that the tax could not be escaped by anticipatory arrangements
and contracts however
skilfully devised . . .
import of the statute before usn.
That seems to be the
pertness is a
lay» of the excess
1 reorganizations.
I to the trade,
■hnaan.
But when
.
■■I find that he has
jband - or bachelor discussing the economics of marriage.
Here the operative rules are
not statutory mandates or judicial quotations, but well worn proverbs
and maxims - such as the Moroccan proverb? HAlways marry a short woman,
her clothes will cost you less", or the Scotch saying wHever marry a
penniless maiden that*s proud of her pedigree”.
A married couple is
quite articulate about the economics of the family budget, both in
the rosy-hued balancing of the pre-nuptial period and then in the
empirical testing of the adage BTwo can live as cheaply as one”.
They will therefore not accept lightly an analysis of their economic
pattern merely because it is clothed in technical garments.
Any
solutions in the field of family income must therefore meet the test
of learned debate in millions of homes and social gatherings.
Thus
doomed at the outset we plunge ahead - with the calm serenity of the
lawyer fortified by his self-assumed competence in any field.
FAMILY INCOME AM) FEDERAL TAXATION
On© who fancies himself as a tax expert should "beware of
venturing into the field of family income.
His expertness is a
powerful shield in a technical discussion, let us say, of the excess
profits tax or of the tax consequences of corporate reorganizations.
Here "brother experts formulated the rules and, true to the trade,
invested them with sufficient mystery to "bar "tHe layman.
But when
he talks about the taxation of family income he may find that he has
suddenly become one of the boys —
just another husband - or bachelor
discussing the economics of marriage.
Here the operative rules are
not statutory mandates or judicial quotations, but well worn proverbs
and maxims - such as the Moroccan proverb "Always marry a short woman,
her clothes will cost you less”, or the Scotch saying "Never marry a
penniless maiden that’s proud of her pedigree".
A married couple is
quite articulate about the economics of the family budget, both in
the rosy-hued balancing of the pre-nuptial period and then in the
empirical testing of the adage "Two can live as cheaply as one".
They will therefore not accept lightly an analysis of their economic
pattern merely because it is clothed in technical garments*
Any
solutions in the field of family income must therefore meet the test
of learned debate in millions of homes and social gatherings.
Thus
doomed at the outset we plunge ahead - with the calm serenity of the
lawyer fortified by his self-assumed competence in any field.
Paratus" and of i ts own private version:
"You have to go out but you don’ t have
to come back".
i am sure that everyone
of you will live up to these s t ir r in g
precepts, and I wish you success and
Godspeed in your future careers.
"Çvlgp !
43
mariner, you must have foresight so
that you may v/in fay preventing disasters.
rather than by overcoming them
But, when prevention f a i l s , you
must be ready to go to the rescue of
the unfortunate, of the unlucky, of the
incapable.
You must be ready, at what
ever co s t , to r isk your 1 ives to save
the 1 ives of others.
That is the intent
of
success will depend upon the degree
to which you prepare yourselves for it.
The Coast Guard should always be
|||||
the best body of seamen in the world*
That is your basic t r a d i t i o n .
Further,
you must know intimately what manner of
men and of ships it is that you protect,
in order t hat you may i n te l li gently
guide and direct them*
Like any prudent
mar i ner,
t h i s war*
i t s own - - one
whose members are qualified in general
law enforcement, in marine inspection
m
and in rescue work in a l l i t s aspects*
^
■fr'V'ii'-i
mks
* *; '
- vY*.
$
1;i3 :'v;.■^■ .<
.
•
'
'
;"7 -* ?
/
-
The welding of this unified organization
will be one of your tasks as o f f i c e r s to-be of the Coast Guard.
Throughout the entire Service, you
have the highest possible mission - that
- 33 i
Inspection Service*
Each of these
organizations brought its own personnel
into the Coast Guard, and that person
nel has, for the most part, been retained
in duties of a specialized nature.
As
time goes on, t his confederation of
♦
s p e c i a l i s t services will be gradually
transformed into a single unified force
- - the United States Coast Guard —
whose
create another class of persons at sea
in danger of being lost; and the Coast
Guard has taken special measures to
care for them.
The Coast Guard is an amalgam of
several organizations, the old Revenue
Service, the Lifesaving Service, the
Lighthouse Service and the Marine
Inspect ion
iii*
distress
objective of the
#
Coast
or
i
if she is ashore
from a
to i
is s
to her aid.
*
f
a i r c r a f t forced to
*:
Today, when
on i s
on
35
But sometimes the latter is inescapable.
Here the Coast Guard has a d ifferent
function -- that of rescue.
The rescue
traditions of the sea are glorious.
Every vessel which can render any
assistance is bound to go to the aid of
à
v \
;
v-
h
::£; V 't o „t
;ÿyv - v .
¡J
\
1
;v
Êfi-Wÿi. v :< \
"persons at sea in danger of being lost.”
The Coast Guard has exceptional oppor‘I
{.
tunities to render that assistance.
1
No
32
here, you will continue that education
by acqu ir ing practical knoviledge of the
shipping industry at first j^and, by
knowing shipping execut iveë,lleaders in
the mariti ie labor f ield,
the men who
' i - ; , •' y „'•:
man the ships,, by understanding their
\
problems and their viewpoint^,
d by
learning how they think and a/ctw \ You can
help them with their problemi only\by
w/r Û e •I* T it M ***
on is just b
study
l
For
-
30
-
judgment on the performance of a ship
master old enough to be your father,
and who has been at sea longer than your
ent ire life.
If you do not know his
profession as well as your own, if you
are not in a pos ition to help those who
have not had the advantages which the
Government has given you, it is up to
you to keep on studying until you do.
it
The
is
of the service
w i11
in
28
standing treatment of those whom the
Service regulates results in the best
enforcement, as well as in the best
public relations.
Much of the Coast Guard’s work lies
in the preventive field; that is to say,
it deals with precautions against the
occurrence of marine disasters.
Some
of these precautionary measures are withii
the
27
Government. When you young gentlemen
are assigned duties which give you
enforcement or regulatory powers over
civilians of the United States, remember
that you are exercising those powers,
not by virtue of your rank in a military
service, but by the will of the people
whose servants you and I are.
Bear in
mind always that courteous and under
standing
d isiike
The Coast Guard in
an
of a civilian
Governing
are
once were
But your responsibilities are great in
directing the navigation and operation
of vessels.
In discharging any law enforcement
are necessary.
The American people have
great admiration for the men of their
military services as fighting men and
-
24
-
young men may look forward.
I call upon
you to concentrate your attention upon
the civil functions of your Service.
These civil functions are many and
important.
1
■
V-'
As you know, the Coast Guard
'
■- ‘
^’
'•
■::
is the general agent of all Government
departments in law e nforcement on waters
of the United States and on the high
jg '
v
seas.
In certain directions these duties
are
—
23
**
make a personal contr ibut ion to this
v ictory ih actual combat.
You share your disappointment at
missing actual combat with many young
men of your age.
But, to offset i t ,
you have before you a career of oppor
tunity, service, and danger - - danger
in risking your own 1 ives that others
may live - - in a degree to which few
young
-
22
During most of the time that you
young gentlemen were at the Academyf
your country was at war.
to get into the fight.
You were eager
If you were
not, you had no place at the Academy.
it is only natural now that you have
mixed emotions -- joy that your country
has achieved total victory, but dis
appointment that you were not able to
make
This splendid record speaks for itself.
During the war, the people in the
Treasury Department followed the record
of the Coast Guard and shared in the
pride of its achievements.
Nov/, on
behalf of Secretary Vinson and of the
entire Department, I congratulate you
upon your wartime record, and welcome
your return to the Treasury.
Dur ing
20
Ribbons, and 69 foreign decorations.
One hundred thirty-seven Coast Guard
personnel wear the Presidential Unit
Citation Ribbon for service with the
First Marine Division, and
161 wear
'4k
the Navy Unit Commendation Ribbon.
As a part of the price of victory, 969
coastguardsmen earned Purple Hearts,
and 2,123 made the supreme sacrifice.
This
-
19
were of a l o g i s t i c nature, rather than
in the f i el d of pure offense*
Up to now, Coast Guard personnel
have received 1 Medal of Honor, 6 Navy
Crosses, 2 Distinguished Service Medals,
73 Legions of Merit, 63 Silver Stars,
171 Bronze Stars, 5 Distinguished Flying
Crosses, 176 Navy and Marine Corps
Medals,* 179 Air Medals,W 348 Commendation
Ribbons,
—
18
Service with the Marine Corps on the
basis of its ability to do a specialized
job in a ship-shape manner, and i am
certain that the other military services
hold it in the same high repute.
This capability is testified to by
the number of decorations conferred on
Coast Guard personnel, despite the fact
that, in the main, its wartime functions
were
-
kl
Guard ships other than small boats.
Coast Guard manned vessels
participated in all the major landings
in Africa, Sicily, Italy, and Normandy;
and in the Pacific, from Guadalcanal to
Okinawa.
I had an opportunity to
observe the Coast Guard in action in the
Mediterranean, and can testify at first
hand as to its efficiency.
I rank the
Service
* * 1 0
**
destroyer escorts, and the entire
program of frigates were manned by the
Coast Guard for the Navy; while a number
of smaller craft, chiefly in the Pacific,
were manned for the Army.
At the peak,
the Coast Guard used 54,000 personnel
in manning 299 Navy vessels, and 6,900
of its men in manning 278 Army craft.
At the same time, it operated 397 Coast
Guard
fleet, the Coast Guard manned a number
of vessels for both the Army and the
Navy.
A Coast Guard manned Navy
transport was bringing British and
Dominion troops to the aid of Singapore
WBÈS
èp.
when that fortress
fell, .Other
transports, tankers, cargo vessels,
destroyer
I
- 14 -
and CAMPBELL scored individual victories
over U-boats,
The inadequacy of our
early coastal protection was remedied,
in some measure, by a Coast Guard manned
fleet of small craft stretched along
the entire seaboard, which made up in
numbers what it lacked in strength.
An elaborate beach patrol was established
as a precaution against secret landings
of
12
-
Greenland almost as soon as they were ■
established*
It established and
maintained a net of weather ships in
the Atlantic which furnished to the
United Nations the vital information
which was being denied to the Germans.
The Coast Guard’s experience in
landing on open beaches gained from its
age-old battle with thé suri' was utilized
v~—
Sofif-
Ever since the Coast Guard was
1941, its personnel has been
act ively
in
the forces of aggression.
Its cutters
protected early convoys, even before
the "shooting war" started.
It used
its specialized knowledge of the Arctic
to root out Nazi weather stations in
Greenland
S
S3
country*s peacetime needs with equal
d ist inet ion.
Your last tour of duty with the
Navy was a credit to the Service.
It
has added to the honor of an already
name.
serves as a connecting link between
our traditions of peace and our
traditions of security.
The Coast Guard has served its
country in every war since the
foundation of the Republic.
Twice in
this century it has left its peacetime
association with the Treasury Department
and has joined the armed forces.
Each
time
—
8
~
Secretary Vinson did the same in
World War I.
The Coast Guard is, to my
knowledge, the only organization whose
members have the unique opportunity of
serving their country -- as a group
and as an organization -- in both the
war.
In this way, the Coast Guard
serves
7
«è
life with the armed forces.
Like the
old-timers in the Coast Guardi I have
just returned to the Treasury after a
tour of duty with the services.
But,
unlike them, I entered the armed forces
as an individual and served with a
group of associates different from those
in
Secretary
soon be no
If it did not,
America — or at least no America in
care to live.
For a very
of our
those in the regular Army and Navy —
war and the preparedness for war is a
permanent business.
But for the vast
majority of us of military age, i
means that we break away from our
Americans are not a military
11 is trite to say that the
United States is a peace-loving nation,
but it is so true that I feel justified
in repeating the cliche.
But it is
equally true — and perhaps equally
trite to say -- that occasionally we
can have peace only by fighting for it.
On such occasions America goes to war.
-
hostilities.
4
-
The Navy Department in
its turn similarly recommended to
President Truman that the Coast Guard
be returned to the Treasury before this
v/as required by statute.
This gracious
action on the part of the Navy has
hastened the integration of the Coast
Guard into the peacetime activities of
Government.
We
Guard to the Navy in time of war is
entirely appropriate.
The Treasury Department recognized
Roosevelt that the Coast Guard be turned
over to the
before we
and the Coast Guard was integrated
«
1790 It has been an Integral part of
the Department.
We have learned to
live together, to like one another,
and to work together for the common
welfare.
From the time that you young men
entered the Academy until the first of
this year, the Coast Guard was part of
the Navy.
This transfer of the Coast
Guard
TREASURY DEPARTMENT
Washington
(The following address by Edward H, Foley, Jr.,
Assistant Secretary of the Treasury, at
Graduation Exercises of the U, S. C,oast Guard
Academy, New Londdn, Connecticut, is scheduled
for delivery at 2; 50 P.M., Eastern Daylight
Saving Time, Wednesday, June 5, 1946, and is
for release at that time.)
"
ADMIRAL FARLEY, ADMIRAL PINE, OFFICERS AND OFFICERS-TO-BE
OF.THE COAST GUARD, AND DISTINGUISHED GUESTS l
I
am glad to have the opportunity to be here today and to
address the graduating class of the United States Coast Guard
Academy.
It is good to have the Coast Guard back in the Treasury
Department.
Since 1790 It has been an integral part of the
Department.. We have
learned to live together, to like one
another, and to work together for the common welfare.
From the time that you young men entered the Academy until
the first of this year, the Coast Guard was part of the Navy.
This transfer of the Coast Guard to the Navy in time of war is
entirely appropriate.
The Treasury Department recognized this by recommending
to President Roosevelt that the Coast Guard be turned over to
the Navy before we were at war,
The President accepted this
recommendation and the Coast Guard was integrated with the
Navy before the commencement of hostilities.
The Navy Depart
ment in its turn similarly recommended to President Truman
that the Coast Guard be returned to the Treasury before this
was required by statute.
This gracious action on the part of
the Navy has hastened the integration of the Coast Guard into
the peacetime activities of Government,
We Americans are not a military people.
It is trite to
say that the United States is a peace-loving nation, but it is
so true that I feel justified in repeating the cliche.
But it
is equally true - and perhaps equally trite to say - that oc
casionally we can have peace only by fighting for it.
On such
occasions America goes to war.
If it did not, there would,
soon be no America - or at least no America in which we would
care to live.
V-350
2
For a very few of our people - those in the regular Army
and Navy - war and the preparedness for war is a permanent
business.
But for the vast majority of us of military age,
war means that we break away from our peacetime associations
and enter a new life with the armed forces. Like the old-timers
in the Coast Guard, I have just returned to the Treasury after
a tour of duty with the services.
But, unlike them, I entered
the armed ^forces as an individual and served with a group of
associates' different from those with whom I had worked in
peacetime.
Secretary Vinson did the same in World War I.
The Coast Guard is, to my knowledge, the only organization
whose members have the unique opportunity of serving their
country - as a group and as, an organization - in both the pur
suits of peace and the pursuits of war.
In this way, the Coast
Guard serves as a connecting link between our traditions of
peace and our traditions of security.
The Coast Guard has served its country in every war since
the foundation of the Republic.
Twice in this century it has
Isft its peacetime association with the Treasury Department
and has joined the armed forces.
Each time it has served with '
distinction; and each time it has again returned to the
Treasury Department to serve the country’s peacetime needs
with equal distinction.
Your last tour of duty with the Navy was a crédit to the
Service.
It has added to the honor of an already honored n a m e .
Ever since the ^oast utiard was placed under the- Navy
Department in November 1941, its personnel has been actively
engaged In fighting against the forces of aggression.
Its
cutters protected early convoys, even before the "shooting
war started.
It used its specialized knowledge of the Arctic
to root out Nazi weather stations in Greenland almost as soon
9s they were established.
It established and. maintained a net
of weather ships in the Atlantic which furnished to the United
Rations the vital information which was being denied to the
Germans.
The Coast Guard’s experience in landing on open beachesgained from its age-old battle with the surf was utilized by
vhe Army and Marines for training their own personnel in small
anding craft,
subsequently, with the development of the
larger types, the L.C.I, and. the L.S.T., many of these craft
were completely manned by the Coast Guard.
%
- 3 -
As part of the Battle of the Atlantic, the Coast Guard
craft ICARUS and CAMPBELL scored individual victories over
U-boats• The inadequacy of our early coastal- protection was
remedied, in some measure, by a Coast Guard manned fleet of
small craft stretched along the entire seaboard, which made
up in numbers what it lacked in strength.
An elaborate beach
patrol was established as a precaution against secret landings
of enemy agents.
In addition to operating its own fleet, the Coast Guard
manned a number of vessels for both the Army and the Navy.
A
Coast Guard manned Navy transport was bringing British and
Dominion troops to the aid of Singapore when tha t fortress
fell.
Other transports, tankers, cargo vessels, destroyer
escorts, and the entire program of frigates were manned by the
Coast Guard for the Navy; while a number of smaller craft,
chiefly in the"Pacific, wepe manned for the Army.
At the peak,
the Coast Guard used 54,000 personnel in manning 299 Navy
vessels, and 6,900 of its men in manning 278 Army craft.
At
the same time, it operated 397 Coast Guard ships other than
small boats.
^Coast Guard manned vessels participated in all the major
landings in Africa, 'Sicily, Italy, and Normandy; and in the
Pacific, from Guadalcanal to Okinawa.
I had an opportunity to
observe the Coast Guard in action in the Mediterranean, and
can testify at first hand as to its efficiency.
I rank the
Service with the Marine Corps on the basis of its ability to
do a specialized job in a ship-shape manner, and I am certain
that the other military services hold it in the same high
repute,
This capability is testified to by the number of decor
ations conferred on Coast Guard personnel, despite the fact
that, in the main, its wartime functions wefe of a logistic
nature, rather than in the field of pure offense.
Up to n o w , Coast Guard personnel have received 1 Medal of
Honor, 6 Navy Crosses, 2 Distinguished Service Medals, 73
Legions of Merit, 63 Silver Stars, 171 Bronze Stars, 5 Distin
guished Flying Crosses, 176 Navy and Marine Corps Medals, 179
if Medals, 348 Commendation Ribbons, and. 69 foreign decorations.
One hundred thirty-soven Coast Guard personnel wear the
Presidential Unit Citation Ribbon for service with the First
marine Division, and 161 wear the Navy Unit Commendation Ribbon.
As a part of the price of victory, 969 Coastguardsmen
earned Purple Hearts, and 2,123 made the supreme sacrifice.
•'-his splendid record speaks for itself.
4
During the war, the people in the Treasury department
followed the record of the Coast Guard and shared in the pride
of its achievements. Now, on behalf of Secretary Vinson and
of the >entire Department, I congratulate you upon your wartime
record, and welcome your return.to the Treasury.
During most of the time that you young gentlemen were at
the Academy, your country was at war.
You were eager to get
into the fight.
If you were not, you had no place at the
Academy.
It is only natural now that you have mixed emotions joy that your country has achieved total victory, but dis
appointment that you were not able to make a personal contri
bution to this victory in actual combat.
You share your disappointment at missing actual combat
with many young men of your age.
But, to offset it, you have
before you a career of opportunity, service, and danger danger in risking your own lives that others may live - in a
degree to which few young men may look forward, I call upon
you to concentrate your attention upon the civil functions of
your Service.
^hese civil functions are many and important.
As you know,
he Coast Guard is the general agent of all Government depart•in ^aW en^orcein^n ^ °n waters of the United States and on
, ■ kigh seas.
In certain directions these duties are not as
important as they once were.
But your responsibilities are
great in 'directing the navigation and operation of vessels.
discharging any law enforcement duty the utmost discrelon and judgment are necessary.
The.American people have
great ^admiration for the men of their military services as
fighting men and as defenders of the Nation’s liberties.
But
ey inherit from their English forebears who drew up the Magna
arta, and from their American ancestors of Revolutionary days,
a profound dislike of giving to the military any oositions of
power or authority over civilians.
x
The Coast,Guard in peacetime is an arm of a civilian
department of the Government.
When you young gentlemen are
assigned duties which give you enforcement or regulatory
powers over^civilians of the United States, remember that you
„
sing those powers, not by virtue of your rank in a
vrm1Q8J ^ T SerV1Ce’ but^by the will of the people whose servants
,
^ r e . Bear in mind always that courteous.and underin +^in? ty>ea'tment of those whom the Service regulates results
in tue best enforcement, as well as in the best public
relations.
5
Much of the Coast Guard’s work lies in the preventive
field; that is to say, it deals with precautions against the
occurrence of marine disasters.
Some of these precautionary
measures are within the vessel itself.
They have to do with
the construction and safety equipment of merchant ships, and
with the qualifications of their personnel.
Here it is not
enough to have discretion, judgment and intelligence - you
must have a thorough knowledge of your subject.
The exigencies
of the service may be such that you will have to sit in judg
ment on the performance of a shipmaster old enough to be your
father, and who has been at sea longer than your entire life.
If you do not know his profession as well as your own, if you
are not in a position to help those who have not had the
advantages ’
w hich the Government has given you, it is up to you
to keep on studying until you do,
For most of us, this means
for li f e .
I
am sure that Admiral Pine will not misunderstand me
when I say that your education is just beginning.
For three
years you have been taught how to study and you have been in
doctrinated in the basic policies of the Coast Guard,
But
you are only on the threshold of your real education.
When
you leave here, you will continue that education by acquiring
practical knowledge of the shipping industry'at first hand,
by knowing shipping executives, leaders in the maritime labor
field, and the men who man the ships, by understanding their
problems and their viewpoints, and by learning how they think
and act.
You can help them with their problems only by
wrestling with these problems yourselves.
Another direction in which Goast Uuard activities are
preventive is external.
By this, I mean the provision of
lighthouses and aids to navigation, the marking of dangerous
shoals and rocks, and the delineation of safe channels by
which the mariner may come to haven.
This field is compara
tively modern.
The aids to navigation in the waters of the
United States are surpassed by those of no other nation. Yet
the future may bring still more important developments in
this field. - those of the many scientific techniques originally developed for war purposes.
The modern science of
electronics, may provide greater means of maritime safety than
any development since the Phoenicians discovered celestial
navigation.
The United States, through its Coast Guard, should
pioneer the widest use of this field.
6
I
have emphasized that, so far as possible, the Coast
Guard’s first duty is preventive.
It is always cheaper to
prevent an accident from happening than it is to step in after
it has occurred.
But sometimes the latter is inescapable.
Here the Coast Guard has a different function - that of rescue.
The rescue traditions of the sea are glorious.
Every vessel
which can render any assistance is bound to go to the aid of
’’persons at sea in danger of being lost.” The Coast Guard has
exceptional opportunities to render that assistance.
No
matter what her flag, any vessel in distress within accessible
distance becomes the special objective of the Coast Guard.
If
she is ashore, boats or apparatus from a lifesaving station go
to her.
If she is at sea, a cruising cutter goes to her aid.
Today, when transoceanic aviation is commonplace, aircraft
forced to come down on the water create another class of per
sons at sea in. danger of being lost; and the Coast Cuard has
taken special measures to care for them.
The Coast Guard is an amalgam of several organizations,
the old Revenue Service, the Lifesaving Service, the Lighthouse
Service and the Marine Inspection Service.
Each of these or
ganizations brought its own personnel into the Coast Guard, and
that personnel has, for the most part, been retained in duties
of a specialized nature.
As time goes on, this confederation
of specialist services will, be gradually transformed into a
single unified force - the United States Coast Guard - whose
members are qualified in general law enforcement, in marine
inspection and regulation, in aids to navigation, and in
rescue work in all its aspects.
The welding of this unified
organization will be one of your tasks as officers-to-be of
the Coast Guard.
Throughout the entire Service, you have the highest
possible mission - that of saving human lives.
The war is over.
But the Coast Cue rd has a private ..and continuous war of its own
one that it has been fighting for years, and for which no end
is in sight. • It is a war where battles are won by foresight,
intelligence, thoroughness, knowledge and, if necessary, by
courage and sacrifice.
This is the war for the safety of the
lives of the people who live.on or by the sea. Your enemies
are the age-old ones of gales, high seas, fog, ice, and hidden
shoals and rocks.
These are assisted by the occasional negli
gence, inefficiency or cupidity of those whom-you are striving
to aid.
So long as man goes down to the sea in ships, you
will fight this war.
Your success will depend upon the degree
to which you prepare yourselves for it.
7
The Coast Guard should always be the best body of seamen
in the world.
That is your basic tradition.
Further, you
must know intimately what manner of men and of ships it .is
that you protect, in order that you may intelligently guide
and direct them.
Like any prudent mariner, you must have
foresight so that you may win by preventing disasters, rather
than by overcoming them.
But, when prevention fails, you must be ready to go to
the rescue of the unfortunate, of the unlucky, of the incapable.
You must be ready, at whatever cost, to risk your lives to save
the lives of others.
That is the intent of the Coast Guard’s
motto "Semper Paratus" and of its own private version:
"You
have to go out but you d o n ’t have to come back".
I am sure
that everyone of you will live up to these stirring precepts,
and I wish you success and. Godspeed in your future careers.
0
O0
TREÀSURX DIPARTMEIïT
Washington
K E RELEASE« MORMIHG HEHSPAFERS,
Tuesday, June à» 191)6*
Pres« 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 dune 6 and to nature
September 5, 191)6, which sere offered on May 31, 19li6, sere opened at the Federal Reserve
Banks on dune 3*
The details of this issue are as follows t
Total applied for - $1,922,366,000
Total accepted
- 1,312,537,000
Average price
(includes $35,317,000 entered on a fixed-price j
basis at 99*905 and accepted In f u ll)
- 99*905/ Equivalent rate of discount approx» 0*375# per annua
Range of accepted competitive bids (excepting one tender
High
Low
of
$500,000)»
- 99*908 Equivalent rate of discount approx* 0*361)# per annum
- 99*905
«
»
•
*
»
0.376$ ■
■
(66 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
Hew lork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louie
Minneapolis
Kansas City
Dallas
San Francisco
1
20 ,638,000
1,1*56,502,000
3U,070,000
19,790,000
13,U75,000
1,795,000
269 ,209,000
7,590,000
11,910,000
13,31)2,000
13,375,000
50.690,000
TOTAL
81,922,386,000
Total
Accepted
i
13, 30i),000
977 ,771),000
23,870,000
18,090,000
i5,7SS,ooo
i,51)5,ooo
181,821),000
5,720,000
8,510,000
15,656,000
12,899,000
37.090,000
81,312,537,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, June .4, 1 9 4 6 __________
Press Service
No. V-351
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 June 6 and to mature September 5,
1946, which were offered on May 31, 1936, were opened at the
Federal Reserve Banks on June 3.
The details of this issue are as follows:
Total applied for - $1,922,386,000
Total accepted
- 1,312,537,000 (includes $35,317,000
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:
(excepting one tender
of $500,000)
High - 90,908 Equiv. rate of discount approx 0.364/ per annual
Low - 99,905
"
,f
”
"
w
0 .3 7 6 /
n
(66 percent of the amount bid for at the low price was accepted)
ideral Reserve
Dis triet
Total
Applied For
Bos ton
Now York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
TOTAL
20,638,000
1,456,502,000
34,070,000
19,790,000
18,475,000
1,795,000
269,209,000
7,590,000
11,910,000
18,342,000
13,375,000
50,690,000
$1*922,386,000
i
oOo
Total
Accepted
$
13,804,000
977,774,000
23,870,000
18 j090^.000
15,755,000
1,54.5,000
181,824,000
5,720,000
8,510,000
15,656,000
12,899,000
37,090,000
$1,312,537,000
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE FORWARD 8 COPIES TO ROOM 1*03, WILKINS
BLDG.
liminary figure«
onsumption during
owe;
uantity in Pounds
JUB ©f April 30 f 19^6
Signatory Countries:
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Peru
Venezuela
17,710,S59
290
17.*35.6*3
9,092,827
29.3*7,6*3
*9,238,750
15,270,187
5,076,8a
*a,8^7,988
u , 959.038
2,379,907
32,837,179
26.992.*09
Non-Signatory Countries:
TOTAL
1,511,026,561
The above data reflects the amount of eoffee for which
entries for consumption have been reported as of April 30»
and include?; the returned weights on a number of entries,
which returned weights have not previously been considered«
FOR IMMEDIATE RELEASE
Juae,j& 1 9 ^
The Bureau of Customs announced today preliminary figures
shoving the quantities of coffee entered for consumption during
the period commencing October 1* I 9H5 , as follows:
Country of Production
Quantity in Pounds
As of April 30f 19^6
Signatory Countries:
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mesico
Nicaragua
Peru
Venezuela
17,710,859
290
17,^35,6^3
9,092,827
29.3^7,61*3
»19,238.750
15,270,187
5 ,076,821
1*1,81*7,988
11,959.03*
2,379,907
32,837,179
Non-Signatory Countries:
_2.i,932tl*Og
TOTAL
1 ,511 ,026,561
The above data reflect! the amount of coffee for which
entries for consumption have been reported as of April 30,
and include^ the returned weights on a number of entries,
which returned weights have not previously been considered«
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, June 5, 1946
Press Service
No, V-352
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:
Quantity in Pounds
As of April 30, 1946
Country ' of Production
Signatory Countries:
853,513,401
398,323,619
17,710,859
290
17,435,643
9,092,827
29,347,643
49,238,750
15,270,187
5,076,821
41,847,988
11,959,038
2,379,907
32,837,179
Braz il
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua
Pe ru
Venezuela
26,992,409
Non-Signatory Countries:
TOTAL
1,511,026,561
The above data reflects the amount of coffee for which
entries for consumption have been reported as of April 50,
and includes the returned weights on a number of entries,
which returned weights have not previously been considered.
oOo
be difficult and seme will seem at first insurmount
able, even though you will often feel that not many
are helping to bear the yoke, in the end we shelly
as & united people, keep our feet on the ground, take
sound, constructive steps, and journey forward on
the road of peace and prosperity*
And so we can
have faith that the natural optimism of us Americans
has more justification today than ever before in our
history*
• 19 •
We have a production machine unmatched in
our history«
Already, since the end of the mar,
our production of civilian goods reached a peak
higher than ever before in our history«
We have a stable economy«
While we have some
evidences of inflation, our economic values have
been distorted nowhere near as much as they were
during any previous major war or the period imme~
diately following«
We have more honest effort and cooperation
among the nations than we have ever had«
Institu*
tions have been established, and are functioning,
to solve international economic, social, and
•
political problems«
And while I do not discount
the work ahead, it may prove that breaking down
the inertia and making the start was our biggest
hurdle«
Americans have never been pessimistic and
should not be now«
Even though there is much haf*#
work ahead, even though many of our problems will
m 18 **
and to see the problem in relationship to the funda
mental values in life, stands you in good stead to
help us to carry on toward the greatest goal mankind
has sets
«aduring peace and prosperity.
In spite of the incompleted work which falls
upon your shoulders as you begin your careers, I
modestly submit that our generation is giving you a
better foundation upon which to build than we received,
te have a better chance to solve our problems, for we
have learned from experience.
Perchance the biggest
thing we have learned is that we must go forth and
meet our problems#
fe have learned that inaction
can be as costly as erroneous action.
what we should have long known:
We have learned
that this nation,
big and strong as it is, cannot live in isolation.
There are some reverberations of the old cries that
we should hide our heads from international problems,
but I believe that we have thoroughly learned that
it is tragic to try to "duck the issue".
What we do
not do can affect our well-being every bit as much
as what we do#
You will have a chance to use these quail ties*
for there are difficult problems ahead both at heme
and abroad*
We must carry forward the cooperation
among the nations that has begun*
The United Nations
must continue to get together and to work together
on their many political* social* and economic
problems*
1® have made much measurable progress*
Institutions to deal with specific aspects have been,
and are being* established.
to live.
They are just starting
They must grow and grow.
At home there is much work ahead in building
the expanding* sound economy that we desire*
headlines shout
The
problems every day* Many of these
are not all-important and many are transitory* and
still others are not problems when all of the facts
are known*
Nonetheless there is much work ahead*
enough for all of us*
While there are difficult problems ahead* we
have met and solved tough ones before*
Your training
that has prepared you to think, to level on a problem
"ft**, 7i- ^ i
y ^ V 1LU|lUMflTfftj ILjAllln1) f^ fnn^ in
any form of activity Mhich mankind pursues*
Our colleges and universities provide an ideal
atmosphere for training not only to think but also
to think in objective fashion*
the best kind of thinking*
Objective thinking is
In fact it is the only
kind of thinking that is true and valid*
Objective
thinking is thinking through a problem on« and only
on, its merits*
It means the laying aside of our
personal prejudices and personal interests*
In this day when we so often see special pleaders
at work, when we so often hear references about the
"right connections", it is refreshing to know that
there is still a conscious effort in many places to
help people to learn to think on the merits, to think
in an objective fashion*
You graduates have had the best training that our
society affords in all three of these aspects*
You
have learned to look at, and to live, life as a whole*
You have learned to think.
And finally, you have
learned to think objectively, considering and consider
ing only the merits, until the valid conclusion is
reached*
- 15 are helpful and necessary, but they are of little
value if one has not trained his mind to
work well»
work, and
Our colleges and universities are the *
great laboratories of our nation in training our people
to think»
If all of us could or would do as much
thinking as is done^W our campuses, I believe that
our problems would be more quickly and easily solved»
¡¡I learning to think, we mean the ability to
marshal the facts in a given situation, to discard
the irrelevant, to assess the real values of the
pertinent, to draw the logical conclusion, and to
understand the relationship of that problem and its
solution with other subjects»
When one has learned
to do this, he has learned a great thing#
developed mental power»
With mental power, much can
be done - without it, little»
asset»
He has
Mental power is a great
It is a currency acceptable anywhere»
It is
mental power in the possession of people with an
honesty of purpose that makes for progress in all
fie ld s ^
1*Vi * 4 4 « n i l
tommy
|»"|"
| | 11||| | | r j —
t j Of t l ,
I
am glad that you graduates are coming to
help us, for you who are graduating today hair#
had the kind of training that qualifies one to
take his place among those who can Integrate the
dirersifled Interests of our society.
The beauti
ful thing about a university or college campus is
that it isAenvironment that exposes one to many
fields of interest and is, when ail is said and
done, basically an experience in learning to live
and to live a life that is worthwhile as well as
enjoyable.
It is not a particularly happy thought,
but it is possible that never again will you have
as good an opportunity to live the whole of life
so completely and fruitfully as you had while you
were upon the campus.
Tou have just lived in one
of the best environments that can be found anywhere
in the world.
You have had, moreover, an especially good train
ing in the most important quality that any man can
have * the ability to think.
Experience and knowledge
13 —
vMle a democracy of 140 million people cannot
operate in exactly the same form as it did when our
communities were first established upon the Atlantic
Seabowad, ire must recreate more of the atmosphere«
more of the give-and-take, more of the discussion,
and more of the learning that was found in the old
Town Hall meetings»^
jCfF we develop a more expressive, vibrant democ
racy, we shall all benefit.
The unsolved problems,
or the wrongly solved problems, in particular fields
may sooner or later have a detrimental influence in
every sector of our economy and in every geographical
area of our country.
Many problems arising out of
the relationship of the citizen to his government,
or the relationship between citizens, are a concern
to all of us, and therefore we are duty-bound to know
something about the matter and to express our opinions.
The higher the percentage of our people actively
interested in these problems, the better our govern
ment and our economy will work.
There is a great need for people who can see
the whole of our problems*
There is a great need
for people who have as their sole major goal the
welfare of our people*
It
is obvious that such people are needed most
in those positions wherein broad policies are
mined and executed*
deter
Bat there is a need for these
people who are well-informed! and who have a broad
view of our comon welfare* through all of the
echelons of our society.
We have given much prestige and remuneration to
a successful career where one becomes an expert in
a specialised field.
In the future, I believe that our
people will find and make place- ---intégrât
& U S U XL& cX& jZxA Cm ^ Z O
x
Moreover, these two goals are not necessarily mutually
exclusive*
1 person
can develop a special line of
endeavor and at the same time maintain a civic attitude
which allows him to view
society's problems in an
objective fashion, and devote some time to their study*
-11
-
Beans that many of our citizens become informed in
only a relatively narrow field*
This means that
many of our citizens are interested in only a few
specific problems*
This means that many of our
citizens are heard only on particular questions, or
in fact, they may be so engrossed in their own special
line of endeavor that they are not heard from at all*
I feel that the time has come when this trend
must be balanced by many people who make a conscious
effort to synthesize our particular problems and
special interests^
Cl do not question the value of specialization or
the progress that has been made as a result of it*
¥e have divided our work and for the most part each
has done what he best could do*
While each becomes
dependent upon others, it results in a higher material
standard of living*
I claim only that it
is high time
to balance this specialization by a conscious effort
to be aware of, and informed on, the subjects that
are important to us all, though they are not a part
of our om vocation*
system of government and a way of life that is sound*
Tt is true that my generation has been engulfed
by two wars and two depressions, living under the
democratic process, ¿t is important to remembeg^that
many played a part in the total result, and it is
more important to remember that under our governmental
system and our way of life, we solved the problems
and won the battles*
On occasion we have applied our great system in
the wrong fashion, or we have come up with the wrong
answers, and have led ourselves into cataatrophies*
The system itself has proved to be sound*, ho system
T to
yJir
)
can do the job by i t s e l f * m u s t give it substance;
msjk must use Ins judgment*
e would not wish it other*
wise*
I believe that & large part of the answer m why
our judgment is often wrong, off the best decision is
yr
not made under our democratic system, lies in the
fact that this is the age of specialisation*
In all
fielda of endeavor • agricultural, industrial, occupa*
tional, professional * we have specialised*
This
the Fail of 1929, as long as we did nothing or did
the wrong thing»
We began to come out of that
depression when, and only when, we began to take
positive, constructive steps to meet the causes and
to alleviate the effects*
We won the recent war because of what we did*
le outproduced, out-thought, outlasted, and out
fought the enemy»
positive action»
That was certainly a program of
le all know that victory was not
inevitable, that we could not sit back and let It
come*
We won because of what we did, because we did
all of the job, and because we did it well*
Add we
shall now have stability or instability in our country
and in the world because of what we th±ak and do, or
because we fail to think and act*
Even our most im
portant conditions, war and peace, prosperity and
depression, are the result of what mankind does*
That our decisions, our choices, are important
is further exemplified by a basic choice ws made at
the outset of our national history*
We chose a
#j
/•
* 8 *
C i
vif important condition»,
prosperity and
depression,^STpeaee and war*
la large parjU^
^
aoi-iiftvw U aait lunyfre begin to pay for our shortIxw Q jh & ^ T oSiÀAAJi
comings^ Even the current generation soon feels its
mistakes, or benefits from its wise decisions«
This
mean
mortg&gfti# the future«
This means that we can
soon enjoy the good of our constructive deeds«
Some people in viewing our history of the past
30 years, which includes two depressions and two world
wars, would say that it just goes to show that history
repeats itself, and that whatever is to be the course
of our nationi will be«
I do not agree«
History
repeats itself to the extent that it does^ only because
man, with M s limitations, acts and thinks in such
manner that he repeats his mistakes«
Our political,
social, cultural, and economic life is determined
by what we say, and think, and do«
course«
We control our
We, for example, failed to come out of the
worst depression this country ever had, beginning in
* 7 these five-year periods we recognised a grave threat
to those basic values*
In the other, there was the
threat, but the majority of us did not recognize it*
The simple fact that our quest for the fundamentals of
freedom, peace end security is under an almost constant
threat, is a fact that shows beyond doubt that we must
be strong, alert, industrious, and of high purpose*
Second, that while our basic goals and wants
have remained the same, most of the immediate problems
in the field of what we call current events are of
very short duration*
Often what has seemed like a
world-shaking matter of indeterminable duration has
soon left the scene and another has appeared*
In per
spective, most current events seem terribly transitory*
From this we know that life is not static, that the
scene |Shanges\rapidlyi and therefore we must Make our
society organic, and see to it that it grows and
Third, I am impressed by the truth that what we
sow we reap, and soon*
It appears that the growing
season between cause and effect is much shorter than
ordinarily we are led to believe*
Thi» -lo true even
- 6 -
reestablished*
He was faced with a lively discussion
jm- the merits or demerits of the Hew Deal«
He was
assured that he would have a job if he did his work
well* but reminded that competition was lively«
The graduate of 5 years ago faced problems that
again threatened the peace of all peoples«
In June
1941, as 25 years before* Americans were debating
whether the war concerned us, and terms such as
^isolationist1* or "warmonger11 were being bandied
about*
He heard the charge that democracy was soft,
inefficient, and decadent«
The graduate of today finds that war has come
and gone, and he now wonders whether this is the
breathing spell before another war, or whether this
is the beginning of enduring peace*
He faces the
problems of building the kind of peaceful, prosperous
world we want*
This brief recapitulation of the history of my
generation impresses me with at least three points:
First, how constant must be our vigilance and
effort to preserve even the very fundamentals of life:
freedom, peace, and security*
In all except one of
-
5
-
He was living in the depression that followed in the
wake of World War I*
There was much discussion of
what caused, and what would solve, that collapse«
The graduate of 20 years ago, in 1926, was pro*
bably led to believe that he faced no grave problems*
We/ywere in a period of normalcy, at- leg-rb se m .thought,
for our insecure foundations were not yet apparent*
The graduate in June 1926 probably listened to nothing
more painful than an exhortation to live the good
life*
Five years later, the situation was quite different*
The graduate of 15 years ago, in 1931, again faced
a situation wherein his security was being destroyed,
and the foundations were so wrenched this time that
even his freedom was threatened#
His tantamount ques
tion was whether he could find any sort of a job*
There
were all the additional problems that accompanied a
collapse in industry and agriculture*
We were in a
terrible depression, and again we heard much about
causes and cures, or the inevitability not only of
history but also of the economic cycle*
The graduate of 10 years ago found us solving many
of our problems and he found his security being rapidly
- 4 *
In this backward glance, I do not propose to
go back to prehistoric times, or to the Golden Age
of Greece, or to the Roman Decline, or to the Renais*
sance, or even to the day our fathers founded us this
nation*
Rather, 1 propose to limit myself to what
*%j>y
l have seen, and during the last 30 years I hope/\I
have had some understanding of what I have seen*
By
a happy coincidence, that is a good place to begin,
for we can call that time about the beginning of my
generation, and you are about to start the next
generation*
The graduate of 30 years ago, in 1916, faced &
situation wherein the peace of all nations was being
destroyed*
He heard much about a World far or a
European War, depending upon the speaker1s point of
view.
There was much agitation as to whether or not
that war concerned us Americans* Time went by and we
t#JL
found that^war did concern us, and we won*
The graduate of 25 years ago, in 1921, faced a
situation wherein his security was being destroyed*
position where we ere afraid of the consequences if we
lose our job«
f@ do not want to feel that we will
burden others when we grow old*
This is what we mean
when we say we want security*
It do not want to live in an unstable world*
We
do not want to see power politics, with nations jockeying
for position to force their will upon others*
We do
not want to see the use of economic devices whereby one
group attempts to benefit at the expense of another*
We hope that it id 11 never again be necessary for our
children to bleed and die in order to preserve our way
of life*
le want our country to remain strong to die*
courage international gangsterism and to protect us if
we are again attacked*
Even more important, we want
to have such cooperation among the nations that no
nation will choose, or even wish, to attack another*
That is what we mean when we say we want peace*
On this early summer day of 1946, what is the
most critical problem to solve in our effort to attain
these things we want out of life?
Perchance a glance
at the big problems other graduates have looked forward
to will give us the answer*
«* 2 *
Hone of us wants to lose any of those personal
liberties we won in 1776*
It never want to be afraid
to speak or listen, to reed or write what we please*
We never want to be afraid to worship as we see fit*
We do not want to be told where to work or how to work.
We do not want to be told where or how to live*
want to govern ourselves*
that right for others,
We
We do not want to impinge
le want to choose our leaders*
This is what we mean when we say w® want freedom*
lewant to do worthwhile work, and we want to
enjoy doing it.
l e want a decent return for our work
so that we can take care of ourselves and those who
are dear to us*
le want to provide wholesome and ample
food, a real home, nice clothes, and good health for
all members of our family*
Wt want to have some money
left for those things that provide zest and variety to
life, such as books, records,/)sporWevents and other
amusements*
We want to be able to support religious
and charitable efforts.
We want to be able to send
our children to college*
We do not want to be in a
UKMTT
n
CGMMEh CMIIf SPEECH
p|!§
I am always greatly pleased to return to
Kentucky#
The pleasure Is enhanced when I return
for an occasion such as this#
Commencement Day is a thrilling day, and the
thrill is not limited to those of you who are gradu
ating#
?Mle the day is for you who have completed
your course of study, and it should be kept that way,
I am sure you graduates will not begrudge us on
lookers, if we refresh ourselves with the inspiration
that we find here#
As we commence our careers, we have, as has long
been recognised, an opportune milepost to look at the
whole of life#
I believe that what you and I want
out of life is about the same as what folks all over
America want#
I believe further, that what Americans
seek in life is basically the same as what real folks
ell over the world seek#
!e want, send folks everywhere want, freedom,
security, and peace#
These are broad and fundamental
concepts, and they embody most of what is precious
in life#
Their direct meaning cones closer home
when we think of them in terns of what we want for
ourselves and for our friends#
W®
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday, June 8, 1946__________
(The following address by Secretary Vinson
is scheduled for delivery before the
Graduating Class of the University of Kentucky,
at Lexington, Kentucky, Friday Evening, June 7,
1946,)
I am always greatly pleased to return to Kentucky,
The pleasure is enhanced when I return for an occasion such as
this ,
Commencement Day is a thrilling day, and’ the thrill is not
limited to those of you who are graduating. While the day is
for you who have*completed your course of study, and it should
be kept that way, I am sure you graduates will not begrudge us
onlookers
if we refresh ourselves with the inspiration that we
find here.
As we commence our careers, we have, as has long been
recognized, an opportune milepost to look at the whole of life,
i believe that what you and I want out of life is about the
same as what folks all over America want.
I believe further,
that what Americans seek in life is basically the same as what
real folks all over the world seek.
We want, and folks everywhere want, freedom, security, and
peace.
These are broad and fundamental concepts, and they em
body most of what is precious in life. Their direct meaning comes
closer home when we think of them in terms of what we want for
ourselves and for our friends.
None of us wants to lose any of those personal liberties we
won in 1776. We never want to be afraid to speak Or listen,
to
read or write what we please. We never want to be afraid to
worship as we see fit. We do not want to be told where to work
or how to work. We do not want to be told where or how to live.
We want to govern ourselves. We do not want to impinge that
right for others. We want to choose our leaders.
This rs what
we mean when we say we want freedom.
¥-553
-
2
-
W© want to do worthwhile work,, and we want to enjoy doing
it* We want a decent return for our work so that we can take
care of ourselves and those who are dear to us* We want to
provide wholesome and ample food, a real home, nice clothes,
and good health for all members of our family* We want to have
some money left for those things that provide zest and variety
to life, such as books, records, concerts, sporting events and
other amusements. We want to be able to support religious and
charitable efforts. We want to be able to send our children to
college. We do not want to be in a position where we are afraid
of the consequences if we lose our job. We do not want to feel
that we will burden others when we grow old.
This is what we
mean when we say we want security.
We do not want to live in an unstable world.
We do not want
to see power politics, with nations jockeying for position to
force their will upon others. We do not want to see the use of
economic devices whereby one group attempts to benefit at the
expense of another. We hope that it will never again be neces
sary for our children to bleed and die in order to preserve our
way of life. We want our country to remain strong to discourage
international gangsterism and to protect us if we are again at
tacked. Even more important, we want to have such cooperation
among the nations that no nation will choose, or even wish, to
attack another.
That is what we mean when we say we want peace.
On this early summer day of 1946, what is the most critical
problem to solve in our effort to attain these things we w^ant of
life? Perchance a glance at the big problems other graduates
have looked forward to will give us the answer.
In this backward glance, I do not propose to go back to
prehistoric times, or to the Golden Age of Greece, or to the
Roman Decline, or to the Renaissance, or even to the day our
fathers founded us this nation.
Rather, I propose to limit
myself to what I have seen, and during the last 30 years I
hope that I have had some understanding of what I have seen.
By a happy coincidence, that is a good place to begin, for we
can call that time about the beginning of my generation, and
you are about to start the next generation.
The graduate of 30 years ago, in 1916, faced a situation
wherein the peace of all nations was being destroyed. He: heard
much about a World War or a European War, depending upon the
speaker’s point of view.
There was much agitation as to whether
or not that war concerned us Americans.
Time went by and we
found that the war did concern us, and we won.
The graduate of 25 years ago, in 1921, faced a situation
wherein his security was being destroyed.
He was living in the
depression that followed in the wake of World War I. There was
much discussion of what caused, and what would solve, that
collapse.
The graduate of 20 years ago, in 1926, was probably led to
believe that he faced no grave problems. We thought that we
were in a period of normalcy, for our insecure foundations were
not yet apparent.
The graduate in June 1926 probably listened
to nothing more painful than an exhortation to live the good
life.
Five years later, the situation was quite different.
The graduate of 15 years ago, in 1931, again faced a
situation wherein his security was being destroyed, and the l
foundations were so wrenched this time that even his freedom was
threatened.
His tantamount question was whether he could find
any sort of a job. There were all the additional problems that
accompanied a collapse in industry and agriculture. We were in
a terrible depression, and again we heard much about causes and
cures, or the inevitability not only of history but also of the
economic cycle.
The graduate of 10 years ago found us solving many of our
problems and he found his security being rapidly restored.
He
was faced with a lively discussion of the merits or demerits of
the New Deal.
He was assured that he would have a job if he did
his work well, but reminded that competition was lively.
The graduate of 5 years ago faced problems that again
threatened the peace of all peoples.
In June 1941, as 25 years
before, Americans were debating whether the war concerned us,
and terms such as "isolationist” or "war-monger" were being
bandied about. He heard the charge that democracy was soft,
inefficient, and decadent.
The graduate of today finds that war has come and gone,
and he now wonders whether this is the breathing spell before
another war, or whether this is the beginning of enduring peace.
He faces the problems of building the kind of peaceful, prosper
ous world we want.
This brief recapitulation of the history of my generation
impresses me with at least three po'ints:
4
First, how constant must he our vigilance and. effort to
preserve even the very fundamentals of life:
freedom, peace,
and security.
In all except one of these five-year periods we
recognized a grave threat to those basic values*
In the other,
there was the threat, but the majority of us did not recognize
it. The simple fact that our quest for the fundamentals of
freedom, peace and security is under an almost constant threat,
is a fact that shows beyond doubt that we must be strong, alert,
industrious, and of high purpose.
Second, that while our basic goals and wants have re
mained the same, most of the immediate problems in the field
of what we call current events are of very short duration*
Often what has seemed like a world-shaking matter of indeter
minable duration has soon left the scene and another has
appeared.
In perspective, most current events seem terribly
transitory.
From this we know that life is not static, that
the scene rapidly changes; and therefore we must make our
society organic, and see to it that it grows and grows.
Third, I am impressed by the truth that what we sow we
reap, and soon.
It appears that the growing season between
cause and effect is much shorter than ordinarily we are led
to believe.
And this truth is even applicable to our most
Important conditions, prosperity and depression, peace and
war. We often begin to pay for our shortcomings in short
order.
Even the current generation soon feels its mistakes,
or benefits from Its wise decisions.
This means that we are
not even assured of immediate gain if we attempt to mortgage
the future*
This means that we can soon enjoy the good of
our constructive deeds.
Some people In viewing our history of the past 50 years,
which Includes two depressions and two world wars,- would say
that It just goes to show that history repeats itself, and
that whatever is to be the course of our nation, will be*
I
do not agree.
History repeats itself, to the extent that it
does, only because man, wi t h his limitations, acts and thinks
in such manner that he repeats his mistakes.
Our political,
social, cultural, and economic life is determined by what we
say, and think, and do. "We control our course.
We, for
example, failed to come out of the worst depression this
country ever had, beginning in the fall of 1929, as long as
we did nothing or did the wrong thing. We began to come cut
of that depression when, and only when, we began to take
positive, constructive steps to meet the causes and to alle
viate the effects.
We won the recent war because of what we did. We out
produced, out-thought, out-lasted, and out-fought the enemy.
That was certainly a program of positive action.
We all know
that victory was not inevitable, that we could not sit back
and let it come. We won because of what we did, because we
did all of the job, and because we did it well.
And we shall
now have stability or instability in our country and in the
world because of what we believe and do, or because we fail
to think and act. Even our most important conditions, war and
peace, prosperity and depression, are the result of what man
kind does.
That our decisions, our choices, are important is further
exemplified by a basic choice we made at the outset of our
national history. We chose a system of government and way of
life that is sound.
It is true that my generation has been
engulfed by two wars and two depressions, living under the
democratic process.
It is important to remember, however, that
many played a part in the total result, and it is more import
ant to remember that under our governmental system and our way
of life, we solved the problems and won the battles.
On occasion we have applied our great system in the wrong
fashion, or we have come up with the wrong answers, and have
led ourselves into catastrophies. The system itself has proved
to be sound. No system can do the job by itself.
Men must give
it l i f e ; men must give it substance; men must use their judg
ment. We would not wish it otherwise.
I
believe that a large part of the answer to why our judg
ment is often, wrong, or the best decision is not made under our
democratic system, lies in the fact that this is the age of
specialization.
In all fields of endeavor - agricultural,
industrial, occupational, professional - we have specialized.
This means that many of our citizens become informed in only
a relatively narrow field.
This means that many of our citi
zens are interested in only a few specific problems.
This
means that many of our citizens are heard only on particular
questions, or in fact, they may be so engrossed in their ownspecial line of endeavor that they are not heard from at all.
1 feel that the time has come when this trend must be
balanced b m a n y people who make a conscious effort to synthe
size our particular problems and special interests.
I do not
question the value of specialization or the progress that has
been made as a result of it.. We have divided our work and for
the most part each has done what he best could do.. While each
becomes dependent upon others, it results in a higher material
standard of living.
I claim only that It is high time to bal
ance this specialization by a conscious effort to be aware of,
and informed on, the subjects that are important to us all,
though they are not a part of our own vocation.
There is a great need for people who can see the whole
of our problems.
There is a great need for people who have
as their sole major goal the welfare of our people.
It is obvious that such people are needed most in those
positions wherein broad policies are determined and executed.
But there is a need for these people who are well-informed,
and who have a broad view of our common welfare, through all
of the echelons of our society.
We have given much prestige and remuneration to a success
ful career where one becomes an expert in a specialized field.
In the future, I believe that our people will find and make
places as well for those who can integrate our problems and
combine the elements of our societ37- into a whole picture. More
over, these two goals are not necessarily mutually exclusive#
A person can develop a special line of endeavor and at the
same time maintain a civic attitude which allows him to view
society’s problems in an objective fashion, and devote some
time to their study# While a democracy of 140 million people
cannot operate in exactly the same form as it did when our
communities were first established upon the Atlantic Seaboard,
we must recreate more of the atmosphere, more of the give-andtake, more of the discussion, and more of the learning that was
found in the old Town Hall meetings#
If we develop a more
expressive, vibrant democracy, we shall all benefit.
The u n
solved problems, or the wrongly solved problems, In particular
fields may sooner or later have a detrimental influence in
every sector of our economy and In every geographical area of
our country.
Many problems arising out of the relationship
of the citizen to his government, or the relationship between
citizens, are a concern to all of us, and therefore we are
duty-bound to know something about the matter and to express
our opinions.
The higher the percentage of our people actively
interested In these problems, "the better our government and
our economy will work.
I am glad that you graduates are coming to help us, for
you who are graduating today have had the kind of training that
qualifies one to take his place among those who can integrate
the diversified interests of our society.
The beautiful thing
about a university or college campus is that it is an environ
ment that exposes one to many fields of interest and is, when
all is said and done, basically an experience in learning to
live and to live a life that is worthwhile as well as enjoyable
It Is not a particularly happy thought, but It is possible that
never again will you have as good an opportunity to live the
whole of life so completely and fruitfully as you had while you
were upon the campus#
You have just lived in one of the best
environments that can be found anywhere in the world.
7
You have h a d , .moreover, an especially good training in
the most important quality that any.man can have - the ability
to think.
Experience and knowledge are helpful and necessary,
but they are of little value if one has not trained his mind
to work, and work well.
Our colleges and universities are the
great laboratories of oub nation in training our people to
think.
If all of us could or would do as much thinking as is
done upon our campuses, I believe that our problems would be
more quickly and easily solved.
By learning to think, we mean' the ability to marshal the
facts in a given situation, to discard the irrelevant, to as
sess the real values of the pertinent, to draw the logical
conclusion, and to understand the relationship of that problem
and Its, solution with other subjects. When one has learned to
do this, he has learned a great thing.
He has developed mental
power. With mental power, much can be done - without, it,
little.
Mental power is a great asset.
It is a currency
acceptable anywhere.
It is, mental power in the possession of
people with an honesty of purpose that makes for progress in
all fields, in any form of activity which mankind pursues.
Our colleges and universities provide an ideal atmosphere
for training not only to think but also to think in objective
fashion.
Objective thinking is the bdst kind of thinking.
In
fact it is the only kind of thinking that is true and valid.
Objective thinking is thinking through a problem on, and. only
on, its merits,
It means the laying aside of our personal
prejudices and personal interests.
In this day when we so often see special pleaders at w o r k , .
when we so often hear references about the T,right connections’1,
it is refreshing to know that there is still a conscious effort
in many places to help people to learn to think on the merits,
to think In an objective fashion.
You graduates have had the best training that our society
affords in all three of these aspects. You have learned to
look at, and to live, life as a whole.
You have learned to
think.
-And finally, you have learned to think objectively,
considering and considering only the merits, until the valid
conclusion, is reached.
^ou will have a chance to use these qualities, for there
are difficult problems ahead both at home and abroad. We must
carry forward the cooperation among .the nations that has begun.
The United Nations must continue to get together and to work
together on their many political, social, and economic problems.
We havte made much measurable progress.
Institutions to deal
with specific aspects have, been, and' are being, established.
They are just starting to live.
They must grow and grow.
8
At home there is much work ahead in building the expanding,
sound economy that we desire.
The headlines shout problems
every day.
Many of these are not all-important and many are
transitory, and still others are not problems when all of the
facts are known.
Nonetheless there is much work ahead, enough
for all of u s .
■ While there are difficult problems ahead, we have met and
solved, tough ones before. Your training that has prepared you
to think, to level on a problem, and to see the problem in
relationship to the fundamental values in life, stands you in
good stead to help us to carry on toward the greatest goal man
kind has set: enduring peace and prosperity.
In spite of the incompleted work which falls upon your
shoulders as you begin your careers, I modestly submit that
our generation is giving you a better foundation upon which .
to build than we received. » We have a better chance to solve
our problems, for we have learned from experience.
Perchance
the biggest thing we have learned is that we must go forth
and meet our problems• We have learned that inaction can be
as costly as erroneous action.
We have learned what we,should
have' long knqwn: that this nation, big and strong as it is,
cannot live in isolation.
There are some reverberations of
the old cries that we should hide our heads from international
problems, but I believe that we have thoroughly learned that
it Is tragic to try to "duck the issue". What we do not do
can affect our well-being every bit as much as what we do. V
We have a production machine unmatched in our history.
Already, since the end of the war, our production -of civilian
goods reached a peak higher than ever before in our history.
We have a stable economy. While we have some evidences
of inflation, our economic values have been distorted nowhere
near as much as they were during any previous major war or
the period immediately following.
We have more honest effort and cooperation among the
nations than we have ever had.
Institutions have been estab
lished, and are functioning, to solve international economic,
social, and political problems.
And while I do not discount
the work ahead, it may prove that breaking down the inertia
and making the start was our biggest hurdle .
9
Americans have never been pessimistic and should not
be now. Even though there is much hard work ahead, even
though many of our problems will be difficult and some will
seem at first insurmountable, even though you wi 11 often feel
that not many are helping to bear the yoke, in the end we
shall, as a united people, keep our feet on the ground, take
sound, constructive steps, and journey forward on the road of
peace and prosperity.
And so we can have faith that the
natural optimism of us Americans has more justification today
than ever before in our history.
0
O0
- 3 -
sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets. Accordingly, the aimer* 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. Ip.8, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
zm.m
-
2
-
Immediately after the closing hour, tenders trill be opened at the Federal
Reserve Banks and Branches, following which public announcement will be made
j
'
1
-
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 99.90^ entered on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
June 13» 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 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 here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
i|2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll5 of
the Revenue Act of 19Ul, the amount of discount at which bills isqued here
under are sold shall not be considered to accrue until such bills shall be
turn
V"
lilf
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS.,
Friday, June 7, 19U6__________ .
The Secretary of the Treasury, by this public notice, invites tenders for
$1 ,3 0 0 j000j000
, 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 Trill be dated
Trill mature
out interest.
June 13, 19U6
, and
September 12, 19U6 , vrhen the face amount Trill be payable tilthThey Trill be issued in bearer form only, and in denominations
of $1,000, $5,000, $10,000, $100,000, $5 0 0 ,0 0 0 , and $1,000,000 (maturity value).
Tenders Trill be received at Federal Reserve Banks and Branches up to the
closing hour, two o’clock p.m., Eastern Standard time,
Monday, June 10» 191+6
Tenders will not be received at the Treasury Department, Yiashington.
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.
TREASURY DEPARTMENT
Washington
K)R RELEASE, MORNING NEWSPAPERS',
Friday, June 7, 1946
The Secretary of the Treasury, by this public notice,
invites tenders for |l.,300,000,000, or thereabouts, of 91-day
Treasury bills, to be issued on a discount basis under com
petitive and fixed-price bidding as hereinafter provided« The
bills of this series will be dated June 13, 1946, and will
mature September 12, 1946, when the face amount will be pay
able 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 o1 clock p.m#, Eastern
Standard time, Monday, June 10, 1946.
Tenders will not be re
ceived at the Treasury Department, Washington.
Each tender
must be for an even multiple of #1,000, and the price offered
must be expressed on the basis of 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 June 13, 1946,
V-354
(Over)
2
The income derived from Treasury bills, whether interest
or gain from the sale or other disposition of the bills, shall
not have any exemption, as such, and loss from the sale or
other disposition of Treasury bills shall not have any special
treatment, as such, under 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 posses
sions 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 ex
cluded 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
7,
STAOTTOHT DEBT LXMITATI OH
AS OF MAY 31. 19^6
M
Section 21 of the Second L ib erty Bond A ct, as amended, provides th a t the face amount
of obligations issued under au th ority of th at A ct, and the face amount of obligations
guaranteed as to p rin cip al and in te re s t by the United S tates (except such guaranteed
obligations as may be held by the Secretary of the Treasury), wsh all not exceed in the
aggregate $ 300 , 000 , 000,000 outstanding a t any one tim e .tt
The following tab le shows the fa ce amount of obligations outstanding and the face
amount which can s t i l l be issued under th is lim itation *
Total face amount th at may be outstanding a t any one time
Outstanding May 31» 19^6
Obligations issued under Second L ib erty Bond A ct, as amended
In terest-b earin g
Bonds
T reasuiy...............................................$ 1 2 1 ,1 7 7 ,3 9 0 ,3 5 0
Savings ( m aturity value) * . . . .
59 .**8 6 , i+83 ,775
Depo s i ta r y ........... ............................
1+28,680,000
Adjusted S erv ice.............................
5 0 0 ,1 5 7 ,9 5 6 $ 1 8 1 ,5 9 2 ,7 1 2 ,0 8 1
Treasury n o te s...................................
3 7 ,^ 5 2 ,6 8 9 ,6 7 5
C e r tific a te s of in d eb ted n ess...
*+5» 5*+*+»331 »000
Treasury B i l l s .............................
1 7 ,0 ^ 1 .1 2 8 ,0 0 0
Total in te re s t-b e a rin g ...................................................
Matured, in te re st-c e a se d
Bearing no in te re s t
War Savings Stamps. . . .
9 9 ,2 5 1 ,7 7 1
Excess p r o f its ta x refund bonds
66,971.2X 0
T o ta l.................................................................................................
Guaranteed obligations (n ot held by Treasury)
In terest-b earin g
Debentures: E.H.A...........................
1+1,921,786
Demand ob lig atio n s: O.C.C. . . . _____ 5 0 0 .2 1 8 .2H0
Matured, in te re s t-c e a s e d ................................. .....................
$ 300 , 000 , 000,000
100,238,1^+8,675
2 8 1 ,83o,8 6 0 ,7 5 6
lg5,3gU,025
1 6 6 ,2 2 2 .9 8 1
2 8 2 ,1 8 2 ,W j S I
ÿ+2 , 1^0,026
1 0 ,2 ^9 , 0 7 5
552,389,101
Grand to ta l outstanding.................................................................... ................................
Balance face amount of obligations issuable under above a u th o rity ..............
282,73^.856,863),
1 7 ,2 6 5 ,1^3,131
Reconcilement with Statement of the Public Debt - May 31, 19*+6
(Daily Statement of the United S tates Treasury, June 3 , 19^6)
Outstanding May 31, 19^6
272 ,582,9l|2j67
Total gross public debt.................... ................................................................................
552,589,101
Guaranteed obligations not owned by the Treasury..............................................
273,135,331,*
Total gross public debt and guaranteed o b lig atio n s.................. ........................
Add - unearned discount on U .S. Savings Bonds
(D ifference between m aturity value and current redemption value)
10,569,961,603
Deduct - other outstanding public debt obligations
not subject to debt lim ita tio n .......... ...................
970,1+36,60$
9.599.53+
282,73'+, 856 ,36
* Approximate face or m aturity value; current redemption value $1+8,916,522,172
3
W
STATUTORY DBBT LIMITATION
ÀS OF MAY 31, 1946
June 7, 194-6
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 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 mid the
face amount "which can still be issued under this limitation:
Total face amount that may be outstanding at any one time
Outstanding May 31, 1946
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Bonds
Treasury.............. $121,177, 390, 350
Savings (maturity value}-- 59,486,483,775
Depositary....... .
428, 680,000
500.157.956 $181,592,712,081
Adjusted Service..... .
Treasury notes.........
37,652,689,675
Certificates of indebtedness 45,544,331,000
Treasury Bills..........
17.041.128.000
Total interest-bearing.................
Matured, interest-ceased............. ■.....
Bearing no interest
War Savings Stamps.... .
99,251,771
Excess profits tax refund
bonds.............. . • _____ 66.971,210
•
Total.........
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A......
41,921,786
Demand obligations! C.C.C.
500,218,240
Matured, interest-ceased...................
$300,000,000,000
100.238,148.675
281,830,860,756
185,384,025
166,222,981
282,182,4$7,762
542,140,026
..... 10,249,075
552,389,101
Grand total outstanding............. ...........................
Balance face amount of obligations issuable under above authority.
282,734,856,863
17,265^143,137
Reconcilement with Statement of the Public Debt - May 31, 1946
(Daily Statement of the United States Treasury, June 3, 1946)
Outstanding May 31, 1946
Total gross public debt..... ................................. .
272,582,942,767
Guaranteed obligations not owned by the Treasury...............
552, 389,101
Total gross public debt and guaranteed obligations..... ........ 273,135,331,868
Add - unearned discount on U. S. Savings Bonds
(Difference between maturity value and current redemption value)
10,569,961,603
Deduct - other outstanding public debt obligations
not subject to debt limitation...... .
.....970,436,608
9,599,524,995
282,734,856,863
*- Approximate face or maturity valuej current redemption value $48^916,522,172
V-355
THRASBKÏ DEPARTMENT
Washington
FCE RELEASE, MORNING NEWSPAPERS,
Tuesday, June II, 19k&*
Press Service
3
Y
The Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bill® to be dated June 13 and to mature
September 12, 191*6, which were offered on June 7> 191*6, were opened at the Federal Reserve
Banks on June 10«
The details of this issue are as followst
Total applied for $1*990,725,000
Total accepted
- 1,310,138,000 (includes $37,965,000 entered on a fixed-price
basis at 99*905 and accepted in full)
Average p rice
- 99*905/ Equivalent r a te of discount approx, 0 .3 7 5 Î per annum
Range of accepted com petitive bid®!
High
Low
- 99.908 Equivalent rate of discount approx, 0.361$ per annum
- 99.905
*
s
e
e
#
0 .376 g ■
*
(63 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
I
Ut,885,000
13,160,000
6,385,000
271*,070,000
U»,535,000
19,31*0,000
13,191,000
6,71*0,000
89,865,000
TOTAL
/
19,060,000
1 ,1*75 ,916,000
1*3 ,578,000
#1,990,725,000
1
Total
Accepted
#
12 ,363,000
91*6,500,000
37,81*3,000
10,815,000
12,1*20,000
6,385,000
179,620,000
9,910,000
11*.971*.000
12,081,000
6,222,000
6 1 ,005.000
#1 ,310 ,138,000
TREASURY* DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday,. June 11» ,1946 _______
Press Service
No* V-556
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 June 13 and to mature September 12, 1946
which were offered on June 7, 1946, were opened at the Federal
Reserve Banks on June 10*
The details of this issue are as follows:
Total applied for - $1,990,725,000
Total accepted
- 1,310,138,000 (includes $>57,965,000 entered
on a fixed-price basis at
99*905 and accepted in full)
Average price
- 99*905/ Equivalent rate of discount approx*
0.375$ per annum
Range of accepted competitive bids:
High - 99.908 Equivalent rate of discount approx. 0*364$ per annum
Low - 99*905
"
,f
”
"
" v 0*376$ "
"
(63 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied For
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
I
TOTAL
19,060 ,0 0 0
1,475,916 ,0 0 0
43,578 , 0 0 0
14,885 ,0 0 0
13,160 ,0 0 0
6,385 ,0 00
274,070 ,0 0 0
14,535 ,0 0 0
19,340 ,0 0 0
13,191 ,0 0 0
6,740 ,0 0 0
RQ QAR ,0 0 0
>, 1,990,725,000
Total
Accepted
$
12,363,000
946.500.000
37.843.000
10.815.000
12.420.000
6.385.000
179.620.000
9.910.000
14.974.000
12.081.000
6.222.000
61,005,000
$1,310,138,000
FOR RELEASE TO MORNING EDITIONS
JUNE 12, 1946
msm
TO THE PRESS
¡Qu*r<+X
B*-
1
UMBB Tl OECRBTARY 6F 1
THE TRTüftSüBY Or-MAX QABDHEB
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I was drafted to the Office of Under Secretary of the
Treasury three months ago by Secretary Vinson and President
Truman.
I wish to say in this connection that I was not a candi
date for this ptt ice and I have never been a candidate for appoint
ment to any other Federal office.
After a recent conference with Secretary-elect Snyder
and President Truman, and at their joint insistence, I feel it my
duty to continue my services on the same basis of m y original
acceptance, which was that my health, happiness and acceptable
services would determine the period of my stay in Office.
If I am helpful to the least degree in the preservation
of faith in the credit and currency of America, I shall be amply
repaid for my efforts.
The sustained confidence in and solvency of
our country is a matter of tremendous importance to our Rational
and international relations and welfare, and for this great cause
I stand ready and willing to help to the utmost of my ability.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
Wednesday, June 12, 1946
No* V-357
Under Secretary of the Treasury 0. Max Gardner today
issued the following statement:
I was drafted to the Office of Under Secretary
of the Treasury three months ago by Secretary Vinson
and President Truman.
I wish to say in this connec
tion that I was not a candidate for this office and
I have never been a candidate for appointment to any
other Federal office.
After a recent conference with Secretary-elect
Snyder and President Truman, and at their joint
insistence, I feel it my duty to continue my services
on the same basis of my original acceptance, which
'was that my health, happiness and acceptable services
would determine the period of my stay in office.
If I am helpful to the least degree In the pre
servation of faith in the credit and currency of
America, I shall be amply repaid for my efforts. The
sustained confidence in and solvency of our country
is a matter of tremendous importance to our national
and International relations and welfare, and for
this great cause I stand ready and willing to help
to the utmost of my ability.
oOo
Mr* Bartelt
Mr* Batchelder
Mr. Bernstein (3^5)
Mr. Brennan (List).)
Mr. "Brogan (Disb.)
Mr. Burdette (311l)
Miss Burke
B & W (U3O8 )
Mr. Cake
Mr. Church
Mr. Coe
^
Mrs. Coon
Miss Cullen
Mr • Cunn ingharn
Mrs. Day (3^21)
Mr. Delano
Mr. Dietrich
Mr. Eddy
Mrs. Darrell (5323)
Miss Florin (Ul25)
Mr. Frese
Mr. Gerardi (523 W.B.)
Miss Gibson
Mr. Glasser (3^37)
Mr. Greenberg
Mr. Gunter (2222)
Mr. Haas
Mr. Handy
Mr. Hearst
Mr. Heffelfinger
Mr. Howard (821 W.B.)
Miss Hodel
Mr. Hyland (3U1 3 )
Mr. Jones (2M+9 )
Mr. Jordan
Miss Kailey (3013)
Mr, Kelley
Mr. Kilby
Mr. Landis
. Legg
Lindow
Maxwell (^330)
McDonald
s Michener
L. V.- Moore
M. Moore
Mulvihill (531 W.B.)
. Naud
Ni songer (^-^0 9 )
O' Connell
O'Daniel (517 W.B.)
Peterson (Disb.)
. Potts
Rabon
. Ralf (13210
Reeve s
. Root
.Ross
s Rousseaux (^319)
s Sanford (512^)
Schoeneman
Schwalm (5^2 W.B.)
Shaeffer
Uliüdüü
Smith
Speck
Starratt
s Stockwell
Tickton
Tietjens
Upham
s Vassar
• Walker
• Wameson
Weber
s White
White
Ziegenfus
Un-fJLS?4
Miss Sanford
HNaud
7, 1946
e made during the month
urities of the Goveraountss
..... $600,000
....
215.000
preei^ßrg
nberg
er of Accounts
June 7, 1946
TO ME« BAHTILTi
The following market transactions were made during the month
of May, 1946, in direct and guaranteed securities of the Govern
ment for Treasury investment and other accounts1
Purchases.......... ....................$600,000
Sales...... ********.... .............
215*000
Set purchases ........... ....... $385,000
($3d) Joseph Oreeq^srg
Joseph Greenberg
Assistant Commissioner of Accounts
CC to* Mr, Heffelfinger
Mr, Shaeffer
Miss Sanford
HHaud
TREASURY DEPARTMENT
Washington
FOR RELEASE ¿"MORNING NEWSPAPERS
Saturday, June 15, 1946
Press Service
No, V-358
During the month of May, 1946, market transactions in
direct and guaranteed securities of the Government for
Treasury investment and other accounts resulted in net pur
chases of $385,000, the Secretary of the Treasury announced
today.
oOo
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
gures showing the
ations provided for
■jeriods to June 1,
PLEASE FORWARD 8 COPIES TO ROOM 1*03, WILKINS BLDG.
h unit : Imports as
is of
: of June Q,
I *Quantity : 194-6
Gallon
4,128
Gallon
945
Cream, fresh or sour
Calendar Year
1,500,000
Fish, fresh or frozen
filleted, etc., cod
haddock, hake, pollock,
cusk, and rosefish
Calendar ïear
20,380,724
Pound
20,344,773
90,000,000
60,000,000
Pound
Pound
Quota filled
268,910
Cuban filler tobacco un
stemmed or stemmed (other
than cigarette leaf tobacco;
and scrap tobacco
Calendar Year
22,000,000
Pound
(Unstemmed Quota
equivalent; fille d
Calendar Year
1,396,423
Square
665,806
Molasses and sugar sirups
containing soluble non
sugar solids equal to more
than 6# of total soluble
Calendar Year
solids
1,500,000
Gallon
148,347
67,012
Number
9,656
5,000
Piece
-
White or Irish potatoes:
certified seed
other
Red cedar shingles
Silver or black foxes,
furs, and articles: Foxes
valued under $250 each
and whole furs and skins
Tails
2
12 months from
Sept. 15, 1945
May-Nov. 1946
All Countries
12 months from
Dec. 1, 1945
/,
Paws, heads or other
separated parts
it
500
Pound
490
Piece plates
it
550
Pound
-
Articles, other than
piece plates
n
500
Unit
72
1/
Quota increased per T.D. 51448
\
FOR IMMEDIATE RELEASE,
June 11. 194-6_______ _
7
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 June 1,
194-6, inclusive, as follov^s:
Commodity
: unit
: Imports as
: of
: of June
Established Quota
Period and Country: Quantity :Quantity : 1946
Y/hole milk, fresh
or sour
Calendar Year
3,000,000
Gallon
4,128
Cream, fresh or sour
Calendar Year
1,500,000
Gallon
945
Fish, fresh or frozen
filleted, etc., cod
haddock, hake, pollock,
cusk, and rosefish
Calendar Year
White or Irish potatoes:
certified seed
other
12 months, from
Sept. 15, 194-5. 90,000,000
60,000,000
Cuban filler tobacco unstemmed or stemmed (other
than cigarette leaf tobacco;
Calendar Year
and scrap tobacco
Red cedar shingles
Tails
22,000,000
Pound
Pound
20,344,773
Quota filled
268,910
Pound
(Unstemmed Quota
equivalent; filled
,3 9 6 , 4 2 3
Square
665,806
1,500,000
Gallon
148,347
May-Nov. 194-6
All Countries
67,012
Number
9,656
12 months from
Dec. 1, 194-5
5,000
Piece
-
Calendar Year
Molasses and sugar sirups
containing soluble non
sugar solids equal to more
than 6 % of total soluble
Calendar Year
solids
Silver or black foxes,
furs, and articles: Foxes
valued under #250 each
and whole furs and skins
y
20,380,724 'Pound
1
Paws, heads or other
separated parts
n
500
Pound
490
Piece plates
it
550
Pound
-
Articles, other than
piece plates
it
500
Unit
72
1/
Quota increased per T.D. 5144-8.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, June 13, 19¿6»
Press Service
No* V - 359
/
The Bureau of Customs announced today preliminary figures shoY/ing the imports
for consumption of commodities within quota limitations provided for under trade
agreements, from the beginning of the quota periods to June 1* 194-6* inclusive* as
follows:
Commodity
Unit
: Imports as
of
i of June 1,
:
Established Quota
j
iPeriod and Country: Quantity : Quantity :
1946
Whole milk, fresh
or sour
Calendar Year
3
*0 0 0 , 0 0 0
Gallon
4*128
•Cream* fresh or sour
Calendar Year
1
,5 0 0 * 0 0 0
Gallon
945
Fish* fresh or frozen
filleted* etc.* cod
haddock* hake, pollock,
cusk* and rosefish
Ca lendar Year
y
20,380*724
Pound
months from
Sept» 15* 1945
90
Yihite or Irish potatoes:
certified seed
other
20,344* 773
12
60
*0 0 0 *0 0 0
,0 0 0 *0 0 0
Pound Quota filled
Pound
268*910
22
,0 0 0 *0 0 0
Pound
(Unstemined Quota
equivalent) fille d
Calendar Year
1
,3 9 6 , 4 2 3
Square
6 6 5 *8 0 6
Molasses and sugar sirups
containing soluble nonsugar solids equal to more
than 6% of total soluble
Calendar Year
solids
1
,5 0 0 ,000
Gallon
148,347
67,012
Number
9*656
Red cedar shingles
Silver or black foxes*
furs, and articles: Foxes
May-Nov* 1946
valued under $,250 each
All Countries
and whole furs and skins
Piece
Paws* heads or other
separated parts
it
O
O
12 months from
Dec. 1* 1945
O
O
Tails
V.Jl
V
O
Cuban filler tobacco unstemmed or stemmed (other
than cigarette leaf tobacco)
Calendar Year
and scrap tobacco
Pound
Piece plates
h
550
Pound
-
Articles, other than
piece plates
ti
500
Unit
72
1/
Quota increased per T’. D. 514-48*
,-
49 0
#
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Warner, H. M.
Warner, J. L.
Warner, William B.
Warren, Northam
Webb, Earle W.
Webber, James B.
Webber, Osoar
Webber, Richard H.
Weed, Hugh H. C.
Weidner, H. C.
Weir, E. T.
Welldon, Samuel A*
Wenger, Henry E.
Wetherald, Charles E.
Wheeler, Wilmot F.
Whelpley, Medley G. B.
Wilder, Samuel "Billy"
Williams, R. R.
Williams, S. Clay
Williams, Thomas L.
Williams, William C., Jr.
Wilson, Charles E.
Wilson, Eugene E.
Winchell, Walter
Winnett, P. G.
Withall, A. P.
Wolcott, Robert W.
Wooley, Edgar M.
Woolley, Edgar M.
Wurtzel, Sol M.
Warner Bros. Pictures, Ino.
Warner Bros. Pictures, Inc.
McCall Corporation
Northam Warren Corporation
Ethyl Corporation
The J. L. Hudson Company
The J. L. Hudson Company
The J. L« Hudson Company
Carter Carburetor Corporation
Townsend Company
National Steel Corporation
The First National Bank of the City of N e w York
Aurora Gasoline Company
General Motors Corporation
American Chain & Cable Company, Ino.
Guggenheim Nitrate Corporation
Paramount Pictures Inc.
S. S. Kresge Company
R J Reynolds Tobacco Company
Maybelline Company
General Motors Corporation
General Motors Corporation
United Aircraft Corporation
The Hearst Corporation
Bullock*s, Inc.
W. H. Miner, Inc.
Lukens Steel Company
Twentieth Century-Fox Film Corporation
Warner Bros. Pictures, Ino.
Twentieth Century-Fox Film Corporation
New York
N e w York
New York
Connecticut
New York
Michigan
Michigan
New York
Pennsylvania
Pennsylvania
New York
Michigan
Michigan
Connecticut
New York
New York
Michigan
North Carolina
Illinois
Michigan
Michigan
Connecticut
New York
California
Illinois
Pennsylvania
New York
N e w York
N e w York
Yancey, Edward B.
Yerkes, Leonard A.
Young, Orville W.
Young, Udell C.
E. I. du Pont de Nemours & Company
E. I. du Pont de Nemours & Company
General Motors Corporation
General Foods Corporation
Delaware
Delaware
Michigan
N e w York
Zanuok, Darryl F.
Zimmerman, H. P.
Zukor, Adolph
Twentieth Century-Fox Film Corporation
R. R. Donnelley & Sons Company
Paramount Pictures Inc.
New York
Illinois
New York
Michigan
REPORT OF PAYMENTS OF SALARY, COMMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF $75,000.00 COMPILED FROM
INCOME RETURNS, SCHEDULE P-1, FILED
FOR THE CALENDAR YEAR 19b5 -AND FISCAL
YEARS ENDED IN 19h k
SUPPLEMENTAL NO. 2
Abbott, T. P.
Stewart & Co., Incorporated
Maryland
Babbitt, Edwin Y.
Badger, Erastus B.
Barth, T. H.
Buck, Junior C.
National Fireworks Inc.
E. B. Badger & Sons Company
Carl L Norden Inc
Hahne & Company
Mas sachusett s
Massachusetts
New York
New Jersey
Campbell, Charles L.
Clark, George J. J.
Countway, F. A.
E. B. Badger & Sons Company
National Fireworks Ino.
Lever Brothers Company
Massachusetts
Massachusetts
Mas saohusett s
Davidson, J. Edward
James MeCreery & Company
New York
Fbx, J. C.
Blue Bell, Inc.
New York
Lee Rubber & Tire Corporation
Pennsylvania
Hall, Walter T.
Handy, C. W.
Hargrove, George C.
Hecht, Harold M.
Holder, Albin 0.
Hughes, John Ghambers
E. B. Badger & Sons Company
Handy & Harman
E. B. Badger & Sons Company
The William Hengerer Company
J. N. Adam & Co.
McCampbell & Company, Incorporated
Massachusetts
New York
Massachusetts
New York
New York
New York
Jacobs, Leslie L.
Pollock Paper & Box Company
Texas
Lunt, George P.
E. B. Badger & Sons Company
Massachusetts
Mannion, Frank D.
McCampbell, Leavelle
McCampbell & Company, Incorporated
McCampbell & Company, Incorporated
New York
New York
Niemeyer, G. H.
Handy and Harman
New York
Olson, Doddrick
Powers Dry Goods Co., Incorporated
Minnesota
Peters, William A., Jr.
E. B. Badger & Sons Company
Massachusetts
Storm, Raymand H.
McCampbell & Company, Incorporated
N e w York
Garthwaite,
A. A*
8.
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Scholl, D. H.
Schreiber, Lew
Schumann, John J«, Jr«
Scott, Allan
Scott, Randolph
Scott, S« Spencer
Seaton, George E.
Seltzer, Theodore
Seubert, Edward G.
Sexton, Herbert B.
Shapiro, Joseph M«
Shaw, Walter C.
Sheets, Harold F«
Sherer, Dunham B.
Shields, John,Jr«
Shoong, Joe
Shumlin, Herman
Siegel, Jacob
Sievers, H. C«
Singer, R* M*
Skelton, W* A.
Skinner, Sherrod E«
Skouras, Charles P,
Skouras, Charles P«
Skouras, Spyros P.
Sloan, Alfred P«, Jr«
Smith, H« E.
Smith, H. S«
Smith, John Thomas
Smith, R. B«
Sonnebom, Dr« F«
Sonneborn, R« G«
Stahl, John M«
Staley, A« E«, Jr«
Stannard, E« T.
Stanwyck, Barbara
Steeves, Henry A«
Steiner, Max
Stetson, Eugene W.
Steur, John A« C«
Stevenson, F. A«
Stine, Charles M* A«
Stoll, Albert F#
Stoll, C« G.
Stranahan, Frank D*
Stranahan, Robert A«
Straus, Henry L«
Straus, Jack 1«
Strub, Chas. H«
Sturges, Preston
Sullivan, M« J.
Swerling, Joseph
Sykes, WilfVed
The Wm. Taylor Son & Company
Twentieth Century-Fox Film Corporation
General Motors Acceptance Corporation
Paramount Pictures Inc«
Captain Kidd Productions, Inc«
Harcourt, Brace and Company, Inc
Twentieth Century-Fox Film Corporation
Bengue, Inc*
Standard Oil Company (Indiana)
Johnson & Higgins
Simplicity Pattern Co«, Inc« and Subsidiary Companies
G. C. Murphy Company
Socony-Yacuum Oil Company, Incorporated
Corn Exchange Bank Trust Company
Lowman-Shields Rubber Company
The National Dollar Stores, Ltd.
Warner Bros« Pictures, Inc*
Jacob Siegel Company, Inc«
Eastman Kodak Company
Evans Products Company
Meisel Press Manufacturing Company
General Motors Corporation
Fox West Coast Agency Corporation
National Theatres Amusement Co«, Inc«
Twentieth Century-Fox Film Corporation
General Motors Corporation
United States Rubber Company
Burgess-Norton Manufacturing Company
General Motors Corporation
The Great Atlantic & Pacific Tea Company (New Jersey)
L« Sonnebom Sons, Inc«
L• Sonnebom Sons, Inc«
Twentieth Century-Fox Film Corporation
A« E. Staley Manufacturing Company
Kennecott Copper Corporation
Warner Bros« Pictures, Inc«
Transit Bus Sales Inc.
Warner Bros« Pictures, Inc«
Guaranty Trust Company of New York
H. Duys & Co«, Inc«
American Car and Foundry Company
E. 1« du Pont de Nemours & Company
Russell & Stoll Company Inc«
Western Electric Company, Incorporated
Champion Spark Plug Company
Champion Spark Plug Company
American Totalisator Company, Inc«
R. H« Macy & Co., Inc«
Los Angeles Turf Club, Inc*
California Pictures Corporation
American Can Company
Twentieth Century-Fox Film Corporation
Inland Steel Company
Ohio
New York
New York
New York
California
New York
New York
New Jersey
Illinois
New York
New York
Pennsylvania
New York
New York
Pennsylvania
California
New York
Pennsylvania
New York
Michigan
Massachusetts
Michigan
California
California
New York
Michigan
New York
Illinois
Michigan
New York
New York
New York
New York
Illinois
New York
New York
Massachusetts
New York
New York
New York
New York
Delaware
New York
New York
Ohio
Ohio
Maryland
New York
California
Califbmia
New York
New York
Illinois
Thornburg, Betty June
(Betty Hutton)
Tierney, Gene
Tomlinson, R« E«
Trammell, Niles
Trotti, Lamar
Trown, R« W.
Tugend, Harry
Tuttle, C« B.
Paramount Pictures Inc«
Twentieth Century-Fox Film Corporation
National Biscuit Company
National Broadcasting Company, Inc
Twentieth Century-Fox Film Corporation
J« C« Penney Company
Paramount Pictures Inc.
S* S. Kresge Company
New York
New York
New York
New York
New York
New York
New York
Michigan
Umstattd, Wm. E«
Unsworth, Thomas A.
The Timken Roller Bearing Company
E« B. and A« C« Whiting Company
Ohio
Vermont
Yan Bomel, L« A«
Van Keuren, Harold L«
Yoigt, Elmer G«
Yortrefflich, Paul W*
National Dairy Produots Corporation
The Yan Keuren Co«
Western Printing & Lithographing Co«
Herman Basch & Co«, Inc*
New York
Massachusetts
Wisconsin
New York
Wadewitz, E. H«
Wadewitz, W. R.
Wagoner, Philip D*
Wald, Jerry
Wallace, DeWitt
Wallerstein, Leo
Walsh, Raoul
Wardenburg, Frederic A.
Ware, Louis
Warner, A«
Western Printing & Lithographing Co«
Western Printing & Lithographing Co.
Underwood Elliott Fisher Company (Delaware)
Warner Bros. Pictures, Inc«
The Reader’s Digest Association, Inc.
Wallerstein Company, Inc•
Warner Bros. Pictures, Inc«
E. I. du Pont de Nemours & Company
International Minerals & Chemical Corporation
Warner Bros. Pictures, Inc.
Wisconsin
Wisconsin
New York
New York
New York
New York
New York
Delaware
Illinois
New York
NAHE OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Momer, Stanley
Morris, H. C.
Morris, William T.
Morse, Robert E.
Mosher, Ira
Moskowitz, Joseph
Munzer, Alfred E.
Munzer, William
Munzer, William A,
Murrie, Win. F. R.
Warner Bros. Pictures, Inc.
Tasty Baking Company
American Chain & Cable Company, Inc.
Fairbanks, Morse & Co.
American Optical Company (Vol. Ass’n)
Twentieth Century-Fox Film Corporation
Technical Metal Finishing Corporation
Technical Metal Finishing Corporation
Technical Metal Finishing Corporation
Hershey Chocolate Corporation
New York
Pennsylvania
Connecticut
Illinois
Massachusetts
New York
New York
New York
New York
Pennsylvania
Nauen, Ernest
Needham, T. J.
Newill, Edward B.
Newman, Alfred
Niemeyer, G. H.
Nissman, Morris
Nolan, Thomas S.
Herman Baseh & Co., Ine.
United States Rubber Company
General Motors Corporation
Twentieth Century-Fox Film Corporation
Handy and Harman
Joe Lowe Corporation
Edwards and Company, Inc.
New York
New York
Michigan
New York
New York
New York
Connecticut
O’Neil, H. E.
Oppenheimer, Arthur C.
Osborn, Cyrus R.
Otis, Courtlandt
F. W. Woolworth Co.
Rosenberg Bros. & Co.
General Motors Corporation
Johnson & Higgins
New York
California
Michigan
New York
Paepoke, Walter P.
Palmer, C. R.
Parsons, L. M.
Payne, Kenneth W.
Perlberg, William
Perlman, Samuel
Perlstein, H.
Peters, William A., Jr,
Phelan, Hunter C*
Phillippi, W. H.
Piroumoff, G. S.
Porter, Seton
Preminger, Otto L.
Prentis, H. W., Jr*
Prentis, Meyer L.
Preston, George E.
Price, Louis
Pridday, Joseph E*
Puckett, B* Earl
Pulitzer, Joseph
Pyke, Robert W.
Container Corporation of America
Cluett, Peabody & Co., Inc.
Jones & Laughlin Steel Corporation
The Reader’s Digest Association, Inc.
Twentieth Century-Fox Film Corporation
Longines-Wittnauer Watch Co., Inc.
Pabst Brewing Company
E. B. Badger & Sons Company
Colonial Stores Incorporated
Lackawanna Steel Construction Corporation
Brookway Motor Company, Inc.
National Distillers Products Corporation
Twentieth Century-Fox Film Corporation
Armstrong Cork Company
General Motors Corporation
The J. L. Hudson Company
Joe Lowe Corporation
Frederick Loeser A Co., Inc.
Allied Stores Corporation
The Pulitzer Publishing Company
Allied Stores Corporation
Illinois
New York
Pennsylvania
New York
New York
New York
Illinois
Massachusetts
Georgia
New York
New York
New York
New York
Pennsylvania
Michigan
Michigan
New York
New York
New York
Missouri
New York
Raft, George
Railey, B* W*
Raine, Norman R.
Ratoff, Gregory
Rausch, R* R*
Reagan, Chas, M*
Reeves, J* M.
Reilly, Alfred F*
Reilly, John D*
Rentschler, Frederick B.
Rentschler, G* A*
Reynolds, R. S*
Reynolds, W. A.
Rhoden, E. C.
Riggio, Vincent
Riley, Edward C*
Rivitz, Hiram S.
Robbins, Buirnölft"W#
Roberts, Elmer
Robertson, A. W*
Robertson, Charles M*
Robinson, Edmund G*
Rockwell, Walter F.
Roer, Albert
Rose, L* H.
Ross, E* A*
Roten, J. F*
Ryan, C* D*
Twentieth Century-Fox Film Corporation
Colgate-Palmolive-Peet Company
Twentieth Century-Fox Film Corporation
Twentieth Century-Fox Film Corporation
Ford Motor Company
Paramount Pictures Inc.
Reeves Brothers, Inc.
Evans Case Company
Todd Shipyards Corporation
United Aircraft Corporation
General Machinery Corporation
Reynolds Metals Company
J. C. Penney Company
Fox Midwest Amusement Corporation
The American Tobacco Company
General Motors Corporation
Industrial Rayon Corporation
General Outdoor Advertising Co., Inc*
United States Rubber Company
Westinghouse Electric & Manufacturing Company
The Kroger Grocery & Baking Co
E. I. du Pont de Nemours & Company
The Timken-Detroit Axle Company
R. C. Williams & Co., Inc.
Tribune Company
J. C. Penney Company
L. Sonnebom Sons, Inc*
Montgomery Ward & Co., Incorporated
New York
New Jersey
New York
New York
Michigan
New York
New York
Massachusetts
New York
Connecticut
Ohio
Virginia
New York
California
New York
Michigan
Ohio
New York
Pennsylvania
Ohio
Delaware
Michigan
New York
Illinois
New York
New York
Illinois
Sakai1, S. Z.
Sample, Paul L*
Sandrieh, Mark Rex
Schaefer, F. M* E*
Schaefer, R. J.
Schenok, Joseph M.
Schneider, S*
Warner Bros. Pictures, Inc.
G. C. Murphy Company
Paramount Pictures Inc.
The F. & M. Schaefer Brewing Co.
The F. & M. Schaefer Brewing Co*
Twentieth Century-Fox Film Corporation
Warner Bros. Pictures, Inc.
New York
Pennsylvania
New York
New York
New York
New York
New York
6
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
La Boyteaux, W. H.
Ladd, Alan Walbridge
Lahey, Dr. Frank H.
Lanileld, Sidney
La Roche, Chester J.
Laughton, Charles
Laivrie, Walter H.
Lawton, C. S.
Lazarus, Simon
Lebaron, William
Lee, A. L*
Leisen, Mitchell
Lennen, Philip W.
Levis, J. P.
Levis, W. E.
Lewis, H. E.
Li, K. C.
Lighton, Louis D.
Lillyblade, Clarence 0.
Linaker, F. W.
Lincoln, Leroy A.
Lipman, E. C.
Lipman, F. L.
Littell, C. G.
Little, E. H.
Lovejoy, Frank W.
Lowe, Henry W.
Lowe, Joe
Lowenstine, Mandel
Lubitsch, Ernst
Lynch, Walton D.
Lyon, A. E.
Lyon, G. A.
Lyon, Stuart G.
Lunt, George P.
Mabee, George W.
Macdonald, C. N.
Mack, Edgar M.
Mackall, Paul
MacMurray, Fred
Mac Murray, Frederick
Mao Namara, M. J.
Magin, F. W.
Mankiewicz, Joseph L.
Markey, P. A.
Marks, Edwin I.
Marlor, H. S.
Mars, Mrs# E. V#
Marshall, George
Martin, Henry P#, Jr.
Mayo, Archie L#
McCaffrey, J. L.
McCallum, John C#
MeCarey, Thomas Leo
McCarthy, Charles E.
McCloskey, M. H#, Jr.
McCormick, Fowler
McCoy, John W.
McCrea, Joel
McCuen, Charles L.
McDonald, Eugene F., Jr.
McEachern, J. N.
McHugh, Edward P.
McHugh, Thomas J•
McIntosh, W. B.
McKnight, William A.
McLucas, Walter S.
Meinel, William J.
Metcalf, Charles W.
MiHand, Raymond
Miller, Christian
Miller, Seton I.
Millsop, T. E.
Millsop, T. E.
Miranda, Carmen
Mitchell, Thomas
Mitton, Edward R.
Moeller, Robert C.
Montgomery, William
Moore, Victor Fred
Moran, Dan
Moran, John T.
Johnson & Higgins
Paramount Pictures Inc.
The Lahey Clinic
Paramount Pictures Inc.
Blue Network Company Inc
Captain Kidd Productions, Inc.
Allied Stores Corporation
Lawton Byrne Bruner Insurance Agency Co.
The F. and R. Lazarus and Company
Twentieth Century-Fox Film Corporation
DfAroy Advertising Co.
Paramount Pictures Inc.
Lennen & Mitchell, Inc.
Owens-Illinois Glass Company
Owens-Illinois Glass Company
Jones & Laughlin Steel Corporation
Wah Chang Trading Corporation
Twentieth Century-Fox Film Corporation
The Reuben H. Donnelley Corporation
The Bayer Company
Metropolitan Life Insurance Company
The Emporium Capwell Company
Wells Fargo Bank & Union Trust Co.
R. R. Donnelley & Sons Company
Colgate-Palmolive-Peet Company
Eastman Kodak Company
Johnson & Higgins
Joe Lowe Corporation
Central Steel and Wire Company
Twentieth Century-Fox Film Corporation
The National Folding Box Company
Philip Morris & Co. Ltd. Inc.
Lyon Incorporated
Lion Manufacturing Corporation
E. B. Badger & Sons Company
The National Folding Box Company
The Gear Grinding Machine Company
G. C. Murphy Company
Bethlehem Steel Company (Delaware)
Paramount Pictures Inc.
Twentieth Century-Fox Film Corporation
National Distillers Products Corporation
Square D Company
Twentieth Century-Fox Film Corporation
Bohn Aluminum & Brass Corporation
R. H. Macy & Co., Inc.
United States Rubber Company
Mars, Incorporated
Paramount Pictures Inc.
The Register and Tribune Company
Twentieth Century-Fox Film Corporation
International Harvester Company
McCallum-Hatch Bronze Co., Inc.
Paramount Pictures Inc.
Allied Stores Corporation
McCloskey & Co.
International Harvester Company
E. I. du Pont de Nemours & Company
Paramount Pictures Inc.
General Motors Corporation
Zenith Radio Corporation
Industrial Life & Health Insurance Company
Edwards and Company, Inc.
The Atlantic Lumber Company
The Pyramid Rubber Company
William F. Jobbins, Incorporated
National Bank of Detroit
Heintz Manufacturing Company
General Foods Corporation
Paramount Pictures Inc.
Edwards and Company, Inc.
Paramount Pictures Inc.
National Steel Corporation
Weirton Steel Company
Twentieth Century-Fox Film Corporation
Twentieth Century-Fox Film Corporation
Jordan Marsh Company
Collyer Insulated Wire Company
Acacia Mutual Life Insurance Company
Paramount Pictures Inc.
Continental Oil Company
Gunthorp-Warren Printing Company
New York
New York
Massachusetts
New York
New York
California
New York
Missouri
Ohio
New York
Missouri
New York
New York
Ohio
Ohio
Pennsylvania
New York
New York
Illinois
Missouri
New York
California
California
Illinois
New Jersey
New York
New York
New York
Illinois
New York
Connecticut
New York
Michigan
¿assaoiiusetts
Connecticut
Michigan
Pennsylvania
Pennsylvania
New York
New York
New York
Michigan
New York
Michigan
New York
New York
Illinois
New York
Iowa
New York
Illinois
New York
New York
New York
Pennsylvania
Illinois
Delaware
New York
Michigan
Illinois
Georgia
Connecticut
Massachusetts
Ohio
Illinois
Michigan
Pennsylvania
New York
New York
Connecticut
New York
Pennsylvania
Pennsylvania
New York
New York
New York
Rhode Island
Maryland
New York
Oklahoma
Illinois
5
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
Warner Bros. Pictures, Inc.
Hawks, Howard
Twentieth Century-Fox Film Corporation
Haymes, Richard B.
Hearst Consolidated Publications, Inc.
Hearst, William Randolph
The William Hengerer Company
Hecht, Harold M.
Longines-Wittnauer Watch Co., Inc.
Heinmuller, J. P. V.
Robert Heller & Associates, Incorporated
Heller, Robert
Warner Bros. Pictures, Inc.
Hellinger, Mark
Household Finance Corporation
Henderson, B. E.
Warner Bros. Pictures, Inc.
Henreid, Paul
J. C. Penny Company
Herbert, J. I. H.
Hickok Manufacturing Company, Inc.
Hickok, S. Rae
Higgins Industries, Inc.
Higgins, Andrew J.
Hercules Powder Company
Higgins, Charles A,
The American Tobacco Company
Hill, George W.
Warner
Bros. Circuit Management Corporation
Hoffman, I# J.
General
Motors Corporation
Hogan, Henry M.
J
.
N.
Adam
& Co.
Holder, A. C.
A.
Hollander
& Son, Inc.
Hollander, Michael
General Motors Corporation
Holler, William E.
News Syndicate Co Inc
Holliss, R. C.
Swift & Company
Holmes, John
Socony-Vacuum Oil Company, Incorporated
Holton, George V.
Walworth Company
Holton, W. B., Jr.
The American Rolling Mill Company
Hook, Charles R.
Paramount Pictures Inc.
Hope, Bob
The Buiok Youngstown Company
Hopper, E. D.
Charles Stores Company, Inc.
Homstein, B. S.
Sears, Roebuck and Co.
Houser, T. V.
Chemical Bank & Trust Company
Houston, Frank K.
Northwest Engineering Company
Houston, L. E.
Lord & Taylor
Hoving, Walter
Howard, Dorothy (Dorothy Larnour) Paramount Pictures Inc.
The Aetna Paper Company
Howard, H. M.
Packard Mills, Inc.
Hubbard, Ralph K.
Crucible Steel Company of America
Hufaagel, F. B.
General Motors Corporation
Hufstader, William F.
J. C. Penney Company
Hughes, A. W.
General Motors Corporation
Hughes, Frederick G.
Twentieth Century-Fox Film Corporation
Humberstone, H. B.
Tide Water Associated Oil Company
Humphrey, William F.
United
States Rubber Company
Humphreys, H. E#, Jr.
Reo
Motors,
Inc.
Hund, H. E.
Johnson
&
Higgins
Hunt, E. F.
General Motors Corporation
Hunt, Ormond E.
STATE
New York
New York
Califomia
New York
New York
Ohio
New York
Illinois
New York
New York
New York
Louisiana
Delaware
New York
New York
Michigan
New York
New Jersey
Michigan
Illinois
Illinois
New York
New York
Ohio
New York
Ohio
New York
Illinois
New York
Illinois
New York
New York
Ohio
Massachusetts
New York
Michigan
New York
Michigan
New York
New York
New York
Michigan
New York
Michigan
Igleheart, Austin S.
Ingersoll, R. C.
General Foods Corporation
Borg-Warner Corporation
New York
Illinois
Jaburg, Hugo F.
Jacobs, Leslie L.
Jacober, M. C.
Jameson, Harry W.
Jeffers, W. M.
Jessel, George A.
Johnson, Earle F.
Johnson, Lambert D.
Johnson, R. W.
Johnston, John L.
Jones, Harrison
Joslin, Archie 0.
R. C. Williams it Co., Inc.
Pollock Paper & Box Company
Eleotro-Chemical Engraving Co., Inc.
David Davies, Inc.
Union Pacific Railroad Company and Affiliated Companies
Twentieth Century-Fox Film Corporation
General Motors Corporation
Mead Johnson & Company
Johnson & Johnson
The Lambert Company
The Coca-Cola Company
Rock Hill Printing and Finishing Company
New York
Texas
New York
Ohio
New York
New York
Michigan
Indiana
New Jersey
Delaware
Delaware
South Carolina
Kahn, Richard
Kaiser, A. A.
Kalmenson, Benj•
Katherman, Karen
Katz, Benjamin S.
Kearins, M. J.
Keegan, J. S.
Kemper, James S.
Keough, Austin C.
Kerr, A. M.
Kettering, Charles F.
King, E. L., Jr.
King, Henry
Kline, C. Mahlon
Klingler, Harry J.
Kohl, Frank
Kohlmar, Fred
Kraft, John H.
Kulas, E. J.
Kunkle, Bayard D.
S & K Sales Co.
California
Illinois
New York
Missouri
Ohio
Illinois
New York
Illinois
New York
New York
Michigan
Minnesota
New York
Pennsylvania
Michigan
Pennsylvania
New York
Illinois
Ohio
Michigan
C. A. Roberts Co.
Warner Bros. Pictures Distributing Corporation
American Lithofold Corporation
The Gruen Watch Company
United Drill and Tool Corporation
Johnson & Higgins
Lumbermens Mutual Casualty Company
Paramount Pictures Inc.
Reeves Brothers, Inc.
General Motors Corporation
The J. R. Watkins Company
Twentieth Century-Fox Film Corporation
Smith, Kline & French Laboratories
General Motors Corporation
The Anchor Packing Company
Paramount Pictures Inc.
Kraft Cheese Company
The Midland Steel Products Company
General Motors Corporation
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Dorranee, Arthur C.
Doubleday, George
Doughty, A. J.
Dow, Willard H.
Drever, .Thomas
Dreystadt, Nicholas
Dulcan, Charles B., Sr,
du Pont, Henry B,
Campbell Soup Company
Ingersoil-Rand Company
Burroughs Adding Machine Company
The Dow Chemical Company
American Steel Foundries
General Motors Corporation
The Hecht Company
E. I. du Pont de Nemours & Company
New Jersey
New York
Michigan
Michigan
Illinois
Michigan
Maryland
Delaware
Earl, Harley J.
Eaton, J, 0,
Echols, Angus B.
Edmonds, John F.
Edwards, R, Stafford
Einfeld, S. C.
Elliott, William S.
Evans, E. S.
Evans, Ronald K.
General Motors Corporation
Eaton Manufacturing Company
E. I. du Pont de Nemours & Company
The Anchor Packing Company
Edwards and Company, Inc.
Warner Bros. Pictures, Inc.
International Harvester Company
Evans Products Company
General Motors Corporation
Michigan
Ohio
Delaware
Pennsylvania
Connecticut
New York
Illinois
Michigan
Michigan
Falk, Harold S.
Farrow, John V.
Ferguson, H. L.
Figgis, D. W.
Fink, G. R.
Fink, G. R.
Fisher, Alfred J,
Fisher, Edward F.
Fisher, Haldane S.
Fisher, Lawrence P.
Flynn, Errol
Flynn, F. M.
Fogler, Raymond H.
Forbstein, Leo
Ford, Henry II
Foster, Preston S,
Fouke, L. R.
Fouke, P, B,
Fowler, F. E., Jr.
Foy, Bryan
Fralick, Foster L.
Francen, Victor
Francis, Clarence
Fraser, Duncan W.
Fraser, Leon
Frederick, C. L.
Freeman, Thomas B.
Freeman, Y• Frank
French, Edward V.
Friesell, Wm. H., Sr.
The Falk Corporation
Paramount Pictures Inc.
Newport News Shipbuilding and Dry Dock Company
American Can Company
Great Lakes Steel Corporation
National Steel Corporation
General Motors Corporation
General Motors Corporation
The Emporium Capwell Company
General Motors Corporation
Warner Bros. Pictures, Inc.
News Syndicate Co Inc
W. T. Grant Company
Warner Bros. Pictures, Inc.
Ford Motor Company
Twentieth Century-Fox Film Corporation
Southern Comfort Corporation
Southern Comfort Corporation
Southern Comfort Corporation
Twentieth Century-Fox Film Corporation
Koestlin Tool & Die Corporation
Warner Bros. Pictures, Inc.
General Foods Corporation
American Locomotive Company
The First National Bank of the City of New York
The Parker Pen Company
Butler Brothers
Paramount Pictures Inc.
The Atlantic Lumber Company
Joseph Home Co.
Wisconsin
New York
Virginia
New York
Pennsylvania
Pennsylvania
Michigan
Michigan
California
Michigan
New York
Illinois
New York
New York
Michigan
New York
Missouri
Missouri
Missouri
New York
Michigan
New York
New York
New York
New York
Wisconsin
Illinois
New York
Massachusetts
Pennsylvania
Garfield, Jules
Gibbons, G. R.
Gifford, W. S.
Ginsberg, Henry
Given, Wm. B., Jr.
Goad, Louis C.
Goddard, Paulette
Godfrey, Edward R.
Goodman, Moses H.
Grable, Betty
Graf, William
Graham, Sterling E.
Grant, Cary
Grant, Richard H.
Greenraan, Lewis C.
Griffin, Frank H.
Gross, Robert E.
Guilden, Morris
Gunnison, Raymond M.
Warner Bros. Pictures, Inc.
Aluminum Company of America and Affiliated Corporations
American Telephone and Telegraph Company
Paramount Pictures Inc.
American Brake Shoe Company
General Motors Corporation
Paramount Pictures Inc.
General Motors Corporation
The Hecht Company
Twentieth Century-Fox Film Corporation
Wallerstein Company, Inc.
The Forest City Publishing Company
Warner Bros. Pictures, Inc.
General Motors Corporation
Chicago Tribune - New York News Syndicate, Inc.
George W. Millar & Co. Inc.
American Viscose Corporation
Lockheed Aircraft Corporation
Longines-Wittnauer Watch Co., Inc.
The Reuben H. Donnelley Corporation
New York
Pennsylvania
New York
New York
New York
Michigan
New York
Michigan
Maryland
New York
New York
Ohio
New York
Michigan
Illinois
New York
Delaware
California
New York
Illinois
Haffenreffer, T. C.
Hahn, Paul M.
Hall, W. E.
Hall, Walter T.
Haltermann, Frederick W.
Handy, C. W.
Hanson, Victor H.
Harder, Delmar S.
Hardy, Charles J.
Hargrave, T. J.
Harrington, David L.
Harrington, Willis F.
Hathaway, Henry L.
Hargrove, George C.
Haffenreffer & Co., Inc.
The American Tobacco Company
Johnson & Higgins
E. B. Badger & Sons Company
New Jersey Worsted Mills
Handy and Harman
The Birmingham News Company
General Motors Corporation
American Car and Foundry Company
Eastman Kodak Company
The Reuben H. Donnelley Corporation
E. I. du Pont de Nemours & Company
Twentieth Century-Fox Film Corporation
E. B. Badger & Sons Company
Massachusetts
New York
New York
Massachusetts
New Jersey
New York
Alabama
Michigan
New York
New York
Illinois
Delaware
New York
Massachusetts
Gray and Gray
3
MME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Bryant, George A.
Bucher, Geo* E*
Buck, Junior C•
Buckner, Robert
Burchfield, W* H.
Butler, David
Butler, Frank
Byrnes, W* M.
Campbe11. Charles L.
Cagney, James
Cagney, William
Calder, Alexander
Caldwell, Erskine
Calvert, J. H*
Campbell, C. M.
Campbell, E* Donald
Caron, 0. J.
Carpenter, Walter S., Jr.
Cartoun, M. F*
Casey, J* S.
Cates, Louis S.
Chalkley, 0* H.
Chamberlain, C. S.
Charske, F. W*
Chester, Colby M.
Christopher, G. T.
Civelli, J. S.
Clair, J. M*
Clarke, R. W.
Clarke, Walter J.
Clement, M. W.
Cleveland, J. Luther
Cobum, Charles D.
Codrington, George W.
Cole, Albert L.
Collier, J. H.
ColIyer, John L*
Colt, S. Sloan
Coombe, E* E.
Connors, Thomas J.
Conway, W. Palen
Cook, Cheney E.
Cooke, Dwight R.
Coons, Albert
Cooper, C* P.
Cooper, K. F.
Cornwell, A. L.
Cosgrove, R. C.
Coston, J. E*
Coulter, J, A.
Coyle, Marvin E.
Cozzens, C. 0*
Craig, B. J.
Crane, Jasper E*
Crawford, James M.
Crawford, Joan
Crocker, G. E.
Crosby, Earry L. (Bing Crosby)
Crowley, Ralph C.
Crowther, E. S.
Cummings, Walter J.
Ohio
Pennsylvania
New Jersey
New York
Pennsylvania
New York
New York
New York
Massachusetts
California
California
New York
New York
New York
Illinois
New York
Illinois
Delaware
New York
New York
New York
New York
New York
New York
New York
Michigan
Califbrnia
Illinois
Illinois
Pennsylvania
Pennsylvania
New York
New York
Michigan
New York
Illinois
Ohio
New York
Ohio
New York
New York
Massachusetts
California
New York
New York
New York
New York
Ohio
New York
New Jersey
Michigan
Massachusetts
Michigan
Delaware
Michigan
New York
New York
New York
Massachusetts
New York
Curtice, Earlow E.
Curtiz, Michael
The Austin Company
Westinghouse Electric & Manufacturing Company
Eahne & Company
Warner Bros, Pictures, Inc.
Joseph Some Co.
Warner Bros. Pictures, Inc.
Paramount Pictures Inc.
The Great Atlantic & Pacific Tea Company (New Jersey)
E. B. Badger & Sons Company
Cagney Productions, Inc.
Cagney Productions, Inc.
Union Bag & Paper Corporation
Twentieth Century-Fox Film Corporation
Joske Bros. Co.
Tribune Company
The Chase National Bank of the City of New York
Caron Spinning Company
E. I. du Pont de Nemours & Company
Longines-Wittnauer Watch Co., Inc.
M. E. Treadwell Company, Inc.
Phelps Dodge Corporation
Philip Morris & Co. Ltd. Inc.
F. W. Woolworth Co.
Union Pacific Railroad Company and Affiliated Companies
General Foods Corporation
Packard Motor Car Company
The Emporium Capwell Company
Republic Food Products Co.
News Syndicate Co Inc
The Anchor Packing Company
The Pennsylvania Railroad Company
Guaranty Trust Company of New York
Twentieth Century-Fox Film Corporation
General Motors Corporation
The Reader1s Digest Association, Inc.
Crane Co.
The B. F. Goodrich Company
Bankers Trust Company
The William Powell Company
Twentieth Century-Fox Film Corporation
Guaranty Trust Company of New York
Winslow Bros. & Smith Co.
Marchant Calculating Machine Company
Allied Stores Corporation
American Telephone and Telegraph Company
American Cyanamid Company
F. W. Woolworth Co.
The Crosley Corporation
Warner Bros. Circuit Management Corporation
Colgate-Palmolive-Peet Company
General Motors Corporation
American Optical Company (Vol. Assfn)
Ford Motor Company
E. I. du Pont de Nemours & Company
General Motors Corporation
Warner Bros. Pictures, Inc.
J. C. Penney Company
Paramount Pictures Inc.
The Atlantic Lumber Company
F. W. Woolworth Co.
Continental Illinois National Bank and
Trust Company of Chicago
General Motors Corporation
Warner Bros. Pictures, Inc.
Daves, Delmar
Davey, W. N.
Davidow, Earry
Davidson, J. E.
Davis, Arthur V.
Davis, C. K.
Davis, F. B*, Jr,
Dean, Eugh
Deeds, Edward A.
Denison, W. C., Jr.
Derby, E. L*
Deskin, Ray
DeSylva, George G*
Deupree, R, R.
Deutsch, S,
Deyo, C, W.
Dickerman, William C.
Donlevy, Brian
Donner, Frederic G.
Warner Bros. Pictures, Inc.
Johnson & Eiggins
The Eecht Company
James McCreery & Company
Aluminum Company of America and Affiliated Corporations
Remington Arms Company, Inc.
United States Rubber Company
General Motors Corporation
The National Cash Register Co.
The Denison Engineering Company
American Cyanamid & Chemical Corporation
National Sheet Steel Company, Inc.
Paramount Pictures Inc.
The Procter & Gamble Company and Affiliated Group
The Electric Sprayit Company
F. W. Woolworth Co.
American Locomotive Company
Paramount Pictures Inc.
General Motors Corporation
New York
New York
Maryland
New York
Pennsylvania
Connecticut
New York
Michigan
Ohio
Ohio
New York
Michigan
New York
Ohio
Wisconsin
New York
New York
New York
Michigan
Illinois
Michigan
New York
NAME OF OFFICER OR EMPLOYEE
NAME OF CORPORATION
STATE
Acklin, A. A*
Adams, C. E.
Adams, 0. C.
Adams, R. R.
Alden, A. T.
Aldrich, Winthrop W.
Allen, Frank
Allen, John D.
Allenberg, Bertram
Allyn, S. C.
Ameche, Don F.
Anderson, Harry W.
Anderson, L. S.
Appleton, William C.
Archer, Thomas P.
Atha, R. E.
Atherton, H. F.
Avery, S. L.
The Coca-Cola Company
Air Reduction Company Inc
The Great Atlantic & Pacific Tea Company (New Jersey)
Meier & Frank Company, Inc.
Pacific Chemical Company
The Chase National Bank of the City of New York
Brink*s, Incorporated
Brink *s, Incorporated
Phil Berg-Bert Allenberg, Inc.
The National Cash Register Co.
Twentieth Century-Fox Film Corporation
General Motors Corporation
Reid Murdoch & Co.
American Viscose Corporation
General Motors Corporation
J. A. Folger & Company
Allied Chemical & Dye Corporation
Montgomery Ward & Co., Incorporated
Delaware
New York
New York
Oregon
California
New York
Illinois
Illinois
California
Ohio
New York
Michigan
Illinois
Delaware
Michigan
Missouri
New York
Illinois
Babcock, Irving B.
Babson, Paul T.
Badger, Erastus B.
Badgley, Ollie V,
Baker, Melvin H.
Balaban, Barney
Balaban, John
Balfe, Thomas W.
Bamforth, Arthur H.
Bankhead, Talullah B.
Bacon, Lloyd
Bacher, Wm. A.
Bareli, Dr. E. C.
Barit, A. Edward
Barker, C. A., Jr.
Barnes, F. M.
Barrows, A. S.
Baur, P. J.
Bell, W. B.
Bellamy, Paul
Bendix, William E.
Benstead, H. M.
Bergstrom, C. A.
Berkowitz, Mortimer
Berlin, Richard E.
Bernhard, Jos.
Bernhardt, Kurt
Best, Samuel M.
Bierwirth, John E.
Binzen, F. W.
Black, James B.
Blair, John P.
Blanke, Henry
Blauner, Robert A.
Blood, Howard E.
Bobst, E. H.
Bogart, Humphrey
Bohn, Chas. B.
Bonfoey, L. P.
Boyer, Charles
Boyer, Francis
Brace, Donald C.
Bracken, Edward V.
Brackett, Charles
Bracy, Harry W.
Brock, Pope F.
Bradley, Albert
Bradley, Francis
Bramer, S. E.
Brandeis, George
Bricker, M. L.
Bristol, H. P.
Bristol, L. H.
Bristol, W. M., Jr.
Brodie, R. K.
Broidy, Edward W.
Brooks, C. A.
Brown, Donaldson
Brown, E. E.
Brown, J• Thompson
Brown, John A.
Brown, William J.
Brown, Willis C.
Brush, Alvin G.
General Motors Corporation
United Business Service Company
E. B. Badger & Sons Company
General Motors Corporation
National Gypsum Company
Paramount Pictures Inc.
B and K Management Corporation
National Distillers Products Corporation
The Reuben H. Donnelley Corporation
Twentieth Century-Fox Film Corporation
Twentieth Century-Fox Film Corporation
Twentieth Century-Fox Film Corporation
Hofftnann - La Roche Inc.
Hudson Motor Car Company
Lockheed Aircraft Corporation
The Procter <fc Gamble Company and Affiliated Group
Sears, Roebuck and Co.
Tasty Baking Company
American Cyanamid Company
The Forest City Publishing Company
Hal Roach Studios, Inc.
Western Printing & Lithographing Co.
The Weldon Tool Company
American Weekly, Inc.
Hearst Magazines Inc.
Warner Bros. Pictures, Inc.
Warner Bros. Pictures, Inc.
Potter Drug & Chemical Corporation
The New York Trust Company
J. C. Penney Company
Pacific Gas and Electric Company
John Blair and Company
Warner Bros. Pictures, Inc.
American Lithofold Corporation
Borg-Warner Corporation
Hoffmann - La Roche Inc.
Warner Bros. Pictures, Inc.
Bohn Aluminum & Brass Corporation
Monroe Chemical Company
Warner Bros. Pictures, Inc.
Smith, Kline & French Laboratories
Harcourt, Brace and Company, Inc
Paramount Pictures Inc.
Paramount Pictures Inc.
The Kroger Grocery & Baking Co
The Coca-Cola Company
General Motors Corporation
The Midvale Company
Copperweld Steel Company
J. L. Brandeis & Sons
Ford Motor Company
Bristol-Mjyers Company - Delaware
Bristol-Mjyers Company - Delaware
Bristol-Mÿers Company - Delaware
The Procter & Gamble Company and Affiliated Group
Allied Stores Corporation
The Great Atlantic & Pacific Tea Company (New Jersey)
General Motors Corporation
The First National Bank of Chicago
E. I. du Pont de Nemours & Company
Socony-Vacuum Oil Company, Incorporated
The Titche-Goettinger Company
Southern Aircraft Corporation
American Home Products Corporation
Michigan
Massachusetts
Massachusetts
Michigan
New York
New York
Illinois
New York
Illinois
New York
New York
New York
New Jersey
Michigan
Califb mi a
Ohio
Illinois
Pennsylvania
New York
Ohio
California
Wisconsin
Ohio
New York
New York
New York
New York
Massachusetts
New York
New York
California
Illinois
New York
Missouri
Illinois
New Jersey
New York
Michigan
Illinois
New York
Pennsylvania
New York
New York
New York
Ohio
Delaware
Michigan
Pennsylvania
Pennsylvania
Nebraska
Michigan
New York
New York
New York
Ohio
New York
New York
Michigan
Illinois
Delaware
New York
New York
Texas
New Jersey
1
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
REPORT OF PAYMENTS OF SALARY, COMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF #75,000.00 COMPILED FROM
INCOME RETURNS, SCHEDULE P-1, FILED
FOR THE CALENDAR YEAR 1943 AND FISCAL
YEARS ENDED IN 19kh
SUPPLEMENTAL NO. 2
MARYLAND
STEWART & CO. INCORPORATED
Abbott, T. P.
1/3l M
46,4o4.1|2
55,000.00
8 i , 4 o4 .l£
»MASSACHUSETTS
LEVER BROTHERS COMPANY
Countway, F. A.
NATIONAL FIREWORKS, INC.
Babbitt, Edwin V.
Clark, George J. J.
6
8
/3 0 /kk
50,000.00
580,91+7.92
52.000.00 100,000.00
52.000.00 100,000.00
10,000.00
10,000.00
^
4 1 0 ,9 4 7 . 9 2
/3 1 /I&
1.200.00
1.200.00
165,200.00
165,200.00
56,000.00
48,885.89
84,885.89
50,000.00
70,000.00
100,000.00
45,000.00
55.000.
MINNESOTA
POWERS DRY GOODS CO. INCORPORATED
Olson, Doddriok
1/31/bk
NEW JERSEY
1/31/A
HAHNE & COMPANY .
Buck, Junior C .
NEW YORK
J. N. ADAM & CO.
Holder, Albin 0.
BLUE BELL, INC.
Fox, J. C.
HANDY AND HARMAN
Handy, C• W.
Niemeyer, G. H.
THE WILLIAM HENGERER COMPANY
Heoht, Harold M.
McCAMPBELL & COMPATÌ, INCORPORATED
Hughes, John Ghambers
Mannion, Frank D.
McCampbell, Leavelie
Storm, Raymand H.
JAMES MeCIpSERY & COMPANY
Davidson, J. Edward
CARL L. NORDEN, INC.
Barth, T. H.
1/ 31M
11/30/Lk
12/ 31A 3
1 /3 1 M
101,666.68
87.000.
87.000.
00
00
50.000.
00
87.000.
87.000.
70.000.
12/31/U3
1 /3 1 /
A
00 100,000.00
00 100,000.00
95.520.94 95.520.94
95.520.94 95.520.94
153,191.47 155,191.47
95.520.94 95.520.94
60,000.00
59,412.75
10/3 i / A
86
A
99,412.75
88,125.01
1,666.67
5 8 .31 +
PENNSYLVANIA
LEE RUBBER & TIRE CORPORATION
Garthwaite, A. A.
10/31/A
21,592.98
55,000.00
76,592.98
TEXAS
POLLOCK PAPER & BCDC COMPANY
Jacobs, Leslie L.
12/31A3
,
100 000.00
100,000.00
* MASSACHUSETTS
E. B. BADGER & SONS COMPANY
Badger, Erastus B.
Hall, Walter T.
Hargrove, George C.
Lunt, George P.
Peters, William A., Jr.
12/31A 3
1 8 ,0 0 0 .0 0
18,000.00
12 ,000.00
12 ,0 0 0 .0 0
1 8 ,0 0 0 .0 0
96.965.75
96.965.75
64
,6 !]2 . 5 0
61+,61^2.50
96.965.75
00
00
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
OTHER
,, COMPENSATICN
BONUS
TOTAL
PENNSYLVANIA
12/51/bk
12/ 31/kk
12/31/bk
20.000.
15.000.
20.000.
00
00
00
62.500.00
26,666.61*
/3 1 /hk
. .
110 000
1/31/45
12/31/44
12/31/44
,
,
6/30A 5
12/31/44
12/31/44
00
80 .000 .
00
100,000.00
76,000.00
100,000.00
75.000.
00
50.000. 00
112,500.00
137.900.00
77,066.61*
206.650.00
71*5.00
110,71*5.00
00
90.000.
00
27.500.00
30.000.
00
90,000.00
66.550.00
72.600.00
91*,050.00
102,600.00
122,578.55
122,578.55
30.000.
86,1*00.00
61.000.
80 ,000.00
9 3 *750.00
12
550.00
1*0,850.00
1*5,000.00
•0 0
• 0•
000
000
THE MIDVALE COMPANY
Bradley, Francis
G. C. MURPHY COMPANY
Mack, Edgar M.
Sample, Paul L.
Shaw, Walter C.
NATIONAL STEEL CORPORATION
Fink, G. R.
Millsop, T. E.
Weir, E. T.
THEvPENNSYLVANIA RAILROAD COMPANY
Clement, M. W.
JACOB SIEGEL COMPANY, INC.
Siegel, Jacob
SMITH, KLINE & FRENCH LABORATORIES
Boyer, Francis
Kline, C. Mahlon
TASTY BAKING COMPANY
Baur, P. J.
Morris, H. C.
TOWNSEND COMPANY
Weidner, H. C.
WEIRTON STEEL COMPANY
Millsop, T. E.
WESTINGHOUSE ELECTRIC & MANUFACTURING COMPANY
Bucher, Geo• H.
Robertson, A. W.
122.578.55
122.578.55
00
76,222.22
83,666.72
33,666.72
50,000.00
95.000. 00
150,050.00
1*5,000.00
1*7,000.00
2 l*,0 0 0 . 0 0
50,000.00
22,6ol*.oo* 96,6ol*.oo
55,000.00
28,51*8.00
83,51*8.00
1,500.00
1,350.00
11*1,500.00
198,1*00.00
RHODE ISLAND
COLLYER INSULATED WIRE COMPANY
Moeller, Robert C.
12/31/44
* Represents adjustment of bonus for 191*2 .
SOUTH CAROLINA
ROCK HILL PRINTING AND FINISHING COMPANY
Joslin, Archie 0 .
12/31/L{1*
TEXAS
POLLOCK PAPER A BOX COMPANY
Jacobs, Leslie L.
SOUTHERN AIRCRAFT CORPORATION
Brown, Willis C.
12/31/44
12/31/44
,
100 ,000.00
100 000.00
.... — -V
15,000.00
/
96,226.93
)
111,226.93
VERMONT
E. B. AND A. C. WHITING COMPANY
Unsworth, Thomas A.
5/31/45
123,000.00
75,000.00
1*8 ,000.00
VIRGINIA
NEWPORT NEWS SHIPBUILDING AND DRY DOCK COMPANY
Ferguson, H. L.
REYNOLDS METALS COMPANY
Reynolds, R. S.
12/31/44
8l*,831.08
1*0 ,0 0 0 .0 0
12!*,831.08
1 2 /3 1 /2 4 *
75,000.00
20,000.00
95,000.00
18,360.00
7 3 3 6 0 .0 0
9 1 7 2 0 .0 0
26,000.00
68,567.07
94,567.07
12,000.00
66,509.85
78,509.85
WISCONSIN
THE ELECTRIC SPRAYIT COMPANY
Deutsch, S •
THE FALK CORPORATION
Falk, Harold S.
THE PARKER PEN COMPANY
Frederick, C. L.
WESTERN PRINTING & LITHOGRAPHING CO.
Benstead, H. M.
Voigt, Elmer G.
Wadewitz, E. H.
Wfadewitz, W. R.
12/31/44
12/31/44
2/28/45
12/31/44
9,600.00
9,600.00
15,000.00
9,600.00
,
123,694.78
144,913.40
189,206.60
152,769.31
,
133,294.78
154,513.40
204,206.60
162,369.31
13
NAME OF CORPORATION AND OFFICERS OR-EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMEENSATION
TOTAL
#
OHIO
INDUSTRIAL RAYON CORPORATION
Rivitz, Hiram S.
12/^1A 4
75,000.00
33 , 893.84
(A)
108 , 893.84
NOTE A - This amount does not include an amount of $26 , 106.16 paid by Industrial Rayon Corporation during 194 * into
Industrial Rayon Corporation Employees* Pension Fund Trust for the benefit of this officer. This amount was not
available to this officer during the year 194a*
•
THE KROGER GROCERY & BAKING CO
12/ 31A 4
25,000.00
Bracy, Harry W.
196,393.75
221,393.75
81 , 281**32
Robertson, Charles M.
81 , 284*32
THEVF. AND R. LAZARUS AND COMPANY
1/31/45
100 , 000.00
100 , 000.00
Lazarus, Simon
THE MIDLAND STEEL PRODUCTS COMPANY
12/31A 4
99.428.92
99,428.92
Kulas, E# J#
THE NATIONAL CASH REGISTER CO.
12/ 31A 4
96 , 000.00
80 , 000.00
16,000.00
Allyn, S. C.
25,000.00* 100,000.00
75,000.00
Deeds, Edward A.
OWENS-ILLINOIS GLASS COMPANY
12/31A 4
90,000.00
90,000.00
Levis, J. P.
100 , 000.00
100 , 000.00
Levis, W. E.
THE WILLIAM POWELL COMPANY
12/31A4
Coombe, H. E#
83 . 6 A .97
THE PROCTER & GAMBLE COMPANY AND AFFILIATED GROUP 6/30A 5
19 , 000.00
94,000.00
75,000.00
Barnes, F. M*
94,000.00
19 , 000.00
75,000.00
Brodie, R. K.
78,049.00
178,01*9.00
100 , 000.00
Deupree, R. R#
THE PYRAMID RUBBER COMPANY
9/30A 5
8,1400.00
McIntosh, W. B#
126,899.73
135 , 299.73
THE Wm. TAYLOR SON & COMPANY
1/31A5
100,000.00
67,500.00
32,500.00
Scholl, D. H.
TEE TIMKEN ROLLER BEARING COMPANY
12/31A4
139,900.00
139,900.00
Umstattd, Win. E.
THE WELDON TOOL COMPANY
12/31A4
50,000.00
75,090.00
25,090.00
Bergstrom, C. A.
OKLAHOMA
CONTINENTAL OIL COMPANY
Moran, Dan
12/31A4
200.00
100 , 000.00
100,200.00
OREGON
MEIER & FRANK COMPANY, INC.
Adams, R. R.
1/31A5
85,000.00
25,000.00
60,000.00
PENNSYLVANIA
ALUMINUM COMPANY OF AMERICA AND
AFFILIATED CORPORATIONS
Davis, Arthur V.
Gibbons, G. R.
THE ANCHOR PACKING COMPANY
Clarke, Walter J.
Edmonds, John F.
Kohl, Frank
ARMSTRONG CORK COMPANY
Prentis, H. W., Jr.
BETHLEHEM STEEL COMPANY (DELAWARE)
Mackall, Paul
COPPERY®LD STEEL COMPANY
Bramer, S. E.
GREAT LAKES STEEL CORPORATION
Fink, G. R.
HEINTZ MANUFACTURING COMPANY
Meinel, William J.
HERSHEY CHOCOLATE CORPORATION
Murrie, Win. F. R.
JOSEPH HORNE CO.
Burchfield, W. H.
Friesell, Wm. H., Sr.
JONES & LAUGHLIN STEEL CORPORATION
Lewis, H. E.
Parsons, L. M.
LOWMAN-SHIELDS RUBBER COMPANY
Shields, John, Jr.
LUKENS STEEL COMPANY
Wolcott, Robert W.
McCLOSKEY & CO.
McCloskey, M. H*, Jr#
12/3 VU*
108 , 000.00
75,400.00
108 , 000.00
75,iiOO.oo
12/31/14
85,133.72
78,322.84
118,415.38
12/31A 4
12/ 3 V 44
12/31/44
12/31A4
12/31A4
12/31A4
1/31A5
12/31A4
12/31/44
12/31/44
12/31/44
85 , 133.72
78 , 322.84
128 , 1*15.38
10,000.00
125,000.00
125,000.00
90,000.00
59,760.00
149 , 760.00
27,520.00
74 , 960.48
102 , 480.48
62 , 500.00
7 5 0 0 0 .0 0
1 3 7 5 0 0 .0 0
25,000.00
171,308.79
196, 308.79
,
,
95 , 014.01
95, oil*. 01
1*9 , 563.00
1*6 , 881*. 00
118 , 752.55
112 , 333.58
^ , 189.55
65 , 449.58
120 , 416.65
79 , 166.69
120,1*16.65
7 9 , 166.69
8,000 400
75 , 62l*.77
156,000.00
83,481.15
75 , 481.15
2,565.00
78,189.77
156,000.00
* Expense allowance
12
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMFENSATION
TOTAL
NEW YORK
WARNER BROS.VPICTURES, INC.
Flynn, Erro1
Forbstein, Leo
Franeen, Victor
Garfield, Jules
Grant, Cary
Hawks, Howard
Hellinger, Mark
Henreid, Paul
Morner, Stanley
Sakall, S. Z.
Schneider, S.
Shumlin, Herman
Stanwyck, Barbara
Steiner, Max
Wald, Jerry
Walsh, Raoul
Warner, A.
Warner, H. M.
Warner, J. L.
Woolley, Edgar M.
WARNER BROS. PICTURES DISTRIBUTING CORPORATION
Kalmenson, Benj•
WESTERN ELECTRIC COMPANY, INCORPORATED
Stoll, C. G.
R. C. WILLIAMS & CO., INC.
Jaburg, Hugo F.
Roer, Albert
F. W. WOOLWORTH CO.
Chamberlain, C. S.
Cornwell, A. L.
Crowther, H. S.
Deyo, C. W.
0*Neil, H. E.
8 /3 1 / 4 5
8 /3 1 A 5
12/31 Ait
V
30A 5
181*, 000.00
91,000.00
86,916.67
111*, 7O8.33
172 , 916.67
80 , 000.00
159,000.00
163 , 1*37.66
88 , 51*1.67
80 , 208.33
65,000.00
91,666.71*
125,666.67
89 , 566.67
75 , 1*16.67
173,000.00
91,000.00
182, 000.00
182 , 000.00
125,000.00
•
30,000.00
13,000.00** 81*,761.00
71,761.00
90,000.00
520.00
52,000.00
12/31Alt
181*, 000.00
91,000.00
86,916.67
111*,7O8.33
172 , 916.67
80 , 000.00
159,000.00
163 , 1*37.66
118,51*1.67
80 , 208.33
/
78,900.00
U , §8 8 *88 **
91,666.71*
125,666.67
89 , 566.67
75,1*16.67
{
173,000.00
\ 900.00 10l*,900.00
182,500.00
100.00 182 , 100.00
125,000.00
25,000.00
90,520.00
76,818.30
77,000.00
76,818.30
75.156.76
94,209.01
80 , 484.29
250,974.50
87,675.87
75,156.76
91+,209.01
80 , 1*84.29
250,974.50
87,675.07
NORTH CAROLINA
R J REYNOLDS TOBACCO COMPANY
Williams, S. Clay
12 /3 1 /kk
100,000.00
100,000.00
OHIO
THE AETNA PAPER COMPANY
Howard, H. M.
THE AMERICAN ROLLING MILL COMPANY
Hook, Charles R.
THE AUSTIN COMPANY
Bryant, George A*
THE BUICK YOUNGSTOWN COMPANY
Hopper, E. D.
CHAMPION SPARK PLUG COMPANY
Stranahan, Frank D.
Stranahan, Robert A.
THE CROSLEY CORPORATION
Cosgrove, R. C.
DAVID DAVIES, INC.
Jameson, Harry7-W.
THE DENISON ENGINEERING COMPANY
Denison, W. C., Jr.
EATON MANUFACTURING COMPANY
Eaton, J. 0.
THE FOREST CITY PUBLISHING COMPANY
Bellamy, Paul
Graham, Sterling E.
GENERAL MACHINERY CORPORATION
Rentsohler, G. A.
THE B. F. GOODRICH COMPANY
Collyer, John L.
12/31/44
36,000.00
81*, 9l*9 . 7l*
120,91*9.71*
80.292.00
17,552.15
97 , 814*. 15
12,875.16
62,275.00
75,150.16
9,900.00
98,731.20
108,631.20
12/31/4*
12/31/24*
12/31/24*
12/31/44.
120 ,000.00
120 ,0 0 0.0 0
170.000.
00
170.000.
50.000.
00
59,999.92
18 . 000 .
00
95,6354*1
12/31/141.
89,999.92
1,200.00
111*, 835.1*1
12/31/44
12/31/4+
12/31/4*
100 . 000 .
60.000.
1 0 0 .0 0 0 .
00
00
83,14*5.22
50,000.00
15.600.00
1*0 ,0 0 0 .0 0
12/31/24*
12/31/ljl*
90.000.
100,0 0 0 .0 0
1*0 , 000.00
00
,
100 000.00
99,01*5.22
90,000.00
1 0 ,0 0 0 . 0 0
1 0 0 .0 0
100 ,100.00
1*5,000.00
(a)
11*5,000.00
(a) There was also paid during the year 19,191.23 to an insurance company under the terms of an approved retirement
income plan. This amount is not considered compensation as it is forfeitable.
THE GRUEN WATCH COMPANY
Katz, Benjamin S.
ROBERT HELLER & ASSOCIATES, INCORPORATED
Heller, Robert
00
12/31/Î4*
3/31A5
12/ 31/14*
ij2 ,0 0 0 . 0 0
75,000.00
1*1,000.00
83,000.00
1,069.01* 76,0^.01
* Premium on life insurance - portion of company*s contribution to pension trust
** Allowance for expense.
11
00
'
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMFENSATION
TOTAL
NEW YORK
TWENTIETH CENTURY-FOX FILM CORPORATION
Ameche, Don F.
Bacher, Wm. A.
Bacon, Lloyd
Bankhead, Talullah B.
Caldwell, Erskine
Cobum, Charles D*
Connors, Thomas J.
Foster, Preston S.
Roy, Bryan
Grable, Betty
Hathaway, Henry L.
Haymes, Richard B.
Humberstone, H. B.
Jessel, George A.
King, Henry
Lebaron, William
Lighton, Louis D.
Lubitsch, Ernst
MacMurray, Frederick
Mankiewicz, Joseph L.
Mayo, Archie L.
Miranda, Carmen
Mitchell, Thomas
Moskowitz, Joseph
Newman, Alfred
Perlberg, William
i Preminger, Otto L.
Raft, George
Raine, Norman R.
Ratoff, Gregory
Schenck, Joseph M*
Schreiber., Lew
Seaton, George E.
Skouras, Spyros P.
Stahl, John M.
Swerling, Joseph
Tierney, Gene
Trotti, Lamar
Wooley, Edgar M.
Wurtzel, Sol M*
Zanuck, Darryl F.
UNDERWOOD ELLIOTT FISHER COMPANY (DELAWARE)
Wagoner, Philip D.
UNION BAG & PAPER CORPORATION
Calder, Alexander
UNION PACIFIC RAILROAD COMPANY AND
AFFILIATED COMPANIES
Charske, F. W.
Jeffers, W. M.
UNITED STATES RUBBER COMPANY
Davis, F. B., Jr.
Humphreys, H. E., Jr.
Marlor, H. S.
Needham, T. J.
Roberts, Elmer
Smith, H. E.
WAH CHANG TRADING CORPORATION
Li, K. C.
WALLERSTEIN COMPANY, INC.
Graf, William
Wallerstein, Leo
WALWORTH COMPANY
Holton, W. B*,Jr.
WARNER BROS. CIRCUIT MANAGEMENT CORPORATION
Coston, J. E.
Hoffman, I. J.
WARNER BROS. PICTURES, INC.
Bernhard, Jos.
Bernhardt, Kurt
Blanke, Henry
Bogart, Humphrey
Boyer, Charles
Buckner, Robert
Butler, David
Crawford, Joan
Curtiz, Michael
Daves, Delmar
Einfeld, S. C.
12/31/2*1*
117,000.00
79,500.00
161,250.00
116,666.65
83,750.00
197,991.21*
106,000.00
78,666.67
172,250.00
172,000.00
132,500.00
ioi|,o62.50
75,5*41.67
99,291.66
1*43, 333 -3*4
159,000.00
77 , 833.33
159 , 500.00
177, 881;. 59
185,500.00
89,038.37
201,1*58.33
106,666.66
79,500.00
81,317.141
185,500.00
95,875.00
108,333.32
102,375.00
11*5,000.00
130,1*16.57
81,500.00
123,266.66
251*, 807.57
172,250.00
137,000.00
77,083.314
88,375.00
80 , 10l*.l 6
77,500.00
260,833.33
.
6,300.00
1,100.00
12/^l/ljl*
138,860.00
138,860.00
12/31/ljl*
12/51/1*1*
12/31/2*1*
12/3l/i¿
12/3l/l*l*
I2/31/Í4Í4.
8/31/2*5
8/3l/l*5
32,810.00
85,000.00
75,000.00
75,000.00
150,000.00
72,000.00
50,000.01*
50,000.01*
50,000.0!*
99,999.96
1*, 500.00
60,000.00
81*,000 .00
35,000.00
35,000.00
35,000.00
35,000.00
1*9,000.00
130,000.00
111,708.33
1514,500.00
132,916.67
207,500.00
81,625.00
123,750.00
100,000.00
203,759.83
87,1*50.00
151,333.33
900.00
118,710.00
1*, 215.00
780.0G
79 ,? ß .o o
75 , 78 <
5Too
550.00- 150,550.00
500,00 107,500.0b
85,500.01*
500.00
85,550.01*
550.00
500.00 85,500.01*
550.00 1*49, 5*49.96
1*0.00
88,809
1*5,000.00
25,706.13
2i*, 191 . 9*4
93,3149.00
81 , 000.00
9l*,ooo.oo
21,000.00
10,000.00
75,000.00
1*6 , 800.00
52,000.00
117,000.00
79,500.00
161,250.00
116,666.65
83,750.00
197,991.21*
112,300.00
78,666.67
172,250.00
172,000.00
132,500.00
10I*, 062.50
75 , 5*41.67
99,291.66
1*43, 333 . 3*4
159,000.00
77,833.33
159,500.00
177, 881*. 59
185,500.00
89,038.37
201,1*58.33
106,666.66
79,500.00
81 , 317 . 1*1
185,500.00
95,875.00
108,333.32
102,375.00
11*5,000.00
130,1*16.57
81,500.00
123,266.66
255,907.57
172,250.00
137,000.00
77,083.3!*
88,375.00
80,101*. 16
77,500.00
260,833.33
120,000.00
5,200.00* 77,706.13
76,191.9*4
( 1,100.00 157,100.00
(26 ^000 . 00 * 111,708.33
15*4,500.00
132,916.67
207,500.00
81,625.00
123,750.00
100,000.00
203,759.83
87,1*50.00
151,333.33
* Allowance for expense.
10
/
I
LÀ' i
V \/
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSI®
OTHER
COMPENSATION
BONUS
TOTAL
NEW YORK
PARAMOUNT PICTURES INC.
Balaban, Barney
Bracken, Edward V*
Brackett, Charles
Butler, Frank
Crosby, Harry L. (Bing Crosby)
DeSylva, George G.
Donlevy, Brian
Farrow, John V.
Freeman, Y. Frank
Ginsberg, Henry
Goddard, Paulette
Hope, Bob
Howard, Dorothy (Dorothy Lamour)
Keough, Austin C.
Kohlmar, Fred
Ladd, Alan Walbridge
Lanfield, Sidney
Leisen, Mitchell
MacMurray, Fred
Marshall, George
McCarey, Thomas Leo c
McCrea, Joel
MiHand, Raymond
Miller, Seton I.
Moore, Victor Fred
Reagan, Chas. M.
Sandrich, Mark Rex
Scott, Allan
Thornburg, Betty June (Betty Hutton)
Tugend, Harry
Wilder, Samuel "Billy”
Zukor, Adolph
J. C. PENNEY COMPANY
Binzen, F. W.
Crocker, G. H.
Herbert, J. I. H.
Hughes, A. W.
Reynolds, W. A.
Ross, E. A.
Trown, R. W.
PHELPS DODGE CORPORATION
Cates, Louis S.
THE READER*S DIGEST ASSOCIATION, INC.
Cole, Albert L.
Payne, Kenneth W.
__Wallace, DeWitt
REEVES BROTHERS, INC.
Kerr, A. M.
Reeves, J. M.
RUSSELL & STOLL COMPANY INC.
Stoll, Albert F.
THE F. & M. SCHAEFER BREWING CO.
Schaefer, F. M. E.
Schaefer, R. J.
SIMPLICITY PATTERN CO., INC. AND SUBSIDIARY
COMPANIES
Shapiro, Joseph M.
SOCONY-VACUUM OIL COMPANY, INCORPORATED
Brown, John A.
Holton, George V.
Sheets, Harold F.
L. SONNEBORN SONS, INC.
Roten, J. F.
Sonneborn, Dr. F.
Sonneborn, R. G.
TECHNICAL METAL FINISHING CORPORATION
Munzer, Alfred E.
Munzer, William
Munzer, William A.
TIDE WATER ASSOCIATED OIL COMPANY
Humphrey, William F.
THE TITCHE-GOETTINGER COMPANY
Brown, William J.
TODD SHIPYARDS CORPORATION
Reilly, John D.
M. H. TREADWELL COMPANY, INC.
Casey, J. S.
12/31A 4
156,000.00
156,000.00
105 , 083.34
105 ,0 8 5 .3l|
102,100.00
104 .525.00
192,9144.48
204 ,6 5 4 .7 6
,
102 1 0 0 .0 0
104.525.00
192,944*48
204 , 654.76
86.166.67
92.141.67
130.000.
00
146.566.66
187.333.33
185.416.67
167.500.01
78.000.
00
75,333.34
88,999.99
104,404.25
12/31A4
}_i2/3iA4
12/31A4
86,166.67
92 , 141.67
1 3 0 .0 0 0 .0 0
146 ,5 6 6 .6 6
187 ,333*33
185,416.67
167.500.01
78.000. 00
7 5 »333«34
88 ,999-99
104 ,464 .2 5
172,816.24
172, 816 . 214.
213.333.33
156.000.
00
75.000.
00
81.250.00
243.333.33
130.600.00
91.000.
00
78,611.16
i l a , 000.00
78.750.00
84.875.00
131.650.00
136,750.04
104.000.
00
213 .333.33
10.000.
10.000.
10.000.
10.000.
10.000.00
10.000.
10.000.
150.000.
156.000.
^1,038,035.37 1,113 ,035.37
81 ,250.00
243 . 333.33
130,600.00
91,000.00
7 8 ,611 .1 6
141,000.00
78.750.00
84.875.00
00
00
00
00
00
00
5,000.00
131,650.00
136,750.04
109,000.00
67.365.84
67.365.84
67.365.84
67.365.84
6 7 .3 6 5.84
6 7 ,3 6 5 .a4
67.365.84
7 7 ,3 6 5 .8 4
7 7 ,3 6 5 .8 4
7 7 ,365-84
7 7 ,3 6 5 .8 4
7 7 ,3 6 5 .8 4
7 7 ,3 6 5 .8 4
7 7 ,3 6 5 .8 4
150.000.
00
84.500.00
84.500.00
48
36,462.82
.0 0 0 . 0 0
8 4 ,4 6 2 . 8 2
99.500.00
6/30A 5
12/31A4
99.500.00
36.000.
00
66.000.
00
52.000.
00
38,055.47
14.000.
61.000.
84.000. 00
108 ,0 0 0 .0 0
12/3iA 4
00
00
78.000. 00
127,000.00
90,055.47
12/31A 4
12/31A4
140.00
140.00
84.140.00
108,140.00
53.359.45
113,359.45
60.000.
00
90.000.
00
90.000.
00
80.000.
00
80.000.
00
86,667.00
86.667.00
1/31A5
18,000.00
22.500.00
13.500.00
12/31A4
12/31A 4
36.400.00
36.400.00
36.400.00
75.000.
1/31/45
18.000. 00
12/31/44
00
69.086.26
69.086.26
69.086.26
91 ,586.26
4 8 ,80 0 .0 0
,8 0 0 . 0 0
4 8 ,800.00
8 5 ,2 0 0 .0 0
85,200 .0 0
85,200.00
87
8 2 ,5 8 6 . 2 6
48
3,585.20
00
14
.8 0 0 . 0 0
7 8 ,585.20
9 9 ,574.35
81,574.35
135,912.50
12/3 iA 4
,0 8 6 . 2 6
135,912.50
50,000.00
94,800.00
9.
NAME OP CORPORATION MD OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
62, 400.00
34, 841.19
BONUS
OTHER
COMPEN
SATION
TOTAL
NEW YORK
THE HEARST CORPORATION
Winehe11, Walter
HEARST MAGAZINES INC.
Berlin, Richard E.
THE WILLIAM HENGERER COMPANY
Hecht, Harold M.
HICJCOK MANUFACTURING COMPANY, INC.
Hickok, S. Rae
INGERSQLL-RAND COMPANY
Doubleday, George
JOHNSON & HIGGINS
Davey, W. N.
Hall, W. E.
Hunt, E. P.
Keegan, J. S.
La Boyteaux, W. H.
Lowe, Henry W.
Otis, Courtlandt
Sexton, Herbert B.
JORDAN MARSH COMPANY
Mitton, Edward R.
JOSEE BROS. CO.
Calvert, J. H.
KENNECOTT COPPER CORPORATION
Stannard, E. T.
LACKAWANNA STEEL CONSTRUCTION CORPORATION
Phillippi, W. H*
LENNEN & MITCHELL, INC.
Lennen, Philip W.
FREDERICK LOESER & CO., INC.
Pridday, Joseph E.
LONGINES-WITTNAUER WATCH CO., INC.
Cartoun, M. F.
Guilden, Morris
Heinmuller, J. P. V.
Perlman, Samuel
LORD & TAYLOR
Hoving, Walter
JOE LOWE CORPORATION
Lowe, Joe
Nissman, Morris
Price, Louis
R. H. MACY & CO., INC.
Marks, Edwin I*
Straus, Jack I•
MoCALL CORPORATION
Warner, William B.
McCALLUM-HATCH BRONZE CO., INC.
McCallum, John C.
JAMES McCREERY & COMPANY
Davidson, J. E.
METROPOLITAN LIFE INSURANCE COMPANY
Lincoln, Leroy A.
GEORGE W. MILLAR & CO. INC.
Greenman, Lewis C.
PHILIP MORRIS & CO. LTD. INC.
Chalkley, 0. H.
Lyon, A. E.
NATIONAL BISCUIT COMPANY
Tomlinson, R. E.
NATIONAL BROADCASTING COMPANY, INC
Trammell, Niles
NATIONAL DAIRY PRODUCTS CORPORATION
Van Bomel, L. A.
NATIONAL DISTILLERS PRODUCTS CORPORATION
Balfe, Thomas W.
Mac Ñamara, M. J.
Porter, Seton
NATIONAL GYPSUM COMPANY
Baker, Melvin, H.
THE NEW YORK TRUST COMPANY
Bierwirth, John E•
12/31A4
l2/3l/hh
1/31A5
4/30A s
12/31AJ+
12/31/44
1/31A5
1/31/45
12/31AJ+
’
50,000.00
97,241.19
74,134.43
124,134.43
70,000.00
30,000.00
27,000.00
93,000.00
100, 000.00
120, 000.00
78,000.00
78, 000.00
132,1*18.03
117, 704.91
117, 704.91
132,418.03
205,983.59
132,418.03
88, 278.68
102, 991.80
I4 O.OO 132,558.03
220.00
200.00
220.00
240.00
24O.OO
220.00
26O.OO
117,924.91
117,904.91
132,638.03
206,223.59
132,658.03
88,498.68
103,251.80
49,000.00
91,800.16
140,800.16
24,000.00
121,052.10
145,052.10
125,000.00
1, 100.00
126,100.00
12/31A4
12/31A4
1/31/1+5
79,999.92
3, 333.33
83,333.25
50,000.00
49,831.26
99,831.26
10,000.00
15,000.00
10,000.00
10,000.00
110,585.17
123,585.18
76,693.72
91,613.91
3/31A5
33,000.00
21,000.00
25,000.00
1/31A5
89,205.73
89,205.73
100,585.17
75, 585-18
1+5 ,693-72
56, 613.91
70,000.00
65,000.00
12/31A4
45,000.00
50,000.00
50,000.00
1/31A5
12/31AJ+
12/31A1+
1/31A5
12/31A1+
12/31Ah
95,000.00
114,882.59
95,000.00
45,000.00
90,000.00
99, 999.99
280.00
90, 280.00
32O.OO 100,319.99
75,000.00
65,179.00
6OO.OO 140,779.00
82,608.78
82,608.78
60,000.00
40,000.00
125,000.00
6/30A5
3/31A5
114, 882.59
135,000.00
125,000.00
81, 217.72
75,000.00
75,000.00
100, 000.00
1,588.11
82,805.83
25,000.00
25,000.00
100, 000.00
100, 000. 00-
,
,
9 1 2 0 0 .0 0
12/31/44
12/31/44
70,000.08
9 1 2 0 0 .0 0
14,000.00
120,000.00
I2 /3 I/I}k
50,000.00
50,000.00
100,000.00
12/31Ah
12/31/44
200.00
8¿j.,200.08
620.00
120, 620. 00^
■Mt-
92,000.00
92,000.00,
205,000.00
¿*2 , 000.00
¿¡2 , 000.00
105,000.00
91,250.08
91,250.08
75,000.00
5,000.00
80, 000. 00.
8
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
NEW YORK
CHARLES STORES COMPANY, INC.
Hornstein, B. S.
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK
Aldrich, Winthrop W.
Campbell, H. Donald
CHEMICAL BANK & TRUST COMPANY
Houston, Frank K.
CORN EXCHANGE BANK TRUST COMPANY
Sherer, Dunham B.
CLUETT, PEABODY k CO., INC.
Palmer, C. R.
CRUCIBLE STEEL COMPANY OF AMERICA
Hufnagel, F. B.
H. DUYS k CO., INC.
Steur, John A. C.
l/3 l/4 5
3 ^,000.00
158,la4.63
188,414.63
12/ 3 1 /4 4
175 ,000.00
100 ,000.00
7 ,8 0 0 .0 0
7,000.00
182,800.00
107,000.00
12/ 3 1 /4 4
7 5 *000,00
1.725.00
76,725.00
75 *000.00
1.020.00
76,020.00
12/ 31 /4 4
12/ 3 1 /4 4
95 ,000.00
95,000.00
110 ,000.00
110 ,000.00
12/ 3 1 /4 4
3/51A5
122, 9 7 2 . 28* 122, 9 7 2 .2 8
* Includes $ 10 ,000.00 paid on account for expenses.
12/31/Î4u
107 ,482 .6 9
85 ,451.92
7 5 *775.00
12 /3 1/k h
14,800.00
29,675.92
60.000.
00
85.000.
75.000.
00
00
3,000.00
59,391.83
106 ,867.75
12/31/14Ì+
9 0 .438.00
30,438.00
12 /3 1/k u
0
0
0
0
♦
Q
0
*
86.200.00
76,200.00
♦
0
0
rH H
OJ CM
EASTMAN KODAK COMPANY
Hargrave, T. J.
Love joy, Frank W.
Sievers, H. C.
ELECTRO-CHEMICAL ENGRAVING CO., INC.
Jacober, M. C.
ETHYL CORPORATION
Webb, Earle W.
THE FIRST NATIONAL BANK OF THE CITY OF NEW YORK
Fraser, Leon
Welldon, Samuel A.
GENERAL FOODS CORPORATION
Chester, Colby M.
Francis, Clarence
Igleheart, Austin S.
Metcalf, Charles W.
Young, Udell C.
12 /3 1/b u
75,000.00
130,000.00
115,000.00
100,000.00
85,000.00
75.00
7 5 ,075.00
130,000.00
115,000.00
100,000.00
85,000.00
The foregoing compensation comprises amounts paid on behalf of General Foods Corporation and subsidiaries as follows:
General Foods
Comparative
6 2 ,612.62
Colby M. Chester
Clarence Francis
Austin S • Igleheart
Charles W. Metcalf
Udell C. Young
GENERAL MOTORS ACCEPTANCE CORPORATION
Schumann, John J., Jr.
108,420.32
95 ,910.28
83 ,400.24
62 ,900.00
Subsidiaries
12,4 6 2 .3 8
2 1 ,5 7 9 .6 8
19 ,089.72
1 6 ,5 9 9 . 7 6
2 2 ,1 0 0 . 0 0
12/ 31/
Total
7 5 *075.00
130,000.00
115,000.00
1 0 0 ,0 0 0 .0 0
85,000.00
6 4 ,030.00
65,000.00
1 ,4 8 9 .0 0
130,519.00
BONUS includes the total value of Bonus Awards granted for 1943 * partly in General Motors Corporation Common stock and
partly in cash, payable August 3 * 1944 * The Stock portion of the awards was computed at $61.50 per share, the closing
market price of General Motors Corporation Common stock on August 3 * 1944 * as evidenced by the New York Stock Exchange.
BONUS also includes is^he fourth fourth of JBonus Awards granted for 1941 * payable in General Motors Corporation Common
stock in 1944 computecM'8fct~-$^*-75 P©r share, the closing market price of General Motors Corporation Common stock on
December 2 6 , 1944 * the available delivery date, as evidenced by the New York Stock Exchange.
OTHER COMPENSATION represents dividends received on bonus stock held in escrow.
,
,
,
7 5 0 0 0 .0 0
6 0 0 0 0 .0 0
1 3 5 0 0 0 .0 0
2/ 28/45
100 ,021.00
100 ,021.00
100 ,021.00
7 9 ,259 .9 6
20.00
100.041.00
60.00
100 .021.00
100 ,081.00
9 8 ,5 4 8.39
100 ,000.00
100 ,000.00
7,310.28
5*242.47
7,589.53
79,259.96
12/3 1 /4 4
12/ 3 1 /4 4
84 ,000.00
84 ,000.00
12/ 3 1 /4 4
■7,500.00
5,000.00
•*
87,500.00
87,500.00
12/ 3 1 /4 4
105,858.67
105,242.47
107,589.53
0
0
0
0
0
THE GREAT ATLANTIC k PACIFIC TEA COMPANY
(NEW JERSEY)
Adams, 0 . C.
Brooks, C. A.
Byrnes, W. M.
Smith, R. B.
GUARANTY TRUST COMPANY OF NEW YORK
Cleveland, J. Luther
Conway, W. Palen
Stetson, Eugene W.
GUGGENHEIM NITRATE CORPORATION
Whelpley, Medley G. B.
HANDY AND HARMAN
Handy, C. W.
Niemeyer, G. H.
HARCOURT, BRACE AND COMPANY, INC
Brace, Donald C.
Scott, S. Spencer
1/ 31/45
0
0
0
0
0
Fogler, Raymond H.
ww
W. T. GRANT COMPANY
76.464.60
76.464.60
84 .4 8 9 .6 0
525.00
350.00
81.814.60
7
*------- ;
-•
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
T
BONUS
.
COMMISSION
OTHER
COMPENTOTAL
SATION________
NEBRASKA
J. L. BRANDEIS & SONS
Brandéis, George
1/31A5
49,999.92
74,916.61
50,000.00
15,000.00
124,916.53
NEW JERSEY
AMERICAN HOME PRODUCTS CORPORATION
Brush, Alvin G.
BENGUE, INC*
Seltzer, Theodore
CAMPBELL SOUP COMPANY
Dorrance, Arthur C.
COLGATE-PALMOLIVE-PEET COMPANY
Coulter, J. A.
Little, E. H.
Railey, B. W.
HAHNE & COMPANY
Buck, Junior C.
HOFFMANN - LA ROCHE INC.
Bareli, Dr. E. C.
) Bobst, E. H.
yA. HOLLANDER & SON, INC.
Hollander, Michael
JOHNSON & JOHNSON
Johnson, R* W.
JEW JERSEY WORSTED MILLS
^'THkItermann, Frederick W.
12/31M
15,000.00
80 , 000.00
I2 /3 I/I4U
1 2 .0 0 0
.
00
.0 0 0 .
00
266 , 691 . l 4
25^,091.
7/31A5
99
12/ 31/44
40.000.
100.000.
,
08
08
40 000.081
1/31A5
99,000.00
75,500.08
240,141.08*
100, 000 . 08 /
35,500.00
140,141.00
60,000.00
70,000.00
30,000.00
12/31/44
12/31/44
12/31/44
100,000.00
98,362.57
300,000.00
52.000.
00
52,000.00
104,000.00
75.000.
00
17,000.00
92,000.00
1 2 .0 0 0
.
00
94,078.20
106,078.20
45.000.
00
55,000.00
100,000.00
12/31/44
NEW YORK
J. N. ADAM & CO.
Holder, A. C.
AIR REDUCTION COMPANY INC
Adams, C. E.
ALLIED CHEMICAL & DYE CORPORATION
Atherton, H. F.
ALLIED STORES CORPORATION
Broidy, Edward W.
Coons, Albert
Lawrie, Walter H.
McCarthy, Charles E.
Puckett, B• Earl
Pyke, Robert W.
AMERICAN BRAKE SHOE COMPANY
__Given, Whu B., Jr.
AMERICAN CAN COMPANY
Figgis, D. W.
Sullivan, M. J.
/AMERICAN CYANAMID COMPANY
/Tfljell, W. B.
VjiiN/OOper, K. F.
AMERICAN CYANAMID & CHEMICAL CORPORATION
Derby, H. L.
AMERICAN CAR AND FOUNDRY COMPANY
Hardy, Charles J•
Stevenson, F. A.
AMERICAN LOCOMOTIVE COMPANY
Dickerman, William C.
Fraser, Duncan W.
AMERICAN TELEPHONE AND TELEGRAPH COMPANY
Cooper, C. P.
Gifford, W. S.
THE AMERICAN TOBACCO COMPANY
Hahn, Paul M.
Hill, George W.
Riggio, Vincent
AMERICAN WEEKLY, INC.
__ Berkowitz, Mortimer
BANKERS TRUST COMPANY
Jcpbolt, S. Sloan
■German basch & co., inc .
Nauen, Ernest
•
Vortrefflich, Paul W.
BLUE NETWORK COMPANY INC
La Roche, Chester J.
BRISTOL-MYERS COMPANY - DELAWARE
Bristol, H. P.
Bristol, L. H.
Bristol, W. M., Jr.
BROCKWAY MOTOR COMPANY, INC.
Piroumoff, G. S.
CARTER CARBURETOR CORPORATION
Weed, Hugh H. C.
1/31A5
12/31/44
12/31/44
1/31A5
12/31/44
12/31/44
43,900.00
65.000. 00
12/31/44
4 /3 ° A 5
12/31/44
12/31/44
12/31/44
26.000.
26.000.
24.000.
13.000.
30.000.
00
00
00
00
00
26.000.
00
100,237.00
63,780.00
173,396.51
71,780.00
185,220.00
68,048.00
75.000.
00
20 , 000.00
12/31/44
12/ 31/44
12/ 31/44
200.00
200.00
200.00
126,377.00
89,960.00
197,396.51
84 , 980.00
215,1*20.00
94 , 248.00
95,000.00
104,200.00
154,000.00
4 3 ,2 0 0 .0 0
141,571.58
40,149.99
216,571.58
83,349.99
44.928.00
41,755.99
86 , 6 83.99
75.000.
00
96.000.
75.000.
00
00
1 , 201.00
1 , 201.00
97 , 201.00
76,201.00
112.500.00
90.000.
00
1,340.00
1,355.00
113,840.00
91,355.00
1,400.00
3,900.00
101,399.96
210,150.00
99,999.96
206,250.00
50.000.
50.000.
12/ 31/44
140.00
180.00
4 , 200.00
4,000.00
100 . 000 . 00
120 . 0 0 0 .
12/31/44
110,150.00
125,000.00
125,000.00
150,000.00
12/ 31/44
1,250.00
00*
00
00
52,166.64
39,691.98
66,153.29
39,691.98
89,691.98
186,153.29
89,691.98
132,462.99
184,629.63
100 ,000.00
(5,450.00/ 105,450.00
V._
81,927.62
81,927.62
18 . 000 .
18 , 000.00
00
75.000.
00
10 , 000.00
85,000.00
60.000.
49.999.92
49.999.92
00
29,548.92
29,548.92
29,548.92
89 , 548.92
79 , 548.84
79 , 548.84
30.000.
00
27,000.00
63,927.62
63,927.62
12/31/44
4/30/45
48
.0 0 0 .
00
20,000.00
77,000.00
58,456.00
106,456.00
* Lessj Salary paid to P. M. Hahn by The American Tobacco Company but billed to a subsidiary company.
6
J
NAME OP CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSICH
BONUS
OTHER
COMPEN
SATION
TOTAL
MICHIGAN
GENERAL MOTORS CORPORATION
12/31/hU
Hughes, Frederick G.
Hunt, Ormond E.
Johnson, Earle F.
Kettering, Charles F.
Klingler, Harry J.
Kunkle, Bayard D.
McCuen, Charles L.
Newill, Edward B.
Osborn, Cyrus R.
Prentis, Meyer L.
Riley, Edward C.
Skinner, Sherrod E.
Sloan, Alfred P., Jr.
Smith, John Thomas
JATetherald, Charles E.
Williams, William C., Jr.
Wilson, Charles E.
Young, Orville W.
40,000.00
100,000.00
5 9 ,166.67
100,000.00
70,000.00
5 9 ,585.55
75,000.00
i+6,9ii-0.i+0
183 ,745.00
56,840.10
141,087.10
. 70,724.70
81 ,020.45
98,!+29.20
i+1,284.80
3 8 ,147.50
i+2,018.90
3 5 ,610.30
7 9 ,570.05
i+0,000.00
i+0,000.00
35,000.00
i+0,000.00
60,000.00
200,000.00
100,000.00
50,000.00
60,000.00
150,000.00
59,999.96
129 ,170 .é5
66,318.70
9 0 ,5 8 5.45
208 ,579.20
4 5 ,125.55
639.OO
4,000.00
3,100.00
1,125.00
959.00
1,500.00
I+50.00
300.00
675.00
450.00
1,050.00
900.00
3,500.00
1,050.00
1,125.00
4 ,575 .oo
525.00
87 ,5 7 9 .4 0
287,745.00
116,006.77
2i+4,l87.10
141,849.70
141,5Ì+2.78
174,929.20
81 ,7 5 4.80
78 ,1+4 7 .5 0
77 ,695.90
76,060.30
li+0,1+20.05
200,900.00
232,670.65
117,368.70
151 ,710 .4 5
362,954.20
85,648.31
BONUS includes the total value of Bonus Awards granted for 1945 , partly in General Motors Corporation Common stock and
partly in cash, payable August 3 , 19Ì+4 * The Stook portion of the awards was computed at $61.50 per share, the closing
market price of General Motors Corporation Common stock on August 3 , 19il4 , as evidenced by the New York Stock Exchange.
BONUS also includes the fourth fourth of Bonus Awards granted for 191+1 , payable in General Motors Corporation Common
stock in 191+4 , computed at $62.75 per share, the closing market price of General Motors Corporation Common stock on
December 26 , 1944 , the available delivery date, as evidenced by the New York Stock Exchange.
OTHER COMPENSATION represents dividends received on bonus stock held in escrow, (a) Covers allowance fbr living expenses
THE J. L. HUDSON COMPANY
Preston, George E.
Webber, James B.
Webber, Oscar
Webber, Richard H.
HUDSON MOTOR CAR COMPANY
Barit, A. Edward
KOESTLIN TOOL & DIE CORPORATION
Fralick, Foster L.
S. S. KRESGE COMPANY
Tuttle, C. B.
Williams, R. R.
LYON INCORPORATED
>n, G. A.
NATIONAL BANK OF DETROIT
McLucas, Walter S.
-NATIONAL SHEET STEEL COMPANY, INC.
J Deskin, Ray
'PACKARD MOTOR CAR COMPANY
Christopher, G. T.
REO MOTORS, INC.
Hund, H. E.
SQUARE D COMPANY
Magin, F. W.
JEHE TIMKEN-DETROIT AXLE COMPANY
/jflockwell, Walter F.
1 /3 1 /2+5
5l+,ooo.oo
75.000.
00
113.000.
00
50.000. 00
,2 6 6 . 6 6
2 6 ,2 6 6 . 6 6
2 6 ,2 6 6 . 6 6
26
52,1+33.35
80.266.66
101.266.66
139.266.66
102,1+33.55
1 2 /3 1 M
90.000.
00
23.000.
00
90.000.
12/31/24+
55,000.00
78,000.00
12/31/24!+
89.250.00
89.250.00
89.250.00
89.250.00
12/31/24]+
50.000.
00
50.000.
00
1+
0
,0 0 0 . 0 0
90.000.
12/31/24]+
58,250.00
108,250.00
1 2 / 3 1 /kU
25.000.00
55,158.21
80,158.21
12/31/24]+
81 .000 .00
20 ,000.00
101 ,0 0 0 .0 0
i|0 ,800.00
70,000.00
110 ,800.00
1+5 , 000.00
72,11+7.59
117,11+7.59
50,000.01+
31,1+83.30
81,1+83.31+
li2 ,5 OO.OO
1+0,000.00
82,500.00
25.00
25.00
125,518.22
118,1+71.25
87,11+2.85
9i+,61+2 .8 5
12/31/1)]+
12/31/2)]+
6/30/1+5
MINNESOTA
THE J. R. WATKINS COMPANY
King, E. L., Jr.
12/31/2)1+
MISSOURI
AMERICAN LITHOFOLD CORPORATION
Blauner, Robert A.
Kätherman, Karen
THE BAYER COMPANY
Linaker, F. W.
D'ARCY ADVERTISING CO.
Lee, A. L.
J. A. FOLGER & COMPANY
_Atha, R. E.
LAWTON BYRNE BRUNER INSURANCE AGENCY CO.
Lawton, C. S.
THE PULITZER PUBLISHING COMPANY
Pulitzer, Joseph
SOUTHERN COMFORT CORPORATION
Fouke, P. B.
pPouke, L. R.
Fowler, F. E., Jr.
12
/$l/2+]+
1 ,2 0 0 . 0 0
125,1+93.22
117,21+6.25
ìZ/3 1 /là
7,500.00
12/31/1)1+
126,197.00
126,197.00
12 / 3 1M
2 1 ,0 0 0 .0 0
75,758.50
12/31/1)]+
96,758.50
83,823.55
85,823.53
100 ,000.00
8l+,889.88
18!+,889 .8 8
5,000.00
89,695.75
158,909.57
157,695.59
89,695.75
145,909.57
167,695.59
12/31/24+
12/31/1)]+
10,000.00
5
00
w
filili*
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS f
OTHER
COMPEN
SATION
TOTAL
MASSACHUSETTS
AMERICAN OPTICAL COMPANY (VOL. ASS'N)
Cozzens, C. O.
Mosher, Ira
THE ATLANTIC LUMBER COMPANY
Crowley, Ralph C.
French, Edward V*
McHugh, Thomas J.
E. B. BADGER & SONS COMPANY
Badger, Erastus B.
Campbell, Charles L.
Hkll, Walter T.
Hargrove, George C•
Lunt, George P.
Peters, William A., Jr.
EVANS CASE COMPANY
Reilly, Alfred F.
HAFFENREFFER & CO., INC.
HEY CLINIC
J-iahey, Dr. Frank H.
MEISEL PRESS MANUFACTURING COMPANY
Skelton, W. A.
PACKARD MILLS, INC.
Hubbard, Ralph K.
POTTER DRUG & CHEMICAL CORPORATION
Best, Samuel M.
TRANSIT BUS SALES INC.
Steeves, Henry A.
UNITED BUSINESS SERVICE COMPANY
Babson, Paul T.
THE VAN KEUREN CO.
Van Keuren, Harold L.
WINSLOW BROS. & SMITH CO.
Cook, Cheney E.
1 2 / 3 1 /kh
12
83,333.33
90.000.
83,333.33
7 7 ,399.00
185.497.51
185.497.51
77.399.00
185.497.51
185.497.51
90,000.00
/3 1 /hk-
2/ 28/lß
151,747.80
956.03 99.211.73
1,225.85 151,609.41
658.06 100,913.76
734.49 100,990.19
1,093.02 151,476.58
132,383.56
88,255.70
132,383.56
88,255.70
88,255.70
132,383.56
25,000.00
12/ 31A 4
1 ,3 6 4 .2 4
76.356.74
51,356.74
5 4 ,212.11
82 ,962.11
12/ 31/kk
110 ,000.00
110 . 0 0 0 .
12/31A h
80,096.44
65,096.44
12/31M
12/31/kk
12/31/44
12/31A 4
5 7 ,4 6 1 .6 9
25.000.00
20,000.00
103,861.69
58,832.70
83,832.70
.
75,200.00
24.000.
7 5 2 0 0 .0 0
00
55,413.17
12/31/kh
100 . 000 .
10/31A5
79,413.17
300.00 100.300.00
00
75,000.00
380.00
.
75 380.00
MICHIGAN
AURORA GASOLINE COMPANY
Wenger, Henry E.
BOHN ALUMINUM & BRASS CORPORATION
Bohn, Chas. B.
Markey^J?. A.
BURROUGEg/ADDING MACHINE COMPANY
Doughty, A. J.
THE DOW CHEMICAL COMPANY
Dow, Willard H.
EVANS PRODUCTS COMPANY
Evans, E. S.
__§inger, R. M*
FORD MOTOR COMPANY
Bricker, M. L.
Craig, B. J.
.-.Ford, Henry II
(/^Rausch, R. R.
THE GEAR GRINDING MACHINE COMPANY
Maodonald, C. N.
GENERAL MOTORS CORPORATION
Anderson, Harry W.
Archer, Thomas P.
Babcock, Irving B.
Badgley, Ollie V.
Bradley, Albert
Brown, Donaldson
Codrington, George W.
Coyle, Marvin E.
Crawford, James M.
Curtice, Harlow H.
Dean, Hugh
Donner, Frederic G.
Dreystad^^^Nicholas
Earl, IprleV J.
Evans, ReaeCld K.
Fisher, Alfred J.
Fisher, Edward F.
Fisher, Lawrence P.
Goad, Louis C.
b
Godfrey, Edward R.
Grant, Richard H.
Harder, Delmar S.
Hogan, Henry M.
Holler, William E.
Huf§iader, William F.
00
3/31A5
12/31/44
12/31/44
5/31A 5
12/31/44
21 ,600.00
74,400.17
50,000.00
50,000.00
50,000.00
49,000.00
80 ,000.00
8/31A 5
12A1/44
100.00
100 , 100.00
175.00
80 , 175.00
125.00
100 ,000.00
75,000.00
789.12
75,444.42
136,624.92
94,004.20
75,063.17
50,000.00
38,333.30
72.100.00
61.250.00
30,000.00
100,000.00
54,770.00
70,558.05
90,571.38
53 .23 L 30
168,oral 50
50,000.00
100 ,000.00
36,000.00
90,000.00
30,000.00
50,000.00
60,000.00
65,000.00
65,000.00
50,000.00
100 ,000.00
50,000.00
54,166.63
45,000.00
53,711.96
30,000.00
50,000.00
60,000.00
34,750.00
75 ,7 8 9 .1 2
8 0 ,638.82
7 5 ,4 4 4 .1)2
136,624.92
94,004.20
75,063.17
2 6 ,000 .0 0
100 , 000.00
99,125.00
100 .000.00
80 , 638.82
12/31/44
96,000.17
76,000.00
525.00 9 3 ,628.30
1,300.00 143,958.05
151,821.38
750.00 83,984.30
4,312.15a
3,650.00 276,019.65
232,570.65
3,400.00
129,170.65
939.00
120,610.45
69,671.45
3,100.00
240,214.»
137.114.95
900.00 94,406.70
57,506.70
2,750.00 206,233.15
113,483.15
44,629.17
675.00 75,304.17
2,050.00 130,852.60
78,802.60
1,125.00 138,659.10
77,534.10
750.00 115,579.60
49,829.60
1,500.00 168,901.35
102,401.35
600.00 100,129.35
49,529.35 *
2,275.00 224,436.55
122,161.55
3 5 .4 8 7 .1 0
1,343.75 86,830.85
3,300.00a
66 .853.10
750.00 125,069.73
339.00 86,571.85
41,232.85
\60,109.80
2,250.00 116,071.76
51,231.70
600.00 81,831.70
1,050.00 128,717.70
77,667.70
1,125.00 127,877.55
66,752.55
600.00 80 ,359.75
44,989.75
3
4.
00
■
NAIE OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
ILLINOIS
WILLIAM F. JOBBINS, INCORPORATED
McKnight, William A.
KRAFT CHEESE COMPANY
K raft, John H.
JLIQN MANUFACTURING CORPORATION
*(//) Lyon, S tu art G.
LUMBERMENS MUTUAL CASUALTY COMPANY
Kemper, James S.
MARS, INCORPORATED
___M ars, Mrs, E. V,
MAYBELLINE COMPANY
Wi 11iams, Thomas L.
I
H. MINER, INC,
(SpW ithall, A. P.
MONROE CHEMICAL COMPANY
Bonfoey, L, P.
1 2 /3 1 /4 4
10,000.00
75,000.00
85,000.00
1 2 /3 1 /4 4
80,833.37
80,833.37
1 2 /3 1 /4 4
76,852.00 ‘
76,852.00
1 2 /3 1 /4 4
14-5,000.00
200 , 90Ì4-.09
1 2 /3 1 /4 4
120 , 000.00
120 , 000.00
80 , 000.00
80 , 000.00
6 /3 0 /4 5
1 2 /3 1 /4 4
245,904.09
50,000.00
1 2 /3 1 /4 4
76 , 120 . 5 7 *
144 , 264.03
j if 1i .lift
194,264.05
76,120.57
♦Compensation based upon co n tract dated June 2 4 , 19Ì+0*
MONTGOMERY WARD & CO., INCORPORATED
Avery, S. L.
Ryan, C. D.
NORTHWEST ENGINEERING COMPANY
Houston, L, E.
PABST BREWING COMPANY
P e rls te in , H.
REID MURDOCH & CO
Anderson, L. S,
REPUBLIC FOOD PRODUCTS CO.
C la ir, J . M.
C. A. ROBERTS CO.
K aiser, A. A.
SEARS, ROEBUCK AND CO.
Barrows, A. S.
Houser, T. V.
A. E. STALEY MANUFACTURING COMPANY
S taley , A. E ., J r .
STANDARD OIL COMPANY (INDIANA)
Seubert, Edward G.
SWIFT & COMPANY
__Holmes, John
CHICAGO TRIBUNE - NEW YORK NEWS SYNDICATE, INC.
Gray and Gray
NEWS SYNDICATE CO. INC.
u
Clarke, R. W.
! ( 9> ly n n , F. M.
n H o lliss, R. C.
TRIBUNE COMPANY
Campbell, C. M.
Rose, L. H.
UNITED DRILL AND TOOL CORPORATION
Kearins, M. J .
ZENITH RADIO CORPORATION
McDonald, Eugene F ., J r .
1 /3 1 A 5
12/31/kk
100,000.00
75,000.00
20,000.00
50,000.00
50,000.00
850.00
800.00
100,850.00
95 , 800.00
100,000.00
1 2 /3 1 M
12
/3 1 /kk
12
/3 1 /kk
12/31/kk
1 /3 1 A 5
1 2 /3 1 A I 1
12/31/kk
12/31/kk
12/31/kk
12/31/kk
82 , 000.00
25,000.00
115,822.71
1240,822,71
26 , 000.00
62,620.00
88,620.00
83,570.76
83 , 570.76
77,130.00
59,999.95
35 , 000.00
20 , 000.00
112,130.00
79 , 999.95
2*8 , 000.00
44, 500.00
92,500.00
l a , 925.60
66 , 911.76
108,837.36
85,000.00
85 , 000.00
13,250.00
81 , 187.245
67.200.00
67.200.00
67.200.00
94 , 2*37 . 2*5
22 , 800.00
22 , 800.00
22 , 800.00
90,000.00
90,000.00
90,000.00
12/31/kk
80 , 786.91
111,068.00
12/31/kk
V
30A 5
65,000.00
2k , 999.84
89 , 999 . 82*
55,000.00
30,000.00
85 , 000.00
40,478.88
78 , 611.12
119,090.00
INDIANA
MEAD JOHNSON & COMPANY
Johnson, Lambert D.
12/31/kk
IOWA
THE REGISTER AND TRIBUNE COMPANY
Martin, Henry P ., J r .
12 / 3 1 /kk
6, 573-75
70 , 806.22
77 , 379.97
LOUISIANA
HIGGINS INDUSTRIES, INC.
Higgins, Andrew J .
12/31/kk
83,333.33
83 , 333.33
MARYLAND
ACACIA MUTUAL LIFE INSURANCE COMPANY
Montgomery, William
AMERICAN TOTALISATOR COMPANY, INC.
S trau s, Henry L.
THE HECHT COMPANY
A Davidow, Harry
Dulcan, Charles B ., S r.
sfó^odman, Moses H.
12/31/kk
12/31/kk
200.00
75 , 000.00
75 , 200.00
53 , 000.00
5 4 ,8 1 1 .5 3
8 7 ,8 1 1 .5 3
4 5 ,5 9 3 .4 5
50 , 000.00
45 , 000.00
80 , 214.47
133, 235.62
4 7 ,A 3 -13
125 , 807.92
183 , 235.62
92 , 143.13
1/31A5
3
— J
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
CALENDAR
OR FISCAL
YEAR ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
DELAWARE
E. I. DU PONT DE NEMOURS & COMPANY
Brown, J. Thompson
Carpenter, Walter S., Jr.
Crane, Jasper E.
JLu Pont, Henry B.
Echols, Angus B.
Harrington, Willis F.
MqCoy, John W.
Robinson, Edmund G.
Stine, Charles M. A.
Wardenburg, Frederic A•
Yancey, Edward B.
Yerkes, Leonard A.
HERCULES POWDER COMPANY
Higgins, Charles A.
THE LAMBERT COMPANY
Johnston, John L.
f^
12/31/44
12/31/44
12/31/44
50.000. 0!+
150,000.00
50.000.01+
50,000.01+
57 , 999.96
50,000.01+
50,000.01+
1+5,912.00
50,000.01+
39 , 680.00
hh, 735.05
52,968.00
56.407.69
54,480.50
44.938.13
• 60,834.88
56.407.69
56.407.69
43.010.94
51.407.69
42.010.94
51,046.38
45.938.13
600.00
550.00
550.00
500.00
550.00
600.00
600.00
600.00
550.00
I+50.00
550.00
550.00
107 . 007.73
150,550.00
105,030.5I+
95 , 14.3 8.17
119,381+. 8l+
107 . 007.73
107 . 007.73
89 , 522 . 914.
101 . 957.73
82 , 11+0 . 91+
96 , 331 . 1+3
99 , 1+56.13
60,000.00
21,900.00
81 , 900.00
80 , 000.00
15,000.00
95,000.00
26,000.00
63 , 805.00
89,805.00
GEORGIA
COLONIAL STORES INCORPORATED
Phelan, Hunter C.
INDUSTRIAL LIFE & HEALTH INSURANCE COMPANY
McEachem, J. N.
12/31/44
12/31/44
84 , 959.31
84 , 959.31
ILLINOIS
12/31/44
12/31/44
30,000.00
12 , 000.00
10l+,000.00
1 , 000.00
85.000.
85.000.
78,554.49
27,034.39
32,677.00
0
0
0
0
0
12/31A4
90,000.00
10I+,000.00
0
0
0
0
0
12/31/14;
60,000.00
••
9/30A5
V
» *
AMERICAN STEEL FOUNDRIES
Drever, Thomas
B AND K MANAGEMENT CORPORATION
_Balaban, John
JOHN BLAIR AND COMPANY
Blair, John P.
BORG-WARNER CORPORATION
Blood, Howard E.
Ingersoll, R. C.
BRINK*S, INCORPORATED
Allen, Frank
Allen, John D.
BURGESS-NORTON MANUFACTURING COMPANY
Smith, H. S.
BUTLER BROTHERS
Freeman, Thomas B.
CARON SPINNING COMPANY
Caron, 0. J.
CENTRAL STEEL AND WIRE COMPANY
Lowenstine, Mandel
CONTAINER CORPORATION OF AMERICA
/pPaepcke, Walter P.
/CONTINENTAL ILLINOIS NATIONAL BANK AND
TRUST COMPANY OF CHICAGO
Cummings, Walter J.
CRANE CO.
Collier, J. H.
R. R. DONNELLEY & SONS COMPANY
Littell, C. G.
Zimmerman, H. P.
THE REUBEN H. DONNELLEY CORPORATION
Bamforth, Arthur H.
Gunnison, Raymond M.
Harrington, David L.
Lyblade, Clarence 0.
FAIRBANKS, MORSE & CO.
Morse, Robert H.
THE FIRST NATIONAL BANK OF CHICAGO
Brown, E. E.
GENERAL OUTDOOR ADVERTISING CO., INC.
Robbins, Burnett W.
-NGUNTHORP-WARREN PRINTING COMPANY
/ 7Moran, John T.
HOUSEHOLD FINANCE CORPORATION
Henderson, B. E.
INLAND STEEL COMPANY
Sykes, Wilfred
INTERNATIONAL HARVESTER COMPANY
Elliott, William S.
McCaffrey, J. L.
McCormick, Fowler
INTERNATIONAL MINERALS & CHEMICAL CORPORATION
Ware, Louis
00
00
91,554.4 9
1+50.00
550.00
87 , 484.39
90,227.00
850.00
850.00
85.850.00
85.850.00
I2 /3 1 A U
3,000.00
12/31A 4
12/ 31/14
12/31A 4
12/31A4
12/31/44
12/31/44
12/31/44
12/31/44
12/31/44
12/31/44
12/31/44
12/31/44
12/31/44
12/31A4
10/31A5
6/30A5
102,016.72
1,500.00
106,516.72
50,000.00
31,000.00
81 , 000.00
2k ,999-96
82 , 368.28
107,368.21+
66 , 000.00
18, 000.00
8l+,000 .00
75 , 000.00
1+5,000.00
120 , 000.00
150,000.00
1,050.00
151,050.00
700.00
75,700.00
50,000.00
25,000.00
26 , 000.00
20 , 800.00
107 , 762.28
64,657.37
133,762.28
85.457.37
19.500.00
25,000.00
10 . 800.00
19,500.00
55 . 810.92
55 . 810.92
6Î+, 510.92
55 . 810.92
75.310.92
80 . 810.92
75 . 310.92
75 . 310.92
75,000.00
79,163.71
3,000.00
157,163.71
85,000.00
3,875.00
88 , 875.00
75,000.00
150.00
75 , 150.00
8,500.00
127,500.00
136,000.00
75,038.22
50,000.00
125 , 038.22
50,000.00
30,000.00
80 , 000.00
60,000.00
68,750.00
99,999.96
2!+,000.00
27,500.00
1+0,000.00
600.00
1,100.00
1 , 280.00
8l+,600.00
97 , 350.00
i l a , 279.96
50,000.00
50,000.00
1 , 200.00
101 , 200.00
2
#
#
I
,
CALENDAR
OR FISCAL
YEAR ENDED
NAME OF CORPORATION AND OFFICERS OR EMPLOYEES
SALARY
COMMISSION
I
BONUS
OTHER
COMPENSAT ION
TOTAL
ALABAMA
THE BIRMINGHAM NEWS COMPANY
Hanson, Victor H*
12/31/44
102,600.00
9,000.00
93,600.00
CALIFORNIA
PHIL BERG-BERT ALLENBERG, INC.
Allenberg, Bertram
BULLOCK'S, INC.
Winnett, P. G.
CAGNEY PRODUCTIONS, INC.
Cagney, James
Cagney, William
CAPTAIN KIDD PRODUCTIONS, INC.
Laughton, Charles
Scott, Randolph
CALIFORNIA PICTURES CORPORATION
Sturges, Preston
THE EMPORIUM CAFWELL COMPANY
Civelli, J. S.
Fisher, Haldane S.
Lipman, E. C.
FOX MIDWEST AMUSEMENT CORPORATION
Rhoden, E. C.
FOX WEST COAST AGENCY CORPORATION
Skouras, Charles P.
BEARST CONSOLIDATED PUBLICATIONS, INC.
Hearst, William Randolph
LOCKHEED AIRCRAFT CORPORATION
Barker, C. A., Jr.
_^Gross, Robert E.
LOS ANGELES TURF CLUB, INC.
Strub, Chas. H.
MARCHANT CALCULATING MACHINE COMPANY
Cooke, Dwight R.
THE NATIONAL DOLLAR STORES, LTD.
Shoong, Joe
NATIONAL THEATRES AMUSEMENT CO., INC.
Skouras, Charles P.
PACIFIC CHEMICAL COMPANY
Alden, A. T.
PACIFIC GAS AND ELECTRIC COMPANY
Black, James B.
HAL ROACH STUDIOS, INC.
Bendix, William E.
ROSENBERG BROS. & CO.
Oppenheimer, Arthur C.
S & K SALES CO.
Kahn, Richard
WELLS FARGO BANK & UNION TRUST CO.
Lipmsn,F. L.
12/31/44
504.38* 106 ,504 .3 8
106,000.00
1/3 l A 5
20 ,000.00
75,000.00
95,000.00
7/ 31 A 5
150,000.00
150,000.00
150,000.00
150,000.00
100 ,000.00
85 ,000.00
100 ,000.00
190 ,000.00
190,000.00
11/30A 5
7/ 3 i A 5
1/31A5
I
85,000.00
2^,000.00
40,000.00
35,000.00
58,344.00
7 5 ,5 2 1 .8 4
87 ,296.50
82,314.00
115,521.84
122,296.50
39,750.00
54,863.25
94,613.25
1
12/31/ A
12/31/44
130,000.00
130,000.00
100 ,000.00
100 ,000 .0 0
90,000.00
125,000.00
90,000.00
125,000.00
12/31/44
12/31/44
6/30A5
12 ,000.00
4 6 6 ,537 .5 3
454 ,537-53
1
12/31A 4
128 ,1129.42
128,429.42
1/31A5
165,120.00
90,000.00
75,120.00
12/ 3 1 /4 4
263 ,000.00
263,000.00
11/30A 5
7 ,200.00
4 ,319 .9 6 ** 9 6 ,824.21
85,304.25
12/31A U
75,000.00
1,320.00
76,320.00
26I.38
234,204.40
8/31A5
25,666.67
208 ,276.35
25,000.00
134 ,3 5 3 .2 4
159,353.24
7 ,200.00
81 ,999*01
89,199.01
5/31A5
1
6/30A5
12/31/44
80 ,0 0 0.00
80 ,000 .0 0
CONNECTICUT
12/ 3 1 /4 4
AMERICAN CHAIN & CABLE COMPANY, INC.
Morris, William T.
Wheeler, Wilmot F.
” EDWARDS AND COMPANY, INC.
Edwards, R. Stafford
McHugh, Edward P.
Miller, Christian
Nolan, Thomas S.
1THE NATIONAL FOLDING BOX COMPANY
Lynch, Walton D.
Mabee, George W.
' NORTHAM WARREN CORPORATION
Warren, Northam
REMINGTON ARMS COMPANY, INC.
Davis, C. K.
UNITED AIRCRAFT CORPORATION
Rentschler, Frederick B.
Wilson, Eugene E.
DELAWARE
25,500.00
49,437.50
50,000.00
35,000.00
12/5 1 /4 4
240.OO
260.00
75,740.00
84,697.50
118 ,817.18
118 ,817.18
77,231.94
77,231.94
77,231.94
77,231.94
77,231.94
77,231.94
1
1
I
12/31/ b h
143 ,150.00
134,000.00
4 6 ,650.00
96,500.00
134,000.00
I
12/31A 4
100 ,000.00
100 ,000.00
12/31A U
4 6 ,250.00
39,996.00
220.00
86 ,4 6 6.00
4.I5O.OO
1,350.00
79,150.00
77,350.00
12/31/44
7 5 ,000.00
75,000.00
AMERICAN VISCOSE CORPORATION
Appleton, William C.
Griffin, Frank H.
THE COCA-COLA COMPANY
Ac kl in, A. A.
Brock, Pope F.
Jones, Harrison
12/31/44
100,000.00
80 ,000.00
25,000.00
75,000.00
60,000.00
2 0 ,000.00
I
12/31A 4
80 ,000.00
■ 80 ,000.00
80 ,000.00
7OO.OO
55O.OO
600.00
80,700.00
80,550.00
80 ,600.00
* This item represents premiums on life insurance carried on the life of Bertram Allenberg by trustees under Declaration
of Pension Trust for the Employees of Phil Berg-Bert Allenberg, Jnc.
/
** Reimbursement of business expenses.
«y
Jt.
1.
1
REPORT OF PAYMENTS OF SALARY, COMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF #75,000.00 COMPILED FROM
INCOME RETURNS, SCHEDULE F-l, FILED
FOR THE CALENDAR YEAR 194!+ AND FISCAL
YEARS ENDED IN 1945.
SUPPLEMENTAL #2
REPORT FOR THE CALENDAR YEAR 1943 AND
FISCAL YEARS ENDED IN 194+.
T R E A S U R Y DEPAR TMENT
W A S H I N G T O N 25
O F F IC E O F
COMMISSIONER OF INTERNAL REVENUE
A D D R E S S R E P L Y TO
C O M M ISS IO N E R O F IN TER N A L REV EN U E
AND R E F E R TO
IT:Reo*DLS
MAY 311946
Mémorandum for Mr. Charles P. Shaeffer
Direotor of Public Relations
Treasury Department
There is transmitted a report of payments of salary, com
mission, bonus or other compensation paid in excess of $7 5 ,0 0 0 . 0 0
compiled from income tax returns, Schedule F-l, filed for the
calendar year 191*1+ and fiscal years ended in 191+5 and a supple
mental report of payments for the calendar year 191+3 and fiscal
years ended in 19kh»
TREASURY DEPARTMENT
Washington
FOR RELEASE,. MORNING NEWSPAPERS
Monday, June 17, 1946
Press Service
No 4 V-360
The Secretary of the Treasury today made public, in accordance with a
provision of the Internal Revenue Code, a list of individuals receiving from
corporations compensation for personal services in excess of $75,000 for the
calendar year 1944 and fiscal years ending in 1945 as well as a supplemental
report for the calendar year 1943 ail'd fiscal years ended in 1944.
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 malce public the
names of such individuals as were reported by employing corporations in their
income tax returns. The list compiled shows the amounts paid to officers and
employees by reporting corporations in. the form of salary, commission, bonus
or other compensation for personal services.
Section 148(f) of the Internal Revenue Code, as amended by Section 407
of the Revenue Act of 1939, is as follows:
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
officers and employees
of such corporation and the respective amounts paid to them during
tne taxable yean of the corporation by the corporation as salary,
commission, bonus, or other compensation for personal services
rendered, if the aggregate amount so paid to the individual is in
excess of $75,000.
"The Secretary shall compile from the returns made a list con
taining the names of, and the amounts paid to, each such officer
and employee and the name of the paying corporation and shall make
such list available to the public. It shall be unlawful for any
person to sell, offer for sale, or circulate, for any consideration
whatsoever, any copy or reproduction of any list, or pent thereof,
authorized to be made public by this net or by any prior Act, relat
ing to ohe publication of information derived from income tax returns ;
and any offense against the foregoing provision shall be a misdemeanor
and be punisned by a fine not exceeding $ 1,000 or by imprisonment not
exceeding one yean, 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."
i . a ,■ ,
»
% i’
«
I
";;,
ç Bk M
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
NMS OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMISSION
OTHER
COMPENSATION
BONUS
TOTAL
ALABAMA
THE BIRMINGHAM NEWS COMPANY
Hanson, Victor H.
12 /3 1 /UU
9 ,000.00
9 3 ,600.00
10 2 ,600.00
CALIFORNIA
PHIL BERG-BERT ALLENBERG, INC.
Allenberg, Bertram
BULLOCK’S, INC.
Winnett, P. G.
CAGNEY PRODUCTIONS, INC.
Cagney, James
Cagney, William
CAPTAIN KIDD PRODUCTIONS, INC.
Laughton, Charles
Scott, Randolph
CALIFORNIA PICTURES CORPORATION
,Sturges, Preston
THE EMPORIUM CAPWELL COMPANY
Ciyelli, J. S.
Fi.sher, Haldane S.
Lipman, E. C.
FOX MIDWEST AMUSEMENT CORPORATION.
Rhoden, E. C.
FOX WEST COAST AGENCY CORPORATION
Skouras, Charles P.
HEARST CONSOLIDATED PUBLICATIONS, INC.
Hearst, William Randolph
LOCKHEED AIRCRAFT CORPORATION
Barker, C. A.,. Jr.
Gross* Robert E.
12 /3 l/UU
50U.3 S*
10 6 ,000.00
1 /3 1 /U5
9 5 .000 .
20 ,000.00
7 5 ,000.00
7 /3 X/U5
15 0 .000 .
15 0 .000 .
00
00
1 1 /30 /U5
10 0 ,000.00
3 5 ,000.00
7 /3 1 A 5
*
19 0 ,000.00
1 /3 1 /Î45
IO6 /50U.38
15 0 .000 .
15 0 .000 .
00
00
100 .000 .
85 .000 .
00
00
19 0 ,000.00
2 U,000.00
U0 ,000.00
3 5 ,000*00
58 ,3UU.oo
7 5 ,5 2 1 .su
87 *296.50
82 .3UU.00
1 1 5 ,5 2 1 .sU
12 2 ,296.50
3 9 ,750.00
5 U.863.25
9u.6i3 .2 5
12 /3 1 /UU
12 /3 1 /UU
00
13 0 ,000.00
13 0 .000 .
00
10 0 ,000.00
100 .000.
00
90 ,000.00
1 2 5 ,000.00
90 ,000.00
12 5 .000 .
00
12 /3 l/UU
12 /3 1 /uu
* This item represents premiums on liie insurance carried on the life of Ber
of Pension Trust for the Emoloyees cf Phil Berg-Bert Allenberg, Inc.
an Allenberg by trustees under Declaration
-3-
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDiiR ORFISCAL YEAR
ENDED
SALARY
BONUS
COMMISSION
■*' /1
OTHER
COMPEN
SATION
TOTAL
CALIFORNIA (Cent.)
6 /3 0 / 4 5
LOS ANGELES TURF CLUB, INC.
Strub, Chas. H.
MARCHANT CALCULATING MACHINE COMPANY 1 2 /3 1 /LU
Cooke, Dwight R.
1 /31/145
THE NATIONAL DOLLAR STORES,' LTD.
Shoong, Joe
NATIONAL THEATRES AMUSEMENT CO., INC.1 2 /3 1 /LL
Skouras, Charles P.
1 1 /30/145
PACIFIC CHEMICAL COMPANY
Alden, A. T.
I2 /3 I/UU
PACÍFIC GAS AND ELECTRIC COMPANY
Black, James B.
S/3 I/H5
HAL ROACH STUDIOS, INC.
Bendix, William E.
5 /3 1 /1+5
ROSENBERG BROS. & CO.
Oppenheimer, Arthur C.
6 /3 0 /1+5
S & K SALES CO.
Kahn, Richard
WELLS FARGO BANK & UNION TRUST CO. I2 /3 1 /HU
Lipman, F. L.
,
128
**6 6 ,5 3 7 ,53,
+5l+.537-53
1 2 0 0 0 .0 0
1
,L2 9 .L2
128
,
,
,
9 0 0 0 0 .0 0
7 5 1 2 0 .0 0
1 6 5 1 2 0 .0 0
,
2 6 3 0 0 0 .0 0
,
7 2 0 0 .0 0
85,30U.25
L,319.96*
,
,
1 3 2 0 .0 0
7 5 0 0 0 .0 0
,
2 5 6 6 6 .6 7
208,276.35 ’
I
2 6 .3 8
,
2 5 0 0 0 .0 0
,
7 2 0 0 .0 0
.L2 9 .L2
,
2 6 3 0 0 0 .0 0
, L
9 6 82 .2 1
,
7 6 3 2 0 .0 0
23
L,20 L.L0
1 5 9 ,3 5 3
81,999*01
-21+
,
8 9 1 9 9 .0 1
80,000.00
80,000.00
CONNECTICUT
AMERICAN CHAIN & CABLE COMPANY, INC.
Morris, William T.
Wheeler, Wilmot F.
/ /++
12 31 11
* Reimbursement of business expenses.
,
,
5 0 0 0 0 .0 0
3 5 0 0 0 .0 0
,
,+
2 5 5 0 0 .0 0
149 1 3 7 . 5 0
LO.OO
O.OO
2
26
,+
L,
7 5 71 0 . 0 0
8
6 9 7 .5 0
- l* NAME 0? CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR .
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
CONNECTICUT (Cont.)
EDWARDS AND COMPANY * INC*
Edwards, R. Stafford
McHugh, Edward P.
Miller, Christian
Nolan, Thomas S.
THE NATIONAL FOLDING BOX COMPANY .
Lynch, Walton D.
Mabee, George W.
NORTHAM WARREN CORPORATION
Warren, Northam
REMINGTON ARMS COMPANY, INC.
Davis, C. K.
UNITED AIRCRAFT CORPORATION
Rentschler, Frederick R.
Wilson, Eugene E.
I2 /3 1 /UU
118 ,817.18
118 ,817.18
,2 3 1 .9 U
7 7 ,2 3 1 .9 ^
7 7 ,2 3 1 . 9 4
7 7 .2 3 1 .9 u
77
7 7 ,2 3 1 . 9 4
7 7 ,2 3 1 . 9 4
I2 /3 1 /UU
n9 6 ,5 0 0 . 0 0
iÿ+,0 0 0 . 0 0
**6 ,6 5 0 . 0 0
11 *3
,1 5 0 . 0 0
l3*+,000.00
I2 /3 1 /UU
100,000.00
1 0 0 ,0 0 0 . 0 0
I2 /3 I/UU
39,996.00
220.00
-1*6 ,2 5 0 * 0 0
86,1*66.00
1 2 /3 1 /UIf
7 5 ,0 0 0 . 0 0
1*,1 5 0 . 0 0
7 5 ,0 0 0 . 0 0
2
,3 5 0 . 0 0
79
,1 5 0 . 0 0
7 7 ,3 5 0 . 0 0
DELAWARE
AMERICAN VISCOSE CORPORATION
'
Appleton, William C.
Griffin, Frank H.
THE COCA-COLA COMPANY
Acklin, A. A.
Brock, Pope F.
Jones, Harrison
E. i, DU PONT DE NEMOURS & COMPANY
Brown, J. Thompson
Carpenter, Walter S., Jr.
Crane., Jasper E.
du Pont, Henry B.
1 2 /3 1
/1^
7 5 ,0 0 0 . 0 0
25
yOOOwOO
100,000.00
6 0 ,0 0 0 . 0 0
20,000.00
80,000.00
I2 /3 1 /UU
80,000.00
80,000.00
80,000.00
7 0 0 .0 0
5 5 0 ,0 0
6 0 0 .0 0
,7 0 0 . 0 0
,5 5 0 . 0 0
8 0 ,6 0 0 . 0 0
80
80
1 2 /3 1 /U1+
5 0 ,0 0 0 .0 *
+
56
,**0 7 . 6 9
1 5 0 ,0 0 0 . 0 0
6 0 0 .0 0
5 5 0 .0 0
1 0 7 ,0 0 7 . 7 3
1 5 0 ,5 5 0 . 0 0
105,030.51*
5 0 ,0 0 0 .0 *+
5 **,1+8 0 . 5 0
5 5 0 .0 0
5 0 ,0 0 0 .0
1+1*,9 3 8 . 1 3
5 0 0 .0 0
**
95
,4 3 s. 1 7
- 5 -
NAME OE CORPORATION
M D OPRI CERS OR
EMPLOYEES
CALENDAR o r
RISCAL YEAR
ENDED
OTHER
COMPEN
SATION
BONUS
SALARY
TOTAL
DELAWARE (Cont.)
E. I. DU PONT DE NEMOURS & COMPANY
(Cont.)
Echols, Angus B.
Harrington, Willis T V
McCoy, John W.
Robinson, Edmund C.
Stine, Charles M. A.
Wardenburg, Frederic A.
Yancey, Edward B.
Yerkes, Leonard A.
HERCULES'POWDER COMPANY
Higgins, Charles A.
THE LAMBERT COMPANY
Johnston, John L.
12/31/44
,9 9 9 . 9 6
.
5 0 .0 0 0 .0 4
4 5 „9 1 2 . 0 0
5 0 .0 0 0 .0 4
39,680.00
44,735*05
5 2 ,9 6 8 . 0 0
6 0 ,8 3 4 , 8 8
57
5 0 .0 0 0
0U
5 9 0 .0 0
5 6 ,4 0 7 . 6 9
:'6 OO.OO
6 0 O.OO
6 OO.OO
5 6 ,4 0 7 . 6 9
4 3 ,0 1 0 . 9 4
5 1 ,4 0 7 . 6 9
5 5 0 ,0 0
4 2 ,0 1 0 . 9 4
4 5 O.OO
5 1 ,0 4 6 . 3 8
45
,9 3 8 . 1 3
,
5 5 O.OO
5 5 O.OO
119,384.84
1 0 7 ,0 0 7 . 7 3
1 0 7 ,0 0 7 . 7 3
8 9 ,5 2 2 . 9 4
101,957*73
82,140.94
9 6 ,3 3 1 . 4 3
9 9 ,4 5 6 . 1 3
12/31/44
,9 0 0 . 0 0
.
00
2 1 ,9 0 0 . 0 0
81
80.000.
00
1 5 ,0 0 0 . 0 0
9 5 ,0 0 0 . 0 0
6 0 .0 0 0
1 2 /3 1 /UU
GEORGIA
COLONIAL STOREB INCORPORATED
vPhelan, Hunter C.
INDUSTRIAL LIFE & HEALTH
INSURANCE COMPANY
McEachern, J. N.
1 2 /3 1 / 4 4
2 6 ,0 0 0 . 0 0
63
,8 0 5 . 0 0
89
,8 0 5 . 0 0
1 2 /3 1 / 4 4
84,959-31
84,959*31
ILLINOIS
AMERICAN STEEL FOUNDRIES
Drever, Thomas
B AND K MANAGEMENT CORPORATION
Balaban,. John
9 /3 0 /U5
6 0 ,0 0 0 . 0 0
3 0 ,0 0 0 . 0 0
9 0 ,0 0 0 . 0 0
1 2 /3 1 / 4 4
104,000.00
104,000*00
- b
RAME CE CORPORATION
M D OFFICERS OP.
EMPLOYEES
CALENDAR OP
DISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
_____________ ______________ ,
__
OTHER
COMPENSATION
TOTAL
ILLINOIS (Cont.)
JOHN BLAIP M D COMPANY
Blair, John P.
BORG-WAENER COPPOPATION
Blood, Howard E.
Ingersoll, R. C.
BRINK'S, INCORPORATED
Allen, Drank
Allen, John D.
BURGESS-NORTON MANUFACTURING COMPANY
Smith, H. S.
BUTLER BROTHERS
Freeman, Thomas B.
CARON SPINNING COMPANY
Caron, 0. J.
CENTRAL STEEL AND WIRE COMPANY
Lowenstine, Mandel
CONTAINER CORPORATION OF AMERICA
^Paepcke, Walter P.
CONTINENTAL ILLINOIS NATIONAL BANK
AND TRUST COMPANY OF CHICAGO
Cummings, Walter J.
CRME COMPANY
Collier, J. H.
RY R. DONNELLEY & SONS COMPANY
Littell, C. G.
Zimmerman, H. P.
THE REUBEN H. DONNELLEY CORPORATION
Bamforth, Arthur H.
Gunnison, Raymond M.
Harrington, David 1.
Lilly"blade, Clarence 0.
12/3l/4h
1 2 ,0 0 0 . 0 0
12/51/*4*4
1
,0 0 0 . 0 0
6 0 ,0 0 0 . 0 0
78
,5 5 *4 .*49
91
2 7»03*4.39
*1 5 0 , 0 0
5 5 0 .0 0
87,*48*4.39
9 0 ,2 2 7 . 0 0
8 5 ,0 0 0 . 0 0
8 5 0 .0 0
8 5 ,0 0 0 . 0 0
85
8 5 0 .0 0
85
.8 5 0 . 0 0
.8 5 0 . 0 0
106
,5 1 6 . 7 2
57
^
0 0 .0 0
32
12/3l/hh
,6 7 7 .0 0 ,
1 2 /3 l/I|%
3
12/31/%
1 2 /3 1
,0 0 0 . 0 0
1 0 2 ,0 1 6 . 7 2
1
,5 0 0 . 0 0
5 0 ,0 0 0 . 0 0
3 1 ,0 0 0 . 0 0
81,000.00
2 %,9 9 9 . 9 6
8 2 ,3 6 8 . 2 8
1 0 7 ,3 6 8 .2*4
6 6 ,0 0 0 . 0 0
18,000.00
/%
12/31/%
1 2 /3 1
/%
7 5 *0 0 0 . 0 0
1 2 /3 1 /
%
1 2 /3 1 /
%
,55*4.*49
i5 0 rooo.oo
5 0 ,0 0 0 . 0 0
1 2 /3 1 / %
2 6 ,0 0 0 . 0 0
20,800.00
8*4,000.00
*4 5 ,0 0 0 . 0 0
1 2 0 ,0 0 0 . 0 0
,0 5 0 . 0 0
1 5 1 ,0 5 0 . 0 0
1
2 5 ,0 0 0 . 0 0
107
,7 6 2 . 2 8
7 0 0 .0 0
75
,7 0 0 . 0 0
6*
4 ,6 5 7 . 3 7
,7 6 2 . 2 8
8 5 ,*4 5 7 . 3 7
1 2 /3 1 / %
133
.5 0 0 . 0 0
5 5 .8 1 0 . 9 2
2 5 ,0 0 0 . 0 0
7 5 ,3 1 0 . 9 2
5 5 .8 1 0 . 9 2
10.800.00
64
80,810*92
75»310.92
19
.5 1 0 . 9 2
NAME OF CORPORATION
M D OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
BONUS
OTHER
COMPEN
SATION
79,163.71
3,000.00
157,163.71
85,000.00
3,875.00
88.875.00
75,000.00
150.00
75,150*00
SALARY
COMMISSION
TOTAL
ILLINOIS (Cont.)
FAIRBANKS* MORSE & CO.
Morse, Robert H.
THE FIRST NATIONAL BANK OF CHICAGO
Brown, E. E.
GENERAL OUTDOOR ADVERTISING CO., INC
' Robbins, Barnett W.
GUNTHORP-WARREN PRINT ING COMPANY
Moran, John T.
HOUSEHOLD FINANCE CORPORATION
Henderson, B. E.
INLAND STEEL COMPANY
Sykes, Wilfred
IN^RNATIONAL HARVESTER COMPANY
Elliott, William S.
McCaffrey, J. L.
McCormick, Fowler
INTERNATIONAL MINERALS & CHEMICAL
CORPORATION
' Ware, Louis
WILLIAM F. JOBBINS, INCORPORATED
Mcknight, William A.
KRAFT CHEESE COMPANY
;Kraft, John H.
LION MANUFACTURING CORPORATION
fLyon, Stuart G.
LUMBERMENS MUTUAL CASUALTY COMPANY
Kemper, James S.
MARS, INCORPORATED
Mars, Mrs. E. Vi
12/31/44
75,000.00
12/31/44
12/31/44
12/31/44
12/31/44
8,500.00
127,500.00
75,038.22
50,000.00
125,038.22
50,000.00
30,000.00
80,000.00
60,000.00
68,750.00
99,999.96
24.000.
12/31/44
136.000.
00
10/31/45
40.000.
00 60Q.00
1,100.00
00
1*280.00
97.350.00
141,279.96
50,000.00
50.000.
00
1,200.00
101.200.00
10,000.00
75,000.00
27,500.00
6/30/45 .
12/31/44
85,000.00
12/31/44
12/31/44
80,833.37
80,833.37
76
12/31/44
45,000.00
84.600.00
76,852.00
,8 5 2 . 0 0
200,904.09
245,904.09
12/31/44
120,000.00
120 . 000 .
00
_ S -
N M E OF CORPORATION
AID OEEICERS OR
EMPLOYEES
_______
CALENDAR OR
FISCAL YEAR
____ENDED
SALARY
COMISSION
OTHER
COMPEN^ SATION
BONUS
~
TOTAL
ILLINOIS (Cont.)
MAYBELLINE COMPANY
Williams, Thomas L.
W. H, MINER, INC.
6 /3 0 /H5
SO,0 0 0 .0 0
5 0 ,0 0 0 . 0 0
Withall, A. P.
MONROE CHEMICAL COMPAIA
Bonfoey, L. P.
MONTGOMERY WARD & CO., INCORPORATED
144,264.03
1 9 4 ,2 6 4 . 0 3
I2 /3 1 /UU
76
,1 2 0 .5 7 *
7 6 ,1 2 0 . 5 7
I/3 1 /U5
Avery, S. L.
Ryan, C. D.
NORTHWEST ENGINEERING COMPANY
Houston, L. E.
PAB ST BREWING COMPANY
Perlstein, H.
REID MURDOCH & CO.
Anderson, L. S.
REPUBLIC FOOD PRODUCTS CO.
Clair, J. M.
C. A. ROBERTS CO.
Kaiser, A. A.
SEARS, ROEBUCK AND CO.
Barrows, A. S.
Houser, T. V.
A. E. STALEY MAîUFACTURING COMPANY
Staley, A. E., Jr.
STANDARD OIL COMPANY (INDIANA)
Seubert, Edward G.
SWIFT & COMPAIY
Holmes, John
80,000.00
12/31/44
1 2 /3
1 0 0 ,0 0 0 . 0 0
:
7 5 ,0 0 0 . 0 0
2 0 ,0 0 0 . 0 0
5 0 ,0 0 0 . 0 0
5 0 ,0 0 0 . 0 0
8 5 0 .0 0
800.00
1 0 0 ,8 5 0 . 0 0
95
,8 0 0 . 0 0
i/44
1 0 0 ,0 0 0 . 0 0
1 2 /3 1 / 4 4
82,000.00
1 3 /3 1 / 4 4
2 5 ,0 0 0 . 0 0
1 1 5 ,8 2 2 . 7 1
140,822.71
1 2 /3 1 /uu
2 6 ,0 0 0 . 0 0
62
,6 2 0 . 0 0
88
,6 2 0 . 0 0
1 2 /3 1 / 4 4
8 3 ,5 7 0 . 7 6
2 3 ,5 7 0 . 7 6
1 /3 1 A 5
77
59
,1 3 0 . 0 0
,9 9 9 . 9 5
3 5 ,0 0 0 . 0 0
,1 3 0 . 0 0
7 9 ,9 9 9 . 9 5
112
20,000.00
1 2 /3 1 / 4 4
4s,000.00
44
,5 0 0 . 0 0
92
,5 0 0 . 0 0
1 2 /3 1 / 4 4
4 1 ,9 2 5 . 6 0
66
,9 1 1 . 7 6
1 0 8 ,8 3 7 . 3 6
1 2 /3 1 / 4 4
* Compensation Based upon contract dated June 24,
8 5 ,0 0 0 . 0 0
1 9 IJO.
8 5 ,0 0 0 . 0 0
- 9 NAHE OE CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
-SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
ILLINOIS (Cent,.)
CHICAGO TRIBUNE - NEW YORK NEWS
SYNDICATE, INC.,
Gray and Gray
NEWS SYNDICATE CO,. INC.
Clarke, ,R„. W.Flynn, F.. M..
Holliss, R. C.
TRIBUNE COMPANY
CampbellC. M.
Rose,. L.. H..
UNITED DRILL AND TOOL CORPORATION
Kearins, M. J.
ZENITH RADIO CORPORATION
McDonald, Eugene F., Jr.
1 2 /3 1 / 4 4
1 3 ,2 5 0 . 0 0
81
,1 6 7 . 4 5
911 ,2 3 7 . - 4 5
1 2 /3 1 / 4 4
67,
2 0 0 ,-0 0
22,800.00
22,800.00
22,800.00
6 7 ,2 0 0 . 0 0
6 7 ,2 0 0 . - 0 0
9 0 .0 0 0
.
.
9 0 .0 0 0 .
00
9 0 .0 0 0
00
00
1 2 /3 1 / 4 4
SO,7 8 6 . 9 1
111,068.00
1 2 /3 1 / 4 4
24,999-24
4
6 5 ,0 0 0 . 0 0
2 9 ,9 9 9 . 8 4
/3 0 / 4 5
5 5 ,0 0 0 . 0 0
3 0 ,0 0 0 . 0 0
40,478.88
78
8 5 .0 0 0
.
00
INDIANA
MEAD JOHNSON & COMPANY
Johnson, Lambert D.
1 2 /3 1 / 4 4
,6 1 1 . 1 2
1 1 9 ,0 9 0 . 0 0
IOWA
THE REGISTER AND TRIBUNE COMPANY
Martin,. Henry P.,_ .Jr.
1 2 /3 1 / 4 4
6.573-75
7 0 ,8 0 6 . 2 2
77,379.97
LOUISIANA
HIGGINS INDUSTRIES, INC.
Higgins, Andrew j..
1 2 /3 1 /IfU
23,333.33
23.333.33
10
name
or corporation
AND OFFICERS OR
EMPLOYEES
.CALENDAR OR
FISCAL YEAR
ENDED
-
SALARY
COMMISSION
OTHER
COMPEN
SATION
' BONUS
TOTAL
MARYLAND
ACACIA MUTUAL LIFE INSURANCE COMPANY '
Montgomery* William
AMERICAN TOTALISATOR COMPANY, INC.
Straus, Henry L.
THE HECHT COMPANY
Davidow, Harry
Dalcan, Charles B., Sr.
Goodman* Moses H.
1 2 /3 1 /1&
7 5 ,0 0 0 . 0 0
2 0 0 .0 0
75
,2 0 0 . 0 0
87
,8 1 1 . 5 3
I2 / 3 i/UU
5 3 ,0 0 0 . 0 0
3 tt.sn. 5 3
**5.593-45
5 0 ,0 0 0 . 0 0
1*5 ,0 0 0 . 0 0
80.2ltt.lt7
133,235-te
tt7 .lU3 .i3
I/3 1 /U5
125,807.92
183,235.62
9 2 ,1 % . I3
MASSACHUSETTS
AMERICAN OPTICAL COMPANY (VOL. ASS’N)
Cozzens, C. 0.
Mosher, Ira
THE ATLANTIC LUMBER COMPANY
Crowley, Ralph C*
French, Edward V*
McHugh* Thomas J.
E. B. BADGER & SONS COMPANY
Badger, Erastus B.
Camphell, Charles L.
Hall., Walter T.
Hargrove, George 0.
Lunt* George P,
Peters, William A., Jr.
EVANS CASE COMPANY
Rei lly* Alfred F.
HAFFENREFFER & CO., INC.
Haffenreffer, T.; C.
I2 /3 I/I4-U
9 0 ,0 0 0 . 0 0
9 0 ,0 0 0 . 0 0
S3.333-33
83.333.33
I2 /3 1 /UU
7 7 ,3 9 9 . 0 0
77,399.00
135,1*97.51
l8 5 .U9 7 .5 i
1 3 5 .U9 7 . 5 1
I8 5 .tt9 7 . 5 1
I2 /3 1 /I+U
18*000.00
1 0 ,0 0 0 . 0 0
18,000.00
1 2 ,0 0 0 . 0 0
,1 2 ,0 0 0 . 0 0
18,000.00
1 3 2 *3 8 3 . 5 6
1
.2 5 5 . 7 0
1 3 2 .3 8 3 . 5 6
3 3 .2 5 5 . 7 0
8 8 *2 5 5 . 7 0
1 3 2 .3 3 3 . 5 6
88
,3 6 1 *.21*
9 5 6 .0 3
1
,2 2 5 . 8 5
6 5 8 .0 6
1
7 3 U.U9
,0 9 3 . 0 2
151,71*7.80
99,211.73
1 5 1 ,6 0 9 .Ui
1 0 0 ,9 1 3 . 7 6
1 0 0 ,9 9 0 . 1 9
1 5 1 ,1*7 6 * 5 8
2/28/1*5
2 5 *0 0 0 . 0 0
5 1 .3 5 6
I2 /3 1 /UU
.7U
7 6 ,3 5 6
.7 U
g
28
,7 5 0 . 0 0
5 ^,2 1 2 . 1 1
82
,9 6 2 . 1 1
-
RAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
11
-
SALARY
COMMISSION
BONUS
OTHER
COMPENrr
SATION
TOTAL
MASSACHUSETTS (Cont.)
THE LAHEY CLINIC
Lahey, Dr. Frank H.
MEI SEL PRESS MANUFACTURING COMPANY
Skelton, W. A.
PACKARD MILLS, INC.
Hubbard, Ralph K.
POTTER DRUG & CHEMICAL CORPORATION
Best, Samuel M.
TRANSIT BUS SALES INC.
Steeves, Henry A.
UNITED BUSINESS SERVICE COMPANY
Bahson, Paul T.
THE VAN KEUREN CO.
Van Keuren, Harold L.
WINSLOW BROS. & SMITH CO.
Cook, Cheney E.
I2 /3 1 /ID+
110,000.00
110,000.00
1 2 /3 1 / 4 4
15,000.00
65,096.44
26,400.00
57
80,096.44
1 2 /3 1 / 4 4
.U6 1 . 6 9
20,000.00
103 ,8 61.69
53,232.70
83.832.70
1 2 /3 1 / 4 4
25,000.00
1 2 /3 1 / 4 4
75,200.00
75,200.00
12/31/44
12/31/44
24, 000.00
55.u13.17
100,000.00
79
,^1 3 - 1 7
3OO.OO 100,300.00
IO/3I/45
75,000,00
38O.OO
75, 380,00
MICHIGAN
AURORA GASOLINE COMPANY
Wenger, Henry E.
BOHN ALUMINUM & BRASS CORPORATION
Bohn, Chas. 3.
Markey, P. A.
BURROUGHS ADDING MACHINE COMPANY
Doughty, A. J.
THE DOW CHEMICAL COMPANY
Dow, Willard H.
EVANS PRODUCTS COMPANY
Evans, E. S.
Singer, R. M,
3/31/U5
21,600.00
74,400.17
50,000.00.
50,000.00
50.000.
49.000.
96,000.17
12/31/44
100,00
00
00
125.00
100,100.00
99,125.00
175.00
80,175.00
A2/31/44
5/31/45
80,000
100,000.00
100,000.00
1 2 /3 1 / 4 4
75,000.00
789.12
75,739.12
NAME OF CORPORATION
AND OFFICERS OR
•EMPLOYEES
frj}xi
12
CALENDAR 0
FISCAL YEA
ENDED
-
SALARY
COMMISSION
:
OTHER
COMPEN
SATION
BONUS
TOTAL
MICHIGAN (Cont.)
FORD MOTOR COMPANY
Bricker, M. L.
Craig». B. J.
Ford, Henry II
Rausch, R. R.
THE GEAR GRINDING MACHINE COMPANY
Macdonald, C. N.
GENERAL MOTORS CORPORATION
Anderson. Harry W.
Archer, Thomas P.
Bahcock, Irving B.
P Badgiçy, Ollie V.
Bradley, Albert
I2 /3 I/UU
75
,UUU.U2
.UUU.U2
,6 2 U . 9 2
9 U,ooU.2.o
7 5 ,0 6 3 . 1 7
75
1 3 b,6 2 |i. 9 2
136
9 U,0 0 U . 2 0
7 5 ,0 6 3 . 1 7
S/3 I/U5
2 6 ,0 0 0 . 0 0
5 0 ,0 0 0 . 0 0
38,333-30
5 U.7 7 0 . 0 0
7 6 ,0 0 0 , 0 0
I2 /3 1 /UU
,1 0 0 . 0 0
6 1 ,2 5 0 . 0 0
3 0 ,0 0 0 . 0 0
1 0 0 ,0 0 0 . 0 0
,5 5 3 . 0 5
9 0 ,5 7 1 . 3 8
5 3 .2 3 U . 3 0
1 6 8 ,0 5 7 . 5 0
72
70
1
7 5 O.OO
1 0 0 ,0 0 0 . 0 0
1 2 9 ;1 7 0 . 6 5
3
.1 5 a
,6 5 0 . 0 0
,1+0 0 . 0 0
5 0 ,0 0 0 . 0 0
6 9 ,6 7 1 .1^5
9 3 9 .0 0
1 0 0 ,0 0 0 . 0 0
'3 ,1 0 0 . 0 0
9 0 ,0 0 0 . 0 0
,llU. 9 5
,5 0 6 . 7 0
1 1 3 ,1+3 3 , 1 5
3 0 ,0 0 0 . 0 0
uu.6 2 9 .17
137
57
3 6 ,0 0 0 . 0 0
5 0 ,0 0 0 . 0 0
6 0 ,0 0 0 . 0 0
6 5 .0 0 0
.
6 5 .0 0 0 .
5 0 ,0 0 0 . 0 0
1 0 0 ,0 0 0 . 0 0
5 0 ,0 0 0 . 0 0
5Î
4 ,1 6 6 . 6 3
00
00
,3 0 2 . 6 0
.9 5 3 . 0 5
1H1.321.73
3 3 ,9 8 ^ . 3 0
2
2 7 6 ,0 1 9 . 6 5
232
120
,5 7 0 . 6 5
,6 IO.U5
2U0 ,2 lU.95
9 0 0 .0 0
9 U.U0 6 . 7 0
,7 5 0 . 0 0
2 0 6 ,2 3 3 . 1 5
6 7 5 .0 0
,0 5 0 . 0 0
7 7 .53 U.io 1 ,1 2 5 . 0 0
U9 .s2 9 . 6 0
7 5 0 .0 0
1 0 2 ,1 1 0 1 . 3 5
1 ,5 0 0 . 0 0
6 0 0 .0 0
U9,5 2 9 - 3 5
1 2 2 ,1 6 1 . 5 5
2 ,2 7 5 . 0 0
3 5 ,1+3 7 . 1 0
l. 3^3-75
6 6 ,3 5 3 . 1 0
3 ,3 0 0 .0 0 a
73
9 3 ,6 2 3 . 3 0
1 U3
1+,3 1 2
3
Brown, Donaldson
Godrington, George W.
Coyle, Marvin E.
Crawford, James M.
Curtice, Harlow H.
Dean, Hugh
Donner, Frederic G.
Dreystadt, Nicholas
Earl, Harley J.
Evans, Ronald K,
Fisher, Alfred J.
Fisher, Edward
Fisher, Lawrence P*
Goad, Louis C.
5 2 5 .OO
,3 0 0 . 0 0
2
7 5 0 .0 0
7 5 .3 0 U . 1 7
1 3 0 ,3 5 2 . 6 0
133
,6 5 9 . 1 0
1 1 5 ,5 7 9 . 6 0
1 6 3 ,9 0 1 . 3 5
1 0 0 ,1 2 9 . 3 5
2 2 U.U3 6 . 5 5
3 6 ,3 3 0 . 3 5
1 2 5 ,0 6 9 . 7 3
13 M l OF CORPORATION
AND OFFICERS OH
EMPLOYEES
CALENDAR OIL
FISCAL YEAH
______ ' ENDED
•COMMISSION
salary
BONUS
OTHER
COMPEN
SATION
TOTAL
MICHIGAN (Cont»)
GENERAL MOTORS CORPORATION (Cont.)
Godfrey, Edward H.
Grant, Richard H.
Harder, Delmar S.
Hogan, Henry M.
Holler, William E.
Hufstader, William E.
Hughes, Frederick G.
Hunt, Ormond E.
Johnson, Earle F.
Kettering, Charles F.
Klingler, Harry J.
Kunkle, Bayard D.
McCuen, Charles L.
Newill, Edward B.
0shorn, Cyrus R,
Frentis, Meyer L.
Riley, Edward C.
Skinner, Sherrod E.
Sloan, Alfred P., Jr.
Smith, John Thomas
Wetheraid, Charles E.
1 2 /3 1 /HH
4 5 ,0 0 0 . 0 0
5 3 ,7 1 1 . 9 6
3 0 ,0 0 0 . 0 0
5 0 ,0 0 0 . 0 0
6 0 ,0 0 0 . 0 0
3 U.7 5 0
.QO
Ho,0 0 0 . 0 0
1 0 0 ,0 0 0 . 0 0
59
,1 6 6 . 6 7
1 0 0 ,0 0 0 . 0 0
7 0 ,0 0 0 . 0 0
5 9 ,5 3 3 * 3 3
7 5 ,0 0 0 . 0 0
HO,0 0 0 . 0 0
Ho,0 0 0 . 0 0
3 5 ,0 0 0 . 0 0
Ho,0 0 0 . 0 0
6 0 ,0 0 0 . 0 0
2 0 0 ,0 0 0 . 0 0
1 0 0 ,0 0 0 . 0 0
5 0 ,0 0 0 . 0 0
,
Hi,2 3 2 . 2 5
7 3 9 .0 0
6 0 ,1 0 9 .so
.2 ,2 5 0 . 0 0
6 0 0 .0 0
5 1 .2 n . 7 0
7 7 ,6 6 7 . 7 0 , 1 ,0 5 0 . 0 0
6 6 ,7 5 2 . 5 5
1 ,1 2 5 . 0 0
UU,989.75 .
6 0 0 .0 0
H6 .9 H0 .H0
6 3 9 .0 0
H,
0
0 0 .0 0
133,7H5.o o 5 6 .gH0 . 1 0
lHl.OS7 .lO
3 ,1 0 0 . 0 0 .
1 ,1 2 5 . 0 0
7 0 .7 2 U . 7 0
S1 .0 2 0 .H5
9 3 9 .0 0 ,
1 ,5 0 0 . 0 0
9 s.H2 9 . 2 0
Hi,2 SH.SO
H5 0 . 0 0 .
3 0 0 .0 0
3 S.1 U7 . 3 0
H2 .0 1 s. 9 0
6 7 5 .0 0
3 5 ,6 1 0 . 3 0
H5 0 . 0 0
1 ,0 5 0 . 0 0
79>3TQ*05
900'
.0 0
1 2 9 ,1 7 0 . 6 5 . 3 ,5 0 0 . 0 0
6 6 ,3 1 s. 7 0
1 ,0 5 0 . 0 0
8 6 ,5 7 1 . 8 5
1 1 6 ,0 7 1 . 7 6
Sl.s3 1 . 7 0
1 2 s,7 1 7 . 7 0
,8 7 7 . 5 5
80,339.75
8 7 .5 7 9 .U0
2 s7 .7 H5 . 0 0
1 1 6 ,0 0 6 . 7 7
2 HH,I8 7 .IO
i Hi ,s H9 . 7 0
i Hi ,5H2.7S
i7 H.9 2 9 .2 O
Si.7 3 H.S0
7 8 .uu7 . - 3 0
7 7 *6 9 3 . 9 0
7 6 ,0 6 0 . 7 0
lH0 ,H2 0 . . 0 5
2 0 0 ,9 0 0 . 0 0
2 3 2 ,6 7 0 . 6 5
1 1 7 ,3 6 s. 7 0
127
NAME of corporation
AND OFFICERS OR
•EMPLOYEES
calendar or
other
FISCAL YEAR , SALARY
COMMISSION
BONUS
COMPENTOTAL
ENDED_________________________________ SATION ______ _
MICHIGAN (Cent.)
GENERAL MOTORS CORPORATION (Cont.)
Williams. Willipm C., Jr.
Wilson, Charles E.
Young, Orville w.
1 2 /3 1 /I*
60.000.00
150,000.00
39.999-96
gO'.ÇgÇ.Uç
20S.579.20
45.123. 3 5
1,125.00
4,375-00
5 2 5 .0 0
151,710.45
362,954-20
85,643.31
BONUS includes the total value of Bonus Awards granted for 191*3» partly in General Motors Corporation Common stock and
partly in cash., payable August 3, I9 I+I+. The Stock portion of the awards was computed at $6 1 . 5 0 per share, the closing
market price of General Motors Corporation Common stock on August 3 , I9 I+I+, as evidenced by the New York Stock Exchange.
BONUS also includes the fourth fourth of Bonus Awards granted for I9 I+I, payable in General Motors Corporation Common
stock in 1 9 I+I+, computed at $6 2 . 7 5 per share, the closing market price of General Motors Corporation Common stock on
December 26, I9 I*, the available delivery date, as evidenced by the New York Stock Exchange..
OTHER COMPENSATION represents dividends received on bonus stock held in escrow.
expenses.
THE J. L. HUDSON COMPANY
Preston, George E.
Webber, James EL
Webber, Oscar
Webber, Richard H.
HUDSON MOTOR CAR COMPANY
Barit, Ar Edward
KOESTLIN TOOL & DIE CORPORATION
Fralick, Foster L.
S. S. KRESGE COMPANY
Tuttle, C. B.
Williams, R. R.
LYON INCORPORATED
Lyon, G. A.
(a)
Covers allowance for living
I/3 I/U5
,2 6 6 . 6 6
^2 6 6 . 6 6
52^33*33
30
7 5 ,0 0 0 . 0 0
26
26
,2 6 6 . 6 6
1 0 1 ,2 6 6 . 6 6
1 3 9 ,2 6 6 . 6 6
1 0 2 ,1 + ^ . 3 3
5 l|-,0 0 0 . 0 0
2 6 ,2 6 6 . 6 6
,
1 1 3 ,0 0 0 . 0 0
5 0 ,0 0 0 . 0 0
12/31/14U
9 0 ,0 0 0 . 0 0
9 0 ,0 0 0 . 0 0
I2 /3 1 /I+I+
5 5 ,0 0 0 . 0 0
2 3 ,0 0 0 . 0 0
7 8 ,0 0 0 . 0 0
I2 /3 1 /I*
,2 5 0 . 0 0
89
8 9 ,2 5 0 . 0 0
89
89
,2 5 0 . 0 0
,2 5 0 . 0 0
I2 /3 I/I*
5 0 ,0 0 0 . 0 0
1+0
,0 0 0 . 0 0
9 0 ,0 0 0 . 0 0
- 15 » I E OF CORPORATION
AND OFFICERS OR
EMPLOYEES
.
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
MICHIGAN (Cont.)
NATIONAL BANK OF DETROIT
McLucas, Walter S.
NATIONAL SHEET STEEL COMPANY, INC.
Deskin, Ray
PACKARD MOTOR CAR COMPANY
Christopher, G. T*
REO MOTORS, INC*
Hund, H. E»
SQUARE D COMPANY
Magin, F. W.
THE TIMKEN-DETROIT AXLE COMPANY
Rockwell, Walter F.
I2/3I/4U
12 /31/44
50,000.00
25,000.00
5s,250.00
55,150.21
SO,I5S. 21
12 / 31/44
12 / 31/44
12/31/44
6/30/1*5
10 S , 2 5 0 .0 0
SI, OOO..00
20,000.00
101,000.00
4o,soo_oo
70,000.00
110,S00.00
4 5 , 0 0 0 .0 0
72.1u7.59
117.1U7.59
50,000.04
31.us3.30
Si,483»34
42,500.00
4 0 , 0 0 0 .0 0
82,500.00
MINNESOTA
THE J. R*- WATKINS COMPANY
King, E. L., Jr»
12 / 31/44
MISSOURI
AMERICAN LITHOFOLD CORPORATION
Blauner, Robert A.
Kätherman, Karen
THE BAYER COMPANY
Linaker, F. W.
L ’ARCY ADVERTISING CO.
Lee, A. L.
J, A. FOLGER & COMPANY
Athar 1 . E.
12 / 31/44
1,200.00
1 2 /31/44
1 2 /31/44
12 / 31/44
7,-500.00
125,493.22
117,246.25
25.00
25.00
S7 , i 4 2 .S 5
126,197.00
21,000.00
125,518.22
1 1 8 , 4 7 1 .2 5
94, 642.85
126,197.00
75.758.50
96.75s.50
- i6 NAME OP CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
MISSOURI (Cent.)
LAWTON BYRNE BRUNER INSURANCE AGENCY CO.
Lawton, C. S.
THE FULITZER PUBLISHING COMPANY
Pulitzer, Joseph
SOUTHERN COMPORT CORPORATION
Fouke, P. B.
Fouke, L. R.
Fowler, F. E., Jr.
I2/3I/UU
83,823.53
83,823. 53
100,000.00
P») » r*r*r\ rt cy
OH-, 0 0 9 . O O
13 h,SS9 . 33
5,000.00
10,000.00
s g . 6 9 5 -7 3
1 3 3 , 9 0 9 .3 7
1 5 7 . 6 9 3 -5 9
I2/3I/hh
I2/3I/UU
39,695. 73
lh7,909. *7
167,697. 59
NEBRASKA
J. L. BRANDEIS & SONS
Brandéis, George
1/31/U5
1*9,999.92
7h,9i6.6i
50,000.00
15,000.00
I2h,9i6. 53
NEW JERSEY
AMERICAN HOME PRODUCTS CORPORATION
Bihish, Alvin G.
BENGUE, INC.
Seltzer, Theodore
CAMPBELL SOUP COMPANY
Dorrance, Arthur C.
COLGATE-PALMOLIVE-PEET COMPANY
Coulter, J. A.
Little, E. H.
Hailey,. B. W.
HAHNE & COMPANY
Buçk, Junior C.
I2/31/UU
12/3l/U^
12,000.00
7 / 3 l />*5
15,000.00
3 0 , 0 0 0 . 00
266,691. lh
25h,691.1h
*
99,000..00
99,000.00
12/31/UU
ho,000.0 3
1 0 0 , 0 0 0 .0 3
ho,000.os
35,500.00
iho,ihi.oo
60,000.00
75,500.,03
2ho,ihi,,08
100,000. OS
I/3X/U5
3 0 ,0 0 0 .0 0
7 0 ,0 0 0 .0 0 1 0 0 ,0 0 0 .0 0
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES '
CALENDAR OE
FISCAL YEAR
ENDED
17
-
SALAi.iT
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOT AT,
NEW JERSEY (Cont.)
HOFFMAN - LA ROCHE INC.
Bareli, Dr. E. C.
Bobst, E. H.
A. HOLLANDER & SON, INC.
Hollander, Michael
JOHNSON & JOHNSON
Johnson, R. W.
NEW JERSEY WORSTED MILLS
Haltermann, Frederick W.
12/31/UU
98,362-57
300,000.00
I2 /3 1 /UU
52,000.00
52,000.00
10^,000.00
75,000.00
17,000.00
92,000,00
12,000.00
9^,076.20
106,073,20
1+5,000.00
55,000.00
100,000,00
65,000.00
1+3,900.00
/ /UU
12 31
I2 /3 1 /UU
NEW YORK '
N. ADAM & CO.
Holder, A. C.
AIR REDUCTION COMPANY INC.
Adams, C. E.
ALLIER CHEMICAL & DYE CORPORATION
Atherton, H. F.
ALLIED STORES CORPORATION
Broidy, Edward W.
Coons, Albert
Laverie, Walter H.
McCarthy, Charles E.
Puckett, B. Earl
Pyke, Robert W.
AMERICAN BRAKE SHOE COMPANY
(riven, Wm. B., Jr.
%
I/3I/U5
I2 /3 I/UH
12/31/UU
I/3 1 /U5
1,250.00
125,000.00
125,000.00
26,000.00
26,000.00
2^,000.00
13,000,00
30,000.00
26,000.00
100.237.00
63.720.00
1 7 3 , 3 9 6 .5 1
71.730.00
1 3 5 . 2 2 0 .0 0
68,OHS.GO
75,000.00
20,000,00
/ /IA
110,150.00
12 31
1H0.00
1 8 0 .0 0
200.00
200.00
200,00
126,377.00
89,960.00
197,396,51
8H,920,00
215,1+20.00
9U,2^8,00
95,000.00
- lg -
OF CORPORATION
AMD OFFICERS OE
EMPLOYEES
name
CALENDAR OR
FISCAL YEAR
ENDED
COMMISSION
SALARY
BONUS
OTHER
COMPENSAT.IO!
TOTAL
MEW YORK (Cont. )
AMERICA! CA! COMPANY
Figgis, D. W.
Sullivan, Ma J*
AMERICA! ’CYAHAMID COMPANY
Bell» W. B*
Cooper, K . ,F.
AMEEICA! CYANAMID & CHEMICAL CORPORATION
Derby, H. L,
AMÉRÎCAN CAR AND FOUNDRY COMPAJY
Hardy, Charles J,
Stevenson, P, A.
AMERICAN LOCOMOTIVE COMPANY
Dickerman, William C.
Eraser, Duncan W.
AMERICA! TELEPHONE A!D TELEGRAPH COMPANY
Cooper, C. P.
Gifford, W. S.
THE AMERICA! TOBACCO COMPA!Y
Hahn, Paul M.
Hill, George ¥.
Riggio, Vincent
AMERICA! WEEKLY, INC.
Berkowitz, Mortimer
* Less:
12/ 31/*4*4
*4,2 0 0 .0 0
*4-,0 0 0 .0 0
1 0 0 ,0 0 0 .0 0
1 5 0 ,0 0 0 .0 0
10*4,2 0 0 .0 0
15*4,0 0 0 .0 0
izßl/bU
7 5 .0 0 0 .
*43,2 0 0 .0 0
00
1U 1,571.5s
1)0,149.99
2 1 6 ,5 7 1 .5 2
2 3 ,3 ^ .9 9
Ul,7 5 5 -9 9
2 6 ,6 8 3 .9 9
izßi/bb
*4*4,9 2 2 .0 0
U/30/45
1 ,2 0 1 .0 0
1 ,2 0 1 .0 0
9 7 *2 0 1 .0 0
7 6 ,2 0 1 .0 0
1 1 2 ,5 0 0 .0 0
9 0 ,0 0 0 .0 0
1 ,3*4 0 .0 0
1 ,3 5 5 .0 0
1 1 3 ,2 *40.00
9 1 ,3 5 5 .0 0
9 9 » 9 9 9 .9 6
2 0 6 ,2 5 0 .0 0
1 »*400.00
3 ,9 0 0 .0 0
1 0 1 ,3 9 9 * 9 6
2 1 0 ,1 5 0 .0 0
9 6 .0 0 0 .
7 5 ,0 0 0 .0 0
00
izßlfkk
1 2/ 31/ Ä
izßi/kk
5 0 ,0 0 0 .0 0 *
1 2 0 ,0 0 0 .0 0
5 0 ,0 0 0 .0 0
39,691.98
6 6 ,1 5 3 .2 9
3 9 ,6 9 1 ,9 s
2 9 ,6 9 1 * 9 2
1 2 6 ,1 5 3 * 2 9
2 9 ,6 9 1 .9 2
1 3 2 ,1 *6 2 .9 9
1 2 *4 ,6 2 9 .6 3
12ßl/kk
5 2 ,1 6 6 .6 *4
Salary paid to P. M. Hahn by The.American Tobacco Company but billed to a subsidiary company.
- 19 NAME OP CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
PISCAB YEAR
ENDED
SALARY'
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
NEW YORK (Cont.)
1 2 / 3 1 /44
1 0 0 ,0 0 0 .0 0
5 , 4 5 0 .0 0
1 0 5 , 4 5 0 ,0 0
IS,000.00
IS,0 0 0 .0 0
6 3 . 9 2 7 .6 2
6 3 . 9 2 7 .6 2
3 1 . 9 2 7 .6 2
8 1 . 9 2 7 .6 2
12/31/44
12/ 31/44
7 5 ,0 0 0 .0 0
1 0 , 0 0 0 .0 0
8 5 , 0 0 0 .0 0
6 0 ,0 0 0 .0 0
4 9 ,9 9 9 .9 2
4 9 ,9 9 9 .9 2
2 9 . 54 5 .9 2
2 9 . 54 5 .9 2
2 9 . 5 4 3 .9 2
89,543.92
7 9 . 5 4 3 .8 4
7 9 . 5 4 8 .8 4
3 0 ,0 0 0 .0 0
27,000.00
12/31/44
12/31/44
4/3o/45
4 s , 0 0 0 .0 0
1/31/U5
3 0 ,0 0 0 .0 0
77,000.00
53,456,00
106,456.00
1 3 8 ,414.63
153,414.63
12/31/44
0 0
0 0
1 7 5 ,0 0 0 .0 0
1 0 0 ,0 0 0 .0 0
12/31/44
20,000,00
—J
O
OQ
0 0
0
0
•.
BANKERS THJST COMPANY
Colt, S. Sloan
HERMAN BASCH & CCL , INC.
Nauen, Ernest
Vortrefflich, Paul W, BLUE NETWORK COMPANY, INC.
La Roche, Chester J.
BRISTOL-MYERS COMPANY- DELAWARE
Bristol, H, P.
Bristol, L. H.
Bristol, W. M.,.Jr*
BROCKWAY MOTOR COMPANY, INC.
Piroumoff, G. S.
CARTER CARBURETOR CORPORATION
Weed, Hugh E. C.
CHARLES STORES COMPART, INC,
Hornstein, B. S.
THE CHASE NATIONAL BANK OF THE
CITY OP NEW YORK
Aldrich, Winthrop W.
Campbell, H. Donald
CHEMICAL BANK & TRUST COMPANY'
Houston, Prank K.
CORN EXCHANGE BANK TRUST COMPANY
Sherer, Dunham B.
CLUETT, PEABODY & CO., INC.
Palmer, C. R,
CRUCIBLE STEEL COMPANY OF AMERICA
Hufnagel, F. B.
1 8 2 , 8 0 0 .0 0
1 0 7 , 0 0 0 .0 0
7 5 ,0 0 0 .0 0
1 , 7 2 5 .0 0
7 6 , 7 2 5 .0 0
7 5 ,0 0 0 .0 0 ,
1 , 0 2 0 .0 0
76,020.00
12/31/44
12/31/44
9 5 ,0 0 0 .0 0
95,000.00
1 1 0 ,0 0 0 .0 0
110 ,0 0 0 .0 0
12/31/44
NAME OE CORPORATION
AND OEEICERS OR
EMPLOYEES
CALENDAR OR
FISCAL-YEAR
ENDED
SALARY
COMMISSION
Borni s
OTHER
COMPEN
SATION
TOTAL
NEW YORK (Cont.)
H. DUYS & CO., INC.
Steur, John A. C.
EASTMAN KODAK COMPANY
Hargrave, T. J.
Lovejoy, Prank. W.
Sievers, H. 0 .
ELECTRO-CHEMICAL ENGRAVING CO. , INC.
Jacoher, M. C.
ETHYL CORPORATION
WehN, Earle If*
THE PIRST NATIONAL BANK OP THE
CITY OP NEW YORK
Praser, Leon
Welldon, Sanruel A.
/
3 3 1 /4 5
122 ,972 .28 * 122 ,972.28
12/31/44
107 ,482.69
85,451.92
75,775.00
I2/31/44
1 4 ,800.00
29*675.92
3*000.00
12/31/44
60,000.00
59,391.23
30,438.00
106,867.75
90*438.00
12/31/1*
* Includes $10 ,000*00 paid on account for expenses.
85,000.00
75,000.00
1 , 2 0 0 .0 0
1 , 2 0 0 .0 0
8 6 , 200*00
7 6 , 2 0 0 .0 0
21
NAME Of CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
-
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
NE¥ YORK (Cont.)
GENERAL POOLS CORPORATION
Chester, Colby M.
Francis, Clarence
Igleheart, Austin S,
Metcalf* Charles ¥.
Young, Udell C,
12/31/44
75»ooo. oo
130.000.
00’
115.000.-00
100,000.00
85,000.00
75.00 75»075. 00
130.000.
00
115.000.
00
100,000.00
85»000.00
The foregoing compensation comprises amounts paid on behalf of General Poods Corporation and subsidiaries as
f ollov/s:
General Poods
Comparative
Colby M. Chester
Clarence Prancis
Austin S* Igleheart
Charles ¥• Metcalf
Udell C. Young
62,612*62
108, 420.32
95*910.28
83, 400.24
62,900.00
.
Subsidiaries
Total
12, 462.38
21,579.6s
19, 089.72
16,599.76
22,-100.00
75,075.00
130,000.00
115,000.00
100,000.00
85,000.00
22
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
__ _
-
CALENDAR OR
OTHER .
‘.FISCAL YEAR
SALARY
COMISSION
BONUS
C0MPEN;_________ENDED________________ ______ _____________________________SAT ION
TOTAL
NEW YORE (Pont.)
GENERAL MOTORS ACCEPTANCE CORPORATION
Schumann# John J . , Jr#
IZ fjlfk k
6 5 ,0 0 0 .0 0
6 U,0 3 0 .0 0
1 ,^8 9 .0 0
,1 3 0 ,5 1 9 *0 0
BONUS includes the total value of Bonus Awards granted for 19 ^+3 » partly in General Motors Corporation Common
stock and partly in cash, payable August 3 » 19^ «
The Stock portion of the awards was computed at $61.50 per
share, the closing market price of General Motors Corporation Common stock on August 3 * 13®+» as evidenced by
the New York Stock Exchange.
BONUS also includes the fourth fourth of Bonus Awards granted for 19 ^1 , payable in General Motors Corporation
Common stock in 19 ^+ computed at $62*75 per share, the closing market price of General Motors Corporation Common
stock on December 26, 19HH» the available delivery date, as evidenced by the New York Stock Exchange.
OTHER COMPENSATION represents dividends received on bonus stock held in escrow.
W* T. GRANT COMPANY
Fogler, Raymond H*
■i
l/31/^5
.
THE-GREAT. ATLANTIC & PACIFIC TEA CO.
(NEW JERSEY)
Adams, 0 . C.
Brooks, C. A.
Byrnes, W. M.
Smith, R. B.
•
60,000.00
135,000.00
75.000.00
2 /28/^5
100,021.00
100 ,021.00
100, 021.00
2 0 .0 0
60.00
1 0 0 ,0 ^ 1 .0 0
100 ,0 2 1 .0 0
1 0 0 ,0 8 1 .0 0
•7 9 ,2 5 9 .9 6
79.259.96
V
KAKE CP CORPORATION
CALEKDAR. OE
AHE OPPICERS OH
EMPLOYEES
PISCAL YEAE
EEESE
OTH1R
SALAEY
BONUS
COMMISSION
’COMPENSATION
TOTAL
NEW YORK (Cont.)
GUAEANTY TRUST COMPANY OP NEW YORK
;■> Cleveland, J. Luther
Conway, W. Palen
Stetson, Eugene ¥.
GUGGENHEIM HITRÄTE CORPORATION
Whelpley, Medley G. B.
HAKDY AKD HAEMAK
Handy, C. W.
Kiemeyer, G. H.
HAECOURT, BRACE AKD COMPANY, INC.
Brace, Eonald C.
Scott, S. Spencer
THE HEARST CORPORATION
Winchellr Kalter
HEARST MAGAZINES INC.
Berlin, Richard E.
THE WILLIAM HENGERER COMPANY
Hecht, Harold M.
HICKOK MA.NUPACTURING COMPANY, INC.
Hickok, S. Ra©
INGERSOLL-RAKD COMPANY
Boubleday, George
12/31/44
9S,54S.39
,
,
7,310.28 1 0 5 ,35 s. 67
5,242.47 105,242.477,.5 S9 .53 107.5S9.53
S7.500.00
S7.500.00
Ug4,0 0 0 . 0 0
s4.ooo.oo
S4.000.00
1 0 0 0 0 0 .0 0
1 0 0 0 0 0 .0 0
12/31/44
12/31/44
S4,000.00
12/31/44
,'
,
76.it6U.6o
76,464.6 0
,
34,s4i.19
7 5 0 0 .0 0
5 0 0 0 .0 0
.
s4 ,4 S9 .6 o
si,si4.6o
525-00
3 5 0 .0 0
/ /44
12 31
6 2 4 0 0 .0 0
.U
9 7 2 1 . 19
/ /44
12 31
,
5 0 0 0 0 .0 0
/ /U5
,
,
7 4 1 3 4 .4 3
1 2 4 1 3 4 .4 3
1 31
,
,
3 0 0 0 0 .0 0
7 0 0 0 0 .0 0
/
,
1 0 0 0 0 0 .0 0
4 3 0 /4 5
,
2 7 0 0 0 .0 0
,
9 3 0 0 0 .0 0
,
1 2 0 0 0 0 .0 0
/
12 3 1 /4 4
7
s.r0 0 0 . 0 0
7S.000.00
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
OTHER
SALARY
COMMISSION
BONUS
COMPEN
TOTAL
SATION
NEW YORK (Cont.)
JOHNSON & HIGGINS
Davey, W. N.
Hall, W. E.
Hunt, E k F.
Keegan, J. S.
La Boyteaux, W. H.
Lowe, Henry W.
Otis, Courtlandt
Sexton, Herbert B.
JORDAN MARSH COMPANY
Mitton, Edward R.
JOSKE BROS. CO.
Calvert, J. H.
KENNECOTT COPPER CORPORATION
Stannard, E. T.
LACKAWANNA STEEL CONSTRUCTION COBP.
Phillippi, W. H.
LENNEN & MITCHELL, INC.
Lennen, Philip W.
FREDERICK LOESER & CO., INC.
Pridday, Joseph E.
LONGINES-WITTNAUER WATCH CO., INC.
Cartoun, M. F.
Guilden, Morris
Heinmuller, J. P. V.
Perlman, Samuel
LORD & TAYLOR
Hoving, Walter
I2/3I/I&
1 3 2 ,4 lS.03
1 1 7 ,701*.91
117,701*. 91
1 3 2 ,4 lS.O3
205t983.59
1 3 2 ,4 lS. O3
S8 ,2 7 2 .6 s
i4o.oo
1 3 2 ,5 5 2 .0 3
2 2 0 .0 0
2 0 0 .0 0
2 2 0 .0 0
2 4 0 .0 0
2 4 0 .0 0
117,92^.91
1 1 7 ,9 0 4 .91
220.-00
26O.OO
1 0 2 ,991. SO
,
1 3 2 6 3 8 .0 3
206,223.59
1 3 2 ,6 5 8 .0 3
8 8 ,4 9 8 .6 8
103,251.20
i/ 3 i /^5
4 9 ,0 0 0 .0 0
91,200.l6
i4o,SOO.i6
2 4 ,0 0 0 .0 0
121,052.10
145,052.10
i/ 3 i /^5
I2/3I/44
1 ,1 0 0 .0 0
125,000.00
126,100.00
I2/3I/44
39,205.73
S9.205.73
I2/3I/44
7 9 ,9 9 9 -9 2
3,333.33
50,000.00
1 9 8 3 1 .2 6
99,231.26
1 0 ,0 0 0 .0 0
15,000.00
1 0 ,0 0 0 .0 0
1 0 ,0 0 0 .0 0
110,525.17
123^525.12
76,693.72
91,613.91
S 3 ,333.25
1/31/1*5
*,
3/31/1+5
1 0 0 ,5 2 5 .1 7
33,000.00
21,000.00
25,000.00
.s .s
75 5 5 1
^5,693.72
56,613.91
1 /3 1 /1+5
70,000.00
65,000.00
135,000.00
NAME CE CORPORATION
AI© OREICSRS CR
EMPLOYEES
CALENDAR OR
RISCAL YEAR
ENDED
SALARY
COMMISSION
BONO S
OTHER
COMPEN
SATION
TOTAL
NEW YORK (Cont.)
/ /^
12 31
50*000.00
50,000.00
i/3i/^5
/ /^
11 ^,SS2 .5 9
U5,000.00
9 5 *0 0 0 . 0.0
U5,000.00
11M S2.59
95*000.00
90,000.00
9 9 *9 9 9 -9 9
250.00
320.00
100,319.99
60O.OO
1 ^0 »7 7 9 .0 0
9 0 »2 S0 .0 0
12 31
I2 /3 I/UU
7 5 *0 0 0 .0 0
65,179.00;
»6 0 S. 78
82»60S*7 ^
1/31/Î+5
60,000.00
^0,000.00
'100»000.00
12/31¡ k b
/ /U5
125,000.00
125,000*00
6 30
/ /^
3 31
8 1 *2 1 7 .7 2
1*588.11
S2»805.S3
7 5 *9 0 0 * 0 0
7 5 »ooo.oo
25,000.00
25,000.00
t—1M
O O
O O
0 c3
0 0
0 ,
0
•
0 0
Q O
JOE LOWE CORPORATION
Lowe, Joe
Nissman, Morris
Price» Louis
R. H. MACY & CO., INC.
Marks, Edwin I.
Straus, Jack I.
M c Ca l l c o r p o r a t i o n
Warner, William B.
Mc CALLUM-H ATCF. BRONZE CO. , INC.
McCalluàj, John C.
JAMES, McCREERY & COIRAI©
Davidson, J„ E.
METROPOLITAN LIRE INSURANCE CO.
Lincoln, Leroy A.
GEORGE W. MILLAR & CO., INC.
G-reenman, Lewis C.
PHILIP MORRIS & CO. LTD. INC.
Chalkley, 0. H.
Lyon, A. E.
NATIONAL BISCUIT COMPANY
Tomlinson, R. E.
NATIONAL BROADCASTING CO., INC.
Trammell, Niles
NATIONAL DAIRY PRODUCTS CORP.
Van Borne!,. L. A.
12/31f k k
91*200.00
91»200.00
12/31/Hh
70»000.0s
1^,000.00
200.00
SV2OO.O8
62O.OO
120*620.00
12/31/1&
120*000.00
KAKE OF CORPORATION
AND OFFICERS OB
EMPLOYEES
CALENDAR OB
FISCAL YEAB
ENDED
26
-
SALABY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
NEW YOBK (Cont.)
NATIONAL DISTILLERS PBODUCTS GOBP*
Balfe, Thomas W..
Mac Namarar M. J.
Porter, Seton
NATIONAL GYPSUM COMPANY
Baker, Melvin H.
THE NEW YORK TBUST COMPANY
. Bierwirth, John E.
PARAMOUNT PICTURES INC.
Balahan, Barney
Bracken, Edward Y.
Brackett, Charles
Butler, Frank
Crosby, Harry L. (Bing Crosby)
DeSylva, George G.
Donlevy, Brian
Farrow, John Y.
Freeman, Y# Frank
Ginsberg, Henry
Goddard, Paulette
.’
Hope, Bob
Howard, Dorothy (Dorothy Lamour)
Keough, Austin C.'
Eohlmar, Fred
Ladd, Alan Walbriclge
Lanfield, Sidney
Leisen, Mitchell
1 2 /31/44
50,000.00
50>000.00
100,000*00
4 2 ,0 0 0 .0 0
4 2 ,0 0 0 .0 0
105,000.00
92,000.00
92,000.00
205,000.00
1 2 /31/44
9 1 |.2 5 0 *0 S
91*250.08
12/31/44
75,000.00
/ /1*
12 31
156,000.00
105,083.31+
102,100.00
1 0 4 ,5 2 5 .0 0
192,944. 4s
■ 2 0 4 ,6 ^4 .7 6
86,166.67
92,i4 i.67
130,000.00
146,566.6 6
1 8 7 .3 3 3 *33
185,416.67
167,500.01
7 8 ,0 0 0 .0 0
7 5 .333-3 ^
.8 8 ,9 9 9 .9 9
1 0 4 ,4 6 4 .25
1 7 2 ,8 1 6 .2 4
5,000.00
8 0 ,0 0 0 .0 0
156,000.00
105,083.34
102,100.00
104,525.00
192,944.4s
204,654.76
86,166.67
9 2 ,1 4 1 .6 7
130,000.00
146,566,66
1 8 7 ,3 3 3 .3 3
. 185,416.67
167,500,01
78,000.00
75,333.3^
88,999.99
1 0 4 ,4 6 4 .2 5
172,816.24
- 27 NAME OE CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
______
COMMISSION
BONUS
OTHER
COMPRÎTSATION
TOTAL
NEW YORK (Cont.)
PARAMOUNT PICTURES INC. (Cont.)
IZfjl-fkk
MacMurray, Fred
Marshall, George
McCarey, Thomas Leo
McCrea, Joel
Mi Hand, Raymond
Miller, Seton I.
Moore, Victor Fred
Reagan, ,Chas. M.
Sandrich, Mark Rex
Scott, Allan
Thornburg, Betty June (Betty Hutton)
Tugend, Harry
Wilder, Samuel “Billy11
Zukor, Adolph
J. C. PENNEY COMPANY
12 /31/44
Binzen, F. W.
Crocker, G. H.
Herbert, J. I. E.
Hughes, A. W.
Reynolds, W. A.
Ross, E. A.
Trown, R..W*
PHELPS DODGE CORPORATION
12/31/44
Cates, Louis S.
THE READER’S DIGEST ASSOCIATION, DEL 12 /31/44
Cole, Albert L.
Payne, Kenneth W.
Wallace, DeWitt
213»333*33
156.000.
7 5 .000.
21,250.00
213.333.33
156.000.
1,032,035.37 1,113,035.37
21.250.00
243.333.33
130.600.00
91,000.00
72,611.16
00
00
^,
2 3 3 3 3 .3 3
130.600.00
91.000.
72,611.16
14 1.000 .
7 2 .750.00
2 4 .275.00
131,650.00
136,750.04
104.000.
00
00
141.000.
72.750.00
2 4 ,275-00
00
1 0 , 0 0 0 .0 0
1 0 , 0 0 0 .0 0
1 0 , 0 0 0 .0 0
10,000.00
1 0 , 0 0 0 .0 0
1 0 , 0 0 0 .0 0
1 0 , 0 0 0 .0 0
150,000.00
24.500.00
4 2 ,000.00
99.500.00
5,000.00
131.650.00
136,750.04
109,000.00
67.365.24
67.365.24
67.365.24
67.365.24
67.365.24
67.365.24
67.365.24
77.365.24
77.365.24
77.365.24
77.365.24
77.365.24
77.365.24
77.365.24
150,000.00
24.500.00
36,462.22
2 4 ,462.22
99.500.00
00
NAME 0 ? CORPORATION
v AND OFFICERS OR
EMPLOYEES
o±i
FISCAL YEAR
ENDED
m & m jm
SALARY
COMMISSION
BONUS
OTHER
COMPEN-;
SATION
TOTAL
NEW YORK (Cont.)
6/30/M-5
36,000.00
66,000.00
to,000.00
61,000.00
78,000.00
127,000.00
12/31/to
52,000.00
3s.055.A7
90,055.47
12/31/to
108 ,000.00
too.00
ito.oo
to,too.00
108,too.00
60,000.00
53,359.45
113,359.45
to,000.00
12/31/to
12/31/to
90,000.00
so,000.00
86,667.00
i/3 i / J+5
90,000.00
- 80 ,000.00
86,667.00
1 8 ,000.00
22,500.00
13,500.00
69 ,0o6.26
69,086.26
69,086.26
36,too.00
36,too. 00
36,too.00
to,800.00
8 7 ,086,26
91,5^6.26
8 2 ,586.26
12/31/to
8 5 ,200.00
85 ,200.00
85 ,200.00
to,800.00
to,800.00
12/31/to
75,000.00
3,585.20
7S.5S 5 .20
1/31/U5
1 8 ,000.00
01,574.35
99 ,574.35
12/31/to
135 .912 .50
135,912.50
12/31/to
to.soo.oo
50,000.00
-£*
03
O
O
O
O
REEVES BROTHERS, I1TC.
Kerr, A. M,
Reeves, J. M.
RUSSELL & STOLL COMPANY DIG.
Stoll, Albert E.
THE E. & K SCHAEE1 &..BEEWING CO..
Schaefer, E. M. E.
Schaefer, R. J.
SIMPLICITY PATTERN CO. ,. INC* AND
SUBSIDIARY COMPANIES
Shapiro, Joseph M.
SOCONY-VACUUM OIL COMPANY, INC.
Brown, John A.
Holton, George V.
Sheets, Harold E.
L. SONNEBORN SONS, INC.
Roten, J. E.
Sonneborn, Dr. E.
, Sonneborn, R. G.
TECHNICAL METAL EINISHING COEP.
Munzer, Alfred E..
Munzer» William Munzer, William A*
TIDE WATER ASSOCIATED OIL COMPANY
Humphrey, William F.
THE TITCHE-GOETTINGER COMPANY
Brown, William J*
TODD SHIPYARDS CORPORATION" .
Reilly, John D.
M. H. TREADWELL COMPANY,. INC.
Casey, J. S.
29
»
OS’ COSPOHATION
AED OFFICERS OS
EMPLOYEES
CALEEDAS OS
FISCAL YEAS
EEDED
COMMISSION
SALASY
BONUS
OTHES
COMPEN
TOTAL
SATION
NEW YOSK (Coat.)
TWENTIETH CENTUSY-FOX FILM CQBF.. _
Amechc, Bon F.
Bacher, Wm. A.
Bacon, Lloyd
Bankhead, Talullah B.
Caldwell, Erskine
Coburn, Charles B*
•Connors, Thomas J.
Foster, Preston S.
Foy, Bryan
G-rahle, Betty
Hathaway, Henry L.
Haymes, Sichard B*
Humberstone, H. B.
Jesscl, George A.
King, Henry
Lebaron, William
Lighton, Louis B.
} Lubit sch, Ernst
MacMurray, Fred er ick
Manki ewi c z, Joseph L.
Mgyo, Archie L.
Miranda, Carmen
Mitchell, Thomas
Mo skowit z, Jo soph
Newman, Alfred
Perlberg, William
Preminger, Otto L.
12 /31 /UU
117,000.00
7 9 .5 0 0 .0 0
161,250.00
116,666.65
83.750.00
1 9 7 ,9 9 1 .2*+'
106.000.
00
78,666,67
1 7 2 .2 5 0 .0 0
172.000.
00
132.500.00
.10^,062.50
75 .5 * 1 .6 7
59,291.66
1^3,333*3^
159.000.
7 7 ,833.33
1 5 9 .5 0 0 .0 0
1 7 7 , 0 8 ^ .5 9
185.500.00
89,038.37
201,^58.33
106,666*66
7 9 .5 0 0 .0 0
8i,3i7.Ui
185.500.00
9 5 .8 7 5 .0 0
0c
6,300.00
117 ,0 0 0 .0 0
79 ,500.00
161 ,250.00
116 ,666.65
S3 ,750.00 '
197 .991 .2 *
112 ,300.00
78 ,666.67
172 ,250.00
172 ,000.00
132 ,500.00
10 k ,062.50
75 ,51+1*6799 ,291.66
143 •333 -3 1*
159 ,0 0 0 .0 0
77 ,833.33
159 ,500.00
177 ,88^.59
185 ,5 0 0 .0 0
89 ,0 3 8 .37
201 ,1+5 8 .3 3
IO6 ,6 6 6 .6 6
79 ,500.00
81 ,317 .Hi
I85 ,500.00
95 ,8 7 5 .0 0
;
- 30 -
NAME OF CORPORATION
AID OFFICERS: OR
EMPLOYEES
CALENDAR OR A
FISCAL YEAR
ENDED
SALARY
COMISSION
BONUS
OTHER
COMENSATION
TOTAL
HEW YORK (Cont.)
TWENTIETH CENTURY-FOX FILM
CORP.-(Cont.)
12/31/kH
Raft, George
Raine, Norman R.
Ratoff, Gregory
Schenqk, Joseph M*
Schreiher, Lev/
Seaton,. George E, .
8§ ■
Skouras, Spyros P*
Stahl, John M.
Swerling, Joseph
Tierney, Gene
Trotti, Lamar
Wooley, Edgar M*
Wurtzel, Sol M#
Zanuck, Darryl F*
/
UNDERWOOD ELLIOTT FISHER COMPANY
(DELAWARE)
12/31fkk
s Wagoner, Philip D.
UNION BAG & PAPER CORPORATION
12/31/kk
Calder, Alexander
UNION PACIFIC RAILROAD COMPANY AND
AFFILIATED COMPANIES
12/31/bk
Charske, F. W.
Jeffers, W. M.
UNITED STATES RUBBER COMPANY .
12/31/uu
Davis, F. B., Jr,
Humphreys, H. E, , Jr*
Marlor, H. S*
Needham, T. J,
Roberts, Elmer
Smith., H. E.
m s , 333.32
1 0 2 ,3 7 5 .0 0
1^5.000.00
130.ux6.57
21,500.00
123,266,66
25U.S07.57
172.250.00
137,000,00
7 7 .0S3.3U
ss.375.00
so,io*f.i6
77,500.00
260,233.33
1,100,00
132*260.00
S5,000.00
132,260.00
32,210.00
75,000,00
75,000,00
150,000.00
. 72,000.00
50,ooo*oU
50,ooo0oU
5 0 ,0 0 0 oQi+
99,999.96
102,3 3 3 .3 2
102,375.00
1^5,000.00
130,1*16.5 7
21,500.00
123» 266*66
2 o5 39 0 1»57
172,250.00
137,000.00
77.OG3.3u
2 2 ,3 7 5 .0 0
g0.10i.l6
77r500.00
260.s33.33
35,000,00
35.000,00
35,obo?00
35,000., 00
¿*•9,000*00
900.00
112,710.00
u,215.00
720.00
7 9 ,2 1 5 .0 0
7 5 .7 SO.OO
550.00
500.00
500*00
550.00
500.00
550.00
1 5 0 ,5 5 0 .0 0
107,500.00
25,500.0**
2 5 .550.0 Î
2 5 ,500'.0h
1h9 ,5h9.96
NAME OF"CORPORATION
AND, OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPENSAT ION
TOTAL
NEW YORK (Cent.)
WAH CHANG TRADING CORPORATION
Li, Z. G.
WALLERSTEIN COMPANY, INC.
Graf,. William
Wallerstein, Leo
WALWORTH COMPANY
Holton, W. B. u Jr.
WARNER BROS. CIRCUIT MANAGEMENT
CORPORATION
Coston, J. E.
Hoffman, I. J.
WARNER BROS. PICTURES, INC.
Bernhard, Jos.
Bernhardt, Hurt
Blanke, Henry
Bogart, Humphrey
Boyer, Charles
Buckner, Robert
Butler, Bavid
Crawford, Joan
Curtiz, Michael
Bayes, Belmar
Einfeld, S. C*
Flynn, Errol
Forhstein, Leo
Francen, Victor
Garfield, Jules
*
Allowance for expense#
12/31/44
4 o.oo
8 8 .8 0 9
4,500.00
9 3 , 3 4 9 .0 0
12/31/44
60.000.
8 4 .0 0 0 .
00
00
21,000.00
8 1 ,0 0 0 .0 0
94,000.00
10,600.00
12/31/44
7 5 ,0 0 0 .0 0
45,000.00
120 ,000.00
8/31/45
46,800.00
52,000.00
25,706.13
24,191.94
8/31/45
130.000.
111,708.33
154.500.00
132,916.67
207.500.00
81,625.00
123.750.00
106.000. 00
2 0 3 ,7 5 9 .2 3
87,450.00
1 5 1 ,3 3 3 .3 3
1 8 4 ,0 0 0 .0 0
91,000.00
86,916.67
‘ll4 ,7 0 8 .3 3
00
,
. *
5 200 00
C 1 ,1 0 0 .0 0 ^
(?6 ,0 0 0 ;0 0 *
7 7 ,7 0 6 .1 3
7 6 ,1 9 1 .9 4
1 5 7 .1 0 0 .0 0
1 1 1 ,7 0 8 .3 3 .
1 5 4 .5 0 0 .0 0
132.916.67
207.500.00
81,625*O0
1 2 3 ,7 5 0 .0 0
100 ,000.00
203,759.03
8 7 ,4 5 0 .0 0
151.333.33
1 8 4 ,0 0 0 .0 0
91,000.00
86.916.67
1 1 4 .7 0 8 .3 3
- 32 NAME OF CORPORATION
Affi) OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
NEW YORK (ContQ
WARNER BROS. PICTURES, INC. (Cont.)
Grant, Cary
Hawks, Hov/ard
Hellinger, Mark
Henreid, Paul
Morner, Stanley
Sakai 1 , S, Z.
Schneider, S.
Shumlin, Herman
Stanwyck, Barbara
Steiner, Max
Wald, Jerry
Walsh, Raoul
Warner, A.
Warner, H. M.
Warner, J, L*
Woolley, Edgar M.
ARNER BROS. PICTURES DISTRIBUTING
CORPORATION
Kalmenson, Benj.
CSTERN ELECTRIC COMPANY, INC.
Stoll, C. G.
R. C, WILLIAMS & COMPANY,. INC,
Jahurg, Hugo F.
Roer, Albert
**
Allowance for expense,
S/3 1 /U
1 7 2 , 9 1 6 .6 7
8 0 , 0 0 0 .0 0
172,916.67
8 0 ,0 0 0 .0 0
159»000.00
i59»ooo.oo
' 163,437.66
88,541.67
8 0 , 2 0 8 .3 3
65,000.00
91,666*74
125,666.67
89,566.67
75,416.67
173,000.00
91,000.00
1 8 2 , 0 0 0 .0 0
1 8 2 , 0 0 0 .0 0
125,000.00
163.437.66
30,000.00
9 0 0 .0 0
13,000.00**
118.541.67
8 0 ,2 0 8 .3 3
7 8 ,9 0 0 .0 0
91 j
(
900.00-
(13, §88:88^
100.00
666.34
125.666.67
8 9 .5 6 6 .6 7
7 5 . 4 1 6 .6 7
173.000.
104.900.00
182.500.00
1 8 2 1 0 0 .0 0
125.000.
.
8/31/45
12/31/44
71,761.00
13,000.00**
90,000.00
u/30/^5
520.00
52,000.00
25,000.00
7 6 , 8 1 8 .3 0
00
8 4 . 7 6 1 .0 0
90.520.00
77,000.00
76,818.30
00
t
- 33 -
NAME OE CORPORATION
AND OEEICERS OR
EMPLOYEES
CALENDS OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
___________________
BONUS.
OTHER
COMPEN, SAT ION
TOTAL
NEW YORK (Cent.)
E. W. WOOLWORTH COMPANY
Chamberlain, S. S.
Cornwell, A, L*.
Crowther, H. S*
Deyo, C. W.
O ’Neil, H* E.
12/31/kk
7 5 *156o76
91'»209 0.1
so,Usb. 29
250., 9 7 % 50
6 7 ,6 7 5 »S7
75,156*76
9*H 209.01
8 0 ,Ugl+. 29
2 5 0 ,9 7 ^ .5 0
8 7 ,6 7 5 .8 7
NORTH CAROLINA
R J REYNOLDS TOBACCO COMPANY
Williams, S* Clay
12/31/Hk
100,000.00
100-, 000.00
OHIO
THE AETNA PAPER COMPANY
Howard, H. M*
THE AMERICAN ROLLING MILL COMPANY
, Hook, Charles R.
THE AUSTIN COMPANY
Bryant, George A #
THE BUI CE YOUNGSTOWN COMPANY
Hopper, E, D #
.
CHAMPION SPARK PLUG COMPANY
Stranahan, Erank D*
Stranahan, Robert A*
THE CROSLEY CORPORATION
Cosgrove, R. C.
DAYID DAYIES, INC.
Jameson, Harry W.
12/31/kk
36,000.00
8^, 9^9.7 ^
120,9^9.. 7^
80,292.00
17,552.15
97,8^.15
1 2 ,875*16
62,275.00
75,150.16
9-,900.00
98,731.20
108,631.20
12/31/U^
12/31/UU
12/31/^
12/31/^
1 2 0 .0 0 0 .0 0
170,000.00
120,000.00
1 7 0 ¿0 0 0 .0 0
12/31/kk
50,000.00
39,999.92
1 8 ,0 0 0 .0 0
95,635.^1
8 9 ,9 9 9 .9 2
12/31/uu
1,200.00
11*4,835.^1
NAME OF CORPORATION
AND OFFICERS OR
EMP LOY Ea S
CALENDAR OR
FISCAL YEAR
nJDED
Sa l a r y
COMMISSION
BONUS
OTHER
COMPENSATION
TOTAL
OHIO (Cont.)
THE DENISON ENGINEERING COMPANY
Béni son, W. C. , Jr.
EATON MANUFACTURING' COMPANY
Eaton, J. 0 .
THE FOREST CITY PUBLISHING- COMPANY
Bellamy, Paul
Graham, Sterling E.
GENERAL MACHINERY CORPORATION
Rentschler, G. A*
THE B. F. GOODRICH COMPANY
Collyer, John L.
(a)
1 2 /3 l/*4*4
,
100,000.00
1 0 0 0 0 0 .0 0
1 2 /3 l/*4*4
60,000.00
100,000.00
*40,0 0 0 .0 0
1 2 /3 l/*4*4
15,600.00
*40,0 0 0 .0 0
99,0*45.2.2
90,000.00
23
1 2 /3 l/*4*i
**4*45.?-2
50,000.00
90,000.00
1 0 , 0 0 0 .0 0
1 0 0 .0 0
100,100.00
100,000.00
*45,000.00
(a)
1*45,000.00
IZ/jl/Uk
There was also paid during the year $9 ,1 9 1 .2 3 to an insurance company under the terms of an approved
retirement income plan. This amount is not considered compensation as it is forfeitable.
THE GRUEN WATCH COMPANY
Katz, Benjamin S.
ROBERT KELLER & ASSOCIATES, INC.
Heller, Robert
INDUSTRIAL RAYON CORPORATION
Rivitz, Hiram S.
3 /3 1 /Î45
*42,0 0 0 .0 0
S3,000.00
*41,0 0 0 .0 0
1 2 /3 l/*4*4
1,069.01*
75*000.00
76,069.01
1 2 /3 l/*4*4
75,000.00
33 »2 9 3 .2*4
(A)
1 0 S,S9 3 .S*4
NOTE A - This amount does not include an amount of $2 6 ,1 0 6 .l6 paid hy Industrial Rayon Corporation during
19 *4*4 into Industrial Rayon Corporation Employees* Pension Fund Trust for the Benefit of this
officer. This amount was not available to this officer during the year 19*4*4.
*
Premium on life insurance - portion of company*s contribution to pension trust
- 35 -
NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISC.AL YEAR.
E NEED
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
OHIO (Cont.)
THE KROGER GROCERY <?- BAKING COMPANY
Bracy, Harry W.
Robertson, Charles M.
THE F. AND R. LAZARUS AND COMPANY
Lazarus, Simon
THE MIDLAND STEEL PRODUCTS COMPANY
Kulas, E. J.
THE NATIONAL CASH REGISTER COMPANY
Allyn, S. C.
Deeds, Edward A.
OWENS-ILLINOIS GLASS COMPANY
' Levis, J. P.
Levis, ¥. E.
THE WILLIAM POWELL COMPANY
Coomhe, K. E.
THE PROCTER & GAMBLE COMPANY AND
AFFILIATED GROUP
Larnes, L. M.
Brodie, R. K.
' Deupree, R. R.
THE PYRAMID RUBBER COMPANY
McIntosh, W. B.
THE WM. TAYLOR SON & COMPANY
Scholl, D. H.
THE TIMKEN ROLLER BEARING COMPANY
Umstattd, Wm. E.
THE WELDON TOOL COMPANY
Bergstrom, C. A.
* Expense allowance.
I2/3I/44
1/31/U5
I2/3I/44
12/31/44
12/31/44
12/31/44
25,000.00
81, 224»32
2 2 1 ,3 9 3 .7 5
s'l^sU. 32
i96.393.75
100,000.00
1 0 0 , 0 0 0 .0 0
99*428.92
80, 000.00
9 9 ,4 2 8 .9 2
75*000c00
16,000.00
25,000.00*
90,000., 00
100,000c00
96.000.
100,000.00
00
90.000.
100 ,OOO.DO
00
83,614.97
6/30/45
9/30/H5
I/31/45
12/31/44
12/31/44
75:000c00
75*oooc00
100,000.00
19.000.
19.000.00
78,049.00
8, 400*00
126,299.73
135,299.73
67,500.00
1 0 0 ,0 0 0 .0 0
■ 32,500.00
139*900.00
25,090.00
00
94.000.
94.000. 00
178,049.00
1 3 9 *9 0 0 .0 0
50,000.00
7 5 *0 9 0 .0 0
00
- 36 NAME OF CORPORATION
AND OFFICERS OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONUS
OTHER
COMPEN
SATION
TOTAL
OKLAHOMA
CONTINENTAL OIL COMPANY
Mearan, Dan
12/31/44
,
1 0 0 0 0 0 .0 0
2 0 0 .0 0
100 ,-200. 00
OREGON
MEIER & FRANK COMPANY, INC.
Adams, R. R.
i/3i/^5
,
,
6 0 0 0 0 .0 0
2 5 0 0 0 .0 0
>
8 5 0 0 0 .0 0
PENNSYLVANIA
ALUMINUM COMPANY OF AMERICA AND
AFFILIATED CORPORATIONS
Davis, Arthur V*
12/31ßk
Gibbons, G. R.
THE ANCHOR PACKING COMPANY
12/31/44
Clarke, Walter J*
Edmonds, John F.
Kohl, Frank
ARMSTRONG CORK COMPANY
1 2 /3 1 /1*
Prentis, H. W., Jr.
BETHLEHEM STEEL COMPANY (DELAWARE)12/31/44
Mackall, Paul
COPPERWELD STEEL COMPANY
12/31/44
Bramer, S. E.
GREAT LAKES STEEL CORPORATION
1 2 /3 1 / 4 4
Fink, G. R*
HEINTZ MANUFACTURING COMPANY
1 2 /3 1 / 4 4
Meinel,.William J.
HERSHEY CHOCOLATE CORPORATION
12/31/44
Murrie, Wm. F. R#
108,000.00
1 0 8 , 0 0 0 .0 0
7 5 , 4 oo.oo
7 5 »4 oo.oo
5 5 . 1 3 3 .7 2
7 8 , 3 2 2 .8 4
118,415.3s
10,000.00
,
125,000.00
1 2 5 0 0 0 .0 0
,
8 5 , 1 3 3 .7 2
7 8 , 3 2 2 .8 4
1 2 8 , 4 1 5 .3 8
9 0 0 0 0 .0 0
59,760.00
1 4 9 , 7 6 0 .0 0
27,5 2 0 .0 0
74,960.48
1 0 2 , 4 8 0 .4 8
,
7 5 , 0 0 0 .0 0
1 3 7 , 5 0 0 .0 0
,
171,308.79
1 9 6 , 3 0 8 .7 9
6 2 5 0 0 .0 0
2 5 0 0 0 .0 0
9 5 .oiiJ-.oi
95,014.01
- 37 -
NAHE OF COEPOEATION
AED OFFICERS OE
EMPLOYEES
CALENDAR OE
FISCAL YEAR
ENDED.
COMMISSION
SALARY
BONUS
OTHER
COMPEN
SATION .
TOTAL
PENNSYLVAHIA (Cont.)
^9,5-63.00
^6 ,Sgí|.00
.s
.uu . s
118,752.55
. .s
6 9 1 9 .5 5
65
9 5
112 333 5
,^
,
.,
79,166.69
1 2 0 1 6 .6 5
7 9 1 6 6 .6 9
,
8 0 0 0 .0 0
120 1î1 6 , 6 5
S3 ,Usi. 15
75*te. 15
75.6 2 U.77
2,565.00
,
^5 .,0 0 0 . 0 0
,
,
,
2 0 0 0 0 .0 0
1 5 0 0 0 .0 0
2 0 0 0 0 .0 0
.
,
9 0 0 0 0 .0 0
ho, s5 0 .0 0
80,000.00
6 1 .0 0 0 .
80.000.
*
,
,
7 5 0 0 0 .0 0
5 0 0 0 0 .0 0
1 1 2 5 0 0 .0 0
5 5 0 .0 0
86
,Hoo.qo
.
,
.
.
00
.
00
100 000
7 6 0 0 0 .0 0
100 000
00
00
.
,
.
1 3 7 9 0 0 .0 0
7 7 o6 6 6
2 0 6 6 5 0 .0 0
7^5.00
1 1 0 7 5 .0 0
0
,
1 1 0 0 0 0 .0 0
1 5 6 0 0 0 .0 0
0
O•00.
,
,
.
6 2 5 0 0 .0 0
2 6 6 6 6 Gk
9 3 7 5 0 .0 0
,
7 8 1 8 9 .7 7
,
1 5 6 0 0 0 .0 0
0 0
0 0
•
0
0 0
JOSEPH HORNE COMPAEY
1 /3 1 /1+5
Burchfield, W. H.
Frie sell,, Em. H., Sr.
.JONES & LAUGHLIN STEEL CORPORATION I 2 / 3 1 M
Lewis, H. E.
Parsons, L. M.
LOWMAN-SHIELDS RUBBER COMPAEY
lZ/31/bk
Shields, John, Jr.
LUKEHS STEEL COMPAEY
1 2 /3 1 /^
Wolcott, Eohert W.
MCCLOSKEY t COMPAEY "
I2 /3 1 /M+
McCloskey, M. H. , Jr.
THE MIETALE COMPAEY
12/31/kk
Bradley, Francis
G. C. MURPHY COMPAEY
1 2 /3 1 /^
Mack, Edgar M.
Sample, Paul L.
- Shaw, Walter C,
NATIONAL STEEL COEPOEATION
12/31/bk
Fink, G. R.
Millsop, T. E. '
Weir, E, T.
THE PENNSYLVANIA RAILROAD COMPANY
12/31/kk
Clement, M. W*
JACOB SIEGEL COMPANY, INC.
I/3 1 / 4 5
Siegel, Jacob
.U
,^
90
,ooo.oo
NAME OP CORPORATION
CaLEE^E oh
AND OEEICEES OH
HISCAL YEAR
EMPLOYEES
' ELDED
PENNSLVANIA (Cent.)
SMITH, KLINE & FRENCH LABORATORIES izhl/kk
Boyer, Erancis
Kline, C. Maillon
TASTY BAKING COMPANY
12 /3 1 /kk
Baur, P* J.
Morris, H*. C*
TOWNSEND COMPANY
6 /3 0 /U5
Weidner, H. C#
WEIRTON STEEL COMPANY
1 2 / 3 1 fkk
Millsop, T. E.
WESTINGHOC.se ELECTRIC &
MANUFACTURING COMPANY
12 /3 1 /kk
Bucher, Geo* H*
Robertson, A. W*
OTHER
SALARY
COMMISSION
BONUS
COMPEL-
. TOTAL
SATION
,
,
2 7 5 0 0 .0 0
3 0 0 0 0 .0 0
^,
,
,
72,600.00
9 0 5 0 .0 0
1 0 2 6 0 0 .0 0
6 6 5 5 0 .0 0
.
.
.
.
1 2 2 5 7 2 .5 5
1 2 2 5 7 2 .5 5
3
Q.0 0 0 . 0 0
1 2 2 5 7 2 .5 5
1 2 2 5 7 2 .5 5
U6 ,2 2 2 .2 2
,
5 0 0 0 0 .0 0
9 5 0 0 0 .0 0
1 5 0 0 5 0 .0 0
,
,
^•5 ,0 0 0 . 0 0
U7 .0 0 0 .0 0
2^,000.00
5 0 0 0 0 .0 0
3 3 6 6 6 .7 2
,
7 6 2 2 2 .2 2
,
8 3 ,6 6 6 .7 2
,
,
1 5 0 0 .0 0
1 3 5 0 .0 0
^,
,^
1 1 5 0 0 .0 0
198 0 0 .0 0
RHODE ISLAND
COLLYEH INSULATED WIRE COMPANY
Moeller, Robert C.
lZ/jl/kk
,
, ^.0 0 *
22 60
,
9 6 6 0 ^ .0 0
SOUTH CAROLINA
ROCK HILL PRINTING AND EINISHING CO. 12/3 1 /kb
Joslin, Archie 0*
.
5 5 0 0 0 .0 0
, ^-
2 8 5 2 .0 0
83,5^8.00
TEXAS
POLLOCK PAPER & BOX COMPANY
12!3l/kk
Jacobs, Leslie L.
SOUTHERN AIRCRAET CORPORATION
12/31/kk
Brown,Willis C*
* Represents adjustment of bonus for 19*+2.
,
100,000.00
,
1 5 0 0 0 .0 0
1 0 0 0 0 0 .0 0
9 6 ,2 2 6 .9 3
, b.93
1 1 1 22
- 39 M M E OF CORPORATION
AND OFFICERS OR
.EMPLOYEES .
CALENDAR OR
FISCAL YEAR
ENDED
SALARY
COMMISSION
BONES
OTHER
COMPEN
SATION
TOTAL
VERMONT '
E.
B. AND A, C. WRITING COMPANY
Unsworth, Thomas A.
/ /U5
5 31
48,000.00
,
75.000.00
1 2 3 0 0 0 .0 0
VIRGINIA
NEWPORT NEWS SHIPBUILDING AND
DRY DOCK COMPANY
I2 /3 1 / 4 4
Ferguson, H. L.
REYNOLDS METALS COMPANY
Reynolds, B. S.
12/31/44
84,831.08
40,000.00
124,831.08
,
20,000,00
9 5 , 0 0 0 .0 0 •
,
73,360.00
9 1 7 2 0 .0 0
,
68,567.07
94,567.07
,
66,509.85
72,509.25
7 5 0 0 0 .0 0
WISCONSIN
THE ELECTRIC SPRAYIT COMPANY
1 2 /3 1 / 4 4
Deutseh, S.
THE FALK CORPORATION
12/31/44
Falk, Harold S„
THE PARKER PEN COMPANY
2/28/45
Frederick, C. L.
WESTERN PRINTING & LITHOGRAPHING CO.1 2 /3 1 / 4 4
Benstead, H. M.
Voigt, Elmer G*
Wadevitz, S. H.
Wadewitz, W, R»
1 8 3 6 0 .0 0
2 6 0 0 0 .0 0
1 2 0 0 0 .0 0
9
9
15
9
,6 0 0 ,0 0
,6 0 0 o00
,0 0 0 . 0 0
,6 0 0 ,0 0
123,69Uc7S
l44,913„40
1 8 9 ,2 0 6 *6 0
1 5 2 ,7 6 9 .3 1
,
.
,
',
, b
162,369.31
1 3 3 2 9 4 .7 2
1 5 4 5 1 3 .4 0
2 0 4 2 0 .-60
- 4o HAMS or CORPORATION
AND OFFICERS OH
EMPLOYEES
CALENDAR OR
FISCAL YEAH
ENDED
OTHER
SALARY
COMMISSION
COMPEN
SATION
BONUS
TOTAL
REPORT' OE PAYMENTS OP SALARY, COMMISSION,
BONUS OR OTHER COMPENSATION PAID IN
EXCESS OF $75 .,000.00 COMPILED PROM
INCOME RETURNS, SCHEDULE P-l, PILED
FOR THE CALENDAR YEAR 19^3 AND FISCAL
YEARS ENDED IN 1944
SUPPLEMENTAL NO. 2
MARYLAND
STEWART & COMPANY, INC#
Abbott, T. P.
1/31/^
,
46,4o4,42
3 5 0 0 0 .0 0
Si, 4o4.42
Ma s s a c h u s e t t s
E. B. BADGER <?: SONS COMPANY
Badger, Erastus B*
Hall, Waiter T.
Hargrove, George C.
Lunt, George P*
^Peters, William A., Jr,
LEVER BROTHERS COMPANY
Countway, F. A,
NATIONAL FIREWORKS, INC,
Babbitt, Edwin V,
Clark, George J, J.
I2 /3 1 / 4 3
/O
IS,0 0 0 . 0 0
IS,000.00
12,000.00
12,000.00
IS,000.00
6 3 /4 4
.
9 6 *9 6 3 .7 5
64,642.50
6 4 ,6 4 2 . 5 0
9 6 ,9 6 3 .7 5
,
3 0 0 0 0 .0 0
,
,
1 1 4 9 6 3 .7 5
1 1 4 9 6 3 .7 5
.5 0
,
,
4 1 0 9 4 7 .9 2
3 2 0 9 4 7 .9 2
S/3 1 / 4 4
5 2 0 0 0 .0 0
5 2 0 0 0 .0 0
,
,
76,642
76,642.50
1 1 4 ,9 6 3 .7 5
9 6 9 6 3 .7 5
100,000.00
100,000.00
10,000.00 1,200.00
10,000.00 1,200.00
-1 6 3 ,2 0 0 .0 0
1 6 3 ,2 0 0 .0 0
' MINNESOTA
POWERS DRY GOODS COMPANY, INC.
Olson, Doddrick
I/3 I/ 4 4
,
3 0 0 0 0 ,0 0
4 S,SS5,S 9
S4,SS5.S9
- 4i NAME OF CORPORATION
AND OFF IGEES OR
EMPLOYEES
CALENDAR OR
FISCAL YEAR
ENDED
OTHER
CC. PEN
SAT ION
TOTAL
3 0 0 0 0 .0 0
7 0 , 0 0 0 .0 0
1 0 0 , 0 0 0 .0 0
45,000.00
5 5 0 0 0 .0 0
MISSION
SALARY
BONUS
NEW JERSEY
HAHNE & COMPANY
Buck* Junior C*
1 /31/44
,
NEW YORK
J. N. A D M & COMPANY
Holder» Albin O,
BLUE BELL, INCORPORATED
Fox, J. C.
HANDY AND HARMAN
Handy, C. W.
1 /31/44
,
,
1 0 0 0 0 0 .0 0
II/30/UU
,
1 0 1 6 6 6 .6 8
I2/3I/U3
Niemeyer, G. H.
.'THE WILLIAM EENGERER COMPATÌ r 1 /31/44
Hecht, Harold M»
MC CAMPBELL & COMPANY, INC.
I2/31/U3
Hughes, John Chambers
Mannion, Frank D.
McCampbell, Leavelle
Storm, Raymand H.
JAMES MCCEEERY & COMPANY
I/3I/UU
Davidson, J. Edward
CARL L. NORDEN, INC.
IO./31/UU
Barth, T. H*
87,000.00
57.000.
.
30 000
.
87,000.00
87,000.00
00
,
7 0 0 0 0 .0 0
00
9 5 .5 2 0 .9 4
95*520.94
1 3 3 ,1 9 1 .4 7
95.520.94
,
39,412.75
6 0 0 0 0 .0 0
86,458.34
100,000.00
95
95
133
95
.5 2 0 .9 4
.5 2 0 .9 4
,1 9 1 .4 7
.5 2 0 .9 4
99,412.75
,
,
8 8 1 2 5 .0 1
1 6 6 6 .6 7
PENNSYLVANIA
LEE RUBBER & TIRE CORPORATION
Garthv/aite, A. A*
10 /31/44
,
5 5 0 0 0 .0 0
.
.s
2 1 392 9
,
.S
7 6 392 9
TEXAS
POLLOCK PAPER & BOX COMPANY
Jacobs, Leslie L.
/
1 2 3 1 /4 3
100,000.00
100,000.00
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED, PLEASE
FORWARD 8 COPIES TO ROOM 1*03, WILKINS BUILDING.
:es showing the
'om warehouse, for
dent’s proclamation
jj.s of April 13, 1942,
L5, as follows:
f1our, semo1ina,
or cracked
wheat, and similar
:
wheat products
Imports
Imports
{Established
{Established
i May 29, 1945,
i Quota
{May 29, 1945, to i Quota
: to May 28, 19ii
{May 28? 19k6 ,I&©1
(Pounds)
(Pounds)
(Bushels)
(Bushels)
jished
Country
of
Origin
♦
•
:
♦
i
:
•
Canada
795,000
China
Hungary
Hong Kong
Japan
100
United Kingdom
Australia
100
Germany
Syria
100
New Zealand
Chile
100
Netherlands
Argentina
2,000
Italy
100
Cuba
Prance
1,000
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
100
3razil
Union of Soviet
Socialist Republics
1Q0
3elgium
100
79k ,iM
—
-
-
-
-
-
—
—
—
..
•*
ST
wm
-
mm
—
—
mmmm
mm
mm
Mi
mm
4m
mm
mm
mm
mm
.V ■'
_
800,000
mm
—
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 ,375,199
-
-
23k
—
-
;:v
*,
■ -
-
—
mm
“
mm(
-
mm
-
-
79U,UlUi
~oC )-
**
4,000,000
1,375,H5
:
'
.
' •
■pf&j■•'■.•'■''
\ ||:
i
'
y
.g■U;.;yf'
POR IMMEDIATE RELEASE,
Janfi.,.,.11^ 19k&________
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 April1 29, 1943, for the 12 months commencing May 29, 1945, as follows!
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat uroducts
Established : Imports
Established r Imports
Quota
l May 29, 1945,
?May 29, 1945, to
Quota
:May 28, 19li6fIncl.
i to May .28, 19k6
(Pounds)
(Pounds")
(Bushels)
(Bushels)
Wheat ■
' Country
of
Origin
Canada
795,000
—
China
Hungary
Hong Kong
f*
Japan
100
United Kingdom
Australia
100
Germany
Syria
100
Hew Zealand
.*mT
Chile
100
Netherlands
Argentina
2,000
Italy'
100
Cuba
1,000
Prance
Greece
100
Mexico
Panama
’
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
Guatemala
100
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
79h,bhh
-
-
—
mm
•M
mm
m
—
A
m
mm
___
mm
mm:
mm
mm
mm
mm
m.
—
—
-
800*000
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1>000
1,000
1,000
1,000
1,000
1,000
1,375,199
A
-'
—
23k
-'
-
■
** S B
m.
-
“
—
mm
-
«
mm
—
—
-
79U.W+
4*000,000
11 U
.
-
-
r ,3 ? f i 5 3
TREASURY DEPARTENT
'Washington
FOR IMMEDIATE RELEASE,
Thursday, June 1 3 s 194-6 «
Press Service
No, V-36I
,
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 2 8 , 194-1 , as modified by the President’s proclamations of April 1 3 , 1 9 4 2 ,
and April 2 9 , 1 9 4 3 , for the 12 months commencing May 2 9 , 1 9 4 5 , as follows:
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
-fneat
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
7 9 5 ,0 0 0
—
-
—
100
—
100
100
—
—
100
2,000
100
•'
imports
Established :
Imports
•May. 2 9 , 1 9 4 5 , to
Quota
:May 2 9 , 19 4 5 , to
:May 2 8 , 1946, Inc L ì
:May 2 8 , 1 9 4 6 ,ind
(Bushels)
(Pounds )
(Pounds)
7 9 4 ,4 4 4
—
- •
—
—
—
—
—
—
—
—
—
1 ,0 0 0
100
—
-
—
-
—
-
—
—
—
■
—
-
-
—
1 ,0 0 0
100
100
)—
,
. 3,815,000
24,000
13,000
13,000
8,000
7 5 ,0 0 0
1,000
5,000
5,000
1, 000
1,000
1,000
14,000
2 ,0 0 0
1 2 ,0 0 0
1 ,0 0 0
1 ,0 0 0
i, 000 .
1 ,0 0 0
1 ,000
1 ,000
1 ,000
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
—
1 ,3 7 5 ,1 9 9
—
—
—
_
_
234.
—'
**
—
_
•
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
, ——
—
—
100
100
*-
—
—
8 0 0 ,0 0 0
7 9 4 ,4 4 4
4 ,0 0 0 ,0 0 0
1 ,3 7 5 ,4 3 3
-0O0-
-
f
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED, PLEASE
m
FORWARD 8 COPIES TO ROOM U03, WILKINS BUILDING.
figures showing the
a.wn from warehouse, for
President’s proclamation
nations of April 1 3 , 1 9 4 2 ,
1 9 4 6 , as follows:
Wheat flour, semolina,
crushed or cracked
Country
of
Origin
:
wheat, and similar
i
wheat uroducts
iEstablished ; Imports
Established : Imports
: May 29, 194
tMay 29, 194.6, to : Quota
Quota
i to June lf 12k6
5.Tune I, 19k6
(Pounds)
(
Pounds)
(Bushels)
(Bushels)
Canada
795,000
—
China
Hungary
—
Hong Kong
Japan
100
United Kingdom
—
Australia
100
Germany
Syria
100
New Zealand
Chile
100
Netherlands
2,000
Argentina
100
Italy
—
Cuba
1,000
France
—
Greece
100
Mexico
—
Panama
—
Uruguay
—
Poland and Danzig
—
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
Guatemala
100
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
800,000
IS 1
17
1
—
■«
—
—
—
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
—
lit,003
-—
—
■—
—
—
—
•rf*
—
.«■*.
—
—
-
tmm
—
—
-
..**
**
*•
-
“If
4,000,000
lit,003
—
—
oOo-
lÉg .
"' |
il5-" .* -•
vi.
POR IMMEDIATS RELIASE,
June 11, 19Í4-6
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 , 1 9 4 1 , as modified by the President’s proclamations of April 1 3 , 1 9 4 2 ,
and Aprfil 2 9 , 1 9 4 3 , for the 12 months commencing May 2 9 , 194$, as follows: ;
: Wheat flour, semolina,
:
crushed or cracked
:
wheat, and similar
:
wheat nroducts
-Established : Imports
iEstablished : Imports
Quota
j May 29, 194$,
:May 29, 194$, to : Quota
f
to June I,. 19ii^
:June lf 19h6
(Bushels)
(Bushels)
(Pounds)
(Pounds)
Wheat
Country
of
Origin
-
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
—
Prance
1,000
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
3razil
100
Union of Soviet
Socialist Republics
100
Belgium
100
-
17
—
A
:1 1
-
—
•—
—
-
—
—
—
—
—
—
—
—
—
—
. .
»
—
-
—
*—
—
—
—
—
-
—
800,000
•
9
«
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
m,oo3
—
—
-
—
—
-
-
—
-
f*
.
—
.
• —
-
V
,
-
-
-
¿a.
mm
mm.
-
"If
■0 Q0«*
4,000,000
1U,003
'.
TREASURY DEPARTENT
Washington
POR IMMEDIATE RELEASE*
Thursday, June 13«, 1QZ.6.
Press Serve c©
No. V-362
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 1 3 * 1 9 4 2 *
and April 29* 1943* for the 1 2 months commencing May 2 9 * 1 9 4 .6 * as follows:
Country
of
Origin
. Wheat flour* semolina*
.
crushed or cracked
Wheat
.
wheat* and similar
;
.
wheat products
J
: Established :
Imports
: Established :
Imports
Quota
i Miij 2 9 * 1 9 4 6 , to :
Quota
:May 29* 1946*
June 1, 19 46
: June 1*1046
(Bushels)
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
Prance
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republi cs
Belgium
(Bushels)
795*000
—
T—'
17
—
—
—
—
100
(Pounds)
3*815*000
2 4 *0 0 0
(Pounds)
14*003
1 3 *0 0 0
mf
*0 0 0
—
8 *0 0 0
—
13
75*000
1 *0 0 0
—
—
—
100
—
5 *0 0 0
...
100
—
5 *0 0 0
-•
—
_
1 *0 0 0
—
—
1
1 *0 0 0
100
—
2, 0 0 0
—
100
—
14
—
12
—
1
—
100
_
—■
*0 0 0
*0 0 0
*0 0 0
1 *0 0 0
—
—
—
2 *0 0 0
1 *0 0 0
•
-
*0 0 0
mm
1 *0 0 0
—
1
—
*0 0 0
1 *0 0 0
—
—
1 *0 0 0
—
_
1 *0 0 0
—
—
1 *0 0 0
—
—
1 *0 0 0
—
1* 000
—
1 *0 0 0
w
100
—
100
__
.,
•* -
100
—
mm
100
-
-
*0 0 0 * 0 0 0
14* 003
BOO* 000
17
-0 O0 -
4
TREASU RY D E PA R T M E N T
D epartmental S tock F orm 2131
DS CO N T R O L
(Room)
(Bldg.)
(Room)
(Bldg.)
(Room)
(Bldg.)
It is Important
that this Paper
should be made
Special.
U. 8. GOVERNMENT PRINTING OFFICE
PARTMENT
ton
Press Service
No. V-363
2 ----6 6 1 0
i today th a t Denmark has been
i blocked accounts may be r e >dure of General License No. 95«
Inge of l e t t e r s between the
ind Shipping and S ecretary
Connection with the defrosting
\ the lic e n s e . Copies of the
l Reserve Banks of New York,
X)
From:
"7//-
6 /é
designated the Danmarks
(Room)
JUN 5
J
)
1946
TREASURY DEPARTMENT
Washington
FCR RELEASE, MORNING NEWSPAPERS
Friday, June 14, 1946__________
‘
Press Service
No. v-363
S ecretary Vinson announced today th a t Denmark has been
added to the l i s t of countries whose blocked accounts m y be r e
leased under the c e r ti f i c a t io n procedure of General License No* 9 5 .
This a ctio n was taken a f te r an exchange of l e t t e r s between the
Danish M inister of Commerce, Trade and Shipping and S ecretary
Vinson sim ilar to those w ritten in connection with the d efrostin g
of the coun tries previously named in the licen se* Copies of the
l e t t e r s are availab le a t the Federal Reserve Banks of New York,
Chicago and San F ran cisco .
The Danish Government has designated the Danmarks
Nationalbank as its certifying agent.
JUN 5
1946
UrlTMENT
2
Press Service
No, V-363
uounced today th a t Denmark has been
blocked accounts may be released
General License No. 95* This
f l e t t e r s between the Danish
ping and the Treasury Department
on with the defrosting of the
cense. Copies of the l e t t e r s
Banks of New York, Chicago and
designated the Danmarks N ational-
X
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Frid ay. June 1A. 19A6__________
Press Service
No, ¥-363
The Treasury Department announced today th a t Denmark has been
added to the l i s t of countries whose blocked accounts may be released
under the c e r ti f i c a t io n procedure of General License No. 95# This
actio n was taken a f te r an exchange of l e t t e r s between the Danish
M inister of Commerce, Trade and Shipping and the Treasury Department
sim ilar to those w ritten in connection with the defrosting of the
countries previously named in the lic e n s e . Copies of the l e t t e r s
are av ailab le a t the Federal Reserve Banks of New York, Chicago and
San F ran cisco .
The Danish Government has designated the Danmarks N ationalbank as i t s ce rtify in g agent.
\
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday., June 14, 1946_________ _
Press Service
No* V-363
The Treasury Department announced today that Denmark has
been added to the list of countries whose blocked accounts may
be released under the certification procedure of General
License No. 95*
This action was taken after an exchange of
letters between the Danish Minister of Commerce, Trade and
Shipping and the Treasury Department similar to those written
in connection with the defrosting of the countries previously
named in the license.
Copies of the letters are available at
the Federal Reserve Banks of New York, Chicago and San Francisco
The Danish Government has designated the Danmarks Nationalbank as Its certifying agent.
oOo
2
COTTON GAUD STRIPS made from cottons having a 'staple of less than 1-3/16 inches
•' in length iCOMB SR, WASTE, LAP. WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANURAGTIIRED OR OTHERWISE ADVANCED IN VALUED • Annual ouotas commencing
September 20, by Countries of Origin:
Total, quota,, provided, hov/ever, that not fnore than 33-1/3 percent of the quotas
shall be filled by cotton wastes other than comber wasf.es made from cottons
of 1-3/16. inches or more in staple’length in the case,: of-;"the:-following
countries: United Kingdom, Prance-, Netherlands,.Switzerland*, Belgium,
Germany, and Italy:
"• ’ : r
%$&&&$$£
(in Pounds)
Country of Origin :
United Kingdom.....
C&ri&cLd»•f«i»•
Prance. . , . . 3
British Ipdia....,..,
Netherlands.
Svdtzerland;.... i.. *
Belgium.
»
0
•*.i•i•4 ^•*« #1 #i
China.
Egypt. ..... .......
C u b a ........
Germany,
Italy,.*..........
TOTALS
1/
Established ’ TOTAL IMPORTS' : ESTABLISHED : IMPORTS
TOTAL QUOTA * Sept. 20, 194$, : 33-1/3$ of : Sept. 20, 194.
to June 1, 19k6\ Total Quota, : to June 1 , 1/
4,323,457
239,690
227,420 • 691 627
6 6 1 240
44,388 38,559
341,535
17,322
8,135
6,544
76,329
21,263
:'-
1,441,152
-
—
’75 ¿.807
69,627 .......
.
'v ■
*’'
■ '
Jly
’ .
m‘
.
aam
mm.
mm
mm
—
•m
5,482,509
69,627
Included in total imports, column 2.
-oOo-
191*6
tmm
mm
mmm
22,747 ’
' 14,796
' 12,853 ■s:
-’
;••
/
- ■
’'t
‘25,443
’7,088‘
mm
ly 599,.886 •
-
1
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE FORWARD 8 COPIES TO ROOM U0 3 , WILKINS BLDG.
iy reports from the
iste -chargeable to the
| of September 5 , 1 9 3 9 ,
h- 31 i .1 9 4 2 , and June
|19k6
THAN HARSH OR ROUGH
Y USED JN THE-MANURS). Annual quotas
Country? of
Origin
Staple length less
; Staple leng th 1-1/8" or more
than 1-1/8" *
: but less than 1-11/16"
.
Imports Sept.: Established : Imports Sept.
• .Estabiished: 20, 194$, to :
: 20/1945, to
Quo.ta
Quota
:June 1, 19h6 : 45,656,420 ;June 1, 19h&
Egypt and the Anglo783,816
Egyptian Sudan........
247,952
Peru.... .
......
2,003,483
British India...-.... .
1,370,791
Ch-ina.................
8,883,259
Mexico.................
618,723
Brazil..T............. .
Union of Soviet
475,124
Socialist Republics,..
5,203
Argentina...............
237
Hfvi t"i............... .
.
.
.
9,333
Ecuador..............,..
?52
Honduras...............
.
.
871
Paraguay......... 77; ,..
124
Colombia........ .
195
Iraq..................
2,240
British East Africa....,
71,388
Netherlands East Indies.
Barbados..............
Other British West
21,321
Indies 1/ ........ ....
5,377
Nigeria....... ..... ...
Other British West
16,004
Africa 2/.............
689
Other French Africa.3/..
Algeria and Tunisia....
2 ,0 0 3
8
M 3.
,8 8 3 ,2 5 ?
618,723
-
mm
—
..
... .
?*"*•«. ....
...... ...
—
~
100
-
••••..
4h•• «
■-
—
—
■«
—
—
—
•>
—
—
_
-
mm
-
-
1
-
14,516,882 Il,7lt2,876
1/
2/
3/
2ki727,l29
■ 7-,321,633
237,101
45,656,420
32,0U9,063
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
¿u^juanuu
Jpne 1 1
j
/ -
191*6
3 ¿ y
The'Bureau’of Customs announced today that preliminary reports from the
collectors of customs show imports of c.C.tton and cotton' waste-chargeable to the
import auotas established by the President1s proclamations of September 5 , 1 9 3 9 ,
as amended by the proclamations of December 1 9 , 1 9 4 0 , March 3 1 ,'.1 9 4 2 , and June
2 9 , 1 9 4 2 , during the period September 2 0 , 1945» to «fene 1, 191*6
COTTO IT H A Y » A STAPLE OF LESS THAN 1-11/16 INCHES' (OTHER THAN HARSH OR ROUGH
COTTON ‘OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 2 0 , 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 lr-ll/16"
■ ,.
{Imports Sept.: Established.: Imports Sept.
;Established:2 0 , 1 9 4 5 , to :
Quota
; 2 0 , 1 9 4 5 , to
:
Quota
:Jane 1-, 191*6 : 4 5 ,6 5 6 ,4 2 0
;June lj 1914.6
r
Egypt and the AngloEgyptian Sudan........
Peru.....................
783,9%6
247,952 .
237,1411
2,003,483
British India...-......
2,003,1+83
1,370,791
China.............
8,883,259
Mexico.....v♦.'.... .
8,883,2$?
618,723
Brazil................ .
618,723
Union of Soviet
475,124
Socialist Republics,..
5,203
Argentina.
237
.
9,333
Ecuador.................
752
—
Honduras........,...'......
. 871
Paraguay..............
124
—
Colombia........ ......
195
Iraq.......... ........
2,240
British East Africa....,
71,388
—
Netherlands East Indies.
—•
Barbados..............
—
Other British Uest
21,321
—
Indies 1/. ♦.... .
5,377
Nigeria....... ........
Other British Uest
16,004
Africa 2/.............
689
Other French Africa.3/..
Algeria and Tunisia.....
.... 2k,727,129
• • 7-,321,833
..... .—
. •:, ..
100
.....
''' ••..... .
' ’ '- V •.....
.mm
mm
14,516,882 11,7142,876
1/
2/
3/
‘’''*......
..—
—
—
—
mm
mm
—
1
45,656,420
32,01*9,063
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, June 13, 19¿6»
Press Service
No, V—3&4
.-
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
295 1942, during the period September 20, 1945, to June 1, 1946,
COTTON HAVING A STAPLE OF LESS THAN l-ll/l6 INCHES (OTHER THAN HARSH OR BOUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS. AND BLANKETING, AND OTHER THAN LINTERS), Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)
? Staple length less
: Staple length 1-1/8" or more
:_____ than 1-1/8"________: but less than l-11/lò"
Country of
.
:Imports Sept.: Established : Imports Sept.
Origin
:Established:20, 1945, to :
Quota
: 20, 1945, to
,
_____ _____: Quota
:June 1, 1946 : 45,656,420 : June 1, 1946
Egypt and the Anglo-»
Egyptian Sudan........
783,816
Peru..... ...... .......
247,9 52
237,411
2,003,483
British India.......... 2,003,483
China........
1,370,791
Mexico............
8 ,8 8 3 , 2 5 9
8,883,259
Brazil........ .....
618,723
618,723
Union of Soviet
Socialist Republics...'
475*124
5* 203
Argentina,..... .
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 «est
Indies l/.....*.....
21,321
Nigeria.
..... •
5*377
!
Other British West
Africa 2/.......... .
16,004
Other French Africa 3/**
Algeria and Tunisia.....
689,
14^516,882
24,727,129
7,321,833
100
—
1
-
-
11,742,876
45,656,420
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
y.' Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
32,049,063
-
2
-
COTTON CARD STRIPS made from cottons having a staple of less than.1-3/16 inches
in length, COMBER WASTE, LAP WASTE, STIVER WASTE, M D PDVXNG WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas commencing
September 20, by Countries of Origins
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)
: Established
Country of Origin : TOTAL QUOTA
United Kingdom......
Canada••©••••••••••#
Fnance#•••«•••••••••
British India.....
Netherlands*.........
Switzerland.••«....•
Be1£2rum •©«••••••• o••
Japan#
dima •0 0 •••••••••••#
B^yp"fc#••••••••••%©••
Cuoa#»#•#•••••••#•••
Germany#••••••©•••#+
Italy0 ••0 •«© ©•#•#•••
4,323,457
239,690
227,A20
6 9 ,627
68,2AO
¿4 , 3 8 8
38,559
3Al,535
17,322
8,135
6,544
76,329
21,263
TOTALS
5,482,509
IMPORTS
: TOTAL IMPORTS : ESTABLISHED s
: Sept. 20, 1 9 A5 * 33-1/35 of îSept. 20, 19 A5,
to June 1, 19A6j Total Quota ltd June 1,19A6 1/
1
69,627
,aa Ij1 5 2
75,807
-'
22,7A7
,
-
■-
—
1 4 ,7 9 6
y
12,853
.if
.-
25,443
7,088
-
69,627
1,599,386
1/ Included in total imports, column 2*
-oOo-
-■
togen this release has
/
BEEN MIMEOGRAPHED j please
-
u
FORWARD 8 COPIES TO ROOM U03> WILKINS BUILDING*
sinary figures
rumption during
it
\t
«quantity in Pounds
As of April 30» 1 9 ^
v u w t r j ux rroauciion
Signatory Countries:
853,184,266
398,704,149
17*710,553
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
SI Salvador
Guatemala
Haiti
Honduras
Mexico
Hicaragua
Peru
Venezuela
290
17,435,643
9 f 092 ,S 27
29.347,643
49,495,250
15,270,137
5 , 076,821
41,847,988
11 .959.03«
2 ,379.907
32,337.179
26 , 992,409
Non-Signatory Countries:
TOTAL
1 ,511 ,334.150
The above data reflects the amount of coffee for which
entries for consumption hare been reported as of April 30»
and includes the returned weights on a number of entries»
which returned weights have not previously been considered*
FOR IMMEDIATS RELEASE
June 11» 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 April 30» 19^6
Signatory Countries:
853.18H.266
398.70H.lU9
17,710,553
290
17.H35.6H3
9,092,827
29.3H7.6H3
^ 3 9 5 ,2 5 0
15,270,1S7
5 , 0 7 6 ,8 2 1
Hl.8H7.988
11,959,038
2,379,907
32,837,179
Brasil
Colombia
Costa Rica
Cuba
Dominican Republic
Senador
SI Salvador
Guatemala
Haiti
Honduras
Mexico
Hicaragua
Peru
Fenesuela
26.992.H09
Non-Signatory Countries:
TOTAL
1 .5 1 1 ,33H,150
The above data reflects the amount of coffee for which
entries for consumption hare been reported as of April 30»
and includes the returned weights on a number of entries,
which returned weights have not previously been considered*
TREASURY DEPARTMENT
Washington
Press Service
No.' V-365
FOR IMMEDIATE RELEASE
Thursday;-, June 1:5, 1946
The Bureau of Customs announced today preliminary figures
showing the quantitites of coffee entered for consumption during
the period commencing October 1, 1945, as follows?
Quantity in Pounds
As of April 30, 1946
Country of Production
Signatory Countries?
853,184,26/3
398,704,149
17,710,553
290
17,435,643
9,092,827
29,347,643
49,495,250
15,270,187
5,076,821
41,847,988
11,959,038
2,379,907
32,837,179
Brazil
Columbia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
.Nicaragua
Peru.
Venezuela
26,992,409
Non-Signatory Countries ?
TOTAL
1,511,534,150
The above data reflects the amount of coffee for which
entries for consumption have been reported as of April 30,
and includes the returned weights on a number of entries,
which returned weights have not previously been considered.
oOo
Ufe*
«»•
m*
«t
ü#
m
m
*m
2 jWMMnfc Trmumry mnè» oí 1949*51 (dated daiw 15# 1142}
2-4/4 p*x*9*öi tare¿8Ut7 Semd« t f 195^*55
a p « ¿ 8 l trm inx7 I M I ot 1949-5X (datad Mÿ 15# 194a)
îï?«MRsfy Bond» oí X f li4 f
f pereant Treasury Benda ©f 1949-51 (datad duly 15» 1941)
a paraaid. TTeaaaiy Bend» a f 1950-52 (datad 0©t» 19# 1942)
I
I
H # p*ü**
j"¡* * g e * * } - > n u * ^ a « *
1 - 3 /4 p e ra a st frwwwöPf Bernd» ©f 1 9 4 i
) H f©Q0#000 écoMdj». I
ti©&# ragiatared ioni
m
1«
m m n m t m m
mrnim
io ti»« I » imrohy gîrm thAt in addition te tha dm¡mímttom praddad
fe r lii tlsa aboaa^^ntienad circulars# te&rer m ê *©gi«taï*d ìmsém ©f ttm
H#€OG#CÔO des^miimtíes »111 tet « l l é l i fer amtàorìsad trawMu&ieni m and
a fte r dfcly 1# IfH#
m m m * rases #
Saeratarr e f th» tn a a x ^ ,
I
M®mm or m $1,000,000 mmommnw m wsmm mm to
m tm m xm xm m
ms
Department Ctetelar Ho« 789
rmamx
Office of the fecretary,
-.-r
feitáflttife t e lo f I946,
Floeal Sendee
teeea oT the teli# »
I«
I M U flO l f# SVASBWr
à lfl»
3* the following Hated lïmcury ^partent circular» offered for « V
ecrlptlcm and «et forth the lixso of mrlsmo £#*«&»$ of Treasury bond* in denorni*
nation* ranging tap to #300,000,, In both boato? and
m 0 M m & é
forni
t e 30T>
W 4 percent f r m a m y M
of 1947*52
352)
io« 443 - 3 percent freaetay Bond» of 1951-55
io« Ä - 3*4/5 percent Treasury Boni« of 1949-52
ib« » ?
534)
546)- 2*?/i poreant fraaoury tete of 1955-80
54?)
546)
fe*. 337 — 2*3/4 pereant Treaetsry Bonin of 1948*51
t e 36I - 2*j/4 percent Treeeery Ionio of 1951*54
t e 56? - 2*3/4 percent fteeeety I psés of 1956*59
U®
fww
i.
—
24/Ä percent Trmvwey t e t e of 1949-53
374)
t e 581 • 24/ 2 p o to ri Trmmar? Bonin of 1943
t e 564 - 2* 3/4 percent fxwMR£g*r Bend* of 1952-63
no* fgt
mi
2*4/2 percent ¥iw&m& t e t e of 1950*52
Se«
Sfa.
Be.
HO*
te
te
te
te
fe«
te
fe«
598) 3* 3/4 per©«©! Trmsmxy t e t e of 1960*65
603)'
599 626 —
6«7 637 641649 65X —
661 —
670)
672)
673-
2 poreeilt Treaenxy te d » of 194?
2 percent îreaamy teste of 1943*50 (dated Dee« 3 , 1939}
24/4 percent Treeatny Bonte of 1951-53
24/ 4 percent Treaeuiy Bonte of IfSé^ ll
1 perm it trm etiiy t e t e of 1953-55
2 percent tPeaeeiy t e t e of 1946-50 (dated fereh I 5, 1941}
24/2 penatiI Treaawtry t e t e of 1952*54
24/2 percent Txmmry Bette of 1956*50
24/ 2 percent fPeaaaty Bonte of
(dated Oct* 30, 1941)
2 percent Temmxy t e t e of 1951-55
treasury department
Washington
Press Service
FOE IMMEDIATE RELEASE,
Wednesday, June 1 2 , 191*6.
S e cretary Vinson today announced th a t on and a f te r July 1 , 191*6,
treasu ry bonds of the $ 1 ,0 0 0 ,0 0 0 denomination, in coupon and re g iste re d
f o r a , w ill be availab le f o r authorised tra n sa ctio n s in a l l outstanding
im&atured issues*
the treasu ry bonds offered in the Second War Loan Drive, in A pril
19U3, and a l l subsequent treasu ry bond issu es offered fo r su b scrip tion ,
have c a rrie d the $ 1 ,0 0 0 ,0 0 0 denomination,
th ere has been a continued
demand from the market f o r th is denomination in the e a r li e r issu es o f
trea su ry bonds s t i l l outstanding, which i t i s now possible to meet*
the t e a t of the o f f i c i a l c ir c u la r follows*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, June 12, 1946,
Press Service
N o • V-566
Secretary Vinson today announced that on and after July 1,
1946, Treasury bonds of the $1,000,000 denomination,
in coupon
and registered form, will be available for authorized trans
actions In all outstanding unmatured Issues*
The Treasury bonds offered in the Second War Loan Drive,
in April 1943, and all subsequent Treasury bond issues offered
for subscription, have carried the #1,000,000 denomination.
There has been a continued demand from the market for this
denomination in the earlier issues of Treasury bonds still out
standing, which it is now possible to meet.
The text of the official circular follows?
ADDITION OP THE $1,000,000 DENOMINATION OP TREASURY BONDS TO
OUTSTANDING ISSUES
1946'
Department Circular No. 789
____Washington, June 10, 1946.
TREASURY DEPARTMENT,
Office of the Secretary,
Fiscal Service
Bureau of the Public Debt
I.
1,
ENUMERATION OF DEPARTMENT CIRCULARS APPECTED
The following listed Treasury Department circulars offered
for subscription and set forth the terms of various Issues of
Treasury bonds in denominations ranging up to $100,000,
In both
bearer and registered form:
No
No.
No .
No.
No .
No.
No.
No.
No.
No.
No.
No 0
No.
307)
352)
443
526 ’
531)
536)
546)
547)
54.8)
557
561
567
572).
574)
581 584 593)
604)
598)
603)
599 626 627 637 641 649 651 661 -
4-1/4 percent Treasury Bonds of 1947-52
3 percent Treasury Bonds of 1951-55
percent Treasury Bonds of 1949-52
pe f cent Treasury. Bonds of 1955-60
2-3/4 percent Treasury Bonds of 1948-51
2-3/4 percent Treasury Bonds of 1951-54
2-3/4 percent Treasury Bonds of 1956-59
2
-I/ 2
percent Treasury Bonds of 1949-53
2
2
percent Treasury Bonds of 1948
percent Treasury Bonds of 1958-63
2
percent Treasury bond's of 1950-52
2
percent Treasury Bonds of 1960-65
2
2
2
2
2
2
2
2
MEar. 15,1941)
/
2
No. 670)
.672)
N 0 .. 675
No. 676
N o . 681
*To. 684
685)
692)
No. 689
No.
N o . 698
N o . 701
No* 702
2-1/2 percent Treasury Bonds of 1967-72
(dated Oct. 20, 1941)
2 percent Treasury Bonds of 1951-55
2 percent Treasury Bonds of 1949-51
(dated Jan. 15, 1942)
2-1/4 percent Treasury Bonds of 1952-55
2 percent Treasury Bonds of 1949-51
(dated May 15, 1942)
2-1/2 percent Treasury Bonds of 1962-67
2 percent Treasury Bonds of 1949-51
(dated July 15, 1942)
2 percent Treasury Bonds of 1950-52
(dated Oct. 19, 1942)
2-1/2 percent Treasury Bonds of 1963-68)_ Available
1-3/4 percent Treasury Bonds of 1948
) in the
$1,000,000
denomination
registered
form.
II.
MODIFICATION OF CIRCULARS
1. Notice is hereby given that in addition to the
denominations provided for in the above-mentioned, circulars,
bearer and registered bonds of the $1,000,000 denomination-'
will be available for authorized transactions on and after
July 1, 1946.
FRED M. VINSON,
Secretary of the Treasury.
0O0
■%;7
.
- 3 -
%
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. Ul8, 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.
7? '
*'
')' ^ ; 5^
-
2
-
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
June 20« 19ii6______ •
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 here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
i|2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 11^ of
the Revenue Act of 19Ul* the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
il
XKEM
TREASURY DEPARTI®NT
Washington
FOR RELEASE, MORNING NEWSPAPERS-,
Frid ay, June l l , 19k6
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
June 20, 19l*6
, and
September 19» 19l|6
, i;hen the face amount trill be payable with»
Ok
out interest. They will be issued in bearer form only, and in denominations
trill mature
of $1,000, $5,000, $10,000, $100,000, $5 0 0 ,0 0 0 , and $1,000,000 (maturity value).
Tenders trill be received at Federal Reserve Banks and Branches up to the
P1°“14S
H.
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.,
Fractions may not be used.
99
.9 2 5 *
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.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, June 14, 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 com
petitive: and fixed-price bidding as hereinafter provided.* The
bills of this series will.be dated June 20, 1946, and will
mature September 19, 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 fclock p*m*, Eastern #
Standard time, Monday, June 17,' 1946. Tenders will not .be re
ceived at the Treasury Department, Washington* .Each tender must
be for an even multiple of $1,000, and the price.
.offered must
be expressed on the basis of 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 tender’
s are accompanied
by an express guaranty of*payment by*an incorporated bank or
trus t 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 onebidder at 99*905 entered on a fixed-price basis will be accepted
in full.
Payment of accepted tenders at the prices offered
must be made or completed at the Federal Reserve Bank in cash
or other immediately available funds on June 20, 1946*
V- 367.
(Over)
2
The income derived from’Treasury bills, whether interest
or gain from the sale or other disposition of the bills, shall
not. have any exemption, as such, and loss from the sale or other
disposition of Treasury bills shall not have any special treat
ment, as such, under Federal tax Acts now or hereafter enacted.The bills shall be subject to estate, inheritance gift, or other excise
taxes', whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United
States, or by any local taxing authority,
For purposes of
taxation the amount of discount at which. Treasury bills are
originally sold by the United States shall be considered to be
interest. Under Sections 42 and 117 (a) (1) of the Internal
Revenue Code, as amended by Section 115 of the Revenue Act of
1941, the amount of discount at which bills issued hereunder are
sold shall not be considered to accrue until such bills shall be
sold, redeemed or otherwise disposed of, and such bills are ex
cluded 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
j
United States Customs officials said today that Roy C.
Carlton, former army technician stationed at Kronberg, Germany,
.rfttijif<flfF
°^iTy,^scAnt* and Army investigators^that he
h a d p a r t in the alleged smuggling into the United States of
a fortune in gems belonging to the Hesse family.
Carlton, who was questioned at his home in Kilgore, Texas,
about his part in the finding of the cache of jewels, said he
immediately informed Captain Kathleen Nash (now Mrs. Jack Wyant
Durant), his superior officer, and delivered the jewelry to
her.
Colonel Jack Wyant Durant and his WAC Captain wife are
in military custody in connection with the alleged removal of
the gems.
Customs officials said Carlton was questioned on the basis
of preliminary Army information indicating that he might have
been involved in the diversion of the gems.
onri
A-pray
vftfl M
q
EI t (IT ~l l~1111 1 B ***
P n ml
3
fe— law S'7 "
A f t e r c a r e f u l i n v e s t i g a t j j w 'r p b o t h Customs]
»Mved
a r e featls^tSH ^tM tj^the
so ld e r i s
o f l%3i^^and he i s y n o i^ fetTing d e ta in e d ^
0O0
A£>
H
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, June 13, 1946
Press Service
No. V-.368
United States Customs officials said today that Roy C.
Carlton, former Army technician stationed at Kronberg, Germany
has been interviewed by Treasury agents and Army investigators
without developing any evidence that he had any part in the
alleged smuggling into the United States of a fortune in gems
belonging to the Hesse family.
Carlton,
.who was questioned at his home in Kilgore, Texa
about his part in the finding of the cache of jewels,
said he
immediately informed Captain Kathleen Nash (now Mrs. Jack
Wyant Durant), his superior officer, and delivered the jewelry
to. her.
Colonel Jack Wyant Durant and his WAC Captain wife
are in military custody in connection with the alleged removal
of the gems %
Customs officials said Carlton was questioned on the
basis, of preliminary Army information indicating that he might
have been involved in the diversion of the gems.
soldier is not being detained.
The former
TREASf
n
FOR IMMEDIATE RELEASE,
Friday, June 14, 1946.
Secretary of the Treasurer Virj
the Federal Reserve Banks, of 7/S|
ness of Series F—1947, open on an
Treasury Notes of Series D—1946, I
mature on July 1, 1946 ♦ Since it]
of the maturing notes on cash red];
ject to allotment to all holders 1
subscriptions in amounts up to $2|
scriptions will not be received,
vri.ll open on June 19, 194-6.
The certificates now offered
interest from that date at the ra|
payable semiannually on January l|
1947* They will be issued in bea|
$5,000, $10,000, $100,000 and $i,|
Pursuant to the provisions oil
the certificates now offered shalL__ Iffe-id- WÊJmEBËP— — — WBmÊjm----Federal tax Acts now or hereafter enacted. Tr:e 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.
The subscription books m i l close at the close of business Friday, June 21,
except for the receipt of subscriptions from holders of $2 5 , 0 0 0 or less of the
maturing notes. The subscription books will close for the receipt of sub
scriptions of the latter class at the close of business Monday, June 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.
The text of the official circular follows:
¿©¿joetrg *j w
TREASURY.DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, June 14, 194-6,-
Press Service
-No. V-369
Secretary of the Treasury Vinson today announced the offering, through
the Federal Reserve Banks, of 7/8 percent Treasury Certificates of Indebted
ness of Series F-1947* open on an exchange basis, par for par, to holders of
Treasury Notes of Series D—1946, in the amount of $4*909,727*000, which will
mature on July 1, 1946. Since it is planned to retire about $>2,000,000,000
of the maturing notes on cash redemption, subscriptions will be received sub
ject 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 sub
scriptions will not be received. The subscription books for this offering
will open on June 19* 1946.
The certificates now offered will be dated July 1, 1946, ana will bear
interest from that date at the rate of seven-eighths of one percent per annum,
payable semiannually on January 1 and July 1, 1947. They will mature July 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. Trie 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.
The subscription books will close at the close of business Friday, June 21,
except for the receipt of subscriptions from holders of $2 5 * 0 0 0 or less of the
maturing notes. The subscription books will close for the receipt of sub
scriptions of the latter class at the close of business Monday, June 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.
The text of the official circular follows:
UNITED STATES OF AFRICA
Due July 1* 1947
Dated and bearing interest from July 1, 194-6
TPJS'tCURY DEPARTMENT,
Office of the Secretary,
Washington, June 1 4 , 1946.
1946
Department Circular No, 790
Fiscal Service
Bureau of the Public Debt
1, The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people of
the United States for certificates of indebtedness of the United States, desig
nated .7 / 8 percent Treasury Certificates of Indebtedness of Series F-1947* in
exchange for Treasury Notes of Series D-1946, maturing July 1, 1946. Approxi
mately $2,000,000,000 of the maturing notes will be retired on cash redemption.
II.
DESCRIPTION OF CERTIFICATES
1. The certificates will be dated July 1, 1946, and will bear interest from
that date at the rate of 7/8 percent per annum, payable semiannually on January 1
and July 1, 1947. They will mature July 1, 1947> and will not be subject to call
for redemption prior to maturity.
2. The income derive*} 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, $3^000, $10,000, $100,000 and $1,000,000. The cer
tificates 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 cer
tificates.
III.
SUBSCRIPTION AND ALLOTNiENT
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 subscrip
tion, in whole or in part, to allot less than the amount of certificates applied
for, and to close the books as to any or all subscriptions at any time without
notice| and any action he may take in these respects shall be final. Subject to
these reservations, subscriptions for amounts up to and including $2 5 ,0 0 0 'will
be allotted in full, and subscriptions for amounts over $2 5 , 0 0 0 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 allot
ment notices will be sent out promptly upon allotment.
IV.
PAB jBNT
1, Payment at pab for certificates allotted hereunder must be made on or
before July 1, 1946, or on later allotment, and may be made only in Treasury
Notes of Series D-1946, maturing July 1, 1946, which will be accepted at par, and
should accompany the subscription,
v
- 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 pend
ing 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 offer
ing, which will be communicated promptly to the Federal Reserve Banks,
Fred M. Vinson,
Secretary of the Treasury.
*i
MB. HEFFEWÏHQBB
TREASURY DEPARTMENT
Washington
*
POR IMMEDIATE RELEASE
Press Service
Ho« Y->70
On June l*tth the treasury received the sum of $166,^79*7^
from the Government of Finland, representing the semiannual
payment of interest in the amount of $131*652*50 under the
Funding Agreement of Hay 1* 1923; $13*695*06 on account of the
semiannual payment on the annuity due under the postponement
agreement of May 1* 19^1* and $21,132*18 on account of the
semiannual payment on the annuity due under the postponement
agreement of October lh9 19^3*
These payments represent the entire amount due from the
Government of Finland on June 15 * 19 ^6 * under these agreements*
-oOo-
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Monday, June 17, 1946
Press Service
No. V-370
On June 14th the Treasury received the sum of
f166,479.74 from the Government of Finland,
representing
the semi-annual payment of interest in the amount of
^131,652.50 under the Funding Agreement of May 1, 1923;
^13,695*06 on the account of the semi-annual payment on
the annuity due under the postponement agreement . of May
1, 1941, and f>21,132.18 on account of the semi-annual
payment on the annuity due under the postponement agree
ment of October 14, 1943.
These payments represent the entire amount due from
the government of Finland on June 15, 1946, under these
agreement s .
oOo
fBEASÜHT department
Washington.
f m RELEASE, MORNIHQ NEWSPAPERS,
Tuesday* June 18» 191*6.
Press Service
The Secretary of the Treasury announced last evening that the tenders for
$1*300»000«000, or thereabouts, of 9lH&gy Treasury hills to he dated June 20 and to
mature September IT* 191*6* which sere offered on June lb* 19l*6, sere opened at the
Federal Reserve Banks on June IT*
The details of this issus ars as fellswst
Total applied for * $1*950,63b* 000
Total accepted
« 1,310,352,000
Average price
(includes $36,823*000 entered on a fixed-price
basis at 99*905 «ad accepted in full)
- 99*905/ Equivalent rate of discount approx* 0,3755 por annum
Bangs of accepted competitive bidet
High
Low
~ 99*9Ü Equivalent rats of discount approx, 0*361*5 P*r annum
- 99.905
»
«
s
s
«
0.3765 «
»
(65 percent of the amount bid for at the 1er price was accepted)
Federal Beserve
District
Total
Applied for
Total
Accepted
Boston
Sow fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
I
#
6,670,000
1,1*9,889,000
70,81*0,000
23,570,000
35,198,000
1,995,000
18,320,000
5i.255.ooo
12,71*8,000
1,995,000
19b,090,000
35,1*61,000
2,31*0,000
12,01*9,000
8,530,000
33,305.000
#i ,95o ,631*.ooo
#1,310,352,000
285,230,000
21,586,000
2,31(0,000
13,111,000
8,950,000
TOTAL
U,885,000
951,789,000
1(9,81(0,000
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS,
Tuesday, June 18, 1946 ________
Press Service
No. V-371
The Secretary of the Treasury announced last evening that
the tenders for
300,000,000, or thereabouts, of 91-day
Treasury bills to be dated June 20 and to mature September 19,1946
which were offered on June 14, 1946, were opened at the Federal
Banks on June 17.
The details of this issue are as follows;
Total applied for - 4 l ,950,634,000
Total accepted
- 1,310,352,000 (includes $56,828,000^entered
on a fixed-price basis as
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 Equiv. rate of discount approx. 0.364% per annum
M
Tt
f!
tl
H
0.376%
Low - 99.905
" ' "
(65 percent of the amount bid for at the low price was accepted
Total
Accepted
Total
A^pplied for
Federal Reserve
Distric t
Boston
.New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Fansas City
Dallas
San Francisco
$
TOTAL
6,670,000
1,449,889,000
70,840,000
23,570,000
15,198,000
1,995,000
285,230,000
■ 21,586,000
2,340,000
13,111,000
8,950,000
51,255,000
i l ,950,634,000
$
4,885,000
951,789,000
49,840,000
18,320,000
12,748,000
1,995,000
194,090,000
15 ,461,000
2,340,000
12,049,000
8,530,000
38,305,000
f 1,310,352,000
FOR IMMEDIATE RELEASE
Juae IS. 19^6
She Bureau of Customs announced today preliminary figures
shoving the quantities of coffee entered for consumption daring
the period commencing October lf 19^5» as follows:
Quantity in Pounds
of April 30, I9U6
Am
Country of Production
Signatory Countries:
853,181),266
398,701,688
17,710,553
Brasil
Colombia
Còsta Rica
Cuba
Dominican Republic
Ecuador
EL Salvador
Guatemala
Salti
Honduras
Mexico
Nicaragua
Peru
Venezuela
290
17.to5.379
9,092,827
29,315.366
1)9,1)95,250
15 »270,127
5 ,076,821
1)1 ,8^7,988
11,959,038
2,379,907
32.S37.179
26,992,1)09
Non-Signatory Countries:
TOTAL
1,511,292,11«
She above data reflects the amount of coffee for which
entries for consumption have been reported as of April 30»
and includes the returned weights on a number of entries»
which returned weights have not previously been considered«
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, June 18, 1946
Press Service
No. V-372
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 April 30, 1946
Signatory Countries;
Brazil
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Mexico
N icaragua
Peru
Venezuela
853,184,266
398,701,688
17,710,553
290
17,428,379
9,092,827
29,315,366
49,495,250
15,270,187
5,076,821
41,847,988
11,959,038
2,379,907
32,837,179
Non-Signatory Countries;
26,992,409
TOTAL
1,511,292,148
The above data reflects the amount of coffee for which
entries for consumption have been reported as of April 30,
and includes the returned weights on a number of entries,
which returned weights have not previously been considered.
- 2 As soon as the Council begins operations, there will be transferred to
its jurisdiction all Section 722 cases now being handled by the Audit Review
Divisions of the Income Tax Unit in Washington*
The Council members already appointed ares
Mr* Hamel, a prominent
Washington attorney and former Chairman of the United States Board of Tax
Appeals; Charles P. Smith, recently retired from the Tax Court; and Morton P*
Fisher, prominent Baltimore attorney and former Chief of the Public Finance
Branch of the Office of Military Government in Germany.
0
I
TREASURY DISBARMENT
Bureau of Internal Revenue
Washington 25, D. C#
3 7*3
faulbk+i Um *** 'Xluul
Joseph D* Nunan, Jr#, Commissioner of Internal Revenue, and Charles D#
iij|nel, Chairman of the Excess Profits Tax Council, announced today that the
Council expects to begin active operations within the next few weeks*
The
Council is, the agency which has been set up within the Bureau of Internal
Revenue to administer claims filed by corporations for reduction of their
excess profits taxes under Section 722 of the Internal Revenue Code#
With a view to such an early start, an announcement will be made shortly
of the full membership of the Council, which will be composed of fifteen
individuals selected for outstanding experience in law, accounting and
economics.
Meanwhile, administrative and procedural plans are being developed for
early consideration of the Council#
Foremost of these is a proposal for the
Council to re-examine and attempt settlements without Court trial in the
approximately 600 cases which are pending in the Tax Court of the United
States.
Among other facilities, the Council is expected to have a Conference
Group to attempt settlement of disputed cases, and also a Review Group to
examine cases in which taxpayers and field agents of the Bureau have reached
agreements •
Field offices of the Bureau will continue to handle Section 722 cases
as in the past in an effort to reach agreements with taxpayers in as many
instances as possible.
Each field office has organized a Committee on
Section 722 claims and each corporation having such a claim pending in a
field office is requested to expedite its case by fully informing the
Committee of all relevant facts regarding the case#
g TREASURY DEPARTMENT
Bureau of Internal Revenue
'Washington
FOR RELEASE MORNING NEWSPAPERS,
Friday, June 21, 1946__________
Press Service
No. V-373
Joseph D. Nunan, Jr., Commissioner of Internal Revenue,
and Charles D. Hamel, Chairman of the Excess Profits Tax Council,
announced today that the Council expects to begin active opera
tions within the next few weeks.
The Council is the agency
which has been set up within the Bureau of Internal Revenue to
administer claims filed by corporations for reduction of the,ir
excess profits taxes under Section 722 of the Internal Revenue
Code.
With a view to such an early start, an announcement will
be made shortly of the full membership of the Council, which
will be composed of fifteen individuals selected for outstand
ing experience in law, accounting and economics.
Meanwhile, administrative and procedural plans are being
developed for early consideration of the Council.
Foremost of
these is a proposal for the Council to re-examine and attempt
settlements without Court trial In the approximately 600 cases
which are pending in the Tax Court of the United States.
Among other facilities, the Council Is expected to have a
Conference Group to attempt settlement of disputed cases, and
also a Review Group to examine cases in which taxpayers and
field agents of the Bureau have reached agreements.
Field offices of the Bureau will continue to handle Section
722 cases as in the past in an effort to reach agreements with
taxpayers in as many instances as possible.
Each field office
has organized a Committee on Section 722 claims- and each corpo
ration having such a claim pending in a field office Is re
quested to expedite its case by fully informing the Committee
of all relevant facts regarding the case.
As soon as the Council begins operations, there will be
transferred to its jurisdiction all Section 722 cases now being
handled by the Audit Review Division of the Income Tax Unit in
Washington.
The Council members already appointedva r e : Mr. Hamel,
a prominent Washington attorney and former Chairman of the
United States Board of Tax Appeals;
Charles P. Smith,
recently retired from the Tax Court;
and Morton P. fisher,
prominent Baltimore attorney and former Chief of the Public
Finance Branch of the Office of Military Government 'in
Ge rmany.
oOo
-3 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. Ul8, 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
-
Immediately after the closing hour, tenders m i l 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
June 27. 19k6_____ •
w
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
Ij.2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of
the Revenue Act of 19Ulj the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
mm.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, June
19ii6_________
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1 .3 0 0 .000.000
} or thereabouts, of
91 -day Treasury bills, to be issued
~ m ~
on a discount basis under competitive and fixed-price, bidding as hereinafter
w
provided.
The bills of this series -will be dated
Will mature
out interest.
26r 19li6
> when the face amount will be payable with-
They will be issued in bearer form only, and in denominations
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time,
Monday, June 2li. 1916
SS
Tenders will not be received at the Treasury Department, Viashington. 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., 99.92£.
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
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS '
Friday, June 21, 1946________ . .
Press Service
No. V-374
The Secretary of the Treasury, by this public notice,
invites tenders for fl,300,000,000, or thereabouts, of 91-day
Treasury bills, to be issued on a discount basis under compe
titive and fixed-price bidding as hereinafter provided.
The
bills of this series will be dated June 27, 1946, and will
mature September 26, 1946, when the face amount will be pay
able without interest.
They will be issued in bearer form
only, and in denominations of f,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, June 24, 1946. Tenders will hot be received at the
Treasury department, Washington.
Each tender must be for an even
multiple of" $1,000, and the price offered m u s t ’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 enve
lopes 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 hanks 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
oart, and. his action in any such resnect shall be final.
Sub
ject to these reservations, tenders for $200,000 or less from
any one bidder at 99.905 entered on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices
offered must be made or completed at the Federal Reserve Bank
In cash or other immediately available funds on June 27, 1946.
2
The income derived from Treasury b i lls, whether interest or
gain from the sale or other disposition of the hills, shall not
have any exemption, as such, and loss-; from, the sale or other
disposition of Treasury bills shall not have any special treat
ment, as such, under Federal tax;Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or
other excise taxes, whether Federal or State, but shall be ex
empt 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 pur
poses of taxation the amount of discount at which Treasury bills
are originally sold by the United States shall be considered to
be interest.
Under Sections 42 and 117(a)(1) of the Internal
Fevenue 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, whetner on
original issue or on subsequent purchase, end 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,
^opies of the circular'may, be
obtained from any Federal Reserve Bank or Branch.
oOo
■ir.
TREASURY X3RPARTMST
Washington
Press Service
FOR B g m S S , MQBUIKG NEKSPAFKRS,
Yussday, June 2$, 3Sk$*
3
7^
The Treasury announced last evening that the tenders for §1,300,000,000, or there
abouts, of 91-day Treasury bills to be dated June 2? and to nature September 26, 19L6,
which sere offered on June 21, 19h6, sere opened at the Federal Reserve Banks on June 21*.
/
,
Hie details of this issue are as follows:
.
N
Total applied for - §1,8&,7H**000
Total accepted
- 1*30$,799*000
Average price
(includes §33*397*000 entered on a fixed-price
basis at 99.90$ and accepted in full)
- 99*90$/ Equivalent rate of discount approx* 0.3?$# per annum
Range of accepted competitive bidsi
High
Low
- 99*907 Equivalent rate of discount approx. 0.368# per annum
- 99*90$
*
* *
*
*
0.376# *
*
(67 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied fear
Total
Accepted
Boston
Sew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Halla«
San Francisco
♦
|
TOTAL
x5,i^D,ooo
1,M»0,2?7,000
16,560,000
I3,8k0,000
9,995,000
2,672,000
270,685,000
It,395,000
16,315,000
13,355,000
It,860,000
lt6.600,000
*l,85U,7lit,000
10,883,000
1,002,717,000
12,732,000
12,190,000
7,850,000
2,611»,000
189,735,000
3,570,000
12,355,000
U , 705,000
k,728,000
3li,720,000
♦1,305,799,000
'TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday» June 25»'1946«__________
Press Service
No. V-375
The Treasury announced last evening that the tenders for
Ԥ1,300,000,000, or thereabouts,
of 91-day Treasury bills to be
dated June 27 and to mature September 26, 194-6, which were offered
on June 21, 1946, were opened at the Federal Reserve Banks on
June 24.
The details of this issue are as follows:
Total applied for - §1,854;714,000
Total accepted
- 1,305,799,000 (includes $33,397,000 entered
on a fixed-price basis at
99.905
Average price
- 99.905/ Equivalent rate of discount approx*
0.375$ per annum
Range of accepted competitive bids:
High - 9 9 . 9 0 7 Equivalent rate of discount approx. 0.368$ per annum
Low - 99.905
n
u. u
n
n
0.376$
"
"
(67
percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied For
,1 4 0 , 0 0 0
,2 9 7 , 0 0 0
1 6 ,5 6 0 , 0 0 0
1 ^, 8 4 0 , 0 0 0
9,995,000
2,672,000
7 0 ,6 8 5 , 0 0 0
4,395,000
16,315,000
13,355,000
4,860,000
46,600,000
& - 1 0 ,8 8 3 , 0 0 0
1 ,0 0 2 ,7 1 7 , 0 0 0
v , 1 2 ,7 3 2 , 0 0 0
1 2 ,1 9 0 , 0 0 0
7,850,000
2,614,000
189,735,000
3 ,5 7 0 , 0 0 0
1 2 ,3 5 5 , 0 0 0
1 1 ,7 0 5 , 0 0 0
4,728,000
3 4 ,7 2 0 , 0 0 0
$ 1,854,714,000
§1/305,799,000
§
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
- 1
,4 4
2
TOTAL
Total
Accepted
5
0
F O R E I G N FUNDS CO N T R O L
To:
( 1)
Mr# Shaeffer.......
4408
( Ro o m)
( 2)
(3)
1UT*... DEPARTMENT
(Bldg.)
agton
(Room)
(B ldg.)
( Room)
(Bldg.)
r
Press Service
Ho. 7-380
Italy, Bulgaria, Hungary’- or Rumania
w receive limited support remittances
United States under an amendment of
Lay by the Treasury Department# These
I to alleviate the many cases of severe
brought to the attention of the Treasrer, will be limited to a maximum of
)ld, since no general determination has
disposition of the blocked property of
F r om:
R# Williams
6/17/46
(Date)
these countries who are not citizens
r receive up to $1,000 per month under
i funds* Prior to this amendment, the
ily to individuals in Italy*
(Room)
(Bidg.)
that all restrictions against
remj.tta.nces to these countries from free funds were removed last Decem
ber through the issuance of General License No* 94#
Attention was directed to the fact that General License No* 32A
does not waive the provisions of General Ruling No# 11A.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday# June 21, 19Z.6
Press Service
No. V-380
Citizens or subjects of Italy, Bulgaria, Hungary or Rumania
residing in those counties may now receive limited, support remittances
from their blocked property in the United States under an amendment of
General License No* 32A issued today by the Treasury Department* These
remittances are permitted in order to alleviate the many cases of severe
personal hardship which have been brought to the attention of the Treas
ury Department. The amount, however, will be limited to a maximum of
$200 per month for any one household, since no general determination has
yet been made with respect to the disposition of the blocked property of
these four countries#
Individuals residing in these countries who are not citizens
or subjects of enemy countries may receive up to $1,000 per month under
the new license from their blocked funds* Prior to this amendment, the
license extended this privilege only to individuals in Italy#
Treasury officials pointed out that all restrictions against
remittances to these countries from free funds were removed last Decem
ber through the issuance of General License No. 94#
Attention was directed to the fact that General License No» 32A
does not waive the provisions of General Ruling No* 11A#
W;
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
Friday, June 21, 1946__________
Press Service
No» V-380
Citizens or subjects of Italy, Bulgaria, Hungary or
Rumania residing in those countries may now receive limited
support remittances from their blocked property in the
United States under an amendment of General License No. 32A
issued today by the Treasury Department.
These remittances
are permitted in order to alleviate the many cases of severe
personal hardship which have been brought to the attention
of the Treasury Department.
The amount, however, will be
limited to a maximum of {200 per month for any one household,
since no general determination has yet been made with respect
to the disposition of the blocked property of these four
countries.
Individuals residing in these countries who are not
citizens or subjects of enemy countries may receive up to
{1,000 per month under the new license from their blocked
funds.
Prior to this amendment, the license extended this
privilege only to individuals, in Italy.
Treasury officials pointed out that all restrictions
against remittances to these countries from free funds were
removed last December through the issuance of General License
No. 94.
Attention was directed to the fact that General License
No. 32A does not waive the provisions of General Ruling No.
11A.
oOo
raustmr jwxasttmt
Washington
wm
- f
k sle a ss,
/ ' ui
K o m is n w i n n
I
~ U '■' V'- f
%
'l- S ?
/ '
/
í m i Serrioo
lo.
V- 383-»
*he freaaury Department announced today the revoo* tion of substantially all the reportlng requirements on Forra ffR-300 relating
te foreign-owned property suhject te the ¿urisdiction of the United
State» andall the reportlng requiremante for reportlng en Forra fFE-600
relating te property la foreign couatriee la vhleh á pareen suhject
te the jurisdlctien of the United State« had an interest.
M compile!ion of «tatietlc&l eludios hased on the TF&-300 re
porte rana recently puhllshed by this Department and similar studies
based on the ÍFIU600 reporte haré reached the atage vhere additional
Incoraing reporte are no longer of valué.
it rae anneuneed In eonseotlon with the reroeatlon of the report»
ing requireraente that It will no longer he nocessary to suhrait any
additional or corrected reporta on the haele of nevly ohtalned In
formation. Although the reqnlrementa for reportlng on Sorles I* of
Form TFE-300 in epeetal types. of catea na «et forth in Puhlle Circular
ho. 40 reraain la offset, all reftrences to reportiqgon any othor
Serios of Form fFR-300 contalned in that Circular should he disrogardod.
JAlian:ec:5-27
tíi
nw
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, June 28, 1946_________ _
Press Service
No. V-382
The Treasury Department announced today the revocation
of substantially all the reporting requirements on Form
TFR-300 relating to foreign-owned property subject to the
jurisdiction of the United States and all the reporting re
quirements for reporting on Form TFR-500 relating to
property in foreign countries in which a person subject to
the jurisdiction of the United States had an interest.
A compilation of statistical studies based on the TFR-300
reports was recently published by this Department and similar
studies based on the TFR-500 reports have reached the stage
wher'~ additional incoming reports are no longer of value.
It was announced in connection with the revocation of the
reporting requirements that it will no longer be necessary to
submit any additional or corrected reports on the basis of
newly obtained information,
Although the requirements for
reporting on Series L of Form TFR-300 in special types of cases
as set forth in Public Circular No. 4C remain in effect, all
references to reporting on any other Series of Form TFR-300
contained in that Circular should be disregarded*
@FedFRASER